DEERE & CO, 10-Q filed on 2/24/2022
Quarterly Report
v3.22.0.1
Document and Entity Information
 3 Months Ended
Jan. 30, 2022
shares
Document Information [Line Items]  
Document Type 10-Q
Document Quarterly Report true
Document Transition Report false
Document Period End Date Jan. 30, 2022
Entity File Number 1-4121
Entity Registrant Name DEERE & CO
Entity Incorporation, State or Country Code DE
Entity Tax Identification Number 36-2382580
Entity Address, Address Line One One John Deere Place
Entity Address, City or Town Moline
Entity Address, State or Province IL
Entity Address, Postal Zip Code 61265
City Area Code 309
Local Phone Number 765-8000
Entity Current Reporting Status Yes
Entity Interactive Data Current Yes
Entity Filer Category Large Accelerated Filer
Entity Small Business false
Entity Emerging Growth Company false
Entity Shell Company false
Entity Common Stock, Shares Outstanding 306,784,327
Current Fiscal Year End Date --10-30
Document Fiscal Year Focus 2022
Document Fiscal Period Focus Q1
Entity Central Index Key 0000315189
Amendment Flag false
Common Stock  
Document Information [Line Items]  
Title of 12(b) Security Common stock, $1 par value
Trading Symbol DE
Security Exchange Name NYSE
6.55% Debentures Due 2028  
Document Information [Line Items]  
Title of 12(b) Security 6.55% Debentures Due 2028
Trading Symbol DE28
Security Exchange Name NYSE
v3.22.0.1
STATEMENTS OF CONSOLIDATED INCOME - USD ($)
shares in Millions, $ in Millions
 3 Months Ended
Jan. 30, 2022
Jan. 31, 2021
Net Sales and Revenues    
Net sales and revenues $ 9,569 $ 9,112
Costs and Expenses    
Research and development expenses 402 366
Selling, administrative and general expenses 781 769
Interest expense 229 271
Total 8,418 7,584
Income of Consolidated Group before Income Taxes 1,151 1,528
Provision for income taxes 250 308
Income of Consolidated Group 901 1,220
Equity in income of unconsolidated affiliates 3 4
Net Income 904 1,224
Less: Net income attributable to noncontrolling interests 1  
Net Income Attributable to Deere & Company $ 903 $ 1,224
Per Share Data    
Basic (in dollars per share) $ 2.94 $ 3.90
Diluted (in dollars per share) 2.92 3.87
Dividends declared (in dollars per share) 1.05 0.76
Dividends paid (in dollars per share) $ 1.05 $ 0.76
Average Shares Outstanding    
Basic (in shares) 307.4 313.5
Diluted (in shares) 309.4 316.1
Net Sales    
Net Sales and Revenues    
Net sales and revenues $ 8,531 $ 8,051
Costs and Expenses    
Costs and expenses 6,695 5,805
Finance and Interest Income    
Net Sales and Revenues    
Net sales and revenues 800 834
Other    
Net Sales and Revenues    
Net sales and revenues 238 227
Costs and Expenses    
Costs and expenses $ 311 $ 373
v3.22.0.1
STATEMENTS OF CONSOLIDATED COMPREHENSIVE INCOME - USD ($)
$ in Millions
 3 Months Ended
Jan. 30, 2022
Jan. 31, 2021
STATEMENTS OF CONSOLIDATED COMPREHENSIVE INCOME    
Net Income $ 904 $ 1,224
Other Comprehensive Income (Loss), Net of Income Taxes    
Retirement benefits adjustment (345) 63
Cumulative translation adjustment (267) 396
Unrealized gain on derivatives 14 4
Unrealized loss on debt securities (15) (2)
Other Comprehensive Income (Loss), Net of Income Taxes (613) 461
Comprehensive Income of Consolidated Group 291 1,685
Less: Comprehensive income attributable to noncontrolling interests 1  
Comprehensive Income Attributable to Deere & Company $ 290 $ 1,685
v3.22.0.1
CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Millions
Jan. 30, 2022
Oct. 31, 2021
Jan. 31, 2021
Assets      
Cash and cash equivalents $ 4,472 $ 8,017 $ 6,962
Marketable securities 735 728 667
Receivables from unconsolidated affiliates 33 27 28
Trade accounts and notes receivable - net 4,855 4,208 5,037
Financing receivables - net 33,191 33,799 29,438
Financing receivables securitized - net 3,516 4,659 3,931
Other receivables 1,903 1,738 1,141
Equipment on operating leases - net 6,624 6,988 7,030
Inventories 7,935 6,781 5,956
Property and equipment - net 5,665 5,820 5,741
Investments in unconsolidated affiliates 176 175 178
Goodwill 3,192 3,291 3,194
Other intangible assets - net 1,209 1,275 1,342
Retirement benefits 3,158 3,601 906
Deferred income taxes 923 1,037 1,556
Other assets 2,027 1,970 2,373
Total Assets 79,614 84,114 75,480
Liabilities      
Short-term borrowings 10,990 10,919 9,224
Short-term securitization borrowings 3,482 4,605 3,969
Payables to unconsolidated affiliates 172 143 119
Accounts payable and accrued expenses 10,479 12,205 9,404
Deferred income taxes 556 576 532
Long-term borrowings 32,838 32,888 32,772
Retirement benefits and other liabilities 3,289 4,344 5,374
Total liabilities 61,806 65,680 61,394
Commitments and contingencies (Note 16)
Stockholders' Equity      
Common stock, $1 par value (issued shares at January 30, 2022 - 536,431,204) 5,066 5,054 4,942
Common stock in treasury (21,139) (20,533) (18,377)
Retained earnings 37,029 36,449 32,596
Accumulated other comprehensive income (loss) (3,152) (2,539) (5,078)
Total Deere & Company stockholders' equity 17,804 18,431 14,083
Noncontrolling interests 4 3 3
Total stockholders' equity 17,808 18,434 14,086
Total Liabilities and Stockholders' Equity $ 79,614 $ 84,114 $ 75,480
v3.22.0.1
CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical)
Jan. 30, 2022
$ / shares
shares
CONDENSED CONSOLIDATED BALANCE SHEETS  
Common stock, par value (in dollars per share) | $ / shares $ 1
Common stock, issued shares | shares 536,431,204
v3.22.0.1
STATEMENTS OF CONSOLIDATED CASH FLOWS - USD ($)
$ in Millions
 3 Months Ended
Jan. 30, 2022
Jan. 31, 2021
Cash Flows from Operating Activities    
Net income $ 904 $ 1,224
Adjustments to reconcile net income to net cash provided by (used for) operating activities:    
Provision (credit) for credit losses   (5)
Provision for depreciation and amortization 486 538
Impairment charges   50
Share-based compensation expense 18 15
Undistributed earnings of unconsolidated affiliates (2) 18
Provision (credit) for deferred income taxes 210 (38)
Changes in assets and liabilities:    
Trade, notes, and financing receivables related to sales (106) (97)
Inventories (1,297) (926)
Accounts payable and accrued expenses (1,554) (705)
Accrued income taxes payable/receivable (184) 130
Retirement benefits (1,010) (14)
Other (18) (47)
Net cash provided by (used for) operating activities (2,553) 143
Cash Flows from Investing Activities    
Collections of receivables (excluding receivables related to sales) 6,435 5,999
Proceeds from maturities and sales of marketable securities 21 20
Proceeds from sales of equipment on operating leases 479 460
Cost of receivables acquired (excluding receivables related to sales) (5,603) (5,300)
Acquisitions of businesses, net of cash acquired (24) (19)
Purchases of marketable securities (48) (39)
Purchases of property and equipment (193) (154)
Cost of equipment on operating leases acquired (391) (294)
Collateral on derivatives - net (13) (88)
Other (15) (6)
Net cash provided by investing activities 648 579
Cash Flows from Financing Activities    
Decrease in total short-term borrowings (1,018) (695)
Proceeds from long-term borrowings 2,353 1,757
Payments of long-term borrowings (1,940) (1,441)
Proceeds from issuance of common stock 11 71
Repurchases of common stock (623) (352)
Dividends paid (327) (242)
Other (33) (31)
Net cash used for financing activities (1,577) (933)
Effect of Exchange Rate Changes on Cash, Cash Equivalents, and Restricted Cash (74) 103
Net Decrease in Cash, Cash Equivalents, and Restricted Cash (3,556) (108)
Cash, Cash Equivalents, and Restricted Cash at Beginning of Period 8,125 7,172
Cash, Cash Equivalents, and Restricted Cash at End of Period $ 4,569 $ 7,064
v3.22.0.1
STATEMENTS OF CHANGES IN CONSOLIDATED STOCKHOLDERS' EQUITY - USD ($)
$ in Millions
Common Stock
Treasury Stock
Retained Earnings
Cumulative Effect from Adoption
Retained Earnings
Accumulated Other Comprehensive Income (Loss)
Noncontrolling Interests
Cumulative Effect from Adoption
Total
Balance (ASU 2016-13) at Nov. 01, 2020     $ (35)       $ (35)  
Balance at Nov. 01, 2020 $ 4,895 $ (18,065)   $ 31,646 $ (5,539) $ 7   $ 12,944
Increase (Decrease) in Stockholders' Equity                
Net income       1,224       1,224
Other comprehensive income (loss)         461     461
Repurchases of common stock   (352)           (352)
Treasury shares reissued   40           40
Dividends declared       (239)       (239)
Stock options and other 47         (4)   43
Balance at Jan. 31, 2021 4,942 (18,377)   32,596 (5,078) 3   14,086
Balance at Oct. 31, 2021 5,054 (20,533)   36,449 (2,539) 3   18,434
Increase (Decrease) in Stockholders' Equity                
Net income       903   1   904
Other comprehensive income (loss)         (613)     (613)
Repurchases of common stock   (623)           (623)
Treasury shares reissued   17           17
Dividends declared       (323)       (323)
Stock options and other 12             12
Balance at Jan. 30, 2022 $ 5,066 $ (21,139)   $ 37,029 $ (3,152) $ 4   $ 17,808
v3.22.0.1
ORGANIZATION AND CONSOLIDATION
 3 Months Ended
Jan. 30, 2022
ORGANIZATION AND CONSOLIDATION  
ORGANIZATION AND CONSOLIDATION

(1)  Organization and Consolidation

The information in the notes and related commentary are presented in a format which includes data grouped as follows:

Consolidated – Represents the consolidation of the equipment operations and financial services. References to “Deere & Company” or “the Company” refer to the entire enterprise.

Equipment Operations – Represents the enterprise without financial services, while including the Company’s production and precision agriculture operations, small agriculture and turf operations, construction and forestry operations, and other corporate assets, liabilities, revenues, and expenses not reflected within financial services.

Financial Services – Represents the Company’s financing operations.

The Company uses a 52/53 week fiscal year with quarters ending on the last Sunday in the reporting period. The first quarter ends for fiscal year 2022 and 2021 were January 30, 2022 and January 31, 2021, respectively. Both periods contained 13 weeks. Unless otherwise stated, references to particular years or quarters refer to the Company’s fiscal years generally ending in October and the associated periods in those fiscal years.

Prior to fiscal year 2021, the operating results of the Wirtgen Group (Wirtgen) were incorporated into the Company’s consolidated financial statements on a one-month lag. The reporting lag was eliminated resulting in four months of Wirtgen’s activity in the first quarter of 2021. The effect was an increase to “Net sales” of $270 million, which the Company considers immaterial to construction and forestry’s annual net sales.

Variable Interest Entities

The Company consolidates certain variable interest entities (VIEs) related to retail note securitizations (see Note 10).

The Company also has an interest in a joint venture that manufactures construction equipment in Indaiatuba, Brazil for local and overseas markets. The joint venture is a VIE; however, the Company is not the primary beneficiary. Therefore, the entity’s financial results are not fully consolidated in the Company’s consolidated financial statements, but are included on the equity basis. The maximum exposure to loss was $14 million, $9 million, and $7 million at January 30, 2022, October 31, 2021, and January 31, 2021, respectively. On August 19, 2021, the Company announced the dissolution of the joint venture with Hitachi Construction Machinery Co., Ltd. and the purchase of the shares in the relevant joint venture manufacturing entities including the above referenced factory in Indaiatuba, Brazil. The transaction is expected to close in the second quarter of 2022, subject to the receipt of certain required regulatory approvals and satisfaction of certain other customary closing conditions.
v3.22.0.1
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES AND NEW ACCOUNTING STANDARDS
 3 Months Ended
Jan. 30, 2022
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES AND NEW ACCOUNTING STANDARDS  
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES AND NEW ACCOUNTING STANDARDS

(2)  Summary of Significant Accounting Policies and New Accounting Standards

Quarterly Financial Statements

The interim consolidated financial statements of Deere & Company have been prepared by the Company, without audit, pursuant to the rules and regulations of the U.S. Securities and Exchange Commission (SEC). Certain information and footnote disclosures normally included in annual financial statements prepared in accordance with accounting principles generally accepted in the U.S. have been condensed or omitted as permitted by such rules and regulations. All adjustments, consisting of normal recurring adjustments, have been included. Management believes the disclosures are adequate to present fairly the financial position, results of operations, and cash flows at the dates and for the periods presented. It is suggested these interim consolidated financial statements be read in conjunction with the consolidated financial statements and the notes thereto appearing in the Company’s latest annual report on Form 10-K. Results for interim periods are not necessarily indicative of those to be expected for the fiscal year.

​

Use of Estimates in Financial Statements

The preparation of financial statements in conformity with accounting principles generally accepted in the U.S. requires management to make estimates and assumptions that affect the reported amounts and related disclosures. Actual results could differ from those estimates.

Revenue Recognition

Prior to fiscal year 2022, certain goods were shipped to Canadian dealers on a consignment basis under which the risk and rewards of ownership were not transferred to the dealer at the time the goods were delivered. Accordingly, sales were not recorded until a retail customer purchased the goods. The dealer contract in Canada was changed for goods delivered after November 1, 2021, resulting in transfer of control and revenue recognition upon delivery. For certain goods delivered to Canadian dealers prior to November 1, 2021, the dealer consignment terms already in place remain in effect. As of January 30, 2022 and October 31, 2021, the remaining consigned inventory was $91 million and $150 million, respectively.

New Accounting Standards

The Company closely monitors all Accounting Standard Updates (ASUs) issued by the Financial Accounting Standards Board and other authoritative guidance. ASUs adopted in 2022 did not have a material impact on the Company’s financial statements, and ASUs to be adopted in future periods are not expected to have a material impact on the Company’s financial statements.
v3.22.0.1
CASH FLOW INFORMATION
 3 Months Ended
Jan. 30, 2022
CASH FLOW INFORMATION  
CASH FLOW INFORMATION

(3)  Cash Flow Information

All cash flows from the changes in trade accounts and notes receivable are classified as operating activities in the statement of consolidated cash flows as these receivables arise from sales to the Company’s customers. Cash flows from financing receivables that are related to sales to the Company’s customers are also included in operating activities. The remaining financing receivables are related to the financing of equipment sold by independent dealers and are included in investing activities.

The Company had the following non-cash operating and investing activities that were not included in the statement of consolidated cash flows. The Company transferred inventory to equipment on operating leases of $20 million and $84 million in the first three months of 2022 and 2021, respectively. The Company also had accounts payable related to purchases of property and equipment of $43 million and $39 million at January 30, 2022 and January 31, 2021, respectively.

The Company’s restricted cash was as follows in millions of dollars:

​

​

​

​

​

​

​

​

​

​

​

​

​

January 30

​

October 31

​

January 31

​

​

​

2022

​

2021

​

2021

​

Equipment operations

​

$

12

​

$

12

​

$

11

​

Financial services

​

​

85

​

​

96

​

​

91

​

Total

​

$

97

​

$

108

​

$

102

​

​

The restricted cash, recorded in “Other assets” in the consolidated balance sheet, primarily relates to securitizations of financing receivables (see Note 10).
v3.22.0.1
REVENUE RECOGNITION
 3 Months Ended
Jan. 30, 2022
REVENUE RECOGNITION  
REVENUE RECOGNITION

(4)  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 January 30, 2022

​

​

​

Production & Precision Ag

​

Small Ag & Turf

​

Construction & Forestry

​

Financial Services

​

Total

​

Primary geographic markets:

​

​

​

​

​

​

 

​

​

 

​

             

 

​

            

​

United States

​

$

1,608

​

$

1,438

​

$

1,260

​

$

573

​

$

4,879

​

Canada

​

​

139

​

​

122

​

​

332

​

 

152

​

 

745

​

Western Europe

​

​

467

​

​

532

​

​

358

​

 

26

​

 

1,383

​

Central Europe and CIS

​

​

202

​

​

126

​

​

195

​

 

11

​

 

534

​

Latin America

​

​

776

​

​

104

​

​

228

​

 

68

​

 

1,176

​

Asia, Africa, Australia, New Zealand, and Middle East

​

​

241

​

​

352

​

​

219

​

​

40

​

​

852

​

Total

​

$

3,433

​

$

2,674

​

$

2,592

​

$

870

​

$

9,569

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Major product lines:

​

​

​

​

​

​

​

​

​

​

​

             

​

​

            

​

Production agriculture

​

$

3,283

​

​

​

​

​

​

​

​

​

​

$

3,283

​

Small agriculture

​

​

​

​

$

1,932

​

​

​

​

 

​

​

 

1,932

​

Turf

​

​

​

​

​

627

​

​

​

​

 

​

​

 

627

​

Construction

​

​

​

​

​

​

​

$

1,175

​

 

​

​

 

1,175

​

Compact construction

​

​

​

​

​

​

​

​

321

​

​

​

​

​

321

​

Roadbuilding

​

​

​

​

​

​

​

​

692

​

 

​

​

 

692

​

Forestry

​

​

​

​

​

​

​

​

305

​

 

​

​

 

305

​

Financial products

​

​

12

​

​

11

​

​

5

​

$

870

​

 

898

​

Other

​

​

138

​

​

104

​

​

94

​

 

​

​

 

336

​

Total

​

$

3,433

​

$

2,674

​

$

2,592

​

$

870

​

$

9,569

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Revenue recognized:

​

​

​

​

​

​

​

​

​

​

​

             

​

​

            

​

At a point in time

​

$

3,396

​

$

2,654

​

$

2,570

​

$

24

​

$

8,644

​

Over time

​

​

37

​

​

20

​

​

22

​

​

846

​

​

925

​

Total

​

$

3,433

​

$

2,674

​

$

2,592

​

$

870

​

$

9,569

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Three Months Ended January 31, 2021

​

​

​

Production & Precision Ag

​

Small Ag & Turf

​

Construction & Forestry

​

Financial Services

​

Total

​

Primary geographic markets:

 

​

​

 

​

​

 

​

​

 

​

             

 

​

             

​

United States

​

$

1,608

​

$

1,424

​

$

1,202

​

$

598

​

$

4,832

​

Canada

​

​

112

​

​

79

​

​

188

​

 

154

​

 

533

​

Western Europe

​

​

449

​

​

486

​

​

439

​

 

24

​

 

1,398

​

Central Europe and CIS

​

​

161

​

​

84

​

​

178

​

 

9

​

 

432

​

Latin America

​

​

513

​

​

77

​

​

170

​

 

59

​

 

819

​

Asia, Africa, Australia, New Zealand, and Middle East

​

​

304

​

​

401

​

​

353

​

​

40

​

​

1,098

​

Total

​

$

3,147

​

$

2,551

​

$

2,530

​

$

884

​

$

9,112

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Major product lines:

​

​

​

​

​

​

​

​

​

​

​

             

​

​

             

​

Production agriculture

​

$

3,011

​

​

​

​

​

​

​

​

​

​

$

3,011

​

Small agriculture

​

​

​

​

$

1,812

​

​

​

​

 

​

​

 

1,812

​

Turf

​

​

​

​

​

651

​

​

​

​

 

​

​

 

651

​

Construction

​

​

​

​

​

​

​

$

887

​

 

​

​

 

887

​

Compact construction

​

​

​

​

​

​

​

​

346

​

​

​

​

​

346

​

Roadbuilding

​

​

​

​

​

​

​

​

910

​

 

​

​

 

910

​

Forestry

​

​

​

​

​

​

​

​

290

​

 

​

​

 

290

​

Financial products

​

​

16

​

​

10

​

​

7

​

$

884

​

 

917

​

Other

​

​

120

​

​

78

​

​

90

​

 

​

​

 

288

​

Total

​

$

3,147

​

$

2,551

​

$

2,530

​

$

884

​

$

9,112

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Revenue recognized:

​

​

​

​

​

​

​

​

​

​

​

             

​

​

             

​

At a point in time

​

$

3,105

​

$

2,535

​

$

2,500

​

$

24

​

$

8,164

​

Over time

​

​

42

​

​

16

​

​

30

​

​

860

​

​

948

​

Total

​

$

3,147

​

$

2,551

​

$

2,530

​

$

884

​

$

9,112

​

​

Following is a description of the Company’s major product lines:

Production agriculture – Includes net sales of large and certain mid-size tractors and associated attachments, combines, cotton pickers, cotton strippers, sugarcane harvesters, sugarcane loaders and pull behind scrapers, tillage, seeding, and application equipment, including sprayers and nutrient management and soil preparation machinery, and related attachments and service parts.

Small agriculture – Includes net sales of mid-size and utility tractors, self-propelled forage harvesters, hay and forage equipment, balers, mowers, and related attachments and service parts.

Turf – Includes net sales of turf and utility equipment, including riding lawn equipment, golf course equipment, utility vehicles, and commercial mowing equipment, along with a broad line of associated implements, other outdoor power products, and related attachments and service parts.

Construction – Includes net sales of a broad range of machines used in construction, earthmoving, and material handling, including backhoe loaders, crawler dozers and loaders, four-wheel-drive loaders, excavators, motor graders, articulated dump trucks, and related attachments and service parts.

Compact construction – Includes net sales of smaller construction equipment, including compact excavators, compact track loaders, compact wheel loaders, skid steers, landscape loaders, and related attachments and service parts.

Roadbuilding – Includes net sales of equipment used in roadbuilding and renovation, including milling machines, recyclers, slipform pavers, surface miners, asphalt pavers, compactors, tandem and static rollers, mobile crushers and screens, mobile and stationary asphalt plants, and related attachments and service parts.

Forestry – Includes net sales of equipment used in timber harvesting, including log skidders, feller bunchers, log loaders, log forwarders, log harvesters, and related attachments and service parts.

Financial products – Includes finance and interest income primarily from retail notes related to sales of John Deere equipment to retail customers, wholesale financing to dealers of John Deere equipment, and revolving charge accounts; income from retail leases of John Deere equipment; and revenue from extended warranties.

Other – Includes sales of components to other equipment manufacturers that are included in “Net sales”; and revenue earned over time from precision guidance, telematics, and other information enabled solutions, revenue from service performed at company owned dealerships and service centers, gains on disposition of property and businesses, trademark licensing revenue, and other miscellaneous revenue items that are included in “Other income.”

The Company invoices in advance of recognizing the sale of certain products and the revenue for certain services. These items are primarily for premiums for extended warranties, 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 sheet. The deferred revenue received, but not recognized in revenue, including extended warranty premiums also shown in Note 16, was $1,348 million, $1,344 million, and $1,169 million at January 30, 2022, October 31, 2021, and January 31, 2021, respectively. The contract liability is reduced as the revenue is recognized. During the three months ended January 30, 2022 and January 31, 2021, $265 million and $223 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 is $1,056 million at January 30, 2022. The estimated revenue to be recognized by fiscal year in millions of dollars follows: remainder of 2022 - $219, 2023 - $297, 2024 - $232, 2025 - $143, 2026 - $72, 2027 - $40 and later years - $53. 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 generally for sales of equipment, service parts, repair services, and certain telematics services.

v3.22.0.1
OTHER COMPREHENSIVE INCOME ITEMS
 3 Months Ended
Jan. 30, 2022
OTHER COMPREHENSIVE INCOME ITEMS  
OTHER COMPREHENSIVE INCOME ITEMS

(5)  Other Comprehensive Income Items

The after-tax components of accumulated other comprehensive income (loss) in millions of dollars follow:

​

​

​

​

​

​

​

​

​

​

​

​

​

January 30

​

October 31

​

January 31

​

​

​

2022

​

2021

​

2021

​

Retirement benefits adjustment

​

$

(1,379)

​

$

(1,034)

​

$

(3,855)

​

Cumulative translation adjustment

​

​

(1,745)

​

​

(1,478)

​

​

(1,200)

​

Unrealized loss on derivatives

​

​

(28)

​

​

(42)

​

​

(54)

​

Unrealized gain on debt securities

​

​

​

​

​

15

​

​

31

​

Total accumulated other comprehensive income (loss)

​

$

(3,152)

​

$

(2,539)

​

$

(5,078)

​

​

Following are amounts recorded in and reclassifications out of other comprehensive income (loss), and the income tax effects, in millions of dollars. Retirement benefits adjustment reclassifications for actuarial gain (loss), prior service (credit) cost, and settlements are included in net periodic pension and other postretirement benefit costs (see Note 7).

