Assume General Electric Company reports the following footnote in its 10-K report.
|December 31 (In millions)||2016||2015|
|Raw materials and work in process||$5,527||$5,042|
|Less revaluation to LIFO||(697)||(661)|
The company reports its inventories using the LIFO inventory costing method.
Assume GE has a 35% income tax rate. As of the 2016 year-end, how much has GE saved in