John Deere 2013 Annual Report Download - page 56

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Information relating to operations by operating segment
in millions of dollars follows. In addition to the following
unaffiliated sales and revenues by segment, intersegment sales
and revenues in 2013, 2012 and 2011 were as follows:
agriculture and turf net sales of $69 million, $84 million and
$98 million, construction and forestry net sales of $2 million,
$1 million and $3 million, and financial services revenues of
$220 million, $219 million and $210 million, respectively.
OPERATING SEGMENTS 2013 2012 2011
Net sales and revenues
Unaffiliated customers:
Agriculture and turf net sales ................. $ 29,132 $ 27,123 $ 24,094
Construction and forestry
net sales ........................................... 5,866 6,378 5,372
Total net sales ................................... 34,998 33,501 29,466
Financial services revenues ........................ 2,349 2,235 2,163
Other revenues* ........................................ 448 421 384
Total ........................................................ $ 37,795 $ 36,157 $ 32,013
* Other revenues are primarily the equipment operations’ revenues for finance
and interest income, and other income as disclosed in Note 31, net of certain
intercompany eliminations.
Operating prot
Agriculture and turf .................................... $ 4,680 $ 3,921 $ 3,447
Construction and forestry ........................... 378 476 392
Financial services* ..................................... 870 712 725
Total operating profit.............................. 5,928 5,109 4,564
Interest income .......................................... 55 43 47
Investment income .................................... 2 2
Interest expense ........................................ (297) (231) (191)
Foreign exchange losses from equipment
operations’ financing activities ............... (8 ) (11) (11)
Corporate expenses – net .......................... (197) (181) (177)
Income taxes ............................................. (1,946 ) (1,659) (1,424)
Total ..................................................... (2,391) (2,037) (1,756 )
Net income ................................................ 3,537 3,072 2,808
Less: Net income attributable to
noncontrolling interests .......................... 7 8
Net income attributable to
Deere & Company ................................. $ 3,537 $ 3,065 $ 2,800
* Operating profit of the financial services business segment includes the effect of its
interest expense and foreign exchange gains or losses.
(continued)
OPERATING SEGMENTS 2013 2012 2011
Interest income*
Agriculture and turf .................................... $ 24 $ 29 $ 23
Construction and forestry ........................... 2 2 3
Financial services ...................................... 1,668 1,610 1,581
Corporate .................................................. 55 43 47
Intercompany ............................................ (247) (248) (231)
Total ..................................................... $ 1,502 $ 1,436 $ 1,423
* Does not include finance rental income for equipment on operating leases.
Interest expense
Agriculture and turf .................................... $ 167 $ 168 $ 152
Construction and forestry ........................... 36 36 26
Financial services ...................................... 488 596 621
Corporate .................................................. 297 231 191
Intercompany ............................................ (247) (248) (231)
Total ..................................................... $ 741 $ 783 $ 759
Depreciation* and amortization
expense
Agriculture and turf .................................... $ 627 $ 550 $ 505
Construction and forestry ........................... 106 93 82
Financial services ...................................... 407 361 328
Total ..................................................... $ 1,140 $ 1,004 $ 915
* Includes depreciation for equipment on operating leases.
Equity in income (loss) of
unconsolidated afliates
Agriculture and turf .................................... $ (1) $ (2) $ 5
Construction and forestry ........................... (2) 3
Financial services ...................................... 1 1 1
Total ..................................................... $ (3) $ 9
Identiable operating assets
Agriculture and turf .................................... $ 10,799 $ 10,429 $ 9,178
Construction and forestry ........................... 3,461 3,365 2,915
Financial services ...................................... 38,646 34,495 29,795
Corporate* ................................................ 6,615 7,977 6,319
Total ..................................................... $ 59,521 $ 56,266 $ 48,207
* Corporate assets are primarily the equipment operations’ retirement benefits,
deferred income tax assets, marketable securities and cash and cash equivalents
as disclosed in Note 31, net of certain intercompany eliminations.
Capital additions
Agriculture and turf .................................... $ 981 $ 1,145 $ 909
Construction and forestry ........................... 174 228 148
Financial services ...................................... 3 3 2
Total ..................................................... $ 1,158 $ 1,376 $ 1,059
Investments in unconsolidated afliates
Agriculture and turf .................................... $ 24 $ 32 $ 35
Construction and forestry ........................... 187 174 159
Financial services ...................................... 10 9 8
Total ..................................................... $ 221 $ 215 $ 202