 

​

​

​

​

​

​

​

​

​

​

​

​

    

Before

    

Tax

    

After

 

​

​

Tax

​

(Expense)

​

Tax

 

Three Months Ended January 30, 2022

​

Amount

​

Credit

​

Amount

 

Cumulative translation adjustment

 

$

(264)

​

$

(3)

​

$

(267)

​

Unrealized gain (loss) on derivatives:

​

​

​

​

​

​

​

​

​

​

Unrealized hedging gain (loss)

​

​

15

​

​

(3)

​

​

12

​

Reclassification of realized (gain) loss to:

​

​

​

​

​

​

​

​

​

​

Interest rate contracts – Interest expense

​

​

2

​

​

​

​

​

2

​

Net unrealized gain (loss) on derivatives

​

​

17

​

​

(3)

​

​

14

​

Unrealized gain (loss) on debt securities:

​

​

​

​

​

​

​

​

​

​

Unrealized holding gain (loss)

​

​

(19)

​

​

4

​

​

(15)

​

Net unrealized gain (loss) on debt securities

​

​

(19)

​

​

4

​

​

(15)

​

Retirement benefits adjustment:

​

​

​

​

​

​

​

​

​

​

Net actuarial gain (loss)

​

​

(500)

​

​

120

​

​

(380)

​

Reclassification to other operating expenses through amortization of:

​

​

​

​

​

​

​

​

​

​

Actuarial (gain) loss

​

​

40

​

​

(10)

​

​

30

​

Prior service (credit) cost

​

​

6

​

​

(2)

​

​

4

​

Settlements

​

​

1

​

​

​

​

​

1

​

Net unrealized gain (loss) on retirement benefits adjustment

​

​

(453)

​

​

108

​

​

(345)

​

Total other comprehensive income (loss)

 

$

(719)

​

$

106

​

$

(613)

​

​

 

 

​

​

​

​

​

​

​

​

​

​

​

​

    

Before

    

Tax

    

After

 

​

​

Tax

​

(Expense)

​

Tax

 

Three Months Ended January 31, 2021

​

Amount

​

Credit

​

Amount

 

Cumulative translation adjustment

 

$

394

​

$

2

​

$

396

​

Unrealized gain (loss) on derivatives:

​

​

​

​

​

​

​

​

​

​

Reclassification of realized (gain) loss to:

​

​

​

​

​

​

​

​

​

​

Interest rate contracts – Interest expense

​

​

5

​

​

(1)

​

​

4

​

Net unrealized gain (loss) on derivatives

​

​

5

​

​

(1)

​

​

4

​

Unrealized gain (loss) on debt securities:

​

​

​

​

​

​

​

​

​

​

Unrealized holding gain (loss)

​

​

(3)

​

​

1

​

​

(2)

​

Net unrealized gain (loss) on debt securities

​

​

(3)

​

​

1

​

​

(2)

​

Retirement benefits adjustment:

​

​

​

​

​

​

​

​

​

​

Net actuarial gain (loss)

​

​

(1)

​

​

​

​

​

(1)

​

Reclassification to other operating expenses through amortization of:

​

​

​

​

​

​

​

​

​

​

Actuarial (gain) loss

​

​

70

​

​

(17)

​

​

53

​

Prior service (credit) cost

​

​

2

​

​

(1)

​

​

1

​

Settlements

​

​

13

​

​

(3)

​

​

10

​

Net unrealized gain (loss) on retirement benefits adjustment

​

​

84

​

​

(21)

​

​

63

​

Total other comprehensive income (loss)

 

$

480

​

$

(19)

​

$

461

​

​

 
v3.22.0.1
EARNINGS PER SHARE
 3 Months Ended
Jan. 30, 2022
EARNINGS PER SHARE  
EARNINGS PER SHARE

(6)  Earnings Per Share

A reconciliation of basic and diluted net income per share attributable to Deere & Company follows in millions, except per share amounts:

​

​

​

​

​

​

​

​

​

  

​

Three Months Ended 

 

​

​

January 30

​

January 31

​

​

​

2022

​

2021

​

Net income attributable to Deere & Company

    

$

903

    

$

1,224

​

Average shares outstanding

​

​

307.4

​

 

313.5

​

Basic per share

​

$

2.94

​

$

3.90

​

​

​

​

​

​

​

​

​

Average shares outstanding

​

​

307.4

​

 

313.5

​

Effect of dilutive share-based compensation

​

​

2.0

​

 

2.6

​

Total potential shares outstanding

​

​

309.4

​

 

316.1

​

Diluted per share

​

$

2.92

​

$

3.87

​

​

During both the first quarter of 2022 and 2021, .1 million shares were excluded from the computation because the incremental shares would have been antidilutive.
v3.22.0.1
PENSION AND OTHER POSTRETIREMENT BENEFITS
 3 Months Ended
Jan. 30, 2022
PENSION AND OTHER POSTRETIREMENT BENEFITS  
PENSION AND OTHER POSTRETIREMENT BENEFITS

(7)  Pension and Other Postretirement Benefits

The Company has several defined benefit pension plans and postretirement benefit (OPEB) plans, primarily health care and life insurance plans, covering its U.S. employees and employees in certain foreign countries.

The components of net periodic pension cost consisted of the following in millions of dollars:

​

​

​

​

​

​

​

​

​

​

Three Months Ended 

 

​

​

January 30

​

January 31

 

​

​

2022

​

2021

 

Service cost

    

$

85

    

$

85

​

Interest cost

​

​

77

​

 

69

​

Expected return on plan assets

​

​

(182)

​

 

(200)

​

Amortization of actuarial loss

​

​

39

​

 

63

​

Amortization of prior service cost

​

​

7

​

 

3

​

Settlements

​

​

1

​

 

13

​

Net cost

​

$

27

​

$

33

​

The components of net periodic OPEB cost consisted of the following in millions of dollars:

 

​

​

​

​

​

​

​

​

​

​

Three Months Ended 

 

​

​

January 30

​

January 31

 

​

​

2022

​

2021

 

Service cost

    

$

12

    

$

12

​

Interest cost

​

​

26

​

 

26

​

Expected return on plan assets

​

​

(28)

​

 

(19)

​

Amortization of actuarial loss

​

​

1

​

 

7

​

Amortization of prior service credit

​

​

(1)

​

 

(1)

​

Net cost

​

$

10

​

$

25

​

​

The components of net periodic pension and OPEB costs excluding the service cost component are included in the line item “Other operating expenses” in the statement of consolidated income. Overall pension and OPEB net costs decreased from the prior year due to reduced amortization of actuarial losses, partially offset by the impacts of the U.S. hourly pension plan remeasurement.

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. In the first quarter of 2022, the Company remeasured the U.S. hourly pension plan due to the new collective bargaining agreement, which decreased the plan’s funded status by approximately $495 million and will increase pension expense in 2022 by nearly $80 million. For the first quarter of 2022, the remeasurement increased pension expense by $14 million, with $6 million negatively impacting operating profit.

During the first three months of 2022, the Company contributed $18 million to its pension plans and $1,051 million to its OPEB plans. The OPEB contributions include a voluntary contribution of $1,000 million to a U.S. plan made on November 30, 2021. The Company presently anticipates contributing an additional $70 million to its pension plans and $86 million to its OPEB plans during the remainder of fiscal year 2022. These pension and OPEB contributions primarily include direct benefit payments from Company funds.
v3.22.0.1
SEGMENT REPORTING
 3 Months Ended
Jan. 30, 2022
SEGMENT REPORTING  
SEGMENT REPORTING

(8)  Segment Reporting

Worldwide net sales and revenues, operating profit, and identifiable assets by segment were as follows in millions of dollars. Operating profit is income from continuing operations before reconciling items and income taxes. Operating profit of the financial services segment includes the effect of interest expense and foreign exchange gains and losses. Reconciling items to net income are primarily corporate expenses, certain external interest expenses, certain foreign exchange gains and losses, pension and OPEB benefit costs excluding the service cost component, and net income attributable to noncontrolling interests.

 

​

​

​

​

​

​

​

​

​

​

​

​

Three Months Ended 

 

 

​

January 30

​

January 31

​

%

 

​

    

2022

    

2021

    

Change

 

Net sales and revenues:

 

​

 

  

​

    

  

    

​

Production & precision ag net sales

 

$

3,356

​

$

3,069

​

+9

​

Small ag & turf net sales

​

​

2,631

​

​

2,515

​

+5

​

Construction & forestry net sales

​

​

2,544

​

 

2,467

​

+3

​

Financial services revenues

​

​

870

​

 

884

​

-2

​

Other revenues

​

​

168

​

 

177

​

-5

​

Total net sales and revenues

 

$

9,569

​

$

9,112

​

+5

​

Operating profit:

​

​

​

​

​

​

​

​

​

Production & precision ag

 

$

296

​

$

643

​

-54

​

Small ag & turf

​

​

371

​

​

469

​

-21

​

Construction & forestry

​

​

272

​

 

268

​

+1

​

Financial services

​

​

296

​

 

258

​

+15

​

Total operating profit

​

​

1,235

​

 

1,638

​

-25

​

Reconciling items

​

​

(82)

​

 

(106)

​

-23

​

Income taxes

​

​

(250)

​

 

(308)

​

-19

​

Net income attributable to Deere & Company

 

$

903

​

$

1,224

​

-26

​

​

​

​

​

​

​

​

​

​

​

Intersegment sales and revenues:

​

​

​

​

​

​

​

​

​

Production & precision ag net sales

 

$

4

​

$

6

​

-33

​

Small ag & turf net sales

​

​

2

​

​

3

​

-33

​

Construction & forestry net sales

​

​

​

​

​

​

​

​

​

Financial services revenues

​

​

46

​

 

50

​

-8

​

​

​

​

​

​

​

​

​

​

​

Operating profit outside the U.S. and Canada:

​

​

​

​

​

​

​

​

​

Production & precision ag

​

$

282

​

$

228

​

+24

​

Small ag & turf

​

​

310

​

​

242

​

+28

​

Construction & forestry

​

​

144

​

​

93

​

+55

​

Financial services

​

​

70

​

​

66

​

+6

​

Total operating profit outside the U.S. and Canada

​

$

806

​

$

629

​

+28

​

 

 

​

​

​

​

​

​

​

​

​

​

​

​

    

January 30

    

October 31

    

January 31

 

​

​

2022

​

2021

​

2021

 

Identifiable assets:

​

​

​

​

​

​

​

​

​

​

Production & precision ag

 

$

7,683

​

$

7,021

​

$

6,330

​

Small ag & turf

​

​

4,260

​

​

3,959

​

​

3,510

​

Construction & forestry

​

​

6,358

​

 

6,457

​

 

6,341

​

Financial services

​

​

50,499

​

 

51,624

​

 

48,378

​

Corporate

​

​

10,814

​

 

15,053

​

 

10,921

​

Total assets

 

$

79,614

​

$

84,114

​

$

75,480

​

​

 
v3.22.0.1
FINANCING RECEIVABLES
 3 Months Ended
Jan. 30, 2022
FINANCING RECEIVABLES  
FINANCING RECEIVABLES

(9)  Financing Receivables

The Company monitors the credit quality of financing receivables based on delinquency status. Past due balances of financing receivables still accruing finance income represent the total balance held (principal plus accrued interest) with any payment amounts 30 days or more past the contractual payment due date. Non-performing financing receivables represent receivables for which the Company has ceased accruing finance income. The Company ceases accruing finance income when these receivables are generally 90 days delinquent. Generally, when receivables are 120 days delinquent the estimated uncollectible amount from the customer is written off to the allowance for credit losses. Finance income for non-performing receivables is recognized on a cash basis. Accrual of finance income is generally resumed when the receivable becomes contractually current and collections are reasonably assured.

The credit quality analysis of retail notes, financing leases, and revolving charge accounts (collectively, retail customer receivables) by year of origination was as follows in millions of dollars:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

January 30, 2022

​

​

​

2022

​

2021

​

2020

​

2019

​

2018

​

Prior Years

​

Revolving Charge Accounts

​

Total

​

Retail customer receivables:

 

  

    

 

  

    

 

  

    

 

  

    

 

  

    

 

  

    

 

  

    

 

  

    

 

Agriculture and turf

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Current

​

$

2,492

​

$

11,580

​

$

5,988

​

$

3,038

​

$

1,440

​

$

761

​

$

2,634

​

$

27,933

​

30-59 days past due

​

​

5

​

​

82

​

​

52

​

​

30

​

​

15

​

​

6

​

​

25

​

​

215

​

60-89 days past due

​

​

1

​

​

23

​

​

18

​

​

10

​

​

5

​

​

3

​

​

5

​

​

65

​

90+ days past due

​

​

​

​

​

1

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

1

​

Non-performing

​

​

1

​

​

33

​

​

58

​

​

52

​

​

31

​

​

36

​

​

6

​

​

217

​

Construction and forestry

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Current

​

​

764

​

​

2,795

​

​

1,376

​

​

615

​

​

204

​

​

49

​

​

81

​

​

5,884

​

30-59 days past due

​

​

8

​

​

68

​

​

35

​

​

21

​

​

6

​

​

2

​

​

3

​

​

143

​

60-89 days past due

​

​

​

​

​

30

​

​

17

​

​

7

​

​

3

​

​

1

​

​

1

​

​

59

​

90+ days past due

​

​

​

​

​

2

​

​

3

​

​

3

​

​

1

​

​

8

​

​

​

​

​

17

​

Non-performing

​

​

​

​

​

33

​

​

48

​

​

37

​

​

14

​

​

7

​

​

1

​

​

140

​

Total retail customer receivables

​

$

3,271

​

$

14,647

​

$

7,595

​

$

3,813

​

$

1,719

​

$

873

​

$

2,756

​

$

34,674

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

October 31, 2021

​

​

​

2021

​

2020

​

2019

​

2018

​

2017

​

Prior Years

​

Revolving Charge Accounts

​

Total

​

Retail customer receivables:

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

  

    

 

 

    

​

Agriculture and turf

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Current

​

$

12,877

​

$

6,676

​

$

3,463

​

$

1,738

​

$

728

​

$

211

​

$

3,704

​

$

29,397

​

30-59 days past due

​

​

43

​

​

53

​

​

29

​

​

16

​

​

7

​

​

3

​

​

14

​

​

165

​

60-89 days past due

​

​

16

​

​

23

​

​

12

​

​

6

​

​

3

​

​

1

​

​

4

​

​

65

​

90+ days past due

​

​

​

​

​

1

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

1

​

Non-performing

​

​

23

​

​

57

​

​

53

​

​

32

​

​

17

​

​

23

​

​

7

​

​

212

​

Construction and forestry

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Current

​

​

3,122

​

​

1,575

​

​

754

​

​

273

​

​

57

​

​

7

​

​

92

​

​

5,880

​

30-59 days past due

​

​

50

​

​

40

​

​

27

​

​

7

​

​

4

​

​

1

​

​

3

​

​

132

​

60-89 days past due

​

​

15

​

​

11

​

​

9

​

​

6

​

​

1

​

​

​

​

​

1

​

​

43

​

90+ days past due

​

​

1

​

​

2

​

​

3

​

​

3

​

​

4

​

​

2

​

​

​

​

​

15

​

Non-performing

​

​

26

​

​

56

​

​

39

​

​

17

​

​

7

​

​

3

​

​

​

​

​

148

​

Total retail customer receivables

​

$

16,173

​

$

8,494

​

$

4,389

​

$

2,098

​

$

828

​

$

251

​

$

3,825

​

$

36,058

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

January 31, 2021

​

​

​

2021

​

2020

​

2019

​

2018

​

2017

​

Prior Years

​

Revolving Charge Accounts

​

Total

​

Retail customer receivables:

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

  

    

 

 

    

 

Agriculture and turf

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Current

​

$

2,531

​

$

9,427

​

$

5,129

​

$

2,817

​

$

1,400

​

$

686

​

$

2,564

​

$

24,554

​

30-59 days past due

​

​

4

​

​

65

​

​

49

​

​

30

​

​

13

​

​

7

​

​

27

​

​

195

​

60-89 days past due

​

​

​

​

​

20

​

​

17

​

​

11

​

​

5

​

​

3

​

​

5

​

​

61

​

90+ days past due

​

​

​

​

​

​

​

​

1

​

​

​

​

​

​

​

​

​

​

​

​

​

​

1

​

Non-performing

​

​

​

​

​

40

​

​

78

​

​

57

​

​

36

​

​

46

​

​

7

​

​

264

​

Construction and forestry

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Current

​

​

737

​

​

2,251

​

​

1,276

​

​

573

​

​

164

​

​

39

​

​

77

​

​

5,117

​

30-59 days past due

​

​

5

​

​

53

​

​

32

​

​

17

​

​

6

​

​

1

​

​

3

​

​

117

​

60-89 days past due

​

​

1

​

​

15

​

​

16

​

​

7

​

​

3

​

​

1

​

​

1

​

​

44

​

90+ days past due

​

​

​

​

​

9

​

​

13

​

​

5

​

​

4

​

​

2

​

​

​

​

​

33

​

Non-performing

​

​

​

​

​

26

​

​

34

​

​

26

​

​

14

​

​

8

​

​

1

​

​

109

​

Total retail customer receivables

​

$

3,278

​

$

11,906

​

$

6,645

​

$

3,543

​

$

1,645

​

$

793

​

$

2,685

​

$

30,495

​

​

The credit quality analysis of wholesale receivables by year of origination was as follows in millions of dollars:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

January 30, 2022

​

​

​

2022

​

2021

​

2020

​

2019

​

2018

​

Prior Years

​

Revolving

​

Total

​

Wholesale receivables:

 

  

    

 

  

    

 

  

    

 

  

    

 

  

    

 

  

    

 

  

    

 

  

    

​

Agriculture and turf

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Current

​

$

101

​

$

244

​

$

56

​

$

11

​

$

7

​

$

2

​

$

1,426

​

$

1,847

​

30+ days past due

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Non-performing

​

​

​

​

​

​

​

​

​

​

​

7

​

​

​

​

​

​

​

​

​

​

​

7

​

Construction and forestry

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Current

​

​

5

​

​

38

​

​

4

​

​

3

​

​

​

​

​

1

​

​

285

​

​

336

​

30+ days past due

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

1

​

​

​

​

​

1

​

Non-performing

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Total wholesale receivables

​

$

106

​

$

282

​

$

60

​

$

21

​

$

7

​

$

4

​

$

1,711

​

$

2,191

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

October 31, 2021

​

​

​

2021

​

2020

​

2019

​

2018

​

2017

​

Prior Years

​

Revolving

​

Total

​

Wholesale receivables:

 

  

    

 

  

    

 

  

    

 

  

    

 

  

    

 

  

    

 

  

    

 

  

    

​

Agriculture and turf

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Current

​

$

346

​

$

80

​

$

22

​

$

9

​

$

3

​

​

​

​

$

1,696

​

$

2,156

​

30+ days past due

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Non-performing

​

​

​

​

​

​

​

​

12

​

​

​

​

​

​

​

​

​

​

​

​

​

​

12

​

Construction and forestry

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Current

​

​

41

​

​

7

​

​

7

​

​

​

​

​

1

​

$

1

​

​

340

​

​

397

​

30+ days past due

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

1

​

​

​

​

​

1

​

Non-performing

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Total wholesale receivables

​

$

387

​

$

87

​

$

41

​

$

9

​

$

4

​

$

2

​

$

2,036

​

$

2,566

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

January 31, 2021

​

​

​

2021

​

2020

​

2019

​

2018

​

2017

​

Prior Years

​

Revolving

​

Total

​

Wholesale receivables:

 

  

    

 

  

    

 

  

    

 

  

    

 

  

    

 

  

    

 

  

    

 

  

    

​

Agriculture and turf

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Current

​

$

78

​

$

226

​

$

67

​

$

18

​

$

8

​

$

1

​

$

2,297

​

$

2,695

​

30+ days past due

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Non-performing

​

​

​

​

​

​

​

​

35

​

​

​

​

​

​

​

​

​

​

​

​

​

​

35

​

Construction and forestry

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Current

​

​

3

​

​

11

​

​

20

​

​

2

​

​

1

​

​

2

​

​

315

​

​

354

​

30+ days past due

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

1

​

​

​

​

​

1

​

Non-performing

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Total wholesale receivables

​

$

81

​

$

237

​

$

122

​

$

20

​

$

9

​

$

4

​

$

2,612

​

$

3,085

​

​

An analysis of the allowance for credit losses and investment in financing receivables in millions of dollars during the periods follows:

 

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Three Months Ended January 30, 2022

​

​

​

Retail Notes

​

Revolving

​

​

​

​

​

​

​

​

​

& Financing

​

Charge

​

Wholesale

​

​

​

​

​

​

Leases

​

Accounts

​

Receivables

​

Total

​

Allowance:

    

 

    

    

 

    

    

 

    

    

​

​

 

Beginning of period balance

 

$

138

 

$

21

​

$

7

​

$

166

​

Provision (credit)

​

​

13

​

​

(9)

​

​

(2)

​

​

2

​

Write-offs

​

​

(17)

​

​

(5)

​

​

​

​

​

(22)

​

Recoveries

​

​

4

​

​

8

​

​

​

​

​

12

​

End of period balance

 

$

138

 

$

15

​

$

5

​

$

158

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Financing receivables:

​

​

​

​

​

​

​

​

​

​

​

​

​

End of period balance

 

$

31,918

 

$

2,756

​

$

2,191

​

$

36,865

​

 

 

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Three Months Ended January 31, 2021

 

​

​

Retail Notes

​

Revolving

​

​

​

​

​

​

 

​

​

& Financing

​

Charge

​

Wholesale

​

​

​

 

​

​

Leases

​

Accounts

​

Receivables

​

Total

​

Allowance:

    

​

    

    

​

    

    

​

    

    

​

    

​

Beginning of period balance

​

$

133

 

$

43

​

$

8

​

$

184

​

ASU No. 2016-13 adoption

​

​

44

​

​

(13)

​

​

​

​

​

31

​

Provision (credit)

​

 

5

​

​

(10)

​

​

(1)

​

 

(6)

​

Write-offs

​

 

(8)

​

​

(5)

​

​

​

​

 

(13)

​

Recoveries

​

 

5

​

​

9

​

​

​

​

 

14

​

Translation adjustments

​

 

1

​

​

​

​

​

​

​

 

1

​

End of period balance

​

$

180

​

$

24

​

$

7

​

$

211

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Financing receivables:

​

​

​

​

​

​

​

​

​

​

​

​

​

End of period balance

​

$

27,810

 

$

2,685

​

$

3,085

​

$

33,580

​

​

The allowance for credit losses on financing receivables decreased in the first quarter of 2022 led by a decrease in the revolving charge accounts. This portfolio is benefiting from favorable agricultural market conditions driven by higher commodity prices and net farm income, which is contributing to stronger payment performance.

A troubled debt restructuring is the modification of debt in which a creditor grants a concession it would not otherwise consider to a debtor that is experiencing financial difficulties. These modifications may include a reduction of the stated interest rate, an extension of the maturity dates, a reduction of the face amount or maturity amount of the debt, or a reduction of accrued interest. During the first three months of 2022, the Company identified 108 receivable contracts, primarily retail notes, as troubled debt restructurings with aggregate balances of $5 million pre-modification and $4 million post-modification. During the first three months of 2021, there were 98 receivable contracts, primarily retail notes, identified as troubled debt restructurings with aggregate balances of $5 million pre-modification and post-modification. During these same periods, there were no significant troubled debt restructurings that subsequently defaulted and were written off. At January 30, 2022, the Company had no commitments to lend to borrowers whose accounts were modified in troubled debt restructurings.
v3.22.0.1
SECURITIZATION OF FINANCING RECEIVABLES
 3 Months Ended
Jan. 30, 2022
SECURITIZATION OF FINANCING RECEIVABLES  
SECURITIZATION OF FINANCING RECEIVABLES

(10)  Securitization of Financing Receivables

As a part of its overall funding strategy, the Company periodically transfers certain financing receivables (retail notes) into VIEs that are special purpose entities (SPEs), or non-VIE banking operations, as part of its asset-backed securities programs (securitizations). The structure of these transactions is such that the transfer of the retail notes does not meet the accounting criteria for sales of receivables, and is, therefore, accounted for as a secured borrowing. SPEs utilized in securitizations of retail notes differ from other entities included in the Company’s consolidated statements because the assets they hold are legally isolated. Use of the assets held by the SPEs or the non-VIEs is restricted by terms of the documents governing the securitization transactions.

In these securitizations, the retail notes are transferred to certain SPEs, which in turn issue debt to investors, or to non-VIE banking operations, which provide funding directly to the Company. The funding provided by these third-parties results in secured borrowings, which are recorded as “Short-term securitization borrowings” on the balance sheet. The securitized retail notes are recorded as “Financing receivables securitized – net” on the balance sheet. The total restricted assets on the balance sheet related to these securitizations include the financing receivables securitized, less an allowance for credit losses, and other assets primarily representing restricted cash. Restricted cash results from contractual requirements in securitized borrowing arrangements and serves as a credit enhancement. The restricted cash is used to satisfy payment deficiencies, if any, in the required payments on secured borrowings. The balance of restricted cash is contractually stipulated and is either a fixed amount as determined by the initial balance of the financing receivables securitized or a fixed percentage of the outstanding balance of the securitized financing receivables. The restriction is removed either after all secured borrowing payments are made or proportionally as these receivables are collected and borrowing obligations reduced. For those securitizations in which retail notes are transferred into SPEs, the SPEs supporting the secured borrowings are consolidated unless the Company does not have both the power to direct the activities that most significantly impact the SPEs’ economic performance and the obligation to absorb losses or the right to receive benefits that could potentially be significant to the SPEs. No additional support to these SPEs beyond what was previously contractually required has been provided during the reporting periods.

In certain securitizations, the Company consolidates the SPEs since it has both the power to direct the activities that most significantly impact the SPEs’ economic performance through its role as servicer of all the receivables held by the SPEs and the obligation through variable interests in the SPEs to absorb losses or receive benefits that could potentially be significant to the SPEs. The restricted assets (retail notes securitized, allowance for credit losses, and other assets) of the consolidated SPEs totaled $2,649 million, $3,094 million, and $2,425 million at January 30, 2022, October 31, 2021, and January 31, 2021, respectively. The liabilities (short-term securitization borrowings and accrued interest) of these SPEs totaled $2,575 million, $3,024 million, and $2,403 million at January 30, 2022, October 31, 2021, and January 31, 2021, respectively. The credit holders of these SPEs do not have legal recourse to the Company’s general credit.

The Company has a revolving warehouse facility to utilize bank conduit facilities to securitize retail notes, described further in the following paragraphs. The facility was renewed in November 2021 with an expiration in November 2022 and a reduction of the total capacity or “financing limit” from $2,000 million to $1,000 million. As a result of the reduced capacity, the Company repurchased $511 million of outstanding short-term securitization borrowings in November 2021, in addition to the normal payments collected on the retail notes. At the end of the contractual revolving period, unless the banks and the Company agree to renew, the Company would liquidate the secured borrowings over time as payments on the retail notes are collected.

Through the revolving warehouse facility, the Company transfers retail notes into bank-sponsored, multi-seller, commercial paper conduits, which are SPEs that are not consolidated. The Company does not service a significant portion of the conduits’ receivables, and therefore, does not have the power to direct the activities that most significantly impact the conduits’ economic performance. These conduits provide a funding source to the Company (as well as other transferors into the conduit) as they fund the retail notes through the issuance of commercial paper. The Company’s carrying values and variable interest related to these conduits were restricted assets (retail notes securitized, allowance for credit losses, and other assets) of $767 million, $1,176 million, and $1,120 million at January 30, 2022, October 31, 2021, and January 31, 2021, respectively. The liabilities (short-term securitization borrowings and accrued interest) related to these conduits were $720 million, $1,113 million, and $1,097 million at January 30, 2022, October 31, 2021, and January 31, 2021, respectively.

The Company’s carrying amount of the liabilities to the unconsolidated conduits, compared to the maximum exposure to loss related to these conduits, which would only be incurred in the event of a complete loss on the restricted assets, was as follows in millions of dollars:

 

​

​

​

​

​

​

    

January 30, 2022

 

Carrying value of liabilities

 

$

720

​

Maximum exposure to loss

​

​

767

​

​

The total assets of the unconsolidated conduits related to securitizations were $14 billion at January 30, 2022.

In addition, through the revolving warehouse facility, the Company transfers retail notes to banks, which may elect to fund the retail notes through the use of their own funding sources. These non-VIE banking operations are not consolidated since the Company does not have a controlling interest in them. The Company’s carrying values and interests related to the securitizations with the unconsolidated non-VIEs were restricted assets (retail notes securitized, allowance for credit losses, and other assets) of $200 million, $496 million, and $481 million at January 30, 2022, October 31, 2021, and January 31, 2021, respectively. The liabilities (short-term securitization borrowings and accrued interest) were $188 million, $470 million, and $471 million at January 30, 2022, October 31, 2021, and January 31, 2021, respectively.

