Document and Entity Information	6 Months Ended
Document and Entity Information	May 01, 2022 shares
Document Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Transition Report	false
Document Period End Date	May 01, 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	305,635,672
Current Fiscal Year End Date	--10-30
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	Q2
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		6 Months Ended
	May 01, 2022	May 02, 2021	May 01, 2022	May 02, 2021
Net Sales and Revenues
Net sales and revenues	$ 13,370	$ 12,058	$ 22,939	$ 21,170
Costs and Expenses
Research and development expenses	453	377	855	743
Selling, administrative and general expenses	932	838	1,713	1,607
Interest expense	187	268	417	538
Other operating expenses	328	335	638	708
Total	10,818	9,746	19,236	17,330
Income of Consolidated Group before Income Taxes	2,552	2,312	3,703	3,840
Provision for income taxes	461	530	710	838
Income of Consolidated Group	2,091	1,782	2,993	3,002
Equity in income of unconsolidated affiliates	6	8	8	12
Net Income	2,097	1,790	3,001	3,014
Less: Net income (loss) attributable to noncontrolling interests	(1)			1
Net Income Attributable to Deere & Company	$ 2,098	$ 1,790	$ 3,001	$ 3,013
Per Share Data
Basic (in dollars per share)	$ 6.85	$ 5.72	$ 9.78	$ 9.62
Diluted (in dollars per share)	6.81	5.68	9.72	9.55
Dividends declared (in dollars per share)	1.05	0.90	2.10	1.66
Dividends paid (in dollars per share)	$ 1.05	$ 0.76	$ 2.10	$ 1.52
Average Shares Outstanding
Basic (in shares)	306.2	312.8	306.8	313.1
Diluted (in shares)	308.1	315.2	308.8	315.6
Net Sales
Net Sales and Revenues
Net sales and revenues	$ 12,034	$ 10,998	$ 20,565	$ 19,049
Costs and Expenses
Costs and expenses	8,918	7,928	15,613	13,734
Finance and Interest Income
Net Sales and Revenues
Net sales and revenues	796	809	1,595	1,644
Other
Net Sales and Revenues
Net sales and revenues	$ 540	$ 251	$ 779	$ 477

STATEMENTS OF CONSOLIDATED COMPREHENSIVE INCOME - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	May 01, 2022	May 02, 2021	May 01, 2022	May 02, 2021
STATEMENTS OF CONSOLIDATED COMPREHENSIVE INCOME
Net Income	$ 2,097	$ 1,790	$ 3,001	$ 3,014
Other Comprehensive Income (Loss), Net of Income Taxes
Retirement benefits adjustment	129	91	(216)	154
Cumulative translation adjustment	(248)	37	(515)	433
Unrealized gain on derivatives	28	3	42	7
Unrealized loss on debt securities	(48)	(13)	(63)	(15)
Other Comprehensive Income (Loss), Net of Income Taxes	(139)	118	(752)	579
Comprehensive Income of Consolidated Group	1,958	1,908	2,249	3,593
Less: Comprehensive income (loss) attributable to noncontrolling interests	(5)		(4)	1
Comprehensive Income Attributable to Deere & Company	$ 1,963	$ 1,908	$ 2,253	$ 3,592

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Millions	May 01, 2022	Oct. 31, 2021	May 02, 2021
Assets
Cash and cash equivalents	$ 3,878	$ 8,017	$ 7,182
Marketable securities	682	728	668
Trade accounts and notes receivable - net	6,258	4,208	6,158
Financing receivables - net	34,085	33,799	30,994
Financing receivables securitized - net	4,073	4,659	4,107
Other receivables	2,306	1,765	1,504
Equipment on operating leases - net	6,465	6,988	7,108
Inventories	9,030	6,781	6,042
Property and equipment - net	5,715	5,820	5,704
Goodwill	3,812	3,291	3,190
Other intangible assets - net	1,352	1,275	1,310
Retirement benefits	3,059	3,601	951
Deferred income taxes	1,104	1,037	1,724
Other assets	2,280	2,145	2,337
Total Assets	84,099	84,114	78,979
Liabilities
Short-term borrowings	12,413	10,919	9,911
Short-term securitization borrowings	4,006	4,605	4,106
Accounts payable and accrued expenses	12,679	12,348	10,682
Deferred income taxes	584	576	533
Long-term borrowings	32,447	32,888	33,346
Retirement benefits and other liabilities	2,964	4,344	5,305
Total liabilities	65,093	65,680	63,883
Commitments and contingencies (Note 15)
Redeemable noncontrolling interest (Note 19)	99
Stockholders' Equity
Common stock, $1 par value (issued shares at May 1, 2022 - 536,431,204)	5,117	5,054	4,999
Common stock in treasury	(21,727)	(20,533)	(19,052)
Retained earnings	38,805	36,449	34,105
Accumulated other comprehensive income (loss)	(3,291)	(2,539)	(4,960)
Total Deere & Company stockholders' equity	18,904	18,431	15,092
Noncontrolling interests	3	3	4
Total stockholders' equity	18,907	18,434	15,096
Total Liabilities and Stockholders' Equity	$ 84,099	$ 84,114	$ 78,979

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical)	May 01, 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	6 Months Ended
	May 01, 2022	May 02, 2021
Cash Flows from Operating Activities
Net income	$ 3,001	$ 3,014
Adjustments to reconcile net income to net cash provided by (used for) operating activities:
Provision (credit) for credit losses	45	(24)
Provision for depreciation and amortization	933	1,054
Impairment charges	77	50
Share-based compensation expense	44	45
Gain on remeasurement of previously held equity investment	(326)
Undistributed earnings of unconsolidated affiliates	(2)	11
Provision (credit) for deferred income taxes	37	(213)
Changes in assets and liabilities:
Trade, notes, and financing receivables related to sales	(1,535)	(1,124)
Inventories	(2,265)	(1,193)
Accounts payable and accrued expenses	(443)	318
Accrued income taxes payable/receivable	(139)	54
Retirement benefits	(1,020)	(5)
Other	(169)	(201)
Net cash provided by (used for) operating activities	(1,762)	1,786
Cash Flows from Investing Activities
Collections of receivables (excluding receivables related to sales)	11,190	10,367
Proceeds from sales of equipment on operating leases	1,035	1,011
Cost of receivables acquired (excluding receivables related to sales)	(11,971)	(11,359)
Acquisitions of businesses, net of cash acquired	(473)	(19)
Purchases of property and equipment	(346)	(320)
Cost of equipment on operating leases acquired	(1,004)	(764)
Collateral on derivatives - net	(248)	(255)
Other	(71)	(48)
Net cash used for investing activities	(1,888)	(1,387)
Cash Flows from Financing Activities
Increase in total short-term borrowings	812	212
Proceeds from long-term borrowings	4,298	3,967
Payments of long-term borrowings	(3,625)	(3,157)
Proceeds from issuance of common stock	50	116
Repurchases of common stock	(1,226)	(1,044)
Dividends paid	(649)	(480)
Other	(46)	(55)
Net cash used for financing activities	(386)	(441)
Effect of Exchange Rate Changes on Cash, Cash Equivalents, and Restricted Cash	(110)	151
Net Increase (Decrease) in Cash, Cash Equivalents, and Restricted Cash	(4,146)	109
Cash, Cash Equivalents, and Restricted Cash at Beginning of Period	8,125	7,172
Cash, Cash Equivalents, and Restricted Cash at End of Period	3,979	7,281
Components of cash, cash equivalents, and restricted cash
Cash and cash equivalents	3,878	7,182
Restricted cash (Other assets)	$ 101	$ 99
Restricted Cash and Cash Equivalents, Statement of Financial Position [Extensible Enumeration]	Other Assets	Other Assets
Total cash, cash equivalents, and restricted cash	$ 3,979	$ 7,281

STATEMENTS OF CHANGES IN CONSOLIDATED STOCKHOLDERS' EQUITY - USD ($) $ in Millions	Common Stock	Treasury Stock	Retained Earnings Cumulative Effect from Adoption	Retained Earnings	Accumulated Other Comprehensive Income (Loss)	Noncontrolling Interests	Cumulative Effect from Adoption	Total
Balance (ASU 2016-13) at Nov. 01, 2020			$ (35)				$ (35)
Balance at Nov. 01, 2020	$ 4,895	$ (18,065)		$ 31,646	$ (5,539)	$ 7		$ 12,944
Increase (Decrease) in Stockholders' Equity
Net income				3,013		1		3,014
Other comprehensive income (loss)					579			579
Repurchases of common stock		(1,044)						(1,044)
Treasury shares reissued		57						57
Dividends declared				(520)				(520)
Stock options and other	104			1		(4)		101
Balance at May. 02, 2021	4,999	(19,052)		34,105	(4,960)	4		15,096
Balance at Jan. 31, 2021	4,942	(18,377)		32,596	(5,078)	3		14,086
Increase (Decrease) in Stockholders' Equity
Net income				1,790				1,790
Other comprehensive income (loss)					118			118
Repurchases of common stock		(692)						(692)
Treasury shares reissued		17						17
Dividends declared				(282)				(282)
Stock options and other	57			1		1		59
Balance at May. 02, 2021	4,999	(19,052)		34,105	(4,960)	4		15,096
Balance at Oct. 31, 2021	5,054	(20,533)		36,449	(2,539)	3		18,434
Increase (Decrease) in Stockholders' Equity
Net income				3,001		1		3,002
Other comprehensive income (loss)					(752)			(752)
Repurchases of common stock		(1,226)						(1,226)
Treasury shares reissued		32						32
Dividends declared				(645)		(1)		(646)
Stock options and other	63							63
Balance at May. 01, 2022	5,117	(21,727)		38,805	(3,291)	3		18,907
Increase (Decrease) in Redeemable Noncontrolling Interest
Acquisitions (See Note 19)								105
Net loss								(1)
Other comprehensive loss								(4)
Other								(1)
Redeemable Noncontrolling Interest - Balance at May. 01, 2022								99
Balance at Jan. 30, 2022	5,066	(21,139)		37,029	(3,152)	4		17,808
Increase (Decrease) in Stockholders' Equity
Net income				2,098				2,098
Other comprehensive income (loss)					(139)			(139)
Repurchases of common stock		(603)						(603)
Treasury shares reissued		15						15
Dividends declared				(322)		(1)		(323)
Stock options and other	51							51
Balance at May. 01, 2022	$ 5,117	$ (21,727)		$ 38,805	$ (3,291)	$ 3		18,907
Increase (Decrease) in Redeemable Noncontrolling Interest
Acquisitions (See Note 19)								105
Net loss								(1)
Other comprehensive loss								(4)
Other								(1)
Redeemable Noncontrolling Interest - Balance at May. 01, 2022								$ 99

ORGANIZATION AND CONSOLIDATION

6 Months Ended

May 01, 2022

ORGANIZATION AND CONSOLIDATION

ORGANIZATION AND CONSOLIDATION

(1) Organization and Consolidation

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

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

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

Financial Services – Represents the Company’s financing operations. Assets managed by financial services, including most financing receivables and equipment on operating leases, continue to be evaluated by market (agriculture and turf or construction and forestry).

The Company uses a 52/53 week fiscal year with quarters ending on the last Sunday in the reporting period. The second quarter ends for fiscal year 2022 and 2021 were May 1, 2022 and May 2, 2021, respectively. Both second quarters contained 13 weeks, while both year-to-date periods contained 26 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 variable interest entities (VIEs) related to retail note securitizations (see Note 9).

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES AND NEW ACCOUNTING STANDARDS

6 Months Ended

May 01, 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 May 1, 2022 and October 31, 2021, the remaining consigned inventory was $46 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

6 Months Ended

May 01, 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 May 1, 2022
	Production & Precision Ag		Small Ag & Turf		Construction & Forestry		Financial Services		Total
Primary geographic markets:
United States	$	2,434	$	2,103	$	2,108	$	569	$	7,214
Canada		309		161		355		149		974
Western Europe		536		658		464		25		1,683
Central Europe and CIS		404		151		146		11		712
Latin America		1,126		134		333		73		1,666
Asia, Africa, Australia, New Zealand, and Middle East		367		399		318		37		1,121
Total	$	5,176	$	3,606	$	3,724	$	864	$	13,370

Major product lines:
Production agriculture	$	5,032							$	5,032
Small agriculture			$	2,668						2,668
Turf				817						817
Construction					$	1,516				1,516
Compact construction						427				427
Roadbuilding						1,017				1,017
Forestry						325				325
Financial products		10		9		6	$	864		889
Other		134		112		433				679
Total	$	5,176	$	3,606	$	3,724	$	864	$	13,370

Revenue recognized:
At a point in time	$	5,144	$	3,593	$	3,707	$	26	$	12,470
Over time		32		13		17		838		900
Total	$	5,176	$	3,606	$	3,724	$	864	$	13,370


	Six Months Ended May 1, 2022
	Production & Precision Ag		Small Ag & Turf		Construction & Forestry		Financial Services		Total
Primary geographic markets:
United States	$	4,042	$	3,541	$	3,368	$	1,142	$	12,093
Canada		448		283		687		301		1,719
Western Europe		1,003		1,190		822		51		3,066
Central Europe and CIS		606		277		341		22		1,246
Latin America		1,902		238		561		141		2,842
Asia, Africa, Australia, New Zealand, and Middle East		608		751		537		77		1,973
Total	$	8,609	$	6,280	$	6,316	$	1,734	$	22,939

Major product lines:
Production agriculture	$	8,315							$	8,315
Small agriculture			$	4,600						4,600
Turf				1,444						1,444
Construction					$	2,691				2,691
Compact construction						748				748
Roadbuilding						1,709				1,709
Forestry						630				630
Financial products		22		20		11	$	1,734		1,787
Other		272		216		527				1,015
Total	$	8,609	$	6,280	$	6,316	$	1,734	$	22,939

Revenue recognized:
At a point in time	$	8,540	$	6,247	$	6,277	$	50	$	21,114
Over time		69		33		39		1,684		1,825
Total	$	8,609	$	6,280	$	6,316	$	1,734	$	22,939


	Three Months Ended May 2, 2021
	Production & Precision Ag		Small Ag & Turf		Construction & Forestry		Financial Services		Total
Primary geographic markets:
United States	$	2,211	$	1,838	$	1,481	$	608	$	6,138
Canada		252		144		320		153		869
Western Europe		589		738		514		26		1,867
Central Europe and CIS		531		160		209		9		909
Latin America		700		103		220		60		1,083
Asia, Africa, Australia, New Zealand, and Middle East		319		444		393		36		1,192
Total	$	4,602	$	3,427	$	3,137	$	892	$	12,058

Major product lines:
Production agriculture	$	4,466							$	4,466
Small agriculture			$	2,417						2,417
Turf				898						898
Construction					$	1,232				1,232
Compact construction						396				396
Roadbuilding						1,066				1,066
Forestry						343				343
Financial products		12		10		5	$	892		919
Other		124		102		95				321
Total	$	4,602	$	3,427	$	3,137	$	892	$	12,058

Revenue recognized:
At a point in time	$	4,562	$	3,412	$	3,114	$	26	$	11,114
Over time		40		15		23		866		944
Total	$	4,602	$	3,427	$	3,137	$	892	$	12,058


	Six Months Ended May 2, 2021
	Production & Precision Ag		Small Ag & Turf		Construction & Forestry		Financial Services		Total
Primary geographic markets:
United States	$	3,820	$	3,261	$	2,683	$	1,206	$	10,970
Canada		364		223		508		307		1,402
Western Europe		1,038		1,224		953		50		3,265
Central Europe and CIS		692		244		387		18		1,341
Latin America		1,213		180		390		119		1,902
Asia, Africa, Australia, New Zealand, and Middle East		623		845		746		76		2,290
Total	$	7,750	$	5,977	$	5,667	$	1,776	$	21,170

Major product lines:
Production agriculture	$	7,478							$	7,478
Small agriculture			$	4,228						4,228
Turf				1,549						1,549
Construction					$	2,119				2,119
Compact construction						742				742
Roadbuilding						1,976				1,976
Forestry						633				633
Financial products		28		20		12	$	1,776		1,836
Other		244		180		185				609
Total	$	7,750	$	5,977	$	5,667	$	1,776	$	21,170

Revenue recognized:
At a point in time	$	7,668	$	5,946	$	5,614	$	50	$	19,278
Over time		82		31		53		1,726		1,892
Total	$	7,750	$	5,977	$	5,667	$	1,776	$	21,170

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 $1,423 million, $1,344 million, and $1,249 million at May 1, 2022, October 31, 2021, and May 2, 2021, respectively. The contract liability is reduced as the revenue is recognized. During the three months ended May 1, 2022 and May 2, 2021, $130 million and $111 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 six months ended May 1, 2022 and May 2, 2021, $395 million and $335 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 $1,116 million at May 1, 2022. The estimated revenue to be recognized by fiscal year follows in millions of dollars: remainder of 2022 - $173, 2023 - $311, 2024 - $260, 2025 - $168, 2026 - $87, 2027 - $52 and later years - $65. 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 http://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 http://asc.fasb.org/extlink&oid=123351226&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 http://asc.fasb.org/extlink&oid=123351226&loc=SL49130556-203045

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130554-203045

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
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-Paragraph 9
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+ Details

OTHER COMPREHENSIVE INCOME ITEMS

6 Months Ended

May 01, 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:


	May 1		October 31		May 2
	2022		2021		2021
Retirement benefits adjustment	$	(1,250)	$	(1,034)	$	(3,764)
Cumulative translation adjustment		(1,993)		(1,478)		(1,163)
Unrealized loss on derivatives				(42)		(51)
Unrealized gain (loss) on debt securities		(48)		15		18
Total accumulated other comprehensive income (loss)	$	(3,291)	$	(2,539)	$	(4,960)

Following are amounts recorded in and reclassifications out of other comprehensive income (loss), and the income tax effects, in millions of dollars. Retirement benefits adjustment reclassifications for actuarial gain (loss), prior service (credit) cost, and settlements are included in net periodic pension and other postretirement benefit costs (see Note 6).


