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 1,		May 2,		October 31,
(Dollars in thousands)	2015		2014		2014
Raw materials and work in process	$	117,451	$	93,932	$	95,144
Finished goods and service parts	291,484		273,920		246,954
Total FIFO value	408,935		367,852		342,098
Less: adjustment to LIFO value	67,495		65,375		67,495
Total	$	341,440	$	302,477	$	274,603