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SEGMENT DATA | 12 Months Ended
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Oct. 29, 2023
SEGMENT DATA |
SEGMENT DATA | 27. SEGMENT DATA Our operations are presently organized and reported in four business segments. 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 PPA 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. The 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 SAT 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, utility, and compact utility tractors, as well as hay and forage equipment, riding and commercial lawn equipment, golf course equipment, and utility vehicles. The CF 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. For roadbuilding products in certain markets outside the U.S. and Canada, the products are sold 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. 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 follows for the years ended October 29, 2023, October 30, 2022, and October 31, 2021. ​
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OPERATING SEGMENTS | ​ | 2023 |  | 2022 |  | 2021 |
Net sales and revenues |  | ​ |  | ​ | ​ |  | ​ | ​ |  | ​
Unaffiliated customers: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Production & precision ag net sales | ​ | $ | 26,790 | ​ | $ | 22,002 | ​ | $ | 16,509 | ​
Small ag & turf net sales | ​ | ​ | 13,980 | ​ | ​ | 13,381 | ​ | ​ | 11,860 | ​
Construction & forestry net sales | ​ |  | 14,795 | ​ |  | 12,534 | ​ |  | 11,368 | ​
Financial services revenues | ​ |  | 4,721 | ​ |  | 3,625 | ​ |  | 3,548 | ​
Other revenues* | ​ |  | 965 | ​ |  | 1,035 | ​ |  | 739 | ​
Total | ​ | $ | 61,251 | ​ | $ | 52,577 | ​ | $ | 44,024 | ​
* 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 profit |  | ​ |  | ​ | ​ |  | ​ | ​ |  | ​
Production & precision ag | ​ | $ | 6,996 | ​ | $ | 4,386 | ​ | $ | 3,334 | ​
Small ag & turf | ​ | ​ | 2,472 | ​ | ​ | 1,949 | ​ | ​ | 2,045 | ​
Construction & forestry | ​ |  | 2,695 | ​ |  | 2,014 | ​ |  | 1,489 | ​
Financial services* | ​ |  | 795 | ​ |  | 1,159 | ​ |  | 1,144 | ​
Total operating profit* | ​ |  | 12,958 | ​ |  | 9,508 | ​ |  | 8,012 | ​
Interest income | ​ |  | 559 | ​ |  | 159 | ​ |  | 82 | ​
Interest expense | ​ |  | (411) | ​ |  | (390) | ​ |  | (368) | ​
Foreign exchange gain (loss) from equipment operations’ financing activities | ​ |  | (114) | ​ |  | (103) | ​ |  | (45) | ​
Pension and OPEB benefit (cost), excluding service cost component | ​ | ​ | 286 | ​ | ​ | 218 | ​ | ​ | 183 | ​
Corporate expenses – net | ​ |  | (252) | ​ |  | (255) | ​ |  | (241) | ​
Income taxes | ​ |  | (2,871) | ​ |  | (2,007) | ​ |  | (1,658) | ​
Total | ​ |  | (2,803) | ​ |  | (2,378) | ​ |  | (2,047) | ​
Net income | ​ |  | 10,155 | ​ |  | 7,130 | ​ |  | 5,965 | ​
Less: Net income (loss) attributable to noncontrolling interests | ​ |  | (11) | ​ | ​ | (1) | ​ | ​ | 2 | ​
Net income attributable to Deere & Company | ​ | $ | 10,166 | ​ | $ | 7,131 | ​ | $ | 5,963 | ​
* Operating profit of the financial services business segment includes the effect of its interest expense and foreign exchange gains or losses. ​ ​ ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
OPERATING SEGMENTS |  | 2023 |  | 2022 |  | 2021 |
Interest income* |  | ​ |  | ​ | ​ |  | ​ | ​ |  | ​
Production & precision ag | ​ | $ | 29 | ​ | $ | 22 | ​ | $ | 21 | ​
Small ag & turf | ​ | ​ | 35 | ​ | ​ | 24 | ​ | ​ | 21 | ​
Construction & forestry | ​ |  | 13 | ​ |  | 8 | ​ |  | 10 | ​
Financial services | ​ |  | 3,731 | ​ |  | 2,245 | ​ |  | 1,999 | ​
Corporate | ​ |  | 559 | ​ |  | 159 | ​ |  | 82 | ​
Intercompany | ​ |  | (1,008) | ​ |  | (431) | ​ |  | (279) | ​
Total | ​ | $ | 3,359 | ​ | $ | 2,027 | ​ | $ | 1,854 | ​
* Does not include finance rental income for equipment on operating leases. ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Interest expense |  | ​ |  | ​ | ​ |  | ​ | ​ |  | ​