The components of consolidated restricted assets related to secured borrowings in securitization transactions follow in millions of dollars:

 

​

​

​

​

​

​

​

​

​

​

​

​

    

January 30

    

October 31

    

January 31

 

​

​

2022

​

2021

​

2021

 

Financing receivables securitized (retail notes)

 

$

3,526

​

$

4,673

​

$

3,946

​

Allowance for credit losses

​

​

(10)

​

 

(14)

​

 

(15)

​

Other assets

​

​

100

​

 

107

​

 

95

​

Total restricted securitized assets

 

$

3,616

​

$

4,766

​

$

4,026

​

The components of consolidated secured borrowings and other liabilities related to securitizations follow in millions of dollars:

 

​

​

​

​

​

​

​

​

​

​

​

​

    

January 30

    

October 31

    

January 31

 

​

​

2022

​

2021

​

2021

 

Short-term securitization borrowings

 

$

3,482

​

$

4,605

​

$

3,969

​

Accrued interest on borrowings

​

​

1

​

 

2

​

 

2

​

Total liabilities related to restricted securitized assets

 

$

3,483

​

$

4,607

​

$

3,971

​

​

The secured borrowings related to these restricted securitized retail notes are obligations that are payable as the retail notes are liquidated. Repayment of the secured borrowings depends primarily on cash flows generated by the restricted assets. Due to the Company’s short-term credit rating, cash collections from these restricted assets are not required to be placed into a segregated collection account until immediately prior to the time payment is required to the secured creditors. At January 30, 2022, the maximum remaining term of all securitized retail notes was approximately six years.
v3.22.0.1
INVENTORIES
 3 Months Ended
Jan. 30, 2022
INVENTORIES  
INVENTORIES

(11)  Inventories

Most inventories owned by Deere & Company and its U.S. equipment subsidiaries are valued at cost on the “last-in, first-out” (LIFO) basis. If all of the Company’s inventories had been valued on a “first-in, first-out” (FIFO) basis, estimated inventories by major classification in millions of dollars would have been as follows:

​

​

​

​

​

​

​

​

​

​

​

​

​

    

January 30

    

October 31

    

January 31

 

​

​

2022

​

2021

​

2021

 

Raw materials and supplies

 

$

4,034

​

$

3,524

​

$

2,303

​

Work-in-process

​

​

1,460

​

 

994

​

 

839

​

Finished goods and parts

​

​

4,790

​

 

4,373

​

 

4,485

​

Total FIFO value

​

​

10,284

​

 

8,891

​

 

7,627

​

Less adjustment to LIFO value

​

​

2,349

​

 

2,110

​

 

1,671

​

Inventories

 

$

7,935

​

$

6,781

​

$

5,956

​

​
v3.22.0.1
GOODWILL AND OTHER INTANGIBLE ASSETS-NET
 3 Months Ended
Jan. 30, 2022
GOODWILL AND OTHER INTANGIBLE ASSETS-NET  
GOODWILL AND OTHER INTANGIBLE ASSETS-NET

(12)  Goodwill and Other Intangible Assets-Net

The changes in amounts of goodwill by operating segment were as follows in millions of dollars:

 

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Production & Precision Ag

​

Small Ag & Turf

​

Construction & Forestry

​

Total

 

Goodwill at November 1, 2020

​

$

333

​

$

268

​

$

2,480

​

$

3,081

​

Acquisition

​

​

12

​

​

​

​

​

​

​

​

12

​

Translation adjustments and other

​

 

12

​

​

(1)

​

​

90

​

 

101

​

Goodwill at January 31, 2021

​

$

357

​

$

267

​

$

2,570

​

$

3,194

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Goodwill at October 31, 2021

​

$

542

​

$

265

​

$

2,484

​

$

3,291

​

Acquisition

​

​

7

​

​

7

​

​

4

​

​

18

​

Translation adjustments and other

​

​

(5)

​

​

(2)

​

​

(110)

​

​

(117)

​

Goodwill at January 30, 2022

​

$

544

​

$

270

​

$

2,378

​

$

3,192

​

There were no accumulated goodwill impairment losses in the reported periods.

The components of other intangible assets were as follows in millions of dollars:

 

​

​

​

​

​

​

​

​

​

​

​

​

    

January 30

    

October 31

    

January 31

 

​

​

2022

​

2021

​

2021

 

Amortized intangible assets:

​

​

​

​

​

​

​

​

​

​

Customer lists and relationships

 

$

526

​

$

542

​

$

553

​

Technology, patents, trademarks, and other

​

​

1,066

​

 

1,104

​

 

1,099

​

Total at cost

​

​

1,592

​

 

1,646

​

 

1,652

​

Less accumulated amortization:

​

​

​

​

​

​

​

​

​

​

Customer lists and relationships

​

​

156

​

​

151

​

​

128

​

Technology, patents, trademarks, and other

​

​

350

​

​

343

​

​

305

​

Total accumulated amortization

​

​

506

​

​

494

​

​

433

​

Amortized intangible assets

​

​

1,086

​

​

1,152

​

​

1,219

​

Unamortized intangible assets:

​

​

​

​

​

​

​

​

​

​

In-process research and development

​

​

123

​

​

123

​

​

123

​

Other intangible assets – net

 

$

1,209

​

$

1,275

​

$

1,342

​

​

The amortization of other intangible assets in the first quarter of 2022 and 2021 was $28 million and $34 million, respectively. The estimated amortization expense for the next five years is as follows in millions of dollars: remainder of 2022 – $84, 2023 – $110, 2024 – $106, 2025 – $102, 2026 – $99, and 2027 – $98.
v3.22.0.1
TOTAL SHORT-TERM BORROWINGS
 3 Months Ended
Jan. 30, 2022
TOTAL SHORT-TERM BORROWINGS  
TOTAL SHORT-TERM BORROWINGS

(13)  Total Short-Term Borrowings

Total short-term borrowings were as follows in millions of dollars:

​

​

​

​

​

​

​

​

​

​

​

​

​

January 30

    

October 31

    

January 31

​

​

    

2022

​

2021

​

2021

​

Equipment Operations

​

​

              

​

​

              

​

​

              

​

Notes payable to banks

​

$

401

​

$

273

​

$

183

​

Finance lease obligations due within one year

​

​

23

​

​

23

​

​

20

​

Long-term borrowings due within one year

​

 

1,092

​

 

1,213

​

 

191

​

Total

​

 

1,516

​

 

1,509

​

 

394

​

Financial Services

​

​

​

​

​

​

​

​

​

​

Commercial paper

​

 

2,135

​

 

2,230

​

 

1,346

​

Notes payable to banks

​

 

118

​

 

63

​

 

143

​

Long-term borrowings due within one year

​

 

7,221

​

 

7,117

​

 

7,341

​

Total

​

 

9,474

​

 

9,410

​

 

8,830

​

Short-term borrowings

​

 

10,990

​

 

10,919

​

 

9,224

​

Short-term securitization borrowings

​

​

              

​

​

              

​

​

              

​

Equipment Operations

​

​

8

​

​

10

​

​

17

​

Financial Services

​

​

3,474

​

​

4,595

​

​

3,952

​

Total

​

​

3,482

​

​

4,605

​

​

3,969

​

Total short-term borrowings

 

$

14,472

 

$

15,524

 

$

13,193

​

​
v3.22.0.1
LONG-TERM BORROWINGS
 3 Months Ended
Jan. 30, 2022
LONG-TERM BORROWINGS  
LONG-TERM BORROWINGS

(14)  Long-Term Borrowings

Long-term borrowings were as follows in millions of dollars. The financial services medium-term notes include fair value adjustments to interest rate swaps.

​

​

​

​

​

​

​

​

​

​

​

​

​

January 30

    

October 31

    

January 31

​

​

  

2022

​

2021

​

2021

​

Equipment Operations

​

​

               

​

​

               

​

​

               

​

U.S. dollar notes and debentures:

​

​

​

​

​

​

​

​

​

​

2.60% notes due 2022

​

​

​

​

 

​

​

$

1,000

​

2.75% notes due 2025

​

$

700

​

$

700

​

​

700

​

6.55% debentures due 2028

​

 

200

​

 

200

​

 

200

​

5.375% notes due 2029

​

 

500

​

 

500

​

 

500

​

3.10% notes due 2030

​

​

700

​

​

700

​

​

700

​

8.10% debentures due 2030

​

 

250

​

 

250

​

 

250

​

7.125% notes due 2031

​

 

300

​

 

300

​

 

300

​

3.90% notes due 2042

​

 

1,250

​

 

1,250

​

 

1,250

​

2.875% notes due 2049

​

​

500

​

​

500

​

​

500

​

3.75% notes due 2050

​

​

850

​

​

850

​

​

850

​

Euro notes:

​

​

​

​

​

​

​

​

​

​

.5% notes due 2023 (€500 principal)

​

​

557

​

​

584

​

​

606

​

1.375% notes due 2024 (€800 principal)

​

​

891

​

​

934

​

​

970

​

1.85% notes due 2028 (€600 principal)

​

​

669

​

​

701

​

​

727

​

2.20% notes due 2032 (€600 principal)

​

​

669

​

​

701

​

​

727

​

1.65% notes due 2039 (€650 principal)

​

​

724

​

​

759

​

​

788

​

Finance lease obligations and other notes

​

 

52

​

 

40

​

 

131

​

Less debt issuance costs and debt discounts

​

​

(52)

​

​

(54)

​

​

(60)

​

Total

 

​

8,760

 

​

8,915

 

​

10,139

​

Financial Services

  

​

​

  

​

​

  

​

​

​

Notes and debentures:

​

​

​

​

​

​

​

​

​

​

Medium-term notes: (principal as of: January 30, 2022 - $22,896, October 31, 2021 - $22,647, January 31, 2021 - $20,978)

 

​

22,947

​

​

22,899

​

​

21,549

​

Other notes

​

 

1,194

​

 

1,138

​

 

1,141

​

Less debt issuance costs and debt discounts

​

​

(63)

​

​

(64)

​

​

(57)

​

Total

​

 

24,078

​

 

23,973

​

 

22,633

​

Long-term borrowings

 

$

32,838

​

$

32,888

​

$

32,772

​

​
v3.22.0.1
LEASES
 3 Months Ended
Jan. 30, 2022
LEASES  
LEASES

(15)  Leases

Lessee

Operating and finance lease right of use assets and liabilities follow in millions of dollars:

​

​

​

​

​

​

​

​

​

​

​

​

​

January 30

​

October 31

​

January 31

​

​

​

2022

​

2021

​

2021

​

Operating leases:

​

​

​

​

​

​

​

​

​

​

Other assets

​

$

276

​

$

291

​

$

327

​

Accounts payable and accrued expenses

​

​

267

​

​

279

​

​

315

​

​

​

​

​

​

​

​

​

​

​

​

Finance leases:

​

​

​

​

​

​

​

​

​

​

Property and equipment – net

​

$

65

​

$

71

​

$

57

​

​

​

​

​

​

​

​

​

​

​

​

Short-term borrowings

​

​

23

​

​

23

​

​

20

​

Long-term borrowings

​

​

32

​

​

38

​

​

36

​

Total finance lease liabilities

​

$

55

​

$

61

​

$

56

​

​

Lessor

The Company leases equipment manufactured or sold by the Company and a limited amount of non-John Deere equipment to retail customers through sales-type, direct financing, and operating leases. Sales-type and direct financing leases are reported in “Financing receivables – net” on the consolidated balance sheet, while operating leases are reported in “Equipment on operating leases – net.”

Lease revenues earned by the Company were as follows in millions of dollars:

​

​

​

​

​

​

​

​

​

​

Three Months Ended

​

​

​

January 30, 2022

​

January 31, 2021

​

Sales-type and direct finance lease revenues

​

$

39

​

$

36

​

Operating lease revenues

​

​

336

​

​

363

​

Variable lease revenues

​

​

7

​

​

6

​

Total lease revenues

​

$

382

​

$

405

​

​

 
v3.22.0.1
COMMITMENTS AND CONTINGENCIES
 3 Months Ended
Jan. 30, 2022
COMMITMENTS AND CONTINGENCIES  
COMMITMENTS AND CONTINGENCIES

(16)  Commitments and Contingencies

The Company generally determines its total warranty liability by applying historical claims rate experience to the estimated amount of equipment that has been sold and is still under warranty based on dealer inventories and retail sales. The historical claims rate is primarily determined by a review of five-year claims costs and current quality developments.

The premiums for extended warranties are recognized in income in proportion to the costs expected to be incurred over the contract period. These unamortized extended warranty premiums (deferred revenue) included in the following table totaled $781 million and $656 million at January 30, 2022 and January 31, 2021, respectively.

A reconciliation of the changes in the warranty liability and unearned premiums in millions of dollars follows:

 

​

​

​

​

​

​

​

​

​

​

Three Months Ended 

 

​

​

January 30

​

January 31

 

​

​

2022

​

2021

 

Beginning of period balance

    

$

2,086

    

$

1,743

​

Payments

​

​

(193)

​

 

(215)

​

Amortization of premiums received

​

​

(66)

​

 

(63)

​

Accruals for warranties

​

​

181

​

 

247

​

Premiums received

​

​

83

​

 

73

​

Foreign exchange

​

​

(27)

​

 

18

​

End of period balance

​

$

2,064

​

$

1,803

​

​

At January 30, 2022, the Company had $374 million of guarantees issued primarily to banks outside the U.S. and Canada related to third-party receivables for the retail financing of John Deere equipment. The Company

may recover a portion of any required payments incurred under these agreements from repossession of the equipment collateralizing the receivables. At January 30, 2022, the Company had accrued losses of $5 million under these agreements. The maximum remaining term of the receivables guaranteed at January 30, 2022 was approximately six years.

At January 30, 2022, the Company had commitments of $323 million for the construction and acquisition of property and equipment. Also, at January 30, 2022, the Company had restricted assets of $64 million, classified as “Other assets.” See Note 10 for additional restricted assets associated with borrowings related to securitizations.

The Company also had other miscellaneous contingent liabilities totaling approximately $85 million at January 30, 2022. The accrued liability for these contingencies was not material at January 30, 2022.

The Company is subject to various unresolved legal actions which arise in the normal course of its business, the most prevalent of which relate to product liability (including asbestos-related liability), retail credit, employment, patent, and trademark matters. The Company believes the reasonably possible range of losses for these unresolved legal actions would not have a material effect on its consolidated financial statements.
v3.22.0.1
FAIR VALUE MEASUREMENTS
 3 Months Ended
Jan. 30, 2022
FAIR VALUE MEASUREMENTS  
FAIR VALUE MEASUREMENTS

(17)  Fair Value Measurements

Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. To determine fair value, the Company uses various methods, including market and income approaches. The Company utilizes valuation models and techniques that maximize the use of observable inputs. The models are industry-standard models that consider various assumptions, including time values and yield curves as well as other economic measures. These valuation techniques are consistently applied.

Level 1 measurements consist of quoted prices in active markets for identical assets or liabilities. Level 2 measurements include significant other observable inputs, such as quoted prices for similar assets or liabilities in active markets; identical assets or liabilities in inactive markets; observable inputs such as interest rates and yield curves; and other market-corroborated inputs. Level 3 measurements include significant unobservable inputs.

The fair values of financial instruments that do not approximate the carrying values were as follows in millions of dollars. Long-term borrowings exclude finance lease liabilities (see Note 15).

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

January 30, 2022

​

October 31, 2021

​

January 31, 2021

 

​

​

Carrying
Value

​

Fair

Value

​

Carrying
Value

​

Fair

Value

​

Carrying
Value

​

Fair

Value

 

Financing receivables – net:

   

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Equipment operations

​

$

56

   

$

48

   

$

73

   

$

68

   

$

103

   

$

100

​

Financial services

​

​

33,135

​

​

32,985

​

​

33,726

​

​

33,650

​

​

29,335

​

​

29,591

​

Total

​

$

33,191

​

$

33,033

​

$

33,799

​

$

33,718

​

$

29,438

​

$

29,691

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Financing receivables
securitized – net:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Equipment operations

​

$

9

​

$

9

​

$

10

​

$

10

​

$

18

​

$

17

​

Financial services

​

​

3,507

​

​

3,521

​

​

4,649

​

​

4,694

​

​

3,913

​

​

4,002

​

Total

​

$

3,516

​

$

3,530

​

$

4,659

​

$

4,704

​

$

3,931

​

$

4,019

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Short-term securitization borrowings:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Equipment operations

​

$

8

​

$

9

​

$

10

​

$

10

​

$

17

​

$

17

​

Financial services

​

​

3,474

​

​

3,459

​

​

4,595

​

​

4,600

​

​

3,952

​

​

3,986

​

Total

​

$

3,482

​

$

3,468

​

$

4,605

​

$

4,610

​

$

3,969

​

$

4,003

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Long-term borrowings due within one year:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Equipment operations

​

$

1,092

​

$

1,096

​

$

1,213

 

$

1,222

​

$

191

​

$

198

​

Financial services

​

​

7,221

​

​

7,226

​

 

7,117

​

 

7,142

​

 

7,341

​

​

7,424

​

Total

​

$

8,313

​

$

8,322

​

$

8,330

​

$

8,364

​

$

7,532

​

$

7,622

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Long-term borrowings:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Equipment operations

​

$

8,728

​

$

9,724

​

$

8,877

 

$

10,244

​

$

10,103

​

$

11,813

​

Financial services

​

​

24,078

​

​

24,119

​

 

23,973

​

 

24,262

​

 

22,633

​

​

23,219

​

Total

​

$

32,806

​

$

33,843

​

$

32,850

​

$

34,506

​

$

32,736

​

$

35,032

​

Fair value measurements above were Level 3 for all financing receivables, Level 3 for equipment operations short-term securitization borrowings, and Level 2 for all other borrowings.

Fair values of the financing receivables that were issued long-term were based on the discounted values of their related cash flows at interest rates currently being offered by the Company for similar financing receivables. The fair values of the remaining financing receivables approximated the carrying amounts.

Fair values of long-term borrowings and short-term securitization borrowings were based on current market quotes for identical or similar borrowings and credit risk, or on the discounted values of their related cash flows at current market interest rates. Certain long-term borrowings have been swapped to current variable interest rates. The carrying values of these long-term borrowings included adjustments related to fair value hedges.

Assets and liabilities measured at fair value on a recurring basis in millions of dollars follow, excluding the Company’s cash equivalents, which were carried at cost that approximates fair value and consisted primarily of money market funds and time deposits.

​

​

​

​

​

​

​

​

​

​

​

​

​

    

January 30

    

October 31

    

January 31

 

​

​

2022

​

2021

​

2021

 

Level 1:

​

​

​

​

​

​

​

​

​

​

Marketable securities

 

​

​

​

​

​

​

​

​

​

International equity securities

​

$

2

​

$

2

​

$

2

​

U.S. equity fund

​

​

72

​

​

75

​

​

70

​

U.S. government debt securities

​

​

63

​

 

59

​

 

60

​

Total Level 1 marketable securities

​

​

137

​

​

136

​

​

132

​

​

​

​

​

​

​

​

​

​

​

​

Level 2:

​

​

​

​

​

​

​

​

​

​

Marketable securities

​

​

​

​

​

​

​

​

​

​

U.S. government debt securities

​

​

138

​

​

139

​

​

119

​

Municipal debt securities

​

​

74

​

 

73

​

 

71

​

Corporate debt securities

​

​

229

​

 

224

​

 

197

​

International debt securities

​

​

2

​

​

2

​

​

8

​

Mortgage-backed securities*

​

​

155

​

 

154

​

 

140

​

Total Level 2 marketable securities

​

​

598

​

 

592

​

 

535

​

Other assets

​

​

​

​

​

​

​

​

​

​

Derivatives:

​

​

​

​

​

​

​

​

​

​

Interest rate contracts

​

​

184

​

 

239

​

 

568

​

Foreign exchange contracts

​

​

91

​

 

31

​

 

34

​

Cross-currency interest rate contracts

​

​

24

​

 

5

​

 

3

​

Total Level 2 other assets

 

​

299

​

​

275

​

​

605

​

Accounts payable and accrued expenses

​

​

​

​

​

​

​

​

​

​

Derivatives:

​

​

​

​

​

​

​

​

​

​

Interest rate contracts

 

​

212

​

​

132

​

​

97

​

Foreign exchange contracts

​

​

64

​

 

94

​

 

76

​

Cross-currency interest rate contracts

​

​

​

​

​

2

​

​

2

​

Total Level 2 accounts payable and accrued expenses

​

​

276

​

​

228

​

​

175

​

*  Primarily issued by U.S. government sponsored enterprises.

The contractual maturities of debt securities at January 30, 2022 in millions of dollars are shown below. Actual maturities may differ from contractual maturities because some securities may be called or prepaid. Because of the potential for prepayment on mortgage-backed securities, they are not categorized by contractual maturity.

 

​

​

​

​

​

​

​

​

​

​

Amortized

​

Fair

​

​

​

Cost

​

Value

​

Due in one year or less

 

$

29

​

$

29

​

Due after one through five years

​

​

87

​

​

88

​

Due after five through 10 years

​

​

161

​

​

159

​

Due after 10 years

​

​

231

​

​

230

​

Mortgage-backed securities

​

​

158

​

​

155

​

Debt securities

 

$

666

 

$

661

​

​

Fair value, nonrecurring Level 3 measurements from impairments, excluding financing receivables with specific allowances which were not significant, were as follows in millions of dollars. Property and equipment – net and Other assets fair value for October 31, 2021 represents the fair value assessment at January 31, 2021.

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Fair Value

​

Losses

​

​

​

​

​

​

​

​

​

​

​

​

Three Months Ended 

​

​

​

January 30

​

October 31

​

January 31

​

January 30

​

January 31

​

​

  

2022

  

2021

  

2021

  

2022

​

2021

 

Property and equipment – net

​

​

​

​

$

41

​

$

41

​

​

​

​

$

44

​

Other assets

​

​

​

​

$

1

​

$

1

​

​

​

​

$

6

​

​

The following is a description of the valuation methodologies the Company uses to measure certain balance sheet items at fair value:

Marketable securities – The portfolio of investments is primarily valued on a market approach (matrix pricing model) in which all significant inputs are observable or can be derived from or corroborated by observable market data such as interest rates, yield curves, volatilities, credit risk, and prepayment speeds. Funds are primarily valued using the fund’s net asset value, based on the fair value of the underlying securities.

Derivatives – The Company’s derivative financial instruments consist of interest rate contracts (swaps), foreign currency exchange contracts (futures, forwards, and swaps), and cross-currency interest rate contracts (swaps). The portfolio is valued based on an income approach (discounted cash flow) using market observable inputs, including swap curves and both forward and spot exchange rates for currencies.

Financing receivables – Specific reserve impairments are based on the fair value of the collateral, which is measured using a market approach (appraisal values or realizable values). Inputs include a selection of realizable values.

Property and equipment - net – Impairments are recognized if fair value is lower than the carrying amount. The valuations were based on cost and market approaches. The inputs include replacement cost estimates adjusted for physical deterioration and economic obsolescence or quoted prices when available (see Note 20).

Other assets – The impairments were measured at the fair value of the right of use operating lease asset.
v3.22.0.1
DERIVATIVE INSTRUMENTS
 3 Months Ended
Jan. 30, 2022
DERIVATIVE INSTRUMENTS  
DERIVATIVE INSTRUMENTS

(18)  Derivative Instruments

It is the Company’s policy that derivative transactions are executed only to manage exposures arising in the normal course of business and not for the purpose of creating speculative positions or trading. The Company’s financial services operations manage the relationship of the types and amounts of their funding sources to their receivable and lease portfolio in an effort to diminish risk due to interest rate and foreign currency fluctuations, while responding to favorable financing opportunities. The Company also has foreign currency exposures at some of its foreign and domestic operations related to buying, selling, and financing in currencies other than the functional currencies. In addition, the Company has interest rate and foreign currency exposures at certain equipment operations units for sales incentive programs.

All derivatives are recorded at fair value on the balance sheet. Cash collateral received or paid is not offset against the derivative fair values on the balance sheet. The cash flows from these contracts were recorded in operating activities in the statement of consolidated cash flows. Each derivative is designated as a cash flow hedge, a fair value hedge, or remains undesignated. All designated hedges are formally documented as to the relationship with the hedged item as well as the risk-management strategy. Both at inception and on an ongoing basis the hedging instrument is assessed as to its effectiveness. If and when a derivative is determined not to be highly effective as a hedge, the underlying hedged transaction is no longer likely to occur, the hedge designation is removed, or the derivative is terminated, hedge accounting is discontinued.

Cash Flow Hedges

Certain interest rate contracts (swaps) were designated as hedges of future cash flows from borrowings. The total notional amounts of the receive-variable/pay-fixed interest rate contracts at January 30, 2022, October 31, 2021, and January 31, 2021 were $2,700 million, $2,700 million, and $2,350 million, respectively. Fair value gains or losses on cash flow hedges were recorded in other comprehensive income (OCI) and are subsequently reclassified into interest expense in the same periods during which the hedged transactions affected earnings. These amounts offset the effects of interest rate changes on the related borrowings.

The amount of loss recorded in OCI at January 30, 2022 that is expected to be reclassified to interest expense or other operating expenses in the next twelve months if interest rates or exchange rates remain unchanged is $4 million after-tax. No gains or losses were reclassified from OCI to earnings based on the probability that the original forecasted transaction would not occur.

Fair Value Hedges

Certain interest rate contracts (swaps) were designated as fair value hedges of borrowings. The total notional amounts of the receive-fixed/pay-variable interest rate contracts at January 30, 2022, October 31, 2021, and

January 31, 2021 were $8,307 million, $8,043 million, and $8,333 million, respectively. The fair value gains or losses on these contracts were generally offset by fair value gains or losses on the hedged items (fixed-rate borrowings) with both items recorded in interest expense.

The amounts recorded in the consolidated balance sheet related to borrowings designated in fair value hedging relationships in millions of dollars follow:

 

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Cumulative Increase (Decrease) of Fair

 

​

​

​

​

​

Value Hedging Adjustments Included in

​

​

​

​

​

​

the Carrying Amount

​

​

​

Carrying

​

Active

​

​

​

​

​

​

​

​

​

Amount of

​

Hedging

​

Discontinued

​

​

​

 

​

​

Hedged Item

​

Relationships

​

Relationships

​

Total

 

January 30, 2022

​

​

​

​

​

​

​

​

​

​

​

​

​

Long-term borrowings due within one year

  

$

185

  

$

2

  

$

8

  

$

10

​

Long-term borrowings

​

​

8,147

​

​

(130)

​

​

181

​

​

51

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

October 31, 2021

​

​

​

​

​

​

​

​

​

​

​

​

​

Long-term borrowings due within one year

​

$

189

​

$

3

​

$

(2)

​

$

1

​

Long-term borrowings

​

​

8,070

​

​

29

​

​

223

​

​

252

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

January 31, 2021

​

​

​

​

​

​

​

​

​

​

​

​

​

Long-term borrowings due within one year

​

$

159

  

$

2

  

$

1

  

$

3

​

Long-term borrowings

​

​

8,713

​

​

435

​

​

137

​

​

572

​

Long-term borrowings due within one year are presented in short-term borrowings.

Derivatives not designated as hedging instruments

The Company has certain interest rate contracts (swaps), foreign currency exchange contracts (futures, forwards, and swaps), and cross-currency interest rate contracts (swaps), which were not formally designated as hedges. These derivatives were held as economic hedges for underlying interest rate or foreign currency exposures, primarily for certain borrowings, purchases or sales of inventory, and sales incentive programs. The total notional amounts of these interest rate swaps at January 30, 2022, October 31, 2021, and January 31, 2021 were $10,210 million, $10,848 million, and $8,801 million, the foreign exchange contracts were $7,864 million, $7,584 million, and $5,478 million, and the cross-currency interest rate contracts were $303 million, $238 million, and $145 million, respectively. The fair value gains or losses from derivatives not designated as hedging instruments were recorded in the statement of consolidated income, generally offsetting over time the exposure on the hedged item.

