8-K

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 OR 15(d) of the Securities Exchange Act of 1934

Date of Report: May 19, 2023

(Date of earliest event reported)

DEERE & COMPANY

(Exact name of registrant as specified in its charter)

Delaware	1-4121	36-2382580
(State or other jurisdiction of incorporation)	(Commission File Number)	(IRS Employer Identification No.)

One John Deere Place

Moline, Illinois 61265

(Address of principal executive offices and zip code)

(309) 765-8000

(Registrant’s telephone number, including area code)

___________________________________________________

(Former name or former address, if changed since last report.)

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:

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

SECURITIES REGISTERED PURSUANT TO SECTION 12(b) OF THE ACT:

Title of each class	Trading symbol	Name of each exchange on which registered
Common stock, $1 par value	DE	New York Stock Exchange
6.55% Debentures Due 2028	DE28	New York Stock Exchange

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 7.01               Results of Operations and Financial Condition and Regulation FD Disclosure (Furnished

herewith)

Deere & Company’s press release dated May 19, 2023 concerning Second Quarter of Fiscal 2023 financial results and supplemental financial information (Exhibit 99.1) is furnished under Form 8-K Items 2.02 and 7.01. The attached schedules of Other Financial Information (Exhibit 99.2) and Second Quarter 2023 Earnings Conference Call Information (Exhibit 99.3) are furnished under Form 8-K Items 2.02 and 7.01. 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 Deere & Company specifically incorporates the information by reference.

Item 9.01Financial Statements and Exhibits

(d)Exhibits

Number	Description of Exhibit
99.1	Press Release and Supplemental Financial Information (Furnished herewith)
99.2	Other Financial Information (Furnished herewith)
99.3	Second Quarter 2023 Earnings Conference Call Information (Furnished herewith)
104	Cover Page Interactive Data File (the cover page XBRL tags are imbedded in the Inline XBRL document)

2

Signature

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

	DEERE & COMPANY
	By:	/s/ Edward R. Berk
		Edward R. Berk
		Secretary
Dated: May 19, 2023

3

EX-99.1

Exhibit 99.1

(Furnished herewith)

News Release

Contact:Jen HartmannDirector, Public RelationsHartmannJenniferA@JohnDeere.com

Deere Reports Second Quarter Net Income of $2.860 Billion

● Sound execution contributes to net sales gain of 34% and higher earnings.

● Results benefit from healthy demand for farm and construction equipment and improved operating environment.

● Full-year net income forecast increased to $9.25 billion to $9.50 billion with cash flow from equipment operations expected to be $10.00 billion to $10.50 billion.

MOLINE, Illinois (May 19, 2023) — Deere & Company reported net income of $2.860 billion for the second quarter ended April 30, 2023, or $9.65 per share, compared with net income of $2.098 billion, or $6.81 per share, for the quarter ended May 1, 2022. For the first six months of the year, net income attributable to Deere & Company was $4.819 billion, or $16.18 per share, compared with $3.001 billion, or $9.72 per share, for the same period last year.

Worldwide net sales and revenues increased 30 percent, to $17.387 billion, for the second quarter of 2023 and rose 31 percent, to $30.038 billion, for six months. Net sales were $16.079 billion for the quarter and $27.481 billion for six months, compared with $12.034 billion and $20.565 billion last year.

“As shown by the company’s outstanding second-quarter results, Deere continues to benefit from favorable market conditions and an improving operating environment,” said John C. May, chairman and chief executive officer. “We also are being helped by the sound execution of our business plans by our employees, dealers, and suppliers. They are doing an exceptional job meeting demand for our products and serving customers. Though supply-chain constraints continue to present a challenge, we are seeing further improvement.”

Company Outlook & Summary

Net income attributable to Deere & Company for fiscal 2023 is forecast to be in a range of $9.25 billion to $9.50 billion.

“Based on Deere’s results to date, it’s clear we are well on our way to another year of exceptional achievement,” May said. “This is due in no small part to the success of our smart industrial operating model and our ability to provide value to our customers by helping them be more profitable, productive, and sustainable.”

4

Deere & Company	Second Quarter					Year to Date
$ in millions, except per share amounts	2023		2022		% Change	2023		2022		% Change
Net sales and revenues	$	17,387	$	13,370	30%	$	30,038	$	22,939	31%
Net income	$	2,860	$	2,098	36%	$	4,819	$	3,001	61%
Fully diluted EPS	$	9.65	$	6.81		$	16.18	$	9.72

Results for the presented periods were affected by special items. See Note 1 of the financial statements for further details.

Production & Precision Agriculture	Second Quarter
$ in millions	2023		2022		% Change
Net sales	$	7,822	$	5,117	53%
Operating profit	$	2,170	$	1,057	105%
Operating margin		27.7%		20.7%

Production and precision agriculture sales increased for the quarter as a result of higher shipment volumes and price realization. Operating profit improved primarily due to price realization and improved shipment volumes, partially offset by increased SA&G and R&D expenses, higher production costs, and the unfavorable effects of foreign currency exchange.

5

Small Agriculture & Turf	Second Quarter
$ in millions	2023		2022		% Change
Net sales	$	4,145	$	3,570	16%
Operating profit	$	849	$	520	63%
Operating margin		20.5%		14.6%

Small agriculture and turf sales increased for the quarter due to price realization and higher shipment volumes, partially offset by the negative effects of foreign currency translation. Operating profit improved primarily as a result of price realization and improved shipment volumes / mix, partially offset by higher production costs, increased SA&G and R&D expenses, and the unfavorable effects of foreign currency exchange.

6

Construction & Forestry	Second Quarter
$ in millions	2023		2022		% Change
Net sales	$	4,112	$	3,347	23%
Operating profit	$	838	$	814	3%
Operating margin		20.4%		24.3%

Construction and forestry sales moved higher for the quarter primarily due to price realization and higher shipment volumes. Operating profit improved due to price realization and improved shipment volumes / mix, partially offset by higher production costs and increased SA&G and R&D expenses. Prior period results benefited from the non-cash gain on the remeasurement of the previously held equity investment in the Deere-Hitachi joint venture.

