Document and Entity Information	9 Months Ended
Document and Entity Information	Jul. 31, 2022 shares
Document Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Transition Report	false
Document Period End Date	Jul. 31, 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	301,819,630
Current Fiscal Year End Date	--10-30
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	Q3
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

STATEMENTS OF CONSOLIDATED INCOME - USD ($) shares in Millions, $ in Millions	3 Months Ended		9 Months Ended
	Jul. 31, 2022	Aug. 01, 2021	Jul. 31, 2022	Aug. 01, 2021
Net Sales and Revenues
Net sales and revenues	$ 14,102	$ 11,527	$ 37,041	$ 32,697
Costs and Expenses
Research and development expenses	481	394	1,336	1,137
Selling, administrative and general expenses	959	841	2,672	2,448
Interest expense	296	244	713	783
Other operating expenses	316	324	954	1,033
Total	11,563	9,377	30,799	26,708
Income of Consolidated Group before Income Taxes	2,539	2,150	6,242	5,989
Provision for income taxes	654	491	1,364	1,328
Income of Consolidated Group	1,885	1,659	4,878	4,661
Equity in income of unconsolidated affiliates		8	8	21
Net Income	1,885	1,667	4,886	4,682
Less: Net income attributable to noncontrolling interests	1		1	2
Net Income Attributable to Deere & Company	$ 1,884	$ 1,667	$ 4,885	$ 4,680
Per Share Data
Basic (in dollars per share)	$ 6.20	$ 5.36	$ 15.97	$ 14.98
Diluted (in dollars per share)	6.16	5.32	15.88	14.86
Dividends declared (in dollars per share)	1.13	0.90	3.23	2.56
Dividends paid (in dollars per share)	$ 1.05	$ 0.90	$ 3.15	$ 2.42
Average Shares Outstanding
Basic (in shares)	304.1	311.0	305.8	312.4
Diluted (in shares)	305.7	313.4	307.7	314.9
Net Sales
Net Sales and Revenues
Net sales and revenues	$ 13,000	$ 10,413	$ 33,565	$ 29,461
Cost of Sales
Cost of sales	9,511	7,574	25,124	21,307
Finance and Interest Income
Net Sales and Revenues
Net sales and revenues	846	825	2,441	2,468
Other income
Net Sales and Revenues
Net sales and revenues	$ 256	$ 289	$ 1,035	$ 768

STATEMENTS OF CONSOLIDATED COMPREHENSIVE INCOME - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Jul. 31, 2022	Aug. 01, 2021	Jul. 31, 2022	Aug. 01, 2021
STATEMENTS OF CONSOLIDATED COMPREHENSIVE INCOME
Net Income	$ 1,885	$ 1,667	$ 4,886	$ 4,682
Other Comprehensive Income (Loss), Net of Income Taxes
Retirement benefits adjustment	79	54	(137)	208
Cumulative translation adjustment	(269)	(114)	(784)	319
Unrealized gain (loss) on derivatives	(1)	1	41	8
Unrealized gain (loss) on debt securities	6	8	(57)	(7)
Other Comprehensive Income (Loss), Net of Income Taxes	(185)	(51)	(937)	528
Comprehensive Income of Consolidated Group	1,700	1,616	3,949	5,210
Less: Comprehensive income (loss) attributable to noncontrolling interests	(3)		(8)	2
Comprehensive Income Attributable to Deere & Company	$ 1,703	$ 1,616	$ 3,957	$ 5,208

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Millions	Jul. 31, 2022	Oct. 31, 2021	Aug. 01, 2021
Assets
Cash and cash equivalents	$ 4,359	$ 8,017	$ 7,519
Marketable securities	719	728	688
Trade accounts and notes receivable - net	6,696	4,208	5,268
Other receivables	1,999	1,765	1,702
Equipment on operating leases - net	6,554	6,988	6,982
Inventories	9,121	6,781	6,410
Property and equipment - net	5,666	5,820	5,649
Goodwill	3,754	3,291	3,148
Other intangible assets - net	1,281	1,275	1,267
Retirement benefits	3,125	3,601	990
Deferred income taxes	1,110	1,037	1,767
Other assets	2,236	2,145	2,448
Total Assets	86,817	84,114	80,688
Liabilities
Short-term borrowings	14,176	10,919	10,404
Short-term securitization borrowings	4,920	4,605	5,277
Accounts payable and accrued expenses	12,986	12,348	11,207
Deferred income taxes	561	576	515
Long-term borrowings	32,132	32,888	32,280
Retirement benefits and other liabilities	2,911	4,344	5,272
Total liabilities	67,686	65,680	64,955
Commitments and contingencies (Note 15)
Redeemable noncontrolling interest (Note 19)	95
Stockholders' Equity
Common stock, $1 par value (issued shares at July 31, 2022 - 536,431,204)	5,139	5,054	5,031
Common stock in treasury	(22,976)	(20,533)	(19,780)
Retained earnings	40,346	36,449	35,491
Accumulated other comprehensive income (loss)	(3,476)	(2,539)	(5,011)
Total Deere & Company stockholders' equity	19,033	18,431	15,731
Noncontrolling interests	3	3	2
Total stockholders' equity	19,036	18,434	15,733
Total Liabilities and Stockholders' Equity	86,817	84,114	80,688
Unrestricted
Assets
Financing receivables - net	35,056	33,799	31,449
Securitized
Assets
Financing receivables - net	$ 5,141	$ 4,659	$ 5,401
Location of liability for pledged asset	Short-term securitization borrowings	Short-term securitization borrowings	Short-term securitization borrowings
Other assets	$ 136	$ 107	$ 113
Total Assets	$ 5,277	$ 4,766	$ 5,514

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical)	Jul. 31, 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

STATEMENTS OF CONSOLIDATED CASH FLOWS - USD ($) $ in Millions	9 Months Ended
	Jul. 31, 2022	Aug. 01, 2021
Cash Flows from Operating Activities
Net income	$ 4,886	$ 4,682
Adjustments to reconcile net income to net cash provided by operating activities:
Provision (credit) for credit losses	62	(17)
Provision for depreciation and amortization	1,443	1,569
Impairment charges	81	50
Share-based compensation expense	64	64
Gain on remeasurement of previously held equity investment	(326)
Undistributed earnings of unconsolidated affiliates	(1)	4
Credit for deferred income taxes	(6)	(271)
Changes in assets and liabilities:
Trade, notes, and financing receivables related to sales	(2,357)	(444)
Inventories	(2,526)	(1,817)
Accounts payable and accrued expenses	(15)	742
Accrued income taxes payable/receivable	82	34
Retirement benefits	(1,014)	13
Other	45	(295)
Net cash provided by operating activities	418	4,314
Cash Flows from Investing Activities
Collections of receivables (excluding receivables related to sales)	15,774	14,480
Proceeds from sales of equipment on operating leases	1,501	1,510
Cost of receivables acquired (excluding receivables related to sales)	(18,578)	(17,161)
Acquisitions of businesses, net of cash acquired	(488)	(19)
Purchases of property and equipment	(596)	(492)
Cost of equipment on operating leases acquired	(1,717)	(1,210)
Collateral on derivatives - net	(193)	(189)
Other	(133)	(21)
Net cash used for investing activities	(4,430)	(3,102)
Cash Flows from Financing Activities
Increase in total short-term borrowings	4,267	929
Proceeds from long-term borrowings	6,281	5,877
Payments of long-term borrowings	(6,578)	(5,172)
Proceeds from issuance of common stock	55	136
Repurchases of common stock	(2,477)	(1,780)
Dividends paid	(971)	(761)
Other	(62)	(80)
Net cash provided by (used for) financing activities	515	(851)
Effect of Exchange Rate Changes on Cash, Cash Equivalents, and Restricted Cash	(143)	106
Net Increase (Decrease) in Cash, Cash Equivalents, and Restricted Cash	(3,640)	467
Cash, Cash Equivalents, and Restricted Cash at Beginning of Period	8,125	7,172
Cash, Cash Equivalents, and Restricted Cash at End of Period	4,485	7,639
Components of cash, cash equivalents, and restricted cash
Cash and cash equivalents	4,359	7,519
Restricted cash (Other assets)	$ 126	$ 120
Balance sheet location of restricted cash	Other assets	Other assets
Total cash, cash equivalents, and restricted cash	$ 4,485	$ 7,639

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			$ 31,646	$ (5,539)	$ 7		$ 12,944
Balance at Nov. 01, 2020		$ (18,065)
Increase (Decrease) in Stockholders' Equity
Net income				4,680		2		4,682
Other comprehensive income (loss)					528			528
Repurchases of common stock		(1,780)						(1,780)
Treasury shares reissued		65						65
Dividends declared				(800)		(2)		(802)
Stock options and other	136					(5)		131
Balance at Aug. 01, 2021	5,031			35,491	(5,011)	2		15,733
Balance at Aug. 01, 2021		(19,780)						(19,780)
Balance at May. 02, 2021	4,999			34,105	(4,960)	4		15,096
Balance at May. 02, 2021		(19,052)
Increase (Decrease) in Stockholders' Equity
Net income				1,667				1,667
Other comprehensive income (loss)					(51)			(51)
Repurchases of common stock		(736)						(736)
Treasury shares reissued		8						8
Dividends declared				(280)		(2)		(282)
Stock options and other	32			(1)				31
Balance at Aug. 01, 2021	5,031			35,491	(5,011)	2		15,733
Balance at Aug. 01, 2021		(19,780)						(19,780)
Balance at Oct. 31, 2021	5,054			36,449	(2,539)	3		18,434
Balance at Oct. 31, 2021		(20,533)						(20,533)
Increase (Decrease) in Stockholders' Equity
Net income				4,885		2		4,887
Other comprehensive income (loss)					(937)			(937)
Repurchases of common stock		(2,477)						(2,477)
Treasury shares reissued		34						34
Dividends declared				(988)		(2)		(990)
Stock options and other	85							85
Balance at Jul. 31, 2022	5,139			40,346	(3,476)	3		19,036
Balance at Jul. 31, 2022		(22,976)						(22,976)
Increase (Decrease) in Redeemable Noncontrolling Interest
Acquisitions (See Note 19)								105
Net income (loss)								(1)
Other comprehensive loss								(9)
Redeemable Noncontrolling Interest - Balance at Jul. 31, 2022								95
Balance at May. 01, 2022	5,117			38,805	(3,291)	3		18,907
Balance at May. 01, 2022		(21,727)
Increase (Decrease) in Stockholders' Equity
Net income				1,884				1,884
Other comprehensive income (loss)					(185)			(185)
Repurchases of common stock		(1,251)						(1,251)
Treasury shares reissued		2						2
Dividends declared				(343)				(343)
Stock options and other	22							22
Balance at Jul. 31, 2022	$ 5,139			$ 40,346	$ (3,476)	$ 3		19,036
Balance at Jul. 31, 2022		$ (22,976)						(22,976)
Redeemable Noncontrolling Interest - Balance at May. 01, 2022								99
Increase (Decrease) in Redeemable Noncontrolling Interest
Net income (loss)								1
Other comprehensive loss								(4)
Other								(1)
Redeemable Noncontrolling Interest - Balance at Jul. 31, 2022								$ 95

ORGANIZATION AND CONSOLIDATION

9 Months Ended

Jul. 31, 2022

ORGANIZATION AND CONSOLIDATION

ORGANIZATION AND CONSOLIDATION

(1) Organization and Consolidation

Deere & Company has been developing innovative solutions to help our customers become more profitable for 185 years. References to Deere & Company, John Deere, Deere, or the Company include our consolidated subsidiaries, including our consolidated variable interest entities (VIEs). The Company is managed through the following operating segments: production and precision agriculture (PPA), small agriculture and turf (SAT), construction and forestry (CF), and financial services (FS). References to agriculture and turf include both production and precision agriculture and small agriculture and turf.

The Company uses a 52/53 week fiscal year with quarters ending on the last Sunday in the reporting period. The third quarter ends for fiscal year 2022 and 2021 were July 31, 2022 and August 1, 2021, respectively. Both third quarters contained 13 weeks, while both year-to-date periods contained 39 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 using a one-month lag period. The reporting lag was eliminated resulting in one additional month of Wirtgen activity in both the first quarter and the year-to-date period 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.

As a result of recent acquisitions (see Note 19), the Company updated the presentation on the consolidated balance sheet to remove the following lines: Receivables from unconsolidated affiliates, Investments in unconsolidated affiliates, and Payables to unconsolidated affiliates. These balances are now immaterial to the Company’s consolidated balance sheet and have been reclassified into Other receivables, Other assets, and Accounts payable and accrued expenses, respectively.

The Company consolidates certain VIEs related to retail note securitizations (see Note 9).

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES AND NEW ACCOUNTING STANDARDS

9 Months Ended

Jul. 31, 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 July 31, 2022 and October 31, 2021, the remaining consigned inventory was $26 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 being evaluated and at this point are not expected to have a material impact on the Company’s financial statements.

REVENUE RECOGNITION

9 Months Ended

Jul. 31, 2022

REVENUE RECOGNITION

REVENUE RECOGNITION

(3) Revenue Recognition

The Company’s Net sales and revenues by primary geographic market, major product line, and timing of revenue recognition in millions of dollars follow:


	Three Months Ended July 31, 2022
	Production & Precision Ag		Small Ag & Turf		Construction & Forestry		Financial Services		Total
Primary geographic markets:
United States	$	2,904	$	2,177	$	1,789	$	602	$	7,472
Canada		451		185		288		149		1,073
Western Europe		645		646		380		25		1,696
Central Europe and CIS		348		109		111		14		582
Latin America		1,327		155		459		77		2,018
Asia, Africa, Australia, New Zealand, and Middle East		510		419		296		36		1,261
Total	$	6,185	$	3,691	$	3,323	$	903	$	14,102

Major product lines:
Production agriculture	$	6,019							$	6,019
Small agriculture			$	2,705						2,705
Turf				842						842
Construction					$	1,506				1,506
Compact construction						460				460
Roadbuilding						910				910
Forestry						316				316
Financial products		17		15		6	$	903		941
Other		149		129		125				403
Total	$	6,185	$	3,691	$	3,323	$	903	$	14,102

Revenue recognized:
At a point in time	$	6,154	$	3,672	$	3,303	$	27	$	13,156
Over time		31		19		20		876		946
Total	$	6,185	$	3,691	$	3,323	$	903	$	14,102


	Nine Months Ended July 31, 2022
	Production & Precision Ag		Small Ag & Turf		Construction & Forestry		Financial Services		Total
Primary geographic markets:
United States	$	6,946	$	5,718	$	5,157	$	1,744	$	19,565
Canada		899		468		975		450		2,792
Western Europe		1,648		1,836		1,202		76		4,762
Central Europe and CIS		954		386		452		36		1,828
Latin America		3,229		393		1,020		218		4,860
Asia, Africa, Australia, New Zealand, and Middle East		1,118		1,170		833		113		3,234
Total	$	14,794	$	9,971	$	9,639	$	2,637	$	37,041

Major product lines:
Production agriculture	$	14,333							$	14,333
Small agriculture			$	7,305						7,305
Turf				2,286						2,286
Construction					$	4,198				4,198
Compact construction						1,208				1,208
Roadbuilding						2,619				2,619
Forestry						946				946
Financial products		39		35		17	$	2,637		2,728
Other		422		345		651				1,418
Total	$	14,794	$	9,971	$	9,639	$	2,637	$	37,041

Revenue recognized:
At a point in time	$	14,694	$	9,919	$	9,580	$	77	$	34,270
Over time		100		52		59		2,560		2,771
Total	$	14,794	$	9,971	$	9,639	$	2,637	$	37,041


	Three Months Ended August 1, 2021
	Production & Precision Ag		Small Ag & Turf		Construction & Forestry		Financial Services		Total
Primary geographic markets:
United States	$	1,995	$	1,753	$	1,559	$	605	$	5,912
Canada		253		153		285		162		853
Western Europe		566		679		455		27		1,727
Central Europe and CIS		398		117		241		10		766
Latin America		758		125		227		60		1,170
Asia, Africa, Australia, New Zealand, and Middle East		368		385		308		38		1,099
Total	$	4,338	$	3,212	$	3,075	$	902	$	11,527

Major product lines:
Production agriculture	$	4,179							$	4,179
Small agriculture			$	2,355						2,355
Turf				719						719
Construction					$	1,283				1,283
Compact construction						398				398
Roadbuilding						948				948
Forestry						342				342
Financial products		13		12		5	$	902		932
Other		146		126		99				371
Total	$	4,338	$	3,212	$	3,075	$	902	$	11,527

Revenue recognized:
At a point in time	$	4,293	$	3,191	$	3,052	$	27	$	10,563
Over time		45		21		23		875		964
Total	$	4,338	$	3,212	$	3,075	$	902	$	11,527


	Nine Months Ended August 1, 2021
	Production & Precision Ag		Small Ag & Turf		Construction & Forestry		Financial Services		Total
Primary geographic markets:
United States	$	5,814	$	5,014	$	4,242	$	1,812	$	16,882
Canada		617		376		793		469		2,255
Western Europe		1,604		1,903		1,408		77		4,992
Central Europe and CIS		1,090		361		628		28		2,107
Latin America		1,971		305		617		179		3,072
Asia, Africa, Australia, New Zealand, and Middle East		991		1,230		1,054		114		3,389
Total	$	12,087	$	9,189	$	8,742	$	2,679	$	32,697

Major product lines:
Production agriculture	$	11,656							$	11,656
Small agriculture			$	6,583						6,583
Turf				2,268						2,268
Construction					$	3,402				3,402
Compact construction						1,140				1,140
Roadbuilding						2,924				2,924
Forestry						975				975
Financial products		41		32		17	$	2,679		2,769
Other		390		306		284				980
Total	$	12,087	$	9,189	$	8,742	$	2,679	$	32,697

Revenue recognized:
At a point in time	$	11,960	$	9,137	$	8,666	$	77	$	29,840
Over time		127		52		76		2,602		2,857
Total	$	12,087	$	9,189	$	8,742	$	2,679	$	32,697

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 sheets. The deferred revenue received, but not recognized in revenue, including extended warranty premiums also shown in Note 15, was $1,424 million, $1,344 million, and $1,259 million at July 31, 2022, October 31, 2021, and August 1, 2021, respectively. The contract liability is reduced as the revenue is recognized. During the three months ended July 31, 2022 and August 1, 2021, $93 million and $108 million, respectively, of revenue was recognized from deferred revenue that was recorded as a contract liability at the beginning of the respective fiscal year. During the nine months ended July 31, 2022 and August 1, 2021, $488 million and $442 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 $1,167 million at July 31, 2022. The estimated revenue to be recognized by fiscal year follows in millions of dollars: remainder of 2022 - $104, 2023 - $337, 2024 - $283, 2025 - $196, 2026 - $109, 2027 - $60 and later years - $78. 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.

- Definition

The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-URI https://asc.fasb.org/topic&trid=49130388

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 10
-URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130551-203045

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 13
-Subparagraph (b)(2)
-URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130556-203045

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+ Details

OTHER COMPREHENSIVE INCOME ITEMS

9 Months Ended

Jul. 31, 2022

OTHER COMPREHENSIVE INCOME ITEMS

OTHER COMPREHENSIVE INCOME ITEMS

(4) Other Comprehensive Income Items

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


	July 31		October 31		August 1
	2022		2021		2021
Retirement benefits adjustment	$	(1,171)	$	(1,034)	$	(3,710)
Cumulative translation adjustment		(2,262)		(1,478)		(1,277)
Unrealized loss on derivatives		(1)		(42)		(50)
Unrealized gain (loss) on debt securities		(42)		15		26
Total accumulated other comprehensive income (loss)	$	(3,476)	$	(2,539)	$	(5,011)

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/curtailment are included in net periodic pension and other postretirement benefit costs (see Note 6).


