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SUPPLEMENTAL CONSOLIDATING DATA (Tables) | 9 Months Ended
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Jul. 31, 2016
SUPPLEMENTAL CONSOLIDATING DATA |
Supplemental Consolidating Data Income Statement |
(21) SUPPLEMENTAL CONSOLIDATING DATA |  |  |  |  |  |  |  |  |  |  |  |  |
STATEMENT OF INCOME |  |  |  |  |  |  |  |  |  |  |  |  |
For the Three Months Ended July 31, 2016 and 2015 |  |  |  |  |  |  |  |  |  |  |  |  |
(In millions of dollars) Unaudited |  | EQUIPMENT OPERATIONS* |  | FINANCIAL SERVICES |
|  | 2016 |  | 2015 |  | 2016 |  | 2015 |
Net Sales and Revenues |  |  |  |  |  |  |  |  |  |  |  |  |
Net sales |  | $ | 5,861.4 |  | $ | 6,839.5 |  |  |  |  |  |  |
Finance and interest income |  |  | 15.1 |  |  | 20.8 |  | $ | 691.0 |  | $ | 644.3 |
Other income |  |  | 216.9 |  |  | 140.8 |  |  | 27.6 |  |  | 51.2 |
Total |  |  | 6,093.4 |  |  | 7,001.1 |  |  | 718.6 |  |  | 695.5 |
Costs and Expenses |  |  |  |  |  |  |  |  |  |  |  |  |
Cost of sales |  |  | 4,494.6 |  |  | 5,358.4 |  |  |  |  |  |  |
Research and development expenses |  |  | 338.8 |  |  | 346.8 |  |  |  |  |  |  |
Selling, administrative and general expenses |  |  | 573.1 |  |  | 633.5 |  |  | 137.6 |  |  | 123.9 |
Interest expense |  |  | 65.9 |  |  | 69.6 |  |  | 140.8 |  |  | 113.6 |
Interest compensation to Financial Services |  |  | 61.6 |  |  | 56.7 |  |  |  |  |  |  |
Other operating expenses |  |  | 45.6 |  |  | 36.3 |  |  | 248.9 |  |  | 219.3 |
Total |  |  | 5,579.6 |  |  | 6,501.3 |  |  | 527.3 |  |  | 456.8 |
Income of Consolidated Group before Income Taxes |  |  | 513.8 |  |  | 499.8 |  |  | 191.3 |  |  | 238.7 |
Provision for income taxes |  |  | 160.9 |  |  | 155.5 |  |  | 65.6 |  |  | 85.5 |
Income of Consolidated Group |  |  | 352.9 |  |  | 344.3 |  |  | 125.7 |  |  | 153.2 |
Equity in Income of Unconsolidated Subsidiaries and Affiliates |  |  |  |  |  |  |  |  |  |  |  |  |
Financial Services |  |  | 125.9 |  |  | 153.4 |  |  | .2 |  |  | .2 |
Other |  |  | 9.8 |  |  | 14.0 |  |  |  |  |  |  |
Total |  |  | 135.7 |  |  | 167.4 |  |  | .2 |  |  | .2 |
Net Income |  |  | 488.6 |  |  | 511.7 |  |  | 125.9 |  |  | 153.4 |
Less: Net income (loss) attributable to noncontrolling interests |  |  | (.2) |  |  | .1 |  |  |  |  |  |  |
Net Income Attributable to Deere & Company |  | $ | 488.8 |  | $ | 511.6 |  | $ | 125.9 |  | $ | 153.4 |
* Deere & Company with Financial Services on the equity basis. The supplemental consolidating data is presented for informational purposes. Transactions between the “Equipment Operations” and “Financial Services” have been eliminated to arrive at the consolidated financial statements.
