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SEGMENT REPORTING

3 Months Ended

Jan. 31, 2021

SEGMENT REPORTING

SEGMENT REPORTING

(10)  Segment Reporting

Beginning in fiscal year 2021, the Company implemented a new strategy, operating model, and reporting structure. With this change, the Company’s agriculture and turf operations were divided into two new segments, which are described as follows:

The production and precision agriculture segment is responsible for defining, developing, and delivering global equipment and technology solutions to unlock customer value for production-scale growers of large grains, small grains, cotton, and sugar. Main products include large and certain mid-size tractors, combines, cotton pickers, sugarcane harvesters and loaders, and soil preparation, seeding, application and crop care equipment.

The small agriculture and turf segment is responsible for defining, developing, and delivering market-driven products to support mid-size and small growers and producers globally as well as turf customers. The operations are principally organized to support production systems for dairy and livestock, high-value crops, and turf and utility operators. Primary products include certain mid-size and small tractors, as well as hay and forage equipment, riding and commercial lawn equipment, golf course equipment, and utility vehicles.

There were no reporting changes for the construction and forestry and financial services segments. As a result, the Company has four reportable segments.

Worldwide net sales and revenues, operating profit, and identifiable assets by segment in millions of dollars follow:

​	​	​	​	​	​	​	​	​	​
​	​	Three Months Ended
	​	January 31		​	February 2		​	%
​		2021			2020			Change
Net sales and revenues:		​			​				​
Production & precision ag		$	3,069	​	$	2,507	​	+22	​
Small ag & turf	​	​	2,515	​	​	1,979	​	+27	​
Construction & forestry	​	​	2,467	​		2,044	​	+21	​
Total net sales	​	​	8,051	​		6,530	​	+23	​
Financial services	​	​	884	​		931	​	-5	​
Other revenues	​	​	177	​		170	​	+4	​
Total net sales and revenues		$	9,112	​	$	7,631	​	+19	​
Operating profit: *	​	​	​	​	​	​	​	​	​
Production & precision ag		$	643	​	$	218	​	+195	​
Small ag & turf	​	​	469	​	​	155	​	+203	​
Construction & forestry	​	​	268	​		93	​	+188	​
Financial services	​	​	258	​		179	​	+44	​
Total operating profit	​	​	1,638	​		645	​	+154	​
Reconciling items **	​	​	(106)	​		(78)	​	+36	​
Income taxes	​	​	(308)	​		(50)	​	+516	​
Net income attributable to Deere & Company		$	1,224	​	$	517	​	+137	​
​	​	​	​	​	​	​	​	​	​
Intersegment sales and revenues:	​	​	​	​	​	​	​	​	​
Production & precision ag net sales		$	6	​	$	6	​	​	​
Small ag & turf net sales	​	​	3	​	​	1	​	+200	​
Construction & forestry net sales	​	​	​	​	​	​	​	​	​
Financial services	​	​	50	​		67	​	-25	​
​	​	​	​	​	​	​	​	​	​
Equipment operations outside the U.S. and Canada:	​	​	​	​	​	​	​	​	​
Net sales		$	3,522	​	$	2,780	​	+27	​
Operating profit	​	​	563	​		225	​	+150	​

* Operating profit is income from continuing operations before corporate expenses, certain external interest expense, certain foreign exchange gains and losses, and income taxes. Operating profit of the financial services segment includes the effect of interest expense and foreign exchange gains and losses.

** Reconciling items are primarily corporate expenses, certain external interest expense, certain foreign exchange gains and losses, pension and postretirement benefit costs excluding the service cost component, and net income attributable to noncontrolling interests.

​

At the beginning of fiscal year 2021, the Company reclassified goodwill from identifiable operating segment assets to corporate assets for segment reporting, as goodwill is no longer considered in evaluating the operating performance of the segments. Prior period amounts have been restated for a consistent presentation.

​	​	​	​	​	​	​	​	​	​	​
​		January 31			November 1			February 2
​	​	2021		​	2020		​	2020
Identifiable assets:	​	​	​	​	​	​	​	​	​	​
Production & precision ag		$	6,330	​	$	5,708	​	$	6,407	​
Small ag & turf	​	​	3,510	​	​	3,266	​	​	3,838	​
Construction & forestry	​	​	6,341	​		6,322	​		7,002	​
Financial services	​	​	48,378	​		48,719	​		47,279	​
Corporate	​	​	10,921	​		11,076	​		7,295	​
Total assets		$	75,480	​	$	75,091	​	$	71,821	​

​

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- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

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