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INVENTORIES

12 Months Ended

Nov. 01, 2020

INVENTORIES

INVENTORIES

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 November 1, 2020 and November 3, 2019 represented 52 percent and 55 percent, respectively, of worldwide gross inventories at FIFO value. The pretax favorable income effect from the liquidation of LIFO inventory during 2020 was $33 million. If all inventories had been valued on a FIFO basis, estimated inventories by major classification at November 1, 2020 and November 3, 2019 in millions of dollars would have been as follows:

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​	​	​	​	​	​	​	​
​		2020			2019
Raw materials and supplies		$	1,995		$	2,285
Work-in-process	​		648	​		747	​
Finished goods and parts	​		4,006	​		4,613	​
Total FIFO value	​		6,649	​		7,645	​
Less adjustment to LIFO value	​		1,650	​		1,670	​
Inventories		$	4,999		$	5,975	​

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- References

No definition available.

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- Definition

The entire disclosure for inventory. Includes, but is not limited to, the basis of stating inventory, the method of determining inventory cost, the classes of inventory, and the nature of the cost elements included in inventory.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 330
-URI http://asc.fasb.org/topic&trid=2126998

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