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v3.22.2.2

OTHER ASSETS | 12 Months Ended
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Oct. 30, 2022
OTHER ASSETS |
OTHER ASSETS | 16. OTHER ASSETS Other assets at October 30, 2022 and October 31, 2021 consisted of the following in millions of dollars: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | 2022 |  | 2021 | ​
Operating lease asset (Note 24) | ​ | $ | 299 | ​ | $ | 291 | ​
Capitalized software, net |  | ​ | 372 |  | ​ | 282 | ​
Investment in unconsolidated affiliates | ​ | ​ | 117 |  | ​ | 175 | ​
Deferred charges (including prepaids) | ​ | ​ | 383 | ​ | ​ | 281 | ​
Derivative assets (Note 26) | ​ | ​ | 373 | ​ | ​ | 275 | ​
Prepaid taxes | ​ | ​ | 185 | ​ | ​ | 193 | ​
Parts return asset | ​ | ​ | 119 | ​ | ​ | 114 | ​
Restricted cash | ​ | ​ | 167 | ​ | ​ | 108 | ​
Matured lease & repossessed inventory | ​ | ​ | 44 | ​ | ​ | 55 | ​
Other | ​ | ​ | 358 | ​ | ​ | 371 | ​
Total | ​ | $ | 2,417 | ​ | $ | 2,145 | ​
​ Capitalized software has an estimated useful life of three years. Amortization of these software costs in 2022, 2021, and 2020 was $117 million, $121 million, and $133 million, respectively. Investment in unconsolidated affiliates are companies in which Deere & Company owns 20 percent to 50 percent of the outstanding voting shares. Deere & Company does not control these companies and accounts for its investments in them on the equity basis. In March 2022, the company acquired full ownership of three former Deere-Hitachi joint venture factories and began new license and supply agreements with Hitachi (see Note 3). During 2021, the company sold its investment in Bell Equipment Limited, resulting in no material gain or loss. Combined financial information of the unconsolidated affiliated companies in millions of dollars follows: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Operations |  | 2022 |  | 2021 |  | 2020 |
Sales | ​ | $ | 1,023 | ​ | $ | 2,095 | ​ | $ | 1,793 | ​
Net income | ​ |  | 11 | ​ |  | 51 | ​ |  | 7 | ​
Deere & Company’s equity in net income (loss) | ​ |  | 10 | ​ | ​ | 21 | ​ | ​ | (48) | ​
​ ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Financial Position |  | 2022 |  | 2021 |
Total assets | ​ | $ | 696 | ​ | $ | 1,289 | ​
Total external borrowings | ​ |  | 470 | ​ |  | 497 | ​
Total net assets | ​ |  | 166 | ​ |  | 366 | ​
Deere & Company’s share of the net assets | ​ |  | 117 | ​ |  | 175 | ​
​ In the ordinary course of business, the company purchases and sells components and finished goods to the unconsolidated affiliated companies. Transactions with unconsolidated affiliated companies reported in the statements of consolidated income in millions of dollars follow: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | 2022 |  | 2021 |  | 2020 | ​
Net sales | ​ | $ | 26 | ​ | $ | 78 | ​ | $ | 81 | ​
Purchases | ​ | ​ | 761 | ​ | ​ | 1,605 | ​ | ​ | 1,288 | ​
​

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