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REVENUE RECOGNITION | 6 Months Ended
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Apr. 30, 2023
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 April 30, 2023 | ​
​ |  | Production & Precision Ag |  | Small Ag & Turf |  | Construction & Forestry |  | Financial Services |  | Total | ​
Primary geographic markets: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ |  | ​ | ​ |  | ​
United States | ​ | $ | 4,058 | ​ | $ | 2,241 | ​ | $ | 2,561 | ​ | $ | 766 | ​ | $ | 9,626 | ​
Canada | ​ | ​ | 546 | ​ | ​ | 189 | ​ | ​ | 302 | ​ |  | 153 | ​ |  | 1,190 | ​
Western Europe | ​ | ​ | 758 | ​ | ​ | 888 | ​ | ​ | 492 | ​ |  | 31 | ​ |  | 2,169 | ​
Central Europe and CIS | ​ | ​ | 393 | ​ | ​ | 212 | ​ | ​ | 90 | ​ |  | 8 | ​ |  | 703 | ​
Latin America | ​ | ​ | 1,543 | ​ | ​ | 201 | ​ | ​ | 388 | ​ |  | 106 | ​ |  | 2,238 | ​
Asia, Africa, Oceania, and Middle East | ​ | ​ | 614 | ​ | ​ | 469 | ​ | ​ | 335 | ​ | ​ | 43 | ​ | ​ | 1,461 | ​
Total | ​ | $ | 7,912 | ​ | $ | 4,200 | ​ | $ | 4,168 | ​ | $ | 1,107 | ​ | $ | 17,387 | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Major product lines: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ |  | ​ | ​ |  | ​
Production agriculture | ​ | $ | 7,733 | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | $ | 7,733 | ​
Small agriculture | ​ | ​ | ​ | ​ | $ | 2,952 | ​ | ​ | ​ | ​ |  | ​ | ​ |  | 2,952 | ​
Turf | ​ | ​ | ​ | ​ | ​ | 1,099 | ​ | ​ | ​ | ​ |  | ​ | ​ |  | 1,099 | ​
Construction | ​ | ​ | ​ | ​ | ​ | ​ | ​ | $ | 1,813 | ​ |  | ​ | ​ |  | 1,813 | ​
Compact construction | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | 663 | ​ | ​ | ​ | ​ | ​ | 663 | ​
Roadbuilding | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | 1,134 | ​ |  | ​ | ​ |  | 1,134 | ​
Forestry | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | 429 | ​ |  | ​ | ​ |  | 429 | ​
Financial products | ​ | ​ | 29 | ​ | ​ | 20 | ​ | ​ | 12 | ​ | $ | 1,107 | ​ |  | 1,168 | ​
Other | ​ | ​ | 150 | ​ | ​ | 129 | ​ | ​ | 117 | ​ |  | ​ | ​ |  | 396 | ​
Total | ​ | $ | 7,912 | ​ | $ | 4,200 | ​ | $ | 4,168 | ​ | $ | 1,107 | ​ | $ | 17,387 | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Revenue recognized: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ |  | ​ | ​ |  | ​
At a point in time | ​ | $ | 7,861 | ​ | $ | 4,171 | ​ | $ | 4,146 | ​ | $ | 27 | ​ | $ | 16,205 | ​
Over time | ​ | ​ | 51 | ​ | ​ | 29 | ​ | ​ | 22 | ​ | ​ | 1,080 | ​ | ​ | 1,182 | ​
Total | ​ | $ | 7,912 | ​ | $ | 4,200 | ​ | $ | 4,168 | ​ | $ | 1,107 | ​ | $ | 17,387 | ​
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | Six Months Ended April 30, 2023 | ​
​ | ​ | Production & Precision Ag |  | Small Ag & Turf |  | Construction & Forestry |  | Financial Services |  | Total | ​
Primary geographic markets: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
United States | ​ | $ | 6,686 | ​ | $ | 3,906 | ​ | $ | 4,461 | ​ | $ | 1,479 | ​ | $ | 16,532 | ​
Canada | ​ | ​ | 906 | ​ | ​ | 335 | ​ | ​ | 577 | ​ |  | 303 | ​ |  | 2,121 | ​
Western Europe | ​ | ​ | 1,259 | ​ | ​ | 1,452 | ​ | ​ | 857 | ​ |  | 60 | ​ |  | 3,628 | ​
Central Europe and CIS | ​ | ​ | 595 | ​ | ​ | 335 | ​ | ​ | 165 | ​ |  | 20 | ​ |  | 1,115 | ​
Latin America | ​ | ​ | 2,780 | ​ | ​ | 357 | ​ | ​ | 727 | ​ |  | 201 | ​ |  | 4,065 | ​
Asia, Africa, Oceania, and Middle East | ​ | ​ | 989 | ​ | ​ | 869 | ​ | ​ | 635 | ​ | ​ | 84 | ​ | ​ | 2,577 | ​
Total | ​ | $ | 13,215 | ​ | $ | 7,254 | ​ | $ | 7,422 | ​ | $ | 2,147 | ​ | $ | 30,038 | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Major product lines: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ |  | ​ | ​ |  | ​