Financial Services	Second Quarter
$ in millions	2023		2022		% Change
Net income	$	28	$	208	-87%

Financial services net income for the quarter decreased due to less-favorable financing spreads and a higher provision for credit losses, partially offset by income earned on a higher average portfolio. Additionally impacting the quarter’s results was a $135 million after-tax correction of the accounting treatment for financing incentives offered to John Deere dealers, which affected the timing of expense recognition. The accounting correction is unrelated to current market conditions or the credit quality of the financial services portfolio, which remains strong. The allowance for credit losses, excluding the portfolio in Russia, was .40 percent of financing receivables as of April 30, 2023, compared with .42 percent in the prior period.

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Industry Outlook for Fiscal 2023
Agriculture & Turf
U.S. & Canada:
Large Ag	Up ~ 10%
Small Ag & Turf	Down ~ 5%
Europe	Flat to Up 5%
South America (Tractors & Combines)	Flat
Asia	Down moderately
Construction & Forestry
U.S. & Canada:
Construction Equipment	Flat to Up 5%
Compact Construction Equipment	Flat to Up 5%
Global Forestry	Flat
Global Roadbuilding	Flat

Deere Segment Outlook for Fiscal 2023		Currency	Price
$ in millions	Net Sales	Translation	Realization
Production & Precision Ag	Up ~ 20%	0%	+15%
Small Ag & Turf	Up ~ 5%	-1%	+9%
Construction & Forestry	Up ~ 15%	0%	+10%
Financial Services	Net Income	$ 630

Financial Services. Fiscal-year 2023 net income attributable to Deere & Company for the financial services operations is forecast to be $630 million. Results are expected to be lower than fiscal year 2022 due to less-favorable financing spreads, the correction of the accounting treatment for financing incentives offered to John Deere dealers, unfavorable derivative market valuation adjustments, a higher provision for credit losses, higher SA&G expenses, and lower gains on operating-lease dispositions. These factors are expected to be partially offset by income earned on a higher average portfolio.

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FORWARD-LOOKING STATEMENTS

Certain statements contained herein, including in the section entitled “Company Outlook & Summary,” “Industry Outlook,” and “Deere Segment Outlook,” relating to future events, expectations, and trends, constitute “forward-looking statements” as defined in the Private Securities Litigation Reform Act of 1995. Some of these risks and uncertainties could affect all lines of the company’s operations generally while others could more heavily affect a particular line of business.

Forward-looking statements are based on currently available information and current assumptions, expectations, and projections about future events and should not be relied upon. Except as required by law, the company expressly disclaims any obligation to update or revise its forward-looking statements. Many factors, risks, and uncertainties could cause actual results to differ materially from these forward-looking statements. Among these factors are risks related to:

● changes in U.S. and international laws, regulations, and policies relating to trade, spending, taxing, banking, monetary, environmental (including climate change and engine emission), and farming policies;

● political, economic, and social instability of the geographies in which the company operates;

● wars and other conflicts, including the current conflict between Russia and Ukraine;

● adverse macroeconomic conditions, including unemployment, inflation, rising interest rates, changes in consumer practices due to slower economic growth or possible recession, and regional or global liquidity constraints;

● growth and sustainability of non-food uses for crops (including ethanol and biodiesel production);

● the ability to execute business strategies, including the company’s Smart Industrial operating model, Leap Ambitions, and mergers and acquisitions;

● the ability to understand and meet customers’ changing expectations and demand for John Deere products;

● changes to governmental communications channels (radio frequency technology);

● gaps or limitations in rural broadband coverage, capacity, and speed needed to support technology solutions;

● the company’s ability to adapt in highly competitive markets;

● dealer practices and their ability to manage distribution of John Deere products and support and service precision technology solutions;

● changes in climate patterns, unfavorable weather events, and natural disasters;

● changes in the company’s credit ratings, and failure to comply with financial covenants in credit agreements could impact access to funding;

● stress in the banking sector may have adverse impacts on vendors or customers as well as the company’s ability to access cash deposits;

● availability and price of raw materials, components, and whole goods;

● delays or disruptions in the company’s supply chain;

● the ability to attract, develop, engage, and retain qualified personnel;

● security breaches, cybersecurity attacks, technology failures, and other disruptions to the information technology infrastructure of the company and its products;

● loss of or challenges to intellectual property rights;

● legislation introduced or enacted that could affect the company’s business model and intellectual property, such as so-called right to repair or right to modify legislation;

● investigations, claims, lawsuits, or other legal proceedings;

● events that damage the company’s reputation or brand;

● world grain stocks, available farm acres, soil conditions, harvest yields, prices for commodities and livestock, input costs, and availability of transport for crops; and

● housing starts and supply, real estate and housing prices, levels of public and nonresidential construction, and infrastructure investment.

Further information concerning the company and its businesses, including factors that could materially affect the company’s financial results, is included in the company’s other filings with the SEC (including, but not limited to, the factors discussed in Item 1A. “Risk Factors” of our Annual Report on Form 10-K and subsequent Quarterly Reports on Form 10-Q). There also may be other factors that we cannot anticipate or that are not described herein because we do not currently perceive them to be material.

9

DEERE & COMPANY

SECOND QUARTER 2023 PRESS RELEASE

(In millions of dollars) Unaudited

	Three Months Ended					Six Months Ended
	April 30		May 1		%	April 30		May 1		%
	2023		2022		Change	2023		2022		Change
Net sales and revenues:
Production & precision ag net sales	$	7,822	$	5,117	+53	$	13,021	$	8,473	+54
Small ag & turf net sales		4,145		3,570	+16		7,146		6,201	+15
Construction & forestry net sales		4,112		3,347	+23		7,314		5,891	+24
Financial services revenues		1,107		864	+28		2,147		1,734	+24
Other revenues		201		472	-57		410		640	-36
Total net sales and revenues	$	17,387	$	13,370	+30	$	30,038	$	22,939	+31
Operating profit: *
Production & precision ag	$	2,170	$	1,057	+105	$	3,378	$	1,353	+150
Small ag & turf		849		520	+63		1,296		891	+45
Construction & forestry		838		814	+3		1,463		1,085	+35
Financial services		41		279	-85		279		577	-52
Total operating profit		3,898		2,670	+46		6,416		3,906	+64
Reconciling items **		(47)		(111)	-58		(69)		(195)	-65
Income taxes		(991)		(461)	+115		(1,528)		(710)	+115
Net income attributable to Deere & Company	$	2,860	$	2,098	+36	$	4,819	$	3,001	+61

*      Operating profit is income from continuing operations before corporate expenses, certain external interest expense, certain foreign exchange gains and losses, and income taxes. Operating profit of the financial services segment includes the effect of interest expense and foreign exchange gains or losses.

