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SEGMENT AND GEOGRAPHIC AREA DATA (Tables) | 12 Months Ended
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Nov. 01, 2020
SEGMENT AND GEOGRAPHIC AREA DATA |
Schedule of Segment Reporting Information | Information relating to operations by operating segment in millions of dollars follows for the years ended November 1, 2020, November 3, 2019, and October 28, 2018. In addition to the following unaffiliated sales and revenues by segment, intersegment sales and revenues in 2020, 2019, and 2018 were as follows: agriculture and turf net sales of $24 million, $34 million, and $47 million, construction and forestry net sales of $1 million, $1 million, and none, and financial services revenues of $278 million, $348 million, and $308 million, respectively. ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
OPERATING SEGMENTS | ​ | 2020 |  | 2019 |  | 2018 |
Net sales and revenues |  | ​ |  | ​ | ​ |  | ​ | ​ |  | ​
Unaffiliated customers: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Agriculture and turf net sales | ​ | $ | 22,325 | ​ | $ | 23,666 | ​ | $ | 23,191 | ​
Construction and forestry net sales | ​ |  | 8,947 | ​ |  | 11,220 | ​ |  | 10,160 | ​
Total net sales | ​ |  | 31,272 | ​ |  | 34,886 | ​ |  | 33,351 | ​
Financial services revenues | ​ |  | 3,589 | ​ |  | 3,621 | ​ |  | 3,252 | ​
Other revenues* | ​ |  | 679 | ​ |  | 751 | ​ |  | 755 | ​
Total | ​ | $ | 35,540 | ​ | $ | 39,258 | ​ | $ | 37,358 | ​
* Other revenues are primarily the equipment operations’ revenues for finance and interest income, and other income. ​ ​ (continued) ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
OPERATING SEGMENTS |  | 2020 |  | 2019 |  | 2018 |
Operating profit |  | ​ |  | ​ | ​ |  | ​ | ​ |  | ​
Agriculture and turf | ​ | $ | 2,969 | ​ | $ | 2,506 | ​ | $ | 2,816 | ​
Construction and forestry | ​ |  | 590 | ​ |  | 1,215 | ​ |  | 868 | ​
Financial services* | ​ |  | 746 | ​ |  | 694 | ​ |  | 792 | ​
Total operating profit* | ​ |  | 4,305 | ​ |  | 4,415 | ​ |  | 4,476 | ​
Interest income | ​ |  | 62 | ​ |  | 85 | ​ |  | 80 | ​
Interest expense | ​ |  | (329) | ​ |  | (256) | ​ |  | (298) | ​
Foreign exchange gains (losses) from equipment operations’ financing activities | ​ |  | 17 | ​ |  | (22) | ​ |  | 36 | ​
Pension and OPEB benefit (cost), excluding service cost component | ​ | ​ | 31 | ​ | ​ | 67 | ​ | ​ | (15) | ​
Corporate expenses – net | ​ |  | (251) | ​ |  | (180) | ​ |  | (181) | ​
Income taxes | ​ |  | (1,082) | ​ |  | (852) | ​ |  | (1,727) | ​
Total | ​ |  | (1,552) | ​ |  | (1,158) | ​ |  | (2,105) | ​
Net income | ​ |  | 2,753 | ​ |  | 3,257 | ​ |  | 2,371 | ​
Less: Net income attributable to noncontrolling interests | ​ |  | 2 | ​ | ​ | 4 | ​ | ​ | 3 | ​
Net income attributable to Deere & Company | ​ | $ | 2,751 | ​ | $ | 3,253 | ​ | $ | 2,368 | ​
* Operating profit of the financial services business segment includes the effect of its interest expense and foreign exchange gains or losses. ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Interest income* |  | ​ |  | ​ | ​ |  | ​ | ​ |  | ​
Agriculture and turf | ​ | $ | 38 | ​ | $ | 22 | ​ | $ | 14 | ​
Construction and forestry | ​ |  | 12 | ​ |  | 11 | ​ |  | 33 | ​
Financial services | ​ |  | 2,122 | ​ |  | 2,316 | ​ |  | 1,997 | ​
Corporate | ​ |  | 62 | ​ |  | 85 | ​ |  | 80 | ​
