UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM |
CURRENT REPORT
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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).
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Item 2.02 Results of Operations and Financial Condition.
John Deere Capital Corporation’s (JDCC) revenue, net income, and ending portfolio balance for the second quarter and first six months of fiscal year 2024, are set forth below:
Second Quarter | Year to Date | |||||||||||||||
$ in millions | 2024 | 2023 | % Change | 2024 | 2023 | % Change | ||||||||||
Revenue | $ | 1,199 | $ | 929 | 29% | $ | 2,360 | $ | 1,766 | 34% | ||||||
Net income | $ | 126 | $ | 130 | -3% | $ | 301 | $ | 268 | 12% | ||||||
Ending portfolio balance | $ | 59,212 | $ | 51,674 | 15% | |||||||||||
JDCC’s net income for the quarter was lower than the same period in 2023 primarily due to a higher provision for credit losses and less-favorable financing spreads, mostly offset by income earned on higher average portfolio balances. JDCC’s year-to-date net income was higher due to income earned on higher average portfolio balances and lower dealer financing incentives, partially offset by a higher provision for credit losses and less-favorable financing spreads.
Item 7.01Regulation FD Disclosure
On May 16, 2024, Deere & Company, JDCC’s parent, issued a press release announcing its results of operations for the second quarter and first six months of 2024 and made available a presentation providing a review of its second quarter of fiscal 2024 in connection with its investor earnings call. Copies of the press release and presentation are furnished herewith as Exhibits 99.1 and 99.2, respectively, and incorporated herein by reference.
Item 8.01Other Events
The information set forth in Item 2.02 of this Current Report on Form 8-K is incorporated by reference into this Item 8.01.
Item 9.01Financial Statements and Exhibits
(d)Exhibits
Number | Description of Exhibit | |
99.1 | ||
99.2 | ||
104 | Cover Page Interactive Data File (the cover page XBRL tags are imbedded in the Inline XBRL document) |
2
Document and Entity Information |
May 16, 2024 |
|---|---|
| Cover [Abstract] | |
| Document Type | 8-K |
| Document Period End Date | May 16, 2024 |
| 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 | P.O. Box 5328 |
| Entity Address, City or Town | Madison |
| Entity Address, State or Province | WI |
| Entity Address, Postal Zip Code | 53705-0328 |
| City Area Code | 800 |
| Local Phone Number | 438-7394 |
| 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 |