Inventories

3 Months Ended

Jan. 31, 2020



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 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 planned production, as well as planned and historical sales of the inventory.

Inventories were as follows:



(Dollars in thousands)	January 31, 2020		February 1, 2019		October 31, 2019
Raw materials and work in process	$	188,235	$	124,458	$	179,967
Finished goods and service parts	632,796		364,393		553,767
Total FIFO value	821,031		488,851		733,734
Less: adjustment to LIFO value	82,071		72,201		82,071
Total inventories, net	$	738,960	$	416,650	$	651,663