Intercompany | ​ |  | (272) | ​ |  | (360) | ​ |  | (330) | ​
Total | ​ | $ | 1,962 | ​ | $ | 2,074 | ​ | $ | 1,794 | ​
* Does not include finance rental income for equipment on operating leases. ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Interest expense |  | ​ |  | ​ | ​ |  | ​ | ​ |  | ​
Agriculture and turf | ​ | $ | 187 | ​ | $ | 245 | ​ | $ | 229 | ​
Construction and forestry | ​ |  | 61 | ​ |  | 91 | ​ |  | 71 | ​
Financial services | ​ |  | 942 | ​ |  | 1,234 | ​ |  | 936 | ​
Corporate | ​ |  | 329 | ​ |  | 256 | ​ |  | 298 | ​
Intercompany | ​ |  | (272) | ​ |  | (360) | ​ |  | (330) | ​
Total | ​ | $ | 1,247 | ​ | $ | 1,466 | ​ | $ | 1,204 | ​
​ |  | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Depreciation* and amortization expense |  | ​ |  | ​ | ​ |  | ​ | ​ |  | ​
Agriculture and turf | ​ | $ | 727 | ​ | $ | 723 | ​ | $ | 723 | ​
Construction and forestry | ​ |  | 289 | ​ |  | 292 | ​ |  | 251 | ​
Financial services | ​ |  | 1,227 | ​ |  | 1,135 | ​ |  | 1,077 | ​
Intercompany | ​ | ​ | (125) | ​ | ​ | (131) | ​ | ​ | (124) | ​
Total | ​ | $ | 2,118 | ​ | $ | 2,019 | ​ | $ | 1,927 | ​
* Includes depreciation for equipment on operating leases. ​ ​ (continued) ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
OPERATING SEGMENTS |  | 2020 |  | 2019 |  | 2018 |
Equity in income (loss) of unconsolidated affiliates |  | ​ |  | ​ | ​ |  | ​ | ​ |  | ​
Agriculture and turf | ​ | $ | 2 | ​ | $ | 6 | ​ | $ | 6 | ​
Construction and forestry | ​ |  | (52) | ​ | ​ | 14 | ​ | ​ | 19 | ​
Financial services | ​ |  | 2 | ​ |  | 1 | ​ |  | 2 | ​
Total | ​ | $ | (48) | ​ | $ | 21 | ​ | $ | 27 | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Identifiable operating assets |  | ​ |  | ​ | ​ |  | ​ | ​ |  | ​
Agriculture and turf | ​ | $ | 9,575 | ​ | $ | 10,379 | ​ | $ | 10,161 | ​
Construction and forestry | ​ |  | 8,802 | ​ |  | 9,387 | ​ |  | 9,855 | ​
Financial services | ​ |  | 48,719 | ​ |  | 48,483 | ​ |  | 45,720 | ​
Corporate* | ​ |  | 7,995 | ​ |  | 4,762 | ​ |  | 4,372 | ​
Total | ​ | $ | 75,091 | ​ | $ | 73,011 | ​ | $ | 70,108 | ​
* Corporate assets are primarily the equipment operations’ retirement benefits, deferred income tax assets, marketable securities, and cash and cash equivalents. ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Capital additions |  | ​ |  | ​ | ​ |  | ​ | ​ |  |
Agriculture and turf | ​ | $ | 654 | ​ | $ | 859 | ​ | $ | 675 | ​
Construction and forestry | ​ |  | 157 | ​ |  | 245 | ​ |  | 308 | ​
Financial services | ​ |  | 4 | ​ |  | 3 | ​ |  | 2 | ​
Total | ​ | $ | 815 | ​ | $ | 1,107 | ​ | $ | 985 | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Investments in unconsolidated affiliates |  | ​ |  | ​ | ​ |  | ​ | ​ |  | ​
Agriculture and turf | ​ | $ | 30 | ​ | $ | 28 | ​ | $ | 26 | ​
Construction and forestry | ​ |  | 144 | ​ |  | 171 | ​ |  | 166 | ​
Financial services | ​ |  | 19 | ​ |  | 16 | ​ |  | 15 | ​
Total | ​ | $ | 193 | ​ | $ | 215 | ​ | $ | 207 | ​
​
Schedule of Geographic Area Reporting Information | The company views and has historically disclosed its operations as consisting of two geographic areas, the U.S. and Canada, and outside the U.S. and Canada, shown below in millions of dollars. No individual foreign country’s net sales and revenues were material for disclosure purposes. ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