Production agriculture | ​ | $ | 12,845 | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | $ | 12,845 | ​
Small agriculture | ​ | ​ | ​ | ​ | $ | 5,146 | ​ | ​ | ​ | ​ |  | ​ | ​ |  | 5,146 | ​
Turf | ​ | ​ | ​ | ​ | ​ | 1,818 | ​ | ​ | ​ | ​ |  | ​ | ​ |  | 1,818 | ​
Construction | ​ | ​ | ​ | ​ | ​ | ​ | ​ | $ | 3,295 | ​ |  | ​ | ​ |  | 3,295 | ​
Compact construction | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | 1,136 | ​ | ​ | ​ | ​ | ​ | 1,136 | ​
Roadbuilding | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | 1,952 | ​ |  | ​ | ​ |  | 1,952 | ​
Forestry | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | 785 | ​ | ​ | ​ | ​ |  | 785 | ​
Financial products | ​ | ​ | 60 | ​ | ​ | 38 | ​ | ​ | 25 | ​ | $ | 2,147 | ​ |  | 2,270 | ​
Other | ​ | ​ | 310 | ​ | ​ | 252 | ​ | ​ | 229 | ​ |  | ​ | ​ |  | 791 | ​
Total | ​ | $ | 13,215 | ​ | $ | 7,254 | ​ | $ | 7,422 | ​ | $ | 2,147 | ​ | $ | 30,038 | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Revenue recognized: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ |  | ​ | ​ |  | ​
At a point in time | ​ | $ | 13,109 | ​ | $ | 7,200 | ​ | $ | 7,375 | ​ | $ | 50 | ​ | $ | 27,734 | ​
Over time | ​ | ​ | 106 | ​ | ​ | 54 | ​ | ​ | 47 | ​ | ​ | 2,097 | ​ | ​ | 2,304 | ​
Total | ​ | $ | 13,215 | ​ | $ | 7,254 | ​ | $ | 7,422 | ​ | $ | 2,147 | ​ | $ | 30,038 | ​
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Three Months Ended May 1, 2022 | ​
​ |  | Production & Precision Ag |  | Small Ag & Turf |  | Construction & Forestry |  | Financial Services |  | Total | ​
Primary geographic markets: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ |  | ​ | ​ |  | ​
United States | ​ | $ | 2,434 | ​ | $ | 2,103 | ​ | $ | 2,108 | ​ | $ | 569 | ​ | $ | 7,214 | ​
Canada | ​ | ​ | 309 | ​ | ​ | 161 | ​ | ​ | 355 | ​ |  | 149 | ​ |  | 974 | ​
Western Europe | ​ | ​ | 536 | ​ | ​ | 658 | ​ | ​ | 464 | ​ | ​ | 25 | ​ |  | 1,683 | ​
Central Europe and CIS | ​ | ​ | 404 | ​ | ​ | 151 | ​ | ​ | 146 | ​ | ​ | 11 | ​ |  | 712 | ​
Latin America | ​ | ​ | 1,126 | ​ | ​ | 134 | ​ | ​ | 333 | ​ | ​ | 73 | ​ |  | 1,666 | ​
Asia, Africa, Oceania, and Middle East | ​ | ​ | 367 | ​ | ​ | 399 | ​ | ​ | 318 | ​ | ​ | 37 | ​ | ​ | 1,121 | ​
Total | ​ | $ | 5,176 | ​ | $ | 3,606 | ​ | $ | 3,724 | ​ | $ | 864 | ​ | $ | 13,370 | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Major product lines: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ |  | ​ | ​ |  | ​
Production agriculture | ​ | $ | 5,032 | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | $ | 5,032 | ​
Small agriculture | ​ | ​ | ​ | ​ | $ | 2,668 | ​ | ​ | ​ | ​ |  | ​ | ​ |  | 2,668 | ​
Turf | ​ | ​ | ​ | ​ | ​ | 817 | ​ | ​ | ​ | ​ |  | ​ | ​ |  | 817 | ​
Construction | ​ | ​ | ​ | ​ | ​ | ​ | ​ | $ | 1,516 | ​ |  | ​ | ​ |  | 1,516 | ​
Compact construction | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | 427 | ​ | ​ | ​ | ​ | ​ | 427 | ​
Roadbuilding | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | 1,017 | ​ |  | ​ | ​ |  | 1,017 | ​
Forestry | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | 325 | ​ |  | ​ | ​ |  | 325 | ​
Financial products | ​ | ​ | 10 | ​ | ​ | 9 | ​ | ​ | 6 | ​ | $ | 864 | ​ |  | 889 | ​
Other | ​ | ​ | 134 | ​ | ​ | 112 | ​ | ​ | 433 | ​ |  | ​ | ​ |  | 679 | ​
Total | ​ | $ | 5,176 | ​ | $ | 3,606 | ​ | $ | 3,724 | ​ | $ | 864 | ​ | $ | 13,370 | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Revenue recognized: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ |  | ​ | ​ |  | ​
At a point in time | ​ | $ | 5,144 | ​ | $ | 3,593 | ​ | $ | 3,707 | ​ | $ | 26 | ​ | $ | 12,470 | ​
Over time | ​ | ​ | 32 | ​ | ​ | 13 | ​ | ​ | 17 | ​ | ​ | 838 | ​ | ​ | 900 | ​
