XML 86 R64.htm IDEA: XBRL DOCUMENT v3.8.0.1
SUPPLEMENTAL CONSOLIDATING DATA (Tables)
 12 Months Ended
Oct. 29, 2017
SUPPLEMENTAL CONSOLIDATING DATA  
Supplemental Consolidating Data Income Statement

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

INCOME STATEMENT

For the Years Ended October 29, 2017, October 30, 2016, and November 1, 2015

(In millions of dollars)

 

 

EQUIPMENT OPERATIONS*

 

FINANCIAL SERVICES

 

 

    

2017

    

2016

    

2015

                

2017

    

2016

    

2015

 

Net Sales and Revenues

 

 

                  

 

 

                  

 

 

                  

 

 

                  

 

 

                  

 

 

                  

 

Net sales

 

$

25,885.1

 

$

23,387.3

 

$

25,775.2

 

 

 

 

 

 

 

 

 

 

Finance and interest income

 

 

71.7

 

 

61.1

 

 

77.0

 

$

2,928.2

 

$

2,690.1

 

$

2,557.0

 

Other income

 

 

1,065.0

 

 

653.7

 

 

602.7

 

 

250.9

 

 

229.0

 

 

258.9

 

Total

 

 

27,021.8

 

 

24,102.1

 

 

26,454.9

 

 

3,179.1

 

 

2,919.1

 

 

2,815.9

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Costs and Expenses

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cost of sales

 

 

19,935.2

 

 

18,250.8

 

 

20,145.2

 

 

 

 

 

 

 

 

 

 

Research and development expenses

 

 

1,367.7

 

 

1,389.1

 

 

1,425.1

 

 

 

 

 

 

 

 

 

 

Selling, administrative and general expenses

 

 

2,530.7

 

 

2,262.5

 

 

2,393.8

 

 

542.3

 

 

508.5

 

 

487.3

 

Interest expense

 

 

263.7

 

 

250.5

 

 

272.8

 

 

669.2

 

 

536.5

 

 

455.0

 

Interest compensation to Financial Services

 

 

234.5

 

 

216.6

 

 

204.8

 

 

 

 

 

 

 

 

 

 

Other operating expenses

 

 

257.0

 

 

215.7

 

 

195.0

 

 

1,246.8

 

 

1,167.0

 

 

911.7

 

Total

 

 

24,588.8

 

 

22,585.2

 

 

24,636.7

 

 

2,458.3

 

 

2,212.0

 

 

1,854.0

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Income of Consolidated Group before Income Taxes

 

 

2,433.0

 

 

1,516.9

 

 

1,818.2

 

 

720.8

 

 

707.1

 

 

961.9

 

Provision for income taxes

 

 

726.0

 

 

459.0

 

 

509.9

 

 

245.1

 

 

241.1

 

 

330.2

 

Income of Consolidated Group

 

 

1,707.0

 

 

1,057.9

 

 

1,308.3

 

 

475.7

 

 

466.0

 

 

631.7

 

Equity in Income (Loss) of Unconsolidated Subsidiaries and Affiliates

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Financial Services

 

 

476.9

 

 

467.6

 

 

632.9

 

 

1.2

 

 

1.6

 

 

1.2

 

Other

 

 
(24.7)

 

 

(4.0)

 

 

(.3)

 

 

 

 

 

 

 

 

 

 

Total

 

 

452.2

 

 

463.6

 

 

632.6

 

 

1.2

 

 

1.6

 

 

1.2

 

Net Income

 

 

2,159.2

 

 

1,521.5

 

 

1,940.9

 

 

476.9

 

 

467.6

 

 

632.9

 

Less: Net income (loss) attributable to noncontrolling interests

 

 

.1

 

 

(2.4)

 

 

.9

 

 

 

 

 

 

 

 

 

 

Net Income Attributable to Deere & Company

 

$

2,159.1

 

$

1,523.9

 

$

1,940.0

 

$

476.9

 

$

467.6

 

$

632.9

 

 

*     Deere & Company with Financial Services on the equity basis.

The supplemental consolidating data is presented for informational purposes. The “Equipment Operations” reflect the basis of consolidation described in Note 1 to the consolidated financial statements. The consolidated group data in the “Equipment Operations” income statement reflect the results of the agriculture and turf operations and construction and forestry operations. Transactions between the “Equipment Operations” and “Financial Services” have been eliminated to arrive at the consolidated financial statements.