	Before		Tax		After
	Tax		(Expense)		Tax
Three Months Ended May 1, 2022	Amount		Credit		Amount
Cumulative translation adjustment	$	(243)	$	(5)	$	(248)
Unrealized gain (loss) on derivatives:
Unrealized hedging gain (loss)		35		(7)		28
Reclassification of realized (gain) loss to:
Interest rate contracts – Interest expense		1		(1)
Net unrealized gain (loss) on derivatives		36		(8)		28
Unrealized gain (loss) on debt securities:
Unrealized holding gain (loss)		(61)		13		(48)
Net unrealized gain (loss) on debt securities		(61)		13		(48)
Retirement benefits adjustment:
Net actuarial gain (loss)		128		(30)		98
Reclassification to Other operating expenses through amortization of:
Actuarial (gain) loss		27		(7)		20
Prior service (credit) cost		8		(2)		6
Settlements		7		(2)		5
Net unrealized gain (loss) on retirement benefits adjustment		170		(41)		129
Total other comprehensive income (loss)	$	(98)	$	(41)	$	(139)


	Before		Tax		After
	Tax		(Expense)		Tax
Six Months Ended May 1, 2022	Amount		Credit		Amount
Cumulative translation adjustment	$	(507)	$	(8)	$	(515)
Unrealized gain (loss) on derivatives:
Unrealized hedging gain (loss)		50		(10)		40
Reclassification of realized (gain) loss to:
Interest rate contracts – Interest expense		3		(1)		2
Net unrealized gain (loss) on derivatives		53		(11)		42
Unrealized gain (loss) on debt securities:
Unrealized holding gain (loss)		(80)		17		(63)
Net unrealized gain (loss) on debt securities		(80)		17		(63)
Retirement benefits adjustment:
Net actuarial gain (loss)		(372)		90		(282)
Reclassification to Other operating expenses through amortization of:
Actuarial (gain) loss		67		(17)		50
Prior service (credit) cost		14		(4)		10
Settlements		8		(2)		6
Net unrealized gain (loss) on retirement benefits adjustment		(283)		67		(216)
Total other comprehensive income (loss)	$	(817)	$	65	$	(752)


	Before		Tax		After
	Tax		(Expense)		Tax
Three Months Ended May 2, 2021	Amount		Credit		Amount
Cumulative translation adjustment	$	37			$	37
Unrealized gain (loss) on derivatives:
Reclassification of realized (gain) loss to:
Interest rate contracts – Interest expense		4	$	(1)		3
Net unrealized gain (loss) on derivatives		4		(1)		3
Unrealized gain (loss) on debt securities:
Unrealized holding gain (loss)		(14)		1		(13)
Net unrealized gain (loss) on debt securities		(14)		1		(13)
Retirement benefits adjustment:
Net actuarial gain (loss)		41		(9)		32
Reclassification to Other operating expenses through amortization of:
Actuarial (gain) loss		72		(19)		53
Prior service (credit) cost		2				2
Settlements		5		(1)		4
Net unrealized gain (loss) on retirement benefits adjustment		120		(29)		91
Total other comprehensive income (loss)	$	147	$	(29)	$	118


	Before		Tax		After
	Tax		(Expense)		Tax
Six Months Ended May 2, 2021	Amount		Credit		Amount
Cumulative translation adjustment	$	431	$	2	$	433
Unrealized gain (loss) on derivatives:
Reclassification of realized (gain) loss to:
Interest rate contracts – Interest expense		9		(2)		7
Net unrealized gain (loss) on derivatives		9		(2)		7
Unrealized gain (loss) on debt securities:
Unrealized holding gain (loss)		(17)		2		(15)
Net unrealized gain (loss) on debt securities		(17)		2		(15)
Retirement benefits adjustment:
Net actuarial gain (loss)		40		(9)		31
Reclassification to Other operating expenses through amortization of:
Actuarial (gain) loss		142		(36)		106
Prior service (credit) cost		4		(1)		3
Settlements		18		(4)		14
Net unrealized gain (loss) on retirement benefits adjustment		204		(50)		154
Total other comprehensive income (loss)	$	627	$	(48)	$	579

EARNINGS PER SHARE

6 Months Ended

May 01, 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				Six Months Ended
	May 1		May 2		May 1		May 2
	2022		2021		2022		2021
Net income attributable to Deere & Company	$	2,098	$	1,790	$	3,001	$	3,013
Average shares outstanding		306.2		312.8		306.8		313.1
Basic per share	$	6.85	$	5.72	$	9.78	$	9.62

Average shares outstanding		306.2		312.8		306.8		313.1
Effect of dilutive share-based compensation		1.9		2.4		2.0		2.5
Total potential shares outstanding		308.1		315.2		308.8		315.6
Diluted per share	$	6.81	$	5.68	$	9.72	$	9.55

During the second quarter and first six months of 2022, .2 million shares and .1 million shares, respectively, were excluded from the computation because the incremental shares would have been antidilutive. During the second quarter and first six months of 2021, no shares were antidilutive.

PENSION AND OTHER POSTRETIREMENT BENEFITS

6 Months Ended

May 01, 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				Six Months Ended
	May 1		May 2		May 1		May 2
	2022		2021		2022		2021
Service cost	$	94	$	83	$	179	$	168
Interest cost		80		69		157		138
Expected return on plan assets		(180)		(200)		(362)		(400)
Amortization of actuarial loss		37		65		76		128
Amortization of prior service cost		9		3		16		6
Settlements		7		5		8		18
Net cost	$	47	$	25	$	74	$	58

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


	Three Months Ended				Six Months Ended
	May 1		May 2		May 1		May 2
	2022		2021		2022		2021
Service cost	$	11	$	12	$	23	$	24
Interest cost		23		25		49		51
Expected return on plan assets		(27)		(20)		(55)		(39)
Amortization of actuarial (gain) loss		(10)		7		(9)		14
Amortization of prior service credit		(1)		(1)		(2)		(2)
Net (benefit) cost	$	(4)	$	23	$	6	$	48

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 first six months of 2022, the Company contributed $47 million to its pension plans and $1,085 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 $43 million to its pension plans and $50 million to its OPEB plans during the remainder of fiscal year 2022. The remaining pension and OPEB contributions are primarily direct benefit payments from Company funds.

- Definition

The entire disclosure for retirement benefits.

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+ Details

SEGMENT REPORTING

6 Months Ended

May 01, 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					Six Months Ended
	May 1		May 2		%	May 1		May 2		%
	2022		2021		Change	2022		2021		Change
Net sales and revenues:
Production & precision ag net sales	$	5,117	$	4,529	+13	$	8,473	$	7,599	+12
Small ag & turf net sales		3,570		3,390	+5		6,201		5,904	+5
Construction & forestry net sales		3,347		3,079	+9		5,891		5,546	+6
Financial services revenues		864		892	-3		1,734		1,776	-2
Other revenues		472		168	+181		640		345	+86
Total net sales and revenues	$	13,370	$	12,058	+11	$	22,939	$	21,170	+8
Operating profit:
Production & precision ag	$	1,057	$	1,007	+5	$	1,353	$	1,651	-18
Small ag & turf		520		648	-20		891		1,117	-20
Construction & forestry		814		489	+66		1,085		756	+44
Financial services		279		295	-5		577		553	+4
Total operating profit		2,670		2,439	+9		3,906		4,077	-4
Reconciling items		(111)		(119)	-7		(195)		(226)	-14
Income taxes		(461)		(530)	-13		(710)		(838)	-15
Net income attributable to Deere & Company	$	2,098	$	1,790	+17	$	3,001	$	3,013

Intersegment sales and revenues:
Production & precision ag net sales	$	6	$	7	-14	$	10	$	13	-23
Small ag & turf net sales		4		4			6		8	-25
Construction & forestry net sales
Financial services revenues		87		62	+40		133		112	+19

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.


	May 1		October 31		May 2
	2022		2021		2021
Identifiable assets:
Production & precision ag	$	8,680	$	7,021	$	6,602
Small ag & turf		4,431		3,959		3,605
Construction & forestry		6,984		6,457		6,500
Financial services		53,110		51,624		50,849
Corporate		10,894		15,053		11,423
Total assets	$	84,099	$	84,114	$	78,979

- 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

6 Months Ended

May 01, 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:


	May 1, 2022
	2022		2021		2020		2019		2018		Prior Years		Revolving Charge Accounts		Total
Retail customer receivables:
Agriculture and turf
Current	$	5,540	$	10,141	$	5,318	$	2,684	$	1,286	$	723	$	3,381	$	29,073
30-59 days past due		20		75		36		20		9		5		12		177
60-89 days past due		4		29		14		9		5		2		4		67
90+ days past due						1										1
Non-performing		3		40		44		41		25		31		14		198
Construction and forestry
Current		1,506		2,404		1,211		577		234		105		91		6,128
30-59 days past due		20		52		33		17		6		2		3		133
60-89 days past due		7		25		15		6		1		1		1		56
90+ days past due				1		1		1		1		5				9
Non-performing		3		46		50		29		12		5		1		146
Total retail customer receivables	$	7,103	$	12,813	$	6,723	$	3,384	$	1,579	$	879	$	3,507	$	35,988


	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


	May 2, 2021
	2021		2020		2019		2018		2017		Prior Years		Revolving Charge Accounts		Total
Retail customer receivables:
Agriculture and turf
Current	$	6,017	$	8,375	$	4,436	$	2,402	$	1,136	$	494	$	3,221	$	26,081
30-59 days past due		20		64		41		19		10		5		20		179
60-89 days past due		5		34		18		9		4		2		5		77
90+ days past due						1		1								2
Non-performing		2		51		69		54		29		33		16		254
Construction and forestry
Current		1,568		2,077		1,106		454		118		22		81		5,426
30-59 days past due		21		43		35		14		5		1		3		122
60-89 days past due		6		13		12		7		3		1		1		43
90+ days past due				2		10		5		6		3				26
Non-performing		1		38		37		22		11		7		1		117
Total retail customer receivables	$	7,640	$	10,697	$	5,765	$	2,987	$	1,322	$	568	$	3,348	$	32,327

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


	May 1, 2022
	2022		2021		2020		2019		2018		Prior Years		Revolving		Total
Wholesale receivables:
Agriculture and turf
Current	$	224	$	155	$	43	$	8	$	1	$	2	$	1,605	$	2,038
30+ days past due
Non-performing								5								5
Construction and forestry
Current		6		35		4		2				1		268		316
30+ days past due												1				1
Non-performing
Total wholesale receivables	$	230	$	190	$	47	$	15	$	1	$	4	$	1,873	$	2,360


	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


	May 2, 2021
	2021		2020		2019		2018		2017		Prior Years		Revolving		Total
Wholesale receivables:
Agriculture and turf
Current	$	191	$	144	$	55	$	13	$	4	$	1	$	2,146	$	2,554
30+ days past due
Non-performing						22										22
Construction and forestry
Current		5		10		15		1		1		3		341		376
30+ days past due
Non-performing
Total wholesale receivables	$	196	$	154	$	92	$	14	$	5	$	4	$	2,487	$	2,952

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 May 1, 2022
Allowance:
Beginning of period balance	$	138	$	15	$	5	$	158
Provision		39		3				42
Write-offs		(18)		(8)				(26)
Recoveries		5		7				12
Translation adjustments		4						4
End of period balance	$	168	$	17	$	5	$	190

Six Months Ended May 1, 2022
Allowance:
Beginning of period balance	$	138	$	21	$	7	$	166
Provision (credit)		52		(7)		(2)		43
Write-offs		(35)		(12)				(47)
Recoveries		9		15				24
Translation adjustments		4						4
End of period balance	$	168	$	17	$	5	$	190
Financing receivables:
End of period balance	$	32,481	$	3,507	$	2,360	$	38,348


	Retail Notes		Revolving
	& Financing		Charge		Wholesale
	Leases		Accounts		Receivables		Total
Three Months Ended May 2, 2021
Allowance:
Beginning of period balance	$	180	$	24	$	7	$	211
Provision (credit)		(17)		(6)				(23)
Write-offs		(15)		(9)				(24)
Recoveries		4		10				14
End of period balance	$	152	$	19	$	7	$	178

Six Months Ended May 2, 2021
Allowance:
Beginning of period balance	$	133	$	43	$	8	$	184
ASU No. 2016-13 adoption		44		(13)				31
Provision (credit)		(13)		(16)		(1)		(30)
Write-offs		(23)		(14)				(37)
Recoveries		10		19				29
Translation adjustments		1						1
End of period balance	$	152	$	19	$	7	$	178
Financing receivables:
End of period balance	$	28,979	$	3,348	$	2,952	$	35,279

The allowance for credit losses increased in the second quarter and the first six months of 2022 mainly due to higher reserves related to the events in Russia / Ukraine and higher portfolio balances.

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 six months of 2022, the Company identified 184 receivable contracts, primarily retail notes, as troubled debt restructurings with aggregate balances of $8 million pre-modification and $7 million post-modification. During the first six months of 2021, the Company identified 199 receivable contracts, primarily retail notes, as troubled debt restructurings with aggregate balances of $8 million pre-modification and $7 million post-modification. During these same

periods, there were no significant troubled debt restructurings that subsequently defaulted and were written off. At May 1, 2022, the Company had no commitments to lend to borrowers whose accounts were modified in troubled debt restructurings.

SECURITIZATION OF FINANCING RECEIVABLES

6 Months Ended

May 01, 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:


	May 1		October 31		May 2
	2022		2021		2021
Financing receivables securitized (retail notes)	$	4,085	$	4,673	$	4,122
Allowance for credit losses		(12)		(14)		(15)
Other assets (primarily restricted cash)		124		107		91
Total restricted securitized assets	$	4,197	$	4,766	$	4,198

Short-term securitization borrowings	$	4,006	$	4,605	$	4,106
Accrued interest on borrowings		2		2		3
Total liabilities related to restricted securitized assets	$	4,008	$	4,607	$	4,109

- 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
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-Name Accounting Standards Codification
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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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 17: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

INVENTORIES

6 Months Ended

May 01, 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:


	May 1		October 31		May 2
	2022		2021		2021
Raw materials and supplies	$	4,384	$	3,524	$	2,469
Work-in-process		1,640		994		967
Finished goods and parts		5,434		4,373		4,334
Total FIFO value		11,458		8,891		7,770
Less adjustment to LIFO value		2,428		2,110		1,728
Inventories	$	9,030	$	6,781	$	6,042

GOODWILL AND OTHER INTANGIBLE ASSETS-NET

6 Months Ended

May 01, 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		10		(2)		89		97
Goodwill at May 2, 2021	$	355	$	266	$	2,569	$	3,190

Goodwill at October 31, 2021	$	542	$	265	$	2,484	$	3,291
Acquisitions		122		69		600		791
Translation adjustments		(11)		(7)		(252)		(270)
Goodwill at May 1, 2022	$	653	$	327	$	2,832	$	3,812

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

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


	May 1		October 31		May 2
	2022		2021		2021
Amortized intangible assets:
Customer lists and relationships	$	520	$	542	$	549
Technology, patents, trademarks, and other		1,350		1,104		1,097
Total at cost		1,870		1,646		1,646
Less accumulated amortization:
Customer lists and relationships		158		151		136
Technology, patents, trademarks, and other		360		343		323
Total accumulated amortization		518		494		459
Amortized intangible assets, net		1,352		1,152		1,187
Unamortized intangible assets:
In-process research and development				123		123
Other intangible assets – net	$	1,352	$	1,275	$	1,310

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 second quarter and the first six months of 2022 was $34 million and $62 million, and for 2021 was $27 million and $62 million, respectively. The estimated amortization expense for the next five years is as follows in millions of dollars: remainder of 2022 – $107, 2023 – $167, 2024 – $163, 2025 – $135, 2026 – $116, and 2027 – $114.

TOTAL SHORT-TERM BORROWINGS

6 Months Ended

May 01, 2022

TOTAL SHORT-TERM BORROWINGS

TOTAL SHORT-TERM BORROWINGS

(12) Total Short-Term Borrowings

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


	May 1		October 31		May 2
	2022		2021		2021
Equipment Operations
Notes payable to banks	$	407	$	273	$	122
Finance lease obligations due within one year		21		23		24
Long-term borrowings due within one year		1,126		1,213		206
Total		1,554		1,509		352
Financial Services
Commercial paper		3,403		2,230		2,259
Notes payable to banks		148		63		89
Long-term borrowings due within one year		7,308		7,117		7,211
Total		10,859		9,410		9,559
Short-term borrowings		12,413		10,919		9,911
Short-term securitization borrowings
Equipment Operations		5		10		14
Financial Services		4,001		4,595		4,092
Total		4,006		4,605		4,106
Total short-term borrowings	$	16,419	$	15,524	$	14,017

LONG-TERM BORROWINGS

6 Months Ended

May 01, 2022

LONG-TERM BORROWINGS

LONG-TERM BORROWINGS

(13) Long-Term Borrowings

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


	May 1		October 31		May 2
	2022		2021		2021
Equipment Operations
U.S. dollar notes and debentures:
2.60% notes due 2022					$	1,000
2.75% notes due 2025	$	700	$	700		700
6.55% debentures due 2028		200		200		200
5.375% notes due 2029		500		500		500
3.10% notes due 2030		700		700		700
8.10% debentures due 2030		250		250		250
7.125% notes due 2031		300		300		300
3.90% notes due 2042		1,250		1,250		1,250
2.875% notes due 2049		500		500		500
3.75% notes due 2050		850		850		850
Euro notes:
.5% notes due 2023 (€500 principal)		525		584		606
1.375% notes due 2024 (€800 principal)		840		934		969
1.85% notes due 2028 (€600 principal)		630		701		727
2.20% notes due 2032 (€600 principal)		630		701		727
1.65% notes due 2039 (€650 principal)		682		759		788
Finance lease obligations and other notes		50		40		115
Less debt issuance costs and debt discounts		(51)		(54)		(58)
Total		8,556		8,915		10,124
Financial Services
Notes and debentures:
Medium-term notes (principal as of: May 1, 2022 - $23,247, October 31, 2021 - $22,647, May 2, 2021 - $21,800)		22,740		22,899		22,161
Other notes		1,216		1,138		1,121
Less debt issuance costs and debt discounts		(65)		(64)		(60)
Total		23,891		23,973		23,222
Long-term borrowings	$	32,447	$	32,888	$	33,346

In April 2022, the Company’s financial services operations 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

6 Months Ended

May 01, 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				Six Months Ended
	May 1, 2022		May 2, 2021		May 1, 2022		May 2, 2021
Sales-type and direct finance lease revenues	$	35	$	34	$	74	$	70
Operating lease revenues		330		358		665		721
Variable lease revenues		7		6		14		12
Total lease revenues	$	372	$	398	$	753	$	803

COMMITMENTS AND CONTINGENCIES

6 Months Ended

May 01, 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 $809 million and $681 million at May 1, 2022 and May 2, 2021, respectively.

