0001558370-24-008339.txt : 20240516 0001558370-24-008339.hdr.sgml : 20240516 20240516060105 ACCESSION NUMBER: 0001558370-24-008339 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 39 CONFORMED PERIOD OF REPORT: 20240516 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Regulation FD Disclosure ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20240516 DATE AS OF CHANGE: 20240516 FILER: COMPANY DATA: COMPANY CONFORMED NAME: DEERE & CO CENTRAL INDEX KEY: 0000315189 STANDARD INDUSTRIAL CLASSIFICATION: FARM MACHINERY & EQUIPMENT [3523] ORGANIZATION NAME: 06 Technology IRS NUMBER: 362382580 STATE OF INCORPORATION: DE FISCAL YEAR END: 1027 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-04121 FILM NUMBER: 24953447 BUSINESS ADDRESS: STREET 1: ONE JOHN DEERE PLACE CITY: MOLINE STATE: IL ZIP: 61265-8098 BUSINESS PHONE: (309) 765-8000 MAIL ADDRESS: STREET 1: ONE JOHN DEERE PLACE CITY: MOLINE STATE: IL ZIP: 61265-8098 8-K 1 de-20240516x8k.htm 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 16, 2024

(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. ☐

Item 2.02Results of Operations and Financial Condition

On Thursday, May 16, 2024, Deere & Company (the “Company”) issued a press release announcing its results of operations for the second quarter of fiscal 2024. A copy of the press release is furnished herewith as Exhibit 99.1 and is incorporated herein by reference.

Item 7.01Regulation FD

On Thursday, May 16, 2024, the Company made available a presentation providing a review of its second quarter of fiscal 2024 in connection with its investor earnings call. A copy of the presentation is furnished herewith as Exhibit 99.2 and is incorporated herein 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	Second Quarter 2024 Earnings Conference Call Information (Furnished herewith)
104	Cover Page Interactive Data File (the cover page XBRL tags are imbedded in the Inline XBRL document)

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 16, 2024

EX-99.1 2 de-20240516xex99d1.htm EX-99.1


News Release

Contact:
Jen Hartmann
Director, Public Relations
HartmannJenniferA@JohnDeere.com

Deere Reports Second Quarter Net Income of $2.370 Billion

●

Quarterly results underscore sound execution in the face of challenging market conditions.

●

Global agricultural and turf demand further softens while the construction industry remains stable.

●

Full-year net income forecast updated to approximately $7.0 billion.

MOLINE, Illinois (May 16, 2024) — Deere & Company reported net income of $2.370 billion for the second quarter ended April 28, 2024, or $8.53 per share, compared with net income of $2.860 billion, or $9.65 per share, for the quarter ended April 30, 2023. For the first six months of the year, net income attributable to Deere & Company was $4.121 billion, or $14.74 per share, compared with $4.819 billion, or $16.18 per share, for the same period last year.

Worldwide net sales and revenues decreased 12 percent, to $15.235 billion, for the second quarter of 2024 and decreased 9 percent, to $27.420 billion, for six months. Net sales were $13.610 billion for the quarter and $24.097 billion for six months, compared with $16.079 billion and $27.481 billion last year.

“John Deere’s second-quarter results were noteworthy in light of continued changes across the global agricultural sector,” stated John C. May, chairman and chief executive officer. “Thanks to the dedication and hard work of our team, we continue to demonstrate structurally higher performance levels across business cycles and are benefitting from stability in construction end markets amid declining agricultural and turf demand.”

Company Outlook & Summary

Net income attributable to Deere & Company for fiscal 2024 is forecasted to be approximately $7.0 billion.

“We are proactively managing our production and inventory levels to adapt to demand changes and position the business for the future,” May explained. “Despite market conditions, we are committed to our strategy and are actively investing in and deploying innovative technologies, products, and solutions to ensure our customers' success.”


Deere & Company	Second Quarter					Year to Date
$ in millions, except per share amounts	2024		2023		% Change	2024		2023		% Change
Net sales and revenues	$	15,235	$	17,387	-12%	$	27,420	$	30,038	-9%
Net income	$	2,370	$	2,860	-17%	$	4,121	$	4,819	-14%
Fully diluted EPS	$	8.53	$	9.65		$	14.74	$	16.18

Prior period results were affected by a special item. See Note 1 of the financial statements for further details.


Production & Precision Agriculture	Second Quarter
$ in millions	2024		2023		% Change
Net sales	$	6,581	$	7,822	-16%
Operating profit	$	1,650	$	2,170	-24%
Operating margin		25.1%		27.7%

Production and precision agriculture sales decreased for the quarter as a result of lower shipment volumes, partially offset by price realization. Operating profit decreased due to lower shipment volumes and higher production costs, partially offset by price realization.

