15. INVENTORIES

A majority of inventory owned by Deere & Company and its U.S. equipment subsidiaries are valued at cost, on the “last-in, first-out” (LIFO) basis. Remaining inventories are generally valued at the lower of cost, on the “first-in, first-out” (FIFO) basis, or net realizable value. The value of gross inventories on the LIFO basis at October 28, 2018 and October 29, 2017 represented 54 percent and 61 percent, respectively, of worldwide gross inventories at FIFO value. If all inventories had been valued on a FIFO basis, estimated inventories by major classification at October 28, 2018 and October 29, 2017 in millions of dollars would have been as follows:


	2018		2017
Raw materials and supplies	$	2,233	$	1,688
Work-in-process		776		495
Finished goods and parts		4,777		3,182
Total FIFO value		7,786		5,365
Less adjustment to LIFO value		1,637		1,461
Inventories	$	6,149	$	3,904