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SUPPLEMENTAL CONSOLIDATING DATA (Tables) | 6 Months Ended
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Apr. 30, 2014
SUPPLEMENTAL CONSOLIDATING DATA |
SUPPLEMENTAL CONSOLIDATING DATA STATEMENT OF INCOME |
SUPPLEMENTAL CONSOLIDATING DATA |  |  |  |  |  |  |
STATEMENT OF INCOME |  |  |  |  |  |  |
For the Three Months Ended April 30, 2014 and 2013 |  |  |  |  |  |  |
(In millions of dollars) Unaudited |  | EQUIPMENT OPERATIONS* |  | FINANCIAL SERVICES |
|  | 2014 |  | 2013 |  | 2014 |  | 2013 |
Net Sales and Revenues |  |  |  |  |  |  |  |  |
Net sales |  | $ | 9,246.2 |  | $ | 10,265.0 |  |  |  |  |
Finance and interest income |  | 18.6 |  | 20.6 |  | $ | 591.8 |  | $ | 555.6 |
Other income |  | 149.9 |  | 130.1 |  | 38.5 |  | 38.9 |
Total |  | 9,414.7 |  | 10,415.7 |  | 630.3 |  | 594.5 |
Costs and Expenses |  |  |  |  |  |  |  |  |
Cost of sales |  | 6,872.0 |  | 7,482.5 |  |  |  |  |
Research and development expenses |  | 354.1 |  | 376.8 |  |  |  |  |
Selling, administrative and general expenses |  | 719.2 |  | 836.9 |  | 129.5 |  | 122.3 |
Interest expense |  | 80.1 |  | 73.4 |  | 97.9 |  | 127.4 |
Interest compensation to Financial Services |  | 54.8 |  | 54.3 |  |  |  |  |
Other operating expenses |  | 99.3 |  | 45.7 |  | 174.3 |  | 147.1 |
Total |  | 8,179.5 |  | 8,869.6 |  | 401.7 |  | 396.8 |
Income of Consolidated Group before Income Taxes |  | 1,235.2 |  | 1,546.1 |  | 228.6 |  | 197.7 |
Provision for income taxes |  | 397.6 |  | 593.2 |  | 81.4 |  | 73.2 |
Income of Consolidated Group |  | 837.6 |  | 952.9 |  | 147.2 |  | 124.5 |
Equity in Income (Loss) of Unconsolidated Subsidiaries and Affiliates |  |  |  |  |  |  |  |  |
Financial Services |  | 147.7 |  | 125.0 |  | .5 |  | .5 |
Other |  | (4.1) |  | 6.4 |  |  |  |  |
Total |  | 143.6 |  | 131.4 |  | .5 |  | .5 |
Net Income |  | 981.2 |  | 1,084.3 |  | 147.7 |  | 125.0 |
Less: Net income attributable to noncontrolling interests |  | .5 |  | .1 |  |  |  |  |
Net Income Attributable to Deere & Company |  | $ | 980.7 |  | $ | 1,084.2 |  | $ | 147.7 |  | $ | 125.0 |
* Deere & Company with Financial Services on the equity basis.
