XML 105 R44.htm IDEA: XBRL DOCUMENT v3.24.3

PENSION AND OTHER POSTRETIREMENT BENEFITS (Tables)

12 Months Ended

Oct. 27, 2024

PENSION AND OTHER POSTRETIREMENT BENEFITS

Schedule of Funded Status of the Significant Plans

The funded status as of October 31, 2024 of the significant plans follows:

​

​	​	​	​	​	​	​
​	​	Funded		​	Enrollment	​
​		Status			Status
Pensions:	​	​	​	​	​	​
U.S. salaried qualified		$	1,314	​	Closed	​
U.S. hourly qualified	​		1,217	​	Open	​
Other	​		(528)	​	Varies	​
Total	​	$	2,003	​	​	​
OPEB:	​	​	​	​	​	​
U.S. salaried		$	(1,198)	​	Closed	​
U.S. hourly	​		101	​	Closed	​
Other	​		(94)	​	Varies	​
Total	​	$	(1,191)	​	​	​

​

Schedule of Components of Net Periodic Pension and OPEB (Benefit) Cost

The components of net periodic pension (benefit) cost and the related assumptions consisted of the following:

​

​	​	​	​	​	​	​	​	​	​	​
​		2024			2023			2022
Pensions:	​	​	​	​	​	​	​	​	​	​
Service cost		$	230	​	$	246	​	$	349	​
Interest cost	​		545	​		533	​		330	​
Expected return on plan assets	​		(967)	​		(878)	​		(726)	​
Amortization of actuarial (gain) loss	​		3	​		(13)	​		132	​
Amortization of prior service cost	​		40	​		38	​		34	​
Settlements/curtailments	​		38	​		37	​		45	​
Net (benefit) cost	​	$	(111)	​	$	(37)	​	$	164	​
Weighted-average assumptions:	​	​	​	​	​	​	​	​	​	​
Discount rates – service cost	​	​	5.8%	​	​	5.2%	​	​	3.0%	​
Discount rates – interest cost	​	​	5.7%	​	​	5.1%	​	​	2.6%	​
Rate of compensation increase	​	​	3.8%	​	​	3.8%	​	​	3.7%	​
Expected long-term rates of return	​	​	7.0%	​	​	6.3%	​	​	5.1%	​
Interest crediting rate – U.S. cash balance plans	​	​	4.8%	​	​	4.3%	​	​	2.1%	​

​

The components of net periodic OPEB cost and the assumptions related to the cost consisted of the following:

​

​	​	​	​	​	​	​	​	​	​	​
​		2024			2023			2022
OPEB:	​	​	​	​	​	​	​	​	​	​
Service cost	​	$	17	​	$	27	​	$	45	​
Interest cost	​		174	​		176	​		99	​
Expected return on plan assets	​		(108)	​		(117)	​		(110)	​
Amortization of actuarial gain	​		(54)	​		(59)	​		(18)	​
Amortization of prior service credit	​		(4)	​		(3)	​		(4)	​
Net cost	​	$	25	​	$	24	​	$	12	​
Weighted-average assumptions:	​	​	​	​	​	​	​	​	​	​
Discount rates – service cost	​	​	6.7%	​	​	6.1%	​	​	3.6%	​
Discount rates – interest cost	​	​	5.9%	​	​	5.4%	​	​	2.3%	​
Expected long-term rates of return	​	​	5.6%	​	​	5.7%	​	​	4.4%	​

​

Schedule of Benefit Plan Obligations, Funded Status, and the Assumptions Related to the Obligations

The benefit plan obligations, funded status, and the assumptions related to the obligations at October 27, 2024 and October 29, 2023 follow:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Pensions

​

OPEB

​

​

​

2024

​

2023

​

2024

​

2023

​

Change in benefit obligations:

​

​

​

​

​

​

Beginning of year balance

​

$

(9,928)

​

$

(10,529)

​

$

(3,029)

​

$

(3,341)

​

Service cost

​

(230)

​

(246)

​

(17)

​

(27)

​

Interest cost

​

(545)

​

(533)

​

(174)

​

(176)

​

Actuarial gain (loss)

​

(1,097)

​

504

​

(385)

