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
Date of Report:
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Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
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Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
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 second quarter and first six months of fiscal 2022 are set forth below: | ||||||||||||||||||
Second Quarter | Year to Date | |||||||||||||||||
$ in millions | 2022 | 2021 | % Change | 2022 | 2021 | % Change | ||||||||||||
Revenue | $ | 651 | $ | 675 | -4% | $ | 1,294 | $ | 1,332 | -3% | ||||||||
Net income | $ | 159 | $ | 177 | -10% | $ | 348 | $ | 344 | 1% | ||||||||
Ending portfolio balance | $ | 42,543 | $ | 40,613 | 5% | |||||||||||||
Results in the quarter decreased due to a higher provision for credit losses and less-favorable financing spreads, partially offset by income earned on a higher average portfolio. For the year-to-date period, net income rose mainly due to income earned on a higher average portfolio and improvement on operating-lease residual values, partially offset by a higher provision for credit losses and less-favorable financing spreads. The prior year also benefited from a favorable adjustment to the provision for credit losses. | ||||||||||||||||||
Items 2.02 and 7.01 | Results of Operations and Financial Condition and Regulation FD Disclosure (Furnished herewith). | |||||||||||||||||
Deere & Company’s press release dated May 20, 2022 concerning Second Quarter of Fiscal 2022 financial results and supplemental financial information (Exhibit 99.1), the schedules of Deere & Company Other Financial Information (Exhibit 99.2), and Second Quarter 2022 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 May 20, 2022, 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) | |||||||||||||||||
2
Document and Entity Information |
May 20, 2022 |
|---|---|
| Cover [Abstract] | |
| Document Type | 8-K |
| Document Period End Date | May 20, 2022 |
| Entity Registrant Name | DEERE JOHN CAPITAL CORP |
| Entity File Number | 1-6458 |
| Entity Incorporation, State or Country Code | DE |
| Entity Tax Identification Number | 36-2386361 |
| Entity Address, Address Line One | 10587 Double R Boulevard, Suite 100 |
| Entity Address, City or Town | Reno |
| Entity Address, State or Province | NV |
| Entity Address, Postal Zip Code | 89521 |
| City Area Code | 775 |
| Local Phone Number | 786-5527 |
| Written Communications | false |
| Soliciting Material | false |
| Pre-commencement Tender Offer | false |
| Pre-commencement Issuer Tender Offer | false |
| Entity Emerging Growth Company | false |
| Title of 12(b) Security | 2.00% Senior Notes Due 2031 |
| Trading Symbol | JDCC 31 |
| Security Exchange Name | NYSE |
| Entity Central Index Key | 0000027673 |
| Amendment Flag | false |