SUPPLEMENTAL CONSOLIDATING DATA |  |  |  |  |
STATEMENT OF INCOME |  |  |  |  |
For the Six Months Ended April 30, 2014 and 2013 |  |  |  |  |
(In millions of dollars) Unaudited |  | EQUIPMENT OPERATIONS* |  | FINANCIAL SERVICES |
|  | 2014 |  | 2013 |  | 2014 |  | 2013 |
Net Sales and Revenues |  |  |  |  |  |  |  |  |
Net sales |  | $ | 16,194.8 |  | $ | 17,057.9 |  |  |  |  |
Finance and interest income |  | 35.8 |  | 38.1 |  | $ | 1,161.0 |  | $ | 1,089.5 |
Other income |  | 300.3 |  | 260.2 |  | 102.9 |  | 76.9 |
Total |  | 16,530.9 |  | 17,356.2 |  | 1,263.9 |  | 1,166.4 |
Costs and Expenses |  |  |  |  |  |  |  |  |
Cost of sales |  | 12,067.9 |  | 12,497.7 |  |  |  |  |
Research and development expenses |  | 677.8 |  | 733.3 |  |  |  |  |
Selling, administrative and general expenses |  | 1,362.3 |  | 1,509.8 |  | 255.4 |  | 233.9 |
Interest expense |  | 155.4 |  | 143.0 |  | 205.7 |  | 246.7 |
Interest compensation to Financial Services |  | 97.1 |  | 95.8 |  |  |  |  |
Other operating expenses |  | 151.9 |  | 80.7 |  | 392.6 |  | 291.8 |
Total |  | 14,512.4 |  | 15,060.3 |  | 853.7 |  | 772.4 |
Income of Consolidated Group before Income Taxes |  | 2,018.5 |  | 2,295.9 |  | 410.2 |  | 394.0 |
Provision for income taxes |  | 638.0 |  | 818.4 |  | 121.6 |  | 136.9 |
Income of Consolidated Group |  | 1,380.5 |  | 1,477.5 |  | 288.6 |  | 257.1 |
Equity in Income (Loss) of Unconsolidated Subsidiaries and Affiliates |  |  |  |  |  |  |  |  |
Financial Services |  | 289.9 |  | 257.9 |  | 1.3 |  | .8 |
Other |  | (7.9) |  | (1.4) |  |  |  |  |
Total |  | 282.0 |  | 256.5 |  | 1.3 |  | .8 |
Net Income |  | 1,662.5 |  | 1,734.0 |  | 289.9 |  | 257.9 |
Less: Net income attributable to noncontrolling interests |  | .7 |  | .1 |  |  |  |  |
Net Income Attributable to Deere & Company |  | $ | 1,661.8 |  | $ | 1,733.9 |  | $ | 289.9 |  | $ | 257.9 |
* Deere & Company with Financial Services on the equity basis.
SUPPLEMENTAL CONSOLIDATING DATA CONDENSED BALANCE SHEET | SUPPLEMENTAL CONSOLIDATING DATA CONDENSED BALANCE SHEET
(In millions of dollars) Unaudited |  | EQUIPMENT OPERATIONS* |  | FINANCIAL SERVICES |
|  | April 30 2014 |  | October 31 2013 |  | April 30 2013 |  | April 30 2014 |  | October 31 2013 |  | April 30 2013 |
Assets |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Cash and cash equivalents |  | $ | 1,874.9 |  |  | $ | 3,023.3 |  |  | $ | 3,145.8 |  |  | $ | 1,203.6 |  |  | $ | 480.8 |  |  | $ | 505.7 |  |
Marketable securities |  | 1,105.6 |  |  | 1,207.2 |  |  | 1,003.6 |  |  | 466.1 |  |  | 417.6 |  |  | 395.4 |  |
Receivables from unconsolidated subsidiaries and affiliates |  | 4,046.7 |  |  | 3,502.0 |  |  | 2,738.8 |  |  |  |  |  |  |  |  |  |  |
Trade accounts and notes receivable - net |  | 969.9 |  |  | 1,061.8 |  |  | 1,430.4 |  |  | 5,264.6 |  |  | 3,555.9 |  |  | 5,056.6 |  |
