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SUPPLEMENTAL CONSOLIDATING DATA (Tables) | 12 Months Ended
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Oct. 31, 2016
SUPPLEMENTAL CONSOLIDATING DATA |
Supplemental Consolidating Data Income Statement |
INCOME STATEMENT
For the Years Ended October 31, 2016, 2015 and 2014
(In millions of dollars)
|  | EQUIPMENT OPERATIONS* |  | FINANCIAL SERVICES |
|  | 2016 |  | 2015 |  | 2014 |  | 2016 |  | 2015 |  | 2014 |
Net Sales and Revenues |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net sales |  | $ | 23,387.3 |  | $ | 25,775.2 |  | $ | 32,960.6 |  |  |  |  |  |  |  |  |  |
Finance and interest income |  |  | 61.1 |  |  | 77.0 |  |  | 76.5 |  | $ | 2,690.1 |  | $ | 2,557.0 |  | $ | 2,475.0 |
Other income |  |  | 653.7 |  |  | 602.7 |  |  | 622.6 |  |  | 229.0 |  |  | 258.9 |  |  | 330.2 |
Total |  |  | 24,102.1 |  |  | 26,454.9 |  |  | 33,659.7 |  |  | 2,919.1 |  |  | 2,815.9 |  |  | 2,805.2 |
Costs and Expenses |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Cost of sales |  |  | 18,250.8 |  |  | 20,145.2 |  |  | 24,777.8 |  |  |  |  |  |  |  |  |  |
Research and development expenses |  |  | 1,389.1 |  |  | 1,425.1 |  |  | 1,452.0 |  |  |  |  |  |  |  |  |  |
Selling, administrative and general expenses |  |  | 2,262.5 |  |  | 2,393.8 |  |  | 2,765.1 |  |  | 508.5 |  |  | 487.3 |  |  | 529.2 |
Interest expense |  |  | 250.5 |  |  | 272.8 |  |  | 289.4 |  |  | 536.5 |  |  | 455.0 |  |  | 430.9 |
Interest compensation to Financial Services |  |  | 216.6 |  |  | 204.8 |  |  | 212.1 |  |  |  |  |  |  |  |  |  |
Other operating expenses |  |  | 215.7 |  |  | 195.0 |  |  | 285.4 |  |  | 1,167.0 |  |  | 911.7 |  |  | 925.6 |
Total |  |  | 22,585.2 |  |  | 24,636.7 |  |  | 29,781.8 |  |  | 2,212.0 |  |  | 1,854.0 |  |  | 1,885.7 |
Income of Consolidated Group before Income Taxes |  |  | 1,516.9 |  |  | 1,818.2 |  |  | 3,877.9 |  |  | 707.1 |  |  | 961.9 |  |  | 919.5 |
Provision for income taxes |  |  | 459.0 |  |  | 509.9 |  |  | 1,329.6 |  |  | 241.1 |  |  | 330.2 |  |  | 296.9 |
Income of Consolidated Group |  |  | 1,057.9 |  |  | 1,308.3 |  |  | 2,548.3 |  |  | 466.0 |  |  | 631.7 |  |  | 622.6 |
Equity in Income (Loss) of Unconsolidated Subsidiaries and Affiliates |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Financial Services |  |  | 467.6 |  |  | 632.9 |  |  | 624.5 |  |  | 1.6 |  |  | 1.2 |  |  | 1.9 |
Other |  |  | (4.0) |  |  | (.3) |  |  | (9.5) |  |  |  |  |  |  |  |  |  |
Total |  |  | 463.6 |  |  | 632.6 |  |  | 615.0 |  |  | 1.6 |  |  | 1.2 |  |  | 1.9 |
Net Income |  |  | 1,521.5 |  |  | 1,940.9 |  |  | 3,163.3 |  |  | 467.6 |  |  | 632.9 |  |  | 624.5 |
Less: Net income (loss) attributable to noncontrolling interests |  |  | (2.4) |  |  | .9 |  |  | 1.6 |  |  |  |  |  |  |  |  |  |
Net Income Attributable to Deere & Company |  | $ | 1,523.9 |  | $ | 1,940.0 |  | $ | 3,161.7 |  | $ | 467.6 |  | $ | 632.9 |  | $ | 624.5 |
* Deere & Company with Financial Services on the equity basis. The supplemental consolidating data is presented for informational purposes. The “Equipment Operations” reflect the basis of consolidation described in Note 1 to the consolidated financial statements. The consolidated group data in the “Equipment Operations” income statement reflect the results of the agriculture and turf operations and construction and forestry operations. Transactions between the “Equipment Operations” and “Financial Services” have been eliminated to arrive at the consolidated financial statements.
