-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: keymaster@town.hall.org Originator-Key-Asymmetric: MFkwCgYEVQgBAQICAgADSwAwSAJBALeWW4xDV4i7+b6+UyPn5RtObb1cJ7VkACDq pKb9/DClgTKIm08lCfoilvi9Wl4SODbR1+1waHhiGmeZO8OdgLUCAwEAAQ== MIC-Info: RSA-MD5,RSA, CU/wqb0E5v+YTj74gcrZg0LufI5Bo3sWw7icKYmt7nF/tO6JTYOSktlrJq/Y0C2X fWn4H3pDd3X4a7FPVsXBog== 0000912057-94-001480.txt : 19940513 0000912057-94-001480.hdr.sgml : 19940513 ACCESSION NUMBER: 0000912057-94-001480 CONFORMED SUBMISSION TYPE: 10-K/A PUBLIC DOCUMENT COUNT: 5 CONFORMED PERIOD OF REPORT: 19931031 FILED AS OF DATE: 19940427 FILER: COMPANY DATA: COMPANY CONFORMED NAME: DEERE & CO CENTRAL INDEX KEY: 0000315189 STANDARD INDUSTRIAL CLASSIFICATION: 3523 IRS NUMBER: 362382580 STATE OF INCORPORATION: DE FISCAL YEAR END: 1031 FILING VALUES: FORM TYPE: 10-K/A SEC ACT: 1934 Act SEC FILE NUMBER: 001-04121 FILM NUMBER: 94524670 BUSINESS ADDRESS: STREET 1: JOHN DEERE RD CITY: MOLINE STATE: IL ZIP: 61265 BUSINESS PHONE: 3097658000 10-K/A 1 FORM 10-K/A SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 ------------------ FORM 10-K/A ------------------ AMENDMENT NO. 1 TO ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 FOR THE FISCAL YEAR ENDED OCTOBER 31, 1993 Commission file number 1-4121 DEERE & COMPANY (Exact name of registrant as specified in its charter) DELAWARE 36-2382580 (State of incorporation) (IRS Employer Identification No.) JOHN DEERE ROAD, MOLINE, ILLINOIS 61265 (309) 765-8000 (Address of principal executive offices) (Zip Code) (Telephone Number) SECURITIES REGISTERED PURSUANT TO SECTION 12(b) OF THE ACT TITLE OF EACH CLASS NAME OF EACH EXCHANGE ON WHICH REGISTERED Common stock, $1 par value New York Stock Exchange Chicago Stock Exchange Frankfurt, Germany Stock Exchange 8.45% Debentures Due 2000 New York Stock Exchange 5-1/2% Convertible Subordinated Debentures Due 2001 New York Stock Exchange 8% Debentures Due 2002 New York Stock Exchange 8-1/4% Notes Due 1996 New York Stock Exchange 9-1/8% Notes Due 1996 New York Stock Exchange 8.95% Debentures Due 2019 New York Stock Exchange 8-1/2% Debentures Due 2022 New York Stock Exchange SECURITIES REGISTERED PURSUANT TO SECTION 12(G) OF THE ACT: NONE Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes X No --- --- Indicate by check mark if disclosure of delinquent filers pursuant to Item 405 of Regulation S-K is not contained herein, and will not be contained, to the best of registrant's knowledge, in definitive proxy or information statements incorporated by reference in Part III of this Form 10-K or any amendment to this Form 10-K. [X] The aggregate quoted market price of voting stock of registrant held by nonaffiliates at December 31, 1993 was $6,321,507,276. At December 31, 1993, 85,605,030 shares of common stock, $1 par value, of the registrant were outstanding. DOCUMENTS INCORPORATED BY REFERENCE. Portions of the proxy statement for the annual meeting of stockholders to be held on February 23, 1994 are incorporated by reference in Part III. - - ------------------------------------------------------------------------------ Page 1 of 50 Pursuant to Rule 15d-21 under the Securities Exchange Act of 1934, the undersigned registrant (the "Registrant") hereby amends the following items, financial statements, exhibits or other portions of its Annual Report on Form 10-K for the fiscal year ended October 31, 1993 to include the information and financial statements required by Form 11-K with respect to The John Deere Savings and Investment Plan and The John Deere Tax Deferred Savings Plan For Hourly and Incentive Paid Employees (the "Plans") for the year ended October 31, 1993 as set forth in the pages attached hereto: Index to Exhibits and Exhibits revised to add Exhibits 23.2, 23.3, 99.3 and 99.4, copies of which are attached, consisting of the Consents of the Independent Auditors, Independent Auditors' Report, and the Audited Financial Statements, Notes to Financial Statements, and Supplemental Schedules of the Plans. Page 2 of 50 INDEX TO EXHIBITS EXHIBIT - - ------- 3.1 Certificate of incorporation as amended (Exhibit 3.1 to Form 10-Q of registrant for the period ended April 30, 1993*) 3.2 Certificate of Designation Preferences and Rights of Series A Participating Preferred Stock (Exhibit 3.2 to Form 10-Q of registrant for the period ended April 30, 1993*) 3.3 By-laws, as amended (Exhibit 3.3 to Form 10-Q of registrant for the quarter ended April 30, 1993*) 4.1 Indenture dated February 15, 1991 between registrant and Citibank, N.A., as Trustee. (Exhibit 4.1 to Form 10-Q of registrant for the quarter ended April 30, 1993*) 4.2 Credit agreements among registrant, John Deere Capital Corporation, various financial institutions, and Chemical Bank and Deutsche Bank, as Managing Agents, dated as of December 15, 1993 (Exhibit 4.1 to 1993 Form 10-K of John Deere Capital Corporation, Commission file no. 1-6458*) 4.3 Revolving evergreen credit facility REF loan agreement among John Deere Limited, John Deere Finance Limited with a number of banks dated March 26, 1993 and REF linked credit agreement among registrant, John Deere Capital Corporation and a number of banks dated as of March 26, 1993. (Exhibit 4.3 to Form 10-Q of registrant for the quarter ended April 30, 1993*) 4.4 Form common stock certificates (Exhibit 4.4 to Form 10-Q of registrant for the quarter ended April 30, 1993*) 4.5 Rights Agreement dated as of December 9, 1987 as amended between registrant and Morgan Shareholder Services Trust Company (Exhibit 4.5 to Form 10-Q of registrant for the quarter ended April 30, 1993*) 4.6 First Amendment to Rights Agreement, dated as of February 28, 1990 between registrant and First Chicago Trust Co. of New York (Exhibit 4.6 to Form 10-Q of registrant for the quarter ended April 30, 1993*) 4.7 Second Amendment to Rights Agreement, dated as of March 1, 1991 between registrant and First Chicago Trust Co. of New York (Exhibit 4.7 to Form 10-Q of registrant for the quarter ended April 30, 1993*) Certain instruments relating to long-term debt constituting less than 10% of the registrant's total assets, are not filed as exhibits herewith pursuant to Item 601(b)(4)(iii)(A) of Regulation S-K. The registrant will file copies of such instruments upon request of the Commission. 9. Not applicable 10.1 Agreement dated May 11, 1993 between registrant and John Deere Capital Corporation concerning agricultural retail notes (Exhibit 10.1 to Form 10-Q of registrant for the quarter ended April 30, 1993*) Page 3 of 50 EXHIBIT - - ------- 10.2 Agreement dated May 11, 1993 between registrant and John Deere Capital Corporation relating to lawn and grounds care retail notes (Exhibit 10.2 to Form 10-Q of registrant for the quarter ended April 30, 1993*) 10.3 Agreement dated May 11, 1993 between John Deere Industrial Equipment Company, a wholly-owned subsidiary of registrant and John Deere Capital Corporation concerning industrial retail notes (Exhibit 10.3 to Form 10-Q of registrant for the quarter ended April 30, 1993*) 10.4 Agreement dated January 26, 1983 between registrant and John Deere Capital Corporation relating to agreements on retail notes with United States sales branches (Exhibit 10.4 to Form 10-Q of registrant for the quarter ended April 30, 1993*) 10.5 John Deere Supplemental Pension Benefit Plan, as amended May 26, 1993. (Exhibit 10.5 to Form 10-Q of registrant for the quarter ended April 30, 1993*) 10.6 1981 John Deere Incentive Stock Option Plan (Exhibit 10.6 to Form 10-Q of registrant for the quarter ended April 30, 1993*) 10.7 1986 John Deere Stock Option Plan (Exhibit 10.7 to Form 10-Q of registrant for the quarter ended April 30, 1993*) 10.8 1991 John Deere Stock Option Plan (Exhibit 10.8 to Form 10-Q of registrant for the quarter ended April 30, 1993*) 10.9 Deere & Company Voluntary Deferred Compensation Plan (Exhibit 10.9 to Form 10-Q of registrant for the quarter ended April 30, 1993*) 10.10 John Deere Restricted Stock Plan (Exhibit 10.10 to Form 10-Q of registrant for the quarter ended April 30, 1993*) 10.11 1993 Nonemployee Director Stock Ownership Plan (Exhibit to Notice and Proxy Statement of registrant for the annual shareholder meeting on February 24, 1993*) 11. Computation of net income per share** 12. Computation of ratio of earnings to fixed charges** 13. Not applicable 16. Not applicable 18. Not applicable 21. Subsidiaries** 22. Not applicable 23.1 Consent of Deloitte & Touche with respect to the Independent Audit Report for the October 31, 1993 financial statements of Deere & Company** Page 4 of 50 EXHIBIT - - ------- 23.2 Consent of Deloitte & Touche with respect to the Independent Audit Report for The John Deere Savings and Investment Plan 23.3 Consent of Deloitte & Touche with respect to the Independent Audit Report for the John Deere Tax Deferred Savings Plan For Hourly and Incentive Paid Employees 24. Not applicable 27. Not applicable 28. Not applicable 99.1 Press Release dated December 9, 1987 announcing adoption of Shareholder Rights Plan (Exhibit 99.1 to Form 10-Q of registrant for the quarter ended April 30, 1993*) 99.2 Form of Letter to Shareholders dated December 10, 1987 describing Shareholder Rights Plan (Exhibit 99.2 to Form 10- Q of registrant for the quarter ended April 30, 1993*) 99.3 John Deere Savings And Investment Plan