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v3.24.3

SEGMENT DATA | 12 Months Ended
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Oct. 27, 2024
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 segment’s primary products include large and certain mid-size tractors, combines, cotton pickers, sugarcane harvesters and loaders, and soil preparation, seeding, application, crop care equipment, and related attachments and service parts. The SAT segment defines, develops, and delivers global equipment and technology solutions to unlock customer value for dairy and livestock producers, high-value and small acreage crop producers, and turf and utility customers. The segment’s primary products include certain mid-size tractors, utility and compact utility tractors, as well as hay and forage equipment, riding and commercial lawn equipment, golf course equipment, utility vehicles, and related attachments and service parts. 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 backhoe loaders, crawler dozers and loaders, four-wheel-drive loaders, excavators, skid-steer loaders, milling machines, log harvesters, and related attachments and service parts. 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 27, 2024, October 29, 2023, and October 30, 2022. ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
OPERATING SEGMENTS | ​ | 2024 |  | 2023 |  | 2022 |
Net sales and revenues |  | ​ |  | ​ | ​ |  | ​ | ​ |  | ​
Unaffiliated customers: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Production & precision ag net sales | ​ | $ | 20,834 | ​ | $ | 26,790 | ​ | $ | 22,002 | ​
Small ag & turf net sales | ​ | ​ | 10,969 | ​ | ​ | 13,980 | ​ | ​ | 13,381 | ​
Construction & forestry net sales | ​ |  | 12,956 | ​ |  | 14,795 | ​ |  | 12,534 | ​
Financial services revenues | ​ |  | 5,782 | ​ |  | 4,721 | ​ |  | 3,625 | ​
Other revenues* | ​ |  | 1,175 | ​ |  | 965 | ​ |  | 1,035 | ​
Total | ​ | $ | 51,716 | ​ | $ | 61,251 | ​ | $ | 52,577 | ​
* Other revenues are primarily the PPA, SAT, and CF revenues for finance and interest income and other income. ​ ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Operating profit |  | ​ |  | ​ | ​ |  | ​ | ​ |  | ​
Production & precision ag | ​ | $ | 4,514 | ​ | $ | 6,996 | ​ | $ | 4,386 | ​
Small ag & turf | ​ | ​ | 1,627 | ​ | ​ | 2,472 | ​ | ​ | 1,949 | ​
Construction & forestry | ​ |  | 2,009 | ​ |  | 2,695 | ​ |  | 2,014 | ​
Financial services* | ​ |  | 889 | ​ |  | 795 | ​ |  | 1,159 | ​
Total operating profit* | ​ |  | 9,039 | ​ |  | 12,958 | ​ |  | 9,508 | ​
Interest income | ​ |  | 492 | ​ |  | 559 | ​ |  | 159 | ​
Investment income | ​ |  | 68 | ​ |  | ​ | ​ |  | ​ | ​
Interest expense | ​ |  | (396) | ​ |  | (411) | ​ |  | (390) | ​
Foreign exchange loss from equipment operations’ financing activities | ​ |  | (81) | ​ |  | (114) | ​ |  | (103) | ​
Pension and OPEB benefit, excluding service cost component | ​ | ​ | 333 | ​ | ​ | 286 | ​ | ​ | 218 | ​
Corporate expenses – net | ​ |  | (273) | ​ |  | (252) | ​ |  | (255) | ​
Income taxes | ​ |  | (2,094) | ​ |  | (2,871) | ​ |  | (2,007) | ​
Total | ​ |  | (1,951) | ​ |  | (2,803) | ​ |  | (2,378) | ​
Net income | ​ |  | 7,088 | ​ |  | 10,155 | ​ |  | 7,130 | ​