Supplemental Consolidating Data Balance Sheet |
BALANCE SHEET
As of October 31, 2016 and 2015
(In millions of dollars except per share amounts)
|  | EQUIPMENT OPERATIONS* |  | FINANCIAL SERVICES |
|  | 2016 |  | 2015 |  | 2016 |  | 2015 |
ASSETS |  |  |  |  |  |  |  |  |  |  |  |  |
Cash and cash equivalents |  | $ | 3,140.5 |  | $ | 2,900.0 |  | $ | 1,195.3 |  | $ | 1,262.2 |
Marketable securities |  |  | 34.2 |  |  | 47.7 |  |  | 419.3 |  |  | 389.7 |
Receivables from unconsolidated subsidiaries and affiliates |  |  | 3,150.1 |  |  | 2,428.7 |  |  |  |  |  |  |
Trade accounts and notes receivable - net |  |  | 654.2 |  |  | 485.2 |  |  | 3,370.5 |  |  | 3,553.1 |
Financing receivables - net |  |  | .4 |  |  | .9 |  |  | 23,701.9 |  |  | 24,808.1 |
Financing receivables securitized - net |  |  |  |  |  |  |  |  | 5,126.5 |  |  | 4,834.6 |
Other receivables |  |  | 855.4 |  |  | 849.5 |  |  | 164.0 |  |  | 152.9 |
Equipment on operating leases - net |  |  |  |  |  |  |  |  | 5,901.5 |  |  | 4,970.4 |
Inventories |  |  | 3,340.5 |  |  | 3,817.0 |  |  |  |  |  |  |
Property and equipment - net |  |  | 5,118.5 |  |  | 5,126.2 |  |  | 52.1 |  |  | 55.3 |
Investments in unconsolidated subsidiaries and affiliates |  |  | 4,697.0 |  |  | 4,817.6 |  |  | 11.9 |  |  | 10.5 |
Goodwill |  |  | 815.7 |  |  | 726.0 |  |  |  |  |  |  |
Other intangible assets - net |  |  | 104.1 |  |  | 63.6 |  |  |  |  |  |  |
Retirement benefits |  |  | 93.6 |  |  | 211.9 |  |  | 20.5 |  |  | 25.0 |
Deferred income taxes |  |  | 3,556.0 |  |  | 3,092.0 |  |  | 75.5 |  |  | 67.9 |
Other assets |  |  | 855.8 |  |  | 807.3 |  |  | 840.1 |  |  | 779.1 |
Total Assets |  | $ | 26,416.0 |  | $ | 25,373.6 |  | $ | 40,879.1 |  | $ | 40,908.8 |
LIABILITIES AND STOCKHOLDERS’ EQUITY |  |  |  |  |  |  |  |  |  |  |  |  |
LIABILITIES |  |  |  |  |  |  |  |  |  |  |  |  |
Short-term borrowings |  | $ | 249.0 |  | $ | 464.3 |  | $ | 6,663.2 |  | $ | 7,962.3 |
Short-term securitization borrowings |  |  |  |  |  |  |  |  | 5,002.5 |  |  | 4,590.0 |
Payables to unconsolidated subsidiaries and affiliates |  |  | 81.5 |  |  | 80.6 |  |  | 3,133.6 |  |  | 2,395.4 |
Accounts payable and accrued expenses |  |  | 6,661.2 |  |  | 6,801.2 |  |  | 1,595.2 |  |  | 1,511.2 |
Deferred income taxes |  |  | 87.3 |  |  | 86.8 |  |  | 745.9 |  |  | 466.6 |
Long-term borrowings |  |  | 4,586.2 |  |  | 4,460.6 |  |  | 19,173.5 |  |  | 19,372.2 |
Retirement benefits and other liabilities |  |  | 8,206.0 |  |  | 6,722.5 |  |  | 89.0 |  |  | 86.4 |
Total liabilities |  |  | 19,871.2 |  |  | 18,616.0 |  |  | 36,402.9 |  |  | 36,384.1 |
Commitments and contingencies (Note 22) |  |  |  |  |  |  |  |  |  |  |  |  |
Redeemable noncontrolling interest (Note 4) |  |  | 14.0 |  |  |  |  |  |  |  |  |  |
STOCKHOLDERS’ EQUITY |  |  |  |  |  |  |  |  |  |  |  |  |
Common stock, $1 par value (authorized – 1,200,000,000 shares; issued – 536,431,204 shares in 2016 and 2015), at paid-in amount |  |  | 3,911.8 |  |  | 3,825.6 |  |  | 2,079.1 |  |  | 2,050.8 |
Common stock in treasury, 221,663,380 shares in 2016 and 219,743,893 shares in 2015, at cost |  |  | (15,677.1) |  |  | (15,497.6) |  |  |  |  |  |  |
Retained earnings |  |  | 23,911.3 |  |  | 23,144.8 |  |  | 2,670.3 |  |  | 2,764.8 |
Accumulated other comprehensive income (loss) |  |  | (5,626.0) |  |  | (4,729.4) |  |  | (273.2) |  |  | (290.9) |
Total Deere & Company stockholders’ equity |  |  | 6,520.0 |  |  | 6,743.4 |  |  | 4,476.2 |  |  | 4,524.7 |
Noncontrolling interests |  |  | 10.8 |  |  | 14.2 |  |  |  |  |  |  |
Total stockholders’ equity |  |  | 6,530.8 |  |  | 6,757.6 |  |  | 4,476.2 |  |  | 4,524.7 |
Total Liabilities and Stockholders’ Equity |  | $ | 26,416.0 |  | $ | 25,373.6 |  | $ | 40,879.1 |  | $ | 40,908.8 |
* Deere & Company with Financial Services on the equity basis. The supplemental consolidating data is presented for informational purposes. The “Equipment Operations” reflect the basis of consolidation described in Note 1 to the consolidated financial statements. Transactions between the “Equipment Operations” and “Financial Services” have been eliminated to arrive at the consolidated financial statements.