Independent Auditors' Report Statements of Net Assets Available For Benefits as of October 31, 1993, 1992 and 1991 Statements of Changes in Net Assets Available For Benefits for the years ended October 31, 1993, 1992, 1991 Notes to Financial Statements Supplemental Schedules 99.4 John Deere Tax Deferred Savings Plan For Hourly And Incentive Paid Employees Statements as of October 31, 1993, 1992 and 1991 Statements of Changes for the years ended October 31, 1993, 1992 and 1991 Notes to Financial Statements Supplemental Schedules *Incorporated by reference. Copies of these exhibits are available from the Company upon request. **Copies of these exhibits were filed with the Commission with the original Annual Report of the Company on Form 10-K for the fiscal year ended October 31, 1993. Page 5 of 50 SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this amendment to its Annual Report on Form 10-K to be signed on its behalf by the undersigned, thereunto duly authorized. DEERE & COMPANY By: /s/ M. S. Plunkett ------------------- M. S. Plunkett Senior Vice President Date: April 26, 1994 -------------- Page 6 of 50 EX-23.2 2 EXHIBIT 23.2 Exhibit 23.2 Deloitte & Touche Two Prudential Plaza 180 North Stetson Avenue Chicago, Illinois 60601-6779 INDEPENDENT AUDITORS' CONSENT Deere & Company: We consent to the incorporation by reference in Registration Statements No. 2- 76637, 2-90384, 33-24397, and 33-49740 of Deere & Company on Form S-8 of our report dated April 1, 1994 relating to the John Deere Savings & Investment Plan, appearing in this Annual Report on Form 10-K of Deere & Company for the year ended October 31, 1993. /s/ Deloitte & Touche - - ---------------------- DELOITTE & TOUCHE April 1, 1994 Page 7 of 50 EX-23.3 3 EXHIBIT 23.3 Exhibit 23.3 Deloitte & Touche Two Prudential Plaza 180 North Stetson Avenue Chicago, Illinois 60601-6779 INDEPENDENT AUDITORS' CONSENT Deere & Company: We consent to the incorporation by reference in Registration Statements No. 33-15949 and 33-49740 of Deere & Company on Form S-8 of our report dated April 1, 1994 relating to the John Deere Tax Deferred Savings Plan for Hourly and Incentive Paid Employees, appearing in this Annual Report on Form 10-K of Deere & Company for the year ended October 31, 1993. /s/ Deloitte & Touche - - --------------------- DELOITTE & TOUCHE April 1, 1994 Page 8 of 50 EX-99.3 4 EXHIBIT 99.3 Exhibit 99.3 JOHN DEERE SAVINGS AND INVESTMENT PLAN FINANCIAL STATEMENTS FOR THE YEARS ENDED OCTOBER 31, 1993, 1992 AND 1991 AND SUPPLEMENTAL SCHEDULES FOR THE YEAR ENDED OCTOBER 31, 1993 AND INDEPENDENT AUDITORS' REPORT * * * * * * * * * * * * Page 9 of 50 JOHN DEERE SAVINGS AND INVESTMENT PLAN TABLE OF CONTENTS PAGE ---- Independent Auditors' Report . . . . . . . . . . . . . . . . . . . . 2 Financial Statements for the Years Ended October 31, 1993, 1992` and 1991: Statements of Net Assets Available for Benefits . . . . . . . . . 3 Statements of Changes in Net Assets Available for Benefits . . . . . . . . . . . . . . . . . . . . . . . . . 4 Notes to Financial Statements . . . . . . . . . . . . . . . . . . 5 Supplemental Schedules: . . . . . . . . . . . . . . . . . . . . . 16 Item 27a - Schedule of Assets Held for Investment Purposes at October 31, 1993 Item 27d - Schedule of Reportable Transactions for the Year Ended October 31, 1993 Supplemental Schedules Omitted As Not Applicable: Item 27a - Schedule of Assets Held for Investment Purposes (Investment Assets Which Were Acquired and Disposed of Within the Plan Year) Item 27b - Schedule of Loans or Fixed Income Obligations Item 27c - Schedule of Leases in Default or Classified as Uncollectible Item 27e - Schedule of Nonexempt Transactions Page 10 of 50 Deloitte & Touche Two Prudential Plaza Telephone: (312) 946-3000 180 North Stetson Avenue Facsimile: (312) 946-2600 Chicago, Illinois 60601-6779 INDEPENDENT AUDITORS' REPORT Deere & Company: We have audited the accompanying statements of net assets available for benefits of the John Deere Savings and Investment Plan as of October 31, 1993, 1992 and 1991 and the related statements of changes in net assets available for benefits for the years then ended. These financial statements are the responsibility of the Plan's management. Our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits in accordance with generally accepted auditing standards. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion. In our opinion, such financial statements present fairly, in all material respects, the net assets available for benefits of the Plan as of October 31, 1993, 1992 and 1991 and the changes in net assets available for benefits for the years then ended in conformity with generally accepted accounting principles. As discussed in Note 5 to the financial statements, the Plan changed its accounting for benefits payable to participants who have withdrawn from participation from the Plan and restated the 1991 and 1992 financial statements for the change. Our audits were conducted for the purpose of forming an opinion on the basic financial statements taken as a whole. The supplemental schedules listed on page 1 are presented for the purpose of additional analysis and are not a required part of the basic financial statements, but are supplementary information required by the Department of Labor's Rules and Regulations for Reporting and Disclosure under the Employee Retirement Income Security Act of 1974. These schedules are the responsibility of the Plan's management. Such schedules have been subjected to the auditing procedures applied in the audits of the basic 1993 financial statements and, in our opinion, are fairly stated in all material respects when considered in relation to the basic financial statements taken as a whole. /s/ Deloitte & Touche - - --------------------- DELOITTE & TOUCHE April 1, 1994 Page 11 of 50 JOHN DEERE SAVINGS AND INVESTMENT PLAN STATEMENTS OF NET ASSETS AVAILABLE FOR BENEFITS OCTOBER 31, 1993, 1992 AND 1991 (IN THOUSANDS OF DOLLARS)
- - -------------------------------------------------------------------------------- 1993 1992 1991 ---- ---- ---- ASSETS Investments - at market value: Deere & Company common stock $ 32,597 $ 24,128 $ 19,103 Fixed rate bank and insurance contracts 306,489 285,436 251,430 Fixed Interest Fund 1,777 1,827 1,788 Fidelity U.S. Equity Index Portfolio 84,173 72,977 62,310 Fidelity Puritan Fund 31,479 12,857 6,127 Fidelity Overseas Equity Fund 11,238 Fidelity Magellan Fund 74,603 37,818 21,706 Fidelity Intermediate Bond Fund 1,335 Fidelity Retirement Money Market Portfolio 4,770 5,633 4,743 Fidelity U.S. Government Reserve Pool 14,322 6,548 5,886 Loans to participants 15,930 14,595 12,743 --------- --------- --------- Total 578,713 461,819 385,836 Due from brokers 677 72 --------- --------- --------- Total Assets 579,390 461,891 385,836 --------- --------- --------- LIABILITIES Due to brokers 147 --------- --------- --------- Total Liabilities 147 --------- --------- --------- Net Assets Available for Benefits $579,390 $461,891 $385,689 --------- --------- --------- --------- --------- ---------
See Notes to Financial Statements. Page 12 of 50 JOHN DEERE SAVINGS AND INVESTMENT PLAN STATEMENTS OF CHANGES IN NET ASSETS AVAILABLE FOR BENEFITS FOR THE YEARS ENDED OCTOBER 31, 1993, 1992 AND 1991 (IN THOUSANDS OF DOLLARS) - - -------------------------------------------------------------------------------
Year Ended Year Ended Year Ended October 31, 1993 October 31, 1992 October 31,1991 ---------------- ---------------- --------------- ADDITIONS Investment income: Dividends $ 11,079 $ 7,436 $ 2,528 Interest 24,487 23,327 20,797 ---------- ---------- ---------- Total 35,566 30,763 23,325 ---------- ---------- ---------- Net appreciation (depreciation) in fair value of investments 41,270 (2,956) 21,814 ---------- ---------- ---------- Contributions: Employee 42,429 43,056 41,510 Employer 7,322 9,338 18,625 ---------- ---------- ---------- Total 49,751 52,394 60,135 ---------- ---------- ---------- Transfer from previous trust account 3,688 ---------- ---------- ---------- Total 126,587 83,889 105,274 ---------- ---------- ---------- DEDUCTIONS Withdrawals 8,847 7,218 2,754 Loan cancellations 241 469 59 ---------- ---------- ---------- Total 9,088 7,687 2,813 ---------- ---------- ---------- Excess of additions over deductions 117,499 76,202 102,461 Net Assets Available for Benefits: Beginning of year 461,891 385,689 283,228 ---------- ---------- ---------- End of year $579,390 $461,891 $385,689 ---------- ---------- ---------- ---------- ---------- ----------