Production & Precision Agriculture Operating Profit

Second Quarter 2024 Compared to Second Quarter 2023

$ in millions


Small Agriculture & Turf	Second Quarter
$ in millions	2024		2023		% Change
Net sales	$	3,185	$	4,145	-23%
Operating profit	$	571	$	849	-33%
Operating margin		17.9%		20.5%

Small agriculture and turf sales decreased for the quarter as a result of lower shipment volumes, partially offset by price realization. Operating profit decreased due to lower shipment volumes, partially offset by price realization.

Small Agriculture & Turf Operating Profit

Second Quarter 2024 Compared to Second Quarter 2023

$ in millions


Construction & Forestry	Second Quarter
$ in millions	2024		2023		% Change
Net sales	$	3,844	$	4,112	-7%
Operating profit	$	668	$	838	-20%
Operating margin		17.4%		20.4%

Construction and forestry sales decreased for the quarter due to lower shipment volumes. Operating profit decreased due to lower shipment volumes and higher SA&G and R&D expenses.

Construction & Forestry Operating Profit

Second Quarter 2024 Compared to Second Quarter 2023

$ in millions


Financial Services	Second Quarter
$ in millions	2024		2023		% Change
Net income	$	162	$	28	479%

Financial services net income for the quarter increased due to income earned on higher average portfolio balances, partially offset by a higher provision for credit losses and less-favorable financing spreads. The results of the prior period were also affected by a correction of the accounting treatment for financing incentives offered to John Deere dealers. The cumulative effect of this correction, $173 million pretax ($135 million after-tax), was recorded in the second quarter of 2023.


Industry Outlook for Fiscal 2024
Agriculture & Turf
U.S. & Canada:
Large Ag						Down ~ 15%
Small Ag & Turf						Down ~ 10%
Europe						Down ~ 15%
South America (Tractors & Combines)						Down 15 to 20%
Asia						Down moderately

Construction & Forestry
U.S. & Canada:
Construction Equipment						Flat to Down 5%
Compact Construction Equipment						Flat
Global Forestry						Down ~ 10%
Global Roadbuilding						Flat to Down 5%


Deere Segment Outlook for Fiscal 2024		Currency	Price
$ in millions	Net Sales	Translation	Realization
Production & Precision Ag	Down 20% to 25%	~ Flat	+1.5%
Small Ag & Turf	Down 20% to 25%	~ Flat	+1.5%
Construction & Forestry	Down 5% to 10%	~ Flat	+1.5%

Financial Services	Net Income	~$ 770

Financial Services. Fiscal-year 2024 net income attributable to Deere & Company for the financial services operations is forecasted to be approximately $770 million. Results are expected to be higher than fiscal year 2023 due to income earned on a higher average portfolio, partially offset by a higher provision for credit losses and less-favorable financing spreads. A correction of the accounting treatment for financing incentives offered to John Deere dealers impacted 2023 financial results. The cumulative effect of this correction, $173 million pretax ($135 million after-tax), was recorded in the second quarter of 2023.

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 and involve factors that are subject to change, assumptions, risks, and uncertainties that could cause actual results to differ materially. 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 and compliance with U.S., foreign and international laws, regulations, and policies relating to trade, economic sanctions, data privacy, spending, taxing, banking, monetary, environmental (including climate change and engine emissions), and farming policies;

●	political, economic, and social instability of the geographies in which the company operates, including the ongoing war between Russia and Ukraine and the conflict in the Middle East;

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

●	worldwide demand for food and different forms of renewable energy;

●	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 and solutions;

●	accurately forecasting customer demand for products and services and adequately managing inventory;

●	the ability to integrate new technology, including automation and machine learning, and deliver precision technology and solutions to customers;

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

●	the 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;

●	governmental and other actions designed to address climate change in connection with a transition to a lower-carbon economy;

●	higher interest rates and currency fluctuations which could adversely affect the U.S. dollar, customer confidence, access to capital, and demand for John Deere products and solutions;

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

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

●	our equipment fails to perform as expected, which could result in warranty claims, post-sales repairs or recalls, product liability litigation, and regulatory investigations;

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

●	security breaches, cybersecurity attacks, technology failures, and other disruptions to John Deere information technology infrastructure and 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 right to repair or right to modify legislation;

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

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

●	the agricultural business cycle, which can be unpredictable and is affected by factors such as world grain stocks, available farm acres, acreage planted, 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 non-residential construction, and infrastructure investment.

