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SEGMENT DATA | 12 Months Ended
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Oct. 30, 2022
SEGMENT DATA |
SEGMENT DATA | 27. SEGMENT DATA The company’s operations are presently organized and reported in four business segments described as follows. This presentation is consistent with how the chief operating decision maker (the CEO) assesses the performance of the segments and makes decisions about resource allocations. The production and precision agriculture segment defines, develops, and delivers global equipment and technology solutions to unlock customer value for production-scale growers of large grains, small grains, cotton, and sugarcane. 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 defines, develops, and delivers global equipment and technology solutions to unlock customer value for dairy and livestock producers, high-value crop producers, and turf and utility customers. The segment’s 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. The construction and forestry segment defines, develops, and delivers a broad range of machines and technology solutions organized along the earthmoving, forestry, and roadbuilding production systems. The segment’s primary products include crawler dozers and loaders, four-wheel-drive loaders, excavators, skid-steer loaders, milling machines, and log harvesters. The products and services produced by the segments above are marketed through independent retail dealer networks and major retail outlets, and, as it relates to roadbuilding products in certain markets outside the U.S. and Canada, through company-owned sales and service subsidiaries. The financial services segment finances sales and leases by John Deere dealers of new and used production and precision agriculture equipment, small agriculture and turf equipment, and construction and forestry equipment. In addition, the financial services segment provides wholesale financing to dealers of the foregoing equipment, finances retail revolving charge accounts, and offers extended equipment warranties. Because of integrated manufacturing operations and common administrative and marketing support, a substantial number of allocations must be made to determine operating segment data. Intersegment sales and revenues represent sales of products and components or finance charges, which are based on market prices, from one operating segment to another operating segment. Intersegment sales of products and components are eliminated in all Net sales data presented in this Annual Report. Intersegment sales and revenues in 2022, 2021, and 2020 were as follows: production and precision agriculture net sales of $19 million, $27 million, and $22 million; small agriculture and turf net sales of $10 million, $11 million, and $2 million; construction and forestry had $1 million, none, and $1 million; and financial services revenues of $460 million, $246 million, and $278 million, respectively. Identifiable assets assigned to the operating segments are those the units actively manage, consisting of trade receivables, inventories, property and equipment, intangible assets, and certain other assets. Corporate assets are managed collectively, including cash and cash equivalents, retirement benefit net assets, goodwill, and deferred income tax assets. Information relating to operations by operating segment in millions of dollars follows for the years ended October 30, 2022, October 31, 2021 and November 1, 2020. ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
OPERATING SEGMENTS | ​ | 2022 |  | 2021 |  | 2020 |