Less: Net loss attributable to noncontrolling interests | ​ |  | (12) | ​ | ​ | (11) | ​ | ​ | (1) | ​
Net income attributable to Deere & Company | ​ | $ | 7,100 | ​ | $ | 10,166 | ​ | $ | 7,131 | ​
* Operating profit of the financial services business segment includes the effect of its interest income, investment income, interest expense, and foreign exchange gains or losses. ​ ​ ​ ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
OPERATING SEGMENTS |  | 2024 |  | 2023 |  | 2022 |
Interest income* |  | ​ |  | ​ | ​ |  | ​ | ​ |  | ​
Production & precision ag | ​ | $ | 48 | ​ | $ | 29 | ​ | $ | 22 | ​
Small ag & turf | ​ | ​ | 42 | ​ | ​ | 35 | ​ | ​ | 24 | ​
Construction & forestry | ​ |  | 14 | ​ |  | 13 | ​ |  | 8 | ​
Financial services | ​ |  | 4,620 | ​ |  | 3,731 | ​ |  | 2,245 | ​
Corporate | ​ |  | 492 | ​ |  | 559 | ​ |  | 159 | ​
Intercompany | ​ |  | (872) | ​ |  | (1,008) | ​ |  | (431) | ​
Total | ​ | $ | 4,344 | ​ | $ | 3,359 | ​ | $ | 2,027 | ​
* Does not include finance rental income for equipment on operating leases. ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Interest expense |  | ​ |  | ​ | ​ |  | ​ | ​ |  | ​
Production & precision ag | ​ | $ | 221 | ​ | $ | 282 | ​ | $ | 122 | ​
Small ag & turf | ​ | ​ | 215 | ​ | ​ | 236 | ​ | ​ | 105 | ​
Construction & forestry | ​ |  | 204 | ​ |  | 169 | ​ |  | 72 | ​
Financial services | ​ |  | 3,182 | ​ |  | 2,362 | ​ |  | 799 | ​
Corporate | ​ |  | 396 | ​ |  | 411 | ​ |  | 390 | ​
Intercompany | ​ |  | (870) | ​ |  | (1,007) | ​ |  | (426) | ​
Total | ​ | $ | 3,348 | ​ | $ | 2,453 | ​ | $ | 1,062 | ​
​ |  | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Depreciation* and amortization expense |  | ​ |  | ​ | ​ |  | ​ | ​ |  | ​
Production & precision ag | ​ | $ | 643 | ​ | $ | 581 | ​ | $ | 523 | ​
Small ag & turf | ​ | ​ | 246 | ​ | ​ | 241 | ​ | ​ | 236 | ​
Construction & forestry | ​ |  | 331 | ​ |  | 301 | ​ |  | 282 | ​
Financial services | ​ |  | 1,040 | ​ |  | 1,016 | ​ |  | 1,050 | ​
Intercompany | ​ | ​ | (142) | ​ | ​ | (135) | ​ | ​ | (196) | ​
Total | ​ | $ | 2,118 | ​ | $ | 2,004 | ​ | $ | 1,895 | ​
* Includes depreciation for equipment on operating leases. ​ ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Identifiable operating assets |  | ​ |  | ​ | ​ |  | ​ | ​ |  | ​
Production & precision ag | ​ | $ | 8,696 | ​ | $ | 8,734 | ​ | $ | 8,414 | ​
Small ag & turf | ​ | ​ | 4,130 | ​ | ​ | 4,348 | ​ | ​ | 4,451 | ​
Construction & forestry | ​ |  | 7,137 | ​ |  | 7,139 | ​ |  | 6,754 | ​
Financial services | ​ |  | 73,612 | ​ |  | 70,732 | ​ |  | 58,864 | ​
Corporate | ​ |  | 13,745 | ​ |  | 13,134 | ​ |  | 11,547 | ​
Total | ​ | $ | 107,320 | ​ | $ | 104,087 | ​ | $ | 90,030 | ​
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Capital additions |  | ​ |  | ​ | ​ |  | ​ | ​ |  | ​
Production & precision ag | ​ | $ | 1,025 | ​ | $ | 896 | ​ | $ | 649 | ​
Small ag & turf | ​ | ​ | 327 | ​ | ​ | 386 | ​ | ​ | 329 | ​
Construction & forestry | ​ |  | 352 | ​ |  | 311 | ​ |  | 217 | ​
Financial services | ​ |  | 3 | ​ |  | 4 | ​ |  | 2 | ​
Total | ​ | $ | 1,707 | ​ | $ | 1,597 | ​ | $ | 1,197 | ​
​

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