**     Reconciling items are primarily corporate expenses, certain external interest expense, certain foreign exchange gains and losses, pension and postretirement benefit costs excluding the service cost component, equity in income of unconsolidated affiliates, and net income attributable to noncontrolling interests.

10

DEERE & COMPANY

STATEMENTS OF CONSOLIDATED INCOME

For the Three and Six Months Ended April 30,2023 and May 1,2022

(In millions of dollars and shares except per share amounts) Unaudited

	Three Months Ended				Six Months Ended
	2023		2022		2023		2022
Net Sales and Revenues
Net sales	$	16,079	$	12,034	$	27,481	$	20,565
Finance and interest income		1,079		796		2,073		1,595
Other income		229		540		484		779
Total		17,387		13,370		30,038		22,939
Costs and Expenses
Cost of sales		10,730		8,918		18,663		15,613
Research and development expenses		547		453		1,043		855
Selling, administrative and general expenses		1,330		932		2,283		1,713
Interest expense		569		187		1,049		417
Other operating expenses		363		328		660		638
Total		13,539		10,818		23,698		19,236
Income of Consolidated Group before Income Taxes		3,848		2,552		6,340		3,703
Provision for income taxes		991		461		1,528		710
Income of Consolidated Group		2,857		2,091		4,812		2,993
Equity in income of unconsolidated affiliates		2		6		3		8
Net Income		2,859		2,097		4,815		3,001
Less: Net loss attributable to noncontrolling interests		(1)		(1)		(4)
Net Income Attributable to Deere & Company	$	2,860	$	2,098	$	4,819	$	3,001
Per Share Data
Basic	$	9.69	$	6.85	$	16.26	$	9.78
Diluted		9.65		6.81		16.18		9.72
Dividends declared		1.25		1.05		2.45		2.10
Dividends paid		1.20		1.05		2.33		2.10
Average Shares Outstanding
Basic		295.1		306.2		296.3		306.8
Diluted		296.5		308.1		297.8		308.8

See Condensed Notes to Interim Consolidated Financial Statements.

11

DEERE & COMPANY

CONDENSED CONSOLIDATED BALANCE SHEETS

(In millions of dollars) Unaudited

	April 30		October 30		May 1
	2023		2022		2022
Assets
Cash and cash equivalents	$	5,267	$	4,774	$	3,878
Marketable securities		856		734		682
Trade accounts and notes receivable - net		9,971		6,410		6,258
Financing receivables - net		38,954		36,634		34,085
Financing receivables securitized - net		5,659		5,936		4,073
Other receivables		2,593		2,492		2,306
Equipment on operating leases - net		6,524		6,623		6,465
Inventories		9,713		8,495		9,030
Property and equipment - net		6,288		6,056		5,715
Goodwill		3,963		3,687		3,812
Other intangible assets - net		1,222		1,218		1,352
Retirement benefits		3,519		3,730		3,059
Deferred income taxes		1,308		824		1,104
Other assets		2,510		2,417		2,280
Total Assets	$	98,347	$	90,030	$	84,099
Liabilities and Stockholders’ Equity
Liabilities
Short-term borrowings	$	17,109	$	12,592	$	12,413
Short-term securitization borrowings		5,379		5,711		4,006
Accounts payable and accrued expenses		14,716		14,822		12,679
Deferred income taxes		511		495		584
Long-term borrowings		35,611		33,596		32,447
Retirement benefits and other liabilities		2,520		2,457		2,964
Total liabilities		75,846		69,673		65,093
Redeemable noncontrolling interest		102		92		99
Stockholders’ Equity
Total Deere & Company stockholders’ equity		22,395		20,262		18,904
Noncontrolling interests		4		3		3
Total stockholders’ equity		22,399		20,265		18,907
Total Liabilities and Stockholders’ Equity	$	98,347	$	90,030	$	84,099

See Condensed Notes to Interim Consolidated Financial Statements.

12

DEERE & COMPANY

STATEMENTS OF CONSOLIDATED CASH FLOWS

For the Six Months Ended April 30,2023 and May 1,2022

(In millions of dollars) Unaudited

	2023		2022
Cash Flows from Operating Activities
Net income	$	4,815	$	3,001
Adjustments to reconcile net income to net cash used for operating activities:
Provision (credit) for credit losses		(89)		45
Provision for depreciation and amortization		995		933
Impairments and other adjustments		173		77
Share-based compensation expense		54		44
Gain on remeasurement of previously held equity investment				(326)
Provision (credit) for deferred income taxes		(377)		37
Changes in assets and liabilities:
Receivables related to sales		(4,407)		(1,535)
Inventories		(982)		(2,265)
Accounts payable and accrued expenses		(313)		(443)
Accrued income taxes payable/receivable		(96)		(139)
Retirement benefits		(68)		(1,020)
Other		148		(171)
Net cash used for operating activities		(147)		(1,762)
Cash Flows from Investing Activities
Collections of receivables (excluding receivables related to sales)		12,593		11,190
Proceeds from sales of equipment on operating leases		993		1,035
Proceeds from sales of businesses and unconsolidated affiliates, net of cash sold		36
Cost of receivables acquired (excluding receivables related to sales)		(13,451)		(11,971)
Acquisitions of businesses, net of cash acquired		(41)		(473)
Purchases of property and equipment		(584)		(346)
Cost of equipment on operating leases acquired		(1,229)		(1,004)
Collateral on derivatives - net		367		(248)
Other		(178)		(71)
Net cash used for investing activities		(1,494)		(1,888)
Cash Flows from Financing Activities
Increase in total short-term borrowings		3,992		812
Proceeds from long-term borrowings		4,868		4,298
Payments of long-term borrowings		(3,567)		(3,625)
Proceeds from issuance of common stock		30		50
Repurchases of common stock		(2,546)		(1,226)
Dividends paid		(697)		(649)
Other		(63)		(46)
Net cash provided by (used for) financing activities		2,017		(386)
Effect of Exchange Rate Changes on Cash, Cash Equivalents, and Restricted Cash		70		(110)
Net Increase (Decrease) in Cash, Cash Equivalents, and Restricted Cash		446		(4,146)
Cash, Cash Equivalents, and Restricted Cash at Beginning of Period		4,941		8,125
Cash, Cash Equivalents, and Restricted Cash at End of Period	$	5,387	$	3,979

See Condensed Notes to Interim Consolidated Financial Statements.

