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REVENUE RECOGNITION | 9 Months Ended
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Jul. 31, 2022
REVENUE RECOGNITION |
REVENUE RECOGNITION | (3)  Revenue Recognition The Company’s Net sales and revenues by primary geographic market, major product line, and timing of revenue recognition in millions of dollars follow:
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Three Months Ended July 31, 2022 | ​
​ |  | Production & Precision Ag |  | Small Ag & Turf |  | Construction & Forestry |  | Financial Services |  | Total | ​
Primary geographic markets: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ |  | ​ | ​ |  | ​
United States | ​ | $ | 2,904 | ​ | $ | 2,177 | ​ | $ | 1,789 | ​ | $ | 602 | ​ | $ | 7,472 | ​
Canada | ​ | ​ | 451 | ​ | ​ | 185 | ​ | ​ | 288 | ​ |  | 149 | ​ |  | 1,073 | ​
Western Europe | ​ | ​ | 645 | ​ | ​ | 646 | ​ | ​ | 380 | ​ |  | 25 | ​ |  | 1,696 | ​
Central Europe and CIS | ​ | ​ | 348 | ​ | ​ | 109 | ​ | ​ | 111 | ​ |  | 14 | ​ |  | 582 | ​
Latin America | ​ | ​ | 1,327 | ​ | ​ | 155 | ​ | ​ | 459 | ​ |  | 77 | ​ |  | 2,018 | ​
Asia, Africa, Australia, New Zealand, and Middle East | ​ | ​ | 510 | ​ | ​ | 419 | ​ | ​ | 296 | ​ | ​ | 36 | ​ | ​ | 1,261 | ​
Total | ​ | $ | 6,185 | ​ | $ | 3,691 | ​ | $ | 3,323 | ​ | $ | 903 | ​ | $ | 14,102 | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Major product lines: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ |  | ​ | ​ |  | ​
Production agriculture | ​ | $ | 6,019 | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | $ | 6,019 | ​
Small agriculture | ​ | ​ | ​ | ​ | $ | 2,705 | ​ | ​ | ​ | ​ |  | ​ | ​ |  | 2,705 | ​
Turf | ​ | ​ | ​ | ​ | ​ | 842 | ​ | ​ | ​ | ​ |  | ​ | ​ |  | 842 | ​
Construction | ​ | ​ | ​ | ​ | ​ | ​ | ​ | $ | 1,506 | ​ |  | ​ | ​ |  | 1,506 | ​
Compact construction | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | 460 | ​ | ​ | ​ | ​ | ​ | 460 | ​
Roadbuilding | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | 910 | ​ |  | ​ | ​ |  | 910 | ​
Forestry | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | 316 | ​ |  | ​ | ​ |  | 316 | ​
Financial products | ​ | ​ | 17 | ​ | ​ | 15 | ​ | ​ | 6 | ​ | $ | 903 | ​ |  | 941 | ​
Other | ​ | ​ | 149 | ​ | ​ | 129 | ​ | ​ | 125 | ​ |  | ​ | ​ |  | 403 | ​
Total | ​ | $ | 6,185 | ​ | $ | 3,691 | ​ | $ | 3,323 | ​ | $ | 903 | ​ | $ | 14,102 | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Revenue recognized: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ |  | ​ | ​ |  | ​
At a point in time | ​ | $ | 6,154 | ​ | $ | 3,672 | ​ | $ | 3,303 | ​ | $ | 27 | ​ | $ | 13,156 | ​
Over time | ​ | ​ | 31 | ​ | ​ | 19 | ​ | ​ | 20 | ​ | ​ | 876 | ​ | ​ | 946 | ​
Total | ​ | $ | 6,185 | ​ | $ | 3,691 | ​ | $ | 3,323 | ​ | $ | 903 | ​ | $ | 14,102 | ​
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | Nine Months Ended July 31, 2022 | ​
​ | ​ | Production & Precision Ag |  | Small Ag & Turf |  | Construction & Forestry |  | Financial Services |  | Total | ​