Supplemental Consolidating Data Statement of Cash Flows |
STATEMENT OF CASH FLOWS
For the Years Ended October 31, 2016, 2015 and 2014
(In millions of dollars)
|  | EQUIPMENT OPERATIONS* |  | FINANCIAL SERVICES |
|  | 2016 |  | 2015 |  | 2014 |  | 2016 |  | 2015 |  | 2014 |
Cash Flows from Operating Activities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net income |  | $ | 1,521.5 |  | $ | 1,940.9 |  | $ | 3,163.3 |  | $ | 467.6 |  | $ | 632.9 |  | $ | 624.5 |
Adjustments to reconcile net income to net cash provided by operating activities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Provision for credit losses |  |  | 8.2 |  |  | 5.5 |  |  | 2.9 |  |  | 86.1 |  |  | 49.9 |  |  | 35.2 |
Provision for depreciation and amortization |  |  | 803.4 |  |  | 791.8 |  |  | 795.7 |  |  | 846.7 |  |  | 688.5 |  |  | 574.9 |
Impairment charges |  |  | 25.4 |  |  | 15.3 |  |  | 95.9 |  |  | 59.7 |  |  | 19.5 |  |  |  |
Undistributed earnings of unconsolidated subsidiaries and affiliates |  |  | 94.0 |  |  | 46.6 |  |  | (463.4) |  |  | (1.5) |  |  | (1.0) |  |  | (1.7) |
Provision (credit) for deferred income taxes |  |  | 13.2 |  |  | (139.8) |  |  | (236.4) |  |  | 269.5 |  |  | 121.4 |  |  | (43.7) |
Changes in assets and liabilities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Trade receivables |  |  | (175.3) |  |  | 113.4 |  |  | 231.5 |  |  |  |  |  |  |  |  |  |
Insurance receivables |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 333.4 |  |  | (149.9) |
Inventories |  |  | 578.4 |  |  | (17.0) |  |  | 496.2 |  |  |  |  |  |  |  |  |  |
Accounts payable and accrued expenses |  |  | (169.6) |  |  | (253.8) |  |  | (277.0) |  |  | 40.6 |  |  | (245.4) |  |  | 263.3 |
Accrued income taxes payable/receivable |  |  | 12.8 |  |  | (133.0) |  |  | 330.5 |  |  | (11.2) |  |  | (4.6) |  |  | 12.1 |
Retirement benefits |  |  | 232.4 |  |  | 414.3 |  |  | 323.0 |  |  | 6.2 |  |  | 13.2 |  |  | 13.9 |
Other |  |  | (38.0) |  |  | 271.1 |  |  | 70.0 |  |  | 97.1 |  |  | (25.7) |  |  | (7.7) |
Net cash provided by operating activities |  |  | 2,906.4 |  |  | 3,055.3 |  |  | 4,532.2 |  |  | 1,860.8 |  |  | 1,582.1 |  |  | 1,320.9 |
Cash Flows from Investing Activities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Collections of receivables (excluding trade and wholesale) |  |  |  |  |  |  |  |  |  |  |  | 15,831.4 |  |  | 16,266.1 |  |  | 16,772.0 |
Proceeds from maturities and sales of marketable securities |  |  | 81.9 |  |  | 700.1 |  |  | 1,000.1 |  |  | 87.5 |  |  | 160.6 |  |  | 22.4 |
Proceeds from sales of equipment on operating leases |  |  |  |  |  |  |  |  |  |  |  | 1,256.2 |  |  | 1,049.4 |  |  | 1,091.5 |
Proceeds from sales of businesses and unconsolidated affiliates, net of cash sold |  |  | 81.1 |  |  |  |  |  | 345.8 |  |  |  |  |  | 149.2 |  |  |  |
Cost of receivables acquired (excluding trade and wholesale) |  |  |  |  |  |  |  |  |  |  |  | (15,168.2) |  |  | (16,327.8) |  |  | (19,015.3) |
Purchases of marketable securities |  |  | (59.4) |  |  | (60.0) |  |  | (504.1) |  |  | (111.8) |  |  | (94.9) |  |  | (110.5) |
Purchases of property and equipment |  |  | (641.8) |  |  | (688.1) |  |  | (1,045.2) |  |  | (2.6) |  |  | (5.9) |  |  | (3.1) |