Production & precision ag | ​ | $ | 282 | ​ | $ | 122 | ​ | $ | 84 | ​
Small ag & turf | ​ | ​ | 236 | ​ | ​ | 105 | ​ | ​ | 87 | ​
Construction & forestry | ​ |  | 169 | ​ |  | 72 | ​ |  | 46 | ​
Financial services | ​ |  | 2,362 | ​ |  | 799 | ​ |  | 687 | ​
Corporate | ​ |  | 411 | ​ |  | 390 | ​ |  | 368 | ​
Intercompany | ​ |  | (1,007) | ​ |  | (426) | ​ |  | (279) | ​
Total | ​ | $ | 2,453 | ​ | $ | 1,062 | ​ | $ | 993 | ​
​ |  | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Depreciation* and amortization expense |  | ​ |  | ​ | ​ |  | ​ | ​ |  | ​
Production & precision ag | ​ | $ | 581 | ​ | $ | 523 | ​ | $ | 495 | ​
Small ag & turf | ​ | ​ | 241 | ​ | ​ | 236 | ​ | ​ | 245 | ​
Construction & forestry | ​ |  | 301 | ​ |  | 282 | ​ |  | 303 | ​
Financial services | ​ |  | 1,016 | ​ |  | 1,050 | ​ |  | 1,140 | ​
Intercompany | ​ | ​ | (135) | ​ | ​ | (196) | ​ | ​ | (133) | ​
Total | ​ | $ | 2,004 | ​ | $ | 1,895 | ​ | $ | 2,050 | ​
* Includes depreciation for equipment on operating leases. ​ ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Identifiable operating assets |  | ​ |  | ​ | ​ |  | ​ | ​ |  | ​
Production & precision ag | ​ | $ | 8,734 | ​ | $ | 8,414 | ​ | $ | 7,021 | ​
Small ag & turf | ​ | ​ | 4,348 | ​ | ​ | 4,451 | ​ | ​ | 3,959 | ​
Construction & forestry | ​ |  | 7,139 | ​ |  | 6,754 | ​ |  | 6,457 | ​
Financial services | ​ |  | 70,732 | ​ |  | 58,864 | ​ |  | 51,624 | ​
Corporate | ​ |  | 13,134 | ​ |  | 11,547 | ​ |  | 15,053 | ​
Total | ​ | $ | 104,087 | ​ | $ | 90,030 | ​ | $ | 84,114 | ​
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Capital additions |  | ​ |  | ​ | ​ |  | ​ | ​ |  | ​
Production & precision ag | ​ | $ | 896 | ​ | $ | 649 | ​ | $ | 458 | ​
Small ag & turf | ​ | ​ | 386 | ​ | ​ | 329 | ​ | ​ | 253 | ​
Construction & forestry | ​ |  | 311 | ​ |  | 217 | ​ |  | 183 | ​
Financial services | ​ |  | 4 | ​ |  | 2 | ​ |  | 3 | ​
Total | ​ | $ | 1,597 | ​ | $ | 1,197 | ​ | $ | 897 | ​
​ ​

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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 -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 22 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-22 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 15 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-15 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 31 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-31 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 32 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-32 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 42 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-42 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 32 -Subparagraph (f) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-32 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 40 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-40 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//280/tableOfContent Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 26 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-26 Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 34 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-34 Reference 11: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 41 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-41 Reference 12: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 21 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-21 Reference 13: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 21 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-21 Reference 14: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 32 -Subparagraph (e) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-32 + Details
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