Supplemental Consolidating Data Balance Sheet

 

 

 

 

 

 

 

 

 

 

 

 

 

 

BALANCE SHEET

As of October 29, 2017 and October 30, 2016

(In millions of dollars except per share amounts)

 

 

EQUIPMENT OPERATIONS*

 

FINANCIAL SERVICES

 

 

    

2017

    

2016

                

2017

    

2016

 

ASSETS

 

 

                  

 

 

                  

 

 

                  

 

 

                  

 

Cash and cash equivalents

 

$

8,168.4

 

$

3,140.5

 

$

1,166.5

 

$

1,195.3

 

Marketable securities

 

 

20.2

 

 

34.2

 

 

431.4

 

 

419.3

 

Receivables from unconsolidated subsidiaries and affiliates

 

 

1,032.1

 

 

3,150.1

 

 

 

 

 

 

 

Trade accounts and notes receivable - net

 

 

876.3

 

 

654.2

 

 

4,134.1

 

 

3,370.5

 

Financing receivables - net

 

 

 

 

 

.4

 

 

25,104.1

 

 

23,701.9

 

Financing receivables securitized - net

 

 

 

 

 

 

 

 

4,158.8

 

 

5,126.5

 

Other receivables

 

 

1,045.6

 

 

855.4

 

 

195.5

 

 

164.0

 

Equipment on operating leases - net

 

 

 

 

 

 

 

 

6,593.7

 

 

5,901.5

 

Inventories

 

 

3,904.1

 

 

3,340.5

 

 

 

 

 

 

 

Property and equipment - net

 

 

5,017.3

 

 

5,118.5

 

 

50.4

 

 

52.1

 

Investments in unconsolidated subsidiaries and affiliates

 

 

4,812.3

 

 

4,697.0

 

 

13.8

 

 

11.9

 

Goodwill

 

 

1,033.3

 

 

815.7

 

 

 

 

 

 

 

Other intangible assets - net

 

 

218.0

 

 

104.1

 

 

 

 

 

 

 

Retirement benefits

 

 

538.1

 

 

93.6

 

 

16.9

 

 

20.5

 

Deferred income taxes

 

 

3,098.8

 

 

3,556.0

 

 

79.8

 

 

75.5

 

Other assets

 

 

973.9

 

 

834.9

 

 

651.4

 

 

798.1

 

Total Assets

 

$

30,738.4

 

$

26,395.1

 

$

42,596.4

 

$

40,837.1

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

LIABILITIES AND STOCKHOLDERS’ EQUITY

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

LIABILITIES

 

 

 

 

 

 

 

 

 

 

 

 

 

Short-term borrowings

 

$

375.5

 

$

249.0

 

$

9,659.8

 

$

6,661.7

 

Short-term securitization borrowings

 

 

 

 

 

 

 

 

4,118.7

 

 

4,997.8

 

Payables to unconsolidated subsidiaries and affiliates

 

 

121.9

 

 

81.5

 

 

996.2

 

 

3,133.6

 

Accounts payable and accrued expenses

 

 

7,718.1

 

 

6,661.2

 

 

1,827.1

 

 

1,595.2

 

Deferred income taxes

 

 

115.6

 

 

87.3

 

 

857.7

 

 

745.9

 

Long-term borrowings

 

 

5,490.9

 

 

4,565.3

 

 

20,400.4

 

 

19,137.7

 

Retirement benefits and other liabilities

 

 

7,341.9

 

 

8,206.0

 

 

92.9

 

 

89.0

 

Total liabilities

 

 

21,163.9

 

 

19,850.3

 

 

37,952.8

 

 

36,360.9

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Commitments and contingencies (Note 22)

 

 

 

 

 

 

 

 

 

 

 

 

 

Redeemable noncontrolling interest (Note 4)

 

 

14.0

 

 

14.0

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

STOCKHOLDERS’ EQUITY

 

 

 

 

 

 

 

 

 

 

 

 

 

Common stock, $1 par value (authorized – 1,200,000,000 shares;
issued – 536,431,204 shares in 2017 and 2016), at paid-in amount

 

 

4,280.5

 

 

3,911.8

 

 

2,099.1

 

 

2,079.1

 

Common stock in treasury, 214,589,902 shares in 2017
and 221,663,380 shares in 2016, at cost

 

 

(15,460.8)

 

 

(15,677.1)

 

 

 

 

 

 

 

Retained earnings

 

 

25,301.3

 

 

23,911.3

 

 

2,782.0

 

 

2,670.3

 

Accumulated other comprehensive income (loss)

 

 

(4,563.7)

 

 

(5,626.0)

 

 

(237.5)

 

 

(273.2)

 

Total Deere & Company stockholders’ equity

 

 

9,557.3

 

 

6,520.0

 

 

4,643.6

 

 

4,476.2

 

Noncontrolling interests

 

 

3.2

 

 

10.8

 

 

 

 

 

 

 

Total stockholders’ equity

 

 

9,560.5

 

 

6,530.8

 

 

4,643.6

 

 

4,476.2

 

Total Liabilities and Stockholders’ Equity

 

$

30,738.4

 

$

26,395.1

 

$

42,596.4

 

$

40,837.1

 

 

*     Deere & Company with Financial Services on the equity basis.