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


	Three Months Ended				Six Months Ended
	May 1		May 2		May 1		May 2
	2022		2021		2022		2021
Beginning of period balance	$	2,064	$	1,803	$	2,086	$	1,743
Payments		(224)		(202)		(417)		(417)
Amortization of premiums received		(64)		(65)		(130)		(128)
Accruals for warranties		223		248		404		495
Premiums received		91		90		174		163
Foreign exchange		5		2		(22)		20
End of period balance	$	2,095	$	1,876	$	2,095	$	1,876

At May 1, 2022, the Company had approximately $352 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 May 1, 2022, the Company had accrued losses of $4 million under these agreements. The maximum remaining term of the receivables guaranteed at May 1, 2022 was approximately six years.

At May 1, 2022, the Company had commitments of $392 million for the construction and acquisition of property and equipment. Also, at May 1, 2022, the Company had restricted assets of $69 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 $75 million at May 1, 2022. The accrued liability for these contingencies was not material at May 1, 2022.

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

FAIR VALUE MEASUREMENTS

6 Months Ended

May 01, 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.


	May 1, 2022				October 31, 2021				May 2, 2021
	Carrying Value		Fair Value		Carrying Value		Fair Value		Carrying Value		Fair Value
Financing receivables – net	$	34,085	$	33,540	$	33,799	$	33,718	$	30,994	$	31,165

Financing receivables securitized – net	$	4,073	$	4,016	$	4,659	$	4,704	$	4,107	$	4,188

Short-term securitization borrowings:
Equipment operations	$	5	$	6	$	10	$	10	$	14	$	15
Financial services		4,001		3,938		4,595		4,600		4,092		4,117
Total	$	4,006	$	3,944	$	4,605	$	4,610	$	4,106	$	4,132

Long-term borrowings due within one year:
Equipment operations	$	1,126	$	1,128	$	1,213	$	1,222	$	206	$	211
Financial services		7,308		7,270		7,117		7,142		7,211		7,293
Total	$	8,434	$	8,398	$	8,330	$	8,364	$	7,417	$	7,504

Long-term borrowings:
Equipment operations	$	8,519	$	8,546	$	8,877	$	10,244	$	10,079	$	11,391
Financial services		23,891		23,429		23,973		24,262		23,222		23,701
Total	$	32,410	$	31,975	$	32,850	$	34,506	$	33,301	$	35,092

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

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

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

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


	May 1		October 31		May 2
	2022		2021		2021
Level 1:
Marketable securities
International equity securities	$	2	$	2	$	2
U.S. equity fund		65		75		71
U.S. government debt securities		59		59		59
Total Level 1 marketable securities		126		136		132

Level 2:
Marketable securities
U.S. government debt securities		130		139		121
Municipal debt securities		67		73		69
Corporate debt securities		206		224		202
International debt securities		2		2		4
Mortgage-backed securities		151		154		140
Total Level 2 marketable securities		556		592		536
Other assets
Derivatives		407		275		402
Accounts payable and accrued expenses
Derivatives		780		228		223

Level 3:
Accounts payable and accrued expenses – Deferred consideration		262

The contractual maturities of debt securities at May 1, 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 May 1, 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	$	27	$	27
Due after one through five years		92		90
Due after five through 10 years		171		155
Due after 10 years		221		192
Mortgage-backed securities		167		151
Debt securities	$	678	$	615

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


	Fair Value					Losses
						Three Months Ended			Six Months Ended
	May 1		October 31		May 2	May 1		May 2	May 1		May 2
	2022		2021		2021	2022		2021	2022		2021
Inventories	$	19				$	8		$	8
Property and equipment – net	$	15	$	41		$	41		$	41	$	44
Other intangible assets – net						$	28		$	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

6 Months Ended

May 01, 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 at certain equipment operations units for sales incentive programs.

All derivatives are recorded at fair value on the balance sheet. Cash collateral received or paid is not offset against the derivative fair values on the balance sheet. The cash flows from these contracts were recorded in operating activities in the 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 May 1, 2022, October 31, 2021, and May 2, 2021 were $2,450 million, $2,700 million, and $1,850 million, respectively. Fair value gains or losses on cash flow hedges were recorded in other comprehensive income (OCI) and are subsequently reclassified into interest expense in the same periods during which the hedged transactions affected earnings. These amounts offset the effects of interest rate changes on the related borrowings.

The amount of gain recorded in OCI at May 1, 2022 that is expected to be reclassified to interest expense in the next twelve months if interest rates remain unchanged is approximately $23 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 May 1, 2022, October 31, 2021, and May 2, 2021 were $8,655 million, $8,043 million, and $8,340 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:


			Cumulative Increase (Decrease) of Fair
			Value Hedging Adjustments Included in
			the Carrying Amount
	Carrying		Active
	Amount of		Hedging		Discontinued
	Hedged Item		Relationships		Relationships		Total
May 1, 2022
Long-term borrowings due within one year	$	185	$	1	$	7	$	8
Long-term borrowings		7,933		(613)		106		(507)

October 31, 2021
Long-term borrowings due within one year	$	189	$	3	$	(2)	$	1
Long-term borrowings		8,070		29		223		252

May 2, 2021
Long-term borrowings due within one year	$	163	$	1	$	(1)
Long-term borrowings		8,502		190		171	$	361

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

Derivatives not designated as hedging instruments

The Company has certain interest rate contracts (swaps), foreign currency exchange contracts (futures, forwards, and swaps), and cross-currency interest rate contracts (swaps), which were not formally designated as hedges. These derivatives were held as economic hedges for underlying interest rate or foreign currency exposures, primarily for certain borrowings, purchases or sales of inventory, and sales incentive programs. The total notional amounts of these interest rate swaps at May 1, 2022, October 31, 2021, and May 2, 2021 were $9,912 million, $10,848 million, and $8,694 million, the foreign exchange contracts were $7,640 million, $7,584 million, and $6,239 million, and the cross-currency interest rate contracts were $264 million, $238 million, and $151 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:


	May 1		October 31		May 2
Other Assets	2022		2021		2021
Designated as hedging instruments:
Interest rate contracts	$	63	$	166	$	301

Not designated as hedging instruments:
Interest rate contracts		180		73		67
Foreign exchange contracts		125		31		30
Cross-currency interest rate contracts		39		5		4
Total not designated		344		109		101

Total derivative assets	$	407	$	275	$	402

Accounts Payable and Accrued Expenses
Designated as hedging instruments:
Interest rate contracts	$	591	$	99	$	80

Not designated as hedging instruments:
Interest rate contracts		75		33		52
Foreign exchange contracts		114		94		89
Cross-currency interest rate contracts				2		2
Total not designated		189		129		143

Total derivative liabilities	$	780	$	228	$	223

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


	Three Months Ended				Six Months Ended
	May 1		May 2		May 1		May 2
	2022		2021		2022		2021
Fair Value Hedges:
Interest rate contracts - Interest expense	$	(514)	$	(170)	$	(656)	$	(225)

Cash Flow Hedges:
Recognized in OCI
Interest rate contracts - OCI (pretax)		35				50
Reclassified from OCI
Interest rate contracts - Interest expense		(1)		(4)		(3)		(9)

Not Designated as Hedges:
Interest rate contracts - Net sales	$	31	$	5	$	44	$	5
Interest rate contracts - Interest expense *		61				59		(4)
Foreign exchange contracts - Net sales		(1)				(1)
Foreign exchange contracts - Cost of sales		(79)		(48)		(80)		(100)
Foreign exchange contracts - Other operating expenses *		26		(78)		173		(204)
Total not designated	$	38	$	(121)	$	195	$	(303)

* 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 May 1, 2022, October 31, 2021, and May 2, 2021, was $673 million, $135 million, and $136 million, respectively. In accordance with the limits established in these agreements, the Company posted $254 million of cash collateral at May 1, 2022. The Company posted no cash collateral in accordance with the limits established in those agreements at either October 31, 2021 or May 2, 2021. In addition, the Company paid $8 million of cash collateral that was outstanding at May 1, 2022, October 31, 2021, and May 2, 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
May 1, 2022	Recognized		Arrangements		Collateral		Net Amount
Assets	$	407	$	(110)			$	297
Liabilities		780		(110)	$	(254)		416


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


	Gross Amounts		Netting
May 2, 2021	Recognized		Arrangements		Collateral		Net Amount
Assets	$	402	$	(125)	$	(21)	$	256
Liabilities		223		(125)		(1)		97

STOCK OPTION AND RESTRICTED STOCK AWARDS

6 Months Ended

May 01, 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 May 1, 2022, options for 2.2 million shares were outstanding with a weighted-average exercise price of $152.99 per share. The Company also granted 160 thousand restricted stock units to employees and non-employee directors in the first six months of 2022, of which 123 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 $345.94 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 May 1, 2022, the Company was authorized to grant an additional 17.2 million shares under the equity incentive plan.

ACQUISITIONS

6 Months Ended

May 01, 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 May 1, 2022 follows:


	February 7
	2022
Trade accounts and notes receivable	$	2
Other receivables		11
Inventories		11
Property and equipment		11
Goodwill		217
Other intangible assets		178
Other assets		6
Total assets	$	436

Accounts payable and accrued expenses	$	28
Deferred income taxes		36

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 John 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 May 1, 2022, the net present value of the deferred consideration was approximately $262 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 John 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 sale 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 John 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 is based on information as of the acquisition date and available at May 1, 2022 follows:


	February 28
	2022
Other receivables	$	29
Inventories		286
Property and equipment		182
Goodwill		534
Other intangible assets		70
Deferred income taxes		49
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 six months of the year, the Company acquired AgriSync Inc., a technology service provider; an 80 percent stake in SureFire Ag Systems, Inc. and SureFire Electronics, LLC, which design and manufacture liquid fertilizer application and spray tendering systems; and a 40 percent equity method investment in GUSS Automation LLC, a pioneer in semi-autonomous orchard and vineyard sprayers. The combined cost of the acquisitions was $109 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:


	May 1
	2022
Trade accounts and notes receivable	$	7
Inventories		8
Property and equipment		4
Goodwill		40
Other intangible assets		20
Other assets		50
Total assets	$	129

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

Redeemable noncontrolling interest	$	9

The identifiable intangible assets related to trade name, technology, and customer relationships with a weighted average amortization period of 6 years. AgriSync will be allocated amongst the Company’s production and precision agriculture, small agriculture and turf, and construction and forestry segments, while SureFire 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. 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

6 Months Ended

May 01, 2022

SPECIAL ITEMS

SPECIAL ITEMS

(20) Special Items

2022 Special Items

Impact of events in Russia / Ukraine

The recent events in Russia / Ukraine have resulted in the Company suspending shipments of machines and service parts to Russia. The Company has equipment operations in Russia / Ukraine, and financial services operations in Russia. As of May 1, 2022, the Company's net exposure in Russia / Ukraine was approximately $454 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. However, the situation

is fluid, and the Company continues to closely monitor all financial and operational risks. A summary of the reserves and impairments recorded in the second quarter of 2022 follows in millions of dollars:


	Three Months Ended May 1, 2022
	PPA		SAT		CF		FS		Total
2022 Expense:
Inventory reserve – Cost of sales	$	6			$	2			$	8
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							$	26		26
Contingent liabilities – Other operating expenses		10	$	1		6				17
Total Russia/Ukraine events pretax expense	$	46	$	1	$	47	$	26	$	120

Net tax impact										(14)
Total Russia/Ukraine events after-tax expense									$	106

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

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 six months ended May 1, 2022 and May 2, 2021:


	Three Months										Six 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)					$	(326)			$	(326)
Total Russia/Ukraine events pretax expense	$	46	$	1		47	$	26		120	$	46	$	1		47	$	26		120
UAW ratification bonus – Cost of sales												53		9		28				90
Total expense (benefit)	$	46	$	1	$	(279)	$	26	$	(206)	$	99	$	10	$	(251)	$	26	$	(116)

2021 Expense (benefit):
Long-lived asset impairments – Cost of sales											$	5	$	3	$	42			$	50
Brazil indirect tax – Cost of sales												(53)				(5)				(58)
Total expense (benefit)											$	(48)	$	3	$	37			$	(8)

Period over period change	$	46	$	1	$	(279)	$	26	$	(206)	$	147	$	7	$	(288)	$	26	$	(108)

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES AND NEW ACCOUNTING STANDARDS (Policies)	6 Months Ended
	May 01, 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 second quarter ends for fiscal year 2022 and 2021 were May 1, 2022 and May 2, 2021, respectively. Both second quarters contained 13 weeks, while both year-to-date periods contained 26 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 at certain equipment operations units for sales incentive programs. All derivatives are recorded at fair value on the balance sheet. Cash collateral received or paid is not offset against the derivative fair values on the balance sheet. The cash flows from these contracts were recorded in operating activities in the 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)

6 Months Ended

May 01, 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 May 1, 2022
	Production & Precision Ag		Small Ag & Turf		Construction & Forestry		Financial Services		Total
Primary geographic markets:
United States	$	2,434	$	2,103	$	2,108	$	569	$	7,214
Canada		309		161		355		149		974
Western Europe		536		658		464		25		1,683
Central Europe and CIS		404		151		146		11		712
Latin America		1,126		134		333		73		1,666
Asia, Africa, Australia, New Zealand, and Middle East		367		399		318		37		1,121
Total	$	5,176	$	3,606	$	3,724	$	864	$	13,370

Major product lines:
Production agriculture	$	5,032							$	5,032
Small agriculture			$	2,668						2,668
Turf				817						817
Construction					$	1,516				1,516
Compact construction						427				427
Roadbuilding						1,017				1,017
Forestry						325				325
Financial products		10		9		6	$	864		889
Other		134		112		433				679
Total	$	5,176	$	3,606	$	3,724	$	864	$	13,370

Revenue recognized:
At a point in time	$	5,144	$	3,593	$	3,707	$	26	$	12,470
Over time		32		13		17		838		900
Total	$	5,176	$	3,606	$	3,724	$	864	$	13,370


	Six Months Ended May 1, 2022
	Production & Precision Ag		Small Ag & Turf		Construction & Forestry		Financial Services		Total
Primary geographic markets:
United States	$	4,042	$	3,541	$	3,368	$	1,142	$	12,093
Canada		448		283		687		301		1,719
Western Europe		1,003		1,190		822		51		3,066
Central Europe and CIS		606		277		341		22		1,246
Latin America		1,902		238		561		141		2,842
Asia, Africa, Australia, New Zealand, and Middle East		608		751		537		77		1,973
Total	$	8,609	$	6,280	$	6,316	$	1,734	$	22,939

Major product lines:
Production agriculture	$	8,315							$	8,315
Small agriculture			$	4,600						4,600
Turf				1,444						1,444
Construction					$	2,691				2,691
Compact construction						748				748
Roadbuilding						1,709				1,709
Forestry						630				630
Financial products		22		20		11	$	1,734		1,787
Other		272		216		527				1,015
Total	$	8,609	$	6,280	$	6,316	$	1,734	$	22,939

Revenue recognized:
At a point in time	$	8,540	$	6,247	$	6,277	$	50	$	21,114
Over time		69		33		39		1,684		1,825
Total	$	8,609	$	6,280	$	6,316	$	1,734	$	22,939


	Three Months Ended May 2, 2021
	Production & Precision Ag		Small Ag & Turf		Construction & Forestry		Financial Services		Total
Primary geographic markets:
United States	$	2,211	$	1,838	$	1,481	$	608	$	6,138
Canada		252		144		320		153		869
Western Europe		589		738		514		26		1,867
Central Europe and CIS		531		160		209		9		909
Latin America		700		103		220		60		1,083
Asia, Africa, Australia, New Zealand, and Middle East		319		444		393		36		1,192
Total	$	4,602	$	3,427	$	3,137	$	892	$	12,058

Major product lines:
Production agriculture	$	4,466							$	4,466
Small agriculture			$	2,417						2,417
Turf				898						898
Construction					$	1,232				1,232
Compact construction						396				396
Roadbuilding						1,066				1,066
Forestry						343				343
Financial products		12		10		5	$	892		919
Other		124		102		95				321
Total	$	4,602	$	3,427	$	3,137	$	892	$	12,058

Revenue recognized:
At a point in time	$	4,562	$	3,412	$	3,114	$	26	$	11,114
Over time		40		15		23		866		944
Total	$	4,602	$	3,427	$	3,137	$	892	$	12,058


	Six Months Ended May 2, 2021
	Production & Precision Ag		Small Ag & Turf		Construction & Forestry		Financial Services		Total
Primary geographic markets:
United States	$	3,820	$	3,261	$	2,683	$	1,206	$	10,970
Canada		364		223		508		307		1,402
Western Europe		1,038		1,224		953		50		3,265
Central Europe and CIS		692		244		387		18		1,341
Latin America		1,213		180		390		119		1,902
Asia, Africa, Australia, New Zealand, and Middle East		623		845		746		76		2,290
Total	$	7,750	$	5,977	$	5,667	$	1,776	$	21,170

Major product lines:
Production agriculture	$	7,478							$	7,478
Small agriculture			$	4,228						4,228
Turf				1,549						1,549
Construction					$	2,119				2,119
Compact construction						742				742
Roadbuilding						1,976				1,976
Forestry						633				633
Financial products		28		20		12	$	1,776		1,836
Other		244		180		185				609
Total	$	7,750	$	5,977	$	5,667	$	1,776	$	21,170

Revenue recognized:
At a point in time	$	7,668	$	5,946	$	5,614	$	50	$	19,278
Over time		82		31		53		1,726		1,892
Total	$	7,750	$	5,977	$	5,667	$	1,776	$	21,170

OTHER COMPREHENSIVE INCOME ITEMS (Tables)

6 Months Ended

May 01, 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:


	May 1		October 31		May 2
	2022		2021		2021
Retirement benefits adjustment	$	(1,250)	$	(1,034)	$	(3,764)
Cumulative translation adjustment		(1,993)		(1,478)		(1,163)
Unrealized loss on derivatives				(42)		(51)
Unrealized gain (loss) on debt securities		(48)		15		18
Total accumulated other comprehensive income (loss)	$	(3,291)	$	(2,539)	$	(4,960)

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

Following are amounts recorded in and reclassifications out of other comprehensive income (loss), and the income tax effects, in millions of dollars. Retirement benefits adjustment reclassifications for actuarial gain (loss), prior service (credit) cost, and settlements are included in net periodic pension and other postretirement benefit costs (see Note 6).


