DEERE & CO | 2013 | FY |

 

Unconsolidated affiliated companies are companies in which Deere & Company generally 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. The investments in these companies primarily consist of Bell Equipment Limited (32 percent ownership), Deere-Hitachi Construction Machinery Corporation (50 percent ownership) and Ashok Leyland John Deere Construction Equipment Company Private Limited (50 percent ownership). The unconsolidated affiliated companies primarily manufacture or market equipment. Deere & Company’s share of the income or loss of these companies is reported in the consolidated income statement under “Equity in income (loss) of unconsolidated affiliates.” The investment in these companies is reported in the consolidated balance sheet under “Investments in unconsolidated affiliates.”

 

 

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

 

Operations		2013			2012			2011
Sales		$	2,299		$	2,722		$	2,233
Net income (loss)		10			(1		)	34
Deere & Company’s equity in net income (loss)					(3		)	9
Financial Position					2013			2012
Total assets					$	1,566		$	1,621
Total external borrowings					550			345
Total net assets					547			558
Deere & Company’s share of the net assets					221			215

 

Consolidated retained earnings at October 31, 2013 include undistributed earnings of the unconsolidated affiliates of $90 million. Dividends from unconsolidated affiliates were $10 million in 2013, $.2 million in 2012 and $18 million in 2011.