	Before		Tax		After
	Tax		(Expense)		Tax
Three Months Ended July 31, 2022	Amount		Credit		Amount
Cumulative translation adjustment	$	(267)	$	(2)	$	(269)
Unrealized gain (loss) on derivatives:
Unrealized hedging gain (loss)		1				1
Reclassification of realized (gain) loss to:
Interest rate contracts – Interest expense		(3)		1		(2)
Net unrealized gain (loss) on derivatives		(2)		1		(1)
Unrealized gain (loss) on debt securities:
Unrealized holding gain (loss)		6		(1)		5
Reclassification of realized (gain) loss – Other income		1				1
Net unrealized gain (loss) on debt securities		7		(1)		6
Retirement benefits adjustment:
Net actuarial gain (loss)		34		(9)		25
Reclassification to Other operating expenses through amortization of:
Actuarial (gain) loss		27		(7)		20
Prior service (credit) cost		8		(2)		6
Settlements/curtailment		36		(8)		28
Net unrealized gain (loss) on retirement benefits adjustment		105		(26)		79
Total other comprehensive income (loss)	$	(157)	$	(28)	$	(185)


	Before		Tax		After
	Tax		(Expense)		Tax
Nine Months Ended July 31, 2022	Amount		Credit		Amount
Cumulative translation adjustment	$	(774)	$	(10)	$	(784)
Unrealized gain (loss) on derivatives:
Unrealized hedging gain (loss)		52		(11)		41
Net unrealized gain (loss) on derivatives		52		(11)		41
Unrealized gain (loss) on debt securities:
Unrealized holding gain (loss)		(74)		16		(58)
Reclassification of realized (gain) loss – Other income		1				1
Net unrealized gain (loss) on debt securities		(73)		16		(57)
Retirement benefits adjustment:
Net actuarial gain (loss) and prior service (cost)		(338)		81		(257)
Reclassification to Other operating expenses through amortization of:
Actuarial (gain) loss		94		(24)		70
Prior service (credit) cost		22		(6)		16
Settlements/curtailment		44		(10)		34
Net unrealized gain (loss) on retirement benefits adjustment		(178)		41		(137)
Total other comprehensive income (loss)	$	(973)	$	36	$	(937)


	Before		Tax		After
	Tax		(Expense)		Tax
Three Months Ended August 1, 2021	Amount		Credit		Amount
Cumulative translation adjustment	$	(112)	$	(2)	$	(114)
Unrealized gain (loss) on derivatives:
Unrealized hedging gain (loss)		(1)				(1)
Reclassification of realized (gain) loss to:
Interest rate contracts – Interest expense		3		(1)		2
Net unrealized gain (loss) on derivatives		2		(1)		1
Unrealized gain (loss) on debt securities:
Unrealized holding gain (loss)		11		(3)		8
Net unrealized gain (loss) on debt securities		11		(3)		8
Retirement benefits adjustment:
Net actuarial gain (loss)		(5)		1		(4)
Reclassification to Other operating expenses through amortization of:
Actuarial (gain) loss		71		(17)		54
Prior service (credit) cost		1				1
Settlements		4		(1)		3
Net unrealized gain (loss) on retirement benefits adjustment		71		(17)		54
Total other comprehensive income (loss)	$	(28)	$	(23)	$	(51)


	Before		Tax		After
	Tax		(Expense)		Tax
Nine Months Ended August 1, 2021	Amount		Credit		Amount
Cumulative translation adjustment	$	319			$	319
Unrealized gain (loss) on derivatives:
Unrealized hedging gain (loss)		(1)				(1)
Reclassification of realized (gain) loss to:
Interest rate contracts – Interest expense		11	$	(2)		9
Net unrealized gain (loss) on derivatives		10		(2)		8
Unrealized gain (loss) on debt securities:
Unrealized holding gain (loss)		(6)		(1)		(7)
Net unrealized gain (loss) on debt securities		(6)		(1)		(7)
Retirement benefits adjustment:
Net actuarial gain (loss)		35		(8)		27
Reclassification to Other operating expenses through amortization of:
Actuarial (gain) loss		213		(53)		160
Prior service (credit) cost		5		(1)		4
Settlements		22		(5)		17
Net unrealized gain (loss) on retirement benefits adjustment		275		(67)		208
Total other comprehensive income (loss)	$	598	$	(70)	$	528

EARNINGS PER SHARE

9 Months Ended

Jul. 31, 2022

EARNINGS PER SHARE

EARNINGS PER SHARE

(5) 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				Nine Months Ended
	July 31		August 1		July 31		August 1
	2022		2021		2022		2021
Net income attributable to Deere & Company	$	1,884	$	1,667	$	4,885	$	4,680
Average shares outstanding		304.1		311.0		305.8		312.4
Basic per share	$	6.20	$	5.36	$	15.97	$	14.98

Average shares outstanding		304.1		311.0		305.8		312.4
Effect of dilutive share-based compensation		1.6		2.4		1.9		2.5
Total potential shares outstanding		305.7		313.4		307.7		314.9
Diluted per share	$	6.16	$	5.32	$	15.88	$	14.86

During both the third quarter and first nine months of 2022, .2 million shares were excluded from the computation because the incremental shares would have been antidilutive.

PENSION AND OTHER POSTRETIREMENT BENEFITS

9 Months Ended

Jul. 31, 2022

PENSION AND OTHER POSTRETIREMENT BENEFITS

PENSION AND OTHER POSTRETIREMENT BENEFITS

(6) 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				Nine Months Ended
	July 31		August 1		July 31		August 1
	2022		2021		2022		2021
Service cost	$	86	$	83	$	265	$	251
Interest cost		85		69		242		207
Expected return on plan assets		(182)		(199)		(544)		(599)
Amortization of actuarial loss		31		64		107		192
Amortization of prior service cost		9		2		25		8
Settlements/curtailment		36		4		44		22
Net cost	$	65	$	23	$	139	$	81

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


	Three Months Ended				Nine Months Ended
	July 31		August 1		July 31		August 1
	2022		2021		2022		2021
Service cost	$	11	$	12	$	34	$	36
Interest cost		25		25		74		76
Expected return on plan assets		(28)		(19)		(83)		(58)
Amortization of actuarial (gain) loss		(4)		7		(13)		21
Amortization of prior service credit		(1)		(1)		(3)		(3)
Net cost	$	3	$	24	$	9	$	72

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 statements of consolidated income.

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 with $35 million negatively impacting operating profit in 2022.

During the third quarter of 2022, the Company remeasured the U.S. hourly pension plan when 10 percent of active, eligible employees elected to freeze their defined benefit pension plan benefit for an enhanced defined contribution benefit. The remeasurement resulted in a $34 million curtailment loss, while the impact to the plan’s funded status was not material.

During the first nine months of 2022, the Company contributed $67 million to its pension plans and $1,109 million to its OPEB plans. The OPEB contributions include a voluntary contribution of $1,000 million to a U.S. plan on November 30, 2021. The Company presently anticipates contributing an additional $16 million to its pension plans and $28 million to its OPEB plans during the remainder of 2022. The remaining pension and OPEB contributions are primarily direct benefit payments from Company funds.

- Definition

The entire disclosure for retirement benefits.

+ References

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+ Details

SEGMENT REPORTING

9 Months Ended

Jul. 31, 2022

SEGMENT REPORTING

SEGMENT REPORTING

(7) Segment Reporting

Worldwide Net sales and revenues, operating profit, and identifiable assets by segment were as follows in millions of dollars:


	Three Months Ended					Nine Months Ended
	July 31		August 1		%	July 31		August 1		%
	2022		2021		Change	2022		2021		Change
Net sales and revenues:
Production & precision ag net sales	$	6,096	$	4,250	+43	$	14,568	$	11,848	+23
Small ag & turf net sales		3,635		3,147	+16		9,836		9,051	+9
Construction & forestry net sales		3,269		3,016	+8		9,161		8,562	+7
Financial services revenues		903		902			2,637		2,679	-2
Other revenues		199		212	-6		839		557	+51
Total net sales and revenues	$	14,102	$	11,527	+22	$	37,041	$	32,697	+13
Operating profit:
Production & precision ag	$	1,293	$	906	+43	$	2,646	$	2,557	+3
Small ag & turf		552		583	-5		1,443		1,699	-15
Construction & forestry		514		463	+11		1,599		1,220	+31
Financial services		287		291	-1		864		844	+2
Total operating profit		2,646		2,243	+18		6,552		6,320	+4
Reconciling items		(108)		(85)	+27		(303)		(312)	-3
Income taxes		(654)		(491)	+33		(1,364)		(1,328)	+3
Net income attributable to Deere & Company	$	1,884	$	1,667	+13	$	4,885	$	4,680	+4

Intersegment sales and revenues:
Production & precision ag net sales	$	5	$	8	-38	$	15	$	21	-29
Small ag & turf net sales		2		2			8		9	-11
Construction & forestry net sales
Financial services revenues		81		61	+33		214		172	+24

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 expense, certain foreign exchange gains and losses, pension and OPEB benefit costs excluding the service cost component, and net income attributable to noncontrolling interests.


	July 31		October 31		August 1
	2022		2021		2021
Identifiable assets:
Production & precision ag	$	8,728	$	7,021	$	6,910
Small ag & turf		4,361		3,959		3,643
Construction & forestry		6,824		6,457		6,378
Financial services		56,008		51,624		51,647
Corporate		10,896		15,053		12,110
Total assets	$	86,817	$	84,114	$	80,688

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

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+ Details

FINANCING RECEIVABLES

9 Months Ended

Jul. 31, 2022

FINANCING RECEIVABLES

FINANCING RECEIVABLES

(8) 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:


	July 31, 2022
	2022		2021		2020		2019		2018		Prior Years		Revolving Charge Accounts		Total
Retail customer receivables:
Agriculture and turf
Current	$	9,161	$	9,169	$	4,713	$	2,234	$	935	$	378	$	3,962	$	30,552
30-59 days past due		40		70		38		23		8		4		18		201
60-89 days past due		15		24		15		7		3		1		5		70
90+ days past due
Non-performing		17		62		48		37		19		27		7		217
Construction and forestry
Current		2,336		2,249		1,004		382		106		20		102		6,199
30-59 days past due		47		54		26		12		4		1		3		147
60-89 days past due		14		14		12		4		1				1		46
90+ days past due				11		3		1				3				18
Non-performing		13		63		49		25		9		4		1		164
Total retail customer receivables	$	11,643	$	11,716	$	5,908	$	2,725	$	1,085	$	438	$	4,099	$	37,614


	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


	August 1, 2021
	2021		2020		2019		2018		2017		Prior Years		Revolving Charge Accounts		Total
Retail customer receivables:
Agriculture and turf
Current	$	9,159	$	7,516	$	3,938	$	2,053	$	910	$	317	$	3,658	$	27,551
30-59 days past due		38		54		35		19		7		3		13		169
60-89 days past due		14		28		15		6		3		1		4		71
90+ days past due				1												1
Non-performing		12		58		63		42		22		30		6		233
Construction and forestry
Current		2,327		1,845		938		357		84		13		86		5,650
30-59 days past due		35		44		26		9		4		1		3		122
60-89 days past due		13		19		10		5		1		1		1		50
90+ days past due		4		2		9		5		6		2				28
Non-performing		12		47		41		19		8		4		1		132
Total retail customer receivables	$	11,614	$	9,614	$	5,075	$	2,515	$	1,045	$	372	$	3,772	$	34,007

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


	July 31, 2022
	2022		2021		2020		2019		2018		Prior Years		Revolving		Total
Wholesale receivables:
Agriculture and turf
Current	$	289	$	99	$	34	$	6	$	1	$	1	$	2,022	$	2,452
30+ days past due
Non-performing								1								1
Construction and forestry
Current		11		32		3		1				1		283		331
30+ days past due												1				1
Non-performing
Total wholesale receivables	$	300	$	131	$	37	$	8	$	1	$	3	$	2,305	$	2,785


	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


	August 1, 2021
	2021		2020		2019		2018		2017		Prior Years		Revolving		Total
Wholesale receivables:
Agriculture and turf
Current	$	263	$	110	$	38	$	13	$	3	$	1	$	2,256	$	2,684
30+ days past due
Non-performing						18										18
Construction and forestry
Current		8		8		8		1		1		1		287		314
30+ days past due												1				1
Non-performing
Total wholesale receivables	$	271	$	118	$	64	$	14	$	4	$	3	$	2,543	$	3,017

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


	Retail Notes		Revolving
	& Financing		Charge		Wholesale
	Leases		Accounts		Receivables		Total
Three Months Ended July 31, 2022
Allowance:
Beginning of period balance	$	168	$	17	$	5	$	190
Provision (credit)		14		3		(1)		16
Write-offs		(12)		(10)				(22)
Recoveries		8		7				15
Translation adjustments		3						3
End of period balance	$	181	$	17	$	4	$	202

Nine Months Ended July 31, 2022
Allowance:
Beginning of period balance	$	138	$	21	$	7	$	166
Provision (credit)		66		(4)		(3)		59
Write-offs		(47)		(22)				(69)
Recoveries		17		22				39
Translation adjustments		7						7
End of period balance	$	181	$	17	$	4	$	202
Financing receivables:
End of period balance	$	33,515	$	4,099	$	2,785	$	40,399


	Retail Notes		Revolving
	& Financing		Charge		Wholesale
	Leases		Accounts		Receivables		Total
Three Months Ended August 1, 2021
Allowance:
Beginning of period balance	$	152	$	19	$	7	$	178
Provision		3						3
Write-offs		(14)		(9)				(23)
Recoveries		8		8				16
End of period balance	$	149	$	18	$	7	$	174

Nine Months Ended August 1, 2021
Allowance:
Beginning of period balance	$	133	$	43	$	8	$	184
ASU No. 2016-13 adoption		44		(13)				31
Provision (credit)		(9)		(16)		(1)		(26)
Write-offs		(38)		(23)				(61)
Recoveries		17		27				44
Translation adjustments		2						2
End of period balance	$	149	$	18	$	7	$	174
Financing receivables:
End of period balance	$	30,235	$	3,772	$	3,017	$	37,024

The allowance for credit losses increased in the third quarter and the first nine months of 2022 mainly due to higher reserves related to the events in Russia / Ukraine and higher portfolio balances. As part of the allowance setting process, the Company continues to monitor the economy, including potential impacts of inflation, commodity prices, and interest rates on portfolio performance and adjustments to the allowance are incorporated, as necessary.

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 date, a reduction of the face amount or maturity amount of the debt, or a reduction of accrued interest. During the first nine months of 2022, the Company identified 230 receivable contracts, primarily retail notes, as troubled debt restructurings with aggregate balances of $10 million pre-modification and $9 million post-modification. During the first nine months of 2021, the Company identified 304 receivable contracts, primarily retail notes, as troubled debt

restructurings with aggregate balances of $12 million pre-modification and $10 million post-modification. During these same periods, there were no significant troubled debt restructurings that subsequently defaulted and were written off. At July 31, 2022, the Company had no commitments to lend to borrowers whose accounts were modified in troubled debt restructurings.

SECURITIZATION OF FINANCING RECEIVABLES

9 Months Ended

Jul. 31, 2022

SECURITIZATION OF FINANCING RECEIVABLES

SECURITIZATION OF FINANCING RECEIVABLES

(9) 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.

The components of consolidated restricted assets, secured borrowings, and other liabilities related to secured borrowings in securitization transactions were as follows in millions of dollars:


	July 31		October 31		August 1
	2022		2021		2021
Financing receivables securitized (retail notes)	$	5,156	$	4,673	$	5,421
Allowance for credit losses		(15)		(14)		(20)
Other assets (primarily restricted cash)		136		107		113
Total restricted securitized assets	$	5,277	$	4,766	$	5,514

Short-term securitization borrowings	$	4,920	$	4,605	$	5,277
Accrued interest on borrowings		4		2		2
Total liabilities related to restricted securitized assets	$	4,924	$	4,607	$	5,279

- Definition

The entire disclosure for a transferor's continuing involvement in financial assets that it has transferred in a securitization or asset-backed financing arrangement, the nature of any restrictions on assets reported by an entity in its statement of financial position that relate to a transferred financial asset (including the carrying amounts of such assets), how servicing assets and servicing liabilities are reported, and (for securitization or asset-backed financing arrangements accounted for as sales) when a transferor has continuing involvement with the transferred financial assets and transfers of financial assets accounted for as secured borrowings, how the transfer of financial assets affects an entity's financial position, financial performance, and cash flows.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 860
-SubTopic 30
-Section 50
-Paragraph 1A
-Subparagraph (c)(3)
-URI https://asc.fasb.org/extlink&oid=109249958&loc=SL6224234-111729

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 860
-SubTopic 30
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-Paragraph 1A
-Subparagraph (b)(2)
-URI https://asc.fasb.org/extlink&oid=109249958&loc=SL6224234-111729

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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-Section 50
-Paragraph 3
-Subparagraph (b)(2)(ii)
-URI https://asc.fasb.org/extlink&oid=121570589&loc=d3e107207-111719

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 860
-SubTopic 50
-Section 50
-Paragraph 2
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-URI https://asc.fasb.org/extlink&oid=128311188&loc=d3e122596-111746

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/extlink&oid=121570589&loc=SL51823488-111719

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
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-URI https://asc.fasb.org/extlink&oid=109249958&loc=SL34722452-111729

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 860
-SubTopic 50
-Section 50
-Paragraph 3
-Subparagraph (a)(4)(ii)
-URI https://asc.fasb.org/extlink&oid=128311188&loc=d3e122625-111746

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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Reference 15: http://www.xbrl.org/2003/role/disclosureRef
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Reference 16: http://www.xbrl.org/2003/role/disclosureRef
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Reference 17: http://www.xbrl.org/2003/role/disclosureRef
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Reference 18: http://www.xbrl.org/2003/role/disclosureRef
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Reference 19: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

INVENTORIES

9 Months Ended

Jul. 31, 2022

INVENTORIES

INVENTORIES

(10) 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:


	July 31		October 31		August 1
	2022		2021		2021
Raw materials and supplies	$	4,508	$	3,524	$	2,895
Work-in-process		1,621		994		1,124
Finished goods and parts		5,434		4,373		4,176
Total FIFO value		11,563		8,891		8,195
Less adjustment to LIFO value		2,442		2,110		1,785
Inventories	$	9,121	$	6,781	$	6,410

GOODWILL AND OTHER INTANGIBLE ASSETS-NET

9 Months Ended

Jul. 31, 2022

GOODWILL AND OTHER INTANGIBLE ASSETS-NET

GOODWILL AND OTHER INTANGIBLE ASSETS-NET

(11) Goodwill and Other Intangible Assets–Net

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


	Production &		Small Ag		Construction
	Precision Ag		& Turf		& Forestry		Total
Goodwill at November 1, 2020	$	333	$	268	$	2,480	$	3,081
Acquisition		12						12
Translation adjustments		13		(3)		45		55
Goodwill at August 1, 2021	$	358	$	265	$	2,525	$	3,148

Goodwill at October 31, 2021	$	542	$	265	$	2,484	$	3,291
Acquisitions		132		69		597		798
Translation adjustments		(23)		(11)		(301)		(335)
Goodwill at July 31, 2022	$	651	$	323	$	2,780	$	3,754

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

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


	July 31		October 31		August 1
	2022		2021		2021
Amortized intangible assets:
Customer lists and relationships	$	507	$	542	$	545
Technology, patents, trademarks, and other		1,320		1,104		1,080
Total at cost		1,827		1,646		1,625
Less accumulated amortization:
Customer lists and relationships		162		151		144
Technology, patents, trademarks, and other		384		343		337
Total accumulated amortization		546		494		481
Amortized intangible assets, net		1,281		1,152		1,144
Unamortized intangible assets:
In-process research and development				123		123
Other intangible assets – net	$	1,281	$	1,275	$	1,267

In September 2017, the Company acquired Blue River Technology’s in-process research and development related to machine learning technology to optimize the use of farm inputs. Those research and development activities were completed, and the Company started amortizing the acquired technology in the second quarter of 2022.

The amortization of other intangible assets in the third quarter and the first nine months of 2022 was $42 million and $104 million, and for 2021 was $27 million and $89 million, respectively. The estimated amortization expense for the next five years is as follows in millions of dollars: remainder of 2022 – $62, 2023 – $164, 2024 – $160, 2025 – $133, 2026 – $113, and 2027 – $112.

SHORT-TERM BORROWINGS

9 Months Ended

Jul. 31, 2022

SHORT-TERM BORROWINGS

SHORT-TERM BORROWINGS

(12) Short-Term Borrowings

Short-term borrowings were as follows in millions of dollars:


	July 31		October 31		August 1
	2022		2021		2021
Commercial paper	$	6,035	$	2,230	$	1,882
Notes payable to banks		427		336		133
Finance lease obligations due within one year		21		23		23
Long-term borrowings due within one year		7,693		8,330		8,366
Short-term borrowings	$	14,176	$	10,919	$	10,404

LONG-TERM BORROWINGS

9 Months Ended

Jul. 31, 2022

LONG-TERM BORROWINGS

LONG-TERM BORROWINGS

(13) Long-Term Borrowings

Long-term borrowings were as follows in millions of dollars:


	July 31		October 31		August 1
	2022		2021		2021
Underwritten term debt
U.S. dollar notes and debentures:
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)		510		584		594
1.375% notes due 2024 (€800 principal)		816		934		951
1.85% notes due 2028 (€600 principal)		612		701		713
2.20% notes due 2032 (€600 principal)		612		701		713
1.65% notes due 2039 (€650 principal)		663		759		773
Serial issuances
Medium-term notes (principal as of: July 31, 2022 - $22,983, October 31, 2021 - $22,647, August 1, 2021 - $21,892)		22,593		22,899		22,346
Other notes and finance lease obligations		1,191		1,178		1,059
Less debt issuance costs and debt discounts		(115)		(118)		(119)
Long-term borrowings	$	32,132	$	32,888	$	32,280

Medium-term notes serially due 2023 through 2032 are primarily offered by prospectus and issued at fixed and variable rates. These notes are presented in the table above with fair value adjustments related to interest rate swaps. All outstanding notes and debentures are senior unsecured borrowings and generally rank equally with each other.

In April 2022, the Company issued $600 million of sustainability-linked medium-term notes with an initial interest rate of 3.35 percent, which are due in 2029. This transaction supports the Company’s commitment to environmental sustainability. Failure to meet the stated sustainability performance target will result in a 25-basis point increase to the interest rate payable on the 2029 notes from and including April 2026.

LEASES - LESSOR

9 Months Ended

Jul. 31, 2022

LEASES - LESSOR

LEASES - LESSOR

(14) Leases - 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 sheets, 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				Nine Months Ended
	July 31, 2022		August 1, 2021		July 31, 2022		August 1, 2021
Sales-type and direct finance lease revenues	$	39	$	37	$	113	$	107
Operating lease revenues		326		359		991		1,079
Variable lease revenues		6		8		20		23
Total lease revenues	$	371	$	404	$	1,124	$	1,209

Variable lease revenues reported above primarily relate to separately invoiced property taxes on leased equipment in certain markets, late fees, and excess use and damage fees. Excess use and damage fees are reported in other income on the statements of consolidated income. Excess use and damage fees were $1 million and $2 million for the third quarter and first nine months ended July 31, 2022, respectively, compared with $2 million and $5 million for the same periods last year, respectively.