See Notes to Financial Statements. Page 13 of 50 JOHN DEERE SAVINGS AND INVESTMENT PLAN NOTES TO FINANCIAL STATEMENTS FOR THE YEARS ENDED OCTOBER 31, 1993, 1992 AND 1991 - - ----------------------------------------------------------- (1) DESCRIPTION OF PLAN The following is a general description of the John Deere Savings and Investment Plan (the Plan). This description applies to each of the years for which financial statements are presented. See Note (2) for a brief description of the changes in the Plan's policies and procedures as of January 1991. For a more complete description of the Plan's provisions, participants should make reference to the Plan agreement. GENERAL The Plan was established July 1, 1984 by Deere & Company (the Company) for eligible employees of the Company and its subsidiaries. The purpose of the Plan is to encourage those employees to provide for their financial security through regular savings and to assist them through matching contributions from the Company's profits. It is subject to the provisions of the Employee Retirement Income Security Act of 1974 (ERISA). Expenses of the Plan are paid by the Company. ELIGIBILITY Employees are eligible to participate in the Plan if they are salaried employees on the United States payrolls of the Company or its participating subsidiaries and have completed at least one year of service. CONTRIBUTIONS An eligible employee may elect to enter into a written Salary Deferral Agreement (the Agreement) with the Company and agree to accept a reduction in compensation equal to any whole percentage of such compensation per payroll period, not to exceed 15 percent, up to a maximum amount established by the Internal Revenue Service. The maximum amount for the 1993 calendar year was $8,994. Employees may amend or revoke their Agreements as of the first day of any payroll period by completing a form established for that purpose. An amendment or revocation becomes effective with the first payroll period of the calendar month following receipt of the form by the administrator of the Plan. The Company's matching contributions to the Plan, which are made on a calendar-year basis, are determined by multiplying the participating employee's salary deferrals, up to a maximum of six percent of the employee's earnings, by a percentage determined in accordance with the Plan agreement. This percentage is based on the profitability of the Company in the preceding fiscal year ended October 31. The percentages applicable to the 1991, 1992 and 1993 calendar years were 75 percent, 30 percent and 30 percent respectively. Page 14 of 50 Contributions are sent to the Plan Trustee on each payroll period ending date, or the last working day prior to that date if the latter is an unscheduled working day. Contributions are invested by the Trustee in the appropriate funds as soon as practicable following receipt. Monies may be held and invested by the Trustee in short-term investment funds until designated investments have been purchased. The salary deferrals and Company contributions are considered tax deferred under sections 401(a) and 401(k) of the Internal Revenue Code. FUND ELECTIONS Eligible employees enrolled in the Plan may elect to invest a percentage of their contributions, together with the matching contribution by the Company, in one or more funds in multiples of 10 percent. A description of the primary investments in each fund follows: The Deere & Company Common Stock Fund is invested in common stock of the Company. The Blended Interest Fund is invested in investment contracts issued by banks and insurance companies. The Fixed Interest Fund is invested in zero coupon bonds and high-quality fixed interest investments. The Fidelity U.S. Equity Index Portfolio is invested in the common stocks of the 500 companies that make up the Standard & Poor's 500 Stock Index. The Fidelity Puritan Fund is invested in dividend-paying common stocks, preferred stocks and bonds of all types and qualities paying interest. The Fidelity Overseas Equity Fund is invested in securities of companies located in the Americas (other than the U. S.), the Far East and Pacific Basin, and Western Europe. The Fidelity Magellan Fund is invested in a wide range of U.S. and foreign common stocks of all types of companies with growth potential. The Fidelity Intermediate Bond Fund is invested in bonds rated BBB or better with an average maturity of between three and ten years. The Fidelity Retirement Money Market Portfolio is invested in debt instruments maturing in one year or less, including high-quality commercial paper, certificates of deposit, repurchase agreements and bankers' acceptances. The Fidelity U.S. Government Reserve Pool is a short-term investment fund paying interest. Page 15 of 50 A listing of the funds and the number of participants in each fund at October 31, 1993, 1992 and 1991 follows. The number of participants shown below includes both active participants and former employees who have elected deferred distributions.
Name of Fund Number of Participants ------------ ---------------------- 1993 1992 1991 ---- ---- ---- Deere & Company Common Stock Fund 3,703 4,149 3,887 Blended Interest Fund 9,641 9,928 10,131 Fixed Interest Fund 109 120 126 Fidelity U.S. Equity Index Portfolio 4,446 4,503 4,403 Fidelity Puritan Fund 2,773 1,679 1,007 Fidelity Overseas Equity Fund 942 0 0 Fidelity Magellan Fund 4,444 3,235 2,046 Fidelity Intermediate Bond Fund 223 0 0 Fidelity Retirement Money Market Portfolio 575 643 515
LOANS Employees who participate in the Plan are eligible to borrow against the balances in their accounts. Loans must amount to at least $1,000 and are limited to the lesser of $50,000 (reduced by the participant's highest outstanding loan balance during the immediately preceding one year period) or 50 percent of their account balances on the effective dates of the loans, may not exceed 54 months in duration and are disbursed to applicants monthly. Repayment is intended to be made via semi-monthly payroll deductions. Interest is assessed at a rate which is determined after reviewing the published prime interest rate, the 5-year consumers' savings rate and the current yield of the Blended Interest Fund. Loans outstanding at October 31, 1993 have maturities ranging from November 1993 through October 1998 and bear interest at rates ranging from 8.5 percent to 11.0 percent per annum. There are no loans in default. DISTRIBUTIONS All distributions under the Plan are lump-sum. Distributions are not permitted while the participants are employed by the Company unless a distribution is required to meet legal requirements. Participants who have terminated employment with the Company or retired may elect an immediate distribution or may defer this distribution up to age 70 1/2. The beneficiary of a participant who died may elect a deferred distribution payable not later than five years after the participant's death. Distributions from the Deere & Company Common Stock Fund may be in cash or whole shares and residual cash. Distributions from all of the other funds are in cash. ADMINISTRATION The Company is Administrator of the Plan. Fidelity Management Trust Company (Fidelity), Boston, Massachusetts, is the Plan Trustee, Investment Manager and Recordkeeper. Prior to December 5, 1990, State Street Bank & Trust Company, Boston, Massachusetts, was the Plan Trustee and Hewitt Associates, Lincolnshire, Illinois, was the Recordkeeper. Page 16 of 50 (2) AMENDMENTS In January 1991, the Plan was amended and restated in its entirety. One change was to increase the number of investment options to seven investment funds. Participants were permitted to invest their existing account balances and future salary deferrals in the Blended Interest Fund, the Fixed Interest Fund, the Deere & Company Common Stock Fund, or in one or more of four Fidelity mutual funds described in Note (1). Participants were provided with a brochure, dated December 1, 1990, which outlined the benefits of the Plan, described the investment options, fund objectives and potential risks associated therewith, and detailed the procedures for making Plan transactions. Effective May 1, 1992, the Plan was amended to permit participation by eligible salaried employees of Funk Manufacturing Company (Funk), a subsidiary of the Company. Previously, Funk maintained the Funk Savings Plan which covered certain salaried and hourly employees. As of May 1, 1992, the Funk Savings Plan was split into two separate plans: (a) the Funk Savings Plan for Salaried Employees and (b) the Funk Savings Plan for Hourly Employees. Following adoption of the Plan by Funk and its approval for merger of the Funk Savings Plan for Salaried Employees with the Plan, the assets and liabilities of the salaried employees participating in the Funk Savings Plan for Salaried Employees were transferred into the Plan. As of January 1, 1993, the Plan was amended to allow participants to invest their contributions in two additional Fidelity mutual funds - the Fidelity Intermediate Bond Fund and the Fidelity Overseas Equity Fund. (3) SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES The Plan's financial statements have been prepared on the accrual basis. Investments in the Deere & Company Common Stock Fund, the Fixed Interest Fund and the six Fidelity mutual funds are stated at market value. The fixed rate bank and insurance contracts and short-term investment funds are stated at cost which approximates market. Interest on bank and insurance contracts and short-term investment funds is accrued daily and credited to the funds at the end of each month. Dividends are accrued in the Deere & Company Common Stock Fund as of the record date and are reflected as an increase in the fund's net asset value on that day. They are not reported separately as dividends. Dividends in other funds are recorded on the day that they are declared (which is also the date of record) and are allocated to participants' accounts on that day. Earnings, including unrealized appreciation or depreciation in market value of investments, are allocated daily among participants based on the ratio of their respective account balances as of the close of the preceding day. Page 17 of 50 (4) INVESTMENTS The cost and market value of the Plan's investments in thousands of dollars are summarized below:
