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SEGMENT REPORTING | 9 Months Ended
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Aug. 01, 2021
SEGMENT REPORTING |
SEGMENT REPORTING | (10) Segment Reporting Beginning in fiscal year 2021, the Company implemented a new 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 were as follows in millions of dollars. 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 to net income are primarily corporate expenses, certain external interest expense, certain foreign exchange gains and losses, pension and OPEB benefit costs excluding the service cost component, and net income attributable to noncontrolling interests.
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​ | ​ | Three Months Ended | ​ | Nine Months Ended |
| ​ | August 1 | ​ | August 2 | ​ | % | ​ | August 1 | ​ | August 2 | ​ | % |
​ | ​ | 2021 | ​ | 2020 | ​ | Change | ​ | 2021 | ​ | 2020 | ​ | Change |
Net sales and revenues: |  | ​ |  |  | ​ |  |  |  |  | ​ | ​ |  | ​ |  |  |  | ​
Production & precision ag net sales |  | $ | 4,250 | ​ | $ | 3,289 | ​ | +29 |  | $ | 11,848 | ​ | $ | 9,161 | ​ | +29 | ​
Small ag & turf net sales | ​ | ​ | 3,147 | ​ | ​ | 2,383 | ​ | +32 | ​ | ​ | 9,051 | ​ | ​ | 6,966 | ​ | +30 | ​
Construction & forestry net sales | ​ | ​ | 3,016 | ​ |  | 2,187 | ​ | +38 | ​ | ​ | 8,562 | ​ |  | 6,485 | ​ | +32 | ​
Financial services revenues | ​ | ​ | 902 | ​ |  | 892 | ​ | +1 | ​ | ​ | 2,679 | ​ |  | 2,699 | ​ | -1 | ​
Other revenues | ​ | ​ | 212 | ​ |  | 174 | ​ | +22 | ​ | ​ | 557 | ​ |  | 498 | ​ | +12 | ​
Total net sales and revenues |  | $ | 11,527 | ​ | $ | 8,925 | ​ | +29 |  | $ | 32,697 | ​ | $ | 25,809 | ​ | +27 | ​
Operating profit: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Production & precision ag |  | $ | 906 | ​ | $ | 605 | ​ | +50 |  | $ | 2,557 | ​ | $ | 1,391 | ​ | +84 | ​
Small ag & turf | ​ | ​ | 583 | ​ | ​ | 337 | ​ | +73 | ​ | ​ | 1,699 | ​ | ​ | 718 | ​ | +137 | ​
Construction & forestry | ​ | ​ | 463 | ​ |  | 205 | ​ | +126 | ​ | ​ | 1,220 | ​ |  | 394 | ​ | +210 | ​
Financial services | ​ | ​ | 291 | ​ |  | 243 | ​ | +20 | ​ | ​ | 844 | ​ |  | 498 | ​ | +69 | ​
Total operating profit | ​ | ​ | 2,243 | ​ |  | 1,390 | ​ | +61 | ​ | ​ | 6,320 | ​ |  | 3,001 | ​ | +111 | ​
Reconciling items | ​ | ​ | (85) | ​ |  | (122) | ​ | -30 | ​ | ​ | (312) | ​ |  | (256) | ​ | +22 | ​
Income taxes | ​ | ​ | (491) | ​ |  | (457) | ​ | +7 | ​ | ​ | (1,328) | ​ |  | (752) | ​ | +77 | ​
Net income attributable to Deere & Company |  | $ | 1,667 | ​ | $ | 811 | ​ | +106 |  | $ | 4,680 | ​ | $ | 1,993 | ​ | +135 | ​
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Intersegment sales and revenues: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Production & precision ag net sales |  | $ | 8 | ​ | $ | 5 | ​ | +60 |  | $ | 21 | ​ | $ | 18 | ​ | +17 | ​
Small ag & turf net sales | ​ | ​ | 2 | ​ | ​ | ​ | ​ | ​ | ​ | ​ | 9 | ​ | ​ | 2 | ​ | +350 | ​
Construction & forestry net sales | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ |  | ​ | ​ | ​ | ​
Financial services revenues | ​ | ​ | 61 | ​ |  | 59 | ​ | +3 | ​ | ​ | 172 | ​ |  | 218 | ​ | -21 | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Outside the U.S. and Canada: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Net sales and revenues |  | $ | 4,762 | ​ | $ | 3,765 | ​ | +26 |  | $ | 13,560 | ​ | $ | 10,189 | ​ | +33 | ​
Operating profit | ​ | ​ | 931 | ​ |  | 577 | ​ | +61 | ​ | ​ | 2,565 | ​ |  | 1,109 | ​ | +131 | ​
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.
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​ |  | August 1 |  | November 1 | ​ | August 2 |
​ | ​ | 2021 | ​ | 2020 | ​ | 2020 |
Identifiable assets: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Production & precision ag |  | $ | 6,910 | ​ | $ | 5,708 | ​ | $ | 6,172 | ​
Small ag & turf | ​ | ​ | 3,643 | ​ | ​ | 3,266 | ​ | ​ | 3,376 | ​
Construction & forestry | ​ | ​ | 6,378 | ​ |  | 6,322 | ​ |  | 6,697 | ​
Financial services | ​ | ​ | 51,647 | ​ |  | 48,719 | ​ |  | 48,869 | ​
Corporate | ​ | ​ | 12,110 | ​ |  | 11,076 | ​ |  | 12,150 | ​
Total assets |  | $ | 80,688 | ​ | $ | 75,091 | ​ | $ | 77,264 | ​
​

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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. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 31 -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8924-108599 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 34 -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8981-108599 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 21 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8721-108599 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 40 -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e9031-108599 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 32 -Subparagraph (f) -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8933-108599 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 32 -Subparagraph (e) -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8933-108599 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 26 -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8844-108599 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 41 -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e9038-108599 Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 32 -Subparagraph (d) -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8933-108599 Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 22 -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8736-108599 Reference 11: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 42 -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e9054-108599 Reference 12: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 15 -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8657-108599 Reference 13: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 21 -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8721-108599 Reference 14: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -URI http://asc.fasb.org/topic&trid=2134510 + Details
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