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REVENUE RECOGNITION | 3 Months Ended
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Jan. 26, 2025
REVENUE RECOGNITION |
REVENUE RECOGNITION | (3) Revenue Recognition Our net sales and revenues by primary geographic market, major product line, and timing of revenue recognition follow:
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Three Months Ended January 26, 2025 | ​
​ | ​ | PPA | ​ | SAT | ​ | CF | ​ | FS | ​ | Total | ​
Primary geographic markets: | ​ | ​ | ​ | ​ | ​ | ​ |  | ​ | ​ |  | ​ |  |  | ​ |  | ​
United States | ​ | $ | 1,555 | ​ | $ | 949 | ​ | $ | 1,113 | ​ | $ | 1,085 | ​ | $ | 4,702 | ​
Canada | ​ | ​ | 354 | ​ | ​ | 79 | ​ | ​ | 101 | ​ |  | 187 | ​ |  | 721 | ​
Western Europe | ​ | ​ | 277 | ​ | ​ | 352 | ​ | ​ | 344 | ​ |  | 43 | ​ |  | 1,016 | ​
Central Europe and CIS | ​ | ​ | 67 | ​ | ​ | 39 | ​ | ​ | 71 | ​ |  | 4 | ​ |  | 181 | ​
Latin America | ​ | ​ | 715 | ​ | ​ | 80 | ​ | ​ | 205 | ​ |  | 96 | ​ |  | 1,096 | ​
Asia, Africa, Oceania, and Middle East | ​ | ​ | 205 | ​ | ​ | 308 | ​ | ​ | 224 | ​ | ​ | 55 | ​ | ​ | 792 | ​
Total | ​ | $ | 3,173 | ​ | $ | 1,807 | ​ | $ | 2,058 | ​ | $ | 1,470 | ​ | $ | 8,508 | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Major product lines: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ |  | ​ | ​ |  | ​
Production agriculture | ​ | $ | 3,002 | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | $ | 3,002 | ​
Small agriculture | ​ | ​ | ​ | ​ | $ | 1,234 | ​ | ​ | ​ | ​ |  | ​ | ​ |  | 1,234 | ​
Turf | ​ | ​ | ​ | ​ | ​ | 463 | ​ | ​ | ​ | ​ |  | ​ | ​ |  | 463 | ​
Construction | ​ | ​ | ​ | ​ | ​ | ​ | ​ | $ | 770 | ​ |  | ​ | ​ |  | 770 | ​
Compact construction | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | 361 | ​ | ​ | ​ | ​ | ​ | 361 | ​
Roadbuilding | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | 596 | ​ |  | ​ | ​ |  | 596 | ​
Forestry | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | 226 | ​ |  | ​ | ​ |  | 226 | ​
Financial products | ​ | ​ | 55 | ​ | ​ | 33 | ​ | ​ | 21 | ​ | $ | 1,470 | ​ |  | 1,579 | ​
Other | ​ | ​ | 116 | ​ | ​ | 77 | ​ | ​ | 84 | ​ |  | ​ | ​ |  | 277 | ​
Total | ​ | $ | 3,173 | ​ | $ | 1,807 | ​ | $ | 2,058 | ​ | $ | 1,470 | ​ | $ | 8,508 | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Revenue recognized: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ |  | ​ | ​ |  | ​
At a point in time | ​ | $ | 3,086 | ​ | $ | 1,760 | ​ | $ | 2,028 | ​ | $ | 29 | ​ | $ | 6,903 | ​
Over time | ​ | ​ | 87 | ​ | ​ | 47 | ​ | ​ | 30 | ​ | ​ | 1,441 | ​ | ​ | 1,605 | ​
Total | ​ | $ | 3,173 | ​ | $ | 1,807 | ​ | $ | 2,058 | ​ | $ | 1,470 | ​ | $ | 8,508 | ​
​ ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Three Months Ended January 28, 2024 | ​
​ | ​ | PPA | ​ | SAT | ​ | CF | ​ | FS | ​ | Total | ​
Primary geographic markets: |  | ​ | ​ |  | ​ | ​ |  | ​ | ​ |  | ​ |  |  | ​ |  | ​
United States | ​ | $ | 2,721 | ​ | $ | 1,345 | ​ | $ | 2,095 | ​ | $ | 970 | ​ | $ | 7,131 | ​
Canada | ​ | ​ | 386 | ​ | ​ | 118 | ​ | ​ | 210 | ​ |  | 172 | ​ |  | 886 | ​
Western Europe | ​ | ​ | 503 | ​ | ​ | 517 | ​ | ​ | 361 | ​ |  | 40 | ​ |  | 1,421 | ​
Central Europe and CIS | ​ | ​ | 179 | ​ | ​ | 73 | ​ | ​ | 94 | ​ |  | 8 | ​ |  | 354 | ​