13

DEERE & COMPANY

Condensed Notes to Interim Consolidated Financial Statements

(In millions of dollars) Unaudited

(1) Special Items

2023

In the second quarter of 2023, the company corrected the accounting treatment for financing incentives offered to John Deere dealers, which impacted the timing of expense recognition and the presentation of incentive costs in the consolidated financial statements. The cumulative effect of this correction, $173 million pretax ($135 million after-tax), was recorded in the second quarter of 2023. Prior period results for Deere & Company were not restated, as the adjustment is considered immaterial to the company’s financial statements.

2022

In the second quarter of 2022, the company suspended shipments of machines and service parts to Russia. The suspension of shipments to Russia reduced actual and forecasted revenue for the region, which made it probable future cash flows will not cover the carrying value of certain assets. The accounting consequences during the second quarter of 2022 were impairments of most long-lived assets, an increase in reserves of certain financial assets, and an accrual for various contractual uncertainties.

In the second quarter of 2022, the company acquired full ownership of three former Deere-Hitachi joint venture factories and began new license and supply agreements with Hitachi Construction Machinery Co., Ltd. The remeasurement of the previously held equity investment resulted in a non-cash gain of $326 million (pretax and after-tax).

In the first quarter of 2022, the company had a one-time payment related to the ratification of the UAW collective bargaining agreement, totaling $90 million.

The following table summarizes the operating profit impact, in millions of dollars, of the special items recorded for the three months and six months ended April 30, 2023 and May 1, 2022:

	Three Months										Six Months
	PPA		SAT		CF		FS		Total		PPA		SAT		CF		FS		Total
2023 Expense:
Financing incentive – SA&G expense							$	173	$	173							$	173	$	173
2022 Expense (benefit):
Gain on remeasurement of equity investment – Other income					$	(326)				(326)					$	(326)				(326)
Total Russia/Ukraine events expense	$	46	$	1		47		26		120	$	46	$	1		47		26		120
UAW ratification bonus – Cost of Sales												53		9		28				90
Total expense (benefit)		46		1		(279)		26		(206)		99		10		(251)		26		(116)
Period over period change	$	(46)	$	(1)	$	279	$	147	$	379	$	(99)	$	(10)	$	251	$	147	$	289

(2) The consolidated financial statements represent the consolidation of all Deere & Company’s subsidiaries. The supplemental consolidating data is presented for informational purposes. Transactions between the Equipment Operations and Financial Services have been eliminated to arrive at the consolidated financial statements. In the supplemental consolidating data in Note 3 to the financial statements, the “Equipment Operations” represents the enterprise without “Financial Services”, which include the company’s production and precision agriculture operations, small agriculture and turf operations, and construction and forestry operations, and other corporate assets, liabilities, revenues, and expenses not reflected within “Financial Services.”

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DEERE & COMPANY

(3) SUPPLEMENTAL CONSOLIDATING DATA

STATEMENTS OF INCOME

For the Three Months Ended April 30,2023 and May 1,2022

(In millions of dollars) Unaudited

	EQUIPMENT				FINANCIAL
	OPERATIONS				SERVICES				ELIMINATIONS				CONSOLIDATED
	2023		2022		2023		2022		2023		2022		2023		2022
Net Sales and Revenues
Net sales	$	16,079	$	12,034									$	16,079	$	12,034
Finance and interest income		121		36	$	1,206	$	847	$	(248)	$	(87)		1,079		796	1
Other income		185		584		91		104		(47)		(148)		229		540	2, 3
Total		16,385		12,654		1,297		951		(295)		(235)		17,387		13,370
Costs and Expenses
Cost of sales		10,737		8,919						(7)		(1)		10,730		8,918	4
Research and development expenses		547		453										547		453
Selling, administrative and general expenses		935		753		397		181		(2)		(2)		1,330		932	4
Interest expense		103		97		540		112		(74)		(22)		569		187	5
Interest compensation to Financial Services		174		62						(174)		(62)					5
Other operating expenses		85		99		316		377		(38)		(148)		363		328	6, 7
Total		12,581		10,383		1,253		670		(295)		(235)		13,539		10,818
Income before Income Taxes		3,804		2,271		44		281						3,848		2,552
Provision for income taxes		974		387		17		74						991		461
Income after Income Taxes		2,830		1,884		27		207						2,857		2,091
Equity in income of unconsolidated affiliates		1		5		1		1						2		6
Net Income		2,831		1,889		28		208						2,859		2,097
Less: Net loss attributable to noncontrolling interests		(1)		(1)										(1)		(1)
Net Income Attributable to Deere & Company	$	2,832	$	1,890	$	28	$	208					$	2,860	$	2,098

¹ Elimination of Financial Services’ interest income earned from Equipment Operations.

² Elimination of Equipment Operations’ margin from inventory transferred to equipment on operating leases.

³ Elimination of Financial Services’ income related to intercompany guarantees of investments in certain international markets and intercompany service revenue.

⁴ Elimination of intercompany service fees.

⁵ Elimination of Equipment Operations’ interest expense to Financial Services.

⁶ Elimination of Financial Services’ lease depreciation expense related to inventory transferred to equipment on operating leases.

⁷ Elimination of Equipment Operations’ expense related to intercompany guarantees of investments in certain international markets and intercompany service expenses.

15

DEERE & COMPANY

SUPPLEMENTAL CONSOLIDATING DATA (Continued)

STATEMENTS OF INCOME

For the Six Months Ended April 30,2023 and May 1,2022

(In millions of dollars) Unaudited

	EQUIPMENT				FINANCIAL
	OPERATIONS				SERVICES				ELIMINATIONS				CONSOLIDATED
	2023		2022		2023		2022		2023		2022		2023		2022
Net Sales and Revenues
Net sales	$	27,481	$	20,565									$	27,481	$	20,565
Finance and interest income		234		70	$	2,274	$	1,675	$	(435)	$	(150)		2,073		1,595	1
Other income		417		801		268		192		(201)		(214)		484		779	2, 3
Total		28,132		21,436		2,542		1,867		(636)		(364)		30,038		22,939
Costs and Expenses
Cost of sales		18,675		15,614						(12)		(1)		18,663		15,613	4
Research and development expenses		1,043		855										1,043		855
Selling, administrative and general expenses		1,719		1,410		569		307		(5)		(4)		2,283		1,713	4
Interest expense		204		188		983		270		(138)		(41)		1,049		417	5
Interest compensation to Financial Services		297		106						(297)		(106)					5
Other operating expenses		137		138		707		712		(184)		(212)		660		638	6, 7
Total		22,075		18,311		2,259		1,289		(636)		(364)		23,698		19,236
Income before Income Taxes		6,057		3,125		283		578						6,340		3,703
Provision for income taxes		1,455		568		73		142						1,528		710
Income after Income Taxes		4,602		2,557		210		436						4,812		2,993
Equity in income of unconsolidated affiliates		1		5		2		3						3		8
Net Income		4,603		2,562		212		439						4,815		3,001
Less: Net loss attributable to noncontrolling interests		(4)												(4)
Net Income Attributable to Deere & Company	$	4,607	$	2,562	$	212	$	439					$	4,819	$	3,001

¹ Elimination of Financial Services’ interest income earned from Equipment Operations.