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

DEERE & COMPANY

SECOND QUARTER 2024 PRESS RELEASE

(In millions of dollars) Unaudited


	Three Months Ended					Six Months Ended
	April 28		April 30		%	April 28		April 30		%
	2024		2023		Change	2024		2023		Change
Net sales and revenues:
Production & precision ag net sales	$	6,581	$	7,822	-16	$	11,430	$	13,021	-12
Small ag & turf net sales		3,185		4,145	-23		5,610		7,146	-21
Construction & forestry net sales		3,844		4,112	-7		7,057		7,314	-4
Financial services revenues		1,395		1,107	+26		2,770		2,147	+29
Other revenues		230		201	+14		553		410	+35
Total net sales and revenues	$	15,235	$	17,387	-12	$	27,420	$	30,038	-9

Operating profit: *
Production & precision ag	$	1,650	$	2,170	-24	$	2,695	$	3,378	-20
Small ag & turf		571		849	-33		897		1,296	-31
Construction & forestry		668		838	-20		1,234		1,463	-16
Financial services		209		41	+410		466		279	+67
Total operating profit		3,098		3,898	-21		5,292		6,416	-18
Reconciling items **		23		(47)			49		(69)
Income taxes		(751)		(991)	-24		(1,220)		(1,528)	-20
Net income attributable to Deere & Company	$	2,370	$	2,860	-17	$	4,121	$	4,819	-14

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

** Reconciling items are primarily corporate expenses, certain interest income and expenses, 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.

DEERE & COMPANY

STATEMENTS OF CONSOLIDATED INCOME

For the Three and Six Months Ended April 28, 2024 and April 30, 2023

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


	Three Months Ended				Six Months Ended
	2024		2023		2024		2023
Net Sales and Revenues
Net sales	$	13,610	$	16,079	$	24,097	$	27,481
Finance and interest income		1,387		1,079		2,746		2,073
Other income		238		229		577		484
Total		15,235		17,387		27,420		30,038

Costs and Expenses
Cost of sales		9,157		10,730		16,357		18,663
Research and development expenses		565		547		1,098		1,043
Selling, administrative and general expenses		1,265		1,330		2,330		2,283
Interest expense		836		569		1,638		1,049
Other operating expenses		295		363		664		660
Total		12,118		13,539		22,087		23,698

Income of Consolidated Group before Income Taxes		3,117		3,848		5,333		6,340
Provision for income taxes		751		991		1,220		1,528

Income of Consolidated Group		2,366		2,857		4,113		4,812
Equity in income of unconsolidated affiliates		2		2		3		3

Net Income		2,368		2,859		4,116		4,815
Less: Net loss attributable to noncontrolling interests		(2)		(1)		(5)		(4)
Net Income Attributable to Deere & Company	$	2,370	$	2,860	$	4,121	$	4,819

Per Share Data
Basic	$	8.56	$	9.69	$	14.80	$	16.26
Diluted		8.53		9.65		14.74		16.18
Dividends declared		1.47		1.25		2.94		2.45
Dividends paid		1.47		1.20		2.82		2.33

Average Shares Outstanding
Basic		276.8		295.1		278.4		296.3
Diluted		277.9		296.5		279.5		297.8

See Condensed Notes to Interim Consolidated Financial Statements.

DEERE & COMPANY

CONDENSED CONSOLIDATED BALANCE SHEETS

(In millions of dollars) Unaudited


	April 28		October 29		April 30
	2024		2023		2023
Assets
Cash and cash equivalents	$	5,553	$	7,458	$	5,267
Marketable securities		1,094		946		856
Trade accounts and notes receivable – net		8,880		7,739		9,971
Financing receivables – net		45,278		43,673		38,954
Financing receivables securitized – net		7,262		7,335		5,659
Other receivables		2,535		2,623		2,593
Equipment on operating leases – net		6,965		6,917		6,524
Inventories		8,443		8,160		9,713
Property and equipment – net		7,034		6,879		6,288
Goodwill		3,936		3,900		3,963
Other intangible assets – net		1,064		1,133		1,222
Retirement benefits		3,056		3,007		3,519
Deferred income taxes		1,936		1,814		1,308
Other assets		2,592		2,503		2,510
Total Assets	$	105,628	$	104,087	$	98,347