Net sales and revenues |  | ​ |  | ​ | ​ |  | ​ | ​ |  | ​
Unaffiliated customers: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Production & precision ag net sales | ​ | $ | 22,002 | ​ | $ | 16,509 | ​ | $ | 12,962 | ​
Small ag & turf net sales | ​ | ​ | 13,381 | ​ | ​ | 11,860 | ​ | ​ | 9,363 | ​
Construction & forestry net sales | ​ |  | 12,534 | ​ |  | 11,368 | ​ |  | 8,947 | ​
Financial services revenues | ​ |  | 3,625 | ​ |  | 3,548 | ​ |  | 3,589 | ​
Other revenues* | ​ |  | 1,035 | ​ |  | 739 | ​ |  | 679 | ​
Total | ​ | $ | 52,577 | ​ | $ | 44,024 | ​ | $ | 35,540 | ​
* Other revenues are primarily the production and precision ag, small ag and turf, and construction and forestry revenues for finance and interest income, and other income. ​ ​ ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
OPERATING SEGMENTS |  | 2022 |  | 2021 |  | 2020 |
Operating profit |  | ​ |  | ​ | ​ |  | ​ | ​ |  | ​
Production & precision ag | ​ | $ | 4,386 | ​ | $ | 3,334 | ​ | $ | 1,969 | ​
Small ag & turf | ​ | ​ | 1,949 | ​ | ​ | 2,045 | ​ | ​ | 1,000 | ​
Construction & forestry | ​ |  | 2,014 | ​ |  | 1,489 | ​ |  | 590 | ​
Financial services* | ​ |  | 1,159 | ​ |  | 1,144 | ​ |  | 746 | ​
Total operating profit* | ​ |  | 9,508 | ​ |  | 8,012 | ​ |  | 4,305 | ​
Interest income | ​ |  | 159 | ​ |  | 82 | ​ |  | 62 | ​
Interest expense | ​ |  | (390) | ​ |  | (368) | ​ |  | (329) | ​
Foreign exchange gains (losses) from equipment operations’ financing activities | ​ |  | (103) | ​ |  | (45) | ​ |  | 17 | ​
Pension and OPEB benefit (cost), excluding service cost component | ​ | ​ | 218 | ​ | ​ | 183 | ​ | ​ | 31 | ​
Corporate expenses – net | ​ |  | (255) | ​ |  | (241) | ​ |  | (251) | ​
Income taxes | ​ |  | (2,007) | ​ |  | (1,658) | ​ |  | (1,082) | ​
Total | ​ |  | (2,378) | ​ |  | (2,047) | ​ |  | (1,552) | ​
Net income | ​ |  | 7,130 | ​ |  | 5,965 | ​ |  | 2,753 | ​
Less: Net income (loss) attributable to noncontrolling interests | ​ |  | (1) | ​ | ​ | 2 | ​ | ​ | 2 | ​
Net income attributable to Deere & Company | ​ | $ | 7,131 | ​ | $ | 5,963 | ​ | $ | 2,751 | ​
* Operating profit of the financial services business segment includes the effect of its interest expense and foreign exchange gains or losses. ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Interest income* |  | ​ |  | ​ | ​ |  | ​ | ​ |  | ​
Production & precision ag | ​ | $ | 22 | ​ | $ | 21 | ​ | $ | 22 | ​
Small ag & turf | ​ | ​ | 24 | ​ | ​ | 21 | ​ | ​ | 16 | ​
Construction & forestry | ​ |  | 8 | ​ |  | 10 | ​ |  | 12 | ​
Financial services | ​ |  | 2,245 | ​ |  | 1,999 | ​ |  | 2,122 | ​
Corporate | ​ |  | 159 | ​ |  | 82 | ​ |  | 62 | ​
Intercompany | ​ |  | (431) | ​ |  | (279) | ​ |  | (272) | ​
Total | ​ | $ | 2,027 | ​ | $ | 1,854 | ​ | $ | 1,962 | ​
* Does not include finance rental income for equipment on operating leases. ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Interest expense |  | ​ |  | ​ | ​ |  | ​ | ​ |  | ​
Production & precision ag | ​ | $ | 122 | ​ | $ | 84 | ​ | $ | 76 | ​
Small ag & turf | ​ | ​ | 105 | ​ | ​ | 87 | ​ | ​ | 111 | ​
Construction & forestry | ​ |  | 72 | ​ |  | 46 | ​ |  | 61 | ​
Financial services | ​ |  | 799 | ​ |  | 687 | ​ |  | 942 | ​
Corporate | ​ |  | 390 | ​ |  | 368 | ​ |  | 329 | ​
Intercompany | ​ |  | (426) | ​ |  | (279) | ​ |  | (272) | ​
Total | ​ | $ | 1,062 | ​ | $ | 993 | ​ | $ | 1,247 | ​
​ |  | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Depreciation* and amortization expense |  | ​ |  | ​ | ​ |  | ​ | ​ |  | ​
Production & precision ag | ​ | $ | 523 | ​ | $ | 495 | ​ | $ | 480 | ​
Small ag & turf | ​ | ​ | 236 | ​ | ​ | 245 | ​ | ​ | 247 | ​