² Elimination of Equipment Operations’ margin from inventory transferred to equipment on operating leases.

³ Elimination of Financial Services’ income related to intercompany guarantees of investments in certain international markets and intercompany service revenue.

⁴ Elimination of Intercompany service fees.

⁵ Elimination of Equipment Operations’ interest expense to Financial Services.

⁶ Elimination of Financial Services’ lease depreciation expense related to inventory transferred to equipment on operating leases.

⁷ Elimination of Equipment Operations’ expense related to intercompany guarantees of investments in certain international markets and intercompany service expense.

16

DEERE & COMPANY

SUPPLEMENTAL CONSOLIDATING DATA (Continued)

CONDENSED BALANCE SHEETS

(In millions of dollars) Unaudited

	EQUIPMENT						FINANCIAL
	OPERATIONS						SERVICES						ELIMINATIONS						CONSOLIDATED
	Apr 30		Oct 30		May 1		Apr 30		Oct 30		May 1		Apr 30		Oct 30		May 1		Apr 30		Oct 30		May 1
	2023		2022		2022		2023		2022		2022		2023		2022		2022		2023		2022		2022
Assets
Cash and cash equivalents	$	3,587	$	3,767	$	3,167	$	1,680	$	1,007	$	711							$	5,267	$	4,774	$	3,878
Marketable securities		14		61		2		842		673		680								856		734		682
Receivables from Financial Services		5,899		6,569		5,669							$	(5,899)	$	(6,569)	$	(5,669)							8
Trade accounts and notes receivable - net		1,562		1,273		1,358		10,422		6,434		6,079		(2,013)		(1,297)		(1,179)		9,971		6,410		6,258	9
Financing receivables - net		54		47		49		38,900		36,587		34,036								38,954		36,634		34,085
Financing receivables securitized - net		1				6		5,658		5,936		4,067								5,659		5,936		4,073
Other receivables		2,201		1,670		1,944		481		832		405		(89)		(10)		(43)		2,593		2,492		2,306	9
Equipment on operating leases - net								6,524		6,623		6,465								6,524		6,623		6,465
Inventories		9,713		8,495		9,030														9,713		8,495		9,030
Property and equipment - net		6,254		6,021		5,678		34		35		37								6,288		6,056		5,715
Goodwill		3,963		3,687		3,812														3,963		3,687		3,812
Other intangible assets - net		1,222		1,218		1,352														1,222		1,218		1,352
Retirement benefits		3,450		3,666		2,996		69		66		65				(2)		(2)		3,519		3,730		3,059	10
Deferred income taxes		1,355		940		1,247		59		45		49		(106)		(161)		(192)		1,308		824		1,104	11
Other assets		1,961		1,794		1,767		564		626		516		(15)		(3)		(3)		2,510		2,417		2,280	9
Total Assets	$	41,236	$	39,208	$	38,077	$	65,233	$	58,864	$	53,110	$	(8,122)	$	(8,042)	$	(7,088)	$	98,347	$	90,030	$	84,099
Liabilities and Stockholders’ Equity
Liabilities
Short-term borrowings	$	1,755	$	1,040	$	1,554	$	15,354	$	11,552	$	10,859							$	17,109	$	12,592	$	12,413
Short-term securitization borrowings						5		5,379		5,711		4,001								5,379		5,711		4,006
Payables to Equipment Operations								5,899		6,569		5,669	$	(5,899)	$	(6,569)	$	(5,669)							8
Accounts payable and accrued expenses		13,759		12,962		11,370		3,074		3,170		2,534		(2,117)		(1,310)		(1,225)		14,716		14,822		12,679	9
Deferred income taxes		402		380		454		215		276		322		(106)		(161)		(192)		511		495		584	11
Long-term borrowings		7,310		7,917		8,556		28,301		25,679		23,891								35,611		33,596		32,447
Retirement benefits and other liabilities		2,410		2,351		2,855		110		108		111				(2)		(2)		2,520		2,457		2,964	10
Total liabilities		25,636		24,650		24,794		58,332		53,065		47,387		(8,122)		(8,042)		(7,088)		75,846		69,673		65,093
Redeemable noncontrolling interest		102		92		99														102		92		99
Stockholders’ Equity
Total Deere & Company stockholders’ equity		22,395		20,262		18,904		6,901		5,799		5,723		(6,901)		(5,799)		(5,723)		22,395		20,262		18,904	12
Noncontrolling interests		4		3		3														4		3		3
Financial Services equity		(6,901)		(5,799)		(5,723)								6,901		5,799		5,723							12
Adjusted total stockholders' equity		15,498		14,466		13,184		6,901		5,799		5,723								22,399		20,265		18,907
Total Liabilities and Stockholders’ Equity	$	41,236	$	39,208	$	38,077	$	65,233	$	58,864	$	53,110	$	(8,122)	$	(8,042)	$	(7,088)	$	98,347	$	90,030	$	84,099

⁸ Elimination of receivables / payables between Equipment Operations and Financial Services.

⁹ Primarily reclassification of sales incentive accruals on receivables sold to Financial Services.

¹⁰ Reclassification of net pension assets / liabilities.

¹¹ Reclassification of deferred tax assets / liabilities in the same taxing jurisdictions.

¹² Elimination of Financial Services’ equity.