Fair values of derivative instruments in the condensed consolidated balance sheet in millions of dollars follow:

 

​

​

​

​

​

​

​

​

​

​

​

​

    

January 30

    

October 31

    

January 31

 

Other Assets

​

2022

​

2021

​

2021

 

Designated as hedging instruments:

​

​

​

​

​

​

​

​

​

​

Interest rate contracts

 

$

102

​

$

166

​

$

491

​

 

​

​

​

​

​

​

​

​

​

​

Not designated as hedging instruments:

​

​

​

​

​

​

​

​

​

​

Interest rate contracts

​

​

82

​

 

73

​

 

77

​

Foreign exchange contracts

​

​

91

​

 

31

​

 

34

​

Cross-currency interest rate contracts

​

​

24

​

 

5

​

 

3

​

Total not designated

​

​

197

​

 

109

​

 

114

​

 

​

​

​

​

​

​

​

​

​

​

Total derivative assets

 

$

299

​

$

275

​

$

605

​

 

​

​

​

​

​

​

​

​

​

​

Accounts Payable and Accrued Expenses

​

​

​

​

​

​

​

​

​

​

Designated as hedging instruments:

​

​

​

​

​

​

​

​

​

​

Interest rate contracts

 

$

185

​

$

99

​

$

31

​

 

​

​

​

​

​

​

​

​

​

​

Not designated as hedging instruments:

​

​

​

​

​

​

​

​

​

​

Interest rate contracts

​

​

27

​

​

33

​

​

66

​

Foreign exchange contracts

​

​

64

​

 

94

​

 

76

​

Cross-currency interest rate contracts

​

​

​

​

 

2

​

 

2

​

Total not designated

​

​

91

​

 

129

​

 

144

​

 

​

​

​

​

​

​

​

​

​

​

Total derivative liabilities

 

$

276

​

$

228

​

$

175

​

​

The classification and gains (losses) including accrued interest expense related to derivative instruments on the statement of consolidated income consisted of the following in millions of dollars:

​

​

​

​

​

​

​

​

​

​

​

Three Months Ended 

 

​

​

January 30

​

January 31

 

​

​

2022

​

2021

 

Fair Value Hedges:

    

 

    

    

​

​

 

Interest rate contracts - Interest expense

 

$

(141)

​

$

(55)

​

 

​

​

​

​

​

​

​

Cash Flow Hedges:

​

​

​

​

​

​

​

Recognized in OCI

​

​

​

​

​

​

​

Interest rate contracts - OCI (pretax)

 

​

15

​

 

​

​

 

​

​

​

​

​

​

​

Reclassified from OCI

​

​

​

​

​

​

​

Interest rate contracts - Interest expense

 

​

(2)

​

 

(5)

​

 

​

​

​

​

​

​

​

Not Designated as Hedges:

​

​

​

​

​

​

​

Interest rate contracts - Net sales

​

$

13

​

​

​

​

Interest rate contracts - Interest expense *

 

​

(1)

​

$

(4)

​

Foreign exchange contracts - Cost of sales

 

​

(1)

​

 

(52)

​

Foreign exchange contracts - Other operating expenses *

 

​

147

​

 

(126)

​

Total not designated

​

$

158

​

$

(182)

​

* Includes interest and foreign exchange gains (losses) from cross-currency interest rate contracts.

Counterparty Risk and Collateral

Derivative instruments are subject to significant concentrations of credit risk to the banking sector. The Company manages individual counterparty exposure by setting limits that consider the credit rating of the counterparty, the credit default swap spread of the counterparty, and other financial commitments and exposures between the Company and the counterparty banks. All interest rate derivatives are transacted under International Swaps and Derivatives Association (ISDA) documentation. Some of these agreements include credit support provisions. Each master agreement permits the net settlement of amounts owed in the event of default or termination.

Certain of the Company’s derivative agreements contain credit support provisions that may require the Company to post collateral based on the size of the net liability positions and credit ratings. The aggregate fair value of all derivatives with credit-risk-related contingent features that were in a net liability position at January 30, 2022, October 31, 2021, and January 31, 2021 was $213 million, $135 million, and $99 million, respectively. In accordance with the limits established in these agreements, the Company posted $18 million of cash collateral at January 30, 2022. The Company posted no cash collateral in accordance with the limits established in those agreements at either October 31, 2021 or January 31, 2021. In addition, the Company paid $8 million of collateral either in cash or pledged securities that was outstanding at January 30, 2022, October 31, 2021, and January 31, 2021 to participate in an international futures market to hedge currency exposure, not included in the table below.

Derivatives are recorded without offsetting for netting arrangements or collateral. The impact on the derivative assets and liabilities related to netting arrangements and any collateral received or paid in millions of dollars follows:

 

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Gross Amounts

​

Netting

​

​

​

​

​

 

January 30, 2022

    

Recognized

    

Arrangements

    

Collateral

    

Net Amount

 

Assets

 

$

299

 

$

(91)

 

​

​

 

$

208

​

Liabilities

​

​

276

​

​

(91)

​

$

(19)

​

​

166

​

 

 

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Gross Amounts

​

Netting

​

​

​

​

​

 

October 31, 2021

    

Recognized

    

Arrangements

    

Collateral

    

Net Amount

 

Assets

​

$

275

 

$

(105)

 

​

​

 

$

170

​

Liabilities

​

​

228

​

 

(105)

​

$

(5)

​

​

118

​

 

 

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

    

Gross Amounts

    

Netting

    

​

    

​

​

 

January 31, 2021

​

Recognized

​

Arrangements

​

Collateral

​

Net Amount

 

Assets

​

$

605

​

$

(106)

​

$

(186)

​

$

313

​

Liabilities

​

 

175

​

 

(106)

​

​

​

​

 

69

​

​
v3.22.0.1
STOCK OPTION AND RESTRICTED STOCK AWARDS
 3 Months Ended
Jan. 30, 2022
STOCK OPTION AND RESTRICTED STOCK AWARDS  
STOCK OPTION AND RESTRICTED STOCK AWARDS

(19)  Stock Option and Restricted Stock Awards

In December 2021, the Company granted stock options to employees for the purchase of 197 thousand shares of common stock at an exercise price of $343.94 per share and a binomial lattice model fair value of $89.20 per share at the grant date. At January 30, 2022, options for 2.6 million shares were outstanding with a weighted-average exercise price of $145.37 per share. The Company also granted 154 thousand restricted stock units to employees in the first three months of 2022, of which 117 thousand are subject to service based only conditions and 37 thousand are subject to performance/service based conditions. The weighted-average fair value of the service based only units at the grant date was $344.11 per unit based on the market price of a share of underlying common stock. The fair value of the performance/service based units at the grant date was $331.47 per unit based on the market price of a share of underlying common stock excluding dividends. At January 30, 2022, the Company was authorized to grant awards for an additional 17.1 million shares under the equity incentive plan.
v3.22.0.1
SPECIAL ITEMS
 3 Months Ended
Jan. 30, 2022
SPECIAL ITEMS  
SPECIAL ITEMS

(20)  Special Items

On November 17, 2021, employees represented by the 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 includes 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 Company remeasured the U.S. hourly pension plan as of November 30, 2021 due to the new collective bargaining agreement. See Note 7 for more information on the U.S. hourly plan remeasurement.

During the first quarter of 2021, the fixed assets in an asphalt plant factory in Germany were impaired by $38 million, pretax and after-tax. The Company also continued to assess its manufacturing locations, resulting in additional long-lived asset impairments of $12 million pretax. The impairments were the result of a decline in forecasted financial performance that indicated it was probable future cash flows would not cover the carrying amount of the net assets. These impairments were offset by a favorable indirect tax ruling in Brazil of $58 million pretax.

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Production & Precision Ag

 

Small Ag & Turf

 

Construction & Forestry

 

Total

​

2022 Expense:

​

​

​

​

​

​

​

​

​

​

​

​

​

UAW ratification bonus – Cost of sales

​

$

53

​

$

9

​

$

28

​

$

90

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

2021 Expense (benefit):

​

​

​

​

​

​

​

​

​

​

​

​

​

Long-lived asset impairments – Cost of sales

​

$

5

​

$

3

​

$

42

​

$

50

​

Brazil indirect tax – Cost of sales

​

​

(53)

​

​

​

​

​

(5)

​

​

(58)

​

Total expense (benefit)

​

$

(48)

​

$

3

​

$

37

​

$

(8)

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Quarter over quarter change

​

$

101

​

$

6

​

$

(9)

​

$

98

​

​

See Note 17 for fair value measurement information.
v3.22.0.1
SUBSEQUENT EVENTS
 3 Months Ended
Jan. 30, 2022
SUBSEQUENT EVENTS  
SUBSEQUENT EVENTS

(21)  Subsequent Events

On February 7, 2022, the Company acquired a majority ownership in Kreisel Electric, Inc. (Kreisel), a battery technology provider based in Austria. The transaction includes an option to purchase the remaining ownership interest in Kreisel in 2027. The initial cash outlay was €239 million, consisting of €221 million in consideration for the acquired equity interests and €18 million to reduce the option price. The payment was financed from cash on hand, and will primarily be allocated to intangible assets and goodwill. Kreisel will be allocated amongst the Company’s production and precision agriculture, small agriculture and turf, and construction and forestry segments.

On February 23, 2022, the Company’s Board of Directors declared a quarterly dividend of $1.05 per share payable May 9, 2022, to stockholders of record on March 31, 2022.

​
v3.22.0.1
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES AND NEW ACCOUNTING STANDARDS (Policies)
 3 Months Ended
Jan. 30, 2022
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES AND NEW ACCOUNTING STANDARDS  
Fiscal Period, Policy

The Company uses a 52/53 week fiscal year with quarters ending on the last Sunday in the reporting period. The first quarter ends for fiscal year 2022 and 2021 were January 30, 2022 and January 31, 2021, respectively. Both periods contained 13 weeks. Unless otherwise stated, references to particular years or quarters refer to the Company’s fiscal years generally ending in October and the associated periods in those fiscal years.
Use of Estimates in Financial Statements

The preparation of financial statements in conformity with accounting principles generally accepted in the U.S. requires management to make estimates and assumptions that affect the reported amounts and related disclosures. Actual results could differ from those estimates.

Financing Receivables - Non-Performing, Policy

The Company monitors the credit quality of financing receivables based on delinquency status. Past due balances of financing receivables still accruing finance income represent the total balance held (principal plus accrued interest) with any payment amounts 30 days or more past the contractual payment due date. Non-performing financing receivables represent receivables for which the Company has ceased accruing finance income. The Company ceases accruing finance income when these receivables are generally 90 days delinquent. Generally, when receivables are 120 days delinquent the estimated uncollectible amount from the customer is written off to the allowance for credit losses. Finance income for non-performing receivables is recognized on a cash basis. Accrual of finance income is generally resumed when the receivable becomes contractually current and collections are reasonably assured.

Troubled Debt Restructuring, Policy A troubled debt restructuring is the modification of debt in which a creditor grants a concession it would not otherwise consider to a debtor that is experiencing financial difficulties. These modifications may include a reduction of the stated interest rate, an extension of the maturity dates, a reduction of the face amount or maturity amount of the debt, or a reduction of accrued interest.
Inventory Valuation, Policy Most inventories owned by Deere & Company and its U.S. equipment subsidiaries are valued at cost on the “last-in, first-out” (LIFO) basis.
Product Warranties

The Company generally determines its total warranty liability by applying historical claims rate experience to the estimated amount of equipment that has been sold and is still under warranty based on dealer inventories and retail sales. The historical claims rate is primarily determined by a review of five-year claims costs and current quality developments.
Extended Product Warranty, Policy The premiums for extended warranties are recognized in income in proportion to the costs expected to be incurred over the contract period.
Fair Value of Financial Instruments, Policy

Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. To determine fair value, the Company uses various methods, including market and income approaches. The Company utilizes valuation models and techniques that maximize the use of observable inputs. The models are industry-standard models that consider various assumptions, including time values and yield curves as well as other economic measures. These valuation techniques are consistently applied.
Derivative Financial Instruments

It is the Company’s policy that derivative transactions are executed only to manage exposures arising in the normal course of business and not for the purpose of creating speculative positions or trading. The Company’s financial services operations manage the relationship of the types and amounts of their funding sources to their receivable and lease portfolio in an effort to diminish risk due to interest rate and foreign currency fluctuations, while responding to favorable financing opportunities. The Company also has foreign currency exposures at some of its foreign and domestic operations related to buying, selling, and financing in currencies other than the functional currencies. In addition, the Company has interest rate and foreign currency exposures at certain equipment operations units for sales incentive programs.

All derivatives are recorded at fair value on the balance sheet. Cash collateral received or paid is not offset against the derivative fair values on the balance sheet. The cash flows from these contracts were recorded in operating activities in the statement of consolidated cash flows. Each derivative is designated as a cash flow hedge, a fair value hedge, or remains undesignated. All designated hedges are formally documented as to the relationship with the hedged item as well as the risk-management strategy. Both at inception and on an ongoing basis the hedging instrument is assessed as to its effectiveness. If and when a derivative is determined not to be highly effective as a hedge, the underlying hedged transaction is no longer likely to occur, the hedge designation is removed, or the derivative is terminated, hedge accounting is discontinued.

v3.22.0.1
CASH FLOW INFORMATION (Tables)
 3 Months Ended
Jan. 30, 2022
CASH FLOW INFORMATION  
Restricted Cash Held

The Company’s restricted cash was as follows in millions of dollars:

​

​

​

​

​

​

​

​

​

​

​

​

​

January 30

​

October 31

​

January 31

​

​

​

2022

​

2021

​

2021

​

Equipment operations

​

$

12

​

$

12

​

$

11

​

Financial services

​

​

85

​

​

96

​

​

91

​

Total

​

$

97

​

$

108

​

$

102

​
v3.22.0.1
REVENUE RECOGNITION (Tables)
 3 Months Ended
Jan. 30, 2022
REVENUE RECOGNITION  
Schedule of 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 January 30, 2022

​

​

​

Production & Precision Ag

​

Small Ag & Turf

​

Construction & Forestry

​

Financial Services

​

Total

​

Primary geographic markets:

​

​

​

​

​

​

 

​

​

 

​

             

 

​

            

​

United States

​

$

1,608

​

$

1,438

​

$

1,260

​

$

573

​

$

4,879

​

Canada

​

​

139

​

​

122

​

​

332

​

 

152

​

 

745

​

Western Europe

​

​

467

​

​

532

​

​

358

​

 

26

​

 

1,383

​

Central Europe and CIS

​

​

202

​

​

126

​

​

195

​

 

11

​

 

534

​

Latin America

​

​

776

​

​

104

​

​

228

​

 

68

​

 

1,176

​

Asia, Africa, Australia, New Zealand, and Middle East

​

​

241

​

​

352

​

​

219

​

​

40

​

​

852

​

Total

​

$

3,433

​

$

2,674

​

$

2,592

​

$

870

​

$

9,569

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Major product lines:

​

​

​

​

​

​

​

​

​

​

​

             

​

​

            

​

Production agriculture

​

$

3,283

​

​

​

​

​

​

​

​

​

​

$

3,283

​

Small agriculture

​

​

​

​

$

1,932

​

​

​

​

 

​

​

 

1,932

​

Turf

​

​

​

​

​

627

​

​

​

​

 

​

​

 

627

​

Construction

​

​

​

​

​

​

​

$

1,175

​

 

​

​

 

1,175

​

Compact construction

​

​

​

​

​

​

​

​

321

​

​

​

​

​

321

​

Roadbuilding

​

​

​

​

​

​

​

​

692

​

 

​

​

 

692

​

Forestry

​

​

​

​

​

​

​

​

305

​

 

​

​

 

305

​

Financial products

​

​

12

​

​

11

​

​

5

​

$

870

​

 

898

​

Other

​

​

138

​

​

104

​

​

94

​

 

​

​

 

336

​

Total

​

$

3,433

​

$

2,674

​

$

2,592

​

$

870

​

$

9,569

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Revenue recognized:

​

​

​

​

​

​

​

​

​

​

​

             

​

​

            

​

At a point in time

​

$

3,396

​

$

2,654

​

$

2,570

​

$

24

​

$

8,644

​

Over time

​

​

37

​

​

20

​

​

22

​

​

846

​

​

925

​

Total

​

$

3,433

​

$

2,674

​

$

2,592

​

$

870

​

$

9,569

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Three Months Ended January 31, 2021

​

​

​

Production & Precision Ag

​

Small Ag & Turf

​

Construction & Forestry

​

Financial Services

​

Total

​

Primary geographic markets:

 

​

​

 

​

​

 

​

​

 

​

             

 

​

             

​

United States

​

$

1,608

​

$

1,424

​

$

1,202

​

$

598

​

$

4,832

​

Canada

​

​

112

​

​

79

​

​

188

​

 

154

​

 

533

​

Western Europe

​

​

449

​

​

486

​

​

439

​

 

24

​

 

1,398

​

Central Europe and CIS

​

​

161

​

​

84

​

​

178

​

 

9

​

 

432

​

Latin America

​

​

513

​

​

77

​

​

170

​

 

59

​

 

819

​

Asia, Africa, Australia, New Zealand, and Middle East

​

​

304

​

​

401

​

​

353

​

​

40

​

​

1,098

​

Total

​

$

3,147

​

$

2,551

​

$

2,530

​

$

884

​

$

9,112

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Major product lines:

​

​

​

​

​

​

​

​

​

​

​

             

​

​

             

​

Production agriculture

​

$

3,011

​

​

​

​

​

​

​

​

​

​

$

3,011

​

Small agriculture

​

​

​

​

$

1,812

​

​

​

​

 

​

​

 

1,812

​

Turf

​

​

​

​

​

651

​

​

​

​

 

​

​

 

651

​

Construction

​

​

​

​

​

​

​

$

887

​

 

​

​

 

887

​

Compact construction

​

​

​

​

​

​

​

​

346

​

​

​

​

​

346

​

Roadbuilding

​

​

​

​

​

​

​

​

910

​

 

​

​

 

910

​

Forestry

​

​

​

​

​

​

​

​

290

​

 

​

​

 

290

​

Financial products

​

​

16

​

​

10

​

​

7

​

$

884

​

 

917

​

Other

​

​

120

​

​

78

​

​

90

​

 

​

​

 

288

​

Total

​

$

3,147

​

$

2,551

​

$

2,530

​

$

884

​

$

9,112

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Revenue recognized:

​

​

​

​

​

​

​

​

​

​

​

             

​

​

             

​

At a point in time

​

$

3,105

​

$

2,535

​

$

2,500

​

$

24

​

$

8,164

​

Over time

​

​

42

​

​

16

​

​

30

​

​

860

​

​

948

​

Total

​

$

3,147

​

$

2,551

​

$

2,530

​

$

884

​

$

9,112

​
v3.22.0.1
OTHER COMPREHENSIVE INCOME ITEMS (Tables)
 3 Months Ended
Jan. 30, 2022
OTHER COMPREHENSIVE INCOME ITEMS  
Schedule of After-Tax Components of Accumulated Other Comprehensive Income (Loss)

The after-tax components of accumulated other comprehensive income (loss) in millions of dollars follow:

​

​

​

​

​

​

​

​

​

​

​

​

​

January 30

​

October 31

​

January 31

​

​

​

2022

​

2021

​

2021

​

Retirement benefits adjustment

​

$

(1,379)

​

$

(1,034)

​

$

(3,855)

​

Cumulative translation adjustment

​

​

(1,745)

​

​

(1,478)

​

​

(1,200)

​

Unrealized loss on derivatives

​

​

(28)

​

​

(42)

​

​

(54)

​

Unrealized gain on debt securities

​

​

​

​

​

15

​

​

31

​

Total accumulated other comprehensive income (loss)

​

$

(3,152)

​

$

(2,539)

​

$

(5,078)

​
Schedule of Amounts Recorded in and Reclassifications out of Other Comprehensive Income (Loss) and the Income Tax Effects

Following are amounts recorded in and reclassifications out of other comprehensive income (loss), and the income tax effects, in millions of dollars. Retirement benefits adjustment reclassifications for actuarial gain (loss), prior service (credit) cost, and settlements are included in net periodic pension and other postretirement benefit costs (see Note 7).

 

​

​

​

​

​

​

​

​

​

​

​

​

    

Before

    

Tax

    

After

 

​

​

Tax

​

(Expense)

​

Tax

 

Three Months Ended January 30, 2022

​

Amount

​

Credit

​

Amount

 

Cumulative translation adjustment

 

$

(264)

​

$

(3)

​

$

(267)

​

Unrealized gain (loss) on derivatives:

​

​

​

​

​

​

​

​

​

​

Unrealized hedging gain (loss)

​

​

15

​

​

(3)

​

​

12

​

Reclassification of realized (gain) loss to:

​

​

​

​

​

​

​

​

​

​

Interest rate contracts – Interest expense

​

​

2

​

​

​

​

​

2

​

Net unrealized gain (loss) on derivatives

​

​

17

​

​

(3)

​

​

14

​

Unrealized gain (loss) on debt securities:

​

​

​

​

​

​

​

​

​

​

Unrealized holding gain (loss)

​

​

(19)

​

​

4

​

​

(15)

​

Net unrealized gain (loss) on debt securities

​

​

(19)

​

​

4

​

​

(15)

​

Retirement benefits adjustment:

​

​

​

​

​

​

​

​

​

​

Net actuarial gain (loss)

​

​

(500)

​

​

120

​

​

(380)

​

Reclassification to other operating expenses through amortization of:

​

​

​

​

​

​

​

​

​

​

Actuarial (gain) loss

​

​

40

​

​

(10)

​

​

30

​

Prior service (credit) cost

​

​

6

​

​

(2)

​

​

4

​

Settlements

​

​

1

​

​

​

​

​

1

​

Net unrealized gain (loss) on retirement benefits adjustment

​

​

(453)

​

​

108

​

​

(345)

​

Total other comprehensive income (loss)

 

$

(719)

​

$

106

​

$

(613)

​

​

 

 

​

​

​

​

​

​

​

​

​

​

​

​

    

Before

    

Tax

    

After

 

​

​

Tax

​

(Expense)

​

Tax

 

Three Months Ended January 31, 2021

​

Amount

​

Credit

​

Amount

 

Cumulative translation adjustment

 

$

394

​

$

2

​

$

396

​

Unrealized gain (loss) on derivatives:

​

​

​

​

​

​

​

​

​

​

Reclassification of realized (gain) loss to:

​

​

​

​

​

​

​

​

​

​

Interest rate contracts – Interest expense

​

​

5

​

​

(1)

​

​

4

​

Net unrealized gain (loss) on derivatives

​

​

5

​

​

(1)

​

​

4

​

Unrealized gain (loss) on debt securities:

​

​

​

​

​

​

​

​

​

​

Unrealized holding gain (loss)

​

​

(3)

​

​

1

​

​

(2)

​

Net unrealized gain (loss) on debt securities

​

​

(3)

​

​

1

​

​

(2)

​

Retirement benefits adjustment:

​

​

​

​

​

​

​

​

​

​

Net actuarial gain (loss)

​

​

(1)

​

​

​

​

​

(1)

​

Reclassification to other operating expenses through amortization of:

​

​

​

​

​

​

​

​

​

​

Actuarial (gain) loss

​

​

70

​

​

(17)

​

​

53

​

Prior service (credit) cost

​

​

2

​

​

(1)

​

​

1

​

Settlements

​

​

13

​

​

(3)

​

​

10

​

Net unrealized gain (loss) on retirement benefits adjustment

​

​

84

​

​

(21)

​

​

63

​

Total other comprehensive income (loss)

 

$

480

​

$

(19)

​

$

461

​
v3.22.0.1
EARNINGS PER SHARE (Tables)
 3 Months Ended
Jan. 30, 2022
EARNINGS PER SHARE  
Reconciliation of Basic and Diluted Net Income Per Share

A reconciliation of basic and diluted net income per share attributable to Deere & Company follows in millions, except per share amounts:

​

​

​

​

​

​

​

​

​

  

​

Three Months Ended 

 

​

​

January 30

​

January 31

​

​

​

2022

​

2021

​

Net income attributable to Deere & Company

    

$

903

    

$

1,224

​

Average shares outstanding

​

​

307.4

​

 

313.5

​

Basic per share

​

$

2.94

​

$

3.90

​

​

​

​

​

​

​

​

​

Average shares outstanding

​

​

307.4

​

 

313.5

​

Effect of dilutive share-based compensation

​

​

2.0

​

 

2.6

​

Total potential shares outstanding

​

​

309.4

​

 

316.1

​

Diluted per share

​

$

2.92

​

$

3.87

​
v3.22.0.1
PENSION AND OTHER POSTRETIREMENT BENEFITS (Tables)
 3 Months Ended
Jan. 30, 2022
PENSION AND OTHER POSTRETIREMENT BENEFITS  
Schedule of Components of Net Periodic Pension and OPEB Cost

The components of net periodic pension cost consisted of the following in millions of dollars:

​

​

​

​

​

​

​

​

​

​

Three Months Ended 

 

​

​

January 30

​

January 31

 

​

​

2022

​

2021

 

Service cost

    

$

85

    

$

85

​

Interest cost

​

​

77

​

 

69

​

Expected return on plan assets

​

​

(182)

​

 

(200)

​

Amortization of actuarial loss

​

​

39

​

 

63

​

Amortization of prior service cost

​

​

7

​

 

3

​

Settlements

​

​

1

​

 

13

​

Net cost

​

$

27

​

$

33

​

The components of net periodic OPEB cost consisted of the following in millions of dollars:

 

​

​

​

​

​

​

​

​

​

​

Three Months Ended 

 

​

​

January 30

​

January 31

 

​

​

2022

​

2021

 

Service cost

    

$

12

    

$

12

​

Interest cost

​

​

26

​

 

26

​

Expected return on plan assets

​

​

(28)

​

 

(19)

​

Amortization of actuarial loss

​

​

1

​

 

7

​

Amortization of prior service credit

​

​

(1)

​

 

(1)

​

Net cost

​

$

10

​

$

25

​
v3.22.0.1
SEGMENT REPORTING (Tables)
 3 Months Ended
Jan. 30, 2022
SEGMENT REPORTING  
Schedule of Segment Reporting Information

Worldwide net sales and revenues, operating profit, and identifiable assets by segment were as follows in millions of dollars. Operating profit is income from continuing operations before reconciling items and income taxes. Operating profit of the financial services segment includes the effect of interest expense and foreign exchange gains and losses. Reconciling items to net income are primarily corporate expenses, certain external interest expenses, certain foreign exchange gains and losses, pension and OPEB benefit costs excluding the service cost component, and net income attributable to noncontrolling interests.