October 31, 1993 October 31, 1992 ---------------- ---------------- Shares/ Shares/ Units Cost Market Units Cost Market ----- ---- ------ ----- ---- ------ Deere & Company common stock 421,970 $ 26,221 $ 32,597 610,842 $27,018 $24,128 -------- -------- ------- ------- Fixed rate bank and insurance contracts with: Provident National Assurance Company at 8.60%, Maturing December 31, 1991 Principal Mutual Life Insurance Company at 8.70%, Maturing 25% in each year on June 30, 1989 through 1992 Northwestern National Life Insurance Company at 8.81%, Maturing 50% in each year on June 30, 1990 and 1992 Northwestern National Life Insurance Company at 8.92%, Maturing 50% in each year on September 30, 1990 and 1992 CNA Insurance Company at 9.19%, Maturing 33 1/3% in each year on June 30, 1991 through 1993 5,226 5,226 5,226 Aetna Life Insurance Company at 8.77%, Maturing 33 1/3% on July 1, 1991 and on June 30, 1992 and 1993 5,138 5,138 5,138 Aetna Life Insurance Company at 9.01%, Maturing 33 1/3% in each year on December 31, 1990 and 1992 and January 3, 1994 4,596 4,596 4,596 8,760 8,760 8,760 October 31, 1991 ----------------- Shares/ Units Cost Market ------ ---- ------ Deere & Company common stock 338,113 $15,888 $19,103 ------- ------- Fixed rate bank and insurance contracts with: Provident National Assurance Company at 8.60%, Maturing December 31, 1991 22,101 22,101 22,101 Principal Mutual Life Insurance Company at 8.70%, Maturing 25% in each year on June 30, 1989 through 1992 4,101 4,101 4,101 Northwestern National Life Insurance Company at 8.81%, Maturing 50% in each year on June 30, 1990 and 1992 3,741 3,741 3,741 Northwestern National Life Insurance Company at 8.92%, Maturing 50% in each year on September 30, 1990 and 1992 5,198 5,198 5,198 CNA Insurance Company at 9.19%, Maturing 33 1/3% in each year on June 30, 1991 through 1993 9,971 9.971 9,971 Aetna Life Insurance Company at 8.77%, Maturing 33 1/3% on July 1, 1991 and on June 30, 1992 and 1993 9,839 9,839 9,839 Aetna Life Insurance Company at 9.01%, Maturing 33 1/3% in each year on December 31, 1990 and 1992 and January 3, 1994 8,370 8,370 8,370
Page 18 of 50
October 31, 1993 October 31, 1992 October 31, 1991 ---------------- ---------------- ----------------- Shares/ Shares/ Shares/ Units Cost Market Units Cost Market Units Cost Market ----- ---- ------ ----- ---- ------ ------ ---- ------ Prudential Insurance Company of America at 9.82%, Maturing 33 1/3% in each year on March 31, 1991 through 1993 2,832 2,832 2,832 6,346 6,346 6,346 CNA Insurance Company at 9.35%, Maturing 25% in each year on September 30, 1991 through 1994 2,693 2,693 2,693 5,116 5,116 5,116 7,236 7,236 7,236 Confederation Life Insurance Company at 8.75%, Maturing on July 6, 1994 4,596 4,596 4,596 4,557 4,557 4,557 4,379 4,379 4,379 Principal Mutual Life Insurance Company at 8.45%, Maturing 33 1/3% in each year on October 1, 1991, 1993 and 1994 3,318 3,318 3,318 6,356 6,356 6,356 6,104 6,104 6,104 Metropolitan Life Insurance Company at 8.70%, Maturing 50% on March 31, 1993 and 50% on September 30, 1993 10,884 10,884 10,884 10,430 10,430 10,430 Metropolitan Life Insurance Company at 9.75%, Maturing 50% in each year on June 30, 1994 and 1995 13,648 13,648 13,648 12,918 12,918 12,918 12,260 12,260 12,260 Metropolitan Life Insurance Company at 8.62%, Maturing 50% on September 30, 1992 and 50% on March 31, 1994 6,316 6,316 6,316 6,040 6,040 6,040 11,585 11,585 11,585 Allstate Insurance Company at 8.54%, Maturing 50% on December 30, 1994 and 50% on April 30, 1995 7,898 7,898 7,898 7,560 7,560 7,560 7,254 7,254 7,254 New York Life Insurance Company at 9.22%, Maturing 33 1/3% in each year on March 31, 1992 through 1994 4,890 4,890 4,890 9,236 9,236 9,236 13,163 13,163 13,163
Page 19 of 50
October 31, 1993 October 31, 1992 October 31, 1991 ---------------- ---------------- ----------------- Shares/ Shares/ Shares/ Units Cost Market Units Cost Market Units Cost Market ----- ---- ------ ----- ---- ------ ----- ---- ------ Confederation Life Insurance Company at 9.10%, Maturing on December 31, 1994 9,076 9,076 9,076 9,023 9,023 9,023 8,615 8,615 8,615 Confederation Life Insurance Company at 8.90%, Maturing on December 31, 1992 5,512 5,512 5,512 5,272 5,272 5,272 Principal Mutual Life Insurance Company at 9.36%, Maturing 50% on September 30, 1994 and 50% on March 31, 1995 15,447 15,447 15,447 14,673 14,673 14,673 13,974 13,974 13,974 Aetna Life Insurance Company at 8.80%, Maturing 50% on June 3, 1996 and 50% on July 1, 1996 9,558 9,558 9,558 8,785 8,785 8,785 8,074 8,074 8,074 Aetna Life Insurance Company at 7.47%, Maturing 50% on February 1, 1996 and 50% on April 1, 1996 19,535 19,535 19,535 18,027 18,027 18,027 16,618 16,618 16,618 Peoples Security Life at 8.60%, Maturing 50% on March 1, 1996 and 50% on May 1, 1996 17,575 17,575 17,575 16,184 16,184 16,184 14,901 14,901 14,901 Sun Life of Canada at 7.62%, Maturing 50% on June 1, 1996 and 50% on September 1, 1996 20,806 20,806 20,806 19,333 19,333 19,333 10,067 10,067 10,067 Sun Life of Canada at 8.70%, Maturing 50% on June 1, 1996 and 50% on July 1, 1996 9,021 9,021 9,021 8,299 8,299 8,299 7,635 7,635 7,635 Hartford Life Insurance Company at 8.45%, Maturing 50% on August 1, 1995 and 50% on December 31, 1995 14,066 14,066 14,066 12,970 12,970 12,970 11,959 11,959 11,959 Massachusetts Mutual Life Insurance Company at 9.02%, Maturing on October 2, 1995 13,442 13,442 13,442 12,808 12,808 12,808 12,237 12,237 12,237
Page 20 of 50
October 31, 1993 October 31, 1992 October 31, 1991 ---------------- ----------------- ---------------- Shares/ Shares/ Shares/ Units Cost Market Units Cost Market Units Cost Market ----- ---- ------ ----- ---- ------ ----- ---- ------ Hartford Life Insurance Company at 5.34%, Open maturity 15,746 15,746 15,746 Provident National Assurance Company, at 7.10%, Maturing 50% on October 1, 1996 and 50% on November 1, 1996 11,272 11,272 11,272 10,525 10,525 10,525 Prudential Insurance Company of America, at 7.61%, Maturing on February 1, 19978,974 8,974 8,974 8,974 8,340 8,340 8,340 Provident National Assurance Company, at 7.68%, Maturing 50% on November 1, 1996 and 50% on April 1, 1997 12,135 12,135 12,135 11,269 11,269 11,269 Lincoln National Life Insurance Company, at 6.34%, Maturing 50% on March 1, 1997 and 50% on May 1, 1997 8,596 8,596 8,596 8,081 8,081 8,081 Bankers Trust Company, at 5.29%, Maturing on November 1, 1994 8,132 8,132 8,132 8,172 8,172 8,172 CIGNA, at 7.72%, Open maturity 14,075 14,075 14,075 13,066 13,066 13,066 Confederation Life Insurance Company at 6.27%, Maturing December 31, 1997 5,219 5,219 5,219 Sun Life of Canada at 6.07%, Maturing September 1, 19975,211 5,211 5,211 Lincoln National Life Insurance Company at 6.17%, Maturing 50% on September 1, 1997 and 50% on December 31, 1997 8,337 8,337 8,337 Pacific Mutual Life Insurance Company at 5.67%, Maturing 50% on June 1, 1997 and 50% on October 31, 1997 7,568 7,568 7,568
Page 21 of 50
October 31, 1993 October 31, 1992 October 31, 1991 ---------------- ---------------- ----------------- Shares/ Shares/ Shares/ Units Cost Market Units Cost Market Units Cost Market ----- ---- ------ ----- ---- ------ ------ ---- ------ Bankers Trust Company at 5.4256786%, Maturing June 30, 1995 10,245 10,245 10,245 Lincoln National Life Insurance Company at 5.17%, Maturing 50% on January 2, 1997 and 50% on July 2, 1997 10,154 10,154 10,154 Sun Life Insurance of America at 5.37%, Maturing 50% on January 1, 1997 and 50% on February 1, 1998 10,046 10,046 10,046 Prudential Life Insurance Company of America at 5.26%, Maturing 50% on June 30, 1998 and 50% on September 30, 1998 10,044 10,044 10,044 -------- -------- --------- --------- --------- --------- Total 306,489 306,489 285,436 285,436 251,430 251,430 -------- -------- --------- --------- --------- --------- Fixed Interest Fund Zero coupon bond at 7.15%, Maturing February 15, 1994 145,256 1,704 1,777 155,753 1,684 1,827 165,373 1,653 1,788 -------- -------- --------- --------- --------- --------- Fidelity U. S. Equity Index Portfolio 4,804,407 76,803 84,173 4,627,592 69,720 72,977 4,162,336 53,316 62,310 -------- -------- --------- --------- --------- --------- Fidelity Puritan Fund 1,945,547 30,144 31,479 889,133 12,785 12,857 437,661 5,778 6,127 -------- -------- --------- --------- --------- --------- Fidelity Overseas Equity Fund 413,927 10,248 11,238 -------- -------- Fidelity Magellan Fund 987,072 66,772 74,603 575,519 38,614 37,818 312,762 19,861 21,706 -------- -------- --------- --------- --------- --------- Fidelity Intermediate Bond Fund 121,548 1,305 1,335 -------- --------
Page 22 of 50