Construction & forestry | ​ |  | 282 | ​ |  | 303 | ​ |  | 289 | ​
Financial services | ​ |  | 1,050 | ​ |  | 1,140 | ​ |  | 1,227 | ​
Intercompany | ​ | ​ | (196) | ​ | ​ | (133) | ​ | ​ | (125) | ​
Total | ​ | $ | 1,895 | ​ | $ | 2,050 | ​ | $ | 2,118 | ​
* Includes depreciation for equipment on operating leases. ​ ​ ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
OPERATING SEGMENTS |  | 2022 |  | 2021 |  | 2020 |
Equity in income (loss) of unconsolidated affiliates |  | ​ |  | ​ | ​ |  | ​ | ​ |  | ​
Small ag & turf | ​ | $ | 1 | ​ | $ | 2 | ​ | $ | 2 | ​
Construction & forestry | ​ |  | 5 | ​ | ​ | 16 | ​ | ​ | (52) | ​
Financial services | ​ |  | 4 | ​ |  | 3 | ​ |  | 2 | ​
Total | ​ | $ | 10 | ​ | $ | 21 | ​ | $ | (48) | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Identifiable operating assets |  | ​ |  | ​ | ​ |  | ​ | ​ |  | ​
Production & precision ag | ​ | $ | 8,414 | ​ | $ | 7,021 | ​ | $ | 5,708 | ​
Small ag & turf | ​ | ​ | 4,451 | ​ | ​ | 3,959 | ​ | ​ | 3,266 | ​
Construction & forestry | ​ |  | 6,754 | ​ |  | 6,457 | ​ |  | 6,322 | ​
Financial services | ​ |  | 58,864 | ​ |  | 51,624 | ​ |  | 48,719 | ​
Corporate | ​ |  | 11,547 | ​ |  | 15,053 | ​ |  | 11,076 | ​
Total | ​ | $ | 90,030 | ​ | $ | 84,114 | ​ | $ | 75,091 | ​
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Capital additions |  | ​ |  | ​ | ​ |  | ​ | ​ |  | ​
Production & precision ag | ​ | $ | 649 | ​ | $ | 458 | ​ | $ | 431 | ​
Small ag & turf | ​ | ​ | 329 | ​ | ​ | 253 | ​ | ​ | 223 | ​
Construction & forestry | ​ |  | 217 | ​ |  | 183 | ​ |  | 157 | ​
Financial services | ​ |  | 2 | ​ |  | 3 | ​ |  | 4 | ​
Total | ​ | $ | 1,197 | ​ | $ | 897 | ​ | $ | 815 | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Investments in unconsolidated affiliates |  | ​ |  | ​ | ​ |  | ​ | ​ |  | ​
Production & precision ag | ​ | $ | 10 | ​ | ​ | ​ | ​ | $ | 1 | ​
Small ag & turf | ​ | ​ | 84 | ​ | $ | 31 | ​ | ​ | 29 | ​
Construction & forestry | ​ |  | ​ | ​ |  | 122 | ​ |  | 144 | ​
Financial services | ​ |  | 23 | ​ |  | 22 | ​ |  | 19 | ​
Total | ​ | $ | 117 | ​ | $ | 175 | ​ | $ | 193 | ​
​

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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 https://asc.fasb.org/extlink&oid=126901519&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 https://asc.fasb.org/extlink&oid=126901519&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 https://asc.fasb.org/extlink&oid=126901519&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 https://asc.fasb.org/extlink&oid=126901519&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 https://asc.fasb.org/extlink&oid=126901519&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 https://asc.fasb.org/extlink&oid=126901519&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 https://asc.fasb.org/extlink&oid=126901519&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 https://asc.fasb.org/extlink&oid=126901519&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 https://asc.fasb.org/extlink&oid=126901519&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 https://asc.fasb.org/extlink&oid=126901519&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 https://asc.fasb.org/extlink&oid=126901519&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 https://asc.fasb.org/extlink&oid=126901519&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 https://asc.fasb.org/extlink&oid=126901519&loc=d3e8721-108599 Reference 14: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -URI https://asc.fasb.org/topic&trid=2134510 + Details
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