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Inventories, Net | 3 Months Ended
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Feb. 03, 2023
Inventory Disclosure [Abstract] |
Inventories, Net |
7 | Inventories, Net
The company uses a combination of inventory valuation methods. Inventories are valued at the lower of cost or net realizable value, with cost determined by the first-in, first-out ("FIFO") and average cost methods for certain of the company's inventories. All remaining inventories are valued at the lower of cost or market, with cost determined under the last-in, first-out ("LIFO") method. As needed, the company records an inventory valuation adjustment for excess, slow-moving, and obsolete inventory that is equal to the excess of the cost of the inventory over the estimated net realizable value or market value for the inventory depending on the inventory costing method. Such inventory valuation adjustment is based on a review and comparison of current inventory levels to planned production, as well as planned and historical sales of the inventory. The inventory valuation adjustment to net realizable value or market value establishes a new cost basis of the inventory that cannot be subsequently reversed. Inventories, net were as follows:
(Dollars in thousands) |  | February 3, 2023 |  | January 28, 2022 |  | October 31, 2022
Raw materials and work in process |  | $ | 498,283 |  |  | $ | 383,285 |  |  | $ | 482,884 |
Finished goods and service parts |  | 803,027 |  |  | 584,274 |  |  | 738,097 |
Total FIFO and average cost value |  | 1,301,310 |  |  | 967,559 |  |  | 1,220,981 |
Less: adjustment to LIFO value |  | 169,872 |  |  | 135,487 |  |  | 169,872 |
Total inventories, net |  | $ | 1,131,438 |  |  | $ | 832,072 |  |  | $ | 1,051,109 |

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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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