Financing receivables - net |  | 13.5 |  |  | 16.5 |  |  | 12.0 |  |  | 25,482.6 |  |  | 25,616.2 |  |  | 22,732.8 |  |
Financing receivables securitized - net |  |  |  |  |  |  |  |  |  |  | 4,345.4 |  |  | 4,153.1 |  |  | 3,788.3 |  |
Other receivables |  | 924.9 |  |  | 983.1 |  |  | 911.9 |  |  | 301.1 |  |  | 486.6 |  |  | 267.8 |  |
Equipment on operating leases - net |  |  |  |  |  |  |  |  |  |  | 3,203.8 |  |  | 3,152.2 |  |  | 2,575.5 |  |
Inventories |  | 5,849.6 |  |  | 4,934.7 |  |  | 6,173.0 |  |  |  |  |  |  |  |  |  |  |
Property and equipment - net |  | 5,316.8 |  |  | 5,408.5 |  |  | 5,054.6 |  |  | 56.3 |  |  | 58.4 |  |  | 59.4 |  |
Investments in unconsolidated subsidiaries and affiliates |  | 4,875.6 |  |  | 4,569.0 |  |  | 4,271.6 |  |  | 11.5 |  |  | 10.2 |  |  | 9.6 |  |
Goodwill |  | 839.6 |  |  | 844.8 |  |  | 922.9 |  |  |  |  |  |  |  |  |  |  |
Other intangible assets - net |  | 67.3 |  |  | 73.1 |  |  | 89.8 |  |  | 4.0 |  |  | 4.0 |  |  | 4.0 |  |
Retirement benefits |  | 546.9 |  |  | 517.7 |  |  | 30.6 |  |  | 35.5 |  |  | 37.5 |  |  | 41.0 |  |
Deferred income taxes |  | 2,683.4 |  |  | 2,575.4 |  |  | 3,590.0 |  |  | 68.8 |  |  | 51.3 |  |  | 48.3 |  |
Other assets |  | 667.7 |  |  | 654.3 |  |  | 611.2 |  |  | 583.6 |  |  | 622.2 |  |  | 842.1 |  |
Assets held for sale |  | 84.7 |  |  | 505.0 |  |  |  |  |  |  |  |  |  |  |  |  |  |
Total Assets |  | $ | 29,867.1 |  |  | $ | 29,876.4 |  |  | $ | 29,986.2 |  |  | $ | 41,026.9 |  |  | $ | 38,646.0 |  |  | $ | 36,326.5 |  |
Liabilities and Stockholders’ Equity |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Short-term borrowings |  | $ | 1,020.5 |  |  | $ | 1,080.4 |  |  | $ | 1,368.6 |  |  | $ | 7,742.5 |  |  | $ | 7,708.5 |  |  | $ | 7,045.4 |  |
Short-term securitization borrowings |  |  |  |  |  |  |  |  |  |  | 4,329.5 |  |  | 4,109.1 |  |  | 3,788.4 |  |
Payables to unconsolidated subsidiaries and affiliates |  | 134.5 |  |  | 106.9 |  |  | 143.3 |  |  | 4,008.4 |  |  | 3,470.8 |  |  | 2,686.4 |  |
Accounts payable and accrued expenses |  | 7,728.4 |  |  | 7,990.9 |  |  | 7,728.0 |  |  | 1,570.6 |  |  | 1,849.8 |  |  | 1,523.9 |  |
Deferred income taxes |  | 88.0 |  |  | 92.4 |  |  | 88.8 |  |  | 368.1 |  |  | 369.1 |  |  | 334.9 |  |
Long-term borrowings |  | 4,816.7 |  |  | 4,870.9 |  |  | 4,925.2 |  |  | 18,350.2 |  |  | 16,706.8 |  |  | 16,827.7 |  |
Retirement benefits and other liabilities |  | 5,361.6 |  |  | 5,346.8 |  |  | 7,465.5 |  |  | 79.0 |  |  | 74.1 |  |  | 68.6 |  |
Liabilities held for sale |  | 49.8 |  |  | 120.4 |  |  |  |  |  |  |  |  |  |  |  |  |  |
Total liabilities |  | 19,199.5 |  |  | 19,608.7 |  |  | 21,719.4 |  |  | 36,448.3 |  |  | 34,288.2 |  |  | 32,275.3 |  |