Primary geographic markets: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
United States | ​ | $ | 6,946 | ​ | $ | 5,718 | ​ | $ | 5,157 | ​ | $ | 1,744 | ​ | $ | 19,565 | ​
Canada | ​ | ​ | 899 | ​ | ​ | 468 | ​ | ​ | 975 | ​ |  | 450 | ​ |  | 2,792 | ​
Western Europe | ​ | ​ | 1,648 | ​ | ​ | 1,836 | ​ | ​ | 1,202 | ​ |  | 76 | ​ |  | 4,762 | ​
Central Europe and CIS | ​ | ​ | 954 | ​ | ​ | 386 | ​ | ​ | 452 | ​ |  | 36 | ​ |  | 1,828 | ​
Latin America | ​ | ​ | 3,229 | ​ | ​ | 393 | ​ | ​ | 1,020 | ​ |  | 218 | ​ |  | 4,860 | ​
Asia, Africa, Australia, New Zealand, and Middle East | ​ | ​ | 1,118 | ​ | ​ | 1,170 | ​ | ​ | 833 | ​ | ​ | 113 | ​ | ​ | 3,234 | ​
Total | ​ | $ | 14,794 | ​ | $ | 9,971 | ​ | $ | 9,639 | ​ | $ | 2,637 | ​ | $ | 37,041 | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Major product lines: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ |  | ​ | ​ |  | ​
Production agriculture | ​ | $ | 14,333 | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | $ | 14,333 | ​
Small agriculture | ​ | ​ | ​ | ​ | $ | 7,305 | ​ | ​ | ​ | ​ |  | ​ | ​ |  | 7,305 | ​
Turf | ​ | ​ | ​ | ​ | ​ | 2,286 | ​ | ​ | ​ | ​ |  | ​ | ​ |  | 2,286 | ​
Construction | ​ | ​ | ​ | ​ | ​ | ​ | ​ | $ | 4,198 | ​ |  | ​ | ​ |  | 4,198 | ​
Compact construction | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | 1,208 | ​ | ​ | ​ | ​ | ​ | 1,208 | ​
Roadbuilding | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | 2,619 | ​ |  | ​ | ​ |  | 2,619 | ​
Forestry | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | 946 | ​ | ​ | ​ | ​ |  | 946 | ​
Financial products | ​ | ​ | 39 | ​ | ​ | 35 | ​ | ​ | 17 | ​ | $ | 2,637 | ​ |  | 2,728 | ​
Other | ​ | ​ | 422 | ​ | ​ | 345 | ​ | ​ | 651 | ​ |  | ​ | ​ |  | 1,418 | ​
Total | ​ | $ | 14,794 | ​ | $ | 9,971 | ​ | $ | 9,639 | ​ | $ | 2,637 | ​ | $ | 37,041 | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Revenue recognized: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ |  | ​ | ​ |  | ​
At a point in time | ​ | $ | 14,694 | ​ | $ | 9,919 | ​ | $ | 9,580 | ​ | $ | 77 | ​ | $ | 34,270 | ​
Over time | ​ | ​ | 100 | ​ | ​ | 52 | ​ | ​ | 59 | ​ | ​ | 2,560 | ​ | ​ | 2,771 | ​
Total | ​ | $ | 14,794 | ​ | $ | 9,971 | ​ | $ | 9,639 | ​ | $ | 2,637 | ​ | $ | 37,041 | ​
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Three Months Ended August 1, 2021 | ​
​ |  | Production & Precision Ag |  | Small Ag & Turf |  | Construction & Forestry |  | Financial Services |  | Total | ​
Primary geographic markets: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ |  | ​ | ​ |  | ​
United States | ​ | $ | 1,995 | ​ | $ | 1,753 | ​ | $ | 1,559 | ​ | $ | 605 | ​ | $ | 5,912 | ​
Canada | ​ | ​ | 253 | ​ | ​ | 153 | ​ | ​ | 285 | ​ |  | 162 | ​ |  | 853 | ​
Western Europe | ​ | ​ | 566 | ​ | ​ | 679 | ​ | ​ | 455 | ​ | ​ | 27 | ​ |  | 1,727 | ​
Central Europe and CIS | ​ | ​ | 398 | ​ | ​ | 117 | ​ | ​ | 241 | ​ | ​ | 10 | ​ |  | 766 | ​
Latin America | ​ | ​ | 758 | ​ | ​ | 125 | ​ | ​ | 227 | ​ | ​ | 60 | ​ |  | 1,170 | ​
