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INVENTORIES | 12 Months Ended
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Oct. 31, 2021
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 October 31, 2021 and November 1, 2020 represented 54 percent and 52 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 October 31, 2021 and November 1, 2020 in millions of dollars would have been as follows: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | 2021 |  | 2020 |
Raw materials and supplies |  | $ | 3,524 |  | $ | 1,995 |
Work-in-process | ​ |  | 994 | ​ |  | 648 | ​
Finished goods and parts | ​ |  | 4,373 | ​ |  | 4,006 | ​
Total FIFO value | ​ |  | 8,891 | ​ |  | 6,649 | ​
Less adjustment to LIFO value | ​ |  | 2,110 | ​ |  | 1,650 | ​
Inventories |  | $ | 6,781 |  | $ | 4,999 | ​
​ ​

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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 + Details
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