	Before		Tax		After
	Tax		(Expense)		Tax
Three Months Ended May 1, 2022	Amount		Credit		Amount
Cumulative translation adjustment	$	(243)	$	(5)	$	(248)
Unrealized gain (loss) on derivatives:
Unrealized hedging gain (loss)		35		(7)		28
Reclassification of realized (gain) loss to:
Interest rate contracts – Interest expense		1		(1)
Net unrealized gain (loss) on derivatives		36		(8)		28
Unrealized gain (loss) on debt securities:
Unrealized holding gain (loss)		(61)		13		(48)
Net unrealized gain (loss) on debt securities		(61)		13		(48)
Retirement benefits adjustment:
Net actuarial gain (loss)		128		(30)		98
Reclassification to Other operating expenses through amortization of:
Actuarial (gain) loss		27		(7)		20
Prior service (credit) cost		8		(2)		6
Settlements		7		(2)		5
Net unrealized gain (loss) on retirement benefits adjustment		170		(41)		129
Total other comprehensive income (loss)	$	(98)	$	(41)	$	(139)


	Before		Tax		After
	Tax		(Expense)		Tax
Six Months Ended May 1, 2022	Amount		Credit		Amount
Cumulative translation adjustment	$	(507)	$	(8)	$	(515)
Unrealized gain (loss) on derivatives:
Unrealized hedging gain (loss)		50		(10)		40
Reclassification of realized (gain) loss to:
Interest rate contracts – Interest expense		3		(1)		2
Net unrealized gain (loss) on derivatives		53		(11)		42
Unrealized gain (loss) on debt securities:
Unrealized holding gain (loss)		(80)		17		(63)
Net unrealized gain (loss) on debt securities		(80)		17		(63)
Retirement benefits adjustment:
Net actuarial gain (loss)		(372)		90		(282)
Reclassification to Other operating expenses through amortization of:
Actuarial (gain) loss		67		(17)		50
Prior service (credit) cost		14		(4)		10
Settlements		8		(2)		6
Net unrealized gain (loss) on retirement benefits adjustment		(283)		67		(216)
Total other comprehensive income (loss)	$	(817)	$	65	$	(752)


	Before		Tax		After
	Tax		(Expense)		Tax
Three Months Ended May 2, 2021	Amount		Credit		Amount
Cumulative translation adjustment	$	37			$	37
Unrealized gain (loss) on derivatives:
Reclassification of realized (gain) loss to:
Interest rate contracts – Interest expense		4	$	(1)		3
Net unrealized gain (loss) on derivatives		4		(1)		3
Unrealized gain (loss) on debt securities:
Unrealized holding gain (loss)		(14)		1		(13)
Net unrealized gain (loss) on debt securities		(14)		1		(13)
Retirement benefits adjustment:
Net actuarial gain (loss)		41		(9)		32
Reclassification to Other operating expenses through amortization of:
Actuarial (gain) loss		72		(19)		53
Prior service (credit) cost		2				2
Settlements		5		(1)		4
Net unrealized gain (loss) on retirement benefits adjustment		120		(29)		91
Total other comprehensive income (loss)	$	147	$	(29)	$	118


	Before		Tax		After
	Tax		(Expense)		Tax
Six Months Ended May 2, 2021	Amount		Credit		Amount
Cumulative translation adjustment	$	431	$	2	$	433
Unrealized gain (loss) on derivatives:
Reclassification of realized (gain) loss to:
Interest rate contracts – Interest expense		9		(2)		7
Net unrealized gain (loss) on derivatives		9		(2)		7
Unrealized gain (loss) on debt securities:
Unrealized holding gain (loss)		(17)		2		(15)
Net unrealized gain (loss) on debt securities		(17)		2		(15)
Retirement benefits adjustment:
Net actuarial gain (loss)		40		(9)		31
Reclassification to Other operating expenses through amortization of:
Actuarial (gain) loss		142		(36)		106
Prior service (credit) cost		4		(1)		3
Settlements		18		(4)		14
Net unrealized gain (loss) on retirement benefits adjustment		204		(50)		154
Total other comprehensive income (loss)	$	627	$	(48)	$	579

EARNINGS PER SHARE (Tables)

6 Months Ended

May 01, 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				Six Months Ended
	May 1		May 2		May 1		May 2
	2022		2021		2022		2021
Net income attributable to Deere & Company	$	2,098	$	1,790	$	3,001	$	3,013
Average shares outstanding		306.2		312.8		306.8		313.1
Basic per share	$	6.85	$	5.72	$	9.78	$	9.62

Average shares outstanding		306.2		312.8		306.8		313.1
Effect of dilutive share-based compensation		1.9		2.4		2.0		2.5
Total potential shares outstanding		308.1		315.2		308.8		315.6
Diluted per share	$	6.81	$	5.68	$	9.72	$	9.55

PENSION AND OTHER POSTRETIREMENT BENEFITS (Tables)

6 Months Ended

May 01, 2022

PENSION AND OTHER POSTRETIREMENT BENEFITS

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

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


	Three Months Ended				Six Months Ended
	May 1		May 2		May 1		May 2
	2022		2021		2022		2021
Service cost	$	94	$	83	$	179	$	168
Interest cost		80		69		157		138
Expected return on plan assets		(180)		(200)		(362)		(400)
Amortization of actuarial loss		37		65		76		128
Amortization of prior service cost		9		3		16		6
Settlements		7		5		8		18
Net cost	$	47	$	25	$	74	$	58

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


	Three Months Ended				Six Months Ended
	May 1		May 2		May 1		May 2
	2022		2021		2022		2021
Service cost	$	11	$	12	$	23	$	24
Interest cost		23		25		49		51
Expected return on plan assets		(27)		(20)		(55)		(39)
Amortization of actuarial (gain) loss		(10)		7		(9)		14
Amortization of prior service credit		(1)		(1)		(2)		(2)
Net (benefit) cost	$	(4)	$	23	$	6	$	48

SEGMENT REPORTING (Tables)

6 Months Ended

May 01, 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					Six Months Ended
	May 1		May 2		%	May 1		May 2		%
	2022		2021		Change	2022		2021		Change
Net sales and revenues:
Production & precision ag net sales	$	5,117	$	4,529	+13	$	8,473	$	7,599	+12
Small ag & turf net sales		3,570		3,390	+5		6,201		5,904	+5
Construction & forestry net sales		3,347		3,079	+9		5,891		5,546	+6
Financial services revenues		864		892	-3		1,734		1,776	-2
Other revenues		472		168	+181		640		345	+86
Total net sales and revenues	$	13,370	$	12,058	+11	$	22,939	$	21,170	+8
Operating profit:
Production & precision ag	$	1,057	$	1,007	+5	$	1,353	$	1,651	-18
Small ag & turf		520		648	-20		891		1,117	-20
Construction & forestry		814		489	+66		1,085		756	+44
Financial services		279		295	-5		577		553	+4
Total operating profit		2,670		2,439	+9		3,906		4,077	-4
Reconciling items		(111)		(119)	-7		(195)		(226)	-14
Income taxes		(461)		(530)	-13		(710)		(838)	-15
Net income attributable to Deere & Company	$	2,098	$	1,790	+17	$	3,001	$	3,013

Intersegment sales and revenues:
Production & precision ag net sales	$	6	$	7	-14	$	10	$	13	-23
Small ag & turf net sales		4		4			6		8	-25
Construction & forestry net sales
Financial services revenues		87		62	+40		133		112	+19

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.


	May 1		October 31		May 2
	2022		2021		2021
Identifiable assets:
Production & precision ag	$	8,680	$	7,021	$	6,602
Small ag & turf		4,431		3,959		3,605
Construction & forestry		6,984		6,457		6,500
Financial services		53,110		51,624		50,849
Corporate		10,894		15,053		11,423
Total assets	$	84,099	$	84,114	$	78,979

FINANCING RECEIVABLES (Tables)

6 Months Ended

May 01, 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 May 1, 2022
Allowance:
Beginning of period balance	$	138	$	15	$	5	$	158
Provision		39		3				42
Write-offs		(18)		(8)				(26)
Recoveries		5		7				12
Translation adjustments		4						4
End of period balance	$	168	$	17	$	5	$	190

Six Months Ended May 1, 2022
Allowance:
Beginning of period balance	$	138	$	21	$	7	$	166
Provision (credit)		52		(7)		(2)		43
Write-offs		(35)		(12)				(47)
Recoveries		9		15				24
Translation adjustments		4						4
End of period balance	$	168	$	17	$	5	$	190
Financing receivables:
End of period balance	$	32,481	$	3,507	$	2,360	$	38,348


	Retail Notes		Revolving
	& Financing		Charge		Wholesale
	Leases		Accounts		Receivables		Total
Three Months Ended May 2, 2021
Allowance:
Beginning of period balance	$	180	$	24	$	7	$	211
Provision (credit)		(17)		(6)				(23)
Write-offs		(15)		(9)				(24)
Recoveries		4		10				14
End of period balance	$	152	$	19	$	7	$	178

Six Months Ended May 2, 2021
Allowance:
Beginning of period balance	$	133	$	43	$	8	$	184
ASU No. 2016-13 adoption		44		(13)				31
Provision (credit)		(13)		(16)		(1)		(30)
Write-offs		(23)		(14)				(37)
Recoveries		10		19				29
Translation adjustments		1						1
End of period balance	$	152	$	19	$	7	$	178
Financing receivables:
End of period balance	$	28,979	$	3,348	$	2,952	$	35,279

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:


	May 1, 2022
	2022		2021		2020		2019		2018		Prior Years		Revolving Charge Accounts		Total
Retail customer receivables:
Agriculture and turf
Current	$	5,540	$	10,141	$	5,318	$	2,684	$	1,286	$	723	$	3,381	$	29,073
30-59 days past due		20		75		36		20		9		5		12		177
60-89 days past due		4		29		14		9		5		2		4		67
90+ days past due						1										1
Non-performing		3		40		44		41		25		31		14		198
Construction and forestry
Current		1,506		2,404		1,211		577		234		105		91		6,128
30-59 days past due		20		52		33		17		6		2		3		133
60-89 days past due		7		25		15		6		1		1		1		56
90+ days past due				1		1		1		1		5				9
Non-performing		3		46		50		29		12		5		1		146
Total retail customer receivables	$	7,103	$	12,813	$	6,723	$	3,384	$	1,579	$	879	$	3,507	$	35,988


	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


	May 2, 2021
	2021		2020		2019		2018		2017		Prior Years		Revolving Charge Accounts		Total
Retail customer receivables:
Agriculture and turf
Current	$	6,017	$	8,375	$	4,436	$	2,402	$	1,136	$	494	$	3,221	$	26,081
30-59 days past due		20		64		41		19		10		5		20		179
60-89 days past due		5		34		18		9		4		2		5		77
90+ days past due						1		1								2
Non-performing		2		51		69		54		29		33		16		254
Construction and forestry
Current		1,568		2,077		1,106		454		118		22		81		5,426
30-59 days past due		21		43		35		14		5		1		3		122
60-89 days past due		6		13		12		7		3		1		1		43
90+ days past due				2		10		5		6		3				26
Non-performing		1		38		37		22		11		7		1		117
Total retail customer receivables	$	7,640	$	10,697	$	5,765	$	2,987	$	1,322	$	568	$	3,348	$	32,327

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:


	May 1, 2022
	2022		2021		2020		2019		2018		Prior Years		Revolving		Total
Wholesale receivables:
Agriculture and turf
Current	$	224	$	155	$	43	$	8	$	1	$	2	$	1,605	$	2,038
30+ days past due
Non-performing								5								5
Construction and forestry
Current		6		35		4		2				1		268		316
30+ days past due												1				1
Non-performing
Total wholesale receivables	$	230	$	190	$	47	$	15	$	1	$	4	$	1,873	$	2,360


	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


	May 2, 2021
	2021		2020		2019		2018		2017		Prior Years		Revolving		Total
Wholesale receivables:
Agriculture and turf
Current	$	191	$	144	$	55	$	13	$	4	$	1	$	2,146	$	2,554
30+ days past due
Non-performing						22										22
Construction and forestry
Current		5		10		15		1		1		3		341		376
30+ days past due
Non-performing
Total wholesale receivables	$	196	$	154	$	92	$	14	$	5	$	4	$	2,487	$	2,952

SECURITIZATION OF FINANCING RECEIVABLES (Tables)

6 Months Ended

May 01, 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:


	May 1		October 31		May 2
	2022		2021		2021
Financing receivables securitized (retail notes)	$	4,085	$	4,673	$	4,122
Allowance for credit losses		(12)		(14)		(15)
Other assets (primarily restricted cash)		124		107		91
Total restricted securitized assets	$	4,197	$	4,766	$	4,198

Short-term securitization borrowings	$	4,006	$	4,605	$	4,106
Accrued interest on borrowings		2		2		3
Total liabilities related to restricted securitized assets	$	4,008	$	4,607	$	4,109

INVENTORIES (Tables)

6 Months Ended

May 01, 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:


	May 1		October 31		May 2
	2022		2021		2021
Raw materials and supplies	$	4,384	$	3,524	$	2,469
Work-in-process		1,640		994		967
Finished goods and parts		5,434		4,373		4,334
Total FIFO value		11,458		8,891		7,770
Less adjustment to LIFO value		2,428		2,110		1,728
Inventories	$	9,030	$	6,781	$	6,042

GOODWILL AND OTHER INTANGIBLE ASSETS-NET (Tables)

6 Months Ended

May 01, 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		10		(2)		89		97
Goodwill at May 2, 2021	$	355	$	266	$	2,569	$	3,190

Goodwill at October 31, 2021	$	542	$	265	$	2,484	$	3,291
Acquisitions		122		69		600		791
Translation adjustments		(11)		(7)		(252)		(270)
Goodwill at May 1, 2022	$	653	$	327	$	2,832	$	3,812

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:


	May 1		October 31		May 2
	2022		2021		2021
Amortized intangible assets:
Customer lists and relationships	$	520	$	542	$	549
Technology, patents, trademarks, and other		1,350		1,104		1,097
Total at cost		1,870		1,646		1,646
Less accumulated amortization:
Customer lists and relationships		158		151		136
Technology, patents, trademarks, and other		360		343		323
Total accumulated amortization		518		494		459
Amortized intangible assets, net		1,352		1,152		1,187
Unamortized intangible assets:
In-process research and development				123		123
Other intangible assets – net	$	1,352	$	1,275	$	1,310

TOTAL SHORT-TERM BORROWINGS (Tables)

6 Months Ended

May 01, 2022

TOTAL SHORT-TERM BORROWINGS

Short-Term Borrowings

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


	May 1		October 31		May 2
	2022		2021		2021
Equipment Operations
Notes payable to banks	$	407	$	273	$	122
Finance lease obligations due within one year		21		23		24
Long-term borrowings due within one year		1,126		1,213		206
Total		1,554		1,509		352
Financial Services
Commercial paper		3,403		2,230		2,259
Notes payable to banks		148		63		89
Long-term borrowings due within one year		7,308		7,117		7,211
Total		10,859		9,410		9,559
Short-term borrowings		12,413		10,919		9,911
Short-term securitization borrowings
Equipment Operations		5		10		14
Financial Services		4,001		4,595		4,092
Total		4,006		4,605		4,106
Total short-term borrowings	$	16,419	$	15,524	$	14,017

LONG-TERM BORROWINGS (Tables)

6 Months Ended

May 01, 2022

LONG-TERM BORROWINGS

Long-Term Borrowings

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


	May 1		October 31		May 2
	2022		2021		2021
Equipment Operations
U.S. dollar notes and debentures:
2.60% notes due 2022					$	1,000
2.75% notes due 2025	$	700	$	700		700
6.55% debentures due 2028		200		200		200
5.375% notes due 2029		500		500		500
3.10% notes due 2030		700		700		700
8.10% debentures due 2030		250		250		250
7.125% notes due 2031		300		300		300
3.90% notes due 2042		1,250		1,250		1,250
2.875% notes due 2049		500		500		500
3.75% notes due 2050		850		850		850
Euro notes:
.5% notes due 2023 (€500 principal)		525		584		606
1.375% notes due 2024 (€800 principal)		840		934		969
1.85% notes due 2028 (€600 principal)		630		701		727
2.20% notes due 2032 (€600 principal)		630		701		727
1.65% notes due 2039 (€650 principal)		682		759		788
Finance lease obligations and other notes		50		40		115
Less debt issuance costs and debt discounts		(51)		(54)		(58)
Total		8,556		8,915		10,124
Financial Services
Notes and debentures:
Medium-term notes (principal as of: May 1, 2022 - $23,247, October 31, 2021 - $22,647, May 2, 2021 - $21,800)		22,740		22,899		22,161
Other notes		1,216		1,138		1,121
Less debt issuance costs and debt discounts		(65)		(64)		(60)
Total		23,891		23,973		23,222
Long-term borrowings	$	32,447	$	32,888	$	33,346

- 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.

+ References

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+ Details

LEASES - LESSOR (Tables)

6 Months Ended

May 01, 2022

LEASES - LESSOR

Schedule of Lease Revenues Earned

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


	Three Months Ended				Six Months Ended
	May 1, 2022		May 2, 2021		May 1, 2022		May 2, 2021
Sales-type and direct finance lease revenues	$	35	$	34	$	74	$	70
Operating lease revenues		330		358		665		721
Variable lease revenues		7		6		14		12
Total lease revenues	$	372	$	398	$	753	$	803

COMMITMENTS AND CONTINGENCIES (Tables)

6 Months Ended

May 01, 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				Six Months Ended
	May 1		May 2		May 1		May 2
	2022		2021		2022		2021
Beginning of period balance	$	2,064	$	1,803	$	2,086	$	1,743
Payments		(224)		(202)		(417)		(417)
Amortization of premiums received		(64)		(65)		(130)		(128)
Accruals for warranties		223		248		404		495
Premiums received		91		90		174		163
Foreign exchange		5		2		(22)		20
End of period balance	$	2,095	$	1,876	$	2,095	$	1,876

FAIR VALUE MEASUREMENTS (Tables)

6 Months Ended

May 01, 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.