COMMITMENTS AND CONTINGENCIES

9 Months Ended

Jul. 31, 2022

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES

(15) 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 primarily 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 $839 million and $709 million at July 31, 2022 and August 1, 2021, respectively.

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


	Three Months Ended				Nine Months Ended
	July 31		August 1		July 31		August 1
	2022		2021		2022		2021
Beginning of period balance	$	2,095	$	1,876	$	2,086	$	1,743
Payments		(240)		(209)		(657)		(626)
Amortization of premiums received		(70)		(66)		(200)		(193)
Accruals for warranties		358		299		762		794
Premiums received		103		96		277		258
Foreign exchange		(10)		(2)		(32)		18
End of period balance	$	2,236	$	1,994	$	2,236	$	1,994

At July 31, 2022, the Company had approximately $330 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 July 31, 2022, the Company had accrued losses of $4 million under these agreements. The maximum remaining term of the receivables guaranteed at July 31, 2022 was approximately six years.

At July 31, 2022, the Company had commitments of $468 million for the construction and acquisition of property and equipment. Also, at July 31, 2022, the Company had restricted assets of $77 million, classified as Other assets. See Note 9 for additional restricted assets associated with borrowings related to securitizations.

The Company also had other miscellaneous contingent liabilities totaling approximately $90 million at July 31, 2022. The accrued liability for these contingencies was not material at July 31, 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, trademark, and antitrust 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.

FAIR VALUE MEASUREMENTS

9 Months Ended

Jul. 31, 2022

FAIR VALUE MEASUREMENTS

FAIR VALUE MEASUREMENTS

(16) 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.


	July 31, 2022				October 31, 2021				August 1, 2021
	Carrying Value		Fair Value		Carrying Value		Fair Value		Carrying Value		Fair Value
Financing receivables – net	$	35,056	$	34,158	$	33,799	$	33,718	$	31,449	$	31,515
Financing receivables securitized – net		5,141		4,990		4,659		4,704		5,401		5,467
Short-term securitization borrowings		4,920		4,862		4,605		4,610		5,277		5,302
Long-term borrowings due within one year		7,693		7,608		8,330		8,364		8,366		8,440
Long-term borrowings		32,101		31,741		32,850		34,506		32,238		34,345

Fair value measurements above were Level 3 for all financing receivables and Level 2 for all 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.


	July 31		October 31		August 1
	2022		2021		2021
Level 1:
Marketable securities
International equity securities	$	2	$	2	$	3
U.S. equity fund		75		75		74
U.S. government debt securities		63		59		60
Total Level 1 marketable securities		140		136		137

Level 2:
Marketable securities
U.S. government debt securities		134		139		124
Municipal debt securities		70		73		71
Corporate debt securities		213		224		217
International debt securities		1		2		3
Mortgage-backed securities		161		154		136
Total Level 2 marketable securities		579		592		551
Other assets
Derivatives		280		275		432
Accounts payable and accrued expenses
Derivatives		667		228		152

Level 3:
Accounts payable and accrued expenses – Deferred consideration		252

The contractual maturities of debt securities at July 31, 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. Mortgage-backed securities were primarily issued by U.S. government-sponsored enterprises. Unrealized losses of debt securities at July 31, 2022 were not recognized in income due to the ability and intent to hold to maturity.


	Amortized		Fair
	Cost		Value
Due in one year or less	$	23	$	23
Due after one through five years		98		95
Due after five through 10 years		189		175
Due after 10 years		211		188
Mortgage-backed securities		176		161
Debt securities	$	697	$	642

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 values for October 31, 2021 represent the fair value assessments at January 31, 2021.


	Fair Value					Losses
						Three Months Ended			Nine Months Ended
	July 31		October 31		August 1	July 31		August 1	July 31		August 1
	2022		2021		2021	2022		2021	2022		2021
Inventories	$	13				$	4		$	12
Property and equipment – net			$	41					$	41	$	44
Other intangible assets – net									$	28
Other assets			$	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.

Inventories – The service parts inventory impairment was based on net realizable value, less reasonably predictable selling and disposal costs.

Property and equipment – net – The valuations were based on cost and market approaches. The inputs include replacement cost estimates adjusted for physical deterioration and economic obsolescence.

Other intangible assets – net – The Company considered external valuations based on the Company’s probability weighted cash flow analysis.

Other assets – The impairments were measured at the fair value of the right of use operating lease asset.

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References + Details

DERIVATIVE INSTRUMENTS

9 Months Ended

Jul. 31, 2022

DERIVATIVE INSTRUMENTS

DERIVATIVE INSTRUMENTS

(17) 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 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 are recorded in operating activities in the statements 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 July 31, 2022, October 31, 2021, and August 1, 2021 were $2,350 million, $2,700 million, and $1,750 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 affects earnings. These amounts offset the effects of interest rate changes on the related borrowings.

The amount of gain recorded in OCI at July 31, 2022 that is expected to be reclassified to interest expense in the next twelve months if interest rates remain unchanged is approximately $31 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 July 31, 2022, October 31, 2021, and August 1, 2021 were $8,303 million, $8,043 million, and $8,658 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 were as follows in millions of dollars. Fair value hedging adjustments are included in the carrying amount of the hedged item.


	Active Hedging Relationships				Discontinued Hedging Relationships
	Carrying Amount		Cumulative Fair Value		Carrying Amount of		Cumulative Fair Value
	of Hedged Item		Hedging Amount		Formerly Hedged Item		Hedging Amount
July 31, 2022
Short-term borrowings					$	2,605	$	5
Long-term borrowings	$	7,835	$	(430)		5,728		39

October 31, 2021
Short-term borrowings	$	191	$	3	$	1,997	$	(2)
Long-term borrowings		7,847		29		6,287		223

August 1, 2021
Short-term borrowings	$	189	$	4	$	1,898	$	(1)
Long-term borrowings		8,698		263		5,831		190

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 July 31, 2022, October 31, 2021, and August 1, 2021 were $9,880 million, $10,848 million, and $9,195 million, the foreign exchange contracts were $7,457 million, $7,584 million, and $6,328 million, and the cross-currency interest rate contracts were $276 million, $238 million, and $197 million, respectively. The fair value gains or losses from derivatives not designated as hedging instruments were recorded in the statements of consolidated income, generally offsetting over time the exposure on the hedged item.

Fair values of derivative instruments in the condensed consolidated balance sheets were as follows in millions of dollars:


	July 31		October 31		August 1
Other Assets	2022		2021		2021
Designated as hedging instruments:
Interest rate contracts	$	82	$	166	$	332

Not designated as hedging instruments:
Interest rate contracts		163		73		57
Foreign exchange contracts		30		31		41
Cross-currency interest rate contracts		5		5		2
Total not designated		198		109		100

Total derivative assets	$	280	$	275	$	432

Accounts Payable and Accrued Expenses
Designated as hedging instruments:
Interest rate contracts	$	434	$	99	$	40

Not designated as hedging instruments:
Interest rate contracts		79		33		43
Foreign exchange contracts		149		94		67
Cross-currency interest rate contracts		5		2		2
Total not designated		233		129		112

Total derivative liabilities	$	667	$	228	$	152

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


	Three Months Ended				Nine Months Ended
	July 31		August 1		July 31		August 1
	2022		2021		2022		2021
Fair Value Hedges:
Interest rate contracts - Interest expense	$	149	$	146	$	(507)	$	(79)

Cash Flow Hedges:
Recognized in OCI
Interest rate contracts - OCI (pretax)	$	1	$	(1)	$	52	$	(1)
Reclassified from OCI
Interest rate contracts - Interest expense		3		(3)				(11)

Not Designated as Hedges:
Interest rate contracts - Net sales			$	(2)	$	44	$	3
Interest rate contracts - Interest expense *	$	(18)		(2)		41		(6)
Foreign exchange contracts - Net sales		(1)				(2)
Foreign exchange contracts - Cost of sales		(29)		(7)		(109)		(107)
Foreign exchange contracts - Other operating expenses *		(20)		(5)		153		(209)
Total not designated	$	(68)	$	(16)	$	127	$	(319)

* 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 July 31, 2022, October 31, 2021, and August 1, 2021, was $518 million, $135 million, and $87 million, respectively. In accordance with the limits established in these agreements, the Company posted $238 million of cash collateral at July 31, 2022. The Company posted no cash collateral in accordance with the limits established in those agreements at either October 31, 2021 or August 1, 2021. In addition, the Company paid $8 million of cash collateral that was outstanding at July 31, 2022, October 31, 2021, and August 1, 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 was as follows in millions of dollars:


	Gross Amounts		Netting
July 31, 2022	Recognized		Arrangements		Collateral		Net Amount
Assets	$	280	$	(125)	$	(40)	$	115
Liabilities		667		(125)		(238)		304


	Gross Amounts		Netting
October 31, 2021	Recognized		Arrangements		Collateral		Net Amount
Assets	$	275	$	(105)			$	170
Liabilities		228		(105)	$	(5)		118


	Gross Amounts		Netting
August 1, 2021	Recognized		Arrangements		Collateral		Net Amount
Assets	$	432	$	(94)	$	(88)	$	250
Liabilities		152		(94)		(2)		56

STOCK OPTION AND RESTRICTED STOCK AWARDS

9 Months Ended

Jul. 31, 2022

STOCK OPTION AND RESTRICTED STOCK AWARDS

STOCK OPTION AND RESTRICTED STOCK AWARDS

(18) 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 July 31, 2022, options for 2.1 million shares were outstanding with a weighted-average exercise price of $152.12 per share. The Company also granted 165 thousand restricted stock units to employees and non-employee directors in the first nine months of 2022, of which 128 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 $346.46 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 July 31, 2022, the Company was authorized to grant an additional 17.3 million shares under the equity incentive plan.

ACQUISITIONS

9 Months Ended

Jul. 31, 2022

ACQUISITIONS

ACQUISITIONS

(19) Acquisitions

Kreisel Acquisition

On February 7, 2022, the Company acquired majority ownership in Kreisel Electric Inc. (Kreisel), a pioneer in the development of immersion-cooled battery technology. The Austrian company manufactures high-density, high-durability electric battery modules and packs for high-performance and off-highway applications and has created a battery-buffered, high-powered charging infrastructure platform.

The transaction includes a call option to purchase the remaining ownership interest in Kreisel in 2027. The minority interest holders also have a put option that would require the Company to purchase the holder’s ownership interest in 2027. The put and call options cannot be separated from the noncontrolling interest. Due to the redemption features, the minority interest is classified as redeemable noncontrolling interest in the Company’s consolidated balance sheets.

The total cash purchase price was $276 million, consisting of $253 million for the acquired equity interests, $21 million to reduce the option price, and customary working capital adjustments, net of cash acquired. The preliminary fair values assigned

to the assets and liabilities of the acquired entity in millions of dollars, which is based on information as of the acquisition date and available at July 31, 2022 follows:


	February 7
	2022
Trade accounts and notes receivable	$	2
Other receivables		11
Inventories		11
Property and equipment		11
Goodwill		218
Other intangible assets		178
Other assets		6
Total assets	$	437

Accounts payable and accrued expenses	$	27
Deferred income taxes		38

Redeemable noncontrolling interest	$	96

The identifiable intangible assets were related to technology, trade name, and customer relationships with a weighted average amortization period of 12 years. The goodwill is not deductible for income tax purposes. Kreisel will be allocated amongst the Company’s production and precision agriculture, small agriculture and turf, and construction and forestry segments.

Acquisition of Excavator Factories

On February 28, 2022, the Company acquired full ownership of three former Deere-Hitachi joint venture factories and began new license and supply agreements with Hitachi Construction Machinery (Hitachi). The two companies also ended their joint venture manufacturing and marketing agreements. The former joint venture factories will continue to manufacture Deere-branded construction excavators and forestry equipment. Through a new supply agreement with Hitachi, Deere will continue to offer a full portfolio of excavators. Deere’s marketing arrangement for Hitachi-branded construction excavators and mining equipment in the Americas has ended with Hitachi assuming distribution and support of these products. John Deere dealers may continue to support their existing field population of Hitachi-branded excavators.

With the completion of this acquisition, the Company now has complete control over its excavator design, product, and feature updates, making it possible to more rapidly respond to customer requirements and integrate excavators with other construction products in the John Deere product portfolio. The Company can leverage technology developed for other product lines and production systems across the enterprise and extend those advanced solutions to Deere-designed excavators, strengthening the entire product portfolio.

The total invested capital follows:


	February 28
	2022
Cash consideration for factories	$	205
Cash consideration for license agreement		70
Deferred consideration		271
Total purchase price consideration		546
Less: Cash obtained		(187)
Less: Settlement of intercompany balances		(113)
Net purchase price consideration		246
Fair value of previously held equity investment		444
Total invested capital	$	690

The total purchase price consideration includes deferred consideration that will be paid as the Company purchases Deere-branded excavators, components, and service parts from Hitachi under the new supply agreement with a duration that ranges from 5 to 30 years. The deferred consideration represents the price increases under the new supply arrangement. Excluding inflation adjustments, the price increases for products to be acquired by the Company from Hitachi are as much as 27 percent higher than the prior supply arrangement. At July 31, 2022, the net present value of the deferred consideration was approximately $252 million, subject to changes in market conditions, developments in the Company’s product offerings, and sourcing changes. The Company financed the acquisition and associated transaction expenses from cash on hand. The fair value of the previously held equity investment created a non-cash gain of $326 million (pretax and after-tax), which was recorded in Other income and included in the construction and forestry segment’s operating profit.

Prior to the acquisition, the Company purchased Deere and Hitachi-branded excavators, components, and parts from the Deere-Hitachi joint venture factories for sale to John Deere dealers. These purchases were included in Cost of sales, while the sales to John Deere dealers were included in Net sales. Cost of sales also included profit-sharing payments to Hitachi in accordance with the previous marketing agreements. Following the acquisition, Net sales will only include the sale of Deere-branded excavators to John Deere dealers, while Cost of sales will reflect market pricing to purchase and manufacture excavators, as well as the related components and service parts.

The preliminary fair values assigned to the assets and liabilities of the acquired factories in millions of dollars, which are based on information as of the acquisition date and available at July 31, 2022, follows:


	February 28
	2022
Other receivables	$	29
Inventories		286
Property and equipment		182
Goodwill		527
Other intangible assets		70
Deferred income taxes		56
Total assets	$	1,150

Accounts payable and accrued expenses	$	297
Long-term borrowings		163
Total liabilities	$	460

The identifiable intangible assets were related to technology with a 10-year amortization period. The goodwill is not deductible for income tax purposes. The excavator factories will be reported in the Company’s construction and forestry segment.

Other Acquisitions

In the first nine months of the year, the Company acquired AgriSync Inc. (AgriSync), a technology service provider; an 80 percent stake in both SureFire Ag Systems, Inc. and SureFire Electronics, LLC (together SureFire), which design and manufacture liquid fertilizer application and spray tendering systems; a 40 percent equity method investment in GUSS Automation LLC (GUSS Automation), a pioneer in semi-autonomous orchard and vineyard sprayers; and LGT, LLC (Light), which specializes in depth sensing and camera-based perception for autonomous vehicles. The combined cost of the acquisitions was $124 million, net of cash acquired of $3 million. The preliminary asset and liability fair values at the respective acquisition dates follow in millions of dollars:


	July 31
	2022
Trade accounts and notes receivable	$	8
Inventories		8
Property and equipment		4
Goodwill		53
Other intangible assets		21
Other assets		50
Total assets	$	144

Accounts payable and accrued expenses	$	6
Deferred income taxes		5
Total liabilities	$	11

Redeemable noncontrolling interest	$	9

The identifiable intangible assets were related to trade name, technology, and customer relationships with a weighted average amortization period of 7 years. AgriSync will be allocated amongst the Company’s production and precision agriculture, small agriculture and turf, and construction and forestry segments, while SureFire and Light will be allocated to the production and precision agriculture segment. GUSS Automation will be assigned to the small agriculture and turf segment.

For all acquisitions, the goodwill was the result of future cash flows and related fair value exceeding the fair value of the identified assets and liabilities. Presenting the pro forma results of operations as if these acquisitions had occurred at the beginning of the current or comparative fiscal year would not differ significantly from the reported results.

SPECIAL ITEMS

9 Months Ended

Jul. 31, 2022

SPECIAL ITEMS

SPECIAL ITEMS

(20) Special Items

2022 Special Items

Impact of Events in Russia / Ukraine

The events in Russia / Ukraine have resulted in the Company suspending shipments of machines and service parts to Russia. The Company manufactures and markets equipment in Russia / Ukraine, and provides financial services in Russia. As of July 31, 2022, the Company’s net exposure in Russia / Ukraine was approximately $436 million. Net sales from the Company’s Russian operations represented 2 percent of consolidated annual Net sales from 2017 to 2021. The Ukraine operations were not material to the consolidated financial statements.

The suspension of shipments to Russia will reduce forecasted revenue for the region, which makes it probable future cash flows will not cover the carrying value of certain assets. The accounting consequences during the second quarter of 2022 were impairments of most long-lived assets, an increase in reserves of certain financial assets, and an accrual for various contractual uncertainties. No significant reserves were established on trade receivables or complete goods inventory, as the Company continues to experience strong payment performance and requires prepayment of existing inventories. During the third quarter of 2022, the Company initiated a voluntary employee-separation program, updated reserves on assets, and reassessed accruals for contractual uncertainties. The Russian government has imposed certain restrictions on companies’ abilities to repatriate or remit cash from their Russian-based operations to locations outside of Russia. Cash in excess of what is required to fund operations in Russia has been reclassified as restricted and recorded in Other assets. The Company continues to closely monitor all financial risks to its operations in the region. A summary of the reserves, impairments, voluntary-separation costs, and contingent liabilities recorded in the first nine months of 2022 follows in millions of dollars:


	Nine Months Ended July 31, 2022
	PPA		SAT		CF		FS		Total
2022 Expense:
Inventory reserve – Cost of sales	$	8			$	4			$	12
Fixed asset impairment – Cost of sales		30				11				41
Intangible asset impairment – Cost of sales						28				28
Allowance for credit losses – Financing receivables – SA&G expenses							$	32		32
Voluntary-separation program – Cost of sales		1								1
Voluntary-separation program – SA&G expenses		3				4		1		8
Contingent liabilities – Other operating expenses		3	$	1		1				5
Total Russia/Ukraine events pretax expense	$	45	$	1	$	48	$	33		127

Net tax impact										(8)
Total Russia/Ukraine events after-tax expense									$	119

Gain on Previously Held Equity Investment

On February 28, 2022, the Company acquired full ownership of three former Deere-Hitachi joint venture factories and began new license and supply agreements with Hitachi. The fair value of the previous equity investment resulted in a non-cash gain of $326 million (pretax and after-tax; see Note 19).

UAW Collective Bargaining Agreement

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 6 for more information on the U.S. hourly plan remeasurement.

2021 Special Items

In the third quarter of 2021, the Company sold a closed factory that previously produced small agricultural equipment in China, resulting in a $27 million pretax gain. 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. See Note 16 for fair value measurement information.

The following table summarizes the operating profit impact, in millions of dollars, of the special items recorded for the three months and nine months ended July 31, 2022 and August 1, 2021:


	Three Months										Nine Months
	PPA		SAT		CF		FS		Total		PPA		SAT		CF		FS		Total
2022 Expense (benefit):
Gain on remeasurement of equity investment – Other income (see Note 19)															$	(326)			$	(326)
Total Russia/Ukraine events pretax expense	$	(1)			$	1	$	7	$	7	$	45	$	1		48	$	33		127
UAW ratification bonus – Cost of sales												53		9		28				90
Total expense (benefit)		(1)				1		7		7		98		10		(250)		33		(109)

2021 Expense (benefit):
Gain on sale – Other income			$	(27)						(27)				(27)						(27)
Long-lived asset impairments – Cost of sales												5		3		42				50
Brazil indirect tax – Cost of sales												(53)				(5)				(58)
Total expense (benefit)				(27)						(27)		(48)		(24)		37				(35)

Period over period change	$	(1)	$	27	$	1	$	7	$	34	$	146	$	34	$	(287)	$	33	$	(74)

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES AND NEW ACCOUNTING STANDARDS (Policies)	9 Months Ended
	Jul. 31, 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 third quarter ends for fiscal year 2022 and 2021 were July 31, 2022 and August 1, 2021, respectively. Both third quarters contained 13 weeks, while both year-to-date periods contained 39 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.
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.
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 date, 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 primarily 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 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 are recorded in operating activities in the statements 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.

