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SPECIAL ITEMS | 3 Months Ended
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Jan. 29, 2023
SPECIAL ITEMS |
SPECIAL ITEMS | (20)S pecial Items In the first quarter of 2022, Net sales from the Company’s Russian operations represented 2 percent of Deere’s consolidated Net sales. Sales in the region were impacted as the Company suspended shipments of machines and service parts to Russia beginning in February 2022. As of January 29, 2023 and October 30, 2022, the Company’s net exposure in Russia / Ukraine was approximately $229 million and $266 million, respectively. In January 2023, the Company reached an agreement to sell its financial services business in Russia (registered in Russia as a leasing company). The completion of the transaction is expected in the second quarter of 2023. The assets and liabilities were classified as “Other assets” and “Accounts payable and accrued expenses”, respectively, which include $100 million of restricted cash. In the first quarter of 2023, the Company reversed the allowance for credit losses and recorded a valuation allowance on the assets held for sale in “Selling, administrative and general expenses.” The Company does not expect a significant gain or loss upon disposition. On November 17, 2021, employees represented by the International Union, United Automobile, Aerospace and Agricultural Implement Workers of America (UAW) approved a new collective bargaining agreement. The agreement, which has a term of six years, covers the wages, hours, benefits, and other terms and conditions of employment for the Company’s UAW-represented employees at 14 U.S. facilities. The labor agreement included a lump sum ratification bonus payment of $8,500 per eligible employee, totaling $90 million, and an immediate wage increase of 10 percent plus further wage increases over the term of the contract. The lump sum payment was expensed in the first quarter of 2022. The following table summarizes the operating profit impact, in millions of dollars, of the special items recorded for the three months ended January 30, 2022:
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Production & Precision Ag |  | Small Ag & Turf |  | Construction & Forestry |  | Total | ​
UAW ratification bonus – Cost of sales | ​ | $ | 53 | ​ | $ | 9 | ​ | $ | 28 | ​ | $ | 90 | ​
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