Liabilities and Stockholders’ Equity

Liabilities
Short-term borrowings	$	17,699	$	17,939	$	17,109
Short-term securitization borrowings		6,976		6,995		5,379
Accounts payable and accrued expenses		14,609		16,130		14,716
Deferred income taxes		491		520		511
Long-term borrowings		40,962		38,477		35,611
Retirement benefits and other liabilities		2,105		2,140		2,520
Total liabilities		82,842		82,201		75,846

Redeemable noncontrolling interest		98		97		102

Stockholders’ Equity
Total Deere & Company stockholders’ equity		22,684		21,785		22,395
Noncontrolling interests		4		4		4
Total stockholders’ equity		22,688		21,789		22,399
Total Liabilities and Stockholders’ Equity	$	105,628	$	104,087	$	98,347

See Condensed Notes to Interim Consolidated Financial Statements.

DEERE & COMPANY

STATEMENTS OF CONSOLIDATED CASH FLOWS

For the Six Months Ended April 28, 2024 and April 30, 2023

(In millions of dollars) Unaudited


	2024		2023
Cash Flows from Operating Activities
Net income	$	4,116	$	4,815
Adjustments to reconcile net income to net cash provided by (used for) operating activities:
Provision (credit) for credit losses		131		(89)
Provision for depreciation and amortization		1,045		995
Other non-cash adjustments (Note 1)				173
Share-based compensation expense		104		54
Credit for deferred income taxes		(120)		(377)
Changes in assets and liabilities:
Receivables related to sales		(2,469)		(4,407)
Inventories		(409)		(982)
Accounts payable and accrued expenses		(1,300)		(313)
Accrued income taxes payable/receivable		(29)		(96)
Retirement benefits		(208)		(68)
Other		83		148
Net cash provided by (used for) operating activities		944		(147)

Cash Flows from Investing Activities
Collections of receivables (excluding receivables related to sales)		13,703		12,593
Proceeds from maturities and sales of marketable securities		200		98
Proceeds from sales of equipment on operating leases		1,011		993
Cost of receivables acquired (excluding receivables related to sales)		(14,091)		(13,451)
Purchases of marketable securities		(432)		(188)
Purchases of property and equipment		(719)		(584)
Cost of equipment on operating leases acquired		(1,369)		(1,229)
Collateral on derivatives – net		96		367
Other		(69)		(93)
Net cash used for investing activities		(1,670)		(1,494)

Cash Flows from Financing Activities
Net proceeds in short-term borrowings (original maturities three months or less)		58		3,992
Proceeds from borrowings issued (original maturities greater than three months)		10,189		4,868
Payments of borrowings (original maturities greater than three months)		(8,139)		(3,567)
Repurchases of common stock		(2,422)		(2,546)
Dividends paid		(796)		(697)
Other		(52)		(33)
Net cash provided by (used for) financing activities		(1,162)		2,017

Effect of Exchange Rate Changes on Cash, Cash Equivalents, and Restricted Cash		(5)		70

Net Increase (Decrease) in Cash, Cash Equivalents, and Restricted Cash		(1,893)		446
Cash, Cash Equivalents, and Restricted Cash at Beginning of Period		7,620		4,941
Cash, Cash Equivalents, and Restricted Cash at End of Period	$	5,727	$	5,387

See Condensed Notes to Interim Consolidated Financial Statements.


DEERE & COMPANY
Condensed Notes to Interim Consolidated Financial Statements
(In millions of dollars) Unaudited

(1)

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 in “Selling, administrative and general expenses” by financial services.

(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.”

DEERE & COMPANY

(3) SUPPLEMENTAL CONSOLIDATING DATA

STATEMENTS OF INCOME

For the Three Months Ended April 28, 2024 and April 30, 2023

(In millions of dollars) Unaudited


	EQUIPMENT				FINANCIAL
	OPERATIONS				SERVICES				ELIMINATIONS				CONSOLIDATED
	2024		2023		2024		2023		2024		2023		2024		2023
Net Sales and Revenues
Net sales	$	13,610	$	16,079									$	13,610	$	16,079
Finance and interest income		129		121	$	1,496	$	1,206	$	(238)	$	(248)		1,387		1,079	¹
Other income		198		185		92		91		(52)		(47)		238		229	^{2, 3}
Total		13,937		16,385		1,588		1,297		(290)		(295)		15,235		17,387

Costs and Expenses
Cost of sales		9,164		10,737						(7)		(7)		9,157		10,730	⁴
Research and development expenses		565		547										565		547
Selling, administrative and general expenses		1,007		935		260		397		(2)		(2)		1,265		1,330	⁴
Interest expense		114		103		780		540		(58)		(74)		836		569	¹
Interest compensation to Financial Services		180		174						(180)		(174)					¹
Other operating expenses		1		85		337		316		(43)		(38)		295		363	^{3, 5}
Total		11,031		12,581		1,377		1,253		(290)		(295)		12,118		13,539