REVENUE RECOGNITION (Tables)

9 Months Ended

Jul. 31, 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 July 31, 2022
	Production & Precision Ag		Small Ag & Turf		Construction & Forestry		Financial Services		Total
Primary geographic markets:
United States	$	2,904	$	2,177	$	1,789	$	602	$	7,472
Canada		451		185		288		149		1,073
Western Europe		645		646		380		25		1,696
Central Europe and CIS		348		109		111		14		582
Latin America		1,327		155		459		77		2,018
Asia, Africa, Australia, New Zealand, and Middle East		510		419		296		36		1,261
Total	$	6,185	$	3,691	$	3,323	$	903	$	14,102

Major product lines:
Production agriculture	$	6,019							$	6,019
Small agriculture			$	2,705						2,705
Turf				842						842
Construction					$	1,506				1,506
Compact construction						460				460
Roadbuilding						910				910
Forestry						316				316
Financial products		17		15		6	$	903		941
Other		149		129		125				403
Total	$	6,185	$	3,691	$	3,323	$	903	$	14,102

Revenue recognized:
At a point in time	$	6,154	$	3,672	$	3,303	$	27	$	13,156
Over time		31		19		20		876		946
Total	$	6,185	$	3,691	$	3,323	$	903	$	14,102


	Nine Months Ended July 31, 2022
	Production & Precision Ag		Small Ag & Turf		Construction & Forestry		Financial Services		Total
Primary geographic markets:
United States	$	6,946	$	5,718	$	5,157	$	1,744	$	19,565
Canada		899		468		975		450		2,792
Western Europe		1,648		1,836		1,202		76		4,762
Central Europe and CIS		954		386		452		36		1,828
Latin America		3,229		393		1,020		218		4,860
Asia, Africa, Australia, New Zealand, and Middle East		1,118		1,170		833		113		3,234
Total	$	14,794	$	9,971	$	9,639	$	2,637	$	37,041

Major product lines:
Production agriculture	$	14,333							$	14,333
Small agriculture			$	7,305						7,305
Turf				2,286						2,286
Construction					$	4,198				4,198
Compact construction						1,208				1,208
Roadbuilding						2,619				2,619
Forestry						946				946
Financial products		39		35		17	$	2,637		2,728
Other		422		345		651				1,418
Total	$	14,794	$	9,971	$	9,639	$	2,637	$	37,041

Revenue recognized:
At a point in time	$	14,694	$	9,919	$	9,580	$	77	$	34,270
Over time		100		52		59		2,560		2,771
Total	$	14,794	$	9,971	$	9,639	$	2,637	$	37,041


	Three Months Ended August 1, 2021
	Production & Precision Ag		Small Ag & Turf		Construction & Forestry		Financial Services		Total
Primary geographic markets:
United States	$	1,995	$	1,753	$	1,559	$	605	$	5,912
Canada		253		153		285		162		853
Western Europe		566		679		455		27		1,727
Central Europe and CIS		398		117		241		10		766
Latin America		758		125		227		60		1,170
Asia, Africa, Australia, New Zealand, and Middle East		368		385		308		38		1,099
Total	$	4,338	$	3,212	$	3,075	$	902	$	11,527

Major product lines:
Production agriculture	$	4,179							$	4,179
Small agriculture			$	2,355						2,355
Turf				719						719
Construction					$	1,283				1,283
Compact construction						398				398
Roadbuilding						948				948
Forestry						342				342
Financial products		13		12		5	$	902		932
Other		146		126		99				371
Total	$	4,338	$	3,212	$	3,075	$	902	$	11,527

Revenue recognized:
At a point in time	$	4,293	$	3,191	$	3,052	$	27	$	10,563
Over time		45		21		23		875		964
Total	$	4,338	$	3,212	$	3,075	$	902	$	11,527


	Nine Months Ended August 1, 2021
	Production & Precision Ag		Small Ag & Turf		Construction & Forestry		Financial Services		Total
Primary geographic markets:
United States	$	5,814	$	5,014	$	4,242	$	1,812	$	16,882
Canada		617		376		793		469		2,255
Western Europe		1,604		1,903		1,408		77		4,992
Central Europe and CIS		1,090		361		628		28		2,107
Latin America		1,971		305		617		179		3,072
Asia, Africa, Australia, New Zealand, and Middle East		991		1,230		1,054		114		3,389
Total	$	12,087	$	9,189	$	8,742	$	2,679	$	32,697

Major product lines:
Production agriculture	$	11,656							$	11,656
Small agriculture			$	6,583						6,583
Turf				2,268						2,268
Construction					$	3,402				3,402
Compact construction						1,140				1,140
Roadbuilding						2,924				2,924
Forestry						975				975
Financial products		41		32		17	$	2,679		2,769
Other		390		306		284				980
Total	$	12,087	$	9,189	$	8,742	$	2,679	$	32,697

Revenue recognized:
At a point in time	$	11,960	$	9,137	$	8,666	$	77	$	29,840
Over time		127		52		76		2,602		2,857
Total	$	12,087	$	9,189	$	8,742	$	2,679	$	32,697

OTHER COMPREHENSIVE INCOME ITEMS (Tables)

9 Months Ended

Jul. 31, 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:


	July 31		October 31		August 1
	2022		2021		2021
Retirement benefits adjustment	$	(1,171)	$	(1,034)	$	(3,710)
Cumulative translation adjustment		(2,262)		(1,478)		(1,277)
Unrealized loss on derivatives		(1)		(42)		(50)
Unrealized gain (loss) on debt securities		(42)		15		26
Total accumulated other comprehensive income (loss)	$	(3,476)	$	(2,539)	$	(5,011)

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/curtailment are included in net periodic pension and other postretirement benefit costs (see Note 6).


	Before		Tax		After
	Tax		(Expense)		Tax
Three Months Ended July 31, 2022	Amount		Credit		Amount
Cumulative translation adjustment	$	(267)	$	(2)	$	(269)
Unrealized gain (loss) on derivatives:
Unrealized hedging gain (loss)		1				1
Reclassification of realized (gain) loss to:
Interest rate contracts – Interest expense		(3)		1		(2)
Net unrealized gain (loss) on derivatives		(2)		1		(1)
Unrealized gain (loss) on debt securities:
Unrealized holding gain (loss)		6		(1)		5
Reclassification of realized (gain) loss – Other income		1				1
Net unrealized gain (loss) on debt securities		7		(1)		6
Retirement benefits adjustment:
Net actuarial gain (loss)		34		(9)		25
Reclassification to Other operating expenses through amortization of:
Actuarial (gain) loss		27		(7)		20
Prior service (credit) cost		8		(2)		6
Settlements/curtailment		36		(8)		28
Net unrealized gain (loss) on retirement benefits adjustment		105		(26)		79
Total other comprehensive income (loss)	$	(157)	$	(28)	$	(185)


	Before		Tax		After
	Tax		(Expense)		Tax
Nine Months Ended July 31, 2022	Amount		Credit		Amount
Cumulative translation adjustment	$	(774)	$	(10)	$	(784)
Unrealized gain (loss) on derivatives:
Unrealized hedging gain (loss)		52		(11)		41
Net unrealized gain (loss) on derivatives		52		(11)		41
Unrealized gain (loss) on debt securities:
Unrealized holding gain (loss)		(74)		16		(58)
Reclassification of realized (gain) loss – Other income		1				1
Net unrealized gain (loss) on debt securities		(73)		16		(57)
Retirement benefits adjustment:
Net actuarial gain (loss) and prior service (cost)		(338)		81		(257)
Reclassification to Other operating expenses through amortization of:
Actuarial (gain) loss		94		(24)		70
Prior service (credit) cost		22		(6)		16
Settlements/curtailment		44		(10)		34
Net unrealized gain (loss) on retirement benefits adjustment		(178)		41		(137)
Total other comprehensive income (loss)	$	(973)	$	36	$	(937)


	Before		Tax		After
	Tax		(Expense)		Tax
Three Months Ended August 1, 2021	Amount		Credit		Amount
Cumulative translation adjustment	$	(112)	$	(2)	$	(114)
Unrealized gain (loss) on derivatives:
Unrealized hedging gain (loss)		(1)				(1)
Reclassification of realized (gain) loss to:
Interest rate contracts – Interest expense		3		(1)		2
Net unrealized gain (loss) on derivatives		2		(1)		1
Unrealized gain (loss) on debt securities:
Unrealized holding gain (loss)		11		(3)		8
Net unrealized gain (loss) on debt securities		11		(3)		8
Retirement benefits adjustment:
Net actuarial gain (loss)		(5)		1		(4)
Reclassification to Other operating expenses through amortization of:
Actuarial (gain) loss		71		(17)		54
Prior service (credit) cost		1				1
Settlements		4		(1)		3
Net unrealized gain (loss) on retirement benefits adjustment		71		(17)		54
Total other comprehensive income (loss)	$	(28)	$	(23)	$	(51)


	Before		Tax		After
	Tax		(Expense)		Tax
Nine Months Ended August 1, 2021	Amount		Credit		Amount
Cumulative translation adjustment	$	319			$	319
Unrealized gain (loss) on derivatives:
Unrealized hedging gain (loss)		(1)				(1)
Reclassification of realized (gain) loss to:
Interest rate contracts – Interest expense		11	$	(2)		9
Net unrealized gain (loss) on derivatives		10		(2)		8
Unrealized gain (loss) on debt securities:
Unrealized holding gain (loss)		(6)		(1)		(7)
Net unrealized gain (loss) on debt securities		(6)		(1)		(7)
Retirement benefits adjustment:
Net actuarial gain (loss)		35		(8)		27
Reclassification to Other operating expenses through amortization of:
Actuarial (gain) loss		213		(53)		160
Prior service (credit) cost		5		(1)		4
Settlements		22		(5)		17
Net unrealized gain (loss) on retirement benefits adjustment		275		(67)		208
Total other comprehensive income (loss)	$	598	$	(70)	$	528

EARNINGS PER SHARE (Tables)

9 Months Ended

Jul. 31, 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				Nine Months Ended
	July 31		August 1		July 31		August 1
	2022		2021		2022		2021
Net income attributable to Deere & Company	$	1,884	$	1,667	$	4,885	$	4,680
Average shares outstanding		304.1		311.0		305.8		312.4
Basic per share	$	6.20	$	5.36	$	15.97	$	14.98

Average shares outstanding		304.1		311.0		305.8		312.4
Effect of dilutive share-based compensation		1.6		2.4		1.9		2.5
Total potential shares outstanding		305.7		313.4		307.7		314.9
Diluted per share	$	6.16	$	5.32	$	15.88	$	14.86

PENSION AND OTHER POSTRETIREMENT BENEFITS (Tables)

9 Months Ended

Jul. 31, 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				Nine Months Ended
	July 31		August 1		July 31		August 1
	2022		2021		2022		2021
Service cost	$	86	$	83	$	265	$	251
Interest cost		85		69		242		207
Expected return on plan assets		(182)		(199)		(544)		(599)
Amortization of actuarial loss		31		64		107		192
Amortization of prior service cost		9		2		25		8
Settlements/curtailment		36		4		44		22
Net cost	$	65	$	23	$	139	$	81

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


	Three Months Ended				Nine Months Ended
	July 31		August 1		July 31		August 1
	2022		2021		2022		2021
Service cost	$	11	$	12	$	34	$	36
Interest cost		25		25		74		76
Expected return on plan assets		(28)		(19)		(83)		(58)
Amortization of actuarial (gain) loss		(4)		7		(13)		21
Amortization of prior service credit		(1)		(1)		(3)		(3)
Net cost	$	3	$	24	$	9	$	72

SEGMENT REPORTING (Tables)

9 Months Ended

Jul. 31, 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:


	Three Months Ended					Nine Months Ended
	July 31		August 1		%	July 31		August 1		%
	2022		2021		Change	2022		2021		Change
Net sales and revenues:
Production & precision ag net sales	$	6,096	$	4,250	+43	$	14,568	$	11,848	+23
Small ag & turf net sales		3,635		3,147	+16		9,836		9,051	+9
Construction & forestry net sales		3,269		3,016	+8		9,161		8,562	+7
Financial services revenues		903		902			2,637		2,679	-2
Other revenues		199		212	-6		839		557	+51
Total net sales and revenues	$	14,102	$	11,527	+22	$	37,041	$	32,697	+13
Operating profit:
Production & precision ag	$	1,293	$	906	+43	$	2,646	$	2,557	+3
Small ag & turf		552		583	-5		1,443		1,699	-15
Construction & forestry		514		463	+11		1,599		1,220	+31
Financial services		287		291	-1		864		844	+2
Total operating profit		2,646		2,243	+18		6,552		6,320	+4
Reconciling items		(108)		(85)	+27		(303)		(312)	-3
Income taxes		(654)		(491)	+33		(1,364)		(1,328)	+3
Net income attributable to Deere & Company	$	1,884	$	1,667	+13	$	4,885	$	4,680	+4

Intersegment sales and revenues:
Production & precision ag net sales	$	5	$	8	-38	$	15	$	21	-29
Small ag & turf net sales		2		2			8		9	-11
Construction & forestry net sales
Financial services revenues		81		61	+33		214		172	+24

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 expense, certain foreign exchange gains and losses, pension and OPEB benefit costs excluding the service cost component, and net income attributable to noncontrolling interests.


	July 31		October 31		August 1
	2022		2021		2021
Identifiable assets:
Production & precision ag	$	8,728	$	7,021	$	6,910
Small ag & turf		4,361		3,959		3,643
Construction & forestry		6,824		6,457		6,378
Financial services		56,008		51,624		51,647
Corporate		10,896		15,053		12,110
Total assets	$	86,817	$	84,114	$	80,688

FINANCING RECEIVABLES (Tables)

9 Months Ended

Jul. 31, 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:


	Retail Notes		Revolving
	& Financing		Charge		Wholesale
	Leases		Accounts		Receivables		Total
Three Months Ended July 31, 2022
Allowance:
Beginning of period balance	$	168	$	17	$	5	$	190
Provision (credit)		14		3		(1)		16
Write-offs		(12)		(10)				(22)
Recoveries		8		7				15
Translation adjustments		3						3
End of period balance	$	181	$	17	$	4	$	202

Nine Months Ended July 31, 2022
Allowance:
Beginning of period balance	$	138	$	21	$	7	$	166
Provision (credit)		66		(4)		(3)		59
Write-offs		(47)		(22)				(69)
Recoveries		17		22				39
Translation adjustments		7						7
End of period balance	$	181	$	17	$	4	$	202
Financing receivables:
End of period balance	$	33,515	$	4,099	$	2,785	$	40,399


	Retail Notes		Revolving
	& Financing		Charge		Wholesale
	Leases		Accounts		Receivables		Total
Three Months Ended August 1, 2021
Allowance:
Beginning of period balance	$	152	$	19	$	7	$	178
Provision		3						3
Write-offs		(14)		(9)				(23)
Recoveries		8		8				16
End of period balance	$	149	$	18	$	7	$	174

Nine Months Ended August 1, 2021
Allowance:
Beginning of period balance	$	133	$	43	$	8	$	184
ASU No. 2016-13 adoption		44		(13)				31
Provision (credit)		(9)		(16)		(1)		(26)
Write-offs		(38)		(23)				(61)
Recoveries		17		27				44
Translation adjustments		2						2
End of period balance	$	149	$	18	$	7	$	174
Financing receivables:
End of period balance	$	30,235	$	3,772	$	3,017	$	37,024

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:


	July 31, 2022
	2022		2021		2020		2019		2018		Prior Years		Revolving Charge Accounts		Total
Retail customer receivables:
Agriculture and turf
Current	$	9,161	$	9,169	$	4,713	$	2,234	$	935	$	378	$	3,962	$	30,552
30-59 days past due		40		70		38		23		8		4		18		201
60-89 days past due		15		24		15		7		3		1		5		70
90+ days past due
Non-performing		17		62		48		37		19		27		7		217
Construction and forestry
Current		2,336		2,249		1,004		382		106		20		102		6,199
30-59 days past due		47		54		26		12		4		1		3		147
60-89 days past due		14		14		12		4		1				1		46
90+ days past due				11		3		1				3				18
Non-performing		13		63		49		25		9		4		1		164
Total retail customer receivables	$	11,643	$	11,716	$	5,908	$	2,725	$	1,085	$	438	$	4,099	$	37,614


	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


	August 1, 2021
	2021		2020		2019		2018		2017		Prior Years		Revolving Charge Accounts		Total
Retail customer receivables:
Agriculture and turf
Current	$	9,159	$	7,516	$	3,938	$	2,053	$	910	$	317	$	3,658	$	27,551
30-59 days past due		38		54		35		19		7		3		13		169
60-89 days past due		14		28		15		6		3		1		4		71
90+ days past due				1												1
Non-performing		12		58		63		42		22		30		6		233
Construction and forestry
Current		2,327		1,845		938		357		84		13		86		5,650
30-59 days past due		35		44		26		9		4		1		3		122
60-89 days past due		13		19		10		5		1		1		1		50
90+ days past due		4		2		9		5		6		2				28
Non-performing		12		47		41		19		8		4		1		132
Total retail customer receivables	$	11,614	$	9,614	$	5,075	$	2,515	$	1,045	$	372	$	3,772	$	34,007

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:


	July 31, 2022
	2022		2021		2020		2019		2018		Prior Years		Revolving		Total
Wholesale receivables:
Agriculture and turf
Current	$	289	$	99	$	34	$	6	$	1	$	1	$	2,022	$	2,452
30+ days past due
Non-performing								1								1
Construction and forestry
Current		11		32		3		1				1		283		331
30+ days past due												1				1
Non-performing
Total wholesale receivables	$	300	$	131	$	37	$	8	$	1	$	3	$	2,305	$	2,785


	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


	August 1, 2021
	2021		2020		2019		2018		2017		Prior Years		Revolving		Total
Wholesale receivables:
Agriculture and turf
Current	$	263	$	110	$	38	$	13	$	3	$	1	$	2,256	$	2,684
30+ days past due
Non-performing						18										18
Construction and forestry
Current		8		8		8		1		1		1		287		314
30+ days past due												1				1
Non-performing
Total wholesale receivables	$	271	$	118	$	64	$	14	$	4	$	3	$	2,543	$	3,017

SECURITIZATION OF FINANCING RECEIVABLES (Tables)

9 Months Ended

Jul. 31, 2022

SECURITIZATION OF FINANCING RECEIVABLES

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

The components of consolidated restricted assets, secured borrowings, and other liabilities related to secured borrowings in securitization transactions were as follows in millions of dollars:


	July 31		October 31		August 1
	2022		2021		2021
Financing receivables securitized (retail notes)	$	5,156	$	4,673	$	5,421
Allowance for credit losses		(15)		(14)		(20)
Other assets (primarily restricted cash)		136		107		113
Total restricted securitized assets	$	5,277	$	4,766	$	5,514

Short-term securitization borrowings	$	4,920	$	4,605	$	5,277
Accrued interest on borrowings		4		2		2
Total liabilities related to restricted securitized assets	$	4,924	$	4,607	$	5,279

INVENTORIES (Tables)

9 Months Ended

Jul. 31, 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:


	July 31		October 31		August 1
	2022		2021		2021
Raw materials and supplies	$	4,508	$	3,524	$	2,895
Work-in-process		1,621		994		1,124
Finished goods and parts		5,434		4,373		4,176
Total FIFO value		11,563		8,891		8,195
Less adjustment to LIFO value		2,442		2,110		1,785
Inventories	$	9,121	$	6,781	$	6,410

GOODWILL AND OTHER INTANGIBLE ASSETS-NET (Tables)

9 Months Ended

Jul. 31, 2022

GOODWILL AND OTHER INTANGIBLE ASSETS-NET

Changes in Goodwill by Operating Segments

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


	Production &		Small Ag		Construction
	Precision Ag		& Turf		& Forestry		Total
Goodwill at November 1, 2020	$	333	$	268	$	2,480	$	3,081
Acquisition		12						12
Translation adjustments		13		(3)		45		55
Goodwill at August 1, 2021	$	358	$	265	$	2,525	$	3,148

Goodwill at October 31, 2021	$	542	$	265	$	2,484	$	3,291
Acquisitions		132		69		597		798
Translation adjustments		(23)		(11)		(301)		(335)
Goodwill at July 31, 2022	$	651	$	323	$	2,780	$	3,754

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:


	July 31		October 31		August 1
	2022		2021		2021
Amortized intangible assets:
Customer lists and relationships	$	507	$	542	$	545
Technology, patents, trademarks, and other		1,320		1,104		1,080
Total at cost		1,827		1,646		1,625
Less accumulated amortization:
Customer lists and relationships		162		151		144
Technology, patents, trademarks, and other		384		343		337
Total accumulated amortization		546		494		481
Amortized intangible assets, net		1,281		1,152		1,144
Unamortized intangible assets:
In-process research and development				123		123
Other intangible assets – net	$	1,281	$	1,275	$	1,267

- Definition

Tabular disclosure of goodwill by reportable segment and in total which includes a rollforward schedule.

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+ Details

SHORT-TERM BORROWINGS (Tables)

9 Months Ended

Jul. 31, 2022

SHORT-TERM BORROWINGS

Short-Term Borrowings

Short-term borrowings were as follows in millions of dollars:


	July 31		October 31		August 1
	2022		2021		2021
Commercial paper	$	6,035	$	2,230	$	1,882
Notes payable to banks		427		336		133
Finance lease obligations due within one year		21		23		23
Long-term borrowings due within one year		7,693		8,330		8,366
Short-term borrowings	$	14,176	$	10,919	$	10,404

LONG-TERM BORROWINGS (Tables)

9 Months Ended

Jul. 31, 2022

LONG-TERM BORROWINGS

Long-Term Borrowings

Long-term borrowings were as follows in millions of dollars:


	July 31		October 31		August 1
	2022		2021		2021
Underwritten term debt
U.S. dollar notes and debentures:
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)		510		584		594
1.375% notes due 2024 (€800 principal)		816		934		951
1.85% notes due 2028 (€600 principal)		612		701		713
2.20% notes due 2032 (€600 principal)		612		701		713
1.65% notes due 2039 (€650 principal)		663		759		773
Serial issuances
Medium-term notes (principal as of: July 31, 2022 - $22,983, October 31, 2021 - $22,647, August 1, 2021 - $21,892)		22,593		22,899		22,346
Other notes and finance lease obligations		1,191		1,178		1,059
Less debt issuance costs and debt discounts		(115)		(118)		(119)
Long-term borrowings	$	32,132	$	32,888	$	32,280

- Definition

Tabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer.

