Inventories

3 Months Ended

Jan. 29, 2021


8			Inventories

Inventories are valued at the lower of cost or net realizable value, with cost determined by the first-in, first-out ("FIFO") method for a majority of the company's inventories and the last-in, first-out ("LIFO") and average cost methods for all other inventories. The company records an inventory valuation adjustment for excess, slow-moving, and obsolete inventory that is equal to the excess of the cost of the inventory over the estimated net realizable value or market value for the inventory depending on the inventory costing method. Such inventory valuation adjustment is based on a review and comparison of current inventory levels to planned production, as well as planned and historical sales of the inventory. The inventory valuation adjustment to net realizable value or market value establishes a new cost basis of the inventory that cannot be subsequently reversed.

Inventories were as follows:


(Dollars in thousands)	January 29, 2021		January 31, 2020		October 31, 2020
Raw materials and work in process	$	226,979	$	188,235	$	168,759
Finished goods and service parts	530,415		632,796		565,761
Total FIFO value	757,394		821,031		734,520
Less: adjustment to LIFO value	82,087		82,071		82,087
Total inventories, net	$	675,307	$	738,960	$	652,433