Income before Income Taxes		2,906		3,804		211		44						3,117		3,848
Provision for income taxes		700		974		51		17						751		991

Income after Income Taxes		2,206		2,830		160		27						2,366		2,857
Equity in income of unconsolidated affiliates				1		2		1						2		2

Net Income		2,206		2,831		162		28						2,368		2,859
Less: Net loss attributable to noncontrolling interests		(2)		(1)										(2)		(1)
Net Income Attributable to Deere & Company	$	2,208	$	2,832	$	162	$	28					$	2,370	$	2,860

¹ Elimination of intercompany interest income and expense.

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

³ Elimination of income and expense between Equipment Operations and Financial Services related to intercompany guarantees of investments in certain international markets and intercompany service revenues and expenses.

⁴ Elimination of intercompany service fees.

⁵ Elimination of Financial Services’ lease depreciation expense related to inventory transferred to equipment on operating leases.

DEERE & COMPANY

SUPPLEMENTAL CONSOLIDATING DATA (Continued)

STATEMENTS OF INCOME

For the Six Months Ended April 28, 2024 and April 30, 2023

(In millions of dollars) Unaudited


	EQUIPMENT				FINANCIAL
	OPERATIONS				SERVICES				ELIMINATIONS				CONSOLIDATED
	2024		2023		2024		2023		2024		2023		2024		2023
Net Sales and Revenues
Net sales	$	24,097	$	27,481									$	24,097	$	27,481
Finance and interest income		285		234	$	2,929	$	2,274	$	(468)	$	(435)		2,746		2,073	¹
Other income		487		417		211		268		(121)		(201)		577		484	^{2, 3}
Total		24,869		28,132		3,140		2,542		(589)		(636)		27,420		30,038

Costs and Expenses
Cost of sales		16,371		18,675						(14)		(12)		16,357		18,663	⁴
Research and development expenses		1,098		1,043										1,098		1,043
Selling, administrative and general expenses		1,882		1,719		453		569		(5)		(5)		2,330		2,283	⁴
Interest expense		223		204		1,542		983		(127)		(138)		1,638		1,049	¹
Interest compensation to Financial Services		341		297						(341)		(297)					¹
Other operating expenses		91		137		675		707		(102)		(184)		664		660	^{3, 5}
Total		20,006		22,075		2,670		2,259		(589)		(636)		22,087		23,698

Income before Income Taxes		4,863		6,057		470		283						5,333		6,340
Provision for income taxes		1,117		1,455		103		73						1,220		1,528

Income after Income Taxes		3,746		4,602		367		210						4,113		4,812
Equity in income of unconsolidated affiliates				1		3		2						3		3

Net Income		3,746		4,603		370		212						4,116		4,815
Less: Net loss attributable to noncontrolling interests		(5)		(4)										(5)		(4)
Net Income Attributable to Deere & Company	$	3,751	$	4,607	$	370	$	212					$	4,121	$	4,819

¹ Elimination of intercompany interest income and expense.

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

⁴ Elimination of intercompany service fees.

⁵ Elimination of Financial Services’ lease depreciation expense related to inventory transferred to equipment on operating leases.

DEERE & COMPANY

SUPPLEMENTAL CONSOLIDATING DATA (Continued)

