UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM |
CURRENT REPORT
Pursuant to Section13 OR 15(d) of the Securities Exchange Act of 1934
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Items 2.02 and 8.01 | Results of Operations and Financial Condition and Other Events. | |||||||||||||||||
John Deere Capital Corporation’s revenue, net income, and ending portfolio balance for the fourth quarter of fiscal 2021 and full-year fiscal 2021 are set forth below: | ||||||||||||||||||
Fourth Quarter | Full Year | |||||||||||||||||
$ in millions | 2021 | 2020 | % Change | 2021 | 2020 | % Change | ||||||||||||
Revenue | $ | 673 | $ | 693 | -3% | $ | 2,688 | $ | 2,808 | -4% | ||||||||
Net income | $ | 181 | $ | 154 | 18% | $ | 711 | $ | 425 | 67% | ||||||||
Ending portfolio balance | $ | 41,488 | $ | 38,726 | 7% | |||||||||||||
Net income for the fourth quarter of fiscal 2021 was higher than in the fourth quarter of 2020 primarily due to income earned on higher average portfolio balances and improvements on operating-lease residual values. These factors were partially offset by a higher provision for credit losses. Fourth-quarter 2020 results were also negatively impacted by employee-separation expenses. Full-year 2021 net income was higher than in 2020 due to improvements on operating-lease residual values, a lower provision for credit losses, favorable financing spreads, and income earned on a higher average portfolio. Full-year 2020 results also included impairments on lease residual values. | ||||||||||||||||||
Items 2.02 and 7.01 | Results of Operations and Financial Condition and Regulation FD Disclosure (Furnished herewith). | |||||||||||||||||
Deere & Company’s press release dated November 24, 2021 concerning Fourth Quarter of Fiscal 2021 financial results and supplemental financial information (Exhibit 99.1), the schedules of Deere & Company Other Financial Information (Exhibit 99.2), and Fourth Quarter 2021 Earnings Conference Call Information (Exhibit 99.3) are furnished under Form 8-K Items 2.02 and 7.01 (incorporated by reference from Items 2.02 and 7.01 of Deere & Company’s Current Report on Form 8-K dated November 24, 2021, file number (1-4121)). The information is not filed for purposes of the Securities Exchange Act of 1934 and is not deemed incorporated by reference by any general statements incorporating by reference this report or future filings into any filings under the Securities Act of 1933 or the Securities Exchange Act of 1934, except to the extent John Deere Capital Corporation specifically incorporates the information by reference. | ||||||||||||||||||
Item 9.01 | Financial Statements and Exhibits | |||||||||||||||||
(d) | Exhibits | |||||||||||||||||
Number | Description of Exhibit | |||||||||||||||||
99.1 | ||||||||||||||||||
99.2 | ||||||||||||||||||
99.3 | ||||||||||||||||||
104 | Cover Page Interactive Data File (the cover page XBRL tags are imbedded in the Inline XBRL document) | |||||||||||||||||
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