October 31, 1993 October 31, 1992 October 31, 1991 ---------------- ---------------- ----------------- Shares/ Shares/ Shares/ Units Cost Market Units Cost Market Units Cost Market ----- ---- ------ ----- ---- ------ ----- ---- ------ Fidelity Retirement Money Market Portfolio 4,770,463 4,770 4,770 5,633,333 5,633 5,633 4,742,754 4,743 4,743 -------- -------- -------- -------- -------- -------- Fidelity U.S. Government Reserve Pool 14,322,195 14,322 14,322 6,547,679 6,548 6,548 5,885,680 5,886 5,886 -------- -------- -------- -------- -------- -------- Loans to participants 15,930 15,930 14,595 14,595 12,743 12,743 -------- -------- -------- -------- -------- -------- Total investments $554,708 $578,713 $462,033 $461,819 $371,298 $385,836 -------- -------- -------- -------- -------- -------- -------- -------- -------- -------- -------- --------
The trustee maintains shares for the fixed rate bank and insurance contracts at one dollar per share. For report presentation, shares for fixed rate contracts have been rounded to thousands. Page 23 of 50 (5) BENEFITS PAYABLE TO TERMINATED EMPLOYEES In 1993, the Company changed its method of accounting for benefits payable to terminated employees to conform with recently issued guidance for accounting and reporting for defined contribution plans as promulgated by the 1993 AICPA Audit and Accounting Guide - "AUDITS OF EMPLOYEE BENEFIT PLANS." As a result $10,812, $586,043 and $192,035 as of October 31, 1991, October 31, 1992 and October 31, 1993, respectively, have been reclassified back into net assets available for benefits and presented in accordance with the aforementioned accounting guidance. (6) TAX STATUS The Internal Revenue Service has issued a determination letter dated March 10, 1987 indicating that the Plan is qualified under the Internal Revenue Code. The Plan's management believes the Plan is being operated in accordance with applicable rules and regulations and, thus, is exempt from federal income taxes. Employees participating in the Plan are subject to federal income taxes on the balances in their accounts for the calendar year in which distributions are made by the Trustee. Page 24 of 50 SUPPLEMENTAL SCHEDULES Page 25 of 50 JOHN DEERE SAVINGS AND INVESTMENT PLAN ITEM 27A - SCHEDULE OF ASSETS HELD FOR INVESTMENT PURPOSES AT OCTOBER 31, 1993
Shares/ (000's Omitted) Units Cost Market ----- ---- ------ Deere & Company common stock 421,970 $ 26,221 $ 32,597 -------- -------- Fixed rate bank and insurance contracts with: Aetna Life Insurance Company at 9.01%, Maturing 33 1/3% in each year on December 31, 1990 and 1992 and January 3, 1994 4,596 4,596 4,596 CNA Insurance Company at 9.35%, Maturing 25% in each year on September 30, 1991 through 1994 2,693 2,693 2,693 Confederation Life Insurance Company at 8.75%, Maturing on July 6, 1994 4,596 4,596 4,596 Principal Mutual Life Insurance Company at 8.45%, Maturing 33 1/3% in each year on October 1, 1991, 1993 and 1994 3,318 3,318 3,318 Metropolitan Life Insurance Company at 9.75%, Maturing 50% in each year on June 30, 1994 and 1995 13,648 13,648 13,648 Metropolitan Life Insurance Company at 8.62%, Maturing 50% on September 30, 1992 and 50% on March 31, 1994 6,316 6,316 6,316 Allstate Insurance Company at 8.54%, Maturing 50% on December 30, 1994 and 50% on April 30, 1995 7,898 7,898 7,898 New York Life Insurance Company at 9.22%, Maturing 33 1/3% in each year on March 31, 1992 through 1994 4,890 4,890 4,890
Page 26 of 50 ITEM 27A - SCHEDULE OF ASSETS HELD FOR INVESTMENT PURPOSES AT OCTOBER 31, 1993
Shares/ (000's Omitted) Units Cost Market ----- ---- ------ Confederation Life Insurance Company at 9.10%, Maturing on December 31, 1994 9,076 9,076 9,076 Principal Mutual Life Insurance Company at 9.36%, Maturing 50% on September 30, 1994 and 50% on March 31, 1995 15,447 15,447 15,447 Aetna Life Insurance Company at 8.80%, Maturing 50% on June 3, 1996 and 50% on July 1, 1996 9,558 9,558 9,558 Aetna Life Insurance Company at 7.47%, Maturing 50% on February 1, 1996 and 50% on April 1, 1996 19,535 19,535 19,535 Peoples Security Life at 8.60%, Maturing 50% on March 1, 1996 and 50% on May 1, 1996 17,575 17,575 17,575 Sun Life of Canada at 7.62%, Maturing 50% on June 1, 1996 and 50% on September 1, 1996 20,806 20,806 20,806 Sun Life of Canada at 8.70%, Maturing 50% on June 1, 1996 and 50% on July 1, 1996 9,021 9,021 9,021 Hartford Life Insurance Company at 8.45%, Maturing 50% on August 1, 1995 and 50% on December 31, 1995 14,066 14,066 14,066 Massachusetts Mutual Life Insurance Company at 9.02%, Maturing on October 2, 1995 13,442 13,442 13,442 Provident National Assurance Company, at 7.10%, Maturing 50% on October 1, 1996 and 50% on November 1, 1996 11,272 11,272 11,272
Page 27 of 50 ITEM 27A - SCHEDULE OF ASSETS HELD FOR INVESTMENT PURPOSES AT OCTOBER 31, 1993
Shares/ (000's Omitted) Units Cost Market ----- ---- ------ Prudential Insurance Company of America, at 7.61%, Maturing on February 1, 1997 8,974 8,974 8,974 Provident National Assurance Company, at 7.68%, Maturing 50% on November 1, 1996 and 50% on April 1, 1997 12,135 12,135 12,135 Lincoln National Life Insurance Company, at 6.34%, Maturing 50% on March 1, 1997 and 50% on May 1, 1997 8,596 8,596 8,596 Bankers Trust Company, at 5.29%, Maturing on November 1, 1994 8,132 8,132 8,132 CIGNA, at 7.72%, Open maturity 14,075 14,075 14,075 Confederation Life Insurance Company at 6.27%, Maturing December 31, 1997 5,219 5,219 5,219 Sun Life of Canada at 6.07%, Maturing September 1, 1997 5,211 5,211 5,211 Lincoln National Life Insurance Company at 6.17%, Maturing 50% on September 1, 1997 and 50% on December 31, 1997 8,337 8,337 8,337 Pacific Mutual Life Insurance Company at 5.67%, Maturing 50% on June 1, 1997 and 50% on October 31, 1997 7,568 7,568 7,568 Bankers Trust Company at 5.4256786%, Maturing June 30, 1995 10,245 10,245 10,245 Lincoln National Life Insurance Company at 5.17%, Maturing 50% on January 2, 1997 and 50% on July 2, 1997 10,154 10,154 10,154 Sun Life Insurance of America at 5.37%, Maturing 50% on January 1, 1997 and 50% on February 1, 1998 10,046 10,046 10,046
Page 28 of 50 ITEM 27A - SCHEDULE OF ASSETS HELD FOR INVESTMENT PURPOSES AT OCTOBER 31, 1993
Shares/ (000's Omitted) Units Cost Market ----- ---- ------ Prudential Life Insurance Company of America at 5.26%, Maturing 50% on June 30, 1998 and 50% on September 30, 1998 10,044 10,044 10,044 --------- --------- Total 306,489 306,489 --------- --------- Fixed Interest Fund Zero coupon bond at 7.15%, Maturing February 15, 1994 145,256 1,704 1,777 --------- --------- Fidelity U. S. Equity Index Portfolio 4,804,407 76,803 84,173 --------- --------- Fidelity Puritan Fund 1,945,547 30,144 31,479 --------- --------- Fidelity Overseas Equity Fund 413,927 10,248 11,238 --------- --------- Fidelity Magellan Fund 987,072 66,772 74,603 --------- --------- Fidelity Intermediate Bond Fund 121,548 1,305 1,335 --------- --------- Fidelity Retirement Money Market Portfolio 4,770,463 4,770 4,770 --------- --------- Fidelity U.S. Government Reserve Pool 14,322,195 14,322 14,322 --------- --------- Loans to participants 15,930 15,930 --------- --------- Total investments $554,708 $578,713 --------- --------- --------- ---------
The trustee maintains shares for the fixed rate bank and insurance contracts at one dollar per share. For report presentation, shares for fixed rate contracts have been rounded to thousands. Page 29 of 50 JOHN DEERE SAVINGS AND INVESTMENT PLAN ITEM 27D - SCHEDULE OF REPORTABLE TRANSACTIONS FOR THE YEAR ENDED OCTOBER 31, 1993
TRANSACTION BY FUND TOTAL TOTAL NUMBER OF OR CARRIER PURCHASES SALES PERCENT TRANSACTIONS - - ------------------ --------- ----- ------- ------------ BLENDED INTEREST FUND $102,126,764 $73,133,607 37.9 507 DEERE & COMPANY STOCK FUND 31,693,281 44,147,662 16.4 500 PURITAN 22,391,747 5,640,331 6.1 432 MAGELLAN 41,500,357 13,230,645 11.8 473 U. S. EQUITY INDEX 17,198,100 15,362,006 7.0 474
There have been no transactions with the same person involving property other than securities and no transactions with respect to securities with a person. Page 30 of 50 EX-99.4 5 EXHIBIT 99.4 Exhibit 99.4 JOHN DEERE TAX DEFERRED SAVINGS PLAN FOR HOURLY AND INCENTIVE PAID EMPLOYEES FINANCIAL STATEMENTS FOR THE YEARS ENDED OCTOBER 31, 1993, 1992 AND 1991 AND SUPPLEMENTAL SCHEDULES FOR THE YEAR ENDED OCTOBER 31, 1993 AND INDEPENDENT AUDITORS' REPORT * * * * * * * * * * * * Page 31 of 50 JOHN DEERE TAX DEFERRED SAVINGS PLAN FOR HOURLY AND INCENTIVE PAID EMPLOYEES TABLE OF CONTENTS Page ---- Independent Auditors' Report . . . . . . . . . . . . . . . . . . . 2 Financial Statements for the Years Ended October 31, 1993, 1992 and 1991: Statements of Net Assets Available for Benefits. . . . . . . . 3 Statements of Changes in Net Assets Available for Benefits . . . . . . . . . . . . . . . . . . . . . . . . 4 Notes to Financial Statements. . . . . . . . . . . . . . . . . 5 Supplemental Schedules . . . . . . . . . . . . . . . . . . . . . . 15 Item 27a - Schedule of Assets Held for Investment Purposes at October 31, 1993 Item 27d - Schedule of Reportable Transactions for the Year Ended October 31, 1993 Supplemental Schedules Omitted As Not Applicable: Item 27a - Schedule of Assets Held for Investment Purposes (Investment Assets Which Were Acquired and Disposed of Within the Plan Year) Item 27b - Schedule of Loans or Fixed Income Obligations Item 27c - Schedule of Leases in Default or Classified as Uncollectible Item 27e - Schedule of Nonexempt Transactions Page 32 of 50 Deloitte & Touche Two Prudential Plaza Telephone: (312) 946-3000 180 North Stetson Avenue Facsimile: (312) 946-2600 Chicago, Illinois 60601-6779 INDEPENDENT AUDITORS' REPORT Deere & Company: We have audited the accompanying statements of net assets available for benefits of the John Deere Tax Deferred Savings Plan for Hourly and Incentive Paid Employees as of October 31, 1993, 1992 and 1991 and the related statements of changes in net assets available for benefits for the years then ended. These financial statements are the responsibility of the Plan's management. Our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits in accordance with generally accepted auditing standards. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion. In our opinion, such financial statements present fairly, in all material respects, the net assets available for benefits of the Plan as of October 31, 1993, 1992 and 1991 and the changes in net assets available for benefits for the years then ended in conformity with generally accepted accounting principles. As discussed in Note 5 to the financial statements, the Plan changed its accounting for benefits payable to participants who have withdrawn from participation from the Plan and restated the 1991 and 1992 financial statements for the change. Our audits were conducted for the purpose of forming an opinion on the basic financial statements taken as a whole. The supplemental schedules listed on page 1 are presented for the purpose of additional analysis and are not a required part of the basic financial statements, but are supplementary information required by the Department of Labor's Rules and Regulations for Reporting and Disclosure under the Employee Retirement Income Security Act of 1974. These schedules are the responsibility of the Plan's management. Such schedules have been subjected to the auditing procedures applied in the audits of the basic 1993 financial statements and, in our opinion, are fairly stated in all material respects when considered in relation to the basic financial statements taken as a whole. /s/ Deloitte & Touche - - --------------------- DELOITTE & TOUCHE April 1, 1994 Page 33 of 50 JOHN DEERE TAX DEFERRED SAVINGS PLAN FOR HOURLY AND INCENTIVE PAID EMPLOYEES STATEMENTS OF NET ASSETS AVAILABLE FOR BENEFITS OCTOBER 31, 1993, 1992 AND 1991 (IN THOUSANDS OF DOLLARS) - - --------------------------------------------------------------------------------
1993 1992 1991 ---- ---- ---- Assets - - ------ Investments - at market value: Deere & Company common stock $16,891 $ 9,619 $ 10,161 Fixed rate bank and insurance contracts 52,602 41,454 31,415 Fixed Interest Fund 173 182 168 Fidelity U.S. Equity Index Portfolio 16,748 13,930 10,882 Fidelity Puritan Fund 5,679 1,861 633 Fidelity Overseas Equity Fund 2,228 Fidelity Magellan Fund 13,435 5,905 2,732 Fidelity Intermediate Bond Fund 204 Fidelity Retirement Money Market Portfolio 1,986 1,681 611 Fidelity U.S. Government Reserve Pool 1,940 2,107 814 Loans to participants 164 285 -------- -------- -------- Total 112,050 77,024 57,416 Contributions receivable 382 256 254 Due from brokers 351 29 -------- -------- -------- Total Assets 112,783 77,309 57,670 -------- -------- -------- Liabilities - - ----------- Due to brokers 78 -------- -------- -------- Total Liabilities 78 -------- -------- -------- Net Assets Available for Benefits $112,783 $77,309 $57,592 -------- -------- -------- -------- -------- --------
See Notes to Financial Statements. Page 34 of 50 JOHN DEERE TAX DEFERRED SAVINGS PLAN FOR HOURLY AND INCENTIVE PAID EMPLOYEES STATEMENTS OF CHANGES IN NET ASSETS AVAILABLE FOR BENEFITS FOR THE YEARS ENDED OCTOBER 31, 1993, 1992, AND 1991 (IN THOUSANDS OF DOLLARS) - - --------------------------------------------------------------------------------
Year Ended Year Ended Year Ended October 31, 1993 October 31, 1992 October 31, 1991 ---------------- ---------------- ---------------- Additions - - --------- Investment income: Dividends $ 1,892 $ 1,141 $ 376 Interest 3,731 3,081 2,297 -------- -------- -------- Total 5,623 4,222 2,673 -------- -------- -------- Net appreciation (depreciation) in fair value of investments 13,398 (2,302) 5,511 -------- -------- -------- Contributions: Employee 18,543 14,805 15,002 Employer 60 11 -------- -------- -------- Total 18,603 14,816 15,002 -------- -------- -------- Transfer from previous trust account 4,026 -------- -------- -------- Total 37,624 20,762 23,186 -------- -------- -------- Deductions - - ---------- Withdrawals 2,140 1,044 687 Loan cancellations 10 1 -------- -------- -------- Total 2,150 1,045 687 -------- -------- -------- Excess of additions over deductions 35,474 19,717 22,499 Net Assets Available for Benefits: Beginning of year 77,309 57,592 35,093 -------- -------- -------- End of year $112,783 $77,309 $57,592 -------- -------- -------- -------- -------- --------
See Notes to Financial Statements. Page 35 of 50 JOHN DEERE TAX DEFERRED SAVINGS PLAN FOR HOURLY AND INCENTIVE PAID EMPLOYEES NOTES TO FINANCIAL STATEMENTS FOR THE YEARS ENDED OCTOBER 31, 1993, 1992 AND 1991 (1) DESCRIPTION OF PLAN The following is a general description of the John Deere Tax Deferred Savings Plan for Hourly and Incentive Paid Employees (the Plan). This description applies to each of the years for which financial statements are presented. See Note (2) for a brief description of the changes in the Plan's policies and procedures as of January 1991. For a more complete description of the Plan's provisions, participants should make reference to the Plan agreement. GENERAL The Plan was established September 1, 1987 by Deere & Company (the Company) for certain eligible employees of the Company or its participating subsidiaries. The purpose of the Plan is to provide employees a tax deferred method of savings and investment. It is subject to the provisions of the Employee Retirement Income Security Act of 1974 (ERISA). Expenses of the Plan are paid by the Company. ELIGIBILITY Employees are eligible to participate in the Plan if they are residents or citizens of the United States, are regular, full time employees covered by a collective bargaining agreement (or in a group to whom this Plan has been extended) and have completed at least one year of service. CONTRIBUTIONS An eligible employee may elect to become a participant under the Plan by filing a Tax Deferred Agreement (the Agreement) with the Company authorizing it to reduce the participant's compensation during the period of the employee's participation. The reduction in compensation must be not less than $10.00 nor more than $174.00 for each payroll period. Participants may amend or revoke their Agreements as of the first payroll period of the month subsequent to the filing of the appropriate forms. In addition, effective October 1, 1991, in a year in which there exists consolidated prebonus, pretax income of the Company, a Profit Sharing Contribution may be payable to a participant. In such event, a participant may elect to defer all or part of their share of such contributions (in 25 percent increments) and direct that the deferred portion be deposited to the participant's plan account at the time such profit sharing contribution is paid to the participant. Contributions are sent to the Plan Trustee as soon as practicable following each payroll period and are invested by the Trustee in the appropriate funds as specified by the participants. Monies may be held and invested by the Trustee in short-term investment funds until designated investments have been purchased. All contributions are considered tax deferred under sections 401(a) and 401(k) of the Internal Revenue Code. Page 36 of 50 FUND ELECTIONS An eligible employee enrolled in the Plan may elect to invest the contributions in one or more investment funds. A description of the primary investments in each fund follows: The Deere & Company Common Stock Fund is invested in common stock of the Company. The Blended Interest Fund is invested in investment contracts issued by banks and insurance companies. The Fixed Interest Fund is invested in zero coupon bonds and high-quality fixed interest investments. The Fidelity U.S. Equity Index Portfolio is invested in the common stocks of the 500 companies that make up the Standard & Poor's 500 Stock Index. The Fidelity Puritan Fund is invested in dividend-paying common stock, preferred stock and bonds of all types and qualities paying interest. The Fidelity Overseas Equity Fund is invested in securities of companies located in the Americas (other than the U. S.), the Far East and Pacific Basin, and Western Europe. The Fidelity Magellan Fund is invested in a wide range of U.S. and foreign common stocks of all types of companies with growth potential. The Fidelity Intermediate Bond Fund is invested in bonds rated BBB or better with an average maturity of between three and ten years. The Fidelity Retirement Money Market Portfolio is invested in debt instruments maturing in one year or less, including high-quality commercial paper, certificates of deposit, repurchase agreements and bankers' acceptances. The Fidelity U.S. Government Reserve Pool is a short-term investment fund paying interest. Page 37 of 50 A listing of the funds and the number of participants in each fund at October 31, 1993, 1992 and 1991 follows. The number of participants shown below includes both active participants and former employees who have elected deferred distributions.