17

DEERE & COMPANY

SUPPLEMENTAL CONSOLIDATING DATA (Continued)

STATEMENTS OF CASH FLOWS

For the Six Months Ended April 30,2023 and May 1,2022

(In millions of dollars) Unaudited

	EQUIPMENT				FINANCIAL
	OPERATIONS				SERVICES				ELIMINATIONS				CONSOLIDATED
	2023		2022		2023		2022		2023		2022		2023		2022
Cash Flows from Operating Activities
Net income	$	4,603	$	2,562	$	212	$	439					$	4,815	$	3,001
Adjustments to reconcile net income to net cash provided by (used for) operating activities:
Provision (credit) for credit losses		4		1		(93)		44						(89)		45
Provision for depreciation and amortization		565		518		500		530	$	(70)	$	(115)		995		933	13
Impairments and other adjustments				77		173								173		77
Share-based compensation expense										54		44		54		44	14
Gain on remeasurement of previously held equity investment				(326)												(326)
Distributed earnings of Financial Services		12		232						(12)		(232)					15
Provision (credit) for deferred income taxes		(304)		75		(73)		(38)						(377)		37
Changes in assets and liabilities:
Receivables related to sales		(255)		(215)						(4,152)		(1,320)		(4,407)		(1,535)	16, 18, 19
Inventories		(910)		(2,201)						(72)		(64)		(982)		(2,265)	17
Accounts payable and accrued expenses		161		(99)		243		(7)		(717)		(337)		(313)		(443)	18
Accrued income taxes payable/receivable		(97)		(144)		1		5						(96)		(139)
Retirement benefits		(67)		(1,024)		(1)		4						(68)		(1,020)
Other		54		(102)		103		(117)		(9)		48		148		(171)	13, 14, 17
Net cash provided by (used for) operating activities		3,766		(646)		1,065		860		(4,978)		(1,976)		(147)		(1,762)
Cash Flows from Investing Activities
Collections of receivables (excluding receivables related to sales)						13,169		12,004		(576)		(814)		12,593		11,190	16
Proceeds from sales of equipment on operating leases						993		1,035						993		1,035
Proceeds from sales of businesses and unconsolidated affiliates, net of cash sold						36								36
Cost of receivables acquired (excluding receivables related to sales)						(13,584)		(12,260)		133		289		(13,451)		(11,971)	16
Acquisitions of businesses, net of cash acquired		(41)		(473)										(41)		(473)
Purchases of property and equipment		(583)		(345)		(1)		(1)						(584)		(346)
Cost of equipment on operating leases acquired						(1,327)		(1,090)		98		86		(1,229)		(1,004)	17
Increase in investment in Financial Services		(799)								799							20
Increase in trade and wholesale receivables						(5,310)		(2,159)		5,310		2,159					16
Collateral on derivatives – net				6		367		(254)						367		(248)
Other		(37)		(46)		(142)		(49)		1		24		(178)		(71)	19
Net cash used for investing activities		(1,460)		(858)		(5,799)		(2,774)		5,765		1,744		(1,494)		(1,888)
Cash Flows from Financing Activities
Increase (decrease) in total short-term borrowings		(225)		128		4,217		684						3,992		812
Change in intercompany receivables/payables		932		(424)		(932)		424
Proceeds from long-term borrowings		41		55		4,827		4,243						4,868		4,298
Payments of long-term borrowings		(47)		(308)		(3,520)		(3,317)						(3,567)		(3,625)
Proceeds from issuance of common stock		30		50										30		50
Repurchases of common stock		(2,546)		(1,226)										(2,546)		(1,226)
Capital Investment from Equipment Operations						799				(799)							20
Dividends paid		(697)		(649)		(12)		(232)		12		232		(697)		(649)	15
Other		(35)		(27)		(28)		(19)						(63)		(46)
Net cash provided by (used for) financing activities		(2,547)		(2,401)		5,351		1,783		(787)		232		2,017		(386)
Effect of Exchange Rate Changes on Cash, Cash Equivalents, and Restricted Cash		62		(113)		8		3						70		(110)
Net Increase (Decrease) in Cash, Cash Equivalents, and Restricted Cash		(179)		(4,018)		625		(128)						446		(4,146)
Cash, Cash Equivalents, and Restricted Cash at Beginning of Period		3,781		7,200		1,160		925						4,941		8,125
Cash, Cash Equivalents, and Restricted Cash at End of Period	$	3,602	$	3,182	$	1,785	$	797					$	5,387	$	3,979

¹³ Elimination of depreciation on leases related to inventory transferred to equipment on operating leases.

¹⁴ Reclassification of share-based compensation expense.

¹⁵ Elimination of dividends from Financial Services to the Equipment Operations, which are included in the Equipment Operations operating activities.

¹⁶ Primarily reclassification of receivables related to the sale of equipment.

¹⁷ Reclassification of direct lease agreements with retail customers.

¹⁸ Reclassification of sales incentive accruals on receivables sold to Financial Services.

¹⁹Elimination and reclassification of the effects of Financial Services partial financing of the construction and forestry retail locations sales and subsequent collection of those amounts.

²⁰ Elimination of investment from Equipment Operations to Financial Services.

18

EX-99.2

Exhibit 99.2

(Furnished herewith)

DEERE & COMPANY

OTHER FINANCIAL INFORMATION

The company evaluates its business results on the basis of accounting principles generally accepted in the United States. In addition, it uses a metric referred to as Shareholder Value Added (SVA), which management believes is an appropriate measure for the performance of its businesses. SVA is, in effect, the pretax profit left over after subtracting the cost of enterprise capital. The company is aiming for a sustained creation of SVA and is using this metric for various performance goals. Certain compensation is also determined on the basis of performance using this measure. For purposes of determining SVA, each of the equipment segments is assessed a pretax cost of assets, which on an annual basis is approximately 12 percent of the segment’s average identifiable operating assets during the applicable period with inventory at standard cost. Management believes that valuing inventories at standard cost more closely approximates the current cost of inventory and the company’s investment in the asset. The Financial Services segment is assessed an annual pretax cost of approximately 13 percent of the segment's average equity. The cost of assets or equity, as applicable, is deducted from the operating profit or added to the operating loss of each segment to determine the amount of SVA.