SUPPLEMENTAL CONSOLIDATING DATA (Continued) |  |  |  |  |  |  |  |  |  |  |  |  |
STATEMENT OF INCOME |  |  |  |  |  |  |  |  |  |  |  |  |
For the Nine Months Ended July 31, 2016 and 2015 |  |  |  |  |  |  |  |  |  |  |  |  |
(In millions of dollars) Unaudited |  | EQUIPMENT OPERATIONS* |  | FINANCIAL SERVICES |
|  | 2016 |  | 2015 |  | 2016 |  | 2015 |
Net Sales and Revenues |  |  |  |  |  |  |  |  |  |  |  |  |
Net sales |  | $ | 17,737.1 |  | $ | 19,843.1 |  |  |  |  |  |  |
Finance and interest income |  |  | 45.8 |  |  | 58.8 |  | $ | 1,988.9 |  | $ | 1,900.9 |
Other income |  |  | 497.1 |  |  | 451.2 |  |  | 143.9 |  |  | 201.4 |
Total |  |  | 18,280.0 |  |  | 20,353.1 |  |  | 2,132.8 |  |  | 2,102.3 |
Costs and Expenses |  |  |  |  |  |  |  |  |  |  |  |  |
Cost of sales |  |  | 13,866.7 |  |  | 15,474.2 |  |  |  |  |  |  |
Research and development expenses |  |  | 1,003.1 |  |  | 1,021.1 |  |  |  |  |  |  |
Selling, administrative and general expenses |  |  | 1,642.6 |  |  | 1,794.1 |  |  | 379.6 |  |  | 366.9 |
Interest expense |  |  | 195.7 |  |  | 208.0 |  |  | 386.7 |  |  | 346.0 |
Interest compensation to Financial Services |  |  | 168.2 |  |  | 156.0 |  |  |  |  |  |  |
Other operating expenses |  |  | 158.2 |  |  | 112.6 |  |  | 822.4 |  |  | 653.3 |
Total |  |  | 17,034.5 |  |  | 18,766.0 |  |  | 1,588.7 |  |  | 1,366.2 |
Income of Consolidated Group before Income Taxes |  |  | 1,245.5 |  |  | 1,587.1 |  |  | 544.1 |  |  | 736.1 |
Provision for income taxes |  |  | 372.5 |  |  | 478.5 |  |  | 187.4 |  |  | 257.1 |
Income of Consolidated Group |  |  | 873.0 |  |  | 1,108.6 |  |  | 356.7 |  |  | 479.0 |
Equity in Income of Unconsolidated Subsidiaries and Affiliates |  |  |  |  |  |  |  |  |  |  |  |  |
Financial Services |  |  | 357.9 |  |  | 480.0 |  |  | 1.2 |  |  | 1.0 |
Other |  |  | 6.1 |  |  | .8 |  |  |  |  |  |  |
Total |  |  | 364.0 |  |  | 480.8 |  |  | 1.2 |  |  | 1.0 |
Net Income |  |  | 1,237.0 |  |  | 1,589.4 |  |  | 357.9 |  |  | 480.0 |
Less: Net income (loss) attributable to noncontrolling interests |  |  | (1.6) |  |  | .6 |  |  |  |  |  |  |
Net Income Attributable to Deere & Company |  | $ | 1,238.6 |  | $ | 1,588.8 |  | $ | 357.9 |  | $ | 480.0 |
* Deere & Company with Financial Services on the equity basis. The supplemental consolidating data is presented for informational purposes. Transactions between the “Equipment Operations” and “Financial Services” have been eliminated to arrive at the consolidated financial statements.