Asia, Africa, Australia, New Zealand, and Middle East | ​ | ​ | 368 | ​ | ​ | 385 | ​ | ​ | 308 | ​ | ​ | 38 | ​ | ​ | 1,099 | ​
Total | ​ | $ | 4,338 | ​ | $ | 3,212 | ​ | $ | 3,075 | ​ | $ | 902 | ​ | $ | 11,527 | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Major product lines: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ |  | ​ | ​ |  | ​
Production agriculture | ​ | $ | 4,179 | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | $ | 4,179 | ​
Small agriculture | ​ | ​ | ​ | ​ | $ | 2,355 | ​ | ​ | ​ | ​ |  | ​ | ​ |  | 2,355 | ​
Turf | ​ | ​ | ​ | ​ | ​ | 719 | ​ | ​ | ​ | ​ |  | ​ | ​ |  | 719 | ​
Construction | ​ | ​ | ​ | ​ | ​ | ​ | ​ | $ | 1,283 | ​ |  | ​ | ​ |  | 1,283 | ​
Compact construction | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | 398 | ​ | ​ | ​ | ​ | ​ | 398 | ​
Roadbuilding | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | 948 | ​ |  | ​ | ​ |  | 948 | ​
Forestry | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | 342 | ​ |  | ​ | ​ |  | 342 | ​
Financial products | ​ | ​ | 13 | ​ | ​ | 12 | ​ | ​ | 5 | ​ | $ | 902 | ​ |  | 932 | ​
Other | ​ | ​ | 146 | ​ | ​ | 126 | ​ | ​ | 99 | ​ |  | ​ | ​ |  | 371 | ​
Total | ​ | $ | 4,338 | ​ | $ | 3,212 | ​ | $ | 3,075 | ​ | $ | 902 | ​ | $ | 11,527 | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Revenue recognized: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ |  | ​ | ​ |  | ​
At a point in time | ​ | $ | 4,293 | ​ | $ | 3,191 | ​ | $ | 3,052 | ​ | $ | 27 | ​ | $ | 10,563 | ​
Over time | ​ | ​ | 45 | ​ | ​ | 21 | ​ | ​ | 23 | ​ | ​ | 875 | ​ | ​ | 964 | ​
Total | ​ | $ | 4,338 | ​ | $ | 3,212 | ​ | $ | 3,075 | ​ | $ | 902 | ​ | $ | 11,527 | ​
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Nine Months Ended August 1, 2021 | ​
​ |  | Production & Precision Ag |  | Small Ag & Turf |  | Construction & Forestry |  | Financial Services |  | Total | ​
Primary geographic markets: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
United States | ​ | $ | 5,814 | ​ | $ | 5,014 | ​ | $ | 4,242 | ​ | $ | 1,812 | ​ | $ | 16,882 | ​
Canada | ​ | ​ | 617 | ​ | ​ | 376 | ​ | ​ | 793 | ​ | ​ | 469 | ​ |  | 2,255 | ​
Western Europe | ​ | ​ | 1,604 | ​ | ​ | 1,903 | ​ | ​ | 1,408 | ​ | ​ | 77 | ​ |  | 4,992 | ​
Central Europe and CIS | ​ | ​ | 1,090 | ​ | ​ | 361 | ​ | ​ | 628 | ​ | ​ | 28 | ​ |  | 2,107 | ​
Latin America | ​ | ​ | 1,971 | ​ | ​ | 305 | ​ | ​ | 617 | ​ | ​ | 179 | ​ |  | 3,072 | ​
Asia, Africa, Australia, New Zealand, and Middle East | ​ | ​ | 991 | ​ | ​ | 1,230 | ​ | ​ | 1,054 | ​ | ​ | 114 | ​ | ​ | 3,389 | ​
Total | ​ | $ | 12,087 | ​ | $ | 9,189 | ​ | $ | 8,742 | ​ | $ | 2,679 | ​ | $ | 32,697 | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Major product lines: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ |  | ​ | ​ |  | ​
Production agriculture | ​ | $ | 11,656 | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | $ | 11,656 | ​
Small agriculture | ​ | ​ | ​ | ​ | $ | 6,583 | ​ | ​ | ​ | ​ | ​ | ​ | ​ |  | 6,583 | ​
Turf | ​ | ​ | ​ | ​ | ​ | 2,268 | ​ | ​ | ​ | ​ | ​ | ​ | ​ |  | 2,268 | ​