	May 1, 2022				October 31, 2021				May 2, 2021
	Carrying Value		Fair Value		Carrying Value		Fair Value		Carrying Value		Fair Value
Financing receivables – net	$	34,085	$	33,540	$	33,799	$	33,718	$	30,994	$	31,165

Financing receivables securitized – net	$	4,073	$	4,016	$	4,659	$	4,704	$	4,107	$	4,188

Short-term securitization borrowings:
Equipment operations	$	5	$	6	$	10	$	10	$	14	$	15
Financial services		4,001		3,938		4,595		4,600		4,092		4,117
Total	$	4,006	$	3,944	$	4,605	$	4,610	$	4,106	$	4,132

Long-term borrowings due within one year:
Equipment operations	$	1,126	$	1,128	$	1,213	$	1,222	$	206	$	211
Financial services		7,308		7,270		7,117		7,142		7,211		7,293
Total	$	8,434	$	8,398	$	8,330	$	8,364	$	7,417	$	7,504

Long-term borrowings:
Equipment operations	$	8,519	$	8,546	$	8,877	$	10,244	$	10,079	$	11,391
Financial services		23,891		23,429		23,973		24,262		23,222		23,701
Total	$	32,410	$	31,975	$	32,850	$	34,506	$	33,301	$	35,092

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

Assets and Liabilities Measured at Fair Value on a Recurring Basis

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


	May 1		October 31		May 2
	2022		2021		2021
Level 1:
Marketable securities
International equity securities	$	2	$	2	$	2
U.S. equity fund		65		75		71
U.S. government debt securities		59		59		59
Total Level 1 marketable securities		126		136		132

Level 2:
Marketable securities
U.S. government debt securities		130		139		121
Municipal debt securities		67		73		69
Corporate debt securities		206		224		202
International debt securities		2		2		4
Mortgage-backed securities		151		154		140
Total Level 2 marketable securities		556		592		536
Other assets
Derivatives		407		275		402
Accounts payable and accrued expenses
Derivatives		780		228		223

Level 3:
Accounts payable and accrued expenses – Deferred consideration		262

Contractual Maturities of Debt Securities

The contractual maturities of debt securities at May 1, 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 May 1, 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	$	27	$	27
Due after one through five years		92		90
Due after five through 10 years		171		155
Due after 10 years		221		192
Mortgage-backed securities		167		151
Debt securities	$	678	$	615

Fair Value, Nonrecurring Level 3 Measurements from Impairments

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


	Fair Value					Losses
						Three Months Ended			Six Months Ended
	May 1		October 31		May 2	May 1		May 2	May 1		May 2
	2022		2021		2021	2022		2021	2022		2021
Inventories	$	19				$	8		$	8
Property and equipment – net	$	15	$	41		$	41		$	41	$	44
Other intangible assets – net						$	28		$	28
Other assets			$	1							$	6

DERIVATIVE INSTRUMENTS (Tables)

6 Months Ended

May 01, 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:


			Cumulative Increase (Decrease) of Fair
			Value Hedging Adjustments Included in
			the Carrying Amount
	Carrying		Active
	Amount of		Hedging		Discontinued
	Hedged Item		Relationships		Relationships		Total
May 1, 2022
Long-term borrowings due within one year	$	185	$	1	$	7	$	8
Long-term borrowings		7,933		(613)		106		(507)

October 31, 2021
Long-term borrowings due within one year	$	189	$	3	$	(2)	$	1
Long-term borrowings		8,070		29		223		252

May 2, 2021
Long-term borrowings due within one year	$	163	$	1	$	(1)
Long-term borrowings		8,502		190		171	$	361

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

Fair Value of Derivative Instruments in Consolidated Balance Sheet

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


	May 1		October 31		May 2
Other Assets	2022		2021		2021
Designated as hedging instruments:
Interest rate contracts	$	63	$	166	$	301

Not designated as hedging instruments:
Interest rate contracts		180		73		67
Foreign exchange contracts		125		31		30
Cross-currency interest rate contracts		39		5		4
Total not designated		344		109		101

Total derivative assets	$	407	$	275	$	402

Accounts Payable and Accrued Expenses
Designated as hedging instruments:
Interest rate contracts	$	591	$	99	$	80

Not designated as hedging instruments:
Interest rate contracts		75		33		52
Foreign exchange contracts		114		94		89
Cross-currency interest rate contracts				2		2
Total not designated		189		129		143

Total derivative liabilities	$	780	$	228	$	223

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				Six Months Ended
	May 1		May 2		May 1		May 2
	2022		2021		2022		2021
Fair Value Hedges:
Interest rate contracts - Interest expense	$	(514)	$	(170)	$	(656)	$	(225)

Cash Flow Hedges:
Recognized in OCI
Interest rate contracts - OCI (pretax)		35				50
Reclassified from OCI
Interest rate contracts - Interest expense		(1)		(4)		(3)		(9)

Not Designated as Hedges:
Interest rate contracts - Net sales	$	31	$	5	$	44	$	5
Interest rate contracts - Interest expense *		61				59		(4)
Foreign exchange contracts - Net sales		(1)				(1)
Foreign exchange contracts - Cost of sales		(79)		(48)		(80)		(100)
Foreign exchange contracts - Other operating expenses *		26		(78)		173		(204)
Total not designated	$	38	$	(121)	$	195	$	(303)

* 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
May 1, 2022	Recognized		Arrangements		Collateral		Net Amount
Assets	$	407	$	(110)			$	297
Liabilities		780		(110)	$	(254)		416


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


	Gross Amounts		Netting
May 2, 2021	Recognized		Arrangements		Collateral		Net Amount
Assets	$	402	$	(125)	$	(21)	$	256
Liabilities		223		(125)		(1)		97

ACQUISITIONS (Tables)

6 Months Ended

May 01, 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 May 1, 2022 follows:


	February 7
	2022
Trade accounts and notes receivable	$	2
Other receivables		11
Inventories		11
Property and equipment		11
Goodwill		217
Other intangible assets		178
Other assets		6
Total assets	$	436

Accounts payable and accrued expenses	$	28
Deferred income taxes		36

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 is based on information as of the acquisition date and available at May 1, 2022 follows:


	February 28
	2022
Other receivables	$	29
Inventories		286
Property and equipment		182
Goodwill		534
Other intangible assets		70
Deferred income taxes		49
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:


	May 1
	2022
Trade accounts and notes receivable	$	7
Inventories		8
Property and equipment		4
Goodwill		40
Other intangible assets		20
Other assets		50
Total assets	$	129

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

Redeemable noncontrolling interest	$	9

SPECIAL ITEMS (Tables)

6 Months Ended

May 01, 2022

SPECIAL ITEMS

Schedule of Special Items

A summary of the reserves and impairments recorded in the second quarter of 2022 follows in millions of dollars:


	Three Months Ended May 1, 2022
	PPA		SAT		CF		FS		Total
2022 Expense:
Inventory reserve – Cost of sales	$	6			$	2			$	8
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							$	26		26
Contingent liabilities – Other operating expenses		10	$	1		6				17
Total Russia/Ukraine events pretax expense	$	46	$	1	$	47	$	26	$	120

Net tax impact										(14)
Total Russia/Ukraine events after-tax expense									$	106

The following table summarizes the operating profit impact, in millions of dollars, of the special items recorded for the three months and six months ended May 1, 2022 and May 2, 2021:


	Three Months										Six 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)					$	(326)			$	(326)
Total Russia/Ukraine events pretax expense	$	46	$	1		47	$	26		120	$	46	$	1		47	$	26		120
UAW ratification bonus – Cost of sales												53		9		28				90
Total expense (benefit)	$	46	$	1	$	(279)	$	26	$	(206)	$	99	$	10	$	(251)	$	26	$	(116)

2021 Expense (benefit):
Long-lived asset impairments – Cost of sales											$	5	$	3	$	42			$	50
Brazil indirect tax – Cost of sales												(53)				(5)				(58)
Total expense (benefit)											$	(48)	$	3	$	37			$	(8)

Period over period change	$	46	$	1	$	(279)	$	26	$	(206)	$	147	$	7	$	(288)	$	26	$	(108)

ORGANIZATION AND CONSOLIDATION (Details) - USD ($) $ in Millions	3 Months Ended			6 Months Ended
	May 01, 2022	May 02, 2021	Jan. 31, 2021	May 01, 2022	May 02, 2021
Fiscal period duration	91 days	91 days		182 days	182 days
Wirtgen Group Holding GmbH (Wirtgen)
Net sales			$ 270		$ 270

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES AND NEW ACCOUNTING STANDARDS (Details) - USD ($) $ in Millions	May 01, 2022	Oct. 31, 2021
Canada
Revenue Recognition
Remaining consigned inventory	$ 46	$ 150

REVENUE RECOGNITION - Primary Geographic Market, Major Product Line, and Timing (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	May 01, 2022	May 02, 2021	May 01, 2022	May 02, 2021
Revenue Recognition
Net sales and revenues	$ 13,370	$ 12,058	$ 22,939	$ 21,170
Revenue Recognized at a Point in Time
Revenue Recognition
Net sales and revenues	12,470	11,114	21,114	19,278
Revenue Recognized Over Time
Revenue Recognition
Net sales and revenues	900	944	1,825	1,892
Production Agriculture
Revenue Recognition
Net sales	5,032	4,466	8,315	7,478
Small Agriculture
Revenue Recognition
Net sales	2,668	2,417	4,600	4,228
Turf
Revenue Recognition
Net sales	817	898	1,444	1,549
Construction
Revenue Recognition
Net sales	1,516	1,232	2,691	2,119
Compact Construction
Revenue Recognition
Net sales	427	396	748	742
Roadbuilding
Revenue Recognition
Net sales	1,017	1,066	1,709	1,976
Forestry
Revenue Recognition
Net sales	325	343	630	633
Financial Products
Revenue Recognition
Financial	889	919	1,787	1,836
Other income
Revenue Recognition
Other net sales and revenues	679	321	1,015	609
United States
Revenue Recognition
Net sales and revenues	7,214	6,138	12,093	10,970
Canada
Revenue Recognition
Net sales and revenues	974	869	1,719	1,402
Western Europe
Revenue Recognition
Net sales and revenues	1,683	1,867	3,066	3,265
Central Europe and CIS
Revenue Recognition
Net sales and revenues	712	909	1,246	1,341
Latin America
Revenue Recognition
Net sales and revenues	1,666	1,083	2,842	1,902
Asia, Africa, Australia, New Zealand, and Middle East
Revenue Recognition
Net sales and revenues	1,121	1,192	1,973	2,290
Production & Precision Ag (PPA)
Revenue Recognition
Net sales and revenues	5,176	4,602	8,609	7,750
Production & Precision Ag (PPA) \| Revenue Recognized at a Point in Time
Revenue Recognition
Net sales and revenues	5,144	4,562	8,540	7,668
Production & Precision Ag (PPA) \| Revenue Recognized Over Time
Revenue Recognition
Net sales and revenues	32	40	69	82
Production & Precision Ag (PPA) \| Production Agriculture
Revenue Recognition
Net sales	5,032	4,466	8,315	7,478
Production & Precision Ag (PPA) \| Financial Products
Revenue Recognition
Financial	10	12	22	28
Production & Precision Ag (PPA) \| Other income
Revenue Recognition
Other net sales and revenues	134	124	272	244
Production & Precision Ag (PPA) \| United States
Revenue Recognition
Net sales and revenues	2,434	2,211	4,042	3,820
Production & Precision Ag (PPA) \| Canada
Revenue Recognition
Net sales and revenues	309	252	448	364
Production & Precision Ag (PPA) \| Western Europe
Revenue Recognition
Net sales and revenues	536	589	1,003	1,038
Production & Precision Ag (PPA) \| Central Europe and CIS
Revenue Recognition
Net sales and revenues	404	531	606	692
Production & Precision Ag (PPA) \| Latin America
Revenue Recognition
Net sales and revenues	1,126	700	1,902	1,213
Production & Precision Ag (PPA) \| Asia, Africa, Australia, New Zealand, and Middle East
Revenue Recognition
Net sales and revenues	367	319	608	623
Small Ag & Turf (SAT)
Revenue Recognition
Net sales and revenues	3,606	3,427	6,280	5,977
Small Ag & Turf (SAT) \| Revenue Recognized at a Point in Time
Revenue Recognition
Net sales and revenues	3,593	3,412	6,247	5,946
Small Ag & Turf (SAT) \| Revenue Recognized Over Time
Revenue Recognition
Net sales and revenues	13	15	33	31
Small Ag & Turf (SAT) \| Small Agriculture
Revenue Recognition
Net sales	2,668	2,417	4,600	4,228
Small Ag & Turf (SAT) \| Turf
Revenue Recognition
Net sales	817	898	1,444	1,549
Small Ag & Turf (SAT) \| Financial Products
Revenue Recognition
Financial	9	10	20	20
Small Ag & Turf (SAT) \| Other income
Revenue Recognition
Other net sales and revenues	112	102	216	180
Small Ag & Turf (SAT) \| United States
Revenue Recognition
Net sales and revenues	2,103	1,838	3,541	3,261
Small Ag & Turf (SAT) \| Canada
Revenue Recognition
Net sales and revenues	161	144	283	223
Small Ag & Turf (SAT) \| Western Europe
Revenue Recognition
Net sales and revenues	658	738	1,190	1,224
Small Ag & Turf (SAT) \| Central Europe and CIS
Revenue Recognition
Net sales and revenues	151	160	277	244
Small Ag & Turf (SAT) \| Latin America
Revenue Recognition
Net sales and revenues	134	103	238	180
Small Ag & Turf (SAT) \| Asia, Africa, Australia, New Zealand, and Middle East
Revenue Recognition
Net sales and revenues	399	444	751	845
Construction & Forestry (CF)
Revenue Recognition
Net sales and revenues	3,724	3,137	6,316	5,667
Construction & Forestry (CF) \| Revenue Recognized at a Point in Time
Revenue Recognition
Net sales and revenues	3,707	3,114	6,277	5,614
Construction & Forestry (CF) \| Revenue Recognized Over Time
Revenue Recognition
Net sales and revenues	17	23	39	53
Construction & Forestry (CF) \| Construction
Revenue Recognition
Net sales	1,516	1,232	2,691	2,119
Construction & Forestry (CF) \| Compact Construction
Revenue Recognition
Net sales	427	396	748	742
Construction & Forestry (CF) \| Roadbuilding
Revenue Recognition
Net sales	1,017	1,066	1,709	1,976
Construction & Forestry (CF) \| Forestry
Revenue Recognition
Net sales	325	343	630	633
Construction & Forestry (CF) \| Financial Products
Revenue Recognition
Financial	6	5	11	12
Construction & Forestry (CF) \| Other income
Revenue Recognition
Other net sales and revenues	433	95	527	185
Construction & Forestry (CF) \| United States
Revenue Recognition
Net sales and revenues	2,108	1,481	3,368	2,683
Construction & Forestry (CF) \| Canada
Revenue Recognition
Net sales and revenues	355	320	687	508
Construction & Forestry (CF) \| Western Europe
Revenue Recognition
Net sales and revenues	464	514	822	953
Construction & Forestry (CF) \| Central Europe and CIS
Revenue Recognition
Net sales and revenues	146	209	341	387
Construction & Forestry (CF) \| Latin America
Revenue Recognition
Net sales and revenues	333	220	561	390
Construction & Forestry (CF) \| Asia, Africa, Australia, New Zealand, and Middle East
Revenue Recognition
Net sales and revenues	318	393	537	746
Financial Services (FS)
Revenue Recognition
Financial	864	892	1,734	1,776
Financial Services (FS) \| Revenue Recognized at a Point in Time
Revenue Recognition
Financial	26	26	50	50
Financial Services (FS) \| Revenue Recognized Over Time
Revenue Recognition
Financial	838	866	1,684	1,726
Financial Services (FS) \| Financial Products
Revenue Recognition
Financial	864	892	1,734	1,776
Financial Services (FS) \| United States
Revenue Recognition
Financial	569	608	1,142	1,206
Financial Services (FS) \| Canada
Revenue Recognition
Financial	149	153	301	307
Financial Services (FS) \| Western Europe
Revenue Recognition
Financial	25	26	51	50
Financial Services (FS) \| Central Europe and CIS
Revenue Recognition
Financial	11	9	22	18
Financial Services (FS) \| Latin America
Revenue Recognition
Financial	73	60	141	119
Financial Services (FS) \| Asia, Africa, Australia, New Zealand, and Middle East
Revenue Recognition
Financial	$ 37	$ 36	$ 77	$ 76

REVENUE RECOGNITION - Advanced Customer Payments (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	May 01, 2022	May 02, 2021	May 01, 2022	May 02, 2021	Oct. 31, 2021
Advanced customer payments
Deferred revenue received	$ 1,423	$ 1,249	$ 1,423	$ 1,249	$ 1,344
Revenue recognized from deferred revenue	$ 130	$ 111	$ 395	$ 335

REVENUE RECOGNITION - Unsatisfied Performance Obligations (Details) $ in Millions	May 01, 2022 USD ($)
Unsatisfied performance obligations
Unsatisfied performance obligations for contracts with an original duration greater than one year	$ 1,116
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2022-05-02
Unsatisfied performance obligations
Unsatisfied performance obligations for contracts with an original duration greater than one year	$ 173
Period estimated revenue to be recognized	6 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	$ 311
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	$ 260
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	$ 168
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	$ 87
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	$ 52
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	$ 65
Period estimated revenue to be recognized	24 months