The supplemental consolidating data is presented for informational purposes. The “Equipment Operations” reflect the basis of consolidation described in Note 1 to the consolidated financial statements. Transactions between the “Equipment Operations” and “Financial Services” have been eliminated to arrive at the consolidated financial statements. 

Supplemental Consolidating Data Statement of Cash Flows

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

STATEMENT OF CASH FLOWS

For the Years Ended October 29, 2017, October 30, 2016, and November 1, 2015

(In millions of dollars)

 

 

EQUIPMENT OPERATIONS*

 

FINANCIAL SERVICES

 

 

    

2017

    

2016

    

2015

       

2017

    

2016

    

2015

 

Cash Flows from Operating Activities

 

 

                

 

 

                

 

 

                

 

 

                

 

 

                

 

 

                

 

Net income

 

$

2,159.2

 

$

1,521.5

 

$

1,940.9

 

$

476.9

 

$

467.6

 

$

632.9

 

Adjustments to reconcile net income to net cash provided by operating activities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Provision for credit losses

 

 

9.9

 

 

8.2

 

 

5.5

 

 

88.4

 

 

86.1

 

 

49.9

 

Provision for depreciation and amortization

 

 

839.3

 

 

803.4

 

 

791.8

 

 

984.3

 

 

846.7

 

 

688.5

 

Impairment charges

 

 

39.8

 

 

25.4

 

 

15.3

 

 

 

 

 

59.7

 

 

19.5

 

Gain on sale of unconsolidated affiliates and investments

 

 
(375.1)

 

 

(74.5)

 

 

 

 

 

 

 

 

 

 

 

 

 

Undistributed earnings of unconsolidated subsidiaries and affiliates

 

 
(125.0)

 

 

94.0

 

 

46.6

 

 
(1.1)

 

 

(1.5)

 

 

(1.0)

 

Provision (credit) for deferred income taxes

 

 
(6.7)

 

 

13.2

 

 

(139.8)

 

 

106.8

 

 

269.5

 

 

121.4

 

Changes in assets and liabilities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Trade receivables

 

 
(243.9)

 

 

(175.3)

 

 

113.4

 

 

 

 

 

 

 

 

 

 

Insurance receivables

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

333.4

 

Inventories

 

 
(504.3)

 

 

578.4

 

 

(17.0)

 

 

 

 

 

 

 

 

 

 

Accounts payable and accrued expenses

 

 

946.2

 

 

(169.6)

 

 

(253.8)

 

 

93.9

 

 

40.6

 

 

(245.4)

 

Accrued income taxes payable/receivable

 

 
(122.7)

 

 

18.2

 

 

(114.5)

 

 

38.5

 

 

(11.2)

 

 

(4.6)

 

Retirement benefits

 

 
(39.2)

 

 

232.4

 

 

414.3

 

 

7.3

 

 

6.2

 

 

13.2

 

Other

 

 
(139.5)

 

 

36.5

 

 

271.1

 

 

81.5

 

 

97.1

 

 

(25.7)

 

Net cash provided by operating activities

 

 

2,438.0

 

 

2,911.8

 

 

3,073.8

 

 

1,876.5

 

 

1,860.8

 

 

1,582.1

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash Flows from Investing Activities

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Collections of receivables (excluding trade and wholesale)

 

 

 

 

 

 

 

 

 

 

 

15,963.2

 

 

15,831.4

 

 

16,266.1

 

Proceeds from maturities and sales of marketable securities

 

 

297.9

 

 

81.9

 

 

700.1

 

 

106.3

 

 

87.5

 

 

160.6

 

Proceeds from sales of equipment on operating leases

 

 

 

 

 

 

 

 

 

 

 

1,440.8

 

 

1,256.2

 

 

1,049.4

 

Proceeds from sales of businesses and unconsolidated
affiliates, net of cash sold

 

 

113.9

 

 

81.1

 

 

 

 

 

 

 

 