GEOGRAPHIC AREAS | ​ | 2020 | ​ | 2019 | ​ | 2018 |
Net sales and revenues |  | ​ |  | ​ | ​ |  | ​ | ​ |  | ​
Unaffiliated customers: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
U.S. and Canada: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Equipment operations net sales and revenues* | ​ | $ | 18,288 | ​ | $ | 20,647 | ​ | $ | 18,847 | ​
Financial services revenues* | ​ |  | 3,098 | ​ |  | 3,099 | ​ |  | 2,785 | ​
Total | ​ |  | 21,386 | ​ |  | 23,746 | ​ |  | 21,632 | ​
Outside U.S. and Canada: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Equipment operations net sales and revenues | ​ |  | 13,663 | ​ |  | 14,990 | ​ |  | 14,504 | ​
Financial services revenues | ​ |  | 491 | ​ |  | 522 | ​ |  | 467 | ​
Total | ​ |  | 14,154 | ​ |  | 15,512 | ​ |  | 14,971 | ​
Other revenues | ​ |  | ​ | ​ |  | ​ | ​ |  | 755 | ​
Total | ​ | $ | 35,540 | ​ | $ | 39,258 | ​ | $ | 37,358 | ​
* The 2018 equipment operations’ amounts are only for net sales and approximate the proportion of each amount that relates to the U.S. only based on a three-year average. The equipment operations’ percentage for 2018 was 88%. The financial services’ U.S. only percentages was 79% for 2018. See Note 6 for additional 2020 and 2019 geographic net sales and revenues information. ​ (continued) ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
GEOGRAPHIC AREAS |  | 2020 |  | 2019 |  | 2018 | ​
Operating profit | ​ | ​ |  | ​ | ​ |  | ​ | ​ |  | ​
U.S. and Canada: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Equipment operations | ​ | $ | 2,194 | ​ | $ | 2,335 | ​ | $ | 2,356 | ​
Financial services | ​ |  | 581 | ​ |  | 506 | ​ |  | 604 | ​
Total | ​ |  | 2,775 | ​ |  | 2,841 | ​ |  | 2,960 | ​
Outside U.S. and Canada: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Equipment operations | ​ |  | 1,365 | ​ |  | 1,386 | ​ |  | 1,328 | ​
Financial services | ​ |  | 165 | ​ |  | 188 | ​ |  | 188 | ​
Total | ​ |  | 1,530 | ​ |  | 1,574 | ​ |  | 1,516 | ​
Total | ​ | $ | 4,305 | ​ | $ | 4,415 | ​ | $ | 4,476 | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Property and equipment |  | ​ |  | ​ | ​ |  | ​ | ​ |  | ​
U.S. | ​ | $ | 3,150 | ​ | $ | 3,169 | ​ | $ | 3,031 | ​
Germany | ​ |  | 1,113 | ​ |  | 1,137 | ​ |  | 1,164 | ​
Other countries | ​ |  | 1,554 | ​ |  | 1,667 | ​ |  | 1,673 | ​
Total | ​ | $ | 5,817 | ​ | $ | 5,973 | ​ | $ | 5,868 | ​
​ ​

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- Definition Tabular disclosure of information concerning material long-lived assets (excluding financial instruments, customer relationships with financial institutions, mortgage and other servicing rights, deferred policy acquisition costs, and deferred taxes assets) located in identified geographic areas and/or the amount of revenue from external customers attributed to that country from which revenue is material. An entity may also provide subtotals of geographic information about groups of countries. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 41 -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e9038-108599 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 220 -SubTopic 10 -Section S99 -Paragraph 2 -Subparagraph (SX 210.5-03.1) -URI http://asc.fasb.org/extlink&oid=120395209&loc=SL114868664-224227 + Details
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