 

​

​

​

​

​

​

​

​

​

​

​

​

Three Months Ended 

 

 

​

January 30

​

January 31

​

%

 

​

    

2022

    

2021

    

Change

 

Net sales and revenues:

 

​

 

  

​

    

  

    

​

Production & precision ag net sales

 

$

3,356

​

$

3,069

​

+9

​

Small ag & turf net sales

​

​

2,631

​

​

2,515

​

+5

​

Construction & forestry net sales

​

​

2,544

​

 

2,467

​

+3

​

Financial services revenues

​

​

870

​

 

884

​

-2

​

Other revenues

​

​

168

​

 

177

​

-5

​

Total net sales and revenues

 

$

9,569

​

$

9,112

​

+5

​

Operating profit:

​

​

​

​

​

​

​

​

​

Production & precision ag

 

$

296

​

$

643

​

-54

​

Small ag & turf

​

​

371

​

​

469

​

-21

​

Construction & forestry

​

​

272

​

 

268

​

+1

​

Financial services

​

​

296

​

 

258

​

+15

​

Total operating profit

​

​

1,235

​

 

1,638

​

-25

​

Reconciling items

​

​

(82)

​

 

(106)

​

-23

​

Income taxes

​

​

(250)

​

 

(308)

​

-19

​

Net income attributable to Deere & Company

 

$

903

​

$

1,224

​

-26

​

​

​

​

​

​

​

​

​

​

​

Intersegment sales and revenues:

​

​

​

​

​

​

​

​

​

Production & precision ag net sales

 

$

4

​

$

6

​

-33

​

Small ag & turf net sales

​

​

2

​

​

3

​

-33

​

Construction & forestry net sales

​

​

​

​

​

​

​

​

​

Financial services revenues

​

​

46

​

 

50

​

-8

​

​

​

​

​

​

​

​

​

​

​

Operating profit outside the U.S. and Canada:

​

​

​

​

​

​

​

​

​

Production & precision ag

​

$

282

​

$

228

​

+24

​

Small ag & turf

​

​

310

​

​

242

​

+28

​

Construction & forestry

​

​

144

​

​

93

​

+55

​

Financial services

​

​

70

​

​

66

​

+6

​

Total operating profit outside the U.S. and Canada

​

$

806

​

$

629

​

+28

​

 

 

​

​

​

​

​

​

​

​

​

​

​

​

    

January 30

    

October 31

    

January 31

 

​

​

2022

​

2021

​

2021

 

Identifiable assets:

​

​

​

​

​

​

​

​

​

​

Production & precision ag

 

$

7,683

​

$

7,021

​

$

6,330

​

Small ag & turf

​

​

4,260

​

​

3,959

​

​

3,510

​

Construction & forestry

​

​

6,358

​

 

6,457

​

 

6,341

​

Financial services

​

​

50,499

​

 

51,624

​

 

48,378

​

Corporate

​

​

10,814

​

 

15,053

​

 

10,921

​

Total assets

 

$

79,614

​

$

84,114

​

$

75,480

​
v3.22.0.1
FINANCING RECEIVABLES (Tables)
 3 Months Ended
Jan. 30, 2022
Financing Receivables  
Analysis of the Allowance for Credit Losses and Investment in Financing Receivables

​

An analysis of the allowance for credit losses and investment in financing receivables in millions of dollars during the periods follows:

 

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Three Months Ended January 30, 2022

​

​

​

Retail Notes

​

Revolving

​

​

​

​

​

​

​

​

​

& Financing

​

Charge

​

Wholesale

​

​

​

​

​

​

Leases

​

Accounts

​

Receivables

​

Total

​

Allowance:

    

 

    

    

 

    

    

 

    

    

​

​

 

Beginning of period balance

 

$

138

 

$

21

​

$

7

​

$

166

​

Provision (credit)

​

​

13

​

​

(9)

​

​

(2)

​

​

2

​

Write-offs

​

​

(17)

​

​

(5)

​

​

​

​

​

(22)

​

Recoveries

​

​

4

​

​

8

​

​

​

​

​

12

​

End of period balance

 

$

138

 

$

15

​

$

5

​

$

158

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Financing receivables:

​

​

​

​

​

​

​

​

​

​

​

​

​

End of period balance

 

$

31,918

 

$

2,756

​

$

2,191

​

$

36,865

​

 

 

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Three Months Ended January 31, 2021

 

​

​

Retail Notes

​

Revolving

​

​

​

​

​

​

 

​

​

& Financing

​

Charge

​

Wholesale

​

​

​

 

​

​

Leases

​

Accounts

​

Receivables

​

Total

​

Allowance:

    

​

    

    

​

    

    

​

    

    

​

    

​

Beginning of period balance

​

$

133

 

$

43

​

$

8

​

$

184

​

ASU No. 2016-13 adoption

​

​

44

​

​

(13)

​

​

​

​

​

31

​

Provision (credit)

​

 

5

​

​

(10)

​

​

(1)

​

 

(6)

​

Write-offs

​

 

(8)

​

​

(5)

​

​

​

​

 

(13)

​

Recoveries

​

 

5

​

​

9

​

​

​

​

 

14

​

Translation adjustments

​

 

1

​

​

​

​

​

​

​

 

1

​

End of period balance

​

$

180

​

$

24

​

$

7

​

$

211

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Financing receivables:

​

​

​

​

​

​

​

​

​

​

​

​

​

End of period balance

​

$

27,810

 

$

2,685

​

$

3,085

​

$

33,580

​
Retail Customer Receivables  
Financing Receivables  
Credit Quality Analysis

The credit quality analysis of retail notes, financing leases, and revolving charge accounts (collectively, retail customer receivables) by year of origination was as follows in millions of dollars:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

January 30, 2022

​

​

​

2022

​

2021

​

2020

​

2019

​

2018

​

Prior Years

​

Revolving Charge Accounts

​

Total

​

Retail customer receivables:

 

  

    

 

  

    

 

  

    

 

  

    

 

  

    

 

  

    

 

  

    

 

  

    

 

Agriculture and turf

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Current

​

$

2,492

​

$

11,580

​

$

5,988

​

$

3,038

​

$

1,440

​

$

761

​

$

2,634

​

$

27,933

​

30-59 days past due

​

​

5

​

​

82

​

​

52

​

​

30

​

​

15

​

​

6

​

​

25

​

​

215

​

60-89 days past due

​

​

1

​

​

23

​

​

18

​

​

10

​

​

5

​

​

3

​

​

5

​

​

65

​

90+ days past due

​

​

​

​

​

1

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

1

​

Non-performing

​

​

1

​

​

33

​

​

58

​

​

52

​

​

31

​

​

36

​

​

6

​

​

217

​

Construction and forestry

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Current

​

​

764

​

​

2,795

​

​

1,376

​

​

615

​

​

204

​

​

49

​

​

81

​

​

5,884

​

30-59 days past due

​

​

8

​

​

68

​

​

35

​

​

21

​

​

6

​

​

2

​

​

3

​

​

143

​

60-89 days past due

​

​

​

​

​

30

​

​

17

​

​

7

​

​

3

​

​

1

​

​

1

​

​

59

​

90+ days past due

​

​

​

​

​

2

​

​

3

​

​

3

​

​

1

​

​

8

​

​

​

​

​

17

​

Non-performing

​

​

​

​

​

33

​

​

48

​

​

37

​

​

14

​

​

7

​

​

1

​

​

140

​

Total retail customer receivables

​

$

3,271

​

$

14,647

​

$

7,595

​

$

3,813

​

$

1,719

​

$

873

​

$

2,756

​

$

34,674

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

October 31, 2021

​

​

​

2021

​

2020

​

2019

​

2018

​

2017

​

Prior Years

​

Revolving Charge Accounts

​

Total

​

Retail customer receivables:

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

  

    

 

 

    

​

Agriculture and turf

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Current

​

$

12,877

​

$

6,676

​

$

3,463

​

$

1,738

​

$

728

​

$

211

​

$

3,704

​

$

29,397

​

30-59 days past due

​

​

43

​

​

53

​

​

29

​

​

16

​

​

7

​

​

3

​

​

14

​

​

165

​

60-89 days past due

​

​

16

​

​

23

​

​

12

​

​

6

​

​

3

​

​

1

​

​

4

​

​

65

​

90+ days past due

​

​

​

​

​

1

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

1

​

Non-performing

​

​

23

​

​

57

​

​

53

​

​

32

​

​

17

​

​

23

​

​

7

​

​

212

​

Construction and forestry

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Current

​

​

3,122

​

​

1,575

​

​

754

​

​

273

​

​

57

​

​

7

​

​

92

​

​

5,880

​

30-59 days past due

​

​

50

​

​

40

​

​

27

​

​

7

​

​

4

​

​

1

​

​

3

​

​

132

​

60-89 days past due

​

​

15

​

​

11

​

​

9

​

​

6

​

​

1

​

​

​

​

​

1

​

​

43

​

90+ days past due

​

​

1

​

​

2

​

​

3

​

​

3

​

​

4

​

​

2

​

​

​

​

​

15

​

Non-performing

​

​

26

​

​

56

​

​

39

​

​

17

​

​

7

​

​

3

​

​

​

​

​

148

​

Total retail customer receivables

​

$

16,173

​

$

8,494

​

$

4,389

​

$

2,098

​

$

828

​

$

251

​

$

3,825

​

$

36,058

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

January 31, 2021

​

​

​

2021

​

2020

​

2019

​

2018

​

2017

​

Prior Years

​

Revolving Charge Accounts

​

Total

​

Retail customer receivables:

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

  

    

 

 

    

 

Agriculture and turf

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Current

​

$

2,531

​

$

9,427

​

$

5,129

​

$

2,817

​

$

1,400

​

$

686

​

$

2,564

​

$

24,554

​

30-59 days past due

​

​

4

​

​

65

​

​

49

​

​

30

​

​

13

​

​

7

​

​

27

​

​

195

​

60-89 days past due

​

​

​

​

​

20

​

​

17

​

​

11

​

​

5

​

​

3

​

​

5

​

​

61

​

90+ days past due

​

​

​

​

​

​

​

​

1

​

​

​

​

​

​

​

​

​

​

​

​

​

​

1

​

Non-performing

​

​

​

​

​

40

​

​

78

​

​

57

​

​

36

​

​

46

​

​

7

​

​

264

​

Construction and forestry

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Current

​

​

737

​

​

2,251

​

​

1,276

​

​

573

​

​

164

​

​

39

​

​

77

​

​

5,117

​

30-59 days past due

​

​

5

​

​

53

​

​

32

​

​

17

​

​

6

​

​

1

​

​

3

​

​

117

​

60-89 days past due

​

​

1

​

​

15

​

​

16

​

​

7

​

​

3

​

​

1

​

​

1

​

​

44

​

90+ days past due

​

​

​

​

​

9

​

​

13

​

​

5

​

​

4

​

​

2

​

​

​

​

​

33

​

Non-performing

​

​

​

​

​

26

​

​

34

​

​

26

​

​

14

​

​

8

​

​

1

​

​

109

​

Total retail customer receivables

​

$

3,278

​

$

11,906

​

$

6,645

​

$

3,543

​

$

1,645

​

$

793

​

$

2,685

​

$

30,495

​
Wholesale Receivables  
Financing Receivables  
Credit Quality Analysis

The credit quality analysis of wholesale receivables by year of origination was as follows in millions of dollars:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

January 30, 2022

​

​

​

2022

​

2021

​

2020

​

2019

​

2018

​

Prior Years

​

Revolving

​

Total

​

Wholesale receivables:

 

  

    

 

  

    

 

  

    

 

  

    

 

  

    

 

  

    

 

  

    

 

  

    

​

Agriculture and turf

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Current

​

$

101

​

$

244

​

$

56

​

$

11

​

$

7

​

$

2

​

$

1,426

​

$

1,847

​

30+ days past due

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Non-performing

​

​

​

​

​

​

​

​

​

​

​

7

​

​

​

​

​

​

​

​

​

​

​

7

​

Construction and forestry

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Current

​

​

5

​

​

38

​

​

4

​

​

3

​

​

​

​

​

1

​

​

285

​

​

336

​

30+ days past due

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

1

​

​

​

​

​

1

​

Non-performing

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Total wholesale receivables

​

$

106

​

$

282

​

$

60

​

$

21

​

$

7

​

$

4

​

$

1,711

​

$

2,191

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

October 31, 2021

​

​

​

2021

​

2020

​

2019

​

2018

​

2017

​

Prior Years

​

Revolving

​

Total

​

Wholesale receivables:

 

  

    

 

  

    

 

  

    

 

  

    

 

  

    

 

  

    

 

  

    

 

  

    

​

Agriculture and turf

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Current

​

$

346

​

$

80

​

$

22

​

$

9

​

$

3

​

​

​

​

$

1,696

​

$

2,156

​

30+ days past due

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Non-performing

​

​

​

​

​

​

​

​

12

​

​

​

​

​

​

​

​

​

​

​

​

​

​

12

​

Construction and forestry

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Current

​

​

41

​

​

7

​

​

7

​

​

​

​

​

1

​

$

1

​

​

340

​

​

397

​

30+ days past due

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

1

​

​

​

​

​

1

​

Non-performing

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Total wholesale receivables

​

$

387

​

$

87

​

$

41

​

$

9

​

$

4

​

$

2

​

$

2,036

​

$

2,566

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

January 31, 2021

​

​

​

2021

​

2020

​

2019

​

2018

​

2017

​

Prior Years

​

Revolving

​

Total

​

Wholesale receivables:

 

  

    

 

  

    

 

  

    

 

  

    

 

  

    

 

  

    

 

  

    

 

  

    

​

Agriculture and turf

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Current

​

$

78

​

$

226

​

$

67

​

$

18

​

$

8

​

$

1

​

$

2,297

​

$

2,695

​

30+ days past due

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Non-performing

​

​

​

​

​

​

​

​

35

​

​

​

​

​

​

​

​

​

​

​

​

​

​

35

​

Construction and forestry

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Current

​

​

3

​

​

11

​

​

20

​

​

2

​

​

1

​

​

2

​

​

315

​

​

354

​

30+ days past due

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

1

​

​

​

​

​

1

​

Non-performing

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Total wholesale receivables

​

$

81

​

$

237

​

$

122

​

$

20

​

$

9

​

$

4

​

$

2,612

​

$

3,085

​
v3.22.0.1
SECURITIZATION OF FINANCING RECEIVABLES (Tables)
 3 Months Ended
Jan. 30, 2022
SECURITIZATION OF FINANCING RECEIVABLES  
Unconsolidated Conduits, Carrying Amount of Liabilities Compared to Maximum Exposure to Loss

The Company’s carrying amount of the liabilities to the unconsolidated conduits, compared to the maximum exposure to loss related to these conduits, which would only be incurred in the event of a complete loss on the restricted assets, was as follows in millions of dollars:

 

​

​

​

​

​

​

    

January 30, 2022

 

Carrying value of liabilities

 

$

720

​

Maximum exposure to loss

​

​

767

​
Components of Consolidated Restricted Assets, Secured Borrowings and Other Liabilities Related to Securitization Transactions

The components of consolidated restricted assets related to secured borrowings in securitization transactions follow in millions of dollars:

 

​

​

​

​

​

​

​

​

​

​

​

​

    

January 30

    

October 31

    

January 31

 

​

​

2022

​

2021

​

2021

 

Financing receivables securitized (retail notes)

 

$

3,526

​

$

4,673

​

$

3,946

​

Allowance for credit losses

​

​

(10)

​

 

(14)

​

 

(15)

​

Other assets

​

​

100

​

 

107

​

 

95

​

Total restricted securitized assets

 

$

3,616

​

$

4,766

​

$

4,026

​

The components of consolidated secured borrowings and other liabilities related to securitizations follow in millions of dollars:

 

​

​

​

​

​

​

​

​

​

​

​

​

    

January 30

    

October 31

    

January 31

 

​

​

2022

​

2021

​

2021

 

Short-term securitization borrowings

 

$

3,482

​

$

4,605

​

$

3,969

​

Accrued interest on borrowings

​

​

1

​

 

2

​

 

2

​

Total liabilities related to restricted securitized assets

 

$

3,483

​

$

4,607

​

$

3,971

​
v3.22.0.1
INVENTORIES (Tables)
 3 Months Ended
Jan. 30, 2022
INVENTORIES  
Major Classification of Inventories If all of the Company’s inventories had been valued on a “first-in, first-out” (FIFO) basis, estimated inventories by major classification in millions of dollars would have been as follows:

​

​

​

​

​

​

​

​

​

​

​

​

​

    

January 30

    

October 31

    

January 31

 

​

​

2022

​

2021

​

2021

 

Raw materials and supplies

 

$

4,034

​

$

3,524

​

$

2,303

​

Work-in-process

​

​

1,460

​

 

994

​

 

839

​

Finished goods and parts

​

​

4,790

​

 

4,373

​

 

4,485

​

Total FIFO value

​

​

10,284

​

 

8,891

​

 

7,627

​

Less adjustment to LIFO value

​

​

2,349

​

 

2,110

​

 

1,671

​

Inventories

 

$

7,935

​

$

6,781

​

$

5,956

​
v3.22.0.1
GOODWILL AND OTHER INTANGIBLE ASSETS-NET (Tables)
 3 Months Ended
Jan. 30, 2022
GOODWILL AND OTHER INTANGIBLE ASSETS-NET  
Changes in Goodwill by Operating Segments

The changes in amounts of goodwill by operating segment were as follows in millions of dollars:

 

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Production & Precision Ag

​

Small Ag & Turf

​

Construction & Forestry

​

Total

 

Goodwill at November 1, 2020

​

$

333

​

$

268

​

$

2,480

​

$

3,081

​

Acquisition

​

​

12

​

​

​

​

​

​

​

​

12

​

Translation adjustments and other

​

 

12

​

​

(1)

​

​

90

​

 

101

​

Goodwill at January 31, 2021

​

$

357

​

$

267

​

$

2,570

​

$

3,194

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Goodwill at October 31, 2021

​

$

542

​

$

265

​

$

2,484

​

$

3,291

​

Acquisition

​

​

7

​

​

7

​

​

4

​

​

18

​

Translation adjustments and other

​

​

(5)

​

​

(2)

​

​

(110)

​

​

(117)

​

Goodwill at January 30, 2022

​

$

544

​

$

270

​

$

2,378

​

$

3,192

​

There were no accumulated goodwill impairment losses in the reported periods.
Components of Other Intangible Assets

The components of other intangible assets were as follows in millions of dollars:

 

​

​

​

​

​

​

​

​

​

​

​

​

    

January 30

    

October 31

    

January 31

 

​

​

2022

​

2021

​

2021

 

Amortized intangible assets:

​

​

​

​

​

​

​

​

​

​

Customer lists and relationships

 

$

526

​

$

542

​

$

553

​

Technology, patents, trademarks, and other

​

​

1,066

​

 

1,104

​

 

1,099

​

Total at cost

​

​

1,592

​

 

1,646

​

 

1,652

​

Less accumulated amortization:

​

​

​

​

​

​

​

​

​

​

Customer lists and relationships

​

​

156

​

​

151

​

​

128

​

Technology, patents, trademarks, and other

​

​

350

​

​

343

​

​

305

​

Total accumulated amortization

​

​

506

​

​

494

​

​

433

​

Amortized intangible assets

​

​

1,086

​

​

1,152

​

​

1,219

​

Unamortized intangible assets:

​

​

​

​

​

​

​

​

​

​

In-process research and development

​

​

123

​

​

123

​

​

123

​

Other intangible assets – net

 

$

1,209

​

$

1,275

​

$

1,342

​
v3.22.0.1
TOTAL SHORT-TERM BORROWINGS (Tables)
 3 Months Ended
Jan. 30, 2022
TOTAL SHORT-TERM BORROWINGS  
Short-Term Borrowings

Total short-term borrowings were as follows in millions of dollars:

​

​

​

​

​

​

​

​

​

​

​

​

​

January 30

    

October 31

    

January 31

​

​

    

2022

​

2021

​

2021

​

Equipment Operations

​

​

              

​

​

              

​

​

              

​

Notes payable to banks

​

$

401

​

$

273

​

$

183

​

Finance lease obligations due within one year

​

​

23

​

​

23

​

​

20

​

Long-term borrowings due within one year

​

 

1,092

​

 

1,213

​

 

191

​

Total

​

 

1,516

​

 

1,509

​

 

394

​

Financial Services

​

​

​

​

​

​

​

​

​

​

Commercial paper

​

 

2,135

​

 

2,230

​

 

1,346

​

Notes payable to banks

​

 

118

​

 

63

​

 

143

​

Long-term borrowings due within one year

​

 

7,221

​

 

7,117

​

 

7,341

​

Total

​

 

9,474

​

 

9,410

​

 

8,830

​

Short-term borrowings

​

 

10,990

​

 

10,919

​

 

9,224

​

Short-term securitization borrowings

​

​

              

​

​

              

​

​

              

​

Equipment Operations

​

​

8

​

​

10

​

​

17

​

Financial Services

​

​

3,474

​

​

4,595

​

​

3,952

​

Total

​

​

3,482

​

​

4,605

​

​

3,969

​

Total short-term borrowings

 

$

14,472

 

$

15,524

 

$

13,193

​
v3.22.0.1
LONG-TERM BORROWINGS (Tables)
 3 Months Ended
Jan. 30, 2022
LONG-TERM BORROWINGS  
Long-Term Borrowings

Long-term borrowings were as follows in millions of dollars. The financial services medium-term notes include fair value adjustments to interest rate swaps.

​

​

​

​

​

​

​

​

​

​

​

​

​

January 30

    

October 31

    

January 31

​

​

  

2022

​

2021

​

2021

​

Equipment Operations

​

​

               

​

​

               

​

​

               

​

U.S. dollar notes and debentures:

​

​

​

​

​

​

​

​

​

​

2.60% notes due 2022

​

​

​

​

 

​

​

$

1,000

​

2.75% notes due 2025

​

$

700

​

$

700

​

​

700

​

6.55% debentures due 2028

​

 

200

​

 

200

​

 

200

​

5.375% notes due 2029

​

 

500

​

 

500

​

 

500

​

3.10% notes due 2030

​

​

700

​

​

700

​

​

700

​

8.10% debentures due 2030

​

 

250

​

 

250

​

 

250

​

7.125% notes due 2031

​

 

300

​

 

300

​

 

300

​

3.90% notes due 2042

​

 

1,250

​

 

1,250

​

 

1,250

​

2.875% notes due 2049

​

​

500

​

​

500

​

​

500

​

3.75% notes due 2050

​

​

850

​

​

850

​

​

850

​

Euro notes:

​

​

​

​

​

​

​

​

​

​

.5% notes due 2023 (€500 principal)

​

​

557

​

​

584

​

​

606

​

1.375% notes due 2024 (€800 principal)

​

​

891

​

​

934

​

​

970

​

1.85% notes due 2028 (€600 principal)

​

​

669

​

​

701

​

​

727

​

2.20% notes due 2032 (€600 principal)

​

​

669

​

​

701

​

​

727

​

1.65% notes due 2039 (€650 principal)

​

​

724

​

​

759

​

​

788

​

Finance lease obligations and other notes

​

 

52

​

 

40

​

 

131

​

Less debt issuance costs and debt discounts

​

​

(52)

​

​

(54)

​

​

(60)

​

Total

 

​

8,760

 

​

8,915

 

​

10,139

​

Financial Services

  

​

​

  

​

​

  

​

​

​

Notes and debentures:

​

​

​

​

​

​

​

​

​

​

Medium-term notes: (principal as of: January 30, 2022 - $22,896, October 31, 2021 - $22,647, January 31, 2021 - $20,978)

 

​

22,947

​

​

22,899

​

​

21,549

​

Other notes

​

 

1,194

​

 

1,138

​

 

1,141

​

Less debt issuance costs and debt discounts

​

​

(63)

​

​

(64)

​

​

(57)

​

Total

​

 

24,078

​

 

23,973

​

 

22,633

​

Long-term borrowings

 

$

32,838

​

$

32,888

​

$

32,772

​
v3.22.0.1
LEASES (Tables)
 3 Months Ended
Jan. 30, 2022
LEASES  
Schedule of Operating and Finance Lease Right of Use Assets and Liabilities, Location in Condensed Consolidated Balance Sheet

Operating and finance lease right of use assets and liabilities follow in millions of dollars:

​

​

​

​

​

​

​

​

​

​

​

​

​

January 30

​

October 31

​

January 31

​

​

​

2022

​

2021

​

2021

​

Operating leases:

​

​

​

​

​

​

​

​

​

​

Other assets

​

$

276

​

$

291

​

$

327

​

Accounts payable and accrued expenses

​

​

267

​

​

279

​

​

315

​

​

​

​

​

​

​

​

​

​

​

​

Finance leases:

​

​

​

​

​

​

​

​

​

​

Property and equipment – net

​

$

65

​

$

71

​

$

57

​

​

​

​

​

​

​

​

​

​

​

​

Short-term borrowings

​

​

23

​

​

23

​

​

20

​

Long-term borrowings

​

​

32

​

​

38

​

​

36

​

Total finance lease liabilities

​

$

55

​

$

61

​

$

56

​

​
Schedule of Lease Revenues Earned

Lease revenues earned by the Company were as follows in millions of dollars:

​

​

​

​

​

​

​

​

​

​

Three Months Ended

​

​

​

January 30, 2022

​

January 31, 2021

​

Sales-type and direct finance lease revenues

​

$

39

​

$

36

​

Operating lease revenues

​

​

336

​

​

363

​

Variable lease revenues

​

​

7

​

​

6

​

Total lease revenues

​

$

382

​

$

405

​
v3.22.0.1
COMMITMENTS AND CONTINGENCIES (Tables)
 3 Months Ended
Jan. 30, 2022
COMMITMENTS AND CONTINGENCIES  
Reconciliation of the Changes in Warranty Liability and Unearned Premiums

A reconciliation of the changes in the warranty liability and unearned premiums in millions of dollars follows:

 

​

​

​

​

​

​

​

​

​

​

Three Months Ended 

 

​

​

January 30

​

January 31

 

​

​

2022

​

2021

 

Beginning of period balance

    

$

2,086

    

$

1,743

​

Payments

​

​

(193)

​

 

(215)

​

Amortization of premiums received

​

​

(66)

​

 

(63)

​

Accruals for warranties

​

​

181

​

 

247

​

Premiums received

​

​

83

​

 

73

​

Foreign exchange

​

​

(27)

​

 

18

​

End of period balance

​

$

2,064

​

$

1,803

​
v3.22.0.1
FAIR VALUE MEASUREMENTS (Tables)
 3 Months Ended
Jan. 30, 2022
FAIR VALUE MEASUREMENTS  
Fair Value of Financial Instruments

The fair values of financial instruments that do not approximate the carrying values were as follows in millions of dollars. Long-term borrowings exclude finance lease liabilities (see Note 15).