CONDENSED BALANCE SHEETS

(In millions of dollars) Unaudited


	EQUIPMENT						FINANCIAL
	OPERATIONS						SERVICES						ELIMINATIONS						CONSOLIDATED
	Apr 28		Oct 29		Apr 30		Apr 28		Oct 29		Apr 30		Apr 28		Oct 29		Apr 30		Apr 28		Oct 29		Apr 30
	2024		2023		2023		2024		2023		2023		2024		2023		2023		2024		2023		2023
Assets
Cash and cash equivalents	$	3,800	$	5,720	$	3,587	$	1,753	$	1,738	$	1,680							$	5,553	$	7,458	$	5,267
Marketable securities		148		104		14		946		842		842								1,094		946		856
Receivables from Financial Services		4,480		4,516		5,899							$	(4,480)	$	(4,516)	$	(5,899)							⁶
Trade accounts and notes receivable – net		1,320		1,320		1,562		10,263		8,687		10,422		(2,703)		(2,268)		(2,013)		8,880		7,739		9,971	⁷
Financing receivables – net		80		64		54		45,198		43,609		38,900								45,278		43,673		38,954
Financing receivables securitized – net						1		7,262		7,335		5,658								7,262		7,335		5,659
Other receivables		1,822		1,813		2,201		760		869		481		(47)		(59)		(89)		2,535		2,623		2,593	⁷
Equipment on operating leases – net								6,965		6,917		6,524								6,965		6,917		6,524
Inventories		8,443		8,160		9,713														8,443		8,160		9,713
Property and equipment – net		6,999		6,843		6,254		35		36		34								7,034		6,879		6,288
Goodwill		3,936		3,900		3,963														3,936		3,900		3,963
Other intangible assets – net		1,064		1,133		1,222														1,064		1,133		1,222
Retirement benefits		2,980		2,936		3,450		77		72		69		(1)		(1)				3,056		3,007		3,519	⁸
Deferred income taxes		2,210		2,133		1,355		71		68		59		(345)		(387)		(106)		1,936		1,814		1,308	⁹
Other assets		2,105		1,948		1,961		504		559		564		(17)		(4)		(15)		2,592		2,503		2,510
Total Assets	$	39,387	$	40,590	$	41,236	$	73,834	$	70,732	$	65,233	$	(7,593)	$	(7,235)	$	(8,122)	$	105,628	$	104,087	$	98,347

Liabilities and Stockholders’ Equity

Liabilities
Short-term borrowings	$	1,055	$	1,230	$	1,755	$	16,644	$	16,709	$	15,354							$	17,699	$	17,939	$	17,109
Short-term securitization borrowings								6,976		6,995		5,379								6,976		6,995		5,379
Payables to Equipment Operations								4,480		4,516		5,899	$	(4,480)	$	(4,516)	$	(5,899)							⁶
Accounts payable and accrued expenses		13,771		14,862		13,759		3,605		3,599		3,074		(2,767)		(2,331)		(2,117)		14,609		16,130		14,716	⁷
Deferred income taxes		421		452		402		415		455		215		(345)		(387)		(106)		491		520		511	⁹
Long-term borrowings		6,575		7,210		7,310		34,387		31,267		28,301								40,962		38,477		35,611
Retirement benefits and other liabilities		1,995		2,032		2,410		111		109		110		(1)		(1)				2,105		2,140		2,520	⁸
Total liabilities		23,817		25,786		25,636		66,618		63,650		58,332		(7,593)		(7,235)		(8,122)		82,842		82,201		75,846

Redeemable noncontrolling interest		98		97		102														98		97		102

Stockholders’ Equity
Total Deere & Company stockholders’ equity		22,684		21,785		22,395		7,216		7,082		6,901		(7,216)		(7,082)		(6,901)		22,684		21,785		22,395	¹⁰
Noncontrolling interests		4		4		4														4		4		4
Financial Services equity		(7,216)		(7,082)		(6,901)								7,216		7,082		6,901							¹⁰
Adjusted total stockholders' equity		15,472		14,707		15,498		7,216		7,082		6,901								22,688		21,789		22,399
Total Liabilities and Stockholders’ Equity	$	39,387	$	40,590	$	41,236	$	73,834	$	70,732	$	65,233	$	(7,593)	$	(7,235)	$	(8,122)	$	105,628	$	104,087	$	98,347

⁶ Elimination of receivables / payables between Equipment Operations and Financial Services.

⁷ Primarily reclassification of sales incentive accruals on receivables sold to Financial Services.

⁸ Reclassification of net pension assets / liabilities.

⁹ Reclassification of deferred tax assets / liabilities in the same taxing jurisdictions.

¹⁰ Elimination of Financial Services’ equity.

DEERE & COMPANY

SUPPLEMENTAL CONSOLIDATING DATA (Continued)