Construction | ​ | ​ | ​ | ​ | ​ | ​ | ​ | $ | 3,402 | ​ | ​ | ​ | ​ |  | 3,402 | ​
Compact construction | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | 1,140 | ​ | ​ | ​ | ​ | ​ | 1,140 | ​
Roadbuilding | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | 2,924 | ​ | ​ | ​ | ​ |  | 2,924 | ​
Forestry | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | 975 | ​ | ​ | ​ | ​ |  | 975 | ​
Financial products | ​ | ​ | 41 | ​ | ​ | 32 | ​ | ​ | 17 | ​ | $ | 2,679 | ​ |  | 2,769 | ​
Other | ​ | ​ | 390 | ​ | ​ | 306 | ​ | ​ | 284 | ​ | ​ | ​ | ​ |  | 980 | ​
Total | ​ | $ | 12,087 | ​ | $ | 9,189 | ​ | $ | 8,742 | ​ | $ | 2,679 | ​ | $ | 32,697 | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Revenue recognized: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ |  | ​ | ​ |  | ​
At a point in time | ​ | $ | 11,960 | ​ | $ | 9,137 | ​ | $ | 8,666 | ​ | $ | 77 | ​ | $ | 29,840 | ​
Over time | ​ | ​ | 127 | ​ | ​ | 52 | ​ | ​ | 76 | ​ | ​ | 2,602 | ​ | ​ | 2,857 | ​
Total | ​ | $ | 12,087 | ​ | $ | 9,189 | ​ | $ | 8,742 | ​ | $ | 2,679 | ​ | $ | 32,697 | ​
​ The Company invoices in advance of recognizing the sale of certain products and the revenue for certain services. These items are primarily for premiums for extended warranties, advance payments for future equipment sales, and subscription and service revenue related to precision guidance and telematic services. These advanced customer payments are presented as deferred revenue, a contract liability, in Accounts payable and accrued expenses in the consolidated balance sheets. The deferred revenue received, but not recognized in revenue, including extended warranty premiums also shown in Note 15, was $1,424 million, $1,344 million, and $1,259 million at July 31, 2022, October 31, 2021, and August 1, 2021, respectively. The contract liability is reduced as the revenue is recognized. During the three months ended July 31, 2022 and August 1, 2021, $93 million and $108 million, respectively, of revenue was recognized from deferred revenue that was recorded as a contract liability at the beginning of the respective fiscal year. During the nine months ended July 31, 2022 and August 1, 2021, $488 million and $442 million, respectively, of revenue was recognized from deferred revenue that was recorded as a contract liability at the beginning of the respective fiscal year. The amount of unsatisfied performance obligations for contracts with an original duration greater than one year is $1,167 million at July 31, 2022. The estimated revenue to be recognized by fiscal year follows in millions of dollars: remainder of 2022 - $104, 2023 - $337, 2024 - $283, 2025 - $196, 2026 - $109, 2027 - $60 and later years - $78. As permitted, the Company elected only to disclose remaining performance obligations with an original contract duration greater than one year. The contracts with an expected duration of one year or less are generally for sales of equipment, service parts, repair services, and certain telematics services.

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