OTHER COMPREHENSIVE INCOME ITEMS - After-Tax Components (Details) - USD ($) $ in Millions	May 01, 2022	Oct. 31, 2021	May 02, 2021
Accumulated other comprehensive income (loss)
Total accumulated other comprehensive income (loss)	$ 18,904	$ 18,431	$ 15,092
Accumulated Other Comprehensive Income (Loss)
Accumulated other comprehensive income (loss)
Total accumulated other comprehensive income (loss)	(3,291)	(2,539)	(4,960)
Retirement Benefits Adjustment
Accumulated other comprehensive income (loss)
Total accumulated other comprehensive income (loss)	(1,250)	(1,034)	(3,764)
Cumulative Translation Adjustment
Accumulated other comprehensive income (loss)
Total accumulated other comprehensive income (loss)	(1,993)	(1,478)	(1,163)
Unrealized Gain (Loss) on Derivatives
Accumulated other comprehensive income (loss)
Total accumulated other comprehensive income (loss)		(42)	(51)
Unrealized Gain (Loss) on Debt Securities
Accumulated other comprehensive income (loss)
Total accumulated other comprehensive income (loss)	$ (48)	$ 15	$ 18

- 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 http://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690

Reference 2: http://www.xbrl.org/2003/role/exampleRef
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-Section 55
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Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
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+ Details

OTHER COMPREHENSIVE INCOME ITEMS - Amounts Recorded in and Reclassifications out of (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	May 01, 2022	May 02, 2021	May 01, 2022	May 02, 2021
Other Comprehensive Income (Loss), Before Tax
Interest expense	$ (187)	$ (268)	$ (417)	$ (538)
Total other comprehensive income (loss), before tax	(98)	147	(817)	627
Other Comprehensive Income (Loss), Tax (Expense) Credit
Total other comprehensive income (loss), tax (expense) credit	(41)	(29)	65	(48)
Other Comprehensive Income (Loss), After Tax
Other comprehensive income (loss), net of income taxes	(139)	118	(752)	579
Cumulative Translation Adjustment
Other Comprehensive Income (Loss), Before Tax
Total other comprehensive income (loss), before tax	(243)	37	(507)	431
Other Comprehensive Income (Loss), Tax (Expense) Credit
Total other comprehensive income (loss), tax (expense) credit	(5)		(8)	2
Other Comprehensive Income (Loss), After Tax
Other comprehensive income (loss), net of income taxes	(248)	37	(515)	433
Unrealized Gain (Loss) on Derivatives
Other Comprehensive Income (Loss), Before Tax
Other comprehensive income (loss) before reclassification, before tax	35		50
Total other comprehensive income (loss), before tax	36	4	53	9
Other Comprehensive Income (Loss), Tax (Expense) Credit
Other comprehensive income (loss) before reclassification, tax (expense) credit	(7)		(10)
Total other comprehensive income (loss), tax (expense) credit	(8)	(1)	(11)	(2)
Other Comprehensive Income (Loss), After Tax
Other comprehensive income (loss) before reclassification, after tax	28		40
Other comprehensive income (loss), net of income taxes	28	3	42	7
Unrealized Gain (Loss) on Derivatives \| Interest Rate Contracts \| Reclassification out of Accumulated Other Comprehensive Income (Loss)
Other Comprehensive Income (Loss), Before Tax
Interest expense	1	4	3	9
Other Comprehensive Income (Loss), Tax (Expense) Credit
Reclassification from accumulated other comprehensive income, tax (expense) credit	(1)	(1)	(1)	(2)
Other Comprehensive Income (Loss), After Tax
Reclassification from accumulated other comprehensive income, after tax		3	2	7
Unrealized Gain (Loss) on Debt Securities
Other Comprehensive Income (Loss), Before Tax
Other comprehensive income (loss) before reclassification, before tax	(61)	(14)	(80)	(17)
Total other comprehensive income (loss), before tax	(61)	(14)	(80)	(17)
Other Comprehensive Income (Loss), Tax (Expense) Credit
Other comprehensive income (loss) before reclassification, tax (expense) credit	13	1	17	2
Total other comprehensive income (loss), tax (expense) credit	13	1	17	2
Other Comprehensive Income (Loss), After Tax
Other comprehensive income (loss) before reclassification, after tax	(48)	(13)	(63)	(15)
Other comprehensive income (loss), net of income taxes	(48)	(13)	(63)	(15)
Retirement Benefits Adjustment
Other Comprehensive Income (Loss), Before Tax
Other comprehensive income (loss) before reclassification, before tax	128	41	(372)	40
Total other comprehensive income (loss), before tax	170	120	(283)	204
Other Comprehensive Income (Loss), Tax (Expense) Credit
Other comprehensive income (loss) before reclassification, tax (expense) credit	(30)	(9)	90	(9)
Total other comprehensive income (loss), tax (expense) credit	(41)	(29)	67	(50)
Other Comprehensive Income (Loss), After Tax
Other comprehensive income (loss) before reclassification, after tax	98	32	(282)	31
Other comprehensive income (loss), net of income taxes	129	91	(216)	154
Actuarial (Gain) Loss \| Reclassification out of Accumulated Other Comprehensive Income (Loss)
Other Comprehensive Income (Loss), Before Tax
Other operating expenses	27	72	67	142
Other Comprehensive Income (Loss), Tax (Expense) Credit
Reclassification from accumulated other comprehensive income, tax (expense) credit	(7)	(19)	(17)	(36)
Other Comprehensive Income (Loss), After Tax
Reclassification from accumulated other comprehensive income, after tax	20	53	50	106
Prior Service (Credit) Cost \| Reclassification out of Accumulated Other Comprehensive Income (Loss)
Other Comprehensive Income (Loss), Before Tax
Other operating expenses	8	2	14	4
Other Comprehensive Income (Loss), Tax (Expense) Credit
Reclassification from accumulated other comprehensive income, tax (expense) credit	(2)		(4)	(1)
Other Comprehensive Income (Loss), After Tax
Reclassification from accumulated other comprehensive income, after tax	6	2	10	3
Settlements \| Reclassification out of Accumulated Other Comprehensive Income (Loss)
Other Comprehensive Income (Loss), Before Tax
Other operating expenses	7	5	8	18
Other Comprehensive Income (Loss), Tax (Expense) Credit
Reclassification from accumulated other comprehensive income, tax (expense) credit	(2)	(1)	(2)	(4)
Other Comprehensive Income (Loss), After Tax
Reclassification from accumulated other comprehensive income, after tax	$ 5	$ 4	$ 6	$ 14

EARNINGS PER SHARE (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	3 Months Ended		6 Months Ended
	May 01, 2022	May 02, 2021	May 01, 2022	May 02, 2021
EARNINGS PER SHARE
Net income attributable to Deere & Company	$ 2,098	$ 1,790	$ 3,001	$ 3,013
Average shares outstanding	306.2	312.8	306.8	313.1
Basic (in dollars per share)	$ 6.85	$ 5.72	$ 9.78	$ 9.62
Diluted Earnings Per Share
Average shares outstanding	306.2	312.8	306.8	313.1
Effect of dilutive share-based compensation (in shares)	1.9	2.4	2.0	2.5
Total potential shares outstanding	308.1	315.2	308.8	315.6
Diluted (in dollars per share)	$ 6.81	$ 5.68	$ 9.72	$ 9.55
Antidilutive incremental shares excluded from computation of earnings per share	0.2	0.0	0.1	0.0

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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PENSION AND OTHER POSTRETIREMENT BENEFITS - Components of Net Periodic (Benefit) Cost (Details) - USD ($) $ in Millions		3 Months Ended			6 Months Ended		12 Months Ended
	Nov. 30, 2021	May 01, 2022	Jan. 30, 2022	May 02, 2021	May 01, 2022	May 02, 2021	Oct. 30, 2022
Net Periodic (Benefit) Cost
Location of costs excluding the service component		Other operating expenses		Other operating expenses	Other operating expenses	Other operating expenses
Pensions
Net Periodic (Benefit) Cost
Service cost		$ 94		$ 83	$ 179	$ 168
Interest cost		80		69	157	138
Expected return on plan assets		(180)		(200)	(362)	(400)
Amortization of actuarial (gain) loss		37		65	76	128
Amortization of prior service (credit) cost		9		3	16	6
Settlements		7		5	8	18
Net (benefit) cost		47		25	74	58
Employer Contributions
Defined benefit plan employer contributions					47
Defined benefit plan employer contributions expected for the remainder of the fiscal year		43			43
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 (Benefit) Cost
Service cost		11		12	23	24
Interest cost		23		25	49	51
Expected return on plan assets		(27)		(20)	(55)	(39)
Amortization of actuarial (gain) loss		(10)		7	(9)	14
Amortization of prior service (credit) cost		(1)		(1)	(2)	(2)
Net (benefit) cost		(4)		$ 23	6	$ 48
Employer Contributions
Defined benefit plan employer contributions					1,085
Defined benefit plan employer contributions expected for the remainder of the fiscal year		$ 50			$ 50
OPEB \| United States
Employer Contributions
Defined benefit plan employer voluntary contributions	$ 1,000

SEGMENT REPORTING (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
SEGMENT REPORTING (Details) - USD ($) $ in Millions	May 01, 2022	May 02, 2021	May 01, 2022	May 02, 2021	Oct. 31, 2021
Net Sales and Revenues
Net sales and revenues	$ 13,370	$ 12,058	$ 22,939	$ 21,170
% Change - Net sales and revenues	11.00%		8.00%
Operating Profit (Loss)
Total operating profit	$ 2,670	2,439	$ 3,906	4,077
% Change - Operating profit	9.00%		(4.00%)
Net income attributable to Deere & Company	$ 2,098	1,790	$ 3,001	3,013
% Change - Net income attributable to Deere & Company	17.00%
Identifiable Assets
Total Assets	$ 84,099	78,979	84,099	78,979	$ 84,114
Operating Segments (Other)
Reconciling items	$ (111)	(119)	$ (195)	(226)
% Change - Reconciling items	(7.00%)		(14.00%)
Income taxes	$ (461)	(530)	$ (710)	(838)
% Change - Income taxes	(13.00%)		(15.00%)
Corporate
Identifiable Assets
Total Assets	$ 10,894	11,423	$ 10,894	11,423	15,053
Other Revenues
Net Sales and Revenues
Other revenues	$ 472	168	$ 640	345
% Change - Other revenues	181.00%		86.00%
Production & Precision Ag (PPA)
Net Sales and Revenues
Net sales and revenues	$ 5,176	4,602	$ 8,609	7,750
Intersegment sales and revenues	$ 6	7	$ 10	13
% Change - Intersegment sales and revenues	(14.00%)		(23.00%)
Operating Profit (Loss)
Total operating profit	$ 1,057	1,007	$ 1,353	1,651
% Change - Operating profit	5.00%		(18.00%)
Identifiable Assets
Total Assets	$ 8,680	6,602	$ 8,680	6,602	7,021
Small Ag & Turf (SAT)
Net Sales and Revenues
Net sales and revenues	3,606	3,427	6,280	5,977
Intersegment sales and revenues	4	4	$ 6	8
% Change - Intersegment sales and revenues			(25.00%)
Operating Profit (Loss)
Total operating profit	$ 520	648	$ 891	1,117
% Change - Operating profit	(20.00%)		(20.00%)
Identifiable Assets
Total Assets	$ 4,431	3,605	$ 4,431	3,605	3,959
Construction & Forestry (CF)
Net Sales and Revenues
Net sales and revenues	3,724	3,137	6,316	5,667
Operating Profit (Loss)
Total operating profit	$ 814	489	$ 1,085	756
% Change - Operating profit	66.00%		44.00%
Identifiable Assets
Total Assets	$ 6,984	6,500	$ 6,984	6,500	6,457
Financial Services (FS)
Net Sales and Revenues
Financial revenues	$ 864	892	$ 1,734	1,776
% Change - Financial revenues	(3.00%)		(2.00%)
Intersegment sales and revenues	$ 87	62	$ 133	112
% Change - Intersegment sales and revenues	40.00%		19.00%
Operating Profit (Loss)
Total operating profit	$ 279	295	$ 577	553
% Change - Operating profit	(5.00%)		4.00%
Identifiable Assets
Total Assets	$ 53,110	50,849	$ 53,110	50,849	$ 51,624
Net Sales
Net Sales and Revenues
Net sales and revenues	12,034	10,998	20,565	19,049
Net Sales \| Production & Precision Ag (PPA)
Net Sales and Revenues
Net sales	$ 5,117	4,529	$ 8,473	7,599
% Change - Net sales	13.00%		12.00%
Net Sales \| Small Ag & Turf (SAT)
Net Sales and Revenues
Net sales	$ 3,570	3,390	$ 6,201	5,904
% Change - Net sales	5.00%		5.00%
Net Sales \| Construction & Forestry (CF)
Net Sales and Revenues
Net sales	$ 3,347	$ 3,079	$ 5,891	$ 5,546
% Change - Net sales	9.00%		6.00%

FINANCING RECEIVABLES - Financing Receivables Past Due (Details)	6 Months Ended
	May 01, 2022
FINANCING RECEIVABLES
Minimum number of days for a financing receivable to be considered past due	30 days
Generally the number of days for a financing receivable to be considered non-performing	90 days
Generally the number of days before a receivable is delinquent and the estimated uncollectible amount is written off	120 days

FINANCING RECEIVABLES - Retail Notes, Financing Leases, and Revolving Charge Accounts Credit Quality Analysis (Details) - USD ($) $ in Millions	May 01, 2022	Oct. 31, 2021	May 02, 2021
Credit Quality Analysis
Total retail customer receivables	$ 38,348		$ 35,279
Retail Customer Receivables
Credit Quality Analysis
2022 and 2021, respectively	7,103	$ 16,173	7,640
2021 and 2020, respectively	12,813	8,494	10,697
2020 and 2019, respectively	6,723	4,389	5,765
2019 and 2018, respectively	3,384	2,098	2,987
2018 and 2017, respectively	1,579	828	1,322
Prior years	879	251	568
Revolving	3,507	3,825	3,348
Total retail customer receivables	35,988	36,058	32,327
Retail Customer Receivables \| Agriculture and Turf \| 30-59 Days Past Due
Credit Quality Analysis
2022 and 2021, respectively	20	43	20
2021 and 2020, respectively	75	53	64
2020 and 2019, respectively	36	29	41
2019 and 2018, respectively	20	16	19
2018 and 2017, respectively	9	7	10
Prior years	5	3	5
Revolving	12	14	20
Total retail customer receivables	177	165	179
Retail Customer Receivables \| Agriculture and Turf \| 60-89 Days Past Due
Credit Quality Analysis
2022 and 2021, respectively	4	16	5
2021 and 2020, respectively	29	23	34
2020 and 2019, respectively	14	12	18
2019 and 2018, respectively	9	6	9
2018 and 2017, respectively	5	3	4
Prior years	2	1	2
Revolving	4	4	5
Total retail customer receivables	67	65	77
Retail Customer Receivables \| Agriculture and Turf \| 90 Days or Greater Past Due
Credit Quality Analysis
2021 and 2020, respectively		1
2020 and 2019, respectively	1		1
2019 and 2018, respectively			1
Total retail customer receivables	1	1	2
Retail Customer Receivables \| Agriculture and Turf \| Current
Credit Quality Analysis
2022 and 2021, respectively	5,540	12,877	6,017
2021 and 2020, respectively	10,141	6,676	8,375
2020 and 2019, respectively	5,318	3,463	4,436
2019 and 2018, respectively	2,684	1,738	2,402
2018 and 2017, respectively	1,286	728	1,136
Prior years	723	211	494
Revolving	3,381	3,704	3,221
Total retail customer receivables	29,073	29,397	26,081
Retail Customer Receivables \| Agriculture and Turf \| Non-performing
Credit Quality Analysis
2022 and 2021, respectively	3	23	2
2021 and 2020, respectively	40	57	51
2020 and 2019, respectively	44	53	69
2019 and 2018, respectively	41	32	54
2018 and 2017, respectively	25	17	29
Prior years	31	23	33
Revolving	14	7	16
Total retail customer receivables	198	212	254
Retail Customer Receivables \| Construction and Forestry \| 30-59 Days Past Due
Credit Quality Analysis
2022 and 2021, respectively	20	50	21
2021 and 2020, respectively	52	40	43
2020 and 2019, respectively	33	27	35
2019 and 2018, respectively	17	7	14
2018 and 2017, respectively	6	4	5
Prior years	2	1	1
Revolving	3	3	3
Total retail customer receivables	133	132	122
Retail Customer Receivables \| Construction and Forestry \| 60-89 Days Past Due
Credit Quality Analysis
2022 and 2021, respectively	7	15	6
2021 and 2020, respectively	25	11	13
2020 and 2019, respectively	15	9	12
2019 and 2018, respectively	6	6	7
2018 and 2017, respectively	1	1	3
Prior years	1		1
Revolving	1	1	1
Total retail customer receivables	56	43	43
Retail Customer Receivables \| Construction and Forestry \| 90 Days or Greater Past Due
Credit Quality Analysis
2022 and 2021, respectively		1
2021 and 2020, respectively	1	2	2
2020 and 2019, respectively	1	3	10
2019 and 2018, respectively	1	3	5
2018 and 2017, respectively	1	4	6
Prior years	5	2	3
Total retail customer receivables	9	15	26
Retail Customer Receivables \| Construction and Forestry \| Current
Credit Quality Analysis
2022 and 2021, respectively	1,506	3,122	1,568
2021 and 2020, respectively	2,404	1,575	2,077
2020 and 2019, respectively	1,211	754	1,106
2019 and 2018, respectively	577	273	454
2018 and 2017, respectively	234	57	118
Prior years	105	7	22
Revolving	91	92	81
Total retail customer receivables	6,128	5,880	5,426
Retail Customer Receivables \| Construction and Forestry \| Non-performing
Credit Quality Analysis
2022 and 2021, respectively	3	26	1
2021 and 2020, respectively	46	56	38
2020 and 2019, respectively	50	39	37
2019 and 2018, respectively	29	17	22
2018 and 2017, respectively	12	7	11
Prior years	5	3	7
Revolving	1		1
Total retail customer receivables	$ 146	$ 148	$ 117