STATEMENTS OF CASH FLOWS

For the Six Months Ended April 28, 2024 and April 30, 2023

(In millions of dollars) Unaudited


	EQUIPMENT				FINANCIAL
	OPERATIONS				SERVICES				ELIMINATIONS				CONSOLIDATED
	2024		2023		2024		2023		2024		2023		2024		2023
Cash Flows from Operating Activities
Net income	$	3,746	$	4,603	$	370	$	212					$	4,116	$	4,815
Adjustments to reconcile net income to net cash provided by (used for) operating activities:
Provision (credit) for credit losses		10		4		121		(93)						131		(89)
Provision for depreciation and amortization		608		565		509		500	$	(72)	$	(70)		1,045		995	¹¹
Other non-cash adjustments (Note 1)								173								173
Share-based compensation expense										104		54		104		54	¹²
Distributed earnings of Financial Services		247		12						(247)		(12)					¹³
Credit for deferred income taxes		(74)		(304)		(46)		(73)						(120)		(377)
Changes in assets and liabilities:
Receivables related to sales		(58)		(255)						(2,411)		(4,152)		(2,469)		(4,407)	^{14, 16}
Inventories		(300)		(910)						(109)		(72)		(409)		(982)	¹⁵
Accounts payable and accrued expenses		(1,012)		161		147		243		(435)		(717)		(1,300)		(313)	¹⁶
Accrued income taxes payable/receivable		(20)		(97)		(9)		1						(29)		(96)
Retirement benefits		(205)		(67)		(3)		(1)						(208)		(68)
Other		89		54		65		103		(71)		(9)		83		148	^{11, 12, 15}
Net cash provided by (used for) operating activities		3,031		3,766		1,154		1,065		(3,241)		(4,978)		944		(147)

Cash Flows from Investing Activities
Collections of receivables (excluding receivables related to sales)						14,175		13,169		(472)		(576)		13,703		12,593	¹⁴
Proceeds from maturities and sales of marketable securities		58		62		142		36						200		98
Proceeds from sales of equipment on operating leases						1,011		993						1,011		993
Cost of receivables acquired (excluding receivables related to sales)						(14,238)		(13,584)		147		133		(14,091)		(13,451)	¹⁴
Purchases of marketable securities		(226)		(21)		(206)		(167)						(432)		(188)
Purchases of property and equipment		(718)		(583)		(1)		(1)						(719)		(584)
Cost of equipment on operating leases acquired						(1,516)		(1,327)		147		98		(1,369)		(1,229)	¹⁵
Decrease (increase) in investment in Financial Services		10		(799)						(10)		799					¹⁷
Increase in trade and wholesale receivables						(3,171)		(5,310)		3,171		5,310					¹⁴
Collateral on derivatives – net						96		367						96		367
Other		(68)		(119)		(2)		25		1		1		(69)		(93)
Net cash used for investing activities		(944)		(1,460)		(3,710)		(5,799)		2,984		5,765		(1,670)		(1,494)

Cash Flows from Financing Activities
Net proceeds (payments) in short-term borrowings (original maturities three months or less)		189		(225)		(131)		4,217						58		3,992
Change in intercompany receivables/payables		31		932		(31)		(932)
Proceeds from borrowings issued (original maturities greater than three months)		34		41		10,155		4,827						10,189		4,868
Payments of borrowings (original maturities greater than three months)		(1,012)		(47)		(7,127)		(3,520)						(8,139)		(3,567)
Repurchases of common stock		(2,422)		(2,546)										(2,422)		(2,546)
Capital Investment from Equipment Operations						(10)		799		10		(799)					¹⁷
Dividends paid		(796)		(697)		(247)		(12)		247		12		(796)		(697)	¹³
Other		(27)		(5)		(25)		(28)						(52)		(33)
Net cash provided by (used for) financing activities		(4,003)		(2,547)		2,584		5,351		257		(787)		(1,162)		2,017

Effect of Exchange Rate Changes on Cash, Cash Equivalents, and Restricted Cash				62		(5)		8						(5)		70

Net Increase (Decrease) in Cash, Cash Equivalents, and Restricted Cash		(1,916)		(179)		23		625						(1,893)		446
Cash, Cash Equivalents, and Restricted Cash at Beginning of Period		5,755		3,781		1,865		1,160						7,620		4,941
Cash, Cash Equivalents, and Restricted Cash at End of Period	$	3,839	$	3,602	$	1,888	$	1,785					$	5,727	$	5,387

¹¹ Elimination of depreciation on leases related to inventory transferred to equipment on operating leases.

¹² Reclassification of share-based compensation expense.

¹³ Elimination of dividends from Financial Services to the Equipment Operations, which are included in the Equipment Operations operating activities.

¹⁴ Primarily reclassification of receivables related to the sale of equipment.

¹⁵ Reclassification of direct lease agreements with retail customers.

¹⁶ Reclassification of sales incentive accruals on receivables sold to Financial Services.

¹⁷ Elimination of change in investment from Equipment Operations to Financial Services.