Name of Fund Number of Participants - - ------------ ---------------------- 1993 1992 1991 ---- ---- ---- Deere & Company Common Stock Fund 4,625 4,901 4,924 Blended Interest Fund 4,751 4,503 4,146 Fixed Interest Fund 40 42 42 Fidelity U.S. Equity Index Portfolio 2,156 2,153 1,998 Fidelity Puritan Fund 1,267 644 296 Fidelity Overseas Equity Fund 436 Fidelity Magellan Fund 2,025 1,313 693 Fidelity Intermediate Bond Fund 97 Fidelity Retirement Money Market Portfolio 507 444 205
LOANS The Plan does not have a loan provision for participants. Loans outstanding at October 31, 1993 are due from participants in the former Funk Savings Plan for Hourly Employees which was merged with the Plan on May 1, 1992. Those loans have maturities ranging from November 1993 through April 1997 and bear interest at rates ranging from 9.5 percent to 11.25 percent per annum. There are no loans in default. DISTRIBUTIONS All distributions under the Plan are lump-sum. Distributions are not permitted while the participants are employed by the Company unless a distribution is required to meet legal requirements. Participants who have terminated employment with the Company or retired may elect an immediate distribution or may defer this distribution up to age 70 1/2. The beneficiary of a participant who died may elect a deferred distribution payable not later than five years after the participant's death. Distributions from the Deere & Company Common Stock Fund may be in cash or whole shares and residual cash. Distributions from all of the other funds are in cash. HARDSHIP WITHDRAWALS Effective September 1, 1988, participants in the Plan, under Internal Revenue Service guidelines, may request hardship withdrawals for heavy and immediate financial needs which cannot be reasonably met from other resources of the participant. ADMINISTRATION The Company is Administrator of the Plan. Fidelity Management Trust Company (Fidelity), Boston, Massachusetts, is the Plan Trustee, Investment Manager and Recordkeeper. Prior to December 5, 1990, State Street Bank & Trust Company, Boston, Massachusetts, was the Plan Trustee and Hewitt Associates, Lincolnshire, Illinois, was the Recordkeeper. Page 38 of 50 (2) AMENDMENTS Effective January 1, 1991, the Plan was adopted by John Deere Commercial Products, Inc. (Commercial Products), a subsidiary of the Company. On that date the Plan was amended to include the terms and provisions applicable to and for the benefit of only the eligible hourly paid employees of Commercial Products. As of January 1, 1991, the Plan was amended to increase the number of investment options to seven investment funds. Participants were permitted to invest their existing account balances and future wage deferrals in the Blended Interest Fund , the Fixed Interest Fund, the Deere & Company Common Stock Fund or in one or more of four Fidelity mutual funds described in Note (1). Participants were provided with a brochure, dated December 1, 1990, which outlined the benefits of the Plan, described the investment options, fund objectives and potential risks associated therewith, and detailed the procedures for making Plan transactions. Effective May 1, 1992, the Plan was amended to permit participation by eligible hourly employees of Funk Manufacturing Company (Funk), a subsidiary of the Company. Previously, Funk maintained the Funk Savings Plan which covered certain salaried and hourly employees. As of May 1, 1992, the Funk Savings Plan was split into two separate plans: (a) the Funk Savings Plan for Salaried Employees and (b) the Funk Savings Plan for Hourly Employees. Following adoption of the Plan by Funk and its approval for merger of the Funk Savings Plan for Hourly Employees with the Plan, the assets and liabilities of the hourly employees participating in the Funk Savings Plan for Hourly Employees were transferred into the Plan. As of January 1, 1993, the Plan was amended to allow participants to invest their contributions in two additional Fidelity mutual funds - the Fidelity Intermediate Bond Fund and the Fidelity Overseas Equity Fund. (3) SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES The Plan's financial statements have been prepared on the accrual basis. Investments in the Deere & Company Common Stock Fund, the Fixed Interest Fund and the six Fidelity mutual funds are stated at market value. The fixed rate bank and insurance contracts and short-term investment funds are stated at cost which approximates market. Interest on bank and insurance contracts and short-term investment funds is accrued and credited to the funds at the end of each month. Dividends are accrued in the Deere & Company Common Stock Fund as of the record date and are reflected as an increase in the fund's net asset value on that day. They are not reported separately as dividends. Dividends in other funds are recorded on the day that they are declared (which is also the date of record) and are allocated to participants' accounts on that day. Earnings, including unrealized appreciation or depreciation in market value of investments, are allocated daily among participants based on the ratio of their respective account balances as of the close of the preceding day. Page 39 of 50 (4) INVESTMENTS The cost and market value of the Plan's investments in thousands of dollars are summarized below:
October 31, 1993 October 31, 1992 October 31, 1991 ---------------- ---------------- ---------------- Shares/ Shares/ Shares/ Units Cost Market Units Cost Market Units Cost Market ----- ---- ------ ----- ---- ------ ----- ---- ------ Deere & Company common stock 218,660 $10,735 $16,891 243,509 $12,132 $ 9,619 179,844 $ 8,662 $10,161 -------- -------- -------- -------- -------- -------- Fixed rate bank and insurance contracts with: Principal Mutual Life Insurance Company at 8.70%, Maturing 25% each year on July 1, 1989 through 1992. 825 825 825 Northwestern National Life Insurance Company at 8.81%, Maturing 50% each year on June 30, 1990 and 1992 675 675 675 Northwestern National Life Insurance Company at 8.92%, Maturing 50% each year on September 30, 1990 and 1992 800 800 800 Aetna Life Insurance Company at 9.01%, Maturing 33 1/3% each year on December 31, 1990 and 1992 and January 3, 1994 837 837 837 1,580 1,580 1,580 1,473 1,473 1,473
Page 40 of 50
October 31, 1993 October 31, 1992 October 31, 1991 ---------------- ---------------- ---------------- Shares/ Shares/ Shares/ Units Cost Market Units Cost Market Units Cost Market ----- ---- ------ ----- ---- ------ ----- ---- ------ Prudential Insurance Company of America, at 9.82%, Maturing 33 1/3% each year on March 31, 1991 through 1993 657 657 657 1,216 1,216 1,216 Confederation Life Insurance Company at 8.75%, Maturing July 6, 1994 374 374 374 375 375 375 364 364 364 Principal Mutual Life Insurance Company at 8.45%, Maturing 33 1/3% each year on October 1, 1991, 1993 and 1994 630 630 630 1,196 1,196 1,196 1,120 1,120 1,120 Metropolitan Life Insurance Company at 8.70%, Maturing 50% on March 31, 1993 and 50% on September 30, 1993 1,814 1,814 1,814 1,695 1,695 1,695 Metropolitan Life Insurance Company at 9.75%, Maturing 50% each year on June 30, 1994 and 1995 2,189 2,189 2,189 2,051 2,051 2,051 1,899 1,899 1,899 Metropolitan Life Insurance Company at 8.62%, Maturing 50% on September 30, 1992, and 50% on March 31, 1994 1,179 1,179 1,179 1,116 1,116 1,116 2,088 2,088 2,088 New York Life Insurance Company at 9.22%, Maturing 33 1/3% each year on March 31, 1992 through 1994 691 691 691 1,292 1,292 1,292 1,796 1,796 1,796 Principal Mutual Life Insurance Company at 9.36%, Maturing 50% on September 30, 1994 and 50% on March 31, 1995 3,735 3,735 3,735 3,513 3,513 3,513 3,264 3,264 3,264
Page 41 of 50
October 31, 1993 October 31, 1992 October 31, 1991 ---------------- ---------------- ---------------- Shares/ Shares/ Shares/ Units Cost Market Units Cost Market Units Cost Market ----- ---- ------ ----- ---- ------ ----- ---- ------ Aetna Life Insurnace Company at 7.47%, Maturing 50% on February 1, 1996 and 50% on April 1, 1996 3,409 3,409 3,409 3,145 3,145 3,145 2,900 2,900 2,900 Aetna Life Insurance Company at 8.80%, Maturing 50% on June 3, 1996 and 50% on July 1, 1996 2,427 2,427 2,427 2,230 2,230 2,230 1,406 1,406 1,406 Peoples Security Life at 8.60%, Maturing 50% on March 1, 1996 and 50% on May 1, 1996 1,818 1,818 1,818 1,674 1,674 1,674 1,541 1,541 1,541 Sun Life of Canada at 8.70%, Maturing 50% on June 1, 1996 and 50% on July 1, 1996 3,074 3,074 3,074 2,828 2,828 2,828 2,602 2,602 2,602 The Hartford Life Insurance Company at 8.45%, Maturing 50% on August 1, 1995 and 50% on December 31, 1995 3,295 3,295 3,295 3,038 3,038 3,038 2,801 2,801 2,801 Massachusetts Mutual Life Insurance Company at 9.02%, Maturing October 2, 1995 3,355 3,355 3,355 3,165 3,165 3,165 2,950 2,950 2,950 Lincoln National Life Insurance Company at 6.34%, Maturing 50% on March 1, 1997 and 50% on May1, 1997 4,308 4,308 4,308 4,050 4,050 4,050 CIGNA at 7.72%, Open maturity 1,624 1,624 1,624 1,508 1,508 1,508 Provident National Life Insurance Company at 7.10%, Maturing 50% on October 1, 1996 and 50% on November 1, 1996 3,365 3,365 3,365 3,142 3,142 3,142