Commitments and contingencies (Note 14) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Common stock, $1 par value (issued shares at April 30, 2014 – 536,431,204) |  | 3,621.6 |  |  | 3,524.2 |  |  | 3,474.4 |  |  | 1,999.4 |  |  | 1,956.3 |  |  | 1,882.1 |  |
Common stock in treasury |  | (11,224.1 | ) |  | (10,210.9 | ) |  | (8,987.0 | ) |  |  |  |  |  |  |  |  |  |
Retained earnings |  | 20,931.3 |  |  | 19,645.6 |  |  | 18,231.5 |  |  | 2,537.2 |  |  | 2,337.3 |  |  | 2,070.2 |  |
Accumulated other comprehensive income (loss) |  | (2,663.5 | ) |  | (2,693.1 | ) |  | (4,454.0 | ) |  | 42.0 |  |  | 64.2 |  |  | 98.9 |  |
Total Deere & Company stockholders’ equity |  | 10,665.3 |  |  | 10,265.8 |  |  | 8,264.9 |  |  | 4,578.6 |  |  | 4,357.8 |  |  | 4,051.2 |  |
Noncontrolling interests |  | 2.3 |  |  | 1.9 |  |  | 1.9 |  |  |  |  |  |  |  |  |  |  |
Total stockholders’ equity |  | 10,667.6 |  |  | 10,267.7 |  |  | 8,266.8 |  |  | 4,578.6 |  |  | 4,357.8 |  |  | 4,051.2 |  |
Total Liabilities and Stockholders’ Equity |  | $ | 29,867.1 |  |  | $ | 29,876.4 |  |  | $ | 29,986.2 |  |  | $ | 41,026.9 |  |  | $ | 38,646.0 |  |  | $ | 36,326.5 |  |
* Deere & Company with Financial Services on the equity basis.
SUPPLEMENTAL CONSOLIDATING DATA STATEMENT OF CASH FLOWS | SUPPLEMENTAL CONSOLIDATING DATA STATEMENT OF CASH FLOWS For the Six Months Ended April 30, 2014 and 2013
(In millions of dollars) Unaudited |  | EQUIPMENT OPERATIONS* |  | FINANCIAL SERVICES
|  | 2014 |  | 2013 |  | 2014 |  | 2013
Cash Flows from Operating Activities |  |  |  |  |  |  |  |  |  |  |  |
Net income |  | $ | 1,662.5 |  |  | $ | 1,734.0 |  |  | $ | 289.9 |  |  | $ | 257.9 |
Adjustments to reconcile net income to net cash provided by operating activities: |  |  |  |  |  |  |  |  |  |  |  |
Provision for credit losses |  | 1.9 |  |  | 5.9 |  |  | 7.9 |  |  | 2.6 |
Provision for depreciation and amortization |  | 397.7 |  |  | 366.5 |  |  | 271.2 |  |  | 236.0 |
Impairment charges |  | 62.3 |  |  |  |  |  |  |  |  |  |
Undistributed earnings of unconsolidated subsidiaries and affiliates |  | (190.8 | ) |  | (102.0 | ) |  | (1.3 | ) |  | (.8 | )
Credit for deferred income taxes |  | (117.8 | ) |  | (100.5 | ) |  | (20.3 | ) |  | (3.4 | )
Changes in assets and liabilities: |  |  |  |  |  |  |  |  |  |  |  |
Trade receivables |  | (3.9 | ) |  | (156.9 | ) |  |  |  |  |  |
Insurance receivables |  |  |  |  |  |  |  | 175.4 |  |  | 462.0 |
Inventories |  | (995.9 | ) |  | (1,016.4 | ) |  |  |  |  |  |
Accounts payable and accrued expenses |  | (123.3 | ) |  | 120.3 |  |  | (200.0 | ) |  | (511.2 | )
Accrued income taxes payable/receivable |  | 77.5 |  |  | 104.5 |  |  | 9.3 |  |  | (7.2 | )
Retirement benefits |  | 130.5 |  |  | 5.9 |  |  | 7.5 |  |  | 10.9 |
Other |  | 126.3 |  |  | 3.6 |  |  | 3.8 |  |  | 21.0 |