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+ Details

LEASES - LESSOR (Tables)

9 Months Ended

Jul. 31, 2022

LEASES - LESSOR

Schedule of Lease Revenues Earned

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


	Three Months Ended				Nine Months Ended
	July 31, 2022		August 1, 2021		July 31, 2022		August 1, 2021
Sales-type and direct finance lease revenues	$	39	$	37	$	113	$	107
Operating lease revenues		326		359		991		1,079
Variable lease revenues		6		8		20		23
Total lease revenues	$	371	$	404	$	1,124	$	1,209

Variable lease revenues reported above primarily relate to separately invoiced property taxes on leased equipment in certain markets, late fees, and excess use and damage fees. Excess use and damage fees are reported in other income on the statements of consolidated income. Excess use and damage fees were $1 million and $2 million for the third quarter and first nine months ended July 31, 2022, respectively, compared with $2 million and $5 million for the same periods last year, respectively.

COMMITMENTS AND CONTINGENCIES (Tables)

9 Months Ended

Jul. 31, 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 was as follows in millions of dollars:


	Three Months Ended				Nine Months Ended
	July 31		August 1		July 31		August 1
	2022		2021		2022		2021
Beginning of period balance	$	2,095	$	1,876	$	2,086	$	1,743
Payments		(240)		(209)		(657)		(626)
Amortization of premiums received		(70)		(66)		(200)		(193)
Accruals for warranties		358		299		762		794
Premiums received		103		96		277		258
Foreign exchange		(10)		(2)		(32)		18
End of period balance	$	2,236	$	1,994	$	2,236	$	1,994

FAIR VALUE MEASUREMENTS (Tables)

9 Months Ended

Jul. 31, 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.


	July 31, 2022				October 31, 2021				August 1, 2021
	Carrying Value		Fair Value		Carrying Value		Fair Value		Carrying Value		Fair Value
Financing receivables – net	$	35,056	$	34,158	$	33,799	$	33,718	$	31,449	$	31,515
Financing receivables securitized – net		5,141		4,990		4,659		4,704		5,401		5,467
Short-term securitization borrowings		4,920		4,862		4,605		4,610		5,277		5,302
Long-term borrowings due within one year		7,693		7,608		8,330		8,364		8,366		8,440
Long-term borrowings		32,101		31,741		32,850		34,506		32,238		34,345

Fair value measurements above were Level 3 for all financing receivables and Level 2 for all 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.


	July 31		October 31		August 1
	2022		2021		2021
Level 1:
Marketable securities
International equity securities	$	2	$	2	$	3
U.S. equity fund		75		75		74
U.S. government debt securities		63		59		60
Total Level 1 marketable securities		140		136		137

Level 2:
Marketable securities
U.S. government debt securities		134		139		124
Municipal debt securities		70		73		71
Corporate debt securities		213		224		217
International debt securities		1		2		3
Mortgage-backed securities		161		154		136
Total Level 2 marketable securities		579		592		551
Other assets
Derivatives		280		275		432
Accounts payable and accrued expenses
Derivatives		667		228		152

Level 3:
Accounts payable and accrued expenses – Deferred consideration		252

Contractual Maturities of Debt Securities

The contractual maturities of debt securities at July 31, 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. Mortgage-backed securities were primarily issued by U.S. government-sponsored enterprises. Unrealized losses of debt securities at July 31, 2022 were not recognized in income due to the ability and intent to hold to maturity.


	Amortized		Fair
	Cost		Value
Due in one year or less	$	23	$	23
Due after one through five years		98		95
Due after five through 10 years		189		175
Due after 10 years		211		188
Mortgage-backed securities		176		161
Debt securities	$	697	$	642

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 values for October 31, 2021 represent the fair value assessments at January 31, 2021.


	Fair Value					Losses
						Three Months Ended			Nine Months Ended
	July 31		October 31		August 1	July 31		August 1	July 31		August 1
	2022		2021		2021	2022		2021	2022		2021
Inventories	$	13				$	4		$	12
Property and equipment – net			$	41					$	41	$	44
Other intangible assets – net									$	28
Other assets			$	1							$	6

DERIVATIVE INSTRUMENTS (Tables)

9 Months Ended

Jul. 31, 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 were as follows in millions of dollars. Fair value hedging adjustments are included in the carrying amount of the hedged item.


	Active Hedging Relationships				Discontinued Hedging Relationships
	Carrying Amount		Cumulative Fair Value		Carrying Amount of		Cumulative Fair Value
	of Hedged Item		Hedging Amount		Formerly Hedged Item		Hedging Amount
July 31, 2022
Short-term borrowings					$	2,605	$	5
Long-term borrowings	$	7,835	$	(430)		5,728		39

October 31, 2021
Short-term borrowings	$	191	$	3	$	1,997	$	(2)
Long-term borrowings		7,847		29		6,287		223

August 1, 2021
Short-term borrowings	$	189	$	4	$	1,898	$	(1)
Long-term borrowings		8,698		263		5,831		190

Fair Value of Derivative Instruments in Consolidated Balance Sheet

Fair values of derivative instruments in the condensed consolidated balance sheets were as follows in millions of dollars:


	July 31		October 31		August 1
Other Assets	2022		2021		2021
Designated as hedging instruments:
Interest rate contracts	$	82	$	166	$	332

Not designated as hedging instruments:
Interest rate contracts		163		73		57
Foreign exchange contracts		30		31		41
Cross-currency interest rate contracts		5		5		2
Total not designated		198		109		100

Total derivative assets	$	280	$	275	$	432

Accounts Payable and Accrued Expenses
Designated as hedging instruments:
Interest rate contracts	$	434	$	99	$	40

Not designated as hedging instruments:
Interest rate contracts		79		33		43
Foreign exchange contracts		149		94		67
Cross-currency interest rate contracts		5		2		2
Total not designated		233		129		112

Total derivative liabilities	$	667	$	228	$	152

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

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


	Three Months Ended				Nine Months Ended
	July 31		August 1		July 31		August 1
	2022		2021		2022		2021
Fair Value Hedges:
Interest rate contracts - Interest expense	$	149	$	146	$	(507)	$	(79)

Cash Flow Hedges:
Recognized in OCI
Interest rate contracts - OCI (pretax)	$	1	$	(1)	$	52	$	(1)
Reclassified from OCI
Interest rate contracts - Interest expense		3		(3)				(11)

Not Designated as Hedges:
Interest rate contracts - Net sales			$	(2)	$	44	$	3
Interest rate contracts - Interest expense *	$	(18)		(2)		41		(6)
Foreign exchange contracts - Net sales		(1)				(2)
Foreign exchange contracts - Cost of sales		(29)		(7)		(109)		(107)
Foreign exchange contracts - Other operating expenses *		(20)		(5)		153		(209)
Total not designated	$	(68)	$	(16)	$	127	$	(319)

* 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 was as follows in millions of dollars:


	Gross Amounts		Netting
July 31, 2022	Recognized		Arrangements		Collateral		Net Amount
Assets	$	280	$	(125)	$	(40)	$	115
Liabilities		667		(125)		(238)		304


	Gross Amounts		Netting
October 31, 2021	Recognized		Arrangements		Collateral		Net Amount
Assets	$	275	$	(105)			$	170
Liabilities		228		(105)	$	(5)		118


	Gross Amounts		Netting
August 1, 2021	Recognized		Arrangements		Collateral		Net Amount
Assets	$	432	$	(94)	$	(88)	$	250
Liabilities		152		(94)		(2)		56

ACQUISITIONS (Tables)

9 Months Ended

Jul. 31, 2022

Kreisel

Preliminary Fair Values Assigned to Assets and Liabilities as of the Acquisition Date

The preliminary fair values assigned to the assets and liabilities of the acquired entity in millions of dollars, which is based on information as of the acquisition date and available at July 31, 2022 follows:


	February 7
	2022
Trade accounts and notes receivable	$	2
Other receivables		11
Inventories		11
Property and equipment		11
Goodwill		218
Other intangible assets		178
Other assets		6
Total assets	$	437

Accounts payable and accrued expenses	$	27
Deferred income taxes		38

Redeemable noncontrolling interest	$	96

Excavator Factories

Total Invested Capital

The total invested capital follows:


	February 28
	2022
Cash consideration for factories	$	205
Cash consideration for license agreement		70
Deferred consideration		271
Total purchase price consideration		546
Less: Cash obtained		(187)
Less: Settlement of intercompany balances		(113)
Net purchase price consideration		246
Fair value of previously held equity investment		444
Total invested capital	$	690

Preliminary Fair Values Assigned to Assets and Liabilities as of the Acquisition Date

The preliminary fair values assigned to the assets and liabilities of the acquired factories in millions of dollars, which are based on information as of the acquisition date and available at July 31, 2022, follows:


	February 28
	2022
Other receivables	$	29
Inventories		286
Property and equipment		182
Goodwill		527
Other intangible assets		70
Deferred income taxes		56
Total assets	$	1,150

Accounts payable and accrued expenses	$	297
Long-term borrowings		163
Total liabilities	$	460

Other Acquisitions

Preliminary Fair Values Assigned to Assets and Liabilities as of the Acquisition Date

The preliminary asset and liability fair values at the respective acquisition dates follow in millions of dollars:


	July 31
	2022
Trade accounts and notes receivable	$	8
Inventories		8
Property and equipment		4
Goodwill		53
Other intangible assets		21
Other assets		50
Total assets	$	144

Accounts payable and accrued expenses	$	6
Deferred income taxes		5
Total liabilities	$	11

Redeemable noncontrolling interest	$	9

SPECIAL ITEMS (Tables)

9 Months Ended

Jul. 31, 2022

SPECIAL ITEMS

Schedule of Special Items

A summary of the reserves, impairments, voluntary-separation costs, and contingent liabilities recorded in the first nine months of 2022 follows in millions of dollars:


	Nine Months Ended July 31, 2022
	PPA		SAT		CF		FS		Total
2022 Expense:
Inventory reserve – Cost of sales	$	8			$	4			$	12
Fixed asset impairment – Cost of sales		30				11				41
Intangible asset impairment – Cost of sales						28				28
Allowance for credit losses – Financing receivables – SA&G expenses							$	32		32
Voluntary-separation program – Cost of sales		1								1
Voluntary-separation program – SA&G expenses		3				4		1		8
Contingent liabilities – Other operating expenses		3	$	1		1				5
Total Russia/Ukraine events pretax expense	$	45	$	1	$	48	$	33		127

Net tax impact										(8)
Total Russia/Ukraine events after-tax expense									$	119

The following table summarizes the operating profit impact, in millions of dollars, of the special items recorded for the three months and nine months ended July 31, 2022 and August 1, 2021:


	Three Months										Nine Months
	PPA		SAT		CF		FS		Total		PPA		SAT		CF		FS		Total
2022 Expense (benefit):
Gain on remeasurement of equity investment – Other income (see Note 19)															$	(326)			$	(326)
Total Russia/Ukraine events pretax expense	$	(1)			$	1	$	7	$	7	$	45	$	1		48	$	33		127
UAW ratification bonus – Cost of sales												53		9		28				90
Total expense (benefit)		(1)				1		7		7		98		10		(250)		33		(109)

2021 Expense (benefit):
Gain on sale – Other income			$	(27)						(27)				(27)						(27)
Long-lived asset impairments – Cost of sales												5		3		42				50
Brazil indirect tax – Cost of sales												(53)				(5)				(58)
Total expense (benefit)				(27)						(27)		(48)		(24)		37				(35)

Period over period change	$	(1)	$	27	$	1	$	7	$	34	$	146	$	34	$	(287)	$	33	$	(74)

ORGANIZATION AND CONSOLIDATION (Details) - USD ($) $ in Millions	3 Months Ended			9 Months Ended
	Jul. 31, 2022	Aug. 01, 2021	Jan. 31, 2021	Jul. 31, 2022	Aug. 01, 2021
Fiscal period duration	91 days	91 days		273 days	273 days
Wirtgen Group Holding GmbH (Wirtgen)
Net sales			$ 270		$ 270

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES AND NEW ACCOUNTING STANDARDS (Details) - USD ($) $ in Millions	Jul. 31, 2022	Oct. 31, 2021
Canada
Revenue Recognition
Remaining consigned inventory	$ 26	$ 150

REVENUE RECOGNITION - Primary Geographic Market, Major Product Line, and Timing (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Jul. 31, 2022	Aug. 01, 2021	Jul. 31, 2022	Aug. 01, 2021
Revenue Recognition
Net sales and revenues	$ 14,102	$ 11,527	$ 37,041	$ 32,697
Revenue Recognized at a Point in Time
Revenue Recognition
Net sales and revenues	13,156	10,563	34,270	29,840
Revenue Recognized Over Time
Revenue Recognition
Net sales and revenues	946	964	2,771	2,857
Production Agriculture
Revenue Recognition
Net sales	6,019	4,179	14,333	11,656
Small Agriculture
Revenue Recognition
Net sales	2,705	2,355	7,305	6,583
Turf
Revenue Recognition
Net sales	842	719	2,286	2,268
Construction
Revenue Recognition
Net sales	1,506	1,283	4,198	3,402
Compact Construction
Revenue Recognition
Net sales	460	398	1,208	1,140
Roadbuilding
Revenue Recognition
Net sales	910	948	2,619	2,924
Forestry
Revenue Recognition
Net sales	316	342	946	975
Financial Products
Revenue Recognition
Financial	941	932	2,728	2,769
Other
Revenue Recognition
Other net sales and revenues	403	371	1,418	980
United States
Revenue Recognition
Net sales and revenues	7,472	5,912	19,565	16,882
Canada
Revenue Recognition
Net sales and revenues	1,073	853	2,792	2,255
Western Europe
Revenue Recognition
Net sales and revenues	1,696	1,727	4,762	4,992
Central Europe and CIS
Revenue Recognition
Net sales and revenues	582	766	1,828	2,107
Latin America
Revenue Recognition
Net sales and revenues	2,018	1,170	4,860	3,072
Asia, Africa, Australia, New Zealand, and Middle East
Revenue Recognition
Net sales and revenues	1,261	1,099	3,234	3,389
Production & Precision Ag (PPA)
Revenue Recognition
Net sales and revenues	6,185	4,338	14,794	12,087
Production & Precision Ag (PPA) \| Revenue Recognized at a Point in Time
Revenue Recognition
Net sales and revenues	6,154	4,293	14,694	11,960
Production & Precision Ag (PPA) \| Revenue Recognized Over Time
Revenue Recognition
Net sales and revenues	31	45	100	127
Production & Precision Ag (PPA) \| Production Agriculture
Revenue Recognition
Net sales	6,019	4,179	14,333	11,656
Production & Precision Ag (PPA) \| Financial Products
Revenue Recognition
Financial	17	13	39	41
Production & Precision Ag (PPA) \| Other
Revenue Recognition
Other net sales and revenues	149	146	422	390
Production & Precision Ag (PPA) \| United States
Revenue Recognition
Net sales and revenues	2,904	1,995	6,946	5,814
Production & Precision Ag (PPA) \| Canada
Revenue Recognition
Net sales and revenues	451	253	899	617
Production & Precision Ag (PPA) \| Western Europe
Revenue Recognition
Net sales and revenues	645	566	1,648	1,604
Production & Precision Ag (PPA) \| Central Europe and CIS
Revenue Recognition
Net sales and revenues	348	398	954	1,090
Production & Precision Ag (PPA) \| Latin America
Revenue Recognition
Net sales and revenues	1,327	758	3,229	1,971
Production & Precision Ag (PPA) \| Asia, Africa, Australia, New Zealand, and Middle East
Revenue Recognition
Net sales and revenues	510	368	1,118	991
Small Ag & Turf (SAT)
Revenue Recognition
Net sales and revenues	3,691	3,212	9,971	9,189
Small Ag & Turf (SAT) \| Revenue Recognized at a Point in Time
Revenue Recognition
Net sales and revenues	3,672	3,191	9,919	9,137
Small Ag & Turf (SAT) \| Revenue Recognized Over Time
Revenue Recognition
Net sales and revenues	19	21	52	52
Small Ag & Turf (SAT) \| Small Agriculture
Revenue Recognition
Net sales	2,705	2,355	7,305	6,583
Small Ag & Turf (SAT) \| Turf
Revenue Recognition
Net sales	842	719	2,286	2,268
Small Ag & Turf (SAT) \| Financial Products
Revenue Recognition
Financial	15	12	35	32
Small Ag & Turf (SAT) \| Other
Revenue Recognition
Other net sales and revenues	129	126	345	306
Small Ag & Turf (SAT) \| United States
Revenue Recognition
Net sales and revenues	2,177	1,753	5,718	5,014
Small Ag & Turf (SAT) \| Canada
Revenue Recognition
Net sales and revenues	185	153	468	376
Small Ag & Turf (SAT) \| Western Europe
Revenue Recognition
Net sales and revenues	646	679	1,836	1,903
Small Ag & Turf (SAT) \| Central Europe and CIS
Revenue Recognition
Net sales and revenues	109	117	386	361
Small Ag & Turf (SAT) \| Latin America
Revenue Recognition
Net sales and revenues	155	125	393	305
Small Ag & Turf (SAT) \| Asia, Africa, Australia, New Zealand, and Middle East
Revenue Recognition
Net sales and revenues	419	385	1,170	1,230
Construction & Forestry (CF)
Revenue Recognition
Net sales and revenues	3,323	3,075	9,639	8,742
Construction & Forestry (CF) \| Revenue Recognized at a Point in Time
Revenue Recognition
Net sales and revenues	3,303	3,052	9,580	8,666
Construction & Forestry (CF) \| Revenue Recognized Over Time
Revenue Recognition
Net sales and revenues	20	23	59	76
Construction & Forestry (CF) \| Construction
Revenue Recognition
Net sales	1,506	1,283	4,198	3,402
Construction & Forestry (CF) \| Compact Construction
Revenue Recognition
Net sales	460	398	1,208	1,140
Construction & Forestry (CF) \| Roadbuilding
Revenue Recognition
Net sales	910	948	2,619	2,924
Construction & Forestry (CF) \| Forestry
Revenue Recognition
Net sales	316	342	946	975
Construction & Forestry (CF) \| Financial Products
Revenue Recognition
Financial	6	5	17	17
Construction & Forestry (CF) \| Other
Revenue Recognition
Other net sales and revenues	125	99	651	284
Construction & Forestry (CF) \| United States
Revenue Recognition
Net sales and revenues	1,789	1,559	5,157	4,242
Construction & Forestry (CF) \| Canada
Revenue Recognition
Net sales and revenues	288	285	975	793
Construction & Forestry (CF) \| Western Europe
Revenue Recognition
Net sales and revenues	380	455	1,202	1,408
Construction & Forestry (CF) \| Central Europe and CIS
Revenue Recognition
Net sales and revenues	111	241	452	628
Construction & Forestry (CF) \| Latin America
Revenue Recognition
Net sales and revenues	459	227	1,020	617
Construction & Forestry (CF) \| Asia, Africa, Australia, New Zealand, and Middle East
Revenue Recognition
Net sales and revenues	296	308	833	1,054
Financial Services (FS)
Revenue Recognition
Financial	903	902	2,637	2,679
Financial Services (FS) \| Revenue Recognized at a Point in Time
Revenue Recognition
Financial	27	27	77	77
Financial Services (FS) \| Revenue Recognized Over Time
Revenue Recognition
Financial	876	875	2,560	2,602
Financial Services (FS) \| Financial Products
Revenue Recognition
Financial	903	902	2,637	2,679
Financial Services (FS) \| United States
Revenue Recognition
Financial	602	605	1,744	1,812
Financial Services (FS) \| Canada
Revenue Recognition
Financial	149	162	450	469
Financial Services (FS) \| Western Europe
Revenue Recognition
Financial	25	27	76	77
Financial Services (FS) \| Central Europe and CIS
Revenue Recognition
Financial	14	10	36	28
Financial Services (FS) \| Latin America
Revenue Recognition
Financial	77	60	218	179
Financial Services (FS) \| Asia, Africa, Australia, New Zealand, and Middle East
Revenue Recognition
Financial	$ 36	$ 38	$ 113	$ 114

REVENUE RECOGNITION - Advanced Customer Payments (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Jul. 31, 2022	Aug. 01, 2021	Jul. 31, 2022	Aug. 01, 2021	Oct. 31, 2021
Advanced customer payments
Deferred revenue received	$ 1,424	$ 1,259	$ 1,424	$ 1,259	$ 1,344
Revenue recognized from deferred revenue	$ 93	$ 108	$ 488	$ 442