​

285

​

Benefits paid

​

746

​

838

​

263

​

260

​

Health care subsidies

​

​

​

​

​

​

​

(22)

​

(27)

​

Settlement

​

​

​

112

​

​

​

​

​

​

​

Foreign exchange and other

​

(23)

​

(74)

​

2

​

(3)

​

End of year balance

​

(11,077)

​

(9,928)

​

(3,362)

​

(3,029)

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Change in plan assets (fair value):

​

​

​

​

​

​

​

​

​

​

​

​

​

Beginning of year balance

​

12,004

​

13,219

​

2,028

​

2,136

​

Plan assets actual gain (loss)

​

1,703

​

(387)

​

259

​

(8)

​

Employer contribution

​

96

​

70

​

145

​

158

​

Benefits paid

​

(746)

​

(838)

​

(263)

​

(260)

​

Settlement

​

​

​

(112)

​

​

​

​

​

​

​

Foreign exchange and other

​

23

​

52

​

2

​

2

​

End of year balance

​

13,080

​

12,004

​

2,171

​

2,028

​

Funded status

​

$

2,003

​

$

2,076

​

$

(1,191)

​

$

(1,001)

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Weighted-average assumptions:

​

​

​

​

​

​

​

​

​

​

​

​

​

Discount rates

​

​

5.1%

​

​

5.9%

​

​

5.2%

​

​

6.0%

​

Rate of compensation increase

​

​

4.3%

​

​

3.8%

​

​

​

​

​

​

​

Interest crediting rate – U.S. cash balance plans

​

​

4.1%

​

​

4.9%

​

​

​

​

​

​

​

​

Schedule of Weighted-Average Health Care Cost Trend Rates

The weighted-average annual rates of increase in the per capita cost of covered health care benefits (the health care cost trend rates) for medical and prescription drug claims for pre- and post-65 age groups used to determine the October 27, 2024 and October 29, 2023 accumulated postretirement benefit obligations were as follows:

​

​	​	​	​	​	​
​	​	2024	​	2023	​
Initial year	​	16.9% (2024 to 2025)	​	18.7% (2023 to 2024)	​
Second year	​	11.5% (2025 to 2026)	​	8.8% (2024 to 2025)	​
Ultimate	​	4.7% (2033 to 2034)	​	4.7% (2032 to 2033)	​

​

An increase in Medicare Advantage premiums and prescription drug trends impacted the weighted-average annual rates of increase for the initial year in 2024 and 2023.

Schedule of Information Related to Pension Plans Benefit Obligations

Information related to pension plans benefit obligations at October 27, 2024 and October 29, 2023 follows:

​

​	​	​	​	​	​	​	​
​	​	2024		​	2023		​
Total accumulated benefit obligations for all plans	​	$	10,441	​	$	9,453	​
Plans with accumulated benefit obligation exceeding fair value of plan assets:	​	​	​	​	​	​	​
Accumulated benefit obligations	​	​	1,405	​	​	1,147	​
Fair value of plan assets	​	​	920	​	​	704	​
Plans with projected benefit obligation exceeding fair value of plan assets:	​	​	​	​	​	​	​
Projected benefit obligations	​	​	1,541	​	​	1,261	​
Fair value of plan assets	​	​	951	​	​	729	​

​

Schedule of Amounts Recognized in the Balance Sheet

​

The pension and OPEB amounts recognized in the balance sheet at October 27, 2024 and October 29, 2023 consisted of the following:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Pensions

​

OPEB

​

​

​

2024

​

2023

​

2024

​

2023

​

Noncurrent asset

​

$

2,593

$

2,608

​

$

328

$

399

​

Less: Current liability

​

66

​

59

​

​

39

​

​

40

​

Less: Noncurrent liability

​

524

​

473

​

1,480

​

1,360

​

Total

​

$

2,003

​

$

2,076

​

$

(1,191)

​

$

(1,001)

​

​

The retirement benefits and other liabilities recognized in the balance sheet at October 27, 2024 and October 29, 2023 consisted of the following:

​

​	​	​	​	​	​	​	​
​	​	2024		​	2023		​
Deferred compensation – current	​	$	28	​	$	25	​
Deferred compensation and other – noncurrent	​	​	217	​	​	183	​
Pensions and OPEB – current	​	​	105	​	​	99	​
Pensions and OPEB – noncurrent	​	​	2,004	​	​	1,833	​
Total	​	$	2,354	​	$	2,140	​

