DEERE & CO Goodwill & Intangibles Disclosure
15. GOODWILL AND OTHER INTANGIBLE ASSETS – NET
The changes in amounts of goodwill by operating segments were as follows.
| PPA | | SAT | | CF | | Total |
| |||||
October 29, 2023 | $ | 702 | $ | 363 | $ | 2,835 | $ | 3,900 |
| ||||
Translation adjustments and other | (1) | 2 | 58 |
| 59 | ||||||||
October 27, 2024 | 701 | 365 | 2,893 |
| 3,959 | ||||||||
Acquisitions (Note 3) | 30 | 24 | 11 | 65 | |||||||||
Translation adjustments and other | 13 | 4 | 147 |
| 164 | ||||||||
November 2, 2025 | $ | 744 | $ | 393 | $ | 3,051 | $ | 4,188 | |||||
The components of other intangible assets were as follows:
| 2025 | | 2024 |
| |||
Customer lists and relationships | $ | 482 | $ | 508 |
| ||
Technology, patents, trademarks, and other |
| 1,518 |
| 1,423 | |||
Total at cost |
| 2,000 |
| 1,931 | |||
Less accumulated amortization: |
|
| |||||
Customer lists and relationships | (260) | (231) | |||||
Technology, patents, trademarks, and other | (848) | (701) | |||||
Total accumulated amortization | (1,108) | (932) | |||||
Other intangible assets – net |
| $ | 892 |
| $ | 999 | |
Actual amortization expense for the past three years and the estimated amortization expense for the next five years follows:
Year | Amortization | ||||
2023 | $ | 169 | |||
2024 | 166 | ||||
2025 | 143 | ||||
Estimated – | 2026 | 140 | |||
2027 | 133 | ||||
2028 | 97 | ||||
2029 | 80 | ||||
2030 | 72 | ||||
Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Dec 18, 2025 | Showing above |
| 2024 | Dec 12, 2024 | |
| 2023 | Dec 15, 2023 | |
| 2022 | Dec 15, 2022 | |
| 2021 | Dec 16, 2021 | |
| 2020 | Dec 17, 2020 | |
| 2019 | Dec 19, 2019 | |
| 2018 | Dec 17, 2018 | |
| 2017 | Dec 18, 2017 | |
| 2016 | Dec 19, 2016 | |
| 2015 | Dec 18, 2015 | |
About Goodwill & Intangibles Disclosures
Goodwill and intangible asset disclosures reveal the premium paid in acquisitions and how management assesses whether that premium retains its value. Since goodwill is no longer amortized under US GAAP, the annual impairment test is the only mechanism that adjusts carrying values downward — making the assumptions behind that test critically important for investors.
Key signals: a history of goodwill impairments suggests management consistently overpays for acquisitions. Watch the gap between reporting unit fair value and carrying amount — when fair value exceeds carrying amount by less than 10-20%, a small decline in business performance could trigger a write-down. For finite-lived intangibles, examine useful life assumptions across customer relationships, technology, and trade names; aggressive estimates inflate near-term earnings. Compare total intangibles-to-total-assets ratios against peers to assess acquisition dependency. Rising goodwill as a percentage of equity can signal balance sheet fragility.