REVENUE RECOGNITION - Unsatisfied Performance Obligations (Details) $ in Millions	Jul. 31, 2022 USD ($)
Unsatisfied performance obligations
Unsatisfied performance obligations for contracts with an original duration greater than one year	$ 1,167
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2022-08-01
Unsatisfied performance obligations
Unsatisfied performance obligations for contracts with an original duration greater than one year	$ 104
Period estimated revenue to be recognized	3 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	$ 337
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	$ 283
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	$ 196
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	$ 109
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	$ 60
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	$ 78
Period estimated revenue to be recognized	24 months

OTHER COMPREHENSIVE INCOME ITEMS - After-Tax Components (Details) - USD ($) $ in Millions	Jul. 31, 2022	Oct. 31, 2021	Aug. 01, 2021
Accumulated other comprehensive income (loss)
Total accumulated other comprehensive income (loss)	$ 19,033	$ 18,431	$ 15,731
Accumulated Other Comprehensive Income (Loss)
Accumulated other comprehensive income (loss)
Total accumulated other comprehensive income (loss)	(3,476)	(2,539)	(5,011)
Retirement Benefits Adjustment
Accumulated other comprehensive income (loss)
Total accumulated other comprehensive income (loss)	(1,171)	(1,034)	(3,710)
Cumulative Translation Adjustment
Accumulated other comprehensive income (loss)
Total accumulated other comprehensive income (loss)	(2,262)	(1,478)	(1,277)
Unrealized Gain (Loss) on Derivatives
Accumulated other comprehensive income (loss)
Total accumulated other comprehensive income (loss)	(1)	(42)	(50)
Unrealized Gain (Loss) on Debt Securities
Accumulated other comprehensive income (loss)
Total accumulated other comprehensive income (loss)	$ (42)	$ 15	$ 26

- Definition

Total of all stockholders' equity (deficit) items, net of receivables from officers, directors, owners, and affiliates of the entity which are attributable to the parent. The amount of the economic entity's stockholders' equity attributable to the parent excludes the amount of stockholders' equity which is allocable to that ownership interest in subsidiary equity which is not attributable to the parent (noncontrolling interest, minority interest). This excludes temporary equity and is sometimes called permanent equity.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(g)(1)(ii))
-URI https://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 852
-SubTopic 10
-Section 55
-Paragraph 10
-URI https://asc.fasb.org/extlink&oid=84165509&loc=d3e56426-112766

Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 310
-SubTopic 10
-Section S99
-Paragraph 2
-Subparagraph (SAB Topic 4.E)
-URI https://asc.fasb.org/extlink&oid=122038336&loc=d3e74512-122707

Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 210
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(31))
-URI https://asc.fasb.org/extlink&oid=120391452&loc=d3e13212-122682

Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 210
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(29))
-URI https://asc.fasb.org/extlink&oid=120391452&loc=d3e13212-122682

Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 210
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(30))
-URI https://asc.fasb.org/extlink&oid=120391452&loc=d3e13212-122682

Reference 7: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 825
-SubTopic 10
-Section 50
-Paragraph 28
-Subparagraph (f)
-URI https://asc.fasb.org/extlink&oid=123596393&loc=d3e14064-108612

Reference 8: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 323
-SubTopic 10
-Section 50
-Paragraph 3
-Subparagraph (c)
-URI https://asc.fasb.org/extlink&oid=114001798&loc=d3e33918-111571

+ Details

OTHER COMPREHENSIVE INCOME ITEMS - Amounts Recorded in and Reclassifications out of (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Jul. 31, 2022	Aug. 01, 2021	Jul. 31, 2022	Aug. 01, 2021
Other Comprehensive Income (Loss), Before Tax
Interest expense	$ (296)	$ (244)	$ (713)	$ (783)
Total other comprehensive income (loss), before tax	(157)	(28)	(973)	598
Other Comprehensive Income (Loss), Tax (Expense) Credit
Total other comprehensive income (loss), tax (expense) credit	(28)	(23)	36	(70)
Other Comprehensive Income (Loss), After Tax
Other comprehensive income (loss), net of income taxes	(185)	(51)	(937)	528
Cumulative Translation Adjustment
Other Comprehensive Income (Loss), Before Tax
Total other comprehensive income (loss), before tax	(267)	(112)	(774)	319
Other Comprehensive Income (Loss), Tax (Expense) Credit
Total other comprehensive income (loss), tax (expense) credit	(2)	(2)	(10)
Other Comprehensive Income (Loss), After Tax
Other comprehensive income (loss), net of income taxes	(269)	(114)	(784)	319
Unrealized Gain (Loss) on Derivatives
Other Comprehensive Income (Loss), Before Tax
Other comprehensive income (loss) before reclassification, before tax	1	(1)	52	(1)
Total other comprehensive income (loss), before tax	(2)	2	52	10
Other Comprehensive Income (Loss), Tax (Expense) Credit
Other comprehensive income (loss) before reclassification, tax (expense) credit			(11)
Total other comprehensive income (loss), tax (expense) credit	1	(1)	(11)	(2)
Other Comprehensive Income (Loss), After Tax
Other comprehensive income (loss) before reclassification, after tax	1	(1)	41	(1)
Other comprehensive income (loss), net of income taxes	(1)	1	41	8
Unrealized Gain (Loss) on Derivatives \| Interest Rate Contracts (Swaps) \| Reclassification out of Accumulated Other Comprehensive Income (Loss)
Other Comprehensive Income (Loss), Before Tax
Interest expense	(3)	3		11
Other Comprehensive Income (Loss), Tax (Expense) Credit
Reclassification from accumulated other comprehensive income, tax (expense) credit	1	(1)		(2)
Other Comprehensive Income (Loss), After Tax
Reclassification from accumulated other comprehensive income, after tax	(2)	2		9
Unrealized Gain (Loss) on Debt Securities
Other Comprehensive Income (Loss), Before Tax
Other comprehensive income (loss) before reclassification, before tax	6	11	(74)	(6)
Total other comprehensive income (loss), before tax	7	11	(73)	(6)
Other Comprehensive Income (Loss), Tax (Expense) Credit
Other comprehensive income (loss) before reclassification, tax (expense) credit	(1)	(3)	16	(1)
Total other comprehensive income (loss), tax (expense) credit	(1)	(3)	16	(1)
Other Comprehensive Income (Loss), After Tax
Other comprehensive income (loss) before reclassification, after tax	5	8	(58)	(7)
Other comprehensive income (loss), net of income taxes	6	8	(57)	(7)
Unrealized Gain (Loss) on Debt Securities \| Reclassification out of Accumulated Other Comprehensive Income (Loss)
Other Comprehensive Income (Loss), Before Tax
Other income	1		1
Other Comprehensive Income (Loss), After Tax
Reclassification from accumulated other comprehensive income, after tax	1		1
Retirement Benefits Adjustment
Other Comprehensive Income (Loss), Before Tax
Other comprehensive income (loss) before reclassification, before tax	34	(5)	(338)	35
Total other comprehensive income (loss), before tax	105	71	(178)	275
Other Comprehensive Income (Loss), Tax (Expense) Credit
Other comprehensive income (loss) before reclassification, tax (expense) credit	(9)	1	81	(8)
Total other comprehensive income (loss), tax (expense) credit	(26)	(17)	41	(67)
Other Comprehensive Income (Loss), After Tax
Other comprehensive income (loss) before reclassification, after tax	25	(4)	(257)	27
Other comprehensive income (loss), net of income taxes	79	54	(137)	208
Actuarial (Gain) Loss \| Reclassification out of Accumulated Other Comprehensive Income (Loss)
Other Comprehensive Income (Loss), Before Tax
Other operating expenses	27	71	94	213
Other Comprehensive Income (Loss), Tax (Expense) Credit
Reclassification from accumulated other comprehensive income, tax (expense) credit	(7)	(17)	(24)	(53)
Other Comprehensive Income (Loss), After Tax
Reclassification from accumulated other comprehensive income, after tax	20	54	70	160
Prior Service (Credit) Cost \| Reclassification out of Accumulated Other Comprehensive Income (Loss)
Other Comprehensive Income (Loss), Before Tax
Other operating expenses	8	1	22	5
Other Comprehensive Income (Loss), Tax (Expense) Credit
Reclassification from accumulated other comprehensive income, tax (expense) credit	(2)		(6)	(1)
Other Comprehensive Income (Loss), After Tax
Reclassification from accumulated other comprehensive income, after tax	6	1	16	4
Settlements/curtailments \| Reclassification out of Accumulated Other Comprehensive Income (Loss)
Other Comprehensive Income (Loss), Before Tax
Other operating expenses	36		44
Other Comprehensive Income (Loss), Tax (Expense) Credit
Reclassification from accumulated other comprehensive income, tax (expense) credit	(8)		(10)
Other Comprehensive Income (Loss), After Tax
Reclassification from accumulated other comprehensive income, after tax	$ 28		$ 34
Settlements \| Reclassification out of Accumulated Other Comprehensive Income (Loss)
Other Comprehensive Income (Loss), Before Tax
Other operating expenses		4		22
Other Comprehensive Income (Loss), Tax (Expense) Credit
Reclassification from accumulated other comprehensive income, tax (expense) credit		(1)		(5)
Other Comprehensive Income (Loss), After Tax
Reclassification from accumulated other comprehensive income, after tax		$ 3		$ 17

EARNINGS PER SHARE (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	3 Months Ended		9 Months Ended
	Jul. 31, 2022	Aug. 01, 2021	Jul. 31, 2022	Aug. 01, 2021
EARNINGS PER SHARE
Net income attributable to Deere & Company	$ 1,884	$ 1,667	$ 4,885	$ 4,680
Average shares outstanding	304.1	311.0	305.8	312.4
Basic (in dollars per share)	$ 6.20	$ 5.36	$ 15.97	$ 14.98
Diluted Earnings Per Share
Average shares outstanding	304.1	311.0	305.8	312.4
Effect of dilutive share-based compensation (in shares)	1.6	2.4	1.9	2.5
Total potential shares outstanding	305.7	313.4	307.7	314.9
Diluted (in dollars per share)	$ 6.16	$ 5.32	$ 15.88	$ 14.86
Antidilutive incremental shares excluded from computation of earnings per share	0.2		0.2

- Definition

The amount of net income (loss) for the period per each share of common stock or unit outstanding during the reporting period.

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Reference 35: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (c)
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8933-108599

+ Details

PENSION AND OTHER POSTRETIREMENT BENEFITS - Components of Net Periodic Cost (Details) - USD ($) $ in Millions		3 Months Ended			9 Months Ended		12 Months Ended
	Nov. 30, 2021	Jul. 31, 2022	Jan. 30, 2022	Aug. 01, 2021	Jul. 31, 2022	Aug. 01, 2021	Oct. 30, 2022
Pensions
Net Periodic Cost
Service cost		$ 86		$ 83	$ 265	$ 251
Interest cost		$ 85		$ 69	$ 242	$ 207
Location of interest cost		Other operating expenses		Other operating expenses	Other operating expenses	Other operating expenses
Expected return on plan assets		$ (182)		$ (199)	$ (544)	$ (599)
Location of expected return on plan assets		Other operating expenses		Other operating expenses	Other operating expenses	Other operating expenses
Amortization of actuarial (gain) loss		$ 31		$ 64	$ 107	$ 192
Location of amortization of actuarial (gain) loss		Other operating expenses		Other operating expenses	Other operating expenses	Other operating expenses
Amortization of prior service (credit) cost		$ 9		$ 2	$ 25	$ 8
Location of amortization of prior service (credit) cost		Other operating expenses		Other operating expenses	Other operating expenses	Other operating expenses
Settlements/curtailment		$ 36		$ 4	$ 44	$ 22
Location of settlements/curtailment		Other operating expenses		Other operating expenses	Other operating expenses	Other operating expenses
Net cost		$ 65		$ 23	$ 139	$ 81
Employer Contributions
Defined benefit plan employer contributions					67
Defined benefit plan employer contributions expected for the remainder of the fiscal year		$ 16			16
Pensions \| United States
Net Periodic Cost
Percent of active eligible hourly employees that elected to change to an enhanced defined contribution benefit (as a percent)		10.00%
Curtailment loss		$ 34
Location of curtailment loss		Other operating expenses
Pensions \| UAW Collective Bargaining Arrangement \| United States
UAW Contract Remeasurement
Decrease in plan's funded status			$ (495)
Pensions \| UAW Collective Bargaining Arrangement \| United States \| Forecast
UAW Contract Remeasurement
Pension expense increase							$ 80
Pensions \| UAW Collective Bargaining Arrangement \| United States \| Forecast \| Operating Profit
UAW Contract Remeasurement
Pension expense increase							$ 35
OPEB
Net Periodic Cost
Service cost		$ 11		12	34	36
Interest cost		$ 25		$ 25	$ 74	$ 76
Location of interest cost		Other operating expenses		Other operating expenses	Other operating expenses	Other operating expenses
Expected return on plan assets		$ (28)		$ (19)	$ (83)	$ (58)
Location of expected return on plan assets		Other operating expenses		Other operating expenses	Other operating expenses	Other operating expenses
Amortization of actuarial (gain) loss		$ (4)		$ 7	$ (13)	$ 21
Location of amortization of actuarial (gain) loss		Other operating expenses		Other operating expenses	Other operating expenses	Other operating expenses
Amortization of prior service (credit) cost		$ (1)		$ (1)	$ (3)	$ (3)
Location of amortization of prior service (credit) cost		Other operating expenses		Other operating expenses	Other operating expenses	Other operating expenses
Net cost		$ 3		$ 24	$ 9	$ 72
Employer Contributions
Defined benefit plan employer contributions					1,109
Defined benefit plan employer contributions expected for the remainder of the fiscal year		$ 28			$ 28
OPEB \| United States
Employer Contributions
Defined benefit plan employer voluntary contributions	$ 1,000

SEGMENT REPORTING (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
SEGMENT REPORTING (Details) - USD ($) $ in Millions	Jul. 31, 2022	Aug. 01, 2021	Jul. 31, 2022	Aug. 01, 2021	Oct. 31, 2021
Net Sales and Revenues
Net sales and revenues	$ 14,102	$ 11,527	$ 37,041	$ 32,697
% Change - Net sales and revenues	22.00%		13.00%
Operating Profit (Loss)
Total operating profit	$ 2,646	2,243	$ 6,552	6,320
% Change - Operating profit	18.00%		4.00%
Net income attributable to Deere & Company	$ 1,884	1,667	$ 4,885	4,680
% Change - Net income attributable to Deere & Company	13.00%		4.00%
Identifiable Assets
Total Assets	$ 86,817	80,688	$ 86,817	80,688	$ 84,114
Operating Segments (Other)
Reconciling items	$ (108)	(85)	$ (303)	(312)
% Change - Reconciling items	27.00%		(3.00%)
Income taxes	$ (654)	(491)	$ (1,364)	(1,328)
% Change - Income taxes	33.00%		3.00%
Corporate
Identifiable Assets
Total Assets	$ 10,896	12,110	$ 10,896	12,110	15,053
Other Revenues
Net Sales and Revenues
Other revenues	$ 199	212	$ 839	557
% Change - Other revenues	(6.00%)		51.00%
Production & Precision Ag (PPA)
Net Sales and Revenues
Net sales and revenues	$ 6,185	4,338	$ 14,794	12,087
Intersegment sales and revenues	$ 5	8	$ 15	21
% Change - Intersegment sales and revenues	(38.00%)		(29.00%)
Operating Profit (Loss)
Total operating profit	$ 1,293	906	$ 2,646	2,557
% Change - Operating profit	43.00%		3.00%
Identifiable Assets
Total Assets	$ 8,728	6,910	$ 8,728	6,910	7,021
Small Ag & Turf (SAT)
Net Sales and Revenues
Net sales and revenues	3,691	3,212	9,971	9,189
Intersegment sales and revenues	2	2	$ 8	9
% Change - Intersegment sales and revenues			(11.00%)
Operating Profit (Loss)
Total operating profit	$ 552	583	$ 1,443	1,699
% Change - Operating profit	(5.00%)		(15.00%)
Identifiable Assets
Total Assets	$ 4,361	3,643	$ 4,361	3,643	3,959
Construction & Forestry (CF)
Net Sales and Revenues
Net sales and revenues	3,323	3,075	9,639	8,742
Operating Profit (Loss)
Total operating profit	$ 514	463	$ 1,599	1,220
% Change - Operating profit	11.00%		31.00%
Identifiable Assets
Total Assets	$ 6,824	6,378	$ 6,824	6,378	6,457
Financial Services (FS)
Net Sales and Revenues
Financial revenues	903	902	$ 2,637	2,679
% Change - Financial revenues			(2.00%)
Intersegment sales and revenues	$ 81	61	$ 214	172
% Change - Intersegment sales and revenues	33.00%		24.00%
Operating Profit (Loss)
Total operating profit	$ 287	291	$ 864	844
% Change - Operating profit	(1.00%)		2.00%
Identifiable Assets
Total Assets	$ 56,008	51,647	$ 56,008	51,647	$ 51,624
Net Sales
Net Sales and Revenues
Net sales and revenues	13,000	10,413	33,565	29,461
Net Sales \| Production & Precision Ag (PPA)
Net Sales and Revenues
Net sales	$ 6,096	4,250	$ 14,568	11,848
% Change - Net sales	43.00%		23.00%
Net Sales \| Small Ag & Turf (SAT)
Net Sales and Revenues
Net sales	$ 3,635	3,147	$ 9,836	9,051
% Change - Net sales	16.00%		9.00%
Net Sales \| Construction & Forestry (CF)
Net Sales and Revenues
Net sales	$ 3,269	$ 3,016	$ 9,161	$ 8,562
% Change - Net sales	8.00%		7.00%

FINANCING RECEIVABLES - Financing Receivables Past Due (Details)	9 Months Ended
	Jul. 31, 2022
FINANCING RECEIVABLES
Financing Receivable, Practical Expedient, Accrued Interest Exclusion [true false]	false
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

FINANCING RECEIVABLES - Retail Notes, Financing Leases, and Revolving Charge Accounts Credit Quality Analysis (Details) - USD ($) $ in Millions	Jul. 31, 2022	Oct. 31, 2021	Aug. 01, 2021
Credit Quality Analysis
Total retail customer receivables	$ 40,399		$ 37,024
Retail Customer Receivables
Credit Quality Analysis
2022 and 2021, respectively	11,643	$ 16,173	11,614
2021 and 2020, respectively	11,716	8,494	9,614
2020 and 2019, respectively	5,908	4,389	5,075
2019 and 2018, respectively	2,725	2,098	2,515
2018 and 2017, respectively	1,085	828	1,045
Prior years	438	251	372
Revolving	4,099	3,825	3,772
Total retail customer receivables	37,614	36,058	34,007
Retail Customer Receivables \| Agriculture and Turf \| 30-59 Days Past Due
Credit Quality Analysis
2022 and 2021, respectively	40	43	38
2021 and 2020, respectively	70	53	54
2020 and 2019, respectively	38	29	35
2019 and 2018, respectively	23	16	19
2018 and 2017, respectively	8	7	7
Prior years	4	3	3
Revolving	18	14	13
Total retail customer receivables	201	165	169
Retail Customer Receivables \| Agriculture and Turf \| 60-89 Days Past Due
Credit Quality Analysis
2022 and 2021, respectively	15	16	14
2021 and 2020, respectively	24	23	28
2020 and 2019, respectively	15	12	15
2019 and 2018, respectively	7	6	6
2018 and 2017, respectively	3	3	3
Prior years	1	1	1
Revolving	5	4	4
Total retail customer receivables	70	65	71
Retail Customer Receivables \| Agriculture and Turf \| 90 Days or Greater Past Due
Credit Quality Analysis
2021 and 2020, respectively		1	1
Total retail customer receivables		1	1
Retail Customer Receivables \| Agriculture and Turf \| Current
Credit Quality Analysis
2022 and 2021, respectively	9,161	12,877	9,159
2021 and 2020, respectively	9,169	6,676	7,516
2020 and 2019, respectively	4,713	3,463	3,938
2019 and 2018, respectively	2,234	1,738	2,053
2018 and 2017, respectively	935	728	910
Prior years	378	211	317
Revolving	3,962	3,704	3,658
Total retail customer receivables	30,552	29,397	27,551
Retail Customer Receivables \| Agriculture and Turf \| Non-performing
Credit Quality Analysis
2022 and 2021, respectively	17	23	12
2021 and 2020, respectively	62	57	58
2020 and 2019, respectively	48	53	63
2019 and 2018, respectively	37	32	42
2018 and 2017, respectively	19	17	22
Prior years	27	23	30
Revolving	7	7	6
Total retail customer receivables	217	212	233
Retail Customer Receivables \| Construction and Forestry \| 30-59 Days Past Due
Credit Quality Analysis
2022 and 2021, respectively	47	50	35
2021 and 2020, respectively	54	40	44
2020 and 2019, respectively	26	27	26
2019 and 2018, respectively	12	7	9
2018 and 2017, respectively	4	4	4
Prior years	1	1	1
Revolving	3	3	3
Total retail customer receivables	147	132	122
Retail Customer Receivables \| Construction and Forestry \| 60-89 Days Past Due
Credit Quality Analysis
2022 and 2021, respectively	14	15	13
2021 and 2020, respectively	14	11	19
2020 and 2019, respectively	12	9	10
2019 and 2018, respectively	4	6	5
2018 and 2017, respectively	1	1	1
Prior years			1
Revolving	1	1	1
Total retail customer receivables	46	43	50
Retail Customer Receivables \| Construction and Forestry \| 90 Days or Greater Past Due
Credit Quality Analysis
2022 and 2021, respectively		1	4
2021 and 2020, respectively	11	2	2
2020 and 2019, respectively	3	3	9
2019 and 2018, respectively	1	3	5
2018 and 2017, respectively		4	6
Prior years	3	2	2
Total retail customer receivables	18	15	28
Retail Customer Receivables \| Construction and Forestry \| Current
Credit Quality Analysis
2022 and 2021, respectively	2,336	3,122	2,327
2021 and 2020, respectively	2,249	1,575	1,845
2020 and 2019, respectively	1,004	754	938
2019 and 2018, respectively	382	273	357
2018 and 2017, respectively	106	57	84
Prior years	20	7	13
Revolving	102	92	86
Total retail customer receivables	6,199	5,880	5,650
Retail Customer Receivables \| Construction and Forestry \| Non-performing
Credit Quality Analysis
2022 and 2021, respectively	13	26	12
2021 and 2020, respectively	63	56	47
2020 and 2019, respectively	49	39	41
2019 and 2018, respectively	25	17	19
2018 and 2017, respectively	9	7	8
Prior years	4	3	4
Revolving	1		1
Total retail customer receivables	$ 164	$ 148	$ 132

