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Inventories | 9 Months Ended
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Jul. 31, 2022
Inventory Disclosure [Abstract] |
Inventories | Inventories Components of inventories were as follows:
|  | July 31, 2022 |  | October 31, 2021
Finished goods |  | $ | 227,770 |  |  | $ | 211,628 |
Raw materials and component parts |  | 159,288 |  |  | 111,089 |
Work-in-process |  | 64,316 |  |  | 54,557 |
|  | 451,374 |  |  | 377,274 |
Obsolescence and other reserves |  | (51,795) |  |  | (50,079) |
|  | $ | 399,579 |  |  | $ | 327,195 |
Effective in the third quarter of 2022, we changed our accounting method for certain U.S. inventories from a last-in, first-out basis (LIFO) to a first-in, first-out basis (FIFO). Previously, the LIFO method was used to determine the cost of a portion of our inventories in the U.S. We believe this change in accounting method is preferable as it is consistent with how we manage our business, results in a uniform method to value our inventory across all regions of our business, improves comparability with our peers, and is expected to better reflect the current value of inventory on the consolidated balance sheets. We applied this accounting change as a cumulative effect adjustment to cost of sales in the third quarter of 2022 and did not restate prior period financial statements because the impact was not material.

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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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