OTHER ASSETS

12 Months Ended

Oct. 30, 2022

OTHER ASSETS

OTHER ASSETS

16. OTHER ASSETS

Other assets at October 30, 2022 and October 31, 2021 consisted of the following in millions of dollars:

	2022		2021
Operating lease asset (Note 24)	$	299	$	291
Capitalized software, net		372		282
Investment in unconsolidated affiliates		117		175
Deferred charges (including prepaids)		383		281
Derivative assets (Note 26)		373		275
Prepaid taxes		185		193
Parts return asset		119		114
Restricted cash		167		108
Matured lease & repossessed inventory		44		55
Other		358		371
Total	$	2,417	$	2,145

Capitalized software has an estimated useful life of three years. Amortization of these software costs in 2022, 2021, and 2020 was $117 million, $121 million, and $133 million, respectively.

Investment in unconsolidated affiliates are companies in which Deere & Company owns 20 percent to 50 percent of the

outstanding voting shares. Deere & Company does not control these companies and accounts for its investments in them on the equity basis. In March 2022, the company acquired full ownership of three former Deere-Hitachi joint venture factories and began new license and supply agreements with Hitachi (see Note 3). During 2021, the company sold its investment in Bell Equipment Limited, resulting in no material gain or loss.

Combined financial information of the unconsolidated affiliated companies in millions of dollars follows:

Operations	2022		2021		2020
Sales	$	1,023	$	2,095	$	1,793
Net income		11		51		7
Deere & Company’s equity in net income (loss)		10		21		(48)

Financial Position	2022		2021
Total assets	$	696	$	1,289
Total external borrowings		470		497
Total net assets		166		366
Deere & Company’s share of the net assets		117		175

In the ordinary course of business, the company purchases and sells components and finished goods to the unconsolidated affiliated companies. Transactions with unconsolidated affiliated companies reported in the statements of consolidated income in millions of dollars follow:

	2022		2021		2020
Net sales	$	26	$	78	$	81
Purchases		761		1,605		1,288