 

 

 

149.2

 

Cost of receivables acquired (excluding trade and wholesale)

 

 

 

 

 

 

 

 

 

 

 
(16,799.9)

 

 

(15,168.2)

 

 

(16,327.8)

 

Purchases of marketable securities

 

 

 

 

 

(59.4)

 

 

(60.0)

 

 
(118.0)

 

 

(111.8)

 

 

(94.9)

 

Purchases of property and equipment

 

 
(591.4)

 

 

(641.8)

 

 

(688.1)

 

 
(3.5)

 

 

(2.6)

 

 

(5.9)

 

Cost of equipment on operating leases acquired

 

 

 

 

 

 

 

 

 

 

 
(3,079.8)

 

 

(3,235.7)

 

 

(3,043.6)

 

Increase in investment in Financial Services

 

 
(20.0)

 

 

(28.2)

 

 

(27.4)

 

 

 

 

 

 

 

 

 

 

Acquisitions of businesses, net of cash acquired

 

 
(284.2)

 

 

(198.5)

 

 

 

 

 

 

 

 

 

 

 

 

 

Decrease (increase) in trade and wholesale receivables

 

 

 

 

 

 

 

 

 

 

 
(379.9)

 

 

492.5

 

 

657.0

 

Other

 

 
(32.7)

 

 

(55.2)

 

 

6.8

 

 
(26.5)

 

 

24.6

 

 

(45.1)

 

Net cash used for investing activities

 

 

(516.5)

 

 

(820.1)

 

 

(68.6)

 

 

(2,897.3)

 

 

(826.1)

 

 

(1,235.0)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash Flows from Financing Activities

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Increase (decrease) in total short-term borrowings

 

 

64.5

 

 

(207.2)

 

 

211.9

 

 

1,246.1

 

 

(1,006.4)

 

 

289.7

 

Change in intercompany receivables/payables

 

 

2,142.0

 

 

(756.0)

 

 

928.6

 

 
(2,142.0)

 

 

756.0

 

 

(928.6)

 

Proceeds from long-term borrowings

 

 

1,107.0

 

 

173.4

 

 

6.2

 

 

7,595.2

 

 

4,897.3

 

 

5,704.8

 

Payments of long-term borrowings

 

 
(66.3)

 

 

(72.8)

 

 

(214.2)

 

 
(5,330.7)

 

 

(5,194.8)

 

 

(4,649.0)

 

Proceeds from issuance of common stock

 

 

528.7

 

 

36.0

 

 

172.1

 

 

 

 

 

 

 

 

 

 

Repurchases of common stock

 

 
(6.2)

 

 

(205.4)

 

 

(2,770.7)

 

 

 

 

 

 

 

 

 

 

Capital investment from Equipment Operations

 

 

 

 

 

 

 

 

 

 

 

20.0

 

 

28.2

 

 

27.4

 

Dividends paid

 

 
(764.0)

 

 

(761.3)

 

 

(816.3)

 

 
(365.2)

 

 

(562.1)

 

 

(679.6)

 

Other

 

 
(54.4)

 

 

(36.7)

 

 

(45.4)

 

 
(33.4)

 

 

(28.0)

 

 

(26.7)

 

Net cash provided by (used for) financing activities

 

 

2,951.3

 

 

(1,830.0)

 

 

(2,527.8)

 

 

990.0

 

 

(1,109.8)

 

 

(262.0)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Effect of Exchange Rate Changes on Cash and Cash Equivalents

 

 

155.1

 

 

(21.2)

 

 

(146.6)

 

 

2.0

 

 

8.2

 

 

(40.7)

 

Net Increase (Decrease) in Cash and Cash Equivalents

 

 

5,027.9

 

 

240.5

 

 

330.8

 

 

(28.8)

 

 

(66.9)

 

 

44.4

 

Cash and Cash Equivalents at Beginning of Year

 

 

3,140.5

 

 

2,900.0

 

 

2,569.2

 

 

1,195.3

 

 

1,262.2

 

 

1,217.8

 

Cash and Cash Equivalents at End of Year

 

$

8,168.4

 

$

3,140.5

 

$

2,900.0

 

$

1,166.5

 

$

1,195.3

 

$

1,262.2

 

 

*     Deere & Company with Financial Services on the equity basis.

The supplemental consolidating data is presented for informational purposes. The “Equipment Operations” reflect the basis of consolidation described in Note 1 to the consolidated financial statements. Transactions between the “Equipment Operations” and “Financial Services” have been eliminated to arrive at the consolidated financial statements.