FINANCING RECEIVABLES - Wholesale Receivables Credit Quality Analysis (Details) - USD ($) $ in Millions	Jul. 31, 2022	Oct. 31, 2021	Aug. 01, 2021
Credit Quality Analysis
Total wholesale receivables	$ 40,399		$ 37,024
Wholesale Receivables
Credit Quality Analysis
2022 and 2021, respectively	300	$ 387	271
2021 and 2020, respectively	131	87	118
2020 and 2019, respectively	37	41	64
2019 and 2018, respectively	8	9	14
2018 and 2017, respectively	1	4	4
Prior years	3	2	3
Revolving	2,305	2,036	2,543
Total wholesale receivables	2,785	2,566	3,017
Wholesale Receivables \| Agriculture and Turf \| Current
Credit Quality Analysis
2022 and 2021, respectively	289	346	263
2021 and 2020, respectively	99	80	110
2020 and 2019, respectively	34	22	38
2019 and 2018, respectively	6	9	13
2018 and 2017, respectively	1	3	3
Prior years	1		1
Revolving	2,022	1,696	2,256
Total wholesale receivables	2,452	2,156	2,684
Wholesale Receivables \| Agriculture and Turf \| Non-performing
Credit Quality Analysis
2020 and 2019, respectively		12	18
2019 and 2018, respectively	1
Total wholesale receivables	1	12	18
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	11	41	8
2021 and 2020, respectively	32	7	8
2020 and 2019, respectively	3	7	8
2019 and 2018, respectively	1		1
2018 and 2017, respectively		1	1
Prior years	1	1	1
Revolving	283	340	287
Total wholesale receivables	$ 331	$ 397	$ 314

FINANCING RECEIVABLES - Allowance for Credit Losses (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Jul. 31, 2022	Aug. 01, 2021	Jul. 31, 2022	Aug. 01, 2021	Oct. 31, 2021
Allowance:
Beginning of period balance	$ 190	$ 178	$ 166	$ 184
Provision (credit)	16	3	59	(26)
Write-offs	(22)	(23)	(69)	(61)
Recoveries	15	16	39	44
Translation adjustments	3		7	2
End of period balance	202	174	202	174
Financing receivables:
End of period balance	40,399	37,024	40,399	37,024
Cumulative Effect from Adoption \| ASU 2016-13
Allowance:
Beginning of period balance				31
Retail Customer Receivables
Financing receivables:
End of period balance	37,614	34,007	37,614	34,007	$ 36,058
Retail Notes and Financing Leases
Allowance:
Beginning of period balance	168	152	138	133
Provision (credit)	14	3	66	(9)
Write-offs	(12)	(14)	(47)	(38)
Recoveries	8	8	17	17
Translation adjustments	3		7	2
End of period balance	181	149	181	149
Financing receivables:
End of period balance	33,515	30,235	33,515	30,235
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	17	19	21	43
Provision (credit)	3		(4)	(16)
Write-offs	(10)	(9)	(22)	(23)
Recoveries	7	8	22	27
End of period balance	17	18	17	18
Financing receivables:
End of period balance	4,099	3,772	4,099	3,772
Revolving Charge Accounts \| Cumulative Effect from Adoption \| ASU 2016-13
Allowance:
Beginning of period balance				(13)
Wholesale Receivables
Allowance:
Beginning of period balance	5	7	7	8
Provision (credit)	(1)		(3)	(1)
End of period balance	4	7	4	7
Financing receivables:
End of period balance	$ 2,785	$ 3,017	$ 2,785	$ 3,017	$ 2,566

FINANCING RECEIVABLES - Troubled Debt Restructuring (Details) $ in Millions	9 Months Ended
	Jul. 31, 2022 USD ($) item	Aug. 01, 2021 USD ($) item
Financing Receivables Related to Troubled Debt Restructurings
Financing receivable contracts in troubled debt restructuring, number \| item	230	304
Financing receivables in troubled debt restructurings, aggregate balances, pre-modification	$ 10	$ 12
Financing receivables in troubled debt restructurings, aggregate balances, post-modification	9	$ 10
Commitments to lend additional funds to borrowers whose accounts were modified in troubled debt restructurings	$ 0

SECURITIZATION OF FINANCING RECEIVABLES (Details) - USD ($) $ in Millions	Jul. 31, 2022	Oct. 31, 2021	Aug. 01, 2021
Securitization of Financing Receivables
Other assets	$ 2,236	$ 2,145	$ 2,448
Total Assets	86,817	84,114	80,688
Short-term securitization borrowings	4,920	4,605	5,277
Accrued interest on borrowings - securitization transactions	4	2	2
Total liabilities related to restricted securitized assets	4,924	4,607	5,279
Securitized
Securitization of Financing Receivables
Financing receivables securitized (retail notes)	5,156	4,673	5,421
Allowance for credit losses	(15)	(14)	(20)
Other assets	136	107	113
Total Assets	$ 5,277	$ 4,766	$ 5,514

- Definition

Sum of the carrying amounts as of the balance sheet date of all assets that are recognized. Assets are probable future economic benefits obtained or controlled by an entity as a result of past transactions or events.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef
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Reference 7: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
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Reference 22: http://www.xbrl.org/2003/role/disclosureRef
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-Subparagraph (SX 210.5-02(18))
-URI https://asc.fasb.org/extlink&oid=120391452&loc=d3e13212-122682

Reference 23: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 323
-SubTopic 10
-Section 50
-Paragraph 3
-Subparagraph (c)
-URI https://asc.fasb.org/extlink&oid=114001798&loc=d3e33918-111571

Reference 24: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 30
-Subparagraph (c)
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8906-108599

+ Details

- Definition

Amount of allowance for credit loss on financing receivable. Excludes allowance for financing receivable covered under loss sharing agreement.

+ References + Details

- Definition

Amortized cost, before allowance for credit loss, of financing receivable. Excludes financing receivable covered under loss sharing agreement and net investment in lease.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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Reference 2: http://www.xbrl.org/2003/role/exampleRef
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-Name Accounting Standards Codification
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(3)(b))
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/exampleRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher SEC
-Name Regulation S-K (SK)
-Number 229
-Section 1405
-Paragraph (a)
-Subparagraph (1)

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher SEC
-Name Regulation S-K (SK)
-Number 229
-Section 1405
-Paragraph (a)
-Subparagraph (2)

Reference 10: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher SEC
-Name Regulation S-K (SK)
-Number 229
-Section 1404
-Paragraph (a)

+ Details

INVENTORIES (Details) - USD ($) $ in Millions	Jul. 31, 2022	Oct. 31, 2021	Aug. 01, 2021
INVENTORIES
Raw materials and supplies	$ 4,508	$ 3,524	$ 2,895
Work-in-process	1,621	994	1,124
Finished goods and parts	5,434	4,373	4,176
Total FIFO value	11,563	8,891	8,195
Less adjustment to LIFO value	2,442	2,110	1,785
Inventories	$ 9,121	$ 6,781	$ 6,410

GOODWILL AND OTHER INTANGIBLE ASSETS-NET - Goodwill (Details) - USD ($) $ in Millions	9 Months Ended
	Jul. 31, 2022	Aug. 01, 2021
Changes in Amounts of Goodwill
Goodwill - net, beginning balance	$ 3,291	$ 3,081
Acquisitions	798	12
Translation adjustments	(335)	55
Goodwill - net, ending balance	3,754	3,148
Accumulated goodwill impairment losses	0	0
Production & Precision Ag (PPA)
Changes in Amounts of Goodwill
Goodwill - net, beginning balance	542	333
Acquisitions	132	12
Translation adjustments	(23)	13
Goodwill - net, ending balance	651	358
Small Ag & Turf (SAT)
Changes in Amounts of Goodwill
Goodwill - net, beginning balance	265	268
Acquisitions	69
Translation adjustments	(11)	(3)
Goodwill - net, ending balance	323	265
Construction & Forestry (CF)
Changes in Amounts of Goodwill
Goodwill - net, beginning balance	2,484	2,480
Acquisitions	597
Translation adjustments	(301)	45
Goodwill - net, ending balance	$ 2,780	$ 2,525

- Definition

Amount after accumulated impairment loss of an asset representing future economic benefits arising from other assets acquired in a business combination that are not individually identified and separately recognized.

+ References + Details

GOODWILL AND OTHER INTANGIBLE ASSETS-NET - Intangible Assets (Details) - USD ($) $ in Millions	Jul. 31, 2022	Oct. 31, 2021	Aug. 01, 2021
Amortized intangible assets:
Total at cost	$ 1,827	$ 1,646	$ 1,625
Total accumulated amortization	546	494	481
Amortized intangible assets - net	1,281	1,152	1,144
Unamortized intangible assets:
Other intangible assets - net	1,281	1,275	1,267
Customer Lists and Relationships
Amortized intangible assets:
Total at cost	507	542	545
Total accumulated amortization	162	151	144
Technology, Patents, Trademarks and Other
Amortized intangible assets:
Total at cost	1,320	1,104	1,080
Total accumulated amortization	$ 384	343	337
In-process Research and Development
Unamortized intangible assets:
Unamortized intangible assets		$ 123	$ 123

GOODWILL AND OTHER INTANGIBLE ASSETS-NET - Amortization Expense (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Jul. 31, 2022	Aug. 01, 2021	Jul. 31, 2022	Aug. 01, 2021
Amortized Intangible Assets:
Amortization expense of other intangible assets	$ 42	$ 27	$ 104	$ 89
Amortization expense of other intangible assets - remainder of 2022	62		62
Amortization expense of other intangible assets - 2023	164		164
Amortization expense of other intangible assets - 2024	160		160
Amortization expense of other intangible assets - 2025	133		133
Amortization expense of other intangible assets - 2026	113		113
Amortization expense of other intangible assets - 2027	$ 112		$ 112

SHORT-TERM BORROWINGS (Details) - USD ($) $ in Millions	Jul. 31, 2022	Oct. 31, 2021	Aug. 01, 2021
Short-term borrowings
Short-term borrowings	$ 14,176	$ 10,919	$ 10,404
Commercial Paper
Short-term borrowings
Short-term borrowings	6,035	2,230	1,882
Notes Payable to Banks
Short-term borrowings
Short-term borrowings	427	336	133
Finance Lease Obligations Due Within One Year
Short-term borrowings
Short-term borrowings	21	23	23
Long-term Borrowings Due Within One Year
Short-term borrowings
Short-term borrowings	$ 7,693	$ 8,330	$ 8,366

LONG-TERM BORROWINGS (Details) € in Millions, $ in Millions	Apr. 12, 2022 USD ($)	Jul. 31, 2022 USD ($)	Jul. 31, 2022 EUR (€)	Oct. 31, 2021 USD ($)	Oct. 31, 2021 EUR (€)	Aug. 01, 2021 USD ($)	Aug. 01, 2021 EUR (€)
Long-term borrowings
Less debt issuance costs and debt discounts		$ (115)		$ (118)		$ (119)
Total long-term borrowings		32,132		32,888		32,280
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%
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%
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%
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%
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%
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%
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%
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%
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%
.5% Notes Due 2023
Long-term borrowings
Long-term borrowings, gross		$ 510		$ 584		$ 594
Debt instrument, stated interest rate		0.50%	0.50%	0.50%	0.50%	0.50%	0.50%
Principal amount \| €			€ 500		€ 500		€ 500
1.375% Notes Due 2024
Long-term borrowings
Long-term borrowings, gross		$ 816		$ 934		$ 951
Debt instrument, stated interest rate		1.375%	1.375%	1.375%	1.375%	1.375%	1.375%
Principal amount \| €			€ 800		€ 800		€ 800
1.85% Notes Due 2028
Long-term borrowings
Long-term borrowings, gross		$ 612		$ 701		$ 713
Debt instrument, stated interest rate		1.85%	1.85%	1.85%	1.85%	1.85%	1.85%
Principal amount \| €			€ 600		€ 600		€ 600
2.20% Notes Due 2032
Long-term borrowings
Long-term borrowings, gross		$ 612		$ 701		$ 713
Debt instrument, stated interest rate		2.20%	2.20%	2.20%	2.20%	2.20%	2.20%
Principal amount \| €			€ 600		€ 600		€ 600
1.65% Notes Due 2039
Long-term borrowings
Long-term borrowings, gross		$ 663		$ 759		$ 773
Debt instrument, stated interest rate		1.65%	1.65%	1.65%	1.65%	1.65%	1.65%
Principal amount \| €			€ 650		€ 650		€ 650
Medium-term Notes
Long-term borrowings
Long-term borrowings, gross		$ 22,593		$ 22,899		$ 22,346
Principal amount		22,983		22,647		21,892
Other Notes and Finance Lease Obligations
Long-term borrowings
Long-term borrowings, gross		$ 1,191		$ 1,178		$ 1,059
3.35% Sustainability-Linked Medium Term Notes Due 2029
Long-term borrowings
Long-term borrowings, gross	$ 600
Debt instrument, stated interest rate	3.35%
3.35% Sustainability-Linked Medium Term Notes Due 2029 \| Stated Sustainability Performance Target
Long-term borrowings
Interest rate increase (as a percent)	0.25%

LEASES - LESSOR - Lease Revenues (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Jul. 31, 2022	Aug. 01, 2021	Jul. 31, 2022	Aug. 01, 2021
Leases - Lessor
Sales-type and direct finance lease revenues	$ 39	$ 37	$ 113	$ 107
Operating lease revenues	326	359	991	1,079
Variable lease revenues	6	8	20	23
Total lease revenues	371	404	1,124	1,209
Other Income
Leases - Lessor
Excess use and damage fees	$ 1	$ 2	$ 2	$ 5

COMMITMENTS AND CONTINGENCIES - Warranty (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Jul. 31, 2022	Aug. 01, 2021	Jul. 31, 2022	Aug. 01, 2021
COMMITMENTS AND CONTINGENCIES
Historical claims rate, review period			5 years
Unamortized extended warranty premiums (deferred revenue)	$ 839	$ 709	$ 839	$ 709
Change in Warranty Liability and Unearned Premiums
Beginning of period balance	2,095	1,876	2,086	1,743
Payments	(240)	(209)	(657)	(626)
Amortization of premiums received	(70)	(66)	(200)	(193)
Accruals for warranties	358	299	762	794
Premiums received	103	96	277	258
Foreign exchange	(10)	(2)	(32)	18
End of period balance	$ 2,236	$ 1,994	$ 2,236	$ 1,994

COMMITMENTS AND CONTINGENCIES - Other (Details) $ in Millions	9 Months Ended
	Jul. 31, 2022 USD ($)
Long Term Purchase Commitments
Commitments for the construction and acquisition of property and equipment	$ 468
Restricted Assets and Other Contingent Liabilities
Other restricted assets	77
Miscellaneous contingent liabilities	90
Guarantees, Third-party Receivables
Guarantee Obligations
Guarantee obligations maximum exposure	330
Guarantee obligations accrued losses	$ 4
Guarantee obligations term	6 years

FAIR VALUE MEASUREMENTS - Financial Instruments (Details) - USD ($) $ in Millions	Jul. 31, 2022	Oct. 31, 2021	Aug. 01, 2021
Fair Values of Financial Instruments
Short-term securitization borrowings	$ 4,920	$ 4,605	$ 5,277
Unrestricted
Fair Values of Financial Instruments
Financing receivables - net	35,056	33,799	31,449
Securitized
Fair Values of Financial Instruments
Financing receivables - net	$ 5,141	$ 4,659	$ 5,401
Location of liability for pledged asset	Short-term securitization borrowings	Short-term securitization borrowings	Short-term securitization borrowings
Level 2
Fair Values of Financial Instruments
Short-term securitization borrowings	$ 4,862	$ 4,610	$ 5,302
Long-term borrowings due within one year	7,608	8,364	8,440
Long-term borrowings	31,741	34,506	34,345
Level 3 \| Unrestricted
Fair Values of Financial Instruments
Financing receivables - net	34,158	33,718	31,515
Level 3 \| Securitized
Fair Values of Financial Instruments
Financing receivables - net	$ 4,990	$ 4,704	$ 5,467
Location of liability for pledged asset	Short-term securitization borrowings	Short-term securitization borrowings	Short-term securitization borrowings
Carrying Value
Fair Values of Financial Instruments
Short-term securitization borrowings	$ 4,920	$ 4,605	$ 5,277
Long-term borrowings due within one year	7,693	8,330	8,366
Long-term borrowings	32,101	32,850	32,238
Carrying Value \| Unrestricted
Fair Values of Financial Instruments
Financing receivables - net	35,056	33,799	31,449
Carrying Value \| Securitized
Fair Values of Financial Instruments
Financing receivables - net	$ 5,141	$ 4,659	$ 5,401
Location of liability for pledged asset	Short-term securitization borrowings	Short-term securitization borrowings	Short-term securitization borrowings

FAIR VALUE MEASUREMENTS - Assets and Liaibilities - Recurring (Details) - USD ($) $ in Millions	Jul. 31, 2022	Oct. 31, 2021	Aug. 01, 2021
Assets and Liabilities Measured at Fair Value on a Recurring Basis
Marketable securities	$ 719	$ 728	$ 688
Derivative assets	280	275	432
Derivative liabilities	667	228	152
Other Assets Member
Assets and Liabilities Measured at Fair Value on a Recurring Basis
Derivative assets	280	275	432
Accounts Payable and Accrued Expenses
Assets and Liabilities Measured at Fair Value on a Recurring Basis
Derivative liabilities	667	228	152
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	140	136	137
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	3
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	75	75	74
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	579	592	551
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	280	275	432
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	667	228	152
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	134	139	124
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	70	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	213	224	217
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	1	2	3
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	161	$ 154	$ 136
Assets and Liabilities Measured at Fair Value on a Recurring Basis \| Level 3 \| Accounts Payable and Accrued Expenses
Assets and Liabilities Measured at Fair Value on a Recurring Basis
Deferred consideration	$ 252

FAIR VALUE MEASUREMENTS - Contractual Maturities of Debt Securities (Details) $ in Millions	Jul. 31, 2022 USD ($)
Contractual Maturities of Debt Securities, Amortized Cost
Amortized cost, due in one year or less	$ 23
Amortized cost, due after one through five years	98
Amortized cost, due after five through 10 years	189
Amortized cost, due after 10 years	211
Amortized cost, mortgage-backed securities	176
Amortized cost, debt securities	697
Contractual Maturities of Debt Securities, Fair Value
Fair value, due in one year or less	23
Fair value, due after one through five years	95
Fair value, due after five through 10 years	175
Fair value, due after 10 years	188
Fair value, mortgage-backed securities	161
Fair value, debt securities	$ 642

FAIR VALUE MEASUREMENTS - Nonrecurring Measurements (Details) - USD ($) $ in Millions	3 Months Ended	9 Months Ended
	Jul. 31, 2022	Jul. 31, 2022	Aug. 01, 2021	Oct. 31, 2021
Assets and Liabilities Measured at Fair Value on a Nonrecurring Basis
Inventories	$ 9,121	$ 9,121	$ 6,410	$ 6,781
Fair Value, Nonrecurring Measurements \| Level 3
Assets and Liabilities Measured at Fair Value on a Nonrecurring Basis
Inventories	13	13
Losses, Inventories	$ 4	12
Property and equipment - net				41
Losses, Property and equipment - net		$ 41	$ 44
Location of property and equipment - net impairment		Cost of Revenue	Cost of Revenue
Losses, Other intangible assets - net		$ 28
Location of intangible asset impairment		Cost of sales
Other assets				$ 1
Losses, Other assets			$ 6

DERIVATIVE INSTRUMENTS - Cash Flow Hedges (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Jul. 31, 2022	Aug. 01, 2021	Jul. 31, 2022	Aug. 01, 2021	Oct. 31, 2021
Cash Flow Hedges
Cash flow hedge gain (loss) recorded in OCI expected to be reclassified within twelve months			$ 31
Gains or losses reclassified from OCI to earnings			0
Interest Rate Contracts (Swaps)
Cash Flow Hedges
Cash flow hedges, recognized in OCI	$ 1	$ (1)	52	$ (1)
Interest Rate Contracts (Swaps) \| Cash Flow Hedges Member \| Designated as Hedging Instruments
Cash Flow Hedges
Notional amount of cash flow hedge derivatives	$ 2,350	$ 1,750	$ 2,350	$ 1,750	$ 2,700