Latin America | ​ | ​ | 819 | ​ | ​ | 98 | ​ | ​ | 256 | ​ |  | 130 | ​ |  | 1,303 | ​
Asia, Africa, Oceania, and Middle East | ​ | ​ | 435 | ​ | ​ | 341 | ​ | ​ | 258 | ​ | ​ | 56 | ​ | ​ | 1,090 | ​
Total | ​ | $ | 5,043 | ​ | $ | 2,492 | ​ | $ | 3,274 | ​ | $ | 1,376 | ​ | $ | 12,185 | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Major product lines: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ |  | ​ | ​ |  | ​
Production agriculture | ​ | $ | 4,791 | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | $ | 4,791 | ​
Small agriculture | ​ | ​ | ​ | ​ | $ | 1,718 | ​ | ​ | ​ | ​ |  | ​ | ​ |  | 1,718 | ​
Turf | ​ | ​ | ​ | ​ | ​ | 649 | ​ | ​ | ​ | ​ |  | ​ | ​ |  | 649 | ​
Construction | ​ | ​ | ​ | ​ | ​ | ​ | ​ | $ | 1,483 | ​ |  | ​ | ​ |  | 1,483 | ​
Compact construction | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | 626 | ​ | ​ | ​ | ​ | ​ | 626 | ​
Roadbuilding | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | 763 | ​ |  | ​ | ​ |  | 763 | ​
Forestry | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | 292 | ​ |  | ​ | ​ |  | 292 | ​
Financial products | ​ | ​ | 60 | ​ | ​ | 26 | ​ | ​ | 18 | ​ | $ | 1,376 | ​ |  | 1,480 | ​
Other | ​ | ​ | 192 | ​ | ​ | 99 | ​ | ​ | 92 | ​ |  | ​ | ​ |  | 383 | ​
Total | ​ | $ | 5,043 | ​ | $ | 2,492 | ​ | $ | 3,274 | ​ | $ | 1,376 | ​ | $ | 12,185 | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Revenue recognized: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ |  | ​ | ​ |  | ​
At a point in time | ​ | $ | 4,955 | ​ | $ | 2,456 | ​ | $ | 3,243 | ​ | $ | 28 | ​ | $ | 10,682 | ​
Over time | ​ | ​ | 88 | ​ | ​ | 36 | ​ | ​ | 31 | ​ | ​ | 1,348 | ​ | ​ | 1,503 | ​
Total | ​ | $ | 5,043 | ​ | $ | 2,492 | ​ | $ | 3,274 | ​ | $ | 1,376 | ​ | $ | 12,185 | ​
​ We invoice in advance of recognizing the revenue of certain products and services. These relate to extended warranty premiums, advance payments for future equipment sales, and subscription and service revenue related to precision guidance, telematic services, and other information-enabled solutions. These advanced customer payments are presented as deferred revenue, a contract liability, in “Accounts payable and accrued expenses.” The deferred revenue received, but not recognized in revenue, was $2,027, $1,923, and $1,747 at January 26, 2025, October 27, 2024, and January 28, 2024, respectively. The contract liability is reduced as the revenue is recognized. Revenue recognized from deferred revenue that was recorded as a contract liability at the beginning of the fiscal year was $197 and $230 during the three months ended January 26, 2025 and January 28, 2024, respectively. The amount of unsatisfied performance obligations for contracts with an original duration greater than one year was $1,734 at January 26, 2025. The estimated revenue to be recognized by fiscal year follows: remainder of 2025 – $395, 2026 – $444, 2027 – $352, 2028 – $235, 2029 – $144, 2030 – $102, and later years – $62. As permitted, we 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 to dealers and retail customers for equipment, service parts, repair services, and certain telematics services.

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