	Equipment						Production &						Small Ag						Construction
For the Six Months Ended	Operations						Precision Ag						& Turf						& Forestry
	Apr 30			May 1			Apr 30			May 1			Apr 30			May 1			Apr 30			May 1
Dollars in millions	2023			2022			2023			2022			2023			2022			2023			2022
Net Sales	$	27,481		$	20,565		$	13,021		$	8,473		$	7,146		$	6,201		$	7,314		$	5,891
Average Identifiable Assets
With Inventories at LIFO	$	21,303		$	18,846		$	9,317		$	7,933		$	4,774		$	4,296		$	7,212		$	6,617
With Inventories at Standard Cost		23,358			20,449			10,388			8,736			5,321			4,758			7,649			6,955
Operating Profit	$	6,137		$	3,329		$	3,378		$	1,353		$	1,296		$	891		$	1,463		$	1,085
Percent of Net Sales		22.3	%		16.2	%		25.9	%		16.0	%		18.1	%		14.4	%		20.0	%		18.4	%
Operating Return on Assets
With Inventories at LIFO		28.8	%		17.7	%		36.3	%		17.1	%		27.1	%		20.7	%		20.3	%		16.4	%
With Inventories at Standard Cost		26.3	%		16.3	%		32.5	%		15.5	%		24.4	%		18.7	%		19.1	%		15.6	%
SVA Cost of Assets	$	(1,401)		$	(1,227)		$	(623)		$	(525)		$	(319)		$	(285)		$	(459)		$	(417)
SVA		4,736			2,102			2,755			828			977			606			1,004			668
	Financial
For the Six Months Ended	Services
	Apr 30			May 1
Dollars in millions	2023			2022
Net Income Attributable to Deere & Company	$	212		$	439
Average Equity		6,180			5,683
Return on Equity		3.4	%		7.7	%
Operating Profit	$	279		$	577
Cost of Equity		(415)			(377)
SVA		(136)			200

19

EX-99.3

Exhibit 99.3

2Q 2023 Earnings Call 19 May 2023 20 Exhibit 99.3 (Furnished herewith)

2 John Deere | 2Q 2023 Earnings Call | May 19, 2023 Safe Harbor Statement and Disclosures This earnings call and accompanying materials may include forward-looking statements within the meaning of the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. Forward-looking statements may be identified by words such as “forecast,” “guidance,” “project,” “target,” “outlook,” “prospects,” “expect,” “estimate,” “will,” “goal,” “plan,” “anticipate,” “intend,” “predict,” “believe,” “likely,” “future,” “could,” “may,” or other similar words or phrases, including the negative variations of such words or phrases. Examples of forward-looking statements include, among others, comments and information concerning the company’s plans and projections for the future, including estimates and assumptions with respect to economic, political, technological, weather, market acceptance, acquisitions and divestitures of businesses, anticipated transaction costs, the integration of new businesses, anticipated benefits of acquisitions, and other factors that impact the company’s businesses and customers. Forward-looking statements are neither historical facts nor assurances of future performance. Instead, they are based only on management’s current beliefs, expectations and assumptions regarding the future of the company’s business, future plans and strategies, projections, anticipated events and trends, the economy and other future conditions. Because forward-looking statements relate to the future, they are subject to inherent uncertainties, risks, changes in circumstances and other factors that are difficult to predict and many of which are outside of the company’s control causing actual results to differ materially from those projected in these forward-looking statements. Among these factors are risks related to changes in U.S. and international laws and regulations, the political and economic geographies in which we operate, international conflicts, adverse macroeconomic conditions impacting consumer practices, including demand for John Deere products and changes in climate patterns. For a discussion of some of these risks and uncertainties see “Item 1A Risk Factors” in our most recent Annual Report on Form 10-K, as updated by our subsequent filings with the U.S. Securities and Exchange Commission. Investors should refer to and consider the information on risks and uncertainties in addition to the information presented here. All forward-looking statements made in this earnings call and accompanying materials are based only on information currently available and speaks only as of the date on which it is made. You should not place undue reliance on forward-looking statements. The company, except as required by law, undertakes no obligation to update or revise any forward-looking statements whether as a result of new developments or otherwise. This earnings call and accompanying materials may contain non-GAAP financial measures. Non-GAAP measures should be viewed as a supplement to and not in isolation from or as a substitute for the Company’s GAAP measures of performance and the financial results calculated in accordance with GAAP and reconciliations from these results should be carefully evaluated. 21

3 John Deere | 2Q 2023 Earnings Call | May 19, 2023 2Q 2023 Results ($ millions except where noted) $13,370 $17,387 2Q 2022 2Q 2023 $12,034 $16,079 2Q 2022 2Q 2023 $2,098 $2,860 2Q 2022 2Q 2023 $6.81 $9.65 2Q 2022 2Q 2023 34% Net Sales and Revenues Net Sales (Equipment Operations) Net Income (attributable to Deere & Company) Diluted EPS ($ per share) 30% 36% 42% 22

4 John Deere | 2Q 2023 Earnings Call | May 19, 2023 Production and Precision Ag 2Q 2023 Results $ in millions $5,117 $7,822 2Q 2022 2Q 2023 Net Sales 53% Operating Profit Comparison $2,170 $552 $46 ($93) $1,057 $1,043 ($90) ($70) ($120) ($155) 2Q 2022 Volume/ Mix Price Currency Warranty Production Costs SA&G/ R&D Special Items Other 2Q 2023 23

5 John Deere | 2Q 2023 Earnings Call | May 19, 2023 Small Ag and Turf 2Q 2023 Results $ in millions $3,570 $4,145 2Q 2022 2Q 2023 Net Sales 16% Operating Profit Comparison $849 $89 $1 ($20) $520 $442 ($21) ($7) ($92) ($63) 2Q 2022 Volume/ Mix Price Currency Warranty Production Costs SA&G/ R&D Special Items Other 2Q 2023 24

6 John Deere | 2Q 2023 Earnings Call | May 19, 2023 Ag and Turf Industry Outlook (in units) – FY 2023 Source: Deere & Company forecast as of 19 May 2023 U.S. and CANADA LARGE AG ~10% EUROPE AG Flat to up 5% SOUTH AMERICA AG (tractors and combines) Flat U.S. and CANADA SMALL AG and TURF Down ~5% ASIA AG Down moderately 25

7 John Deere | 2Q 2023 Earnings Call | May 19, 2023 Production and Precision Ag Business Segment Outlook Source: Deere & Company forecast as of 19 May 2023 19.9% FY 2022 FY 2023 Fcst $22,002 FY 2022 FY 2023 Fcst Net Sales 25-26% Operating Margin ~20% 26

