Inventories

9 Months Ended

Jul. 31, 2022

Components of inventories were as follows:


	July 31, 2022		October 31, 2021
Finished goods	$	227,770	$	211,628
Raw materials and component parts	159,288		111,089
Work-in-process	64,316		54,557
	451,374		377,274
Obsolescence and other reserves	(51,795)		(50,079)

	$	399,579	$	327,195

Effective in the third quarter of 2022, we changed our accounting method for certain U.S. inventories from a last-in, first-out basis (LIFO) to a first-in, first-out basis (FIFO). Previously, the LIFO method was used to determine the cost of a portion of our inventories in the U.S. We believe this change in accounting method is preferable as it is consistent with how we manage our business, results in a uniform method to value our inventory across all regions of our business, improves comparability with our peers, and is expected to better reflect the current value of inventory on the consolidated balance sheets. We applied this accounting change as a cumulative effect adjustment to cost of sales in the third quarter of 2022 and did not restate prior period financial statements because the impact was not material.