Pension and Other Postretirement Benefits

12 Months Ended

Oct. 31, 2014

Pension and Other Postretirement Benefits

Pension and Other Postretirement Benefits

Note 13.  Pension and Other Postretirement Benefits

The Company is a participating employer in certain Deere & Company sponsored defined benefit pension plans for employees in the U.S. and certain defined benefit pension plans outside the U.S. These pension plans provide for benefits that are based primarily on years of service and employee compensation. Pension expense is actuarially determined based on the Company’s employees included in the plan. The Company’s pension expense amounted to $6.4 million in 2014, $8.7 million in 2013 and $5.6 million in 2012. The accumulated benefit obligation and plan net assets for the employees of the Company are not determined separately from Deere & Company. The Company generally provides defined benefit health care and life insurance plans for retired employees in the U.S. as a participating employer in Deere & Company’s sponsored plans. Health care and life insurance benefits expense is actuarially determined based on the Company’s employees included in the plans and amounted to $8.4 million in 2014, $11.5 million in 2013 and $7.9 million in 2012. Further disclosure for these plans is included in the notes to the Deere & Company 2014 Annual Report on Form 10-K.