FINANCING RECEIVABLES - Wholesale Receivables Credit Quality Analysis (Details) - USD ($) $ in Millions	May 01, 2022	Oct. 31, 2021	May 02, 2021
Credit Quality Analysis
Total wholesale receivables	$ 38,348		$ 35,279
Wholesale Receivables
Credit Quality Analysis
2022 and 2021, respectively	230	$ 387	196
2021 and 2020, respectively	190	87	154
2020 and 2019, respectively	47	41	92
2019 and 2018, respectively	15	9	14
2018 and 2017, respectively	1	4	5
Prior years	4	2	4
Revolving	1,873	2,036	2,487
Total wholesale receivables	2,360	2,566	2,952
Wholesale Receivables \| Agriculture and Turf \| Current
Credit Quality Analysis
2022 and 2021, respectively	224	346	191
2021 and 2020, respectively	155	80	144
2020 and 2019, respectively	43	22	55
2019 and 2018, respectively	8	9	13
2018 and 2017, respectively	1	3	4
Prior years	2		1
Revolving	1,605	1,696	2,146
Total wholesale receivables	2,038	2,156	2,554
Wholesale Receivables \| Agriculture and Turf \| Non-performing
Credit Quality Analysis
2020 and 2019, respectively		12	22
2019 and 2018, respectively	5
Total wholesale receivables	5	12	22
Wholesale Receivables \| Construction and Forestry \| 30+ days past due
Credit Quality Analysis
Prior years	1	1
Total wholesale receivables	1	1
Wholesale Receivables \| Construction and Forestry \| Current
Credit Quality Analysis
2022 and 2021, respectively	6	41	5
2021 and 2020, respectively	35	7	10
2020 and 2019, respectively	4	7	15
2019 and 2018, respectively	2		1
2018 and 2017, respectively		1	1
Prior years	1	1	3
Revolving	268	340	341
Total wholesale receivables	$ 316	$ 397	$ 376

FINANCING RECEIVABLES - Allowance for Credit Losses (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	May 01, 2022	May 02, 2021	May 01, 2022	May 02, 2021	Oct. 31, 2021
Allowance:
Beginning of period balance	$ 158	$ 211	$ 166	$ 184
Provision (credit)	42	(23)	43	(30)
Write-offs	(26)	(24)	(47)	(37)
Recoveries	12	14	24	29
Translation adjustments	4		4	1
End of period balance	190	178	190	178
Financing receivables:
End of period balance	38,348	35,279	38,348	35,279
Cumulative Effect from Adoption \| ASU 2016-13
Allowance:
Beginning of period balance				31
Retail Customer Receivables
Financing receivables:
End of period balance	35,988	32,327	35,988	32,327	$ 36,058
Retail Notes and Financing Leases
Allowance:
Beginning of period balance	138	180	138	133
Provision (credit)	39	(17)	52	(13)
Write-offs	(18)	(15)	(35)	(23)
Recoveries	5	4	9	10
Translation adjustments	4		4	1
End of period balance	168	152	168	152
Financing receivables:
End of period balance	32,481	28,979	32,481	28,979
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	15	24	21	43
Provision (credit)	3	(6)	(7)	(16)
Write-offs	(8)	(9)	(12)	(14)
Recoveries	7	10	15	19
End of period balance	17	19	17	19
Financing receivables:
End of period balance	3,507	3,348	3,507	3,348
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)			(2)	(1)
End of period balance	5	7	5	7
Financing receivables:
End of period balance	$ 2,360	$ 2,952	$ 2,360	$ 2,952	$ 2,566

FINANCING RECEIVABLES - Troubled Debt Restructuring (Details) $ in Millions	6 Months Ended
	May 01, 2022 USD ($) item	May 02, 2021 USD ($) item
Financing Receivables Related to Troubled Debt Restructurings
Financing receivable contracts in troubled debt restructuring, number \| item	184	199
Financing receivables in troubled debt restructurings, aggregate balances, pre-modification	$ 8	$ 8
Financing receivables in troubled debt restructurings, aggregate balances, post-modification	7	$ 7
Commitments to lend additional funds to borrowers whose accounts were modified in troubled debt restructurings	$ 0

SECURITIZATION OF FINANCING RECEIVABLES (Details) - USD ($) $ in Millions	May 01, 2022	Oct. 31, 2021	May 02, 2021
Securitization Transactions
Short-term securitization borrowings	$ 4,006	$ 4,605	$ 4,106
Accrued interest on borrowings - securitization transactions	2	2	3
Total liabilities related to restricted securitized assets - securitization transactions	4,008	4,607	4,109
Securitized
Securitization Transactions
Financing receivables securitized (retail notes)	4,085	4,673	4,122
Allowance for credit losses - securitization transactions	(12)	(14)	(15)
Other assets (primarily restricted cash) - securitization transactions	124	107	91
Total restricted securitized assets - securitization transactions	$ 4,197	$ 4,766	$ 4,198

INVENTORIES (Details) - USD ($) $ in Millions	May 01, 2022	Oct. 31, 2021	May 02, 2021
INVENTORIES
Raw materials and supplies	$ 4,384	$ 3,524	$ 2,469
Work-in-process	1,640	994	967
Finished goods and parts	5,434	4,373	4,334
Total FIFO value	11,458	8,891	7,770
Less adjustment to LIFO value	2,428	2,110	1,728
Inventories	$ 9,030	$ 6,781	$ 6,042

GOODWILL AND OTHER INTANGIBLE ASSETS-NET - Goodwill (Details) - USD ($) $ in Millions	6 Months Ended
	May 01, 2022	May 02, 2021
Changes in Amounts of Goodwill
Goodwill - net, beginning balance	$ 3,291	$ 3,081
Acquisitions	791	12
Translation adjustments	(270)	97
Goodwill - net, ending balance	3,812	3,190
Accumulated goodwill impairment losses	0	0
Production & Precision Ag (PPA)
Changes in Amounts of Goodwill
Goodwill - net, beginning balance	542	333
Acquisitions	122	12
Translation adjustments	(11)	10
Goodwill - net, ending balance	653	355
Small Ag & Turf (SAT)
Changes in Amounts of Goodwill
Goodwill - net, beginning balance	265	268
Acquisitions	69
Translation adjustments	(7)	(2)
Goodwill - net, ending balance	327	266
Construction & Forestry (CF)
Changes in Amounts of Goodwill
Goodwill - net, beginning balance	2,484	2,480
Acquisitions	600
Translation adjustments	(252)	89
Goodwill - net, ending balance	$ 2,832	$ 2,569

GOODWILL AND OTHER INTANGIBLE ASSETS-NET - Intangible Assets (Details) - USD ($) $ in Millions	May 01, 2022	Oct. 31, 2021	May 02, 2021
Amortized intangible assets:
Total at cost	$ 1,870	$ 1,646	$ 1,646
Total accumulated amortization	518	494	459
Amortized intangible assets - net	1,352	1,152	1,187
Unamortized intangible assets:
Other intangible assets - net	1,352	1,275	1,310
Customer Lists and Relationships
Amortized intangible assets:
Total at cost	520	542	549
Total accumulated amortization	158	151	136
Technology, Patents, Trademarks and Other
Amortized intangible assets:
Total at cost	1,350	1,104	1,097
Total accumulated amortization	$ 360	343	323
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		6 Months Ended
	May 01, 2022	May 02, 2021	May 01, 2022	May 02, 2021
Amortized Intangible Assets:
Amortization expense of other intangible assets	$ 34	$ 27	$ 62	$ 62
Amortization expense of other intangible assets - remainder of 2022	107		107
Amortization expense of other intangible assets - 2023	167		167
Amortization expense of other intangible assets - 2024	163		163
Amortization expense of other intangible assets - 2025	135		135
Amortization expense of other intangible assets - 2026	116		116
Amortization expense of other intangible assets - 2027	$ 114		$ 114

TOTAL SHORT-TERM BORROWINGS (Details) - USD ($) $ in Millions	May 01, 2022	Oct. 31, 2021	May 02, 2021
Short-term borrowings
Short-term borrowings	$ 12,413	$ 10,919	$ 9,911
Short-term securitization borrowings	4,006	4,605	4,106
Total short-term borrowings	16,419	15,524	14,017
Equipment Operations
Short-term borrowings
Short-term borrowings	1,554	1,509	352
Short-term securitization borrowings	5	10	14
Equipment Operations \| Notes Payable to Banks
Short-term borrowings
Short-term borrowings	407	273	122
Equipment Operations \| Finance Lease Obligations Due Within One Year
Short-term borrowings
Short-term borrowings	21	23	24
Equipment Operations \| Long-term Borrowings Due Within One Year
Short-term borrowings
Short-term borrowings	1,126	1,213	206
Financial Services
Short-term borrowings
Short-term borrowings	10,859	9,410	9,559
Short-term securitization borrowings	4,001	4,595	4,092
Financial Services \| Commercial Paper
Short-term borrowings
Short-term borrowings	3,403	2,230	2,259
Financial Services \| Notes Payable to Banks
Short-term borrowings
Short-term borrowings	148	63	89
Financial Services \| Long-term Borrowings Due Within One Year
Short-term borrowings
Short-term borrowings	$ 7,308	$ 7,117	$ 7,211

LONG-TERM BORROWINGS (Details) € in Millions, $ in Millions	Apr. 12, 2022 USD ($)	May 01, 2022 USD ($)	May 01, 2022 EUR (€)	Oct. 31, 2021 USD ($)	Oct. 31, 2021 EUR (€)	May 02, 2021 USD ($)	May 02, 2021 EUR (€)
Long-term borrowings
Total long-term borrowings		$ 32,447		$ 32,888		$ 33,346
Equipment Operations
Long-term borrowings
Less debt issuance costs and debt discounts		(51)		(54)		(58)
Total long-term borrowings		8,556		8,915		10,124
Equipment Operations \| 2.60% Notes Due 2022
Long-term borrowings
Long-term borrowings, gross						$ 1,000
Debt instrument, stated interest rate						2.60%	2.60%
Equipment Operations \| 2.75% Notes Due 2025
Long-term borrowings
Long-term borrowings, gross		$ 700		$ 700		$ 700
Debt instrument, stated interest rate		2.75%	2.75%	2.75%	2.75%	2.75%	2.75%
Equipment Operations \| 6.55% Debentures Due 2028
Long-term borrowings
Long-term borrowings, gross		$ 200		$ 200		$ 200
Debt instrument, stated interest rate		6.55%	6.55%	6.55%	6.55%	6.55%	6.55%
Equipment Operations \| 5.375% Notes Due 2029
Long-term borrowings
Long-term borrowings, gross		$ 500		$ 500		$ 500
Debt instrument, stated interest rate		5.375%	5.375%	5.375%	5.375%	5.375%	5.375%
Equipment Operations \| 3.10% Notes Due 2030
Long-term borrowings
Long-term borrowings, gross		$ 700		$ 700		$ 700
Debt instrument, stated interest rate		3.10%	3.10%	3.10%	3.10%	3.10%	3.10%
Equipment Operations \| 8.10% Debentures Due 2030
Long-term borrowings
Long-term borrowings, gross		$ 250		$ 250		$ 250
Debt instrument, stated interest rate		8.10%	8.10%	8.10%	8.10%	8.10%	8.10%
Equipment Operations \| 7.125% Notes Due 2031
Long-term borrowings
Long-term borrowings, gross		$ 300		$ 300		$ 300
Debt instrument, stated interest rate		7.125%	7.125%	7.125%	7.125%	7.125%	7.125%
Equipment Operations \| 3.90% Notes Due 2042
Long-term borrowings
Long-term borrowings, gross		$ 1,250		$ 1,250		$ 1,250
Debt instrument, stated interest rate		3.90%	3.90%	3.90%	3.90%	3.90%	3.90%
Equipment Operations \| 2.875% Notes Due 2049
Long-term borrowings
Long-term borrowings, gross		$ 500		$ 500		$ 500
Debt instrument, stated interest rate		2.875%	2.875%	2.875%	2.875%	2.875%	2.875%
Equipment Operations \| 3.75% Notes Due 2050
Long-term borrowings
Long-term borrowings, gross		$ 850		$ 850		$ 850
Debt instrument, stated interest rate		3.75%	3.75%	3.75%	3.75%	3.75%	3.75%
Equipment Operations \| .5% Notes Due 2023
Long-term borrowings
Long-term borrowings, gross		$ 525		$ 584		$ 606
Debt instrument, stated interest rate		0.50%	0.50%	0.50%	0.50%	0.50%	0.50%
Principal amount \| €			€ 500		€ 500		€ 500
Equipment Operations \| 1.375% Notes Due 2024
Long-term borrowings
Long-term borrowings, gross		$ 840		$ 934		$ 969
Debt instrument, stated interest rate		1.375%	1.375%	1.375%	1.375%	1.375%	1.375%
Principal amount \| €			€ 800		€ 800		€ 800
Equipment Operations \| 1.85% Notes Due 2028
Long-term borrowings
Long-term borrowings, gross		$ 630		$ 701		$ 727
Debt instrument, stated interest rate		1.85%	1.85%	1.85%	1.85%	1.85%	1.85%
Principal amount \| €			€ 600		€ 600		€ 600
Equipment Operations \| 2.20% Notes Due 2032
Long-term borrowings
Long-term borrowings, gross		$ 630		$ 701		$ 727
Debt instrument, stated interest rate		2.20%	2.20%	2.20%	2.20%	2.20%	2.20%
Principal amount \| €			€ 600		€ 600		€ 600
Equipment Operations \| 1.65% Notes Due 2039
Long-term borrowings
Long-term borrowings, gross		$ 682		$ 759		$ 788
Debt instrument, stated interest rate		1.65%	1.65%	1.65%	1.65%	1.65%	1.65%
Principal amount \| €			€ 650		€ 650		€ 650
Equipment Operations \| Other Notes
Long-term borrowings
Long-term borrowings, gross		$ 50		$ 40		$ 115
Financial Services
Long-term borrowings
Less debt issuance costs and debt discounts		(65)		(64)		(60)
Total long-term borrowings		23,891		23,973		23,222
Financial Services \| Medium-term Notes
Long-term borrowings
Long-term borrowings, gross		22,740		22,899		22,161
Principal amount		23,247		22,647		21,800
Financial Services \| Other Notes
Long-term borrowings
Long-term borrowings, gross		$ 1,216		$ 1,138		$ 1,121
Financial Services \| 3.35% Sustainability-Linked Medium Term Notes Due 2029
Long-term borrowings
Long-term borrowings, gross	$ 600
Debt instrument, stated interest rate	3.35%
Financial Services \| 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		6 Months Ended
	May 01, 2022	May 02, 2021	May 01, 2022	May 02, 2021
LEASES - LESSOR
Sales-type and direct finance lease revenues	$ 35	$ 34	$ 74	$ 70
Operating lease revenues	330	358	665	721
Variable lease revenues	7	6	14	12
Total lease revenues	$ 372	$ 398	$ 753	$ 803

COMMITMENTS AND CONTINGENCIES - Warranty (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	May 01, 2022	May 02, 2021	May 01, 2022	May 02, 2021
COMMITMENTS AND CONTINGENCIES
Historical claims rate, review period			5 years
Unamortized extended warranty premiums (deferred revenue)	$ 809	$ 681	$ 809	$ 681
Change in Warranty Liability and Unearned Premiums
Beginning of period balance	2,064	1,803	2,086	1,743
Payments	(224)	(202)	(417)	(417)
Amortization of premiums received	(64)	(65)	(130)	(128)
Accruals for warranties	223	248	404	495
Premiums received	91	90	174	163
Foreign exchange	5	2	(22)	20
End of period balance	$ 2,095	$ 1,876	$ 2,095	$ 1,876

COMMITMENTS AND CONTINGENCIES - Other (Details) $ in Millions	6 Months Ended
	May 01, 2022 USD ($)
Long Term Purchase Commitments
Commitments for the construction and acquisition of property and equipment	$ 392
Restricted Assets and Other Contingent Liabilities
Other restricted assets	69
Miscellaneous contingent liabilities	75
Guarantees, Third-party Receivables
Guarantee Obligations
Guarantee obligations maximum exposure	352
Guarantee obligations accrued losses	$ 4
Guarantee obligations term	6 years

FAIR VALUE MEASUREMENTS - Financial Instruments (Details) - USD ($) $ in Millions	May 01, 2022	Oct. 31, 2021	May 02, 2021
Fair Values of Financial Instruments
Financing receivables - net	$ 34,085	$ 33,799	$ 30,994
Financing receivables securitized - net	4,073	4,659	4,107
Short-term securitization borrowings	4,006	4,605	4,106
Long-term borrowings	32,447	32,888	33,346
Level 2
Fair Values of Financial Instruments
Long-term borrowings due within one year	8,398	8,364	7,504
Long-term borrowings	31,975	34,506	35,092
Level 3
Fair Values of Financial Instruments
Financing receivables - net	33,540	33,718	31,165
Financing receivables securitized - net	4,016	4,704	4,188
Level 2 and Level 3
Fair Values of Financial Instruments
Short-term securitization borrowings	3,944	4,610	4,132
Carrying Value
Fair Values of Financial Instruments
Financing receivables - net	34,085	33,799	30,994
Financing receivables securitized - net	4,073	4,659	4,107
Short-term securitization borrowings	4,006	4,605	4,106
Long-term borrowings due within one year	8,434	8,330	7,417
Long-term borrowings	32,410	32,850	33,301
Equipment Operations
Fair Values of Financial Instruments
Short-term securitization borrowings	5	10	14
Long-term borrowings	8,556	8,915	10,124
Equipment Operations \| Level 2
Fair Values of Financial Instruments
Long-term borrowings due within one year	1,128	1,222	211
Long-term borrowings	8,546	10,244	11,391
Equipment Operations \| Level 3
Fair Values of Financial Instruments
Short-term securitization borrowings	6	10	15
Equipment Operations \| Carrying Value
Fair Values of Financial Instruments
Short-term securitization borrowings	5	10	14
Long-term borrowings due within one year	1,126	1,213	206
Long-term borrowings	8,519	8,877	10,079
Financial Services
Fair Values of Financial Instruments
Short-term securitization borrowings	4,001	4,595	4,092
Long-term borrowings	23,891	23,973	23,222
Financial Services \| Level 2
Fair Values of Financial Instruments
Short-term securitization borrowings	3,938	4,600	4,117
Long-term borrowings due within one year	7,270	7,142	7,293
Long-term borrowings	23,429	24,262	23,701
Financial Services \| Carrying Value
Fair Values of Financial Instruments
Short-term securitization borrowings	4,001	4,595	4,092
Long-term borrowings due within one year	7,308	7,117	7,211
Long-term borrowings	$ 23,891	$ 23,973	$ 23,222