Supplemental Consolidating Data Condensed Balance Sheet |
SUPPLEMENTAL CONSOLIDATING DATA (Continued) |  |  |  |  |  |  |  |  |  |
CONDENSED BALANCE SHEET |  |  |  |  |  |  |  |  |  |
(In millions of dollars) Unaudited |  | EQUIPMENT OPERATIONS* |  | FINANCIAL SERVICES |
|  | July 31 |  | October 31 |  | July 31 |  | July 31 |  | October 31 |  | July 31 |
|  | 2016 |  | 2015 |  | 2015 |  | 2016 |  | 2015 |  | 2015 |
Assets |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Cash and cash equivalents |  | $ | 3,134.9 |  | $ | 2,900.0 |  | $ | 2,907.1 |  | $ | 1,186.1 |  | $ | 1,262.2 |  | $ | 1,223.7 |
Marketable securities |  |  | 40.2 |  |  | 47.7 |  |  | 47.4 |  |  | 428.7 |  |  | 389.7 |  |  | 373.7 |
Receivables from unconsolidated subsidiaries and affiliates |  |  | 2,429.5 |  |  | 2,428.7 |  |  | 2,941.5 |  |  |  |  |  |  |  |  |  |
Trade accounts and notes receivable - net |  |  | 535.4 |  |  | 485.2 |  |  | 581.2 |  |  | 4,560.6 |  |  | 3,553.1 |  |  | 4,780.9 |
Financing receivables - net |  |  | .4 |  |  | .9 |  |  | 4.7 |  |  | 22,594.4 |  |  | 24,808.1 |  |  | 24,968.7 |
Financing receivables securitized - net |  |  |  |  |  |  |  |  |  |  |  | 5,947.4 |  |  | 4,834.6 |  |  | 4,737.8 |
Other receivables |  |  | 726.6 |  |  | 849.5 |  |  | 779.2 |  |  | 103.0 |  |  | 152.9 |  |  | 76.2 |
Equipment on operating leases - net |  |  |  |  |  |  |  |  |  |  |  | 5,602.7 |  |  | 4,970.4 |  |  | 4,426.0 |
Inventories |  |  | 3,851.3 |  |  | 3,817.0 |  |  | 4,319.0 |  |  |  |  |  |  |  |  |  |
Property and equipment - net |  |  | 4,994.7 |  |  | 5,126.2 |  |  | 5,072.4 |  |  | 52.6 |  |  | 55.3 |  |  | 54.0 |
Investments in unconsolidated subsidiaries and affiliates |  |  | 4,752.9 |  |  | 4,817.6 |  |  | 4,923.8 |  |  | 11.6 |  |  | 10.5 |  |  | 10.2 |
Goodwill |  |  | 823.6 |  |  | 726.0 |  |  | 715.9 |  |  |  |  |  |  |  |  |  |
Other intangible assets - net |  |  | 109.5 |  |  | 63.6 |  |  | 57.8 |  |  |  |  |  |  |  |  |  |
Retirement benefits |  |  | 319.0 |  |  | 211.9 |  |  | 335.5 |  |  | 21.8 |  |  | 25.0 |  |  | 27.1 |
Deferred income taxes |  |  | 3,173.2 |  |  | 3,092.0 |  |  | 3,028.6 |  |  | 71.9 |  |  | 67.9 |  |  | 61.6 |
Other assets |  |  | 860.1 |  |  | 807.3 |  |  | 859.4 |  |  | 1,045.8 |  |  | 779.1 |  |  | 730.0 |
Total Assets |  | $ | 25,751.3 |  | $ | 25,373.6 |  | $ | 26,573.5 |  | $ | 41,626.6 |  | $ | 40,908.8 |  | $ | 41,469.9 |
Liabilities and Stockholders’ Equity |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Liabilities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Short-term borrowings |  | $ | 261.7 |  | $ | 464.3 |  | $ | 650.8 |  | $ | 7,100.4 |  | $ | 7,962.3 |  | $ | 8,697.1 |
Short-term securitization borrowings |  |  |  |  |  |  |  |  |  |  |  | 5,728.9 |  |  | 4,590.0 |  |  | 4,595.4 |
Payables to unconsolidated subsidiaries and affiliates |  |  | 74.2 |  |  | 80.6 |  |  | 73.7 |  |  | 2,410.7 |  |  | 2,395.4 |  |  | 2,898.3 |
Accounts payable and accrued expenses |  |  | 6,470.8 |  |  | 6,801.2 |  |  | 7,025.1 |  |  | 1,521.0 |  |  | 1,511.2 |  |  | 1,387.3 |
Deferred income taxes |  |  | 97.3 |  |  | 86.8 |  |  | 79.9 |  |  | 707.5 |  |  | 466.6 |  |  | 456.2 |
Long-term borrowings |  |  | 4,578.6 |  |  | 4,460.6 |  |  | 4,475.4 |  |  | 19,549.8 |  |  | 19,372.2 |  |  | 18,725.5 |
