Pension and Other Postretirement Benefits

12 Months Ended

Oct. 29, 2023

Pension and Other Postretirement Benefits

Pension and Other Postretirement Benefits

Note 12. Pension and Other Postretirement Benefits

We are 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 (benefit) is actuarially determined based on our employees included in the plan. Our pension expense (benefit) was $(4.8) in 2023 and was not significant in 2022 or 2021. The accumulated benefit obligation and plan net assets for our employees are not determined separately from Deere & Company.

We provide defined benefit health care and life insurance plans for certain 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 our employees included in the plans and amounted to $6.2 in 2023, $6.0 in 2022, and $6.1 in 2021.

We are a participating employer in certain Deere & Company sponsored defined contribution plans related to employee investment and savings plans primarily in the U.S. Our contributions and costs under these plans were $14.4 in 2023, $13.8 in 2022, and $11.8 in 2021.

Further disclosure for the plans described above is included in the notes to the Deere & Company Annual Report on Form 10-K for the year ended October 29, 2023 (the “Deere & Company 2023 Form 10-K”).