Net cash provided by operating activities |  | 1,027.0 |  |  | 964.9 |  |  | 543.4 |  |  | 467.8 |
Cash Flows from Investing Activities |  |  |  |  |  |  |  |  |  |  |  |
Collections of receivables (excluding trade and wholesale) |  |  |  |  |  |  |  | 9,006.6 |  |  | 8,420.6 |
Proceeds from maturities and sales of marketable securities |  | 600.0 |  |  | 500.6 |  |  | 11.3 |  |  | 27.4 |
Proceeds from sales of equipment on operating leases |  |  |  |  |  |  |  | 570.9 |  |  | 506.4 |
Proceeds from sales of businesses, net of cash sold |  | 307.2 |  |  |  |  |  |  |  |  |  |
Cost of receivables acquired (excluding trade and wholesale) |  |  |  |  |  |  |  | (9,120.5 | ) |  | (8,962.2 | )
Purchases of marketable securities |  | (504.0 | ) |  | (404.0 | ) |  | (58.8 | ) |  | (56.5 | )
Purchases of property and equipment |  | (425.2 | ) |  | (501.9 | ) |  | (1.0 | ) |  | (1.8 | )
Cost of equipment on operating leases acquired |  |  |  |  |  |  |  | (986.0 | ) |  | (814.3 | )
Increase in trade and wholesale receivables |  |  |  |  |  |  |  | (1,895.1 | ) |  | (2,049.2 | )
Other |  | (89.2 | ) |  | (98.9 | ) |  | (39.1 | ) |  | (35.5 | )
Net cash used for investing activities |  | (111.2 | ) |  | (504.2 | ) |  | (2,511.7 | ) |  | (2,965.1 | )
Cash Flows from Financing Activities |  |  |  |  |  |  |  |  |  |  |  |
Increase in total short-term borrowings |  | 641.6 |  |  | 235.3 |  |  | 315.1 |  |  | 1,106.4 |
Change in intercompany receivables/payables |  | (612.0 | ) |  | (1,188.7 | ) |  | 612.0 |  |  | 1,188.7 |
Proceeds from long-term borrowings |  | 6.6 |  |  | 238.4 |  |  | 4,247.2 |  |  | 2,232.2 |
Payments of long-term borrowings |  | (737.3 | ) |  | (35.6 | ) |  | (2,398.1 | ) |  | (2,139.5 | )
Proceeds from issuance of common stock |  | 108.7 |  |  | 149.7 |  |  |  |  |  |  |
Repurchases of common stock |  | (1,093.4 | ) |  | (288.0 | ) |  |  |  |  |  |
Dividends paid |  | (382.3 | ) |  | (357.6 | ) |  | (90.0 | ) |  | (146.0 | )
Excess tax benefits from share-based compensation |  | 24.2 |  |  | 43.1 |  |  |  |  |  |  |
Other |  | (11.0 | ) |  | (21.1 | ) |  | 21.1 |  |  | 35.4 |
Net cash provided by (used for) financing activities |  | (2,054.9 | ) |  | (1,224.5 | ) |  | 2,707.3 |  |  | 2,277.2 |
Effect of Exchange Rate Changes on Cash and Cash Equivalents |  | (9.3 | ) |  | 1.7 |  |  | (16.2 | ) |  | (18.5 | )
Net Increase (Decrease) in Cash and Cash Equivalents |  | (1,148.4 | ) |  | (762.1 | ) |  | 722.8 |  |  | (238.6 | )
Cash and Cash Equivalents at Beginning of Period |  | 3,023.3 |  |  | 3,907.9 |  |  | 480.8 |  |  | 744.3 |
Cash and Cash Equivalents at End of Period |  | $ | 1,874.9 |  |  | $ | 3,145.8 |  |  | $ | 1,203.6 |  |  | $ | 505.7 |
* Deere & Company with Financial Services on the equity basis.

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