Cost of equipment on operating leases acquired |  |  |  |  |  |  |  |  |  |  |  | (3,235.7) |  |  | (3,043.6) |  |  | (2,684.2) |
Increase in investment in Financial Services |  |  | (28.2) |  |  | (27.4) |  |  | (66.8) |  |  |  |  |  |  |  |  |  |
Acquisitions of businesses, net of cash acquired |  |  | (198.5) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Decrease (increase) in trade and wholesale receivables |  |  |  |  |  |  |  |  |  |  |  | 492.5 |  |  | 657.0 |  |  | (782.0) |
Other |  |  | (55.2) |  |  | 6.8 |  |  | (98.6) |  |  | 24.6 |  |  | (45.1) |  |  | (47.1) |
Net cash used for investing activities |  |  | (820.1) |  |  | (68.6) |  |  | (368.8) |  |  | (826.1) |  |  | (1,235.0) |  |  | (4,756.3) |
Cash Flows from Financing Activities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Increase (decrease) in total short-term borrowings |  |  | (207.2) |  |  | 211.9 |  |  | (65.8) |  |  | (1,006.4) |  |  | 289.7 |  |  | 155.0 |
Change in intercompany receivables/payables |  |  | (756.0) |  |  | 928.6 |  |  | (367.5) |  |  | 756.0 |  |  | (928.6) |  |  | 367.5 |
Proceeds from long-term borrowings |  |  | 173.4 |  |  | 6.2 |  |  | 60.7 |  |  | 4,897.3 |  |  | 5,704.8 |  |  | 8,171.3 |
Payments of long-term borrowings |  |  | (72.8) |  |  | (214.2) |  |  | (819.1) |  |  | (5,194.8) |  |  | (4,649.0) |  |  | (4,390.0) |
Proceeds from issuance of common stock |  |  | 36.0 |  |  | 172.1 |  |  | 149.5 |  |  |  |  |  |  |  |  |  |
Repurchases of common stock |  |  | (205.4) |  |  | (2,770.7) |  |  | (2,731.1) |  |  |  |  |  |  |  |  |  |
Capital investment from Equipment Operations |  |  |  |  |  |  |  |  |  |  |  | 28.2 |  |  | 27.4 |  |  | 66.8 |
Dividends paid |  |  | (761.3) |  |  | (816.3) |  |  | (786.0) |  |  | (562.1) |  |  | (679.6) |  |  | (150.0) |
Excess tax benefits from share-based compensation |  |  | 5.4 |  |  | 18.5 |  |  | 30.8 |  |  |  |  |  |  |  |  |  |
Other |  |  | (36.7) |  |  | (45.4) |  |  | (27.7) |  |  | (28.0) |  |  | (26.7) |  |  | (35.9) |
Net cash provided by (used for) financing activities |  |  | (1,824.6) |  |  | (2,509.3) |  |  | (4,556.2) |  |  | (1,109.8) |  |  | (262.0) |  |  | 4,184.7 |
Effect of Exchange Rate Changes on Cash and Cash Equivalents |  |  | (21.2) |  |  | (146.6) |  |  | (61.3) |  |  | 8.2 |  |  | (40.7) |  |  | (12.3) |
Net Increase (Decrease) in Cash and Cash Equivalents |  |  | 240.5 |  |  | 330.8 |  |  | (454.1) |  |  | (66.9) |  |  | 44.4 |  |  | 737.0 |
Cash and Cash Equivalents at Beginning of Year |  |  | 2,900.0 |  |  | 2,569.2 |  |  | 3,023.3 |  |  | 1,262.2 |  |  | 1,217.8 |  |  | 480.8 |
Cash and Cash Equivalents at End of Year |  | $ | 3,140.5 |  | $ | 2,900.0 |  | $ | 2,569.2 |  | $ | 1,195.3 |  | $ | 1,262.2 |  | $ | 1,217.8 |
* Deere & Company with Financial Services on the equity basis. The supplemental consolidating data is presented for informational purposes. The “Equipment Operations” reflect the basis of consolidation described in Note 1 to the consolidated financial statements. Transactions between the “Equipment Operations” and “Financial Services” have been eliminated to arrive at the consolidated financial statements.

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