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

January 30, 2022

​

October 31, 2021

​

January 31, 2021

 

​

​

Carrying
Value

​

Fair

Value

​

Carrying
Value

​

Fair

Value

​

Carrying
Value

​

Fair

Value

 

Financing receivables – net:

   

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Equipment operations

​

$

56

   

$

48

   

$

73

   

$

68

   

$

103

   

$

100

​

Financial services

​

​

33,135

​

​

32,985

​

​

33,726

​

​

33,650

​

​

29,335

​

​

29,591

​

Total

​

$

33,191

​

$

33,033

​

$

33,799

​

$

33,718

​

$

29,438

​

$

29,691

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Financing receivables
securitized – net:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Equipment operations

​

$

9

​

$

9

​

$

10

​

$

10

​

$

18

​

$

17

​

Financial services

​

​

3,507

​

​

3,521

​

​

4,649

​

​

4,694

​

​

3,913

​

​

4,002

​

Total

​

$

3,516

​

$

3,530

​

$

4,659

​

$

4,704

​

$

3,931

​

$

4,019

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Short-term securitization borrowings:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Equipment operations

​

$

8

​

$

9

​

$

10

​

$

10

​

$

17

​

$

17

​

Financial services

​

​

3,474

​

​

3,459

​

​

4,595

​

​

4,600

​

​

3,952

​

​

3,986

​

Total

​

$

3,482

​

$

3,468

​

$

4,605

​

$

4,610

​

$

3,969

​

$

4,003

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Long-term borrowings due within one year:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Equipment operations

​

$

1,092

​

$

1,096

​

$

1,213

 

$

1,222

​

$

191

​

$

198

​

Financial services

​

​

7,221

​

​

7,226

​

 

7,117

​

 

7,142

​

 

7,341

​

​

7,424

​

Total

​

$

8,313

​

$

8,322

​

$

8,330

​

$

8,364

​

$

7,532

​

$

7,622

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Long-term borrowings:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Equipment operations

​

$

8,728

​

$

9,724

​

$

8,877

 

$

10,244

​

$

10,103

​

$

11,813

​

Financial services

​

​

24,078

​

​

24,119

​

 

23,973

​

 

24,262

​

 

22,633

​

​

23,219

​

Total

​

$

32,806

​

$

33,843

​

$

32,850

​

$

34,506

​

$

32,736

​

$

35,032

​

Fair value measurements above were Level 3 for all financing receivables, Level 3 for equipment operations short-term securitization borrowings, and Level 2 for all other borrowings.
Assets and Liabilities Measured at Fair Value on a Recurring Basis

Assets and liabilities measured at fair value on a recurring basis in millions of dollars follow, excluding the Company’s cash equivalents, which were carried at cost that approximates fair value and consisted primarily of money market funds and time deposits.

​

​

​

​

​

​

​

​

​

​

​

​

​

    

January 30

    

October 31

    

January 31

 

​

​

2022

​

2021

​

2021

 

Level 1:

​

​

​

​

​

​

​

​

​

​

Marketable securities

 

​

​

​

​

​

​

​

​

​

International equity securities

​

$

2

​

$

2

​

$

2

​

U.S. equity fund

​

​

72

​

​

75

​

​

70

​

U.S. government debt securities

​

​

63

​

 

59

​

 

60

​

Total Level 1 marketable securities

​

​

137

​

​

136

​

​

132

​

​

​

​

​

​

​

​

​

​

​

​

Level 2:

​

​

​

​

​

​

​

​

​

​

Marketable securities

​

​

​

​

​

​

​

​

​

​

U.S. government debt securities

​

​

138

​

​

139

​

​

119

​

Municipal debt securities

​

​

74

​

 

73

​

 

71

​

Corporate debt securities

​

​

229

​

 

224

​

 

197

​

International debt securities

​

​

2

​

​

2

​

​

8

​

Mortgage-backed securities*

​

​

155

​

 

154

​

 

140

​

Total Level 2 marketable securities

​

​

598

​

 

592

​

 

535

​

Other assets

​

​

​

​

​

​

​

​

​

​

Derivatives:

​

​

​

​

​

​

​

​

​

​

Interest rate contracts

​

​

184

​

 

239

​

 

568

​

Foreign exchange contracts

​

​

91

​

 

31

​

 

34

​

Cross-currency interest rate contracts

​

​

24

​

 

5

​

 

3

​

Total Level 2 other assets

 

​

299

​

​

275

​

​

605

​

Accounts payable and accrued expenses

​

​

​

​

​

​

​

​

​

​

Derivatives:

​

​

​

​

​

​

​

​

​

​

Interest rate contracts

 

​

212

​

​

132

​

​

97

​

Foreign exchange contracts

​

​

64

​

 

94

​

 

76

​

Cross-currency interest rate contracts

​

​

​

​

​

2

​

​

2

​

Total Level 2 accounts payable and accrued expenses

​

​

276

​

​

228

​

​

175

​

*  Primarily issued by U.S. government sponsored enterprises.
Contractual Maturities of Debt Securities

The contractual maturities of debt securities at January 30, 2022 in millions of dollars are shown below. Actual maturities may differ from contractual maturities because some securities may be called or prepaid. Because of the potential for prepayment on mortgage-backed securities, they are not categorized by contractual maturity.

 

​

​

​

​

​

​

​

​

​

​

Amortized

​

Fair

​

​

​

Cost

​

Value

​

Due in one year or less

 

$

29

​

$

29

​

Due after one through five years

​

​

87

​

​

88

​

Due after five through 10 years

​

​

161

​

​

159

​

Due after 10 years

​

​

231

​

​

230

​

Mortgage-backed securities

​

​

158

​

​

155

​

Debt securities

 

$

666

 

$

661

​

​
Fair Value, Nonrecurring Level 3 Measurements from Impairments

Fair value, nonrecurring Level 3 measurements from impairments, excluding financing receivables with specific allowances which were not significant, were as follows in millions of dollars. Property and equipment – net and Other assets fair value for October 31, 2021 represents the fair value assessment at January 31, 2021.

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Fair Value

​

Losses

​

​

​

​

​

​

​

​

​

​

​

​

Three Months Ended 

​

​

​

January 30

​

October 31

​

January 31

​

January 30

​

January 31

​

​

  

2022

  

2021

  

2021

  

2022

​

2021

 

Property and equipment – net

​

​

​

​

$

41

​

$

41

​

​

​

​

$

44

​

Other assets

​

​

​

​

$

1

​

$

1

​

​

​

​

$

6

​
v3.22.0.1
DERIVATIVE INSTRUMENTS (Tables)
 3 Months Ended
Jan. 30, 2022
DERIVATIVE INSTRUMENTS  
Amounts Recorded in the Balance Sheet Related to Borrowings Designated in Fair Value Hedging Relationships

The amounts recorded in the consolidated balance sheet related to borrowings designated in fair value hedging relationships in millions of dollars follow:

 

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Cumulative Increase (Decrease) of Fair

 

​

​

​

​

​

Value Hedging Adjustments Included in

​

​

​

​

​

​

the Carrying Amount

​

​

​

Carrying

​

Active

​

​

​

​

​

​

​

​

​

Amount of

​

Hedging

​

Discontinued

​

​

​

 

​

​

Hedged Item

​

Relationships

​

Relationships

​

Total

 

January 30, 2022

​

​

​

​

​

​

​

​

​

​

​

​

​

Long-term borrowings due within one year

  

$

185

  

$

2

  

$

8

  

$

10

​

Long-term borrowings

​

​

8,147

​

​

(130)

​

​

181

​

​

51

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

October 31, 2021

​

​

​

​

​

​

​

​

​

​

​

​

​

Long-term borrowings due within one year

​

$

189

​

$

3

​

$

(2)

​

$

1

​

Long-term borrowings

​

​

8,070

​

​

29

​

​

223

​

​

252

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

January 31, 2021

​

​

​

​

​

​

​

​

​

​

​

​

​

Long-term borrowings due within one year

​

$

159

  

$

2

  

$

1

  

$

3

​

Long-term borrowings

​

​

8,713

​

​

435

​

​

137

​

​

572

​

Long-term borrowings due within one year are presented in short-term borrowings.
Fair Value of Derivative Instruments in Consolidated Balance Sheet

Fair values of derivative instruments in the condensed consolidated balance sheet in millions of dollars follow:

 

​

​

​

​

​

​

​

​

​

​

​

​

    

January 30

    

October 31

    

January 31

 

Other Assets

​

2022

​

2021

​

2021

 

Designated as hedging instruments:

​

​

​

​

​

​

​

​

​

​

Interest rate contracts

 

$

102

​

$

166

​

$

491

​

 

​

​

​

​

​

​

​

​

​

​

Not designated as hedging instruments:

​

​

​

​

​

​

​

​

​

​

Interest rate contracts

​

​

82

​

 

73

​

 

77

​

Foreign exchange contracts

​

​

91

​

 

31

​

 

34

​

Cross-currency interest rate contracts

​

​

24

​

 

5

​

 

3

​

Total not designated

​

​

197

​

 

109

​

 

114

​

 

​

​

​

​

​

​

​

​

​

​

Total derivative assets

 

$

299

​

$

275

​

$

605

​

 

​

​

​

​

​

​

​

​

​

​

Accounts Payable and Accrued Expenses

​

​

​

​

​

​

​

​

​

​

Designated as hedging instruments:

​

​

​

​

​

​

​

​

​

​

Interest rate contracts

 

$

185

​

$

99

​

$

31

​

 

​

​

​

​

​

​

​

​

​

​

Not designated as hedging instruments:

​

​

​

​

​

​

​

​

​

​

Interest rate contracts

​

​

27

​

​

33

​

​

66

​

Foreign exchange contracts

​

​

64

​

 

94

​

 

76

​

Cross-currency interest rate contracts

​

​

​

​

 

2

​

 

2

​

Total not designated

​

​

91

​

 

129

​

 

144

​

 

​

​

​

​

​

​

​

​

​

​

Total derivative liabilities

 

$

276

​

$

228

​

$

175

​
Gains (Losses) Related to Derivative Instruments on Statement of Consolidated Income

The classification and gains (losses) including accrued interest expense related to derivative instruments on the statement of consolidated income consisted of the following in millions of dollars:

​

​

​

​

​

​

​

​

​

​

​

Three Months Ended 

 

​

​

January 30

​

January 31

 

​

​

2022

​

2021

 

Fair Value Hedges:

    

 

    

    

​

​

 

Interest rate contracts - Interest expense

 

$

(141)

​

$

(55)

​

 

​

​

​

​

​

​

​

Cash Flow Hedges:

​

​

​

​

​

​

​

Recognized in OCI

​

​

​

​

​

​

​

Interest rate contracts - OCI (pretax)

 

​

15

​

 

​

​

 

​

​

​

​

​

​

​

Reclassified from OCI

​

​

​

​

​

​

​

Interest rate contracts - Interest expense

 

​

(2)

​

 

(5)

​

 

​

​

​

​

​

​

​

Not Designated as Hedges:

​

​

​

​

​

​

​

Interest rate contracts - Net sales

​

$

13

​

​

​

​

Interest rate contracts - Interest expense *

 

​

(1)

​

$

(4)

​

Foreign exchange contracts - Cost of sales

 

​

(1)

​

 

(52)

​

Foreign exchange contracts - Other operating expenses *

 

​

147

​

 

(126)

​

Total not designated

​

$

158

​

$

(182)

​

* Includes interest and foreign exchange gains (losses) from cross-currency interest rate contracts.
Impact on Derivative Assets and Liabilities Related to Netting Arrangements and Collateral

Derivatives are recorded without offsetting for netting arrangements or collateral. The impact on the derivative assets and liabilities related to netting arrangements and any collateral received or paid in millions of dollars follows:

 

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Gross Amounts

​

Netting

​

​

​

​

​

 

January 30, 2022

    

Recognized

    

Arrangements

    

Collateral

    

Net Amount

 

Assets

 

$

299

 

$

(91)

 

​

​

 

$

208

​

Liabilities

​

​

276

​

​

(91)

​

$

(19)

​

​

166

​

 

 

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Gross Amounts

​

Netting

​

​

​

​

​

 

October 31, 2021

    

Recognized

    

Arrangements

    

Collateral

    

Net Amount

 

Assets

​

$

275

 

$

(105)

 

​

​

 

$

170

​

Liabilities

​

​

228

​

 

(105)

​

$

(5)

​

​

118

​

 

 

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

    

Gross Amounts

    

Netting

    

​

    

​

​

 

January 31, 2021

​

Recognized

​

Arrangements

​

Collateral

​

Net Amount

 

Assets

​

$

605

​

$

(106)

​

$

(186)

​

$

313

​

Liabilities

​

 

175

​

 

(106)

​

​

​

​

 

69

​
v3.22.0.1
SPECIAL ITEMS (Tables)
 3 Months Ended
Jan. 30, 2022
SPECIAL ITEMS  
Schedule of Special Items

On November 17, 2021, employees represented by the 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 includes 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 Company remeasured the U.S. hourly pension plan as of November 30, 2021 due to the new collective bargaining agreement. See Note 7 for more information on the U.S. hourly plan remeasurement.

During the first quarter of 2021, the fixed assets in an asphalt plant factory in Germany were impaired by $38 million, pretax and after-tax. The Company also continued to assess its manufacturing locations, resulting in additional long-lived asset impairments of $12 million pretax. The impairments were the result of a decline in forecasted financial performance that indicated it was probable future cash flows would not cover the carrying amount of the net assets. These impairments were offset by a favorable indirect tax ruling in Brazil of $58 million pretax.

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Production & Precision Ag

 

Small Ag & Turf

 

Construction & Forestry

 

Total

​

2022 Expense:

​

​

​

​

​

​

​

​

​

​

​

​

​

UAW ratification bonus – Cost of sales

​

$

53

​

$

9

​

$

28

​

$

90

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

2021 Expense (benefit):

​

​

​

​

​

​

​

​

​

​

​

​

​

Long-lived asset impairments – Cost of sales

​

$

5

​

$

3

​

$

42

​

$

50

​

Brazil indirect tax – Cost of sales

​

​

(53)

​

​

​

​

​

(5)

​

​

(58)

​

Total expense (benefit)

​

$

(48)

​

$

3

​

$

37

​

$

(8)

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Quarter over quarter change

​

$

101

​

$

6

​

$

(9)

