Inventories

Inventories are valued at the lower of cost or net realizable value, with cost determined by the last-in, first-out (“LIFO”) method for most inventories and first-in, first-out (“FIFO”) method for all other inventories. The company establishes a reserve for excess, slow-moving, and obsolete inventory that is equal to the difference between the cost and estimated net realizable value for that inventory. These reserves are based on a review and comparison of current inventory levels to the planned production, as well as planned and historical sales of the inventory.

Inventories were as follows:



	May 5, 2017		April 29, 2016		October 31, 2016
(Dollars in thousands)	May 5, 2017		April 29, 2016		October 31, 2016
Raw materials and work in process	$	96,723	$	100,739	$	90,463
Finished goods and service parts	303,211		332,371		274,929
Total FIFO value	399,934		433,110		365,392
Less: Adjustment to LIFO value	58,358		64,040		58,358
Total inventories, net	$	341,576	$	369,070	$	307,034