Retirement benefits and other liabilities |  |  | 6,814.6 |  |  | 6,722.5 |  |  | 6,543.6 |  |  | 90.0 |  |  | 86.4 |  |  | 86.7 |
Total liabilities |  |  | 18,297.2 |  |  | 18,616.0 |  |  | 18,848.5 |  |  | 37,108.3 |  |  | 36,384.1 |  |  | 36,846.5 |
Commitments and contingencies (Note 14) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Redeemable noncontrolling interest (Note 18) |  |  | 14.4 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Stockholders’ Equity |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Common stock, $1 par value (issued shares at July 31, 2016 – 536,431,204) |  |  | 3,883.9 |  |  | 3,825.6 |  |  | 3,806.5 |  |  | 2,071.9 |  |  | 2,050.8 |  |  | 2,051.3 |
Common stock in treasury |  |  | (15,688.3) |  |  | (15,497.6) |  |  | (14,562.5) |  |  |  |  |  |  |  |  |  |
Retained earnings |  |  | 23,815.0 |  |  | 23,144.8 |  |  | 22,986.5 |  |  | 2,710.5 |  |  | 2,764.8 |  |  | 2,812.2 |
Accumulated other comprehensive income (loss) |  |  | (4,582.2) |  |  | (4,729.4) |  |  | (4,507.4) |  |  | (264.1) |  |  | (290.9) |  |  | (240.1) |
Total Deere & Company stockholders' equity |  |  | 7,428.4 |  |  | 6,743.4 |  |  | 7,723.1 |  |  | 4,518.3 |  |  | 4,524.7 |  |  | 4,623.4 |
Noncontrolling interests |  |  | 11.3 |  |  | 14.2 |  |  | 1.9 |  |  |  |  |  |  |  |  |  |
Total stockholders’ equity |  |  | 7,439.7 |  |  | 6,757.6 |  |  | 7,725.0 |  |  | 4,518.3 |  |  | 4,524.7 |  |  | 4,623.4 |
Total Liabilities and Stockholders’ Equity |  | $ | 25,751.3 |  | $ | 25,373.6 |  | $ | 26,573.5 |  | $ | 41,626.6 |  | $ | 40,908.8 |  | $ | 41,469.9 |
* Deere & Company with Financial Services on the equity basis. The supplemental consolidating data is presented for informational purposes. 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 |
SUPPLEMENTAL CONSOLIDATING DATA (Continued) |  |  |  |  |  |  |  |  |  |  |  |  |
STATEMENT OF CASH FLOWS |  |  |  |  |  |  |  |  |  |  |  |  |
For the Nine Months Ended July 31, 2016 and 2015 |  |  |  |  |  |  |  |  |  |  |  |  |
(In millions of dollars) Unaudited |  | EQUIPMENT OPERATIONS* |  | FINANCIAL SERVICES |
|  | 2016 |  | 2015 |  | 2016 |  | 2015 |
Cash Flows from Operating Activities |  |  |  |  |  |  |  |  |  |  |  |  |
Net income |  | $ | 1,237.0 |  | $ | 1,589.4 |  | $ | 357.9 |  | $ | 480.0 |
Adjustments to reconcile net income to net cash provided by operating activities: |  |  |  |  |  |  |  |  |  |  |  |  |
Provision for credit losses |  |  | 5.3 |  |  | 2.1 |  |  | 65.0 |  |  | 33.3 |
Provision for depreciation and amortization |  |  | 613.7 |  |  | 605.6 |  |  | 615.5 |  |  | 503.2 |
Impairment charges |  |  |  |  |  |  |  |  | 49.7 |  |  |  |
Undistributed earnings of unconsolidated subsidiaries and affiliates |  |  | 55.9 |  |  | (4.9) |  |  | (1.0) |  |  | (.8) |
Provision (credit) for deferred income taxes |  |  | (77.0) |  |  | (39.6) |  |  | 232.5 |  |  | 112.6 |
Changes in assets and liabilities: |  |  |  |  |  |  |  |  |  |  |  |  |
Trade receivables |  |  | (57.5) |  |  | 37.2 |  |  |  |  |  |  |
Insurance receivables |  |  |  |  |  |  |  |  |  |  |  | 333.4 |
Inventories |  |  | 59.5 |  |  | (473.2) |  |  |  |  |  |  |
Accounts payable and accrued expenses |  |  | (285.6) |  |  | (113.4) |  |  | 7.8 |  |  | (322.3) |
Accrued income taxes payable/receivable |  |  | 72.4 |  |  | (82.9) |  |  | 5.9 |  |  | 24.8 |