EX-99.2 3 de-20240516xex99d2.htm EX-99.2

Exhibit 99.2

2Q 2024 Earnings Call 16 May 2024 Exhibit 99.2 (Furnished herewith)

2 John Deere | 2Q 2024 Earnings Call | May 16, 2024 Forward-Looking Statements 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. 20

3 John Deere | 2Q 2024 Earnings Call | May 16, 2024 2Q 2024 Results ($ millions except where noted) $17,387 $15,235 2Q 2023 2Q 2024 $16,079 $13,610 2Q 2023 2Q 2024 $2,860 $2,370 2Q 2023 2Q 2024 $9.65 $8.53 2Q 2023 2Q 2024 15% Net Sales and Revenues Net Sales (Equipment Operations) Net Income (attributable to Deere & Company) Diluted EPS ($ per share) 12% 17% 12% 21

4 John Deere | 2Q 2024 Earnings Call | May 16, 2024 Production and Precision Ag 2Q 2024 Results $ in millions $7,822 $6,581 2Q 2023 2Q 2024 Net Sales 16% Operating Profit Comparison $1,650 ($627) ($12) ($41) ($21) $0 $2,170 $137 $27 $17 2Q 2023 Volume/ Mix Price Currency Warranty Production Costs SA&G/ R&D Special Items Other 2Q 2024 22

5 John Deere | 2Q 2024 Earnings Call | May 16, 2024 Small Ag and Turf 2Q 2024 Results $ in millions $4,145 $3,185 2Q 2023 2Q 2024 Net Sales 23% Operating Profit Comparison $571 ($307) ($12) ($10) ($14) $0 ($3) $849 $62 $6 2Q 2023 Volume/ Mix Price Currency Warranty Production Costs SA&G/ R&D Special Items Other 2Q 2024 23

6 John Deere | 2Q 2024 Earnings Call | May 16, 2024 Ag and Turf Industry Outlook (in units) – FY 2024 Source: Deere & Company forecast as of 16 May 2024 U.S. and CANADA LARGE AG ~15% EUROPE AG ~15% SOUTH AMERICA AG (tractors and combines) 15-20% U.S. and CANADA SMALL AG and TURF ~10% ASIA AG Down moderately 24

7 John Deere | 2Q 2024 Earnings Call | May 16, 2024 Production and Precision Ag Business Segment Outlook $ in millions Source: Deere & Company forecast as of 16 May 2024 26.1% FY 2023 FY 2024 Fcst $26,790 FY 2023 FY 2024 Fcst Net Sales Operating Margin 20-25% 20.5-21.5% 25

8 John Deere | 2Q 2024 Earnings Call | May 16, 2024 $13,980 FY 2023 FY 2024 Fcst Small Ag and Turf Business Segment Outlook $ in millions Source: Deere & Company forecast as of 16 May 2024 17.7% FY 2023 FY 2024 Fcst Net Sales Operating Margin 20-25% 13.5-14.5% 26

9 John Deere | 2Q 2024 Earnings Call | May 16, 2024 Construction and Forestry 2Q 2024 Results $ in millions $4,112 $3,844 2Q 2023 2Q 2024 Net Sales 7% Operating Profit Comparison $668 ($114) ($15) ($46) $0 ($25) $838 $17 $9 $4 2Q 2023 Volume/ Mix Price Currency Warranty Production Costs SA&G/ R&D Special Items Other 2Q 2024 27

10 John Deere | 2Q 2024 Earnings Call | May 16, 2024 Construction and Forestry Industry Outlook (in units) – FY 2024 Source: Deere & Company forecast as of 16 May 2024 U.S. and CANADA COMPACT CONSTRUCTION EQUIPMENT Flat GLOBAL FORESTRY ~10% U.S. and CANADA CONSTRUCTION EQUIPMENT Flat to down 5% GLOBAL ROADBUILDING Flat to down 5% 28

11 John Deere | 2Q 2024 Earnings Call | May 16, 2024 Construction and Forestry Business Segment Outlook $ in millions Source: Deere & Company forecast as of 16 May 2024 18.2% FY 2023 FY 2024 Fcst $14,795 FY 2023 FY 2024 Fcst Net Sales Operating Margin 5-10% ~17% 29

12 John Deere | 2Q 2024 Earnings Call | May 16, 2024 Financial Services Net Income – Results and Outlook $ in millions Source: Deere & Company forecast as of 16 May 2024 $28 $162 2Q 2023 2Q 2024 Quarter Results Fiscal Year Outlook $619 $770 FY 2023 FY 2024 Fcst ~ 30

13 John Deere | 2Q 2024 Earnings Call | May 16, 2024 Deere & Company Outlook Effective Tax Rate* Net Income (attributable to Deere & Co.) ~$7.0B 23-25% FY 2024 FORECAST Net Operating Cash Flow* $7.0-7.25B *Equipment