Total | ​ | $ | 5,176 | ​ | $ | 3,606 | ​ | $ | 3,724 | ​ | $ | 864 | ​ | $ | 13,370 | ​
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Six Months Ended May 1, 2022 | ​
​ |  | Production & Precision Ag |  | Small Ag & Turf |  | Construction & Forestry |  | Financial Services |  | Total | ​
Primary geographic markets: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
United States | ​ | $ | 4,042 | ​ | $ | 3,541 | ​ | $ | 3,368 | ​ | $ | 1,142 | ​ | $ | 12,093 | ​
Canada | ​ | ​ | 448 | ​ | ​ | 283 | ​ | ​ | 687 | ​ | ​ | 301 | ​ |  | 1,719 | ​
Western Europe | ​ | ​ | 1,003 | ​ | ​ | 1,190 | ​ | ​ | 822 | ​ | ​ | 51 | ​ |  | 3,066 | ​
Central Europe and CIS | ​ | ​ | 606 | ​ | ​ | 277 | ​ | ​ | 341 | ​ | ​ | 22 | ​ |  | 1,246 | ​
Latin America | ​ | ​ | 1,902 | ​ | ​ | 238 | ​ | ​ | 561 | ​ | ​ | 141 | ​ |  | 2,842 | ​
Asia, Africa, Oceania, and Middle East | ​ | ​ | 608 | ​ | ​ | 751 | ​ | ​ | 537 | ​ | ​ | 77 | ​ | ​ | 1,973 | ​
Total | ​ | $ | 8,609 | ​ | $ | 6,280 | ​ | $ | 6,316 | ​ | $ | 1,734 | ​ | $ | 22,939 | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Major product lines: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ |  | ​ | ​ |  | ​
Production agriculture | ​ | $ | 8,315 | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | $ | 8,315 | ​
Small agriculture | ​ | ​ | ​ | ​ | $ | 4,600 | ​ | ​ | ​ | ​ | ​ | ​ | ​ |  | 4,600 | ​
Turf | ​ | ​ | ​ | ​ | ​ | 1,444 | ​ | ​ | ​ | ​ | ​ | ​ | ​ |  | 1,444 | ​
Construction | ​ | ​ | ​ | ​ | ​ | ​ | ​ | $ | 2,691 | ​ | ​ | ​ | ​ |  | 2,691 | ​
Compact construction | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | 748 | ​ | ​ | ​ | ​ | ​ | 748 | ​
Roadbuilding | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | 1,709 | ​ | ​ | ​ | ​ |  | 1,709 | ​
Forestry | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | 630 | ​ | ​ | ​ | ​ |  | 630 | ​
Financial products | ​ | ​ | 22 | ​ | ​ | 20 | ​ | ​ | 11 | ​ | $ | 1,734 | ​ |  | 1,787 | ​
Other | ​ | ​ | 272 | ​ | ​ | 216 | ​ | ​ | 527 | ​ | ​ | ​ | ​ |  | 1,015 | ​
Total | ​ | $ | 8,609 | ​ | $ | 6,280 | ​ | $ | 6,316 | ​ | $ | 1,734 | ​ | $ | 22,939 | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Revenue recognized: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ |  | ​ | ​ |  | ​
At a point in time | ​ | $ | 8,540 | ​ | $ | 6,247 | ​ | $ | 6,277 | ​ | $ | 50 | ​ | $ | 21,114 | ​
Over time | ​ | ​ | 69 | ​ | ​ | 33 | ​ | ​ | 39 | ​ | ​ | 1,684 | ​ | ​ | 1,825 | ​
Total | ​ | $ | 8,609 | ​ | $ | 6,280 | ​ | $ | 6,316 | ​ | $ | 1,734 | ​ | $ | 22,939 | ​
​ The Company invoices in advance of recognizing the sale of certain products and the revenue for certain services. These relate to extended warranty premiums, 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 16, was $1,622 million, $1,423 million, and $1,423 million at April 30, 2023, October 30, 2022, and May 1, 2022, respectively. The contract liability is reduced as the revenue is recognized. During the three months ended April 30, 2023 and May 1, 2022, $129 million and $130 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 six months ended April 30, 2023 and May 1, 2022, $343 million and $395 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 was $1,378 million at April 30, 2023. The estimated revenue to be recognized by fiscal year follows in millions of dollars: remainder of 2023 - $238, 2024 - $376, 2025 - $294, 2026 - $191, 2027 - $111, 2028 - $68 and later years - $100. 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 for sales of equipment, service parts, repair services, and certain telematics services.

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