Retirement benefits |  |  | 139.6 |  |  | 282.1 |  |  | 6.2 |  |  | 11.3 |
Other |  |  | (118.8) |  |  | 145.8 |  |  | 56.8 |  |  | (25.5) |
Net cash provided by operating activities |  |  | 1,644.5 |  |  | 1,948.2 |  |  | 1,396.3 |  |  | 1,150.0 |
Cash Flows from Investing Activities |  |  |  |  |  |  |  |  |  |  |  |  |
Collections of receivables (excluding trade and wholesale) |  |  |  |  |  |  |  |  | 12,208.1 |  |  | 12,516.5 |
Proceeds from maturities and sales of marketable securities |  |  | 75.6 |  |  | 700.1 |  |  | 63.6 |  |  | 132.9 |
Proceeds from sales of equipment on operating leases |  |  |  |  |  |  |  |  | 916.6 |  |  | 773.7 |
Proceeds from sales of business and unconsolidated affiliates, net of cash sold |  |  | 81.1 |  |  |  |  |  |  |  |  | 149.2 |
Cost of receivables acquired (excluding trade and wholesale) |  |  |  |  |  |  |  |  | (11,236.7) |  |  | (12,063.2) |
Purchases of marketable securities |  |  | (61.0) |  |  | (49.1) |  |  | (88.9) |  |  | (51.7) |
Purchases of property and equipment |  |  | (385.4) |  |  | (458.1) |  |  | (1.6) |  |  | (3.3) |
Cost of equipment on operating leases acquired |  |  |  |  |  |  |  |  | (2,324.8) |  |  | (1,988.6) |
Increase in trade and wholesale receivables |  |  |  |  |  |  |  |  | (786.5) |  |  | (924.0) |
Acquisitions of businesses, net of cash acquired |  |  | (198.9) |  |  |  |  |  |  |  |  |  |
Other |  |  | (24.2) |  |  | 2.2 |  |  | 70.7 |  |  | (22.1) |
Net cash provided by (used for) investing activities |  |  | (512.8) |  |  | 195.1 |  |  | (1,179.5) |  |  | (1,480.6) |
Cash Flows from Financing Activities |  |  |  |  |  |  |  |  |  |  |  |  |
Increase (decrease) in total short-term borrowings |  |  | (170.0) |  |  | 318.5 |  |  | 36.3 |  |  | 1,486.7 |
Change in intercompany receivables/payables |  |  | (12.1) |  |  | 447.2 |  |  | 12.1 |  |  | (447.2) |
Proceeds from long-term borrowings |  |  | 139.4 |  |  | 6.7 |  |  | 3,975.8 |  |  | 3,633.1 |
Payments of long-term borrowings |  |  | (70.3) |  |  | (147.1) |  |  | (3,907.0) |  |  | (3,833.0) |
Proceeds from issuance of common stock |  |  | 17.5 |  |  | 170.4 |  |  |  |  |  |  |
Repurchases of common stock |  |  | (205.4) |  |  | (1,833.9) |  |  |  |  |  |  |
Dividends paid |  |  | (572.6) |  |  | (617.9) |  |  | (412.1) |  |  | (479.6) |
Excess tax benefits from share-based compensation |  |  | 3.8 |  |  | 18.5 |  |  |  |  |  |  |
Other |  |  | (28.7) |  |  | (38.1) |  |  | (3.8) |  |  | 9.5 |
Net cash provided by (used for) financing activities |  |  | (898.4) |  |  | (1,675.7) |  |  | (298.7) |  |  | 369.5 |
Effect of Exchange Rate Changes on Cash and Cash Equivalents |  |  | 1.6 |  |  | (129.7) |  |  | 5.8 |  |  | (33.0) |
Net Increase (Decrease) in Cash and Cash Equivalents |  |  | 234.9 |  |  | 337.9 |  |  | (76.1) |  |  | 5.9 |
Cash and Cash Equivalents at Beginning of Period |  |  | 2,900.0 |  |  | 2,569.2 |  |  | 1,262.2 |  |  | 1,217.8 |
Cash and Cash Equivalents at End of Period |  | $ | 3,134.9 |  | $ | 2,907.1 |  | $ | 1,186.1 |  | $ | 1,223.7 |
* Deere & Company with Financial Services on the equity basis. The supplemental consolidating data is presented for informational purposes. Transactions between the “Equipment Operations” and “Financial Services” have been eliminated to arrive at the consolidated financial statements.

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