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INVENTORIES | 12 Months Ended
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Oct. 30, 2022
INVENTORIES |
INVENTORIES | 13. 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 30, 2022 and October 31, 2021 represented 57 percent and 54 percent, respectively, of worldwide gross inventories at FIFO value. If all inventories had been valued on a FIFO basis, estimated inventories by major classification at October 30, 2022 and October 31, 2021 in millions of dollars would have been as follows: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | 2022 |  | 2021 |
Raw materials and supplies |  | $ | 4,442 |  | $ | 3,524 |
Work-in-process | ​ |  | 1,190 | ​ |  | 994 | ​
Finished goods and parts | ​ |  | 5,363 | ​ |  | 4,373 | ​
Total FIFO value | ​ |  | 10,995 | ​ |  | 8,891 | ​
Less adjustment to LIFO value | ​ |  | 2,500 | ​ |  | 2,110 | ​
Inventories |  | $ | 8,495 |  | $ | 6,781 | ​
​

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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 https://asc.fasb.org/topic&trid=2126998 + Details
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