Page 42 of 50
October 31, 1993 October 31, 1992 October 31, 1991 ---------------- ---------------- ---------------- Shares/ Shares/ Shares/ Units Cost Market Units Cost Market Units Cost Market ----- ---- ------ ----- ---- ------ ----- ---- ------ Provident National Life Insurance Company at 7.68%, Maturing 50% on November 1, 1996 and 50% on April 1, 1997 3,317 3,317 3,317 3,080 3,080 3,080 Lincoln National Life Insurance Company at 6.17%, Maturing 50% on September 1, 1997 and 50% on December 31, 1997 4,172 4,172 4,172 Pacific Mutual Life Insurance Company at 5.67%, Maturing 50% on June 1, 1997 and 50% on October 31, 1997 4,788 4,788 4,788 Prudential Insurance Company of America at 5.26%, Maturing 50% on June 30, 1998 and 50% on September 30, 1998 4,015 4,015 4,015 -------- -------- -------- -------- -------- -------- Total 52,602 52,602 41,454 41,454 31,415 31,415 -------- -------- -------- -------- -------- -------- Fixed Interest Fund Zero coupon bond at 7.15%, Maturing February 15, 1994 14,162 166 173 15,508 168 182 15,508 155 168 -------- -------- -------- -------- -------- -------- Fidelity U. S. Equity Index Portfolio 955,963 15,322 16,748 883,310 13,339 13,930 726,951 9,322 10,882 -------- -------- -------- -------- -------- -------- Fidelity Puritan Fund 350,963 5,484 5,679 128,722 1,860 1,861 45,218 598 633 -------- -------- -------- -------- -------- -------- Fidelity Intermediate Bond Fund 18,573 199 204 -------- -------- -------- -------- -------- -------- Fidelity Magellan Fund 177,760 12,083 13,435 89,862 6,011 5,905 39,376 2,486 2,732 -------- -------- -------- -------- -------- --------
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October 31, 1993 October 31, 1992 October 31, 1991 ---------------- ---------------- ---------------- Shares/ Shares/ Shares/ Units Cost Market Units Cost Market Units Cost Market ----- ---- ------ ----- ---- ------ ----- ---- ------ Fidelity Overseas Equity Fund 82,046 2,015 2,228 -------- -------- -------- -------- -------- -------- Fidelity Retirement Money Market Portfolio 1,985,813 1,986 1,986 1,681,263 1,681 1,681 610,771 611 611 -------- -------- -------- -------- -------- -------- Fidelity U. S. Government Reserve Pool 1,940,307 1,940 1,940 2,106,869 2,107 2,107 814,075 814 814 -------- -------- -------- -------- -------- -------- Loans to participants 164 164 285 285 -------- -------- -------- -------- -------- -------- Total investments $102,696 $112,050 $ 79,037 $ 77,024 $ 54,063 $ 57,416 -------- -------- -------- -------- -------- -------- -------- -------- -------- -------- -------- --------
The trustee maintains shares for the fixed rate bank and insurance contracts at one dollar per share. For report presentation, shares for fixed rate contracts have been rounded to thousands. Page 44 of 50 (5) BENEFITS PAYABLE TO TERMINATED EMPLOYEES In 1993, the Company changed its method of accounting for benefits payable to terminated employees to conform with recently issued guidance for accounting and reporting for defined contribution plans as promulgated by the 1993 AICPA Audit and Accounting Guide - "Audits of Employee Benefit Plans." As a result $43,244, $166,255 and $154,755 as of October 31, 1991, October 31, 1992 and October 31, 1993, respectively, have been reclassified back into net assets available for benefits and presented in accordance with the aforementioned accounting guidance. (6) TAX STATUS The Internal Revenue Service has issued a determination letter indicating that the Plan, as adopted on February 1, 1987 and effective as of September 1, 1987, is qualified under the Internal Revenue Code. The Plan's management believes that the Plan is being operated in accordance with applicable rules and regulations and, thus, is exempt from federal income tax. Employees participating in the Plan are subject to federal income taxes on the balances in their accounts for the calendar year in which distributions are made by the Trustee. Page 45 of 50 SUPPLEMENTAL SCHEDULES Page 46 of 50 JOHN DEERE TAX DEFERRED SAVINGS PLAN FOR HOURLY AND INCENTIVE PAID EMPLOYEES ITEM 27A - SCHEDULE OF ASSETS HELD FOR INVESTMENT PURPOSES AT OCTOBER 31, 1993
(000's Omitted) --------------- Shares/ Units Cost Market ----- ---- ------ Deere & Company common stock 218,660 $10,735 $16,891 --------- --------- Fixed rate bank and insurance contracts with: Aetna Life Insurance Company at 9.01%, Maturing 33 1/3% each year on December 31, 1990 and 1992 and January 3, 1994 837 837 837 Confederation Life Insurance Company at 8.75%, Maturing July 6, 1994 374 374 374 Principal Mutual Life Insurance Company at 8.45%, Maturing 33 1/3% each year on October 1, 1991, 1993 and 1994 630 630 630 Metropolitan Life Insurance Company at 9.75%, Maturing 50% each year on June 30, 1994 and 1995 2,189 2,189 2,189 Metropolitan Life Insurance Company at 8.62%, Maturing 50% on September 30, 1992, and 50% on March 31, 1994 1,179 1,179 1,179 New York Life Insurance Company at 9.22%, Maturing 33 1/3% each year on March 31, 1992 through 1994 691 691 691 Principal Mutual Life Insurance Company at 9.36%, Maturing 50% on September 30, 1994 and 50% on March 31, 1995 3,735 3,735 3,735 Aetna Life Insurnace Company at 7.47%, Maturing 50% on February 1, 1996 and 50% on April 1, 1996 3,409 3,409 3,409
Page 47 of 50 ITEM 27A - SCHEDULE OF ASSETS HELD FOR INVESTMENT PURPOSES AT OCTOBER 31, 1993
(000's Omitted) --------------- Shares/ Units Cost Market ----- ---- ------ Aetna Life Insurance Company at 8.80%, Maturing 50% on June 3, 1996 and 50% on July 1, 1996 2,427 2,427 2,427 Peoples Security Life at 8.60%, Maturing 50% on March 1, 1996 and 50% on May 1, 1996 1,818 1,818 1,818 Sun Life of Canada at 8.70%, Maturing 50% on June 1, 1996 and 50% on July 1, 1996 3,074 3,074 3,074 The Hartford Life Insurance Company at 8.45%, Maturing 50% on August 1, 1995 and 50% on December 31, 1995 3,295 3,295 3,295 Massachusetts Mutual Life Insurance Company at 9.02%, Maturing October 2, 1995 3,355 3,355 3,355 Lincoln National Life Insurance Company at 6.34%, Maturing 50% on March 1, 1997 and 50% on May1, 1997 4,308 4,308 4,308 CIGNA at 7.72%, Open maturity 1,624 1,624 1,624 Provident National Life Insurance Company at 7.10%, Maturing 50% on October 1, 1996 and 50% on November 1, 1996 3,365 3,365 3,365 Provident National Life Insurance Company at 7.68%, Maturing 50% on November 1, 1996 and 50% on April 1, 1997 3,317 3,317 3,317 Lincoln National Life Insurance Company at 6.17%, Maturing 50% on September 1, 1997 and 50% on December 31, 1997 4,172 4,172 4,172
Page 48 of 50 ITEM 27A - SCHEDULE OF ASSETS HELD FOR INVESTMENT PURPOSES AT OCTOBER 31, 1993
(000's Omitted) --------------- Shares/ Units Cost Market ----- ---- ------ Pacific Mutual Life Insurance Company at 5.67%, Maturing 50% on June 1, 1997 and 50% on October 31, 1997 4,788 4,788 4,788 Prudential Insurance Company of America at 5.26%, Maturing 50% on June 30, 1998 and 50% on September 30, 1998 4,015 4,015 4,015 --------- --------- Total 52,602 52,602 --------- --------- Fixed Interest Fund Zero coupon bond at 7.15%, Maturing February 15, 1994 14,162 166 173 --------- --------- Fidelity U. S. Equity Index Portfolio 955,963 15,322 16,748 --------- --------- Fidelity Puritan Fund 350,963 5,484 5,679 --------- --------- Fidelity Intermediate Bond Fund 18,573 199 204 --------- --------- Fidelity Magellan Fund 177,760 12,083 13,435 --------- --------- Fidelity Overseas Equity Fund 82,046 2,015 2,228 --------- --------- Fidelity Retirement Money Market Portfolio 1,985,813 1,986 1,986 --------- --------- Fidelity U. S. Government Reserve Pool 1,940,307 1,940 1,940 --------- --------- Loans to participants 164 164 --------- --------- Total investments $102,696 $112,050 --------- --------- --------- ---------
The trustee maintains shares for the fixed rate bank and insurance contracts at one dollar per share. For report presentation, shares for fixed rate contracts have been rounded to thousands. Page 49 of 50 JOHN DEERE TAX DEFERRED SAVINGS PLAN FOR HOURLY AND INCENTIVE PAID EMPLOYEES ITEM 27D - SCHEDULE OF REPORTABLE TRANSACTIONS FOR THE YEAR ENDED OCTOBER 31, 1993
TRANSACTION BY FUND TOTAL TOTAL NUMBER OF OR CARRIER PURCHASES SALES PERCENT TRANSACTIONS BLENDED INTEREST FUND $22,989,792 $11,942,945 45.3 557 DEERE & COMPANY STOCK FUND 7,739,778 9,988,917 23.0 522 PURITAN 4,339,497 790,704 6.7 369 MAGELLAN 8,436,167 2,401,101 14.0 436 U. S. EQUITY INDEX 4,369,673 3,179,077 9.8 460
There have been no transactions with the same person involving property other than securities and no transactions with respect to securities with a person. Page 50 of 50 -----END PRIVACY-ENHANCED MESSAGE-----