​

Schedule of Amounts Recognized in Accumulated Other Comprehensive Income - Pretax

The amounts recognized in accumulated other comprehensive income ‒ pretax at October 27, 2024 and October 29, 2023 consisted of the following:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Pensions

​

OPEB

​

​

​

2024

​

2023

​

2024

​

2023

​

Net actuarial (gain) loss

​

$

2,011

​

$

1,660

​

$

(632)

​

$

(921)

​

Prior service (credit) cost

​

329

​

406

​

2

​

(1)

​

Total

​

$

2,340

​

$

2,066

​

$

(630)

​

$

(922)

​

​

Schedule of Future Benefits Expected to be Paid from the Benefit Plans

The expected future benefit payments at October 27, 2024 were as follows:

​

​	​	​	​	​	​	​	​
​		Pensions			OPEB*
2025	​	$	760	​	$	257	​
2026	​		736	​		267	​
2027	​		728	​		271	​
2028	​		716	​		273	​
2029	​		716	​		274	​
2030 to 2034	​		3,555	​		1,331	​

*    Net of prescription drug group benefit subsidy under Medicare Part D.

​

Schedule of Fair Values of Pension Plan and Health Care Assets and Target Asset Allocations

The fair values of the pension plan assets at October 27, 2024 follow:

​

​	​	​	​	​	​	​	​	​	​	​
​		Total			Level 1			Level 2
Cash and short-term investments	​	$	411	​	$	399	​	$	12	​
Equity:	​	​	​	​	​	​	​	​	​	​
U.S. equity securities	​		451	​		440	​	​	11	​
International equity securities and funds	​		238	​		232	​	​	6	​
Fixed Income:	​	​	​	​	​	​	​	​	​	​
Government and agency securities	​		1,250	​		932	​		318	​
Corporate debt securities	​		4,956	​		​	​		4,956	​
Mortgage-backed securities	​		177	​		​	​		177	​
Other investments	​		57	​		36	​		21	​
Derivative contracts – assets	​		130	​		7	​		123	​
Derivative interest rate contracts – liabilities	​		(161)	​		(119)	​		(42)	​
Receivables, prepaids, and payables	​		(171)	​		(171)	​	​	​	​
Securities lending collateral	​		662	​	​	​	​		662	​
Securities lending liability	​		(662)	​	​	​	​		(662)	​
Securities sold short	​		(94)	​		(92)	​	​	(2)	​
Total of Level 1 and Level 2 assets	​	​	7,244	​	$	1,664	​	$	5,580	​
Investments at net asset value:	​	​	​	​	​	​	​	​	​	​
Short-term investments	​	​	492	​	​	​	​	​	​	​
U.S. equity funds	​	​	174	​	​	​	​	​	​	​
International equity funds	​	​	194	​	​	​	​	​	​	​
Fixed income funds	​	​	1,649	​	​	​	​	​	​	​
Real estate funds	​	​	385	​	​	​	​	​	​	​
Hedge funds	​	​	457	​	​	​	​	​	​	​
Private equity	​	​	1,219	​	​	​	​	​	​	​
Venture capital	​	​	1,219	​	​	​	​	​	​	​
Other investments	​	​	47	​	​	​	​	​	​	​
Total net assets	​	$	13,080	​	​	​	​	​	​	​

​

The fair values of the OPEB health care assets at October 27, 2024 follow:

