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:

	January 29,		January 30,		October 31,
(Dollars in thousands)	2016		2015		2015
Raw materials and work in process	$	115,373	$	123,677	$	107,086
Finished goods and service parts	370,703		308,208		291,468

Total FIFO value	486,076		431,885		398,554
Less: adjustment to LIFO value	64,040		67,495		64,040

Total	$	422,036	$	364,390	$	334,514