FAIR VALUE MEASUREMENTS - Assets and Liaibilities - Recurring (Details) - USD ($) $ in Millions	May 01, 2022	Oct. 31, 2021	May 02, 2021
Assets and Liabilities Measured at Fair Value on a Recurring Basis
Marketable securities	$ 682	$ 728	$ 668
Derivative assets	407	275	402
Derivative liabilities	780	228	223
Other Assets Member
Assets and Liabilities Measured at Fair Value on a Recurring Basis
Derivative assets	407	275	402
Accounts Payable and Accrued Expenses
Assets and Liabilities Measured at Fair Value on a Recurring Basis
Derivative liabilities	780	228	223
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	126	136	132
Assets and Liabilities Measured at Fair Value on a Recurring Basis \| Level 1 \| U.S. Equity Fund
Assets and Liabilities Measured at Fair Value on a Recurring Basis
Marketable securities	65	75	71
Assets and Liabilities Measured at Fair Value on a Recurring Basis \| Level 1 \| International Equity Securities
Assets and Liabilities Measured at Fair Value on a Recurring Basis
Marketable securities	2	2	2
Assets and Liabilities Measured at Fair Value on a Recurring Basis \| Level 1 \| U.S. Government Debt Securities
Assets and Liabilities Measured at Fair Value on a Recurring Basis
Marketable securities	59	59	59
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	556	592	536
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	407	275	402
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	780	228	223
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	130	139	121
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	67	73	69
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	206	224	202
Assets and Liabilities Measured at Fair Value on a Recurring Basis \| Level 2 \| International Debt Securities
Assets and Liabilities Measured at Fair Value on a Recurring Basis
Marketable securities	2	2	4
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	151	$ 154	$ 140
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	$ 262

FAIR VALUE MEASUREMENTS - Contractual Maturities of Debt Securities (Details) $ in Millions	May 01, 2022 USD ($)
Contractual Maturities of Debt Securities, Amortized Cost
Amortized cost, due in one year or less	$ 27
Amortized cost, due after one through five years	92
Amortized cost, due after five through 10 years	171
Amortized cost, due after 10 years	221
Amortized cost, mortgage-backed securities	167
Amortized cost, debt securities	678
Contractual Maturities of Debt Securities, Fair Value
Fair value, due in one year or less	27
Fair value, due after one through five years	90
Fair value, due after five through 10 years	155
Fair value, due after 10 years	192
Fair value, mortgage-backed securities	151
Fair value, debt securities	$ 615

FAIR VALUE MEASUREMENTS - Nonrecurring Measurements (Details) - USD ($) $ in Millions	3 Months Ended	6 Months Ended
	May 01, 2022	May 01, 2022	May 02, 2021	Oct. 31, 2021
Assets and Liabilities Measured at Fair Value on a Nonrecurring Basis
Inventories	$ 9,030	$ 9,030	$ 6,042	$ 6,781
Fair Value, Nonrecurring Measurements \| Level 3
Assets and Liabilities Measured at Fair Value on a Nonrecurring Basis
Inventories	19	19
Losses, Inventories	8	8
Property and equipment - net	15	15		41
Losses, Property and equipment - net	41	41	44
Losses, Other intangible assets - net	$ 28	$ 28
Other assets				$ 1
Losses, Other assets			$ 6

DERIVATIVE INSTRUMENTS - Cash Flow Hedges (Details) - USD ($) $ in Millions	3 Months Ended	6 Months Ended
	May 01, 2022	May 01, 2022	Oct. 31, 2021	May 02, 2021
Cash Flow Hedges
Cash flow hedge gain (loss) recorded in OCI expected to be reclassified within twelve months		$ 23
Gains or losses reclassified from OCI to earnings		0
Interest Rate Contracts
Cash Flow Hedges
Cash flow hedges, recognized in OCI	$ 35	50
Interest Rate Contracts \| Cash Flow Hedges Member \| Designated as Hedging Instruments
Cash Flow Hedges
Notional amount of cash flow hedge derivatives	$ 2,450	$ 2,450	$ 2,700	$ 1,850

DERIVATIVE INSTRUMENTS - Fair Value Hedges (Details) - Interest Rate Contracts - USD ($) $ in Millions	May 01, 2022	Oct. 31, 2021	May 02, 2021
Fair Value Hedges Member \| Designated as Hedging Instruments
Fair Value Hedges
Notional amount of interest rate fair value hedge derivatives	$ 8,655	$ 8,043	$ 8,340
Long-term Borrowings Due in One Year
Borrowings Designated in Fair Value Hedging Relationships
Carrying Amount of Hedged Item	185	189	163
Active Hedging Relationships	1	3	1
Discontinued Relationships	7	(2)	(1)
Total	8	1
Long-term Borrowings
Borrowings Designated in Fair Value Hedging Relationships
Carrying Amount of Hedged Item	7,933	8,070	8,502
Active Hedging Relationships	(613)	29	190
Discontinued Relationships	106	223	171
Total	$ (507)	$ 252	$ 361

DERIVATIVE INSTRUMENTS - Not Designated as Hedging Instruments (Details) - Not Designated as Hedging Instruments - USD ($) $ in Millions	May 01, 2022	Oct. 31, 2021	May 02, 2021
Interest Rate Contracts
Derivatives Not Designated as Hedging Instruments
Notional amounts	$ 9,912	$ 10,848	$ 8,694
Foreign Exchange Contracts
Derivatives Not Designated as Hedging Instruments
Notional amounts	7,640	7,584	6,239
Cross-Currency Interest Rate Contracts
Derivatives Not Designated as Hedging Instruments
Notional amounts	$ 264	$ 238	$ 151

DERIVATIVE INSTRUMENTS - Fair Value (Details) - USD ($) $ in Millions	May 01, 2022	Oct. 31, 2021	May 02, 2021
Fair Value of Derivative Instruments
Total derivative assets	$ 407	$ 275	$ 402
Total derivative liabilities	780	228	223
Other Assets Member
Fair Value of Derivative Instruments
Total derivative assets	407	275	402
Accounts Payable and Accrued Expenses
Fair Value of Derivative Instruments
Total derivative liabilities	780	228	223
Designated as Hedging Instruments \| Interest Rate Contracts \| Other Assets Member
Fair Value of Derivative Instruments
Total derivative assets	63	166	301
Designated as Hedging Instruments \| Interest Rate Contracts \| Accounts Payable and Accrued Expenses
Fair Value of Derivative Instruments
Total derivative liabilities	591	99	80
Not Designated as Hedging Instruments \| Other Assets Member
Fair Value of Derivative Instruments
Total derivative assets	344	109	101
Not Designated as Hedging Instruments \| Accounts Payable and Accrued Expenses
Fair Value of Derivative Instruments
Total derivative liabilities	189	129	143
Not Designated as Hedging Instruments \| Interest Rate Contracts \| Other Assets Member
Fair Value of Derivative Instruments
Total derivative assets	180	73	67
Not Designated as Hedging Instruments \| Interest Rate Contracts \| Accounts Payable and Accrued Expenses
Fair Value of Derivative Instruments
Total derivative liabilities	75	33	52
Not Designated as Hedging Instruments \| Foreign Exchange Contracts \| Other Assets Member
Fair Value of Derivative Instruments
Total derivative assets	125	31	30
Not Designated as Hedging Instruments \| Foreign Exchange Contracts \| Accounts Payable and Accrued Expenses
Fair Value of Derivative Instruments
Total derivative liabilities	114	94	89
Not Designated as Hedging Instruments \| Cross-Currency Interest Rate Contracts \| Other Assets Member
Fair Value of Derivative Instruments
Total derivative assets	$ 39	5	4
Not Designated as Hedging Instruments \| Cross-Currency Interest Rate Contracts \| Accounts Payable and Accrued Expenses
Fair Value of Derivative Instruments
Total derivative liabilities		$ 2	$ 2

DERIVATIVE INSTRUMENTS - Gains (Losses) on Statement of Consolidated Income (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	May 01, 2022	May 02, 2021	May 01, 2022	May 02, 2021
Classification and gains (losses) including accrued interest expense related to derivative instruments
Not designated as hedges, gains (losses)	$ 38	$ (121)	$ 195	$ (303)
Interest Rate Contracts
Classification and gains (losses) including accrued interest expense related to derivative instruments
Cash flow hedges, recognized in OCI	35		50
Interest Rate Contracts \| Net Sales Related to Derivative Instruments
Classification and gains (losses) including accrued interest expense related to derivative instruments
Not designated as hedges, gains (losses)	31	5	44	5
Interest Rate Contracts \| Interest Expense Member
Classification and gains (losses) including accrued interest expense related to derivative instruments
Fair value hedges, gains (losses)	(514)	(170)	(656)	(225)
Cash flow hedges, reclassified from OCI	(1)	(4)	(3)	(9)
Not designated as hedges, gains (losses)	61		59	(4)
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)		(1)
Foreign Exchange Contracts \| Cost of Sales
Classification and gains (losses) including accrued interest expense related to derivative instruments
Not designated as hedges, gains (losses)	(79)	(48)	(80)	(100)
Foreign Exchange Contracts \| Other Operating Expense
Classification and gains (losses) including accrued interest expense related to derivative instruments
Not designated as hedges, gains (losses)	$ 26	$ (78)	$ 173	$ (204)

DERIVATIVE INSTRUMENTS - Counterparty Risk and Collateral (Details) - USD ($) $ in Millions	May 01, 2022	Oct. 31, 2021	May 02, 2021
Derivative instruments
Fair value of derivatives with credit-risk-related contingent features in a liability position	$ 673	$ 135	$ 136
Cash collateral posted	254	0	0
Derivative Assets
Gross amounts recognized	407	275	402
Netting arrangements	(110)	(105)	(125)
Collateral received			(21)
Net amount	297	170	256
Derivative Liabilities
Gross amounts recognized	780	228	223
Netting arrangements	(110)	(105)	(125)
Collateral paid	(254)	(5)	(1)
Net amount	416	118	97
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	6 Months Ended
	Dec. 26, 2021	May 01, 2022
Share-based Compensation, Aggregate Disclosures
Number of additional shares authorized for grant under the equity incentive plan		17,200
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)		2,200
Options outstanding, weighted-average exercise price (in dollars per share)		$ 152.99
Fair value assumptions method used	lattice model
Restricted Stock Units
Share-based Compensation, Aggregate Disclosures
Restricted stock units granted (in shares)		160
Restricted Stock Units Subject to Service-based Conditions
Share-based Compensation, Aggregate Disclosures
Restricted stock units granted (in shares)		123
Restricted stock units granted, weighted-average fair value (in dollars per unit)		$ 345.94
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		6 Months Ended
	Feb. 07, 2022	May 01, 2022	May 02, 2021	Oct. 31, 2021	Nov. 01, 2020
Acquisitions
Cash purchase price, net of cash acquired		$ 473	$ 19
Preliminary Asset and Liability Fair Values at the Acquisition Date
Goodwill		$ 3,812	$ 3,190	$ 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	217
Other intangible assets	178
Other assets	6
Total assets	436
Accounts payable and accrued expenses	28
Deferred income taxes	36
Redeemable noncontrolling interest	$ 96
Identifiable Intangible Assets
Weighted-average amortization period (in years)	12 years

ACQUISITIONS - Acquisition of Excavator Factories (Details) - USD ($) $ in Millions		6 Months Ended
	Feb. 28, 2022	May 01, 2022	Oct. 31, 2021	May 02, 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		3,812	$ 3,291	$ 3,190	$ 3,081
Construction & Forestry (CF)
Preliminary Asset and Liability Fair Values at the Acquisition Date
Goodwill		2,832	$ 2,484	$ 2,569	$ 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		$ 262
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	534
Other intangible assets	70
Deferred income taxes	49
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 \| John Deere-branded Excavators, Components, and Service Parts
Invested Capital
Price increases (as a percent)	27.00%
Excavator Factories \| John Deere-branded Excavators, Components, and Service Parts \| Minimum
Invested Capital
Supply agreement period	5 years
Excavator Factories \| John 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	6 Months Ended
	May 01, 2022	May 02, 2021	Oct. 31, 2021	Nov. 01, 2020
Acquisitions
Cash purchase price, net of cash acquired	$ 473	$ 19
Preliminary Asset and Liability Fair Values at the Acquisition Date
Goodwill	$ 3,812	$ 3,190	$ 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	$ 109
Cash acquired	3
Preliminary Asset and Liability Fair Values at the Acquisition Date
Trade accounts and notes receivable	7
Inventories	8
Property and equipment	4
Goodwill	40
Other intangible assets	20
Other assets	50
Total assets	129
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)	6 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		6 Months Ended		60 Months Ended
	May 01, 2022	May 02, 2021	May 01, 2022	May 02, 2021	Oct. 31, 2021
Special Items
Allowance for credit losses	$ 42	$ (23)	$ 43	$ (30)
Reserves and Impairments
Special Items
Total Russia/Ukraine events pretax expense	120
Net tax impact	(14)
Total Russia/Ukraine events after-tax expense	106
Reserves and Impairments \| Cost of Sales
Special Items
Inventory reserve	8
Fixed asset impairment	41
Intangible asset impairment	28
Reserves and Impairments \| Selling, Administrative and General Expenses
Special Items
Allowance for credit losses	26
Reserves and Impairments \| Other Operating Expenses
Special Items
Contingent liabilities	17
Reserves and Impairments \| Production & Precision Ag (PPA)
Special Items
Total Russia/Ukraine events pretax expense	46
Reserves and Impairments \| Production & Precision Ag (PPA) \| Cost of Sales
Special Items
Inventory reserve	6
Fixed asset impairment	30
Reserves and Impairments \| Production & Precision Ag (PPA) \| Other Operating Expenses
Special Items
Contingent liabilities	10
Reserves and Impairments \| Small Ag & Turf (SAT)
Special Items
Total Russia/Ukraine events pretax expense	1
Reserves and Impairments \| Small Ag & Turf (SAT) \| Other Operating Expenses
Special Items
Contingent liabilities	1
Reserves and Impairments \| Construction & Forestry (CF)
Special Items
Total Russia/Ukraine events pretax expense	47
Reserves and Impairments \| Construction & Forestry (CF) \| Cost of Sales
Special Items
Inventory reserve	2
Fixed asset impairment	11
Intangible asset impairment	28
Reserves and Impairments \| Construction & Forestry (CF) \| Other Operating Expenses
Special Items
Contingent liabilities	6
Reserves and Impairments \| Financial Services (FS)
Special Items
Total Russia/Ukraine events pretax expense	26
Reserves and Impairments \| Financial Services (FS) \| Selling, Administrative and General Expenses
Special Items
Allowance for credit losses	26
Russia / Ukraine
Special Items
Net exposure	$ 454		$ 454
Russia
Special Items
Net sales and revenues (as a percent)					2.00%

SPECIAL ITEMS - Gain on Previously Held Equity Investment (Details) - USD ($) $ in Millions		6 Months Ended
	Feb. 28, 2022	May 01, 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	6 Months Ended
	Jan. 31, 2021	May 01, 2022	May 02, 2021
Special Items
Long-lived asset impairments, pretax		$ 77	$ 50
Impairments and Other Benefit \| Brazil \| Foreign Tax Authority
Special Items
Indirect tax benefit, pretax	$ (58)
Impairments and Other Benefit \| German Asphalt Plant Factory
Special Items
Long-lived asset impairments, pretax	38
Fixed asset impairment, after-tax	38
Impairments and Other Benefit \| Manufacturing Locations
Special Items
Long-lived asset impairments, pretax	$ 12

SPECIAL ITEMS - Operating Profit Impact (Details) - USD ($) $ in Millions	3 Months Ended	6 Months Ended
	May 01, 2022	May 01, 2022	May 02, 2021
Special Items
Gain on remeasurement of previously held equity investment		$ (326)
Long-lived asset impairments, pretax		77	$ 50
Period over period change	$ (206)	(108)
Production & Precision Ag (PPA)
Special Items
Period over period change	46	147
Small Ag & Turf (SAT)
Special Items
Period over period change	1	7
Construction & Forestry (CF)
Special Items
Period over period change	(279)	(288)
Financial Services (FS)
Special Items
Period over period change	26	26
Reserves, Impairments, Gain, and Ratification Bonus
Special Items
Total Russia/Ukraine events pretax expense	120	120
Total pretax expense (benefit)	(206)	(116)
Reserves, Impairments, Gain, and Ratification Bonus \| Other Income
Special Items
Gain on remeasurement of previously held equity investment	(326)	(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	46	46
Total pretax expense (benefit)	46	99
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	1
Total pretax expense (benefit)	1	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	47	47
Total pretax expense (benefit)	(279)	(251)
Reserves, Impairments, Gain, and Ratification Bonus \| Construction & Forestry (CF) \| Other Income
Special Items
Gain on remeasurement of previously held equity investment	(326)	(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	26	26
Total pretax expense (benefit)	$ 26	$ 26
Impairments and Other Benefit
Special Items
Total pretax expense (benefit)			(8)
Impairments and Other Benefit \| Cost of Sales
Special Items
Long-lived asset impairments, pretax			50
Indirect tax benefit, pretax			(58)
Impairments and Other Benefit \| Production & Precision Ag (PPA)
Special Items
Total pretax expense (benefit)			(48)
Impairments and Other Benefit \| Production & Precision Ag (PPA) \| Cost of Sales
Special Items
Long-lived asset impairments, pretax			5
Indirect tax benefit, pretax			(53)
Impairments and Other Benefit \| Small Ag & Turf (SAT)
Special Items
Total pretax expense (benefit)			3
Impairments and Other Benefit \| Small Ag & Turf (SAT) \| Cost of Sales
Special Items
Long-lived asset impairments, pretax			3
Impairments and Other Benefit \| Construction & Forestry (CF)
Special Items
Total pretax expense (benefit)			37
Impairments and Other Benefit \| Construction & Forestry (CF) \| Cost of Sales
Special Items
Long-lived asset impairments, pretax			42
Indirect tax benefit, pretax			$ (5)