DERIVATIVE INSTRUMENTS - Fair Value Hedges (Details) - Interest Rate Contracts (Swaps) - USD ($) $ in Millions	Jul. 31, 2022	Oct. 31, 2021	Aug. 01, 2021
Fair Value Hedges Member \| Designated as Hedging Instruments
Fair Value Hedges
Notional amount of interest rate fair value hedge derivatives	$ 8,303	$ 8,043	$ 8,658
Short-term Borrowings
Active Hedging Relationships
Carrying Amount of Hedged Item		191	189
Cumulative Fair Value Hedging Amount		3	4
Discontinued Hedging Relationships
Carrying Amount of Formerly Hedged Item	2,605	1,997	1,898
Cumulative Fair Value Hedging Amount - Discontinued	5	(2)	(1)
Long-term Borrowings
Active Hedging Relationships
Carrying Amount of Hedged Item	7,835	7,847	8,698
Cumulative Fair Value Hedging Amount	(430)	29	263
Discontinued Hedging Relationships
Carrying Amount of Formerly Hedged Item	5,728	6,287	5,831
Cumulative Fair Value Hedging Amount - Discontinued	$ 39	$ 223	$ 190

DERIVATIVE INSTRUMENTS - Not Designated as Hedging Instruments (Details) - Not Designated as Hedging Instruments - USD ($) $ in Millions	Jul. 31, 2022	Oct. 31, 2021	Aug. 01, 2021
Interest Rate Contracts (Swaps)
Derivatives Not Designated as Hedging Instruments
Notional amounts	$ 9,880	$ 10,848	$ 9,195
Foreign Exchange Contracts
Derivatives Not Designated as Hedging Instruments
Notional amounts	7,457	7,584	6,328
Cross-Currency Interest Rate Contracts
Derivatives Not Designated as Hedging Instruments
Notional amounts	$ 276	$ 238	$ 197

DERIVATIVE INSTRUMENTS - Fair Value (Details) - USD ($) $ in Millions	Jul. 31, 2022	Oct. 31, 2021	Aug. 01, 2021
Fair Value of Derivative Instruments
Total derivative assets	$ 280	$ 275	$ 432
Total derivative liabilities	667	228	152
Other Assets Member
Fair Value of Derivative Instruments
Total derivative assets	280	275	432
Accounts Payable and Accrued Expenses
Fair Value of Derivative Instruments
Total derivative liabilities	667	228	152
Designated as Hedging Instruments \| Interest Rate Contracts (Swaps) \| Other Assets Member
Fair Value of Derivative Instruments
Total derivative assets	82	166	332
Designated as Hedging Instruments \| Interest Rate Contracts (Swaps) \| Accounts Payable and Accrued Expenses
Fair Value of Derivative Instruments
Total derivative liabilities	434	99	40
Not Designated as Hedging Instruments \| Other Assets Member
Fair Value of Derivative Instruments
Total derivative assets	198	109	100
Not Designated as Hedging Instruments \| Accounts Payable and Accrued Expenses
Fair Value of Derivative Instruments
Total derivative liabilities	233	129	112
Not Designated as Hedging Instruments \| Interest Rate Contracts (Swaps) \| Other Assets Member
Fair Value of Derivative Instruments
Total derivative assets	163	73	57
Not Designated as Hedging Instruments \| Interest Rate Contracts (Swaps) \| Accounts Payable and Accrued Expenses
Fair Value of Derivative Instruments
Total derivative liabilities	79	33	43
Not Designated as Hedging Instruments \| Foreign Exchange Contracts \| Other Assets Member
Fair Value of Derivative Instruments
Total derivative assets	30	31	41
Not Designated as Hedging Instruments \| Foreign Exchange Contracts \| Accounts Payable and Accrued Expenses
Fair Value of Derivative Instruments
Total derivative liabilities	149	94	67
Not Designated as Hedging Instruments \| Cross-Currency Interest Rate Contracts \| Other Assets Member
Fair Value of Derivative Instruments
Total derivative assets	5	5	2
Not Designated as Hedging Instruments \| Cross-Currency Interest Rate Contracts \| Accounts Payable and Accrued Expenses
Fair Value of Derivative Instruments
Total derivative liabilities	$ 5	$ 2	$ 2

DERIVATIVE INSTRUMENTS - Gains (Losses) on Statement of Consolidated Income (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Jul. 31, 2022	Aug. 01, 2021	Jul. 31, 2022	Aug. 01, 2021
Classification and gains (losses) including accrued interest expense related to derivative instruments
Not designated as hedges, gains (losses)	$ (68)	$ (16)	$ 127	$ (319)
Interest Rate Contracts (Swaps)
Classification and gains (losses) including accrued interest expense related to derivative instruments
Cash flow hedges, recognized in OCI	1	(1)	52	(1)
Interest Rate Contracts (Swaps) \| Net Sales Related to Derivative Instruments
Classification and gains (losses) including accrued interest expense related to derivative instruments
Not designated as hedges, gains (losses)		(2)	44	3
Interest Rate Contracts (Swaps) \| Interest Expense Member
Classification and gains (losses) including accrued interest expense related to derivative instruments
Fair value hedges, gains (losses)	149	146	(507)	(79)
Cash flow hedges, reclassified from OCI	3	(3)		(11)
Not designated as hedges, gains (losses)	(18)	(2)	41	(6)
Foreign Exchange 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)	(1)		(2)
Foreign Exchange Contracts \| Cost of Sales
Classification and gains (losses) including accrued interest expense related to derivative instruments
Not designated as hedges, gains (losses)	(29)	(7)	(109)	(107)
Foreign Exchange Contracts \| Other Operating Expense
Classification and gains (losses) including accrued interest expense related to derivative instruments
Not designated as hedges, gains (losses)	$ (20)	$ (5)	$ 153	$ (209)

DERIVATIVE INSTRUMENTS - Counterparty Risk and Collateral (Details) - USD ($) $ in Millions	Jul. 31, 2022	Oct. 31, 2021	Aug. 01, 2021
Derivative instruments
Fair value of derivatives with credit-risk-related contingent features in a liability position	$ 518	$ 135	$ 87
Cash collateral posted	238	0	0
Derivative Assets
Gross amounts recognized	280	275	432
Netting arrangements	(125)	(105)	(94)
Collateral received	(40)		(88)
Net amount	115	170	250
Derivative Liabilities
Gross amounts recognized	667	228	152
Netting arrangements	(125)	(105)	(94)
Collateral paid	(238)	(5)	(2)
Net amount	304	118	56
International Futures Market
Derivative instruments
Collateral to participate in an international futures market	$ 8	$ 8	$ 8

STOCK OPTION AND RESTRICTED STOCK AWARDS (Details) - $ / shares shares in Thousands	1 Months Ended	9 Months Ended
	Dec. 26, 2021	Jul. 31, 2022
Share-based Compensation, Aggregate Disclosures
Number of additional shares authorized for grant under the equity incentive plan		17,300
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)		2,100
Options outstanding, weighted-average exercise price (in dollars per share)		$ 152.12
Fair value assumptions method used	lattice model
Restricted Stock Units
Share-based Compensation, Aggregate Disclosures
Restricted stock units granted (in shares)		165
Restricted Stock Units Subject to Service-based Conditions
Share-based Compensation, Aggregate Disclosures
Restricted stock units granted (in shares)		128
Restricted stock units granted, weighted-average fair value (in dollars per unit)		$ 346.46
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

ACQUISITIONS - Kreisel Acquisition (Details) - USD ($) $ in Millions		9 Months Ended
	Feb. 07, 2022	Jul. 31, 2022	Aug. 01, 2021	Oct. 31, 2021	Nov. 01, 2020
Acquisitions
Cash purchase price, net of cash acquired		$ 488	$ 19
Preliminary Asset and Liability Fair Values at the Acquisition Date
Goodwill		$ 3,754	$ 3,148	$ 3,291	$ 3,081
Kreisel
Acquisitions
Cash purchase price, net of cash acquired	$ 276
Cash consideration for acquired equity interests	253
Cash consideration to reduce the option price	21
Preliminary Asset and Liability Fair Values at the Acquisition Date
Trade accounts and notes receivable	2
Other receivables	11
Inventories	11
Property and equipment	11
Goodwill	218
Other intangible assets	178
Other assets	6
Total assets	437
Accounts payable and accrued expenses	27
Deferred income taxes	38
Redeemable noncontrolling interest	$ 96
Identifiable Intangible Assets
Weighted average amortization period (in years)	12 years

ACQUISITIONS - Acquisition of Excavator Factories (Details) - USD ($) $ in Millions		9 Months Ended
	Feb. 28, 2022	Jul. 31, 2022	Oct. 31, 2021	Aug. 01, 2021	Nov. 01, 2020
Invested Capital
Non-cash gain on remeasurement of previously held equity investment, pretax		$ 326
Preliminary Asset and Liability Fair Values at the Acquisition Date
Goodwill		3,754	$ 3,291	$ 3,148	$ 3,081
Construction & Forestry (CF)
Preliminary Asset and Liability Fair Values at the Acquisition Date
Goodwill		2,780	$ 2,484	$ 2,525	$ 2,480
Excavator Factories
Invested Capital
Deferred consideration	$ 271
Total purchase price consideration	546
Less: Cash obtained	(187)
Less: Settlement of intercompany balances	(113)
Net purchase price consideration	246
Fair value of previously held equity investment	444
Total invested capital	690
Net present value of deferred consideration		$ 252
Non-cash gain on remeasurement of previously held equity investment, after-tax	326
Preliminary Asset and Liability Fair Values at the Acquisition Date
Other receivables	29
Inventories	286
Property and equipment	182
Goodwill	527
Other intangible assets	70
Deferred income taxes	56
Total assets	1,150
Accounts payable and accrued expenses	297
Long-term borrowings	163
Total liabilities	$ 460
Identifiable Intangible Assets
Weighted average amortization period (in years)	10 years
Excavator Factories \| Other Income \| Construction & Forestry (CF)
Invested Capital
Non-cash gain on remeasurement of previously held equity investment, pretax	$ 326
Excavator Factories \| Deere-branded Excavators, Components, and Service Parts
Invested Capital
Price increases (as a percent)	27.00%
Excavator Factories \| Deere-branded Excavators, Components, and Service Parts \| Minimum
Invested Capital
Supply agreement period	5 years
Excavator Factories \| Deere-branded Excavators, Components, and Service Parts \| Maximum
Invested Capital
Supply agreement period	30 years
Excavator Factories \| License Agreement
Invested Capital
Cash consideration	$ 70
Excavator Factories \| Factories
Invested Capital
Cash consideration	$ 205

ACQUISITIONS - Other Acquisitions (Details) - USD ($) $ in Millions	9 Months Ended
	Jul. 31, 2022	Aug. 01, 2021	Oct. 31, 2021	Nov. 01, 2020
Acquisitions
Cash purchase price, net of cash acquired	$ 488	$ 19
Preliminary Asset and Liability Fair Values at the Acquisition Date
Goodwill	$ 3,754	$ 3,148	$ 3,291	$ 3,081
GUSS Automation
Acquisitions
Equity method investment ownership acquired (as a percent)	40.00%
Other Acquisitions
Acquisitions
Cash purchase price, net of cash acquired	$ 124
Cash acquired	3
Preliminary Asset and Liability Fair Values at the Acquisition Date
Trade accounts and notes receivable	8
Inventories	8
Property and equipment	4
Goodwill	53
Other intangible assets	21
Other assets	50
Total assets	144
Accounts payable and accrued expenses	6
Deferred income taxes	5
Total liabilities	11
Redeemable noncontrolling interest	$ 9
Identifiable Intangible Assets
Weighted average amortization period (in years)	7 years
SureFire Ag Systems and SureFire Electronics
Acquisitions
Interest acquired (as a percent)	80.00%

SPECIAL ITEMS - Impact of Events in Russia and Ukraine (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended		60 Months Ended
	Jul. 31, 2022	Aug. 01, 2021	Jul. 31, 2022	Aug. 01, 2021	Oct. 31, 2021
Special Items
Allowance for credit losses	$ 16	$ 3	$ 59	$ (26)
Reserves, Impairments, Voluntary-Separation Costs, and Contingent Liabilities
Special Items
Fixed asset impairment			$ 41
Location of fixed asset impairment			Cost of sales
Intangible asset impairment			$ 28
Location of intangible asset impairment			Cost of sales
Total Russia/Ukraine events pretax expense			$ 127
Net tax impact			(8)
Total Russia/Ukraine events after-tax expense			119
Reserves, Impairments, Voluntary-Separation Costs, and Contingent Liabilities \| Cost of Sales
Special Items
Inventory reserve			12
Voluntary-separation program			1
Reserves, Impairments, Voluntary-Separation Costs, and Contingent Liabilities \| Selling, Administrative and General Expenses
Special Items
Allowance for credit losses			32
Voluntary-separation program			8
Reserves, Impairments, Voluntary-Separation Costs, and Contingent Liabilities \| Other Operating Expenses
Special Items
Contingent liabilities			5
Reserves, Impairments, Voluntary-Separation Costs, and Contingent Liabilities \| Production & Precision Ag (PPA)
Special Items
Fixed asset impairment			$ 30
Location of fixed asset impairment			Cost of sales
Total Russia/Ukraine events pretax expense			$ 45
Reserves, Impairments, Voluntary-Separation Costs, and Contingent Liabilities \| Production & Precision Ag (PPA) \| Cost of Sales
Special Items
Inventory reserve			8
Voluntary-separation program			1
Reserves, Impairments, Voluntary-Separation Costs, and Contingent Liabilities \| Production & Precision Ag (PPA) \| Selling, Administrative and General Expenses
Special Items
Voluntary-separation program			3
Reserves, Impairments, Voluntary-Separation Costs, and Contingent Liabilities \| Production & Precision Ag (PPA) \| Other Operating Expenses
Special Items
Contingent liabilities			3
Reserves, Impairments, Voluntary-Separation Costs, and Contingent Liabilities \| Small Ag & Turf (SAT)
Special Items
Total Russia/Ukraine events pretax expense			1
Reserves, Impairments, Voluntary-Separation Costs, and Contingent Liabilities \| Small Ag & Turf (SAT) \| Other Operating Expenses
Special Items
Contingent liabilities			1
Reserves, Impairments, Voluntary-Separation Costs, and Contingent Liabilities \| Construction & Forestry (CF)
Special Items
Fixed asset impairment			$ 11
Location of fixed asset impairment			Cost of sales
Intangible asset impairment			$ 28
Location of intangible asset impairment			Cost of sales
Total Russia/Ukraine events pretax expense			$ 48
Reserves, Impairments, Voluntary-Separation Costs, and Contingent Liabilities \| Construction & Forestry (CF) \| Cost of Sales
Special Items
Inventory reserve			4
Reserves, Impairments, Voluntary-Separation Costs, and Contingent Liabilities \| Construction & Forestry (CF) \| Selling, Administrative and General Expenses
Special Items
Voluntary-separation program			4
Reserves, Impairments, Voluntary-Separation Costs, and Contingent Liabilities \| Construction & Forestry (CF) \| Other Operating Expenses
Special Items
Contingent liabilities			1
Reserves, Impairments, Voluntary-Separation Costs, and Contingent Liabilities \| Financial Services (FS)
Special Items
Total Russia/Ukraine events pretax expense			33
Reserves, Impairments, Voluntary-Separation Costs, and Contingent Liabilities \| Financial Services (FS) \| Selling, Administrative and General Expenses
Special Items
Allowance for credit losses			32
Voluntary-separation program			1
Russia / Ukraine
Special Items
Net exposure	$ 436		$ 436
Russia
Special Items
Net sales and revenues (as a percent)					2.00%

SPECIAL ITEMS - Gain on Previously Held Equity Investment (Details) - USD ($) $ in Millions		9 Months Ended
	Feb. 28, 2022	Jul. 31, 2022
Special Items
Non-cash gain on remeasurement of previously held equity investment, pretax		$ 326
Excavator Factories
Special Items
Non-cash gain on remeasurement of previously held equity investment, after-tax	$ 326
Gain \| Excavator Factories
Special Items
Non-cash gain on remeasurement of previously held equity investment, pretax	326
Non-cash gain on remeasurement of previously held equity investment, after-tax	$ 326

SPECIAL ITEMS - UAW Collective Bargaining Agreement (Details) - UAW Collective Bargaining Arrangement		3 Months Ended
	Nov. 17, 2021 USD ($) facility	Jan. 30, 2022 USD ($)
Special Items
Term of collective bargaining agreement	6 years
Immediate wage increase (as a percent)	10.00%
United States
Special Items
Number of facilities represented under collective bargaining agreement \| facility	14
Ratification Bonus
Special Items
Ratification bonus payment per eligible employee	$ 8,500
UAW ratification bonus		$ 90,000,000

SPECIAL ITEMS - 2021 Special Items (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Aug. 01, 2021	Jan. 31, 2021	Jul. 31, 2022	Aug. 01, 2021
Special Items
Long-lived asset impairments, pretax			$ 81	$ 50
Impairments and Other Benefits
Special Items
Gain on sale, pretax	$ 27
Impairments and Other Benefits \| Brazil \| Foreign Tax Authority
Special Items
Indirect tax benefit, pretax		$ (58)
Impairments and Other Benefits \| German Asphalt Plant Factory
Special Items
Long-lived asset impairments, pretax		38
Fixed asset impairment, after-tax		38
Impairments and Other Benefits \| Manufacturing Locations
Special Items
Long-lived asset impairments, pretax		$ 12

SPECIAL ITEMS - Operating Profit Impact (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Jul. 31, 2022	Aug. 01, 2021	Jul. 31, 2022	Aug. 01, 2021
Special Items
Gain on remeasurement of previously held equity investment			$ (326)
Long-lived asset impairments, pretax			81	$ 50
Period over period change	$ 34		(74)
Production & Precision Ag (PPA)
Special Items
Period over period change	(1)		146
Small Ag & Turf (SAT)
Special Items
Period over period change	27		34
Construction & Forestry (CF)
Special Items
Period over period change	1		(287)
Financial Services (FS)
Special Items
Period over period change	7		33
Reserves, Impairments, Gain, and Ratification Bonus
Special Items
Total Russia/Ukraine events pretax expense	7		127
Total pretax expense (benefit)	7		(109)
Reserves, Impairments, Gain, and Ratification Bonus \| Other Income
Special Items
Gain on remeasurement of previously held equity investment			(326)
Reserves, Impairments, Gain, and Ratification Bonus \| Cost of Sales
Special Items
UAW ratification bonus			90
Reserves, Impairments, Gain, and Ratification Bonus \| Production & Precision Ag (PPA)
Special Items
Total Russia/Ukraine events pretax expense	(1)		45
Total pretax expense (benefit)	(1)		98
Reserves, Impairments, Gain, and Ratification Bonus \| Production & Precision Ag (PPA) \| Cost of Sales
Special Items
UAW ratification bonus			53
Reserves, Impairments, Gain, and Ratification Bonus \| Small Ag & Turf (SAT)
Special Items
Total Russia/Ukraine events pretax expense			1
Total pretax expense (benefit)			10
Reserves, Impairments, Gain, and Ratification Bonus \| Small Ag & Turf (SAT) \| Cost of Sales
Special Items
UAW ratification bonus			9
Reserves, Impairments, Gain, and Ratification Bonus \| Construction & Forestry (CF)
Special Items
Total Russia/Ukraine events pretax expense	1		48
Total pretax expense (benefit)	1		(250)
Reserves, Impairments, Gain, and Ratification Bonus \| Construction & Forestry (CF) \| Other Income
Special Items
Gain on remeasurement of previously held equity investment			(326)
Reserves, Impairments, Gain, and Ratification Bonus \| Construction & Forestry (CF) \| Cost of Sales
Special Items
UAW ratification bonus			28
Reserves, Impairments, Gain, and Ratification Bonus \| Financial Services (FS)
Special Items
Total Russia/Ukraine events pretax expense	7		33
Total pretax expense (benefit)	$ 7		$ 33
Impairments and Other Benefits
Special Items
Gain on sale, pretax		$ (27)
Total pretax expense (benefit)		(27)		(35)
Impairments and Other Benefits \| Other Income
Special Items
Gain on sale, pretax		(27)		(27)
Impairments and Other Benefits \| Cost of Sales
Special Items
Long-lived asset impairments, pretax				50
Indirect tax benefit, pretax				(58)
Impairments and Other Benefits \| Production & Precision Ag (PPA)
Special Items
Total pretax expense (benefit)				(48)
Impairments and Other Benefits \| Production & Precision Ag (PPA) \| Cost of Sales
Special Items
Long-lived asset impairments, pretax				5
Indirect tax benefit, pretax				(53)
Impairments and Other Benefits \| Small Ag & Turf (SAT)
Special Items
Total pretax expense (benefit)		(27)		(24)
Impairments and Other Benefits \| Small Ag & Turf (SAT) \| Other Income
Special Items
Gain on sale, pretax		$ (27)		(27)
Impairments and Other Benefits \| Small Ag & Turf (SAT) \| Cost of Sales
Special Items
Long-lived asset impairments, pretax				3
Impairments and Other Benefits \| Construction & Forestry (CF)
Special Items
Total pretax expense (benefit)				37
Impairments and Other Benefits \| Construction & Forestry (CF) \| Cost of Sales
Special Items
Long-lived asset impairments, pretax				42
Indirect tax benefit, pretax				$ (5)