​

$

98

​
v3.22.0.1
ORGANIZATION AND CONSOLIDATION (Details) - USD ($)
$ in Millions
 3 Months Ended
Jan. 30, 2022
Jan. 31, 2021
Oct. 31, 2021
Fiscal period duration 91 days 91 days  
VIE-Not Primary Beneficiary      
Maximum Exposure to Losses      
Maximum exposure to loss $ 767    
VIE-Not Primary Beneficiary | Brazilian Construction Equipment Manufacturer Joint Venture      
Maximum Exposure to Losses      
Maximum exposure to loss $ 14 $ 7 $ 9
Wirtgen Group Holding GmbH (Wirtgen)      
Net sales   $ 270  
v3.22.0.1
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES AND NEW ACCOUNTING STANDARDS (Details) - USD ($)
$ in Millions
Jan. 30, 2022
Oct. 31, 2021
Canada    
Revenue Recognition    
Remaining consigned inventory $ 91 $ 150
v3.22.0.1
CASH FLOW INFORMATION (Details) - USD ($)
$ in Millions
 3 Months Ended
Jan. 30, 2022
Jan. 31, 2021
Oct. 31, 2021
Cash Flow Information      
Transfer of inventory to equipment on operating leases $ 20 $ 84  
Accounts payable related to purchases of property and equipment 43 39  
Restricted cash      
Restricted cash 97 102 $ 108
Equipment Operations      
Restricted cash      
Restricted cash 12 11 12
Financial Services      
Restricted cash      
Restricted cash $ 85 $ 91 $ 96
v3.22.0.1
REVENUE RECOGNITION - Primary Geographic Market, Major Product Line, and Timing (Details) - USD ($)
$ in Millions
 3 Months Ended
Jan. 30, 2022
Jan. 31, 2021
Revenue Recognition    
Net sales and revenues $ 9,569 $ 9,112
Revenue Recognized at a Point in Time    
Revenue Recognition    
Net sales and revenues 8,644 8,164
Revenue Recognized Over Time    
Revenue Recognition    
Net sales and revenues 925 948
Production Agriculture    
Revenue Recognition    
Net sales 3,283 3,011
Small Agriculture    
Revenue Recognition    
Net sales 1,932 1,812
Turf    
Revenue Recognition    
Net sales 627 651
Construction    
Revenue Recognition    
Net sales 1,175 887
Compact Construction    
Revenue Recognition    
Net sales 321 346
Roadbuilding    
Revenue Recognition    
Net sales 692 910
Forestry    
Revenue Recognition    
Net sales 305 290
Financial Products    
Revenue Recognition    
Financial 898 917
Other income    
Revenue Recognition    
Other net sales and revenues 336 288
United States    
Revenue Recognition    
Net sales and revenues 4,879 4,832
Canada    
Revenue Recognition    
Net sales and revenues 745 533
Western Europe    
Revenue Recognition    
Net sales and revenues 1,383 1,398
Central Europe and CIS    
Revenue Recognition    
Net sales and revenues 534 432
Latin America    
Revenue Recognition    
Net sales and revenues 1,176 819
Asia, Africa, Australia, New Zealand, and Middle East    
Revenue Recognition    
Net sales and revenues 852 1,098
Production & Precision Ag (PPA)    
Revenue Recognition    
Net sales and revenues 3,433 3,147
Production & Precision Ag (PPA) | Revenue Recognized at a Point in Time    
Revenue Recognition    
Net sales and revenues 3,396 3,105
Production & Precision Ag (PPA) | Revenue Recognized Over Time    
Revenue Recognition    
Net sales and revenues 37 42
Production & Precision Ag (PPA) | Production Agriculture    
Revenue Recognition    
Net sales 3,283 3,011
Production & Precision Ag (PPA) | Financial Products    
Revenue Recognition    
Financial 12 16
Production & Precision Ag (PPA) | Other income    
Revenue Recognition    
Other net sales and revenues 138 120
Production & Precision Ag (PPA) | United States    
Revenue Recognition    
Net sales and revenues 1,608 1,608
Production & Precision Ag (PPA) | Canada    
Revenue Recognition    
Net sales and revenues 139 112
Production & Precision Ag (PPA) | Western Europe    
Revenue Recognition    
Net sales and revenues 467 449
Production & Precision Ag (PPA) | Central Europe and CIS    
Revenue Recognition    
Net sales and revenues 202 161
Production & Precision Ag (PPA) | Latin America    
Revenue Recognition    
Net sales and revenues 776 513
Production & Precision Ag (PPA) | Asia, Africa, Australia, New Zealand, and Middle East    
Revenue Recognition    
Net sales and revenues 241 304
Small Ag & Turf (SAT)    
Revenue Recognition    
Net sales and revenues 2,674 2,551
Small Ag & Turf (SAT) | Revenue Recognized at a Point in Time    
Revenue Recognition    
Net sales and revenues 2,654 2,535
Small Ag & Turf (SAT) | Revenue Recognized Over Time    
Revenue Recognition    
Net sales and revenues 20 16
Small Ag & Turf (SAT) | Small Agriculture    
Revenue Recognition    
Net sales 1,932 1,812
Small Ag & Turf (SAT) | Turf    
Revenue Recognition    
Net sales 627 651
Small Ag & Turf (SAT) | Financial Products    
Revenue Recognition    
Financial 11 10
Small Ag & Turf (SAT) | Other income    
Revenue Recognition    
Other net sales and revenues 104 78
Small Ag & Turf (SAT) | United States    
Revenue Recognition    
Net sales and revenues 1,438 1,424
Small Ag & Turf (SAT) | Canada    
Revenue Recognition    
Net sales and revenues 122 79
Small Ag & Turf (SAT) | Western Europe    
Revenue Recognition    
Net sales and revenues 532 486
Small Ag & Turf (SAT) | Central Europe and CIS    
Revenue Recognition    
Net sales and revenues 126 84
Small Ag & Turf (SAT) | Latin America    
Revenue Recognition    
Net sales and revenues 104 77
Small Ag & Turf (SAT) | Asia, Africa, Australia, New Zealand, and Middle East    
Revenue Recognition    
Net sales and revenues 352 401
Construction & Forestry (CF)    
Revenue Recognition    
Net sales and revenues 2,592 2,530
Construction & Forestry (CF) | Revenue Recognized at a Point in Time    
Revenue Recognition    
Net sales and revenues 2,570 2,500
Construction & Forestry (CF) | Revenue Recognized Over Time    
Revenue Recognition    
Net sales and revenues 22 30
Construction & Forestry (CF) | Construction    
Revenue Recognition    
Net sales 1,175 887
Construction & Forestry (CF) | Compact Construction    
Revenue Recognition    
Net sales 321 346
Construction & Forestry (CF) | Roadbuilding    
Revenue Recognition    
Net sales 692 910
Construction & Forestry (CF) | Forestry    
Revenue Recognition    
Net sales 305 290
Construction & Forestry (CF) | Financial Products    
Revenue Recognition    
Financial 5 7
Construction & Forestry (CF) | Other income    
Revenue Recognition    
Other net sales and revenues 94 90
Construction & Forestry (CF) | United States    
Revenue Recognition    
Net sales and revenues 1,260 1,202
Construction & Forestry (CF) | Canada    
Revenue Recognition    
Net sales and revenues 332 188
Construction & Forestry (CF) | Western Europe    
Revenue Recognition    
Net sales and revenues 358 439
Construction & Forestry (CF) | Central Europe and CIS    
Revenue Recognition    
Net sales and revenues 195 178
Construction & Forestry (CF) | Latin America    
Revenue Recognition    
Net sales and revenues 228 170
Construction & Forestry (CF) | Asia, Africa, Australia, New Zealand, and Middle East    
Revenue Recognition    
Net sales and revenues 219 353
Financial Services (FS)    
Revenue Recognition    
Financial 870 884
Financial Services (FS) | Revenue Recognized at a Point in Time    
Revenue Recognition    
Financial 24 24
Financial Services (FS) | Revenue Recognized Over Time    
Revenue Recognition    
Financial 846 860
Financial Services (FS) | Financial Products    
Revenue Recognition    
Financial 870 884
Financial Services (FS) | United States    
Revenue Recognition    
Financial 573 598
Financial Services (FS) | Canada    
Revenue Recognition    
Financial 152 154
Financial Services (FS) | Western Europe    
Revenue Recognition    
Financial 26 24
Financial Services (FS) | Central Europe and CIS    
Revenue Recognition    
Financial 11 9
Financial Services (FS) | Latin America    
Revenue Recognition    
Financial 68 59
Financial Services (FS) | Asia, Africa, Australia, New Zealand, and Middle East    
Revenue Recognition    
Financial $ 40 $ 40
v3.22.0.1
REVENUE RECOGNITION - Advanced Customer Payments (Details) - USD ($)
$ in Millions
 3 Months Ended
Jan. 30, 2022
Jan. 31, 2021
Oct. 31, 2021
Advanced customer payments      
Deferred revenue received $ 1,348 $ 1,169 $ 1,344
Revenue recognized from deferred revenue $ 265 $ 223  
v3.22.0.1
REVENUE RECOGNITION - Unsatisfied Performance Obligations (Details)
$ in Millions
Jan. 30, 2022
USD ($)
Unsatisfied performance obligations  
Unsatisfied performance obligations for contracts with an original duration greater than one year $ 1,056
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2022-01-31  
Unsatisfied performance obligations  
Unsatisfied performance obligations for contracts with an original duration greater than one year $ 219
Period estimated revenue to be recognized 9 months
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2022-10-31  
Unsatisfied performance obligations  
Unsatisfied performance obligations for contracts with an original duration greater than one year $ 297
Period estimated revenue to be recognized 12 months
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-10-30  
Unsatisfied performance obligations  
Unsatisfied performance obligations for contracts with an original duration greater than one year $ 232
Period estimated revenue to be recognized 12 months
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-10-28  
Unsatisfied performance obligations  
Unsatisfied performance obligations for contracts with an original duration greater than one year $ 143
Period estimated revenue to be recognized 12 months
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2025-11-03  
Unsatisfied performance obligations  
Unsatisfied performance obligations for contracts with an original duration greater than one year $ 72
Period estimated revenue to be recognized 12 months
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2026-11-02  
Unsatisfied performance obligations  
Unsatisfied performance obligations for contracts with an original duration greater than one year $ 40
Period estimated revenue to be recognized 12 months
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2027-11-01  
Unsatisfied performance obligations  
Unsatisfied performance obligations for contracts with an original duration greater than one year $ 53
Period estimated revenue to be recognized 24 months
v3.22.0.1
OTHER COMPREHENSIVE INCOME ITEMS - After-Tax Components (Details) - USD ($)
$ in Millions
Jan. 30, 2022
Oct. 31, 2021
Jan. 31, 2021
Accumulated other comprehensive income (loss)      
Total accumulated other comprehensive income (loss) $ 17,804 $ 18,431 $ 14,083
Accumulated Other Comprehensive Income (Loss)      
Accumulated other comprehensive income (loss)      
Total accumulated other comprehensive income (loss) (3,152) (2,539) (5,078)
Retirement Benefits Adjustment      
Accumulated other comprehensive income (loss)      
Total accumulated other comprehensive income (loss) (1,379) (1,034) (3,855)
Cumulative Translation Adjustment      
Accumulated other comprehensive income (loss)      
Total accumulated other comprehensive income (loss) (1,745) (1,478) (1,200)
Unrealized Gain (Loss) on Derivatives      
Accumulated other comprehensive income (loss)      
Total accumulated other comprehensive income (loss) $ (28) (42) (54)
Unrealized Gain (Loss) on Debt Securities      
Accumulated other comprehensive income (loss)      
Total accumulated other comprehensive income (loss)   $ 15 $ 31
v3.22.0.1
OTHER COMPREHENSIVE INCOME ITEMS - Amounts Recorded in and Reclassifications out of (Details) - USD ($)
$ in Millions
 3 Months Ended
Jan. 30, 2022
Jan. 31, 2021
Other Comprehensive Income (Loss), Before Tax    
Interest expense $ (229) $ (271)
Total other comprehensive income (loss), before tax (719) 480
Other Comprehensive Income (Loss), Tax (Expense) Credit    
Total other comprehensive income (loss), tax (expense) credit 106 (19)
Other Comprehensive Income (Loss), After Tax    
Other comprehensive income (loss), net of income taxes (613) 461
Cumulative Translation Adjustment    
Other Comprehensive Income (Loss), Before Tax    
Total other comprehensive income (loss), before tax (264) 394
Other Comprehensive Income (Loss), Tax (Expense) Credit    
Total other comprehensive income (loss), tax (expense) credit (3) 2
Other Comprehensive Income (Loss), After Tax    
Other comprehensive income (loss), net of income taxes (267) 396
Unrealized Gain (Loss) on Derivatives    
Other Comprehensive Income (Loss), Before Tax    
Other comprehensive income (loss) before reclassification, before tax 15  
Total other comprehensive income (loss), before tax 17 5
Other Comprehensive Income (Loss), Tax (Expense) Credit    
Other comprehensive income (loss) before reclassification, tax (expense) credit (3)  
Total other comprehensive income (loss), tax (expense) credit (3) (1)
Other Comprehensive Income (Loss), After Tax    
Other comprehensive income (loss) before reclassification, after tax 12  
Other comprehensive income (loss), net of income taxes 14 4
Unrealized Gain (Loss) on Derivatives | Interest Rate Contracts | Reclassification out of Accumulated Other Comprehensive Income (Loss)    
Other Comprehensive Income (Loss), Before Tax    
Interest expense 2 5
Other Comprehensive Income (Loss), Tax (Expense) Credit    
Reclassification from accumulated other comprehensive income, tax (expense) credit   (1)
Other Comprehensive Income (Loss), After Tax    
Reclassification from accumulated other comprehensive income, after tax 2 4
Unrealized Gain (Loss) on Debt Securities    
Other Comprehensive Income (Loss), Before Tax    
Other comprehensive income (loss) before reclassification, before tax (19) (3)
Total other comprehensive income (loss), before tax (19) (3)
Other Comprehensive Income (Loss), Tax (Expense) Credit    
Other comprehensive income (loss) before reclassification, tax (expense) credit 4 1
Total other comprehensive income (loss), tax (expense) credit 4 1
Other Comprehensive Income (Loss), After Tax    
Other comprehensive income (loss) before reclassification, after tax (15) (2)
Other comprehensive income (loss), net of income taxes (15) (2)
Retirement Benefits Adjustment    
Other Comprehensive Income (Loss), Before Tax    
Other comprehensive income (loss) before reclassification, before tax (500) (1)
Total other comprehensive income (loss), before tax (453) 84
Other Comprehensive Income (Loss), Tax (Expense) Credit    
Other comprehensive income (loss) before reclassification, tax (expense) credit 120  
Total other comprehensive income (loss), tax (expense) credit 108 (21)
Other Comprehensive Income (Loss), After Tax    
Other comprehensive income (loss) before reclassification, after tax (380) (1)
Other comprehensive income (loss), net of income taxes (345) 63
Actuarial (Gain) Loss | Reclassification out of Accumulated Other Comprehensive Income (Loss)    
Other Comprehensive Income (Loss), Before Tax    
Other operating expenses 40 70
Other Comprehensive Income (Loss), Tax (Expense) Credit    
Reclassification from accumulated other comprehensive income, tax (expense) credit (10) (17)
Other Comprehensive Income (Loss), After Tax    
Reclassification from accumulated other comprehensive income, after tax 30 53
Prior Service (Credit) Cost | Reclassification out of Accumulated Other Comprehensive Income (Loss)    
Other Comprehensive Income (Loss), Before Tax    
Other operating expenses 6 2
Other Comprehensive Income (Loss), Tax (Expense) Credit    
Reclassification from accumulated other comprehensive income, tax (expense) credit (2) (1)
Other Comprehensive Income (Loss), After Tax    
Reclassification from accumulated other comprehensive income, after tax 4 1
Settlements | Reclassification out of Accumulated Other Comprehensive Income (Loss)    
Other Comprehensive Income (Loss), Before Tax    
Other operating expenses 1 13
Other Comprehensive Income (Loss), Tax (Expense) Credit    
Reclassification from accumulated other comprehensive income, tax (expense) credit   (3)
Other Comprehensive Income (Loss), After Tax    
Reclassification from accumulated other comprehensive income, after tax $ 1 $ 10
v3.22.0.1
EARNINGS PER SHARE (Details) - USD ($)
$ / shares in Units, shares in Millions, $ in Millions
 3 Months Ended
Jan. 30, 2022
Jan. 31, 2021
EARNINGS PER SHARE    
Net income attributable to Deere & Company $ 903 $ 1,224
Average shares outstanding 307.4 313.5
Basic (in dollars per share) $ 2.94 $ 3.90
Diluted Earnings Per Share    
Average shares outstanding 307.4 313.5
Effect of dilutive share-based compensation (in shares) 2.0 2.6
Total potential shares outstanding 309.4 316.1
Diluted (in dollars per share) $ 2.92 $ 3.87
Antidilutive incremental shares excluded from computation of earnings per share 0.1 0.1
v3.22.0.1
PENSION AND OTHER POSTRETIREMENT BENEFITS - Components of Net Periodic Cost (Details) - USD ($)
$ in Millions
 3 Months Ended 12 Months Ended
Nov. 30, 2021
Jan. 30, 2022
Jan. 31, 2021
Oct. 30, 2022
Net Periodic Cost        
Location of costs excluding the service component   Other Cost of Operating Revenue Other Cost of Operating Revenue  
Pensions        
Net Periodic Cost        
Service cost   $ 85 $ 85  
Interest cost   77 69  
Expected return on plan assets   (182) (200)  
Amortization of actuarial loss   39 63  
Amortization of prior service (credit) cost   7 3  
Settlements   1 13  
Net cost   27 33  
Employer Contributions        
Defined benefit plan employer contributions   18    
Defined benefit plan employer contributions expected for the remainder of the fiscal year   70    
Pensions | UAW Collective Bargaining Arrangement | United States        
UAW Contract Remeasurement        
Decrease in plan's funded status   (495)    
Pension expense increase   14    
Pensions | UAW Collective Bargaining Arrangement | United States | Operating Profit        
UAW Contract Remeasurement        
Pension expense increase   6    
Pensions | UAW Collective Bargaining Arrangement | United States | Forecast        
UAW Contract Remeasurement        
Pension expense increase       $ 80
OPEB        
Net Periodic Cost        
Service cost   12 12  
Interest cost   26 26  
Expected return on plan assets   (28) (19)  
Amortization of actuarial loss   1 7  
Amortization of prior service (credit) cost   (1) (1)  
Net cost   10 $ 25  
Employer Contributions        
Defined benefit plan employer contributions   1,051    
Defined benefit plan employer contributions expected for the remainder of the fiscal year   $ 86    
OPEB | United States        
Employer Contributions        
Defined benefit plan employer voluntary contributions $ 1,000      
v3.22.0.1
SEGMENT REPORTING (Details) - USD ($)
$ in Millions
 3 Months Ended
Jan. 30, 2022
Jan. 31, 2021
Oct. 31, 2021
Net Sales and Revenues      
Net sales and revenues $ 9,569 $ 9,112  
% Change - Net sales and revenues 5.00%    
Operating Profit (Loss)      
Total operating profit $ 1,235 1,638  
% Change - Operating profit (25.00%)    
Net income attributable to Deere & Company $ 903 1,224  
% Change - Net income attributable to Deere & Company (26.00%)    
Identifiable Assets      
Total Assets $ 79,614 75,480 $ 84,114
Operating Segments (Other)      
Reconciling items $ (82) (106)  
% Change - Reconciling items (23.00%)    
Income taxes $ (250) (308)  
% Change - Income taxes (19.00%)    
Outside U.S. and Canada      
Operating Profit (Loss)      
Total operating profit $ 806 629  
% Change - Operating profit 28.00%    
Corporate      
Identifiable Assets      
Total Assets $ 10,814 10,921 15,053
Other Revenues      
Net Sales and Revenues      
Other revenues $ 168 177  
% Change - Other revenues (5.00%)    
Production & Precision Ag (PPA)      
Net Sales and Revenues      
Net sales and revenues $ 3,433 3,147  
Intersegment sales and revenues $ 4 6  
% Change - Intersegment sales and revenues (33.00%)    
Operating Profit (Loss)      
Total operating profit $ 296 643  
% Change - Operating profit (54.00%)    
Identifiable Assets      
Total Assets $ 7,683 6,330 7,021
Production & Precision Ag (PPA) | Outside U.S. and Canada      
Operating Profit (Loss)      
Total operating profit $ 282 228  
% Change - Operating profit 24.00%    
Small Ag & Turf (SAT)      
Net Sales and Revenues      
Net sales and revenues $ 2,674 2,551  
Intersegment sales and revenues $ 2 3  
% Change - Intersegment sales and revenues (33.00%)    
Operating Profit (Loss)      
Total operating profit $ 371 469  
% Change - Operating profit (21.00%)    
Identifiable Assets      
Total Assets $ 4,260 3,510 3,959
Small Ag & Turf (SAT) | Outside U.S. and Canada      
Operating Profit (Loss)      
Total operating profit $ 310 242  
% Change - Operating profit 28.00%    
Construction & Forestry (CF)      
Net Sales and Revenues      
Net sales and revenues $ 2,592 2,530  
Operating Profit (Loss)      
Total operating profit $ 272 268  
% Change - Operating profit 1.00%    
Identifiable Assets      
Total Assets $ 6,358 6,341 6,457
Construction & Forestry (CF) | Outside U.S. and Canada      
Operating Profit (Loss)      
Total operating profit $ 144 93  
% Change - Operating profit 55.00%    
Financial Services (FS)      
Net Sales and Revenues      
Financial revenues $ 870 884  
% Change - Financial revenues (2.00%)    
Intersegment sales and revenues $ 46 50  
% Change - Intersegment sales and revenues (8.00%)    
Operating Profit (Loss)      
Total operating profit $ 296 258  
% Change - Operating profit 15.00%    
Identifiable Assets      
Total Assets $ 50,499 48,378 $ 51,624
Financial Services (FS) | Outside U.S. and Canada      
Operating Profit (Loss)      
Total operating profit $ 70 66  
% Change - Operating profit 6.00%    
Net Sales      
Net Sales and Revenues      
Net sales and revenues $ 8,531 8,051  
Net Sales | Production & Precision Ag (PPA)      
Net Sales and Revenues      
Net sales $ 3,356 3,069  
% Change - Net sales 9.00%    
Net Sales | Small Ag & Turf (SAT)      
Net Sales and Revenues      
Net sales $ 2,631 2,515  
% Change - Net sales 5.00%    
Net Sales | Construction & Forestry (CF)      
Net Sales and Revenues      
Net sales $ 2,544 $ 2,467  
% Change - Net sales 3.00%    
v3.22.0.1
FINANCING RECEIVABLES - Financing Receivables Past Due (Details)
 3 Months Ended
Jan. 30, 2022
FINANCING RECEIVABLES  
Minimum number of days for a financing receivable to be considered past due 30 days
Generally the number of days for a financing receivable to be considered non-performing 90 days
Generally the number of days before a receivable is delinquent and the estimated uncollectible amount is written off 120 days
v3.22.0.1
FINANCING RECEIVABLES - Retail Notes, Financing Leases, and Revolving Charge Accounts Credit Quality Analysis (Details) - USD ($)
$ in Millions
Jan. 30, 2022
Oct. 31, 2021
Jan. 31, 2021
Credit Quality Analysis      
Total retail customer receivables $ 36,865   $ 33,580
Retail Customer Receivables      
Credit Quality Analysis      
2022 and 2021, respectively 3,271 $ 16,173 3,278
2021 and 2020, respectively 14,647 8,494 11,906
2020 and 2019, respectively 7,595 4,389 6,645
2019 and 2018, respectively 3,813 2,098 3,543
2018 and 2017, respectively 1,719 828 1,645
Prior years 873 251 793
Revolving 2,756 3,825 2,685
Total retail customer receivables 34,674 36,058 30,495
Retail Customer Receivables | Agriculture and Turf | 30-59 Days Past Due      
Credit Quality Analysis      
2022 and 2021, respectively 5 43 4
2021 and 2020, respectively 82 53 65
2020 and 2019, respectively 52 29 49
2019 and 2018, respectively 30 16 30
2018 and 2017, respectively 15 7 13
Prior years 6 3 7
Revolving 25 14 27
Total retail customer receivables 215 165 195
Retail Customer Receivables | Agriculture and Turf | 60-89 Days Past Due      
Credit Quality Analysis      
2022 and 2021, respectively 1 16  
2021 and 2020, respectively 23 23 20
2020 and 2019, respectively 18 12 17
2019 and 2018, respectively 10 6 11
2018 and 2017, respectively 5 3 5
Prior years 3 1 3
Revolving 5 4 5
Total retail customer receivables 65 65 61
Retail Customer Receivables | Agriculture and Turf | 90 Days or Greater Past Due      
Credit Quality Analysis      
2021 and 2020, respectively 1 1  
2020 and 2019, respectively     1
Total retail customer receivables 1 1 1
Retail Customer Receivables | Agriculture and Turf | Current      
Credit Quality Analysis      
2022 and 2021, respectively 2,492 12,877 2,531
2021 and 2020, respectively 11,580 6,676 9,427
2020 and 2019, respectively 5,988 3,463 5,129
2019 and 2018, respectively 3,038 1,738 2,817
2018 and 2017, respectively 1,440 728 1,400
Prior years 761 211 686
Revolving 2,634 3,704 2,564
Total retail customer receivables 27,933 29,397 24,554
Retail Customer Receivables | Agriculture and Turf | Non-performing      
Credit Quality Analysis      
2022 and 2021, respectively 1 23  
2021 and 2020, respectively 33 57 40
2020 and 2019, respectively 58 53 78
2019 and 2018, respectively 52 32 57
2018 and 2017, respectively 31 17 36
Prior years 36 23 46
Revolving 6 7 7
Total retail customer receivables 217 212 264
Retail Customer Receivables | Construction and Forestry | 30-59 Days Past Due      
Credit Quality Analysis      
2022 and 2021, respectively 8 50 5
2021 and 2020, respectively 68 40 53
2020 and 2019, respectively 35 27 32
2019 and 2018, respectively 21 7 17
2018 and 2017, respectively 6 4 6
Prior years 2 1 1
Revolving 3 3 3
Total retail customer receivables 143 132 117
Retail Customer Receivables | Construction and Forestry | 60-89 Days Past Due      
Credit Quality Analysis      
2022 and 2021, respectively   15 1
2021 and 2020, respectively 30 11 15
2020 and 2019, respectively 17 9 16
2019 and 2018, respectively 7 6 7
2018 and 2017, respectively 3 1 3
Prior years 1   1
Revolving 1 1 1
Total retail customer receivables 59 43 44
Retail Customer Receivables | Construction and Forestry | 90 Days or Greater Past Due      
Credit Quality Analysis      
2022 and 2021, respectively   1  
2021 and 2020, respectively 2 2 9
2020 and 2019, respectively 3 3 13
2019 and 2018, respectively 3 3 5
2018 and 2017, respectively 1 4 4
Prior years 8 2 2
Total retail customer receivables 17 15 33
Retail Customer Receivables | Construction and Forestry | Current      
Credit Quality Analysis      
2022 and 2021, respectively 764 3,122 737
2021 and 2020, respectively 2,795 1,575 2,251
2020 and 2019, respectively 1,376 754 1,276
2019 and 2018, respectively 615 273 573
2018 and 2017, respectively 204 57 164
Prior years 49 7 39
Revolving 81 92 77
Total retail customer receivables 5,884 5,880 5,117
Retail Customer Receivables | Construction and Forestry | Non-performing      
Credit Quality Analysis      
2022 and 2021, respectively   26  
2021 and 2020, respectively 33 56 26
2020 and 2019, respectively 48 39 34
2019 and 2018, respectively 37 17 26
2018 and 2017, respectively 14 7 14
Prior years 7 3 8
Revolving 1   1
Total retail customer receivables $ 140 $ 148 $ 109
v3.22.0.1
FINANCING RECEIVABLES - Wholesale Receivables Credit Quality Analysis (Details) - USD ($)
$ in Millions
Jan. 30, 2022
Oct. 31, 2021
Jan. 31, 2021
Credit Quality Analysis      
Total wholesale receivables $ 36,865   $ 33,580
Wholesale Receivables      
Credit Quality Analysis      
2022 and 2021, respectively 106 $ 387 81
2021 and 2020, respectively 282 87 237
2020 and 2019, respectively 60 41 122
2019 and 2018, respectively 21 9 20
2018 and 2017, respectively 7 4 9
Prior years 4 2 4
Revolving 1,711 2,036 2,612
Total wholesale receivables 2,191 2,566 3,085
Wholesale Receivables | Agriculture and Turf | Current      
Credit Quality Analysis      
2022 and 2021, respectively 101 346 78
2021 and 2020, respectively 244 80 226
2020 and 2019, respectively 56 22 67
2019 and 2018, respectively 11 9 18
2018 and 2017, respectively 7 3 8
Prior years 2   1
Revolving 1,426 1,696 2,297
Total wholesale receivables 1,847 2,156 2,695
Wholesale Receivables | Agriculture and Turf | Non-performing      
Credit Quality Analysis      
2020 and 2019, respectively   12 35
2019 and 2018, respectively 7    
Total wholesale receivables 7 12 35
Wholesale Receivables | Construction and Forestry | 30+ days past due      
Credit Quality Analysis      
Prior years 1 1 1
Total wholesale receivables 1 1 1
Wholesale Receivables | Construction and Forestry | Current      
Credit Quality Analysis      
2022 and 2021, respectively 5 41 3
2021 and 2020, respectively 38 7 11
2020 and 2019, respectively 4 7 20
2019 and 2018, respectively 3   2
2018 and 2017, respectively   1 1
Prior years 1 1 2
Revolving 285 340 315
Total wholesale receivables $ 336 $ 397 $ 354
v3.22.0.1
FINANCING RECEIVABLES - Allowance for Credit Losses (Details) - USD ($)
$ in Millions
 3 Months Ended
Jan. 30, 2022
Jan. 31, 2021
Oct. 31, 2021
Allowance:      
Beginning of period balance $ 166 $ 184  
Provision (credit) 2 (6)  
Write-offs (22) (13)  
Recoveries 12 14  
Translation adjustments   1  
End of period balance 158 211  
Financing receivables:      
End of period balance 36,865 33,580  
Cumulative Effect from Adoption | ASU 2016-13      
Allowance:      
Beginning of period balance   31  
Retail Customer Receivables      
Financing receivables:      
End of period balance 34,674 30,495 $ 36,058
Retail Notes and Financing Leases      
Allowance:      
Beginning of period balance 138 133  
Provision (credit) 13 5  
Write-offs (17) (8)  
Recoveries 4 5  
Translation adjustments   1  
End of period balance 138 180  
Financing receivables:      
End of period balance 31,918 27,810  
Retail Notes and Financing Leases | Cumulative Effect from Adoption | ASU 2016-13      
Allowance:      
Beginning of period balance   44  
Revolving Charge Accounts      
Allowance:      
Beginning of period balance 21 43  
Provision (credit) (9) (10)  
Write-offs (5) (5)  
Recoveries 8 9  
End of period balance 15 24  
Financing receivables:      
End of period balance 2,756 2,685  
Revolving Charge Accounts | Cumulative Effect from Adoption | ASU 2016-13      
Allowance:      
Beginning of period balance   (13)  
Wholesale Receivables      
Allowance:      
Beginning of period balance 7 8  
Provision (credit) (2) (1)  
End of period balance 5 7  
Financing receivables:      
End of period balance $ 2,191 $ 3,085 $ 2,566
v3.22.0.1
FINANCING RECEIVABLES - Troubled Debt Restructuring (Details)
$ in Millions
 3 Months Ended
Jan. 30, 2022
USD ($)
item
Jan. 31, 2021
USD ($)
item
Financing Receivables Related to Troubled Debt Restructurings    
Financing receivable contracts in troubled debt restructuring, number | item 108 98
Financing receivables in troubled debt restructurings, aggregate balances, pre-modification $ 5 $ 5
Financing receivables in troubled debt restructurings, aggregate balances, post-modification 4 $ 5
Commitments to lend additional funds to borrowers whose accounts were modified in troubled debt restructurings $ 0  
v3.22.0.1
SECURITIZATION OF FINANCING RECEIVABLES (Details) - USD ($)
$ in Millions
 1 Months Ended 3 Months Ended
Nov. 28, 2021
Jan. 30, 2022
Oct. 31, 2021
Jan. 31, 2021
Securitization Transactions        
Short-term securitization borrowings   $ 3,482 $ 4,605 $ 3,969
Accrued interest on borrowings - securitization transactions   1 2 2
Total liabilities related to restricted securitized assets - securitization transactions   $ 3,483 4,607 3,971
Maximum remaining term of all restricted securitized retail notes   6 years    
Unconsolidated conduits, carrying value of liabilities   $ 61,806 65,680 61,394
Securitized        
Securitization Transactions        
Financing receivables securitized (retail notes)   3,526 4,673 3,946
Allowance for credit losses - securitization transactions   (10) (14) (15)
Other assets - securitization transactions   100 107 95
Total restricted securitized assets - securitization transactions   3,616 4,766 4,026
Bank Conduit Revolving Warehouse Facility Agreement        
Securitization Transactions        
Bank conduit revolving warehouse facility capacity $ 1,000 1,000 2,000  
Repurchase of short-term securitization borrowings $ 511      
VIE-Primary Beneficiary        
Securitization Transactions        
Total restricted securitized assets - securitization transactions   2,649 3,094 2,425
Total liabilities related to restricted securitized assets - securitization transactions   2,575 3,024 2,403
Non-VIE Banking Operation        
