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Inventories | 9 Months Ended
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Jul. 31, 2020
Inventory Disclosure [Abstract] |
Inventories |
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. On March 2, 2020, with the acquisition of Venture Products, the company acquired $23.0 million of inventory based on fair value purchase accounting adjustments. For additional information on the company's acquisition of Venture Products, refer to Note 2, Business Combinations. Inventories were as follows:
(Dollars in thousands) |  | July 31, 2020 |  | August 2, 2019 |  | October 31, 2019
Raw materials and work in process |  | $ | 197,439 |  |  | $ | 174,348 |  |  | $ | 179,967 |
Finished goods and service parts |  | 540,840 |  |  | 518,465 |  |  | 553,767 |
Total FIFO value |  | 738,279 |  |  | 692,813 |  |  | 733,734 |
Less: adjustment to LIFO value |  | 82,071 |  |  | 72,201 |  |  | 82,071 |
Total inventories, net |  | $ | 656,208 |  |  | $ | 620,612 |  |  | $ | 651,663 |

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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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