8 John Deere | 2Q 2023 Earnings Call | May 19, 2023 $13,381 FY 2022 FY 2023 Fcst Small Ag and Turf Business Segment Outlook Source: Deere & Company forecast as of 19 May 2023 14.6% FY 2022 Fcst FY 2023 Fcst ~5% 15.5-16.5% Net Sales Operating Margin 27

9 John Deere | 2Q 2023 Earnings Call | May 19, 2023 Construction and Forestry 2Q 2023 Results $ in millions $3,347 $4,112 2Q 2022 2Q 2023 Net Sales 23% Operating Profit Comparison $838 $159 ($18) ($187) ($41) ($279) $814 $426 ($5) ($31) 2Q 2022 Volume/ Mix Price Currency Warranty Production Costs SA&G/ R&D Special Items Other 2Q 2023 28

10 John Deere | 2Q 2023 Earnings Call | May 19, 2023 Construction and Forestry Industry Outlook (in units) – FY 2023 Source: Deere & Company forecast as of 19 May 2023 NORTH AMERICA COMPACT CONSTRUCTION EQUIPMENT Flat to up 5% GLOBAL FORESTRY Flat NORTH AMERICA CONSTRUCTION EQUIPMENT Flat to up 5% GLOBAL ROADBUILDING Flat 29

11 John Deere | 2Q 2023 Earnings Call | May 19, 2023 Construction and Forestry Business Segment Outlook Source: Deere & Company forecast as of 19 May 2023 16.1% FY 2022 FY 2023 Fcst $12,534 FY 2022 FY 2023 Fcst ~15% 18-19% Net Sales Operating Margin 30

12 John Deere | 2Q 2023 Earnings Call | May 19, 2023 Financial Services Net Income – Results and Outlook Source: Deere & Company forecast as of 19 May 2023 $208 $28 2Q 2022 2Q 2023 Quarter Results Fiscal Year Outlook $880 $630 FY 2022 FY 2023 Fcst ~ * * Includes $135 million non-cash accounting correction 31

13 John Deere | 2Q 2023 Earnings Call | May 19, 2023 Financial Services Credit Performance (% of average portfolio) ~ * 2022 and 2023 data exclude Russia -1.0% -0.5% 0.0% 0.5% 1.0% 1.5% 2008 2011 2014 2017 2020 2023 FC Provision Write-Offs 15-year Average Provision 15-year Average Write-Offs 32

14 John Deere | 2Q 2023 Earnings Call | May 19, 2023 Deere & Company Outlook Effective Tax Rate* Net Income (attributable to Deere & Co.) $9.25-9.5B 23-25% FY 2023 FORECAST Net Operating Cash Flow* $10.0-10.5B *Equipment Operations Source: Deere & Company forecast as of 19 May 2023 33

15 John Deere | 2Q 2023 Earnings Call | May 19, 2023 Appendix 34

16 John Deere | 2Q 2023 Earnings Call | May 19, 2023 ($ millions) 2Q 2023 FY 2023 Forecast Cost of Sales (percent of Net Sales) 67% ~68% Selling, Administrative and General Expenses 24% ~17% Research and Development Expenses 21% ~14% Capital Expenditures ~ $1,500 Pension/OPEB Expenses ~ $190 Pension/OPEB Contributions ~ $200 Other Financial Information Equipment Operations Source: Deere & Company forecast as of 19 May 2023 35

17 John Deere | 2Q 2023 Earnings Call | May 19, 2023 April 2023 Retail Sales (Rolling 3 Months) and Dealer Inventories Retail Sales U.S. and Canada Ag Industry* Deere** 2WD Tractors (< 40 PTO hp) 20% More than the industry 2WD Tractors (40 < 100 PTO hp) 12% More than the industry 2WD Tractors (100+ PTO hp) Flat High single digit 4WD Tractors 66% More than the industry Combines 70% More than the industry Deere Dealer Inventories*** U.S. and Canada Ag 2023 2022 2WD Tractors (100+ PTO hp) 29% 22% Combines 23% 17% * As reported by the Association of Equipment Manufacturers ** As reported to the Association of Equipment Manufacturers *** In units as a % of trailing 12 months retail sales, as reported to the Association of Equipment Manufacturers 36

18 John Deere | 2Q 2023 Earnings Call | May 19, 2023 Retail Sales U.S. and Canada Deere* Selected Turf and Utility Equipment Low single digit Construction and Forestry First-in-the-Dirt Settlements Low single digit Single digit April 2023 Retail Sales (Rolling 3 Months) Retail Sales Europe Ag Deere* Tractors Flat Combines Double digits * Based on internal sales reports 37

19 John Deere | 2Q 2023 Earnings Call | May 19, 2023 Deere Use-of-Cash Priorities SHARE REPURCHASE Manage the balance sheet, including liquidity, to support a rating that provides access to low-cost and readily available short- and long-term funding mechanisms (reflects the strategic nature of our financial services operation) Fund value-creating investments in our businesses Consistently and moderately raise dividend targeting a 25-35% payout ratio of mid-cycle earnings Consider share repurchase as a means to deploy excess cash to shareholders, once above requirements are met COMMITTED TO “A” RATING FUND OPERATING & GROWTH NEEDS COMMON STOCK DIVIDEND CASH FROM OPERATIONS 38

20 John Deere | 2Q 2023 Earnings Call | May 19, 2023 Deere & Company’s 3Q 2023 earnings call is scheduled for 9:00 a.m. Central Time on Friday, 18 August 2023. 39

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XML

Document and Entity Information	May 19, 2023
Document Information [Line Items]
Document Type	8-K
Document Period End Date	May 19, 2023
Entity File Number	1-4121
Entity Registrant Name	DEERE & CO
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	36-2382580
Entity Address, Address Line One	One John Deere Place
Entity Address, City or Town	Moline
Entity Address, State or Province	IL
Entity Address, Postal Zip Code	61265
City Area Code	309
Local Phone Number	765-8000
Written Communications	false
Soliciting Material	false
Pre-commencement Tender Offer	false
Pre-commencement Issuer Tender Offer	false
Entity Emerging Growth Company	false
Entity Central Index Key	0000315189
Amendment Flag	false
Common Stock
Document Information [Line Items]
Title of 12(b) Security	Common stock, $1 par value
Trading Symbol	DE
Security Exchange Name	NYSE
6.55% Debentures Due 2028
Document Information [Line Items]
Title of 12(b) Security	6.55% Debentures Due 2028
Trading Symbol	DE28
Security Exchange Name	NYSE