Securitization Transactions        
Total restricted securitized assets - securitization transactions   200 496 481
Total liabilities related to restricted securitized assets - securitization transactions   188 470 471
VIE-Not Primary Beneficiary        
Securitization Transactions        
Total restricted securitized assets - securitization transactions   767 1,176 1,120
Total liabilities related to restricted securitized assets - securitization transactions   720 $ 1,113 $ 1,097
Unconsolidated conduits, carrying value of liabilities   720    
Unconsolidated conduits, maximum exposure to loss   767    
Total Assets   $ 14,000    
v3.22.0.1
INVENTORIES (Details) - USD ($)
$ in Millions
Jan. 30, 2022
Oct. 31, 2021
Jan. 31, 2021
INVENTORIES      
Raw materials and supplies $ 4,034 $ 3,524 $ 2,303
Work-in-process 1,460 994 839
Finished goods and parts 4,790 4,373 4,485
Total FIFO value 10,284 8,891 7,627
Less adjustment to LIFO value 2,349 2,110 1,671
Inventories $ 7,935 $ 6,781 $ 5,956
v3.22.0.1
GOODWILL AND OTHER INTANGIBLE ASSETS-NET - Goodwill (Details) - USD ($)
$ in Millions
 3 Months Ended
Jan. 30, 2022
Jan. 31, 2021
Changes in Amounts of Goodwill    
Goodwill - net, beginning balance $ 3,291 $ 3,081
Acquisitions 18 12
Translation adjustments and other (117) 101
Goodwill - net, ending balance 3,192 3,194
Accumulated goodwill impairment losses 0 0
Production & Precision Ag (PPA)    
Changes in Amounts of Goodwill    
Goodwill - net, beginning balance 542 333
Acquisitions 7 12
Translation adjustments and other (5) 12
Goodwill - net, ending balance 544 357
Small Ag & Turf (SAT)    
Changes in Amounts of Goodwill    
Goodwill - net, beginning balance 265 268
Acquisitions 7  
Translation adjustments and other (2) (1)
Goodwill - net, ending balance 270 267
Construction & Forestry (CF)    
Changes in Amounts of Goodwill    
Goodwill - net, beginning balance 2,484 2,480
Acquisitions 4  
Translation adjustments and other (110) 90
Goodwill - net, ending balance $ 2,378 $ 2,570
v3.22.0.1
GOODWILL AND OTHER INTANGIBLE ASSETS-NET - Intangible Assets (Details) - USD ($)
$ in Millions
Jan. 30, 2022
Oct. 31, 2021
Jan. 31, 2021
Amortized intangible assets:      
Total at cost $ 1,592 $ 1,646 $ 1,652
Total accumulated amortization 506 494 433
Amortized intangible assets - net 1,086 1,152 1,219
Unamortized intangible assets:      
Other intangible assets - net 1,209 1,275 1,342
Customer Lists and Relationships      
Amortized intangible assets:      
Total at cost 526 542 553
Total accumulated amortization 156 151 128
Technology, Patents, Trademarks and Other      
Amortized intangible assets:      
Total at cost 1,066 1,104 1,099
Total accumulated amortization 350 343 305
In-process Research and Development      
Unamortized intangible assets:      
Unamortized intangible assets $ 123 $ 123 $ 123
v3.22.0.1
GOODWILL AND OTHER INTANGIBLE ASSETS-NET - Amortization Expense (Details) - USD ($)
$ in Millions
 3 Months Ended
Jan. 30, 2022
Jan. 31, 2021
Amortized Intangible Assets:    
Amortization expense of other intangible assets $ 28 $ 34
Amortization expense of other intangible assets - remainder of 2022 84  
Amortization expense of other intangible assets - 2023 110  
Amortization expense of other intangible assets - 2024 106  
Amortization expense of other intangible assets - 2025 102  
Amortization expense of other intangible assets - 2026 99  
Amortization expense of other intangible assets - 2027 $ 98  
v3.22.0.1
TOTAL SHORT-TERM BORROWINGS (Details) - USD ($)
$ in Millions
Jan. 30, 2022
Oct. 31, 2021
Jan. 31, 2021
Short-term borrowings      
Short-term borrowings $ 10,990 $ 10,919 $ 9,224
Short-term securitization borrowings 3,482 4,605 3,969
Total short-term borrowings 14,472 15,524 13,193
Equipment Operations      
Short-term borrowings      
Short-term borrowings 1,516 1,509 394
Short-term securitization borrowings 8 10 17
Equipment Operations | Notes Payable to Banks      
Short-term borrowings      
Short-term borrowings 401 273 183
Equipment Operations | Finance Lease Obligations Due Within One Year      
Short-term borrowings      
Short-term borrowings 23 23 20
Equipment Operations | Long-term Borrowings Due Within One Year      
Short-term borrowings      
Short-term borrowings 1,092 1,213 191
Financial Services      
Short-term borrowings      
Short-term borrowings 9,474 9,410 8,830
Short-term securitization borrowings 3,474 4,595 3,952
Financial Services | Commercial Paper      
Short-term borrowings      
Short-term borrowings 2,135 2,230 1,346
Financial Services | Notes Payable to Banks      
Short-term borrowings      
Short-term borrowings 118 63 143
Financial Services | Long-term Borrowings Due Within One Year      
Short-term borrowings      
Short-term borrowings $ 7,221 $ 7,117 $ 7,341
v3.22.0.1
LONG-TERM BORROWINGS (Details)
€ in Millions, $ in Millions
Jan. 30, 2022
USD ($)
Jan. 30, 2022
EUR (€)
Oct. 31, 2021
USD ($)
Oct. 31, 2021
EUR (€)
Jan. 31, 2021
USD ($)
Jan. 31, 2021
EUR (€)
Long-term borrowings            
Total long-term borrowings $ 32,838   $ 32,888   $ 32,772  
Equipment Operations            
Long-term borrowings            
Less debt issuance costs and debt discounts (52)   (54)   (60)  
Total long-term borrowings 8,760   8,915   10,139  
Equipment Operations | 2.60% Notes Due 2022            
Long-term borrowings            
Long-term borrowings, gross         $ 1,000  
Debt instrument, stated interest rate         2.60% 2.60%
Equipment Operations | 2.75% Notes Due 2025            
Long-term borrowings            
Long-term borrowings, gross $ 700   $ 700   $ 700  
Debt instrument, stated interest rate 2.75% 2.75% 2.75% 2.75% 2.75% 2.75%
Equipment Operations | 6.55% Debentures Due 2028            
Long-term borrowings            
Long-term borrowings, gross $ 200   $ 200   $ 200  
Debt instrument, stated interest rate 6.55% 6.55% 6.55% 6.55% 6.55% 6.55%
Equipment Operations | 5.375% Notes Due 2029            
Long-term borrowings            
Long-term borrowings, gross $ 500   $ 500   $ 500  
Debt instrument, stated interest rate 5.375% 5.375% 5.375% 5.375% 5.375% 5.375%
Equipment Operations | 3.10% Notes Due 2030            
Long-term borrowings            
Long-term borrowings, gross $ 700   $ 700   $ 700  
Debt instrument, stated interest rate 3.10% 3.10% 3.10% 3.10% 3.10% 3.10%
Equipment Operations | 8.10% Debentures Due 2030            
Long-term borrowings            
Long-term borrowings, gross $ 250   $ 250   $ 250  
Debt instrument, stated interest rate 8.10% 8.10% 8.10% 8.10% 8.10% 8.10%
Equipment Operations | 7.125% Notes Due 2031            
Long-term borrowings            
Long-term borrowings, gross $ 300   $ 300   $ 300  
Debt instrument, stated interest rate 7.125% 7.125% 7.125% 7.125% 7.125% 7.125%
Equipment Operations | 3.90% Notes Due 2042            
Long-term borrowings            
Long-term borrowings, gross $ 1,250   $ 1,250   $ 1,250  
Debt instrument, stated interest rate 3.90% 3.90% 3.90% 3.90% 3.90% 3.90%
Equipment Operations | 2.875% Notes Due 2049            
Long-term borrowings            
Long-term borrowings, gross $ 500   $ 500   $ 500  
Debt instrument, stated interest rate 2.875% 2.875% 2.875% 2.875% 2.875% 2.875%
Equipment Operations | 3.75% Notes Due 2050            
Long-term borrowings            
Long-term borrowings, gross $ 850   $ 850   $ 850  
Debt instrument, stated interest rate 3.75% 3.75% 3.75% 3.75% 3.75% 3.75%
Equipment Operations | .5% Notes Due 2023            
Long-term borrowings            
Long-term borrowings, gross $ 557   $ 584   $ 606  
Debt instrument, stated interest rate 0.50% 0.50% 0.50% 0.50% 0.50% 0.50%
Principal amount | €   € 500   € 500   € 500
Equipment Operations | 1.375% Notes Due 2024            
Long-term borrowings            
Long-term borrowings, gross $ 891   $ 934   $ 970  
Debt instrument, stated interest rate 1.375% 1.375% 1.375% 1.375% 1.375% 1.375%
Principal amount | €   € 800   € 800   € 800
Equipment Operations | 1.85% Notes Due 2028            
Long-term borrowings            
Long-term borrowings, gross $ 669   $ 701   $ 727  
Debt instrument, stated interest rate 1.85% 1.85% 1.85% 1.85% 1.85% 1.85%
Principal amount | €   € 600   € 600   € 600
Equipment Operations | 2.20% Notes Due 2032            
Long-term borrowings            
Long-term borrowings, gross $ 669   $ 701   $ 727  
Debt instrument, stated interest rate 2.20% 2.20% 2.20% 2.20% 2.20% 2.20%
Principal amount | €   € 600   € 600   € 600
Equipment Operations | 1.65% Notes Due 2039            
Long-term borrowings            
Long-term borrowings, gross $ 724   $ 759   $ 788  
Debt instrument, stated interest rate 1.65% 1.65% 1.65% 1.65% 1.65% 1.65%
Principal amount | €   € 650   € 650   € 650
Equipment Operations | Other Notes            
Long-term borrowings            
Long-term borrowings, gross $ 52   $ 40   $ 131  
Financial Services            
Long-term borrowings            
Less debt issuance costs and debt discounts (63)   (64)   (57)  
Total long-term borrowings 24,078   23,973   22,633  
Financial Services | Medium-term notes            
Long-term borrowings            
Long-term borrowings, gross 22,947   22,899   21,549  
Principal amount 22,896   22,647   20,978  
Financial Services | Other Notes            
Long-term borrowings            
Long-term borrowings, gross $ 1,194   $ 1,138   $ 1,141  
v3.22.0.1
LEASES - Lease Right of Use Assets and Liabilities - (Details) - USD ($)
$ in Millions
Jan. 30, 2022
Oct. 31, 2021
Jan. 31, 2021
Lessee      
Operating leases - Other assets $ 276 $ 291 $ 327
Operating lease, right-of-use asset, Condensed Consolidated Balance Sheet location Other assets Other assets Other assets
Operating leases - Accounts payable and accrued expenses $ 267 $ 279 $ 315
Operating lease, liability, Condensed Consolidated Balance Sheet location Accounts payable and accrued expenses Accounts payable and accrued expenses Accounts payable and accrued expenses
Finance leases - Property and equipment - net $ 65 $ 71 $ 57
Finance lease, right-of-use asset, Condensed Consolidated Balance Sheet location Property and equipment - net Property and equipment - net Property and equipment - net
Finance leases - Short-term borrowings $ 23 $ 23 $ 20
Finance lease, liability, short-term, Condensed Consolidated Balance Sheet location Short-term borrowings Short-term borrowings Short-term borrowings
Finance leases - Long-term borrowings $ 32 $ 38 $ 36
Finance lease, liability, long-term, Condensed Consolidated Balance Sheet location Long-term borrowings Long-term borrowings Long-term borrowings
Total finance lease liabilities $ 55 $ 61 $ 56
v3.22.0.1
LEASES - Lease Revenues (Details) - USD ($)
$ in Millions
 3 Months Ended
Jan. 30, 2022
Jan. 31, 2021
Lessor    
Sales-type and direct finance lease revenues $ 39 $ 36
Operating lease revenues 336 363
Variable lease revenues 7 6
Total lease revenues $ 382 $ 405
v3.22.0.1
COMMITMENTS AND CONTINGENCIES - Warranty (Details) - USD ($)
$ in Millions
 3 Months Ended
Jan. 30, 2022
Jan. 31, 2021
COMMITMENTS AND CONTINGENCIES    
Historical claims rate, review period 5 years  
Unamortized extended warranty premiums (deferred revenue) $ 781 $ 656
Change in Warranty Liability and Unearned Premiums    
Beginning of period balance 2,086 1,743
Payments (193) (215)
Amortization of premiums received (66) (63)
Accruals for warranties 181 247
Premiums received 83 73
Foreign exchange (27) 18
End of period balance $ 2,064 $ 1,803
v3.22.0.1
COMMITMENTS AND CONTINGENCIES - Other (Details)
$ in Millions
 3 Months Ended
Jan. 30, 2022
USD ($)
Long Term Purchase Commitments  
Commitments for the construction and acquisition of property and equipment $ 323
Restricted Assets and Other Contingent Liabilities  
Other restricted assets 64
Miscellaneous contingent liabilities 85
Guarantees, Third-party Receivables  
Guarantee Obligations  
Guarantee obligations maximum exposure 374
Guarantee obligations accrued losses $ 5
Guarantee obligations term 6 years
v3.22.0.1
FAIR VALUE MEASUREMENTS - Financial Instruments (Details) - USD ($)
$ in Millions
Jan. 30, 2022
Oct. 31, 2021
Jan. 31, 2021
Fair Values of Financial Instruments      
Financing receivables - net $ 33,191 $ 33,799 $ 29,438
Financing receivables securitized - net 3,516 4,659 3,931
Short-term securitization borrowings 3,482 4,605 3,969
Long-term borrowings 32,838 32,888 32,772
Level 2      
Fair Values of Financial Instruments      
Long-term borrowings due within one year 8,322 8,364 7,622
Long-term borrowings 33,843 34,506 35,032
Level 3      
Fair Values of Financial Instruments      
Financing receivables - net 33,033 33,718 29,691
Financing receivables securitized - net 3,530 4,704 4,019
Level 2 and Level 3      
Fair Values of Financial Instruments      
Short-term securitization borrowings 3,468 4,610 4,003
Carrying Value      
Fair Values of Financial Instruments      
Financing receivables - net 33,191 33,799 29,438
Financing receivables securitized - net 3,516 4,659 3,931
Short-term securitization borrowings 3,482 4,605 3,969
Long-term borrowings due within one year 8,313 8,330 7,532
Long-term borrowings 32,806 32,850 32,736
Equipment Operations      
Fair Values of Financial Instruments      
Short-term securitization borrowings 8 10 17
Long-term borrowings 8,760 8,915 10,139
Equipment Operations | Level 2      
Fair Values of Financial Instruments      
Long-term borrowings due within one year 1,096 1,222 198
Long-term borrowings 9,724 10,244 11,813
Equipment Operations | Level 3      
Fair Values of Financial Instruments      
Financing receivables - net 48 68 100
Financing receivables securitized - net 9 10 17
Short-term securitization borrowings 9 10 17
Equipment Operations | Carrying Value      
Fair Values of Financial Instruments      
Financing receivables - net 56 73 103
Financing receivables securitized - net 9 10 18
Short-term securitization borrowings 8 10 17
Long-term borrowings due within one year 1,092 1,213 191
Long-term borrowings 8,728 8,877 10,103
Financial Services      
Fair Values of Financial Instruments      
Short-term securitization borrowings 3,474 4,595 3,952
Long-term borrowings 24,078 23,973 22,633
Financial Services | Level 2      
Fair Values of Financial Instruments      
Short-term securitization borrowings 3,459 4,600 3,986
Long-term borrowings due within one year 7,226 7,142 7,424
Long-term borrowings 24,119 24,262 23,219
Financial Services | Level 3      
Fair Values of Financial Instruments      
Financing receivables - net 32,985 33,650 29,591
Financing receivables securitized - net 3,521 4,694 4,002
Financial Services | Carrying Value      
Fair Values of Financial Instruments      
Financing receivables - net 33,135 33,726 29,335
Financing receivables securitized - net 3,507 4,649 3,913
Short-term securitization borrowings 3,474 4,595 3,952
Long-term borrowings due within one year 7,221 7,117 7,341
Long-term borrowings $ 24,078 $ 23,973 $ 22,633
v3.22.0.1
FAIR VALUE MEASUREMENTS - Assets and Liaibilities - Recurring (Details) - USD ($)
$ in Millions
Jan. 30, 2022
Oct. 31, 2021
Jan. 31, 2021
Assets and Liabilities Measured at Fair Value on a Recurring Basis      
Marketable securities $ 735 $ 728 $ 667
Derivative assets 299 275 605
Derivative liabilities 276 228 175
Other Assets Member      
Assets and Liabilities Measured at Fair Value on a Recurring Basis      
Derivative assets 299 275 605
Accounts Payable and Accrued Expenses      
Assets and Liabilities Measured at Fair Value on a Recurring Basis      
Derivative liabilities 276 228 175
Assets and Liabilities Measured at Fair Value on a Recurring Basis | Level 1      
Assets and Liabilities Measured at Fair Value on a Recurring Basis      
Marketable securities 137 136 132
Assets and Liabilities Measured at Fair Value on a Recurring Basis | Level 1 | U.S. Equity Fund      
Assets and Liabilities Measured at Fair Value on a Recurring Basis      
Marketable securities 72 75 70
Assets and Liabilities Measured at Fair Value on a Recurring Basis | Level 1 | International Equity Securities      
Assets and Liabilities Measured at Fair Value on a Recurring Basis      
Marketable securities 2 2 2
Assets and Liabilities Measured at Fair Value on a Recurring Basis | Level 1 | U.S. Government Debt Securities      
Assets and Liabilities Measured at Fair Value on a Recurring Basis      
Marketable securities 63 59 60
Assets and Liabilities Measured at Fair Value on a Recurring Basis | Level 2      
Assets and Liabilities Measured at Fair Value on a Recurring Basis      
Marketable securities 598 592 535
Assets and Liabilities Measured at Fair Value on a Recurring Basis | Level 2 | Other Assets Member      
Assets and Liabilities Measured at Fair Value on a Recurring Basis      
Derivative assets 299 275 605
Assets and Liabilities Measured at Fair Value on a Recurring Basis | Level 2 | Accounts Payable and Accrued Expenses      
Assets and Liabilities Measured at Fair Value on a Recurring Basis      
Derivative liabilities 276 228 175
Assets and Liabilities Measured at Fair Value on a Recurring Basis | Level 2 | Interest Rate Contracts | Other Assets Member      
Assets and Liabilities Measured at Fair Value on a Recurring Basis      
Derivative assets 184 239 568
Assets and Liabilities Measured at Fair Value on a Recurring Basis | Level 2 | Interest Rate Contracts | Accounts Payable and Accrued Expenses      
Assets and Liabilities Measured at Fair Value on a Recurring Basis      
Derivative liabilities 212 132 97
Assets and Liabilities Measured at Fair Value on a Recurring Basis | Level 2 | Foreign Exchange Contracts | Other Assets Member      
Assets and Liabilities Measured at Fair Value on a Recurring Basis      
Derivative assets 91 31 34
Assets and Liabilities Measured at Fair Value on a Recurring Basis | Level 2 | Foreign Exchange Contracts | Accounts Payable and Accrued Expenses      
Assets and Liabilities Measured at Fair Value on a Recurring Basis      
Derivative liabilities 64 94 76
Assets and Liabilities Measured at Fair Value on a Recurring Basis | Level 2 | Cross-Currency Interest Rate Contracts | Other Assets Member      
Assets and Liabilities Measured at Fair Value on a Recurring Basis      
Derivative assets 24 5 3
Assets and Liabilities Measured at Fair Value on a Recurring Basis | Level 2 | Cross-Currency Interest Rate Contracts | Accounts Payable and Accrued Expenses      
Assets and Liabilities Measured at Fair Value on a Recurring Basis      
Derivative liabilities   2 2
Assets and Liabilities Measured at Fair Value on a Recurring Basis | Level 2 | U.S. Government Debt Securities      
Assets and Liabilities Measured at Fair Value on a Recurring Basis      
Marketable securities 138 139 119
Assets and Liabilities Measured at Fair Value on a Recurring Basis | Level 2 | Municipal Debt Securities      
Assets and Liabilities Measured at Fair Value on a Recurring Basis      
Marketable securities 74 73 71
Assets and Liabilities Measured at Fair Value on a Recurring Basis | Level 2 | Corporate Debt Securities      
Assets and Liabilities Measured at Fair Value on a Recurring Basis      
Marketable securities 229 224 197
Assets and Liabilities Measured at Fair Value on a Recurring Basis | Level 2 | International Debt Securities      
Assets and Liabilities Measured at Fair Value on a Recurring Basis      
Marketable securities 2 2 8
Assets and Liabilities Measured at Fair Value on a Recurring Basis | Level 2 | Mortgage-backed Securities      
Assets and Liabilities Measured at Fair Value on a Recurring Basis      
Marketable securities $ 155 $ 154 $ 140
v3.22.0.1
FAIR VALUE MEASUREMENTS - Contractual Maturities of Debt Securities (Details)
$ in Millions
Jan. 30, 2022
USD ($)
Contractual Maturities of Debt Securities, Amortized Cost  
Amortized cost, due in one year or less $ 29
Amortized cost, due after one through five years 87
Amortized cost, due after five through 10 years 161
Amortized cost, due after 10 years 231
Amortized cost, mortgage-backed securities 158
Amortized cost, debt securities 666
Contractual Maturities of Debt Securities, Fair Value  
Fair value, due in one year or less 29
Fair value, due after one through five years 88
Fair value, due after five through 10 years 159
Fair value, due after 10 years 230
Fair value, mortgage-backed securities 155
Fair value, debt securities $ 661
v3.22.0.1
FAIR VALUE MEASUREMENTS - Nonrecurring Measurements (Details) - USD ($)
$ in Millions
 3 Months Ended
Jan. 31, 2021
Jan. 30, 2022
Oct. 31, 2021
Assets and Liabilities Measured at Fair Value on a Nonrecurring Basis      
Other receivables $ 1,141 $ 1,903 $ 1,738
Equipment on operating leases - net 7,030 $ 6,624 6,988
Fair Value, Nonrecurring Measurements | Level 3      
Assets and Liabilities Measured at Fair Value on a Nonrecurring Basis      
Property and equipment - net 41   41
Losses, Property and equipment - net 44    
Other assets 1   $ 1
Losses, Other assets $ 6    
v3.22.0.1
DERIVATIVE INSTRUMENTS - Cash Flow Hedges (Details) - USD ($)
$ in Millions
 3 Months Ended
Jan. 30, 2022
Oct. 31, 2021
Jan. 31, 2021
Cash Flow Hedges      
Cash flow hedge loss recorded in OCI to be reclassified within twelve months $ 4    
Gains or losses reclassified from OCI to earnings 0    
Interest Rate Contracts      
Cash Flow Hedges      
Cash flow hedges, recognized in OCI 15    
Interest Rate Contracts | Cash Flow Hedges Member | Designated as Hedging Instruments      
Cash Flow Hedges      
Notional amount of cash flow hedge derivatives $ 2,700 $ 2,700 $ 2,350
v3.22.0.1
DERIVATIVE INSTRUMENTS - Fair Value Hedges (Details) - Interest Rate Contracts - USD ($)
$ in Millions
Jan. 30, 2022
Oct. 31, 2021
Jan. 31, 2021
Fair Value Hedges Member | Designated as Hedging Instruments      
Fair Value Hedges      
Notional amount of interest rate fair value hedge derivatives $ 8,307 $ 8,043 $ 8,333
Long-term Borrowings Due in One Year      
Borrowings Designated in Fair Value Hedging Relationships      
Carrying Amount of Hedged Item 185 189 159
Active Hedging Relationships 2 3 2
Discontinued Relationships 8 (2) 1
Total 10 1 3
Long-term Borrowings      
Borrowings Designated in Fair Value Hedging Relationships      
Carrying Amount of Hedged Item 8,147 8,070 8,713
Active Hedging Relationships (130) 29 435
Discontinued Relationships 181 223 137
Total $ 51 $ 252 $ 572
v3.22.0.1
DERIVATIVE INSTRUMENTS - Not Designated as Hedging Instruments (Details) - Not Designated as Hedging Instruments - USD ($)
$ in Millions
Jan. 30, 2022
Oct. 31, 2021
Jan. 31, 2021
Interest Rate Contracts      
Derivatives Not Designated as Hedging Instruments      
Notional amounts $ 10,210 $ 10,848 $ 8,801
Foreign Exchange Contracts      
Derivatives Not Designated as Hedging Instruments      
Notional amounts 7,864 7,584 5,478
Cross-Currency Interest Rate Contracts      
Derivatives Not Designated as Hedging Instruments      
Notional amounts $ 303 $ 238 $ 145
v3.22.0.1
DERIVATIVE INSTRUMENTS - Fair Value (Details) - USD ($)
$ in Millions
Jan. 30, 2022
Oct. 31, 2021
Jan. 31, 2021
Fair Value of Derivative Instruments      
Total derivative assets $ 299 $ 275 $ 605
Total derivative liabilities 276 228 175
Other Assets Member      
Fair Value of Derivative Instruments      
Total derivative assets 299 275 605
Accounts Payable and Accrued Expenses      
Fair Value of Derivative Instruments      
Total derivative liabilities 276 228 175
Designated as Hedging Instruments | Interest Rate Contracts | Other Assets Member      
Fair Value of Derivative Instruments      
Total derivative assets 102 166 491
Designated as Hedging Instruments | Interest Rate Contracts | Accounts Payable and Accrued Expenses      
Fair Value of Derivative Instruments      
Total derivative liabilities 185 99 31
Not Designated as Hedging Instruments | Other Assets Member      
Fair Value of Derivative Instruments      
Total derivative assets 197 109 114
Not Designated as Hedging Instruments | Accounts Payable and Accrued Expenses      
Fair Value of Derivative Instruments      
Total derivative liabilities 91 129 144
Not Designated as Hedging Instruments | Interest Rate Contracts | Other Assets Member      
Fair Value of Derivative Instruments      
Total derivative assets 82 73 77
Not Designated as Hedging Instruments | Interest Rate Contracts | Accounts Payable and Accrued Expenses      
Fair Value of Derivative Instruments      
Total derivative liabilities 27 33 66
Not Designated as Hedging Instruments | Foreign Exchange Contracts | Other Assets Member      
Fair Value of Derivative Instruments      
Total derivative assets 91 31 34
Not Designated as Hedging Instruments | Foreign Exchange Contracts | Accounts Payable and Accrued Expenses      
Fair Value of Derivative Instruments      
Total derivative liabilities 64 94 76
Not Designated as Hedging Instruments | Cross-Currency Interest Rate Contracts | Other Assets Member      
Fair Value of Derivative Instruments      
Total derivative assets $ 24 5 3
Not Designated as Hedging Instruments | Cross-Currency Interest Rate Contracts | Accounts Payable and Accrued Expenses      
Fair Value of Derivative Instruments      
Total derivative liabilities   $ 2 $ 2
v3.22.0.1
DERIVATIVE INSTRUMENTS - Gains (Losses) on Statement of Consolidated Income (Details) - USD ($)
$ in Millions
 3 Months Ended
Jan. 30, 2022
Jan. 31, 2021
Classification and gains (losses) including accrued interest expense related to derivative instruments    
Not designated as hedges, gains (losses) $ 158 $ (182)
Interest Rate Contracts    
Classification and gains (losses) including accrued interest expense related to derivative instruments    
Cash flow hedges, recognized in OCI 15  
Interest Rate Contracts | Net Sales Related to Derivative Instruments    
Classification and gains (losses) including accrued interest expense related to derivative instruments    
Not designated as hedges, gains (losses) 13  
Interest Rate Contracts | Interest Expense Member    
Classification and gains (losses) including accrued interest expense related to derivative instruments    
Fair value hedges, gains (losses) (141) (55)
Cash flow hedges, reclassified from OCI (2) (5)
Not designated as hedges, gains (losses) (1) (4)
Foreign Exchange Contracts | Cost of Sales    
Classification and gains (losses) including accrued interest expense related to derivative instruments    
Not designated as hedges, gains (losses) (1) (52)
Foreign Exchange Contracts | Other Operating Expenses    
Classification and gains (losses) including accrued interest expense related to derivative instruments    
Not designated as hedges, gains (losses) $ 147 $ (126)
v3.22.0.1
DERIVATIVE INSTRUMENTS - Counterparty Risk and Collateral (Details) - USD ($)
$ in Millions
Jan. 30, 2022
Oct. 31, 2021
Jan. 31, 2021
Derivative instruments      
Fair value of derivatives with credit-risk-related contingent features in a liability position $ 213 $ 135 $ 99
Cash collateral posted 18 0 0
Derivative Assets      
Gross amounts recognized 299 275 605
Netting arrangements (91) (105) (106)
Collateral received     (186)
Net amount 208 170 313
Derivative Liabilities      
Gross amounts recognized 276 228 175
Netting arrangements (91) (105) (106)
Collateral paid (19) (5)  
Net amount 166 118 69
International Futures Market      
Derivative instruments      
Collateral to participate in an international futures market $ 8 $ 8 $ 8
v3.22.0.1
STOCK OPTION AND RESTRICTED STOCK AWARDS (Details) - $ / shares
shares in Thousands
 1 Months Ended 3 Months Ended
Dec. 26, 2021
Jan. 30, 2022
Share-based Compensation, Aggregate Disclosures    
Number of additional shares authorized for grant under the equity incentive plan   17,100
Stock Options    
Share-based Compensation, Aggregate Disclosures    
Options granted (in shares) 197  
Options granted, exercise price (in dollars per share) $ 343.94  
Options granted, fair value (in dollars per share) $ 89.20  
Options outstanding (in shares)   2,600
Options outstanding, weighted-average exercise price (in dollars per share)   $ 145.37
Fair value assumptions method used lattice model  
Restricted Stock Units    
Share-based Compensation, Aggregate Disclosures    
Restricted stock units granted (in shares)   154
Restricted Stock Units Subject to Service-based Conditions    
Share-based Compensation, Aggregate Disclosures    
Restricted stock units granted (in shares)   117
Restricted stock units granted, weighted-average fair value (in dollars per unit)   $ 344.11
Restricted Stock Units Subject to Performance/Service-based Conditions    
Share-based Compensation, Aggregate Disclosures    
Restricted stock units granted (in shares)   37
Restricted stock units granted, weighted-average fair value (in dollars per unit)   $ 331.47
v3.22.0.1
SPECIAL ITEMS (Details)
 3 Months Ended
Nov. 17, 2021
USD ($)
facility
Jan. 30, 2022
USD ($)
Jan. 31, 2021
USD ($)
Special Items      
Long-lived asset impairments, pretax     $ 50,000,000
Quarter over quarter change   $ 98,000,000  
Production & Precision Ag (PPA)      
Special Items      
Quarter over quarter change   101,000,000  
Small Ag & Turf (SAT)      
Special Items      
Quarter over quarter change   6,000,000  
Construction & Forestry (CF)      
Special Items      
Quarter over quarter change   (9,000,000)  
Impairments and Other Benefit | Cost of Sales      
Special Items      
Long-lived asset impairments, pretax     50,000,000
Indirect tax benefit, pretax     (58,000,000)
Total pretax expense (benefit)     (8,000,000)
Impairments and Other Benefit | Production & Precision Ag (PPA) | Cost of Sales      
Special Items      
Long-lived asset impairments, pretax     5,000,000
Indirect tax benefit, pretax     (53,000,000)
Total pretax expense (benefit)     (48,000,000)
Impairments and Other Benefit | Small Ag & Turf (SAT) | Cost of Sales      
Special Items      
Long-lived asset impairments, pretax     3,000,000
Total pretax expense (benefit)     3,000,000
Impairments and Other Benefit | Construction & Forestry (CF) | Cost of Sales      
Special Items      
Long-lived asset impairments, pretax     42,000,000
Indirect tax benefit, pretax     (5,000,000)
Total pretax expense (benefit)     37,000,000
Impairments and Other Benefit | German Asphalt Plant Factory      
Special Items      
Long-lived asset impairments, pretax     38,000,000
Fixed asset impairment, after-tax     38,000,000
Impairments and Other Benefit | Manufacturing Locations      
Special Items      
Long-lived asset impairments, pretax     12,000,000
Brazil | Impairments and Other Benefit | Foreign Tax Authority      
Special Items      
Indirect tax benefit, pretax     $ (58,000,000)
UAW Collective Bargaining Arrangement      
Special Items      
Term of collective bargaining agreement 6 years    
Ratification bonus payment per eligible employee $ 8,500    
UAW ratification bonus   90,000,000  
Immediate wage increase (as a percent) 10.00%    
UAW Collective Bargaining Arrangement | Cost of Sales      
Special Items      
UAW ratification bonus   90,000,000  
UAW Collective Bargaining Arrangement | Production & Precision Ag (PPA) | Cost of Sales      
Special Items      
UAW ratification bonus   53,000,000  
UAW Collective Bargaining Arrangement | Small Ag & Turf (SAT) | Cost of Sales      
Special Items      
UAW ratification bonus   9,000,000  
UAW Collective Bargaining Arrangement | Construction & Forestry (CF) | Cost of Sales      
Special Items      
UAW ratification bonus   $ 28,000,000  
UAW Collective Bargaining Arrangement | United States      
Special Items      
Number of facilities represented under collective bargaining agreement | facility 14    
v3.22.0.1
SUBSEQUENT EVENTS - Kreisel Electric, Inc (Details) - Subsequent Event - Kreisel
€ in Millions
Feb. 07, 2022
EUR (€)
Subsequent Events  
Initial cash consideration € 239
Cash consideration for acquired equity interests 221
Cash consideration to reduce the option price € 18
v3.22.0.1
SUBSEQUENT EVENTS - Quarterly Dividend (Details) - $ / shares
 3 Months Ended
Feb. 23, 2022
Jan. 30, 2022
Jan. 31, 2021
Subsequent Events      
Quarterly dividend declared (in dollars per share)   $ 1.05 $ 0.76
Subsequent Event      
Subsequent Events      
Quarterly dividend declared (in dollars per share) $ 1.05