​

​	​	​	​	​	​	​	​	​	​	​
​		Total			Level 1			Level 2
Cash and short-term investments	​	$	77	​	$	77	​	​	​	​
Fixed Income:	​	​	​	​	​	​	​	​	​	​
Government and agency securities	​		606	​		561	​	$	45	​
Corporate debt securities	​		551	​	​	​	​		551	​
Mortgage-backed securities	​		92	​	​	​	​		92	​
Other	​		11	​		7	​	​	4	​
Securities lending collateral	​		167	​	​	​	​		167	​
Securities lending liability	​		(167)	​	​	​	​		(167)	​
Total of Level 1 and Level 2 assets	​	​	1,337	​	$	645	​	$	692	​
Investments at net asset value:	​	​	​	​	​	​	​	​	​	​
U.S. equity funds	​	​	163	​	​	​	​	​	​	​
International equity funds	​	​	84	​	​	​	​	​	​	​
Fixed income funds	​	​	348	​	​	​	​	​	​	​
Real estate funds	​	​	77	​	​	​	​	​	​	​
Hedge funds	​	​	71	​	​	​	​	​	​	​
Private equity	​	​	41	​	​	​	​	​	​	​
Venture capital	​	​	41	​	​	​	​	​	​	​
Other investments	​	​	9	​	​	​	​	​	​	​
Total net assets	​	$	2,171	​	​	​	​	​	​	​

​

The fair values of the pension plan assets at October 29, 2023 follow:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Total

Level 1

Level 2

​

Level 3

Cash and short-term investments

​

$

513

​

$

470

​

$

43

​

​

​

​

Equity:

​

​

​

​

​

​

​

​

​

​

​

​

​

U.S. equity securities

​

342

​

330

​

​

12

​

​

​

​

International equity securities and funds

​

199

​

197

​

​

2

​

​

​

​

Fixed Income:

​

​

​

​

​

​

​

​

​

​

​

​

​

Government and agency securities

​

1,017

​

759

​

258

​

​

​

Corporate debt securities

​

4,389

​

​

​

​

4,389

​

​

​

Mortgage-backed securities

​

285

​

​

​

285

​

​

​

Private equity

​

18

​

​

​

​

​

$

18

​

Other investments

​

50

​

30

​

20

​

​

​

Derivative contracts – assets

​

53

​

17

​

36

​

​

​

Derivative interest rate contracts – liabilities

​

(309)

​

(215)

​

(94)

​

​

​

Receivables, prepaids, and payables

​

(137)

​

(137)

​

​

​

​

​

​

​

Securities lending collateral

​

615

​

​

​

​

615

​

​

​

Securities lending liability

​

(615)

​

​

​

​

(615)

​

​

​

Securities sold short

​

(73)

​

(69)

​

​

(4)

​

​

​

​

Total of Level 1, Level 2, and Level 3 assets

​

​

6,347

​

$

1,382

​

$

4,947

​

$

18

​

Investments at net asset value:

​

​

​

​

​

​

​

​

​

​

​

​

​

Short-term investments

​

​

362

​

​

​

​

​

​

​

​

​

​

U.S. equity funds

​

​

92

​

​

​

​

​

​

​

​

​

​

International equity funds

​

​

151

​

​

​

​

​

​

​

​

​

​

Fixed income funds

​

​

1,418

​

​

​

​

​

​

​

​

​

​

Real estate funds

​

​

462

​

​

​

​

​

​

​

​

​

​

Hedge funds

​

​

491

​

​

​

​

​

​

​

​

​

​

Private equity

​

​

1,306

​

​

​

​

​

​

​

​

​

​

Venture capital

​

​

1,341

​

​

​

​

​

​

​

​

​

​

Other investments

​

​

34

​

​

​

​

​

​

​

​

​

​

Total net assets

​

$

12,004

​

​

​

​

​

​

​

​

​

​

​

​

The fair values of the OPEB health care assets at October 29, 2023 follow:

​

​	​	​	​	​	​	​	​	​	​	​
​		Total			Level 1			Level 2
Cash and short-term investments	​	$	76	​	$	76	​	​	​	​
Fixed Income:	​	​	​	​	​	​	​	​	​	​
Government and agency securities	​		637	​		596	​	$	41	​
Corporate debt securities	​		515	​	​	​	​		515	​
Mortgage-backed securities	​		89	​	​	​	​		89	​
Other	​	​	8	​	​	5	​	​	3	​
Securities lending collateral	​		122	​	​	​	​		122	​
Securities lending liability	​		(122)	​	​	​	​		(122)	​
Total of Level 1 and Level 2 assets	​	​	1,325	​	$	677	​	$	648	​
Investments at net asset value:	​	​	​	​	​	​	​	​	​	​
Fixed income funds	​	​	392	​	​	​	​	​	​	​
Real estate funds	​	​	104	​	​	​	​	​	​	​
Hedge funds	​	​	104	​	​	​	​	​	​	​
Private equity	​	​	43	​	​	​	​	​	​	​
Venture capital	​	​	43	​	​	​	​	​	​	​
Other investments	​	​	17	​	​	​	​	​	​	​
Total net assets	​	$	2,028	​	​	​	​	​	​	​

​

The target asset allocations as of October 27, 2024 are as follows:

​

​	​	​	​	​	​
​	​	Pension	​	Health Care
​		Assets		Assets
Equity	​	7%	​	12%	​
Debt	​	70%	​	78%	​
Real estate	​	3%	​	3%	​
Other investments	​	20%	​	7%	​

​

X

- Definition

Tabular disclosure of benefit obligation and plan assets of defined benefit plan with accumulated benefit obligation and/or projected benefit obligation in excess of plan assets.

+ References

No definition available.

+ Details

Name:	de_ScheduleOfAccumulatedAndProjectedBenefitObligationsInExcessOfFairValueOfPlanAssetsTableTextBlock
Namespace Prefix:	de_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of the weighted-average annual rates of increase in health care cost trend rates used to determine accumulated postretirement benefit obligations.

+ References

No definition available.

+ Details

Name:	de_ScheduleOfHealthCareCostTrendAssumptionsUsedTableTextBlock
Namespace Prefix:	de_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of the change in the benefit obligation, fair value of plan assets, and funded status of pension plans or other employee benefit plans.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Section 50
-Subparagraph (a)(b)(c)
-Paragraph 1
-SubTopic 20
-Topic 715
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-1

+ Details

Name:	us-gaap_ChangesInProjectedBenefitObligationsFairValueOfPlanAssetsAndFundedStatusOfPlanTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- References

No definition available.

+ Details

Name:	us-gaap_CompensationAndRetirementDisclosureAbstract
Namespace Prefix:	us-gaap_
Data Type:	xbrli:stringItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of the major categories of plan assets of pension plans and/or other employee benefit plans. This information may include, but is not limited to, the target allocation of plan assets, the fair value of each major category of plan assets, and the level within the fair value hierarchy in which the fair value measurements fall.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 715
-SubTopic 20
-Subparagraph (d)(5)
-Name Accounting Standards Codification
-Paragraph 1
-Section 50
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-1

+ Details

Name:	us-gaap_ScheduleOfAllocationOfPlanAssetsTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of the amounts that are recognized in the balance sheet (or statement of financial position) for pension plans and/or other employee benefit plans, showing separately the assets and current and noncurrent liabilities (if applicable) recognized.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 715
-SubTopic 20
-Section 50
-Paragraph 1
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-1

+ Details

Name:	us-gaap_ScheduleOfAmountsRecognizedInBalanceSheetTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of the net gain (loss) and net prior service cost or credit recognized in other comprehensive income (loss) for the period for pension plans and/or other employee benefit plans, and reclassification adjustments of other comprehensive income (loss) for the period, as those amounts, including amortization of the net transition asset or obligation, are recognized as components of net periodic benefit cost.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (i)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-1

+ Details

Name:	us-gaap_ScheduleOfAmountsRecognizedInOtherComprehensiveIncomeLossTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of benefits expected to be paid by pension plans and/or other employee benefit plans in each of the next five fiscal years and in the aggregate for the five fiscal years thereafter.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 715
-SubTopic 20
-Subparagraph (f)
-Name Accounting Standards Codification
-Paragraph 1
-Section 50
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-1

+ Details

Name:	us-gaap_ScheduleOfExpectedBenefitPaymentsTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of the components of net benefit costs for pension plans and/or other employee benefit plans including service cost, interest cost, expected return on plan assets, gain (loss), prior service cost or credit, transition asset or obligation, and gain (loss) recognized due to settlements or curtailments.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 715
-SubTopic 20
-Subparagraph (h)
-Name Accounting Standards Codification
-Paragraph 1
-Section 50
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-1

+ Details

Name:	us-gaap_ScheduleOfNetBenefitCostsTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of net funded status of pension plans and/or other employee benefit plans.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 715
-SubTopic 20
-Section 50
-Paragraph 1
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-1

+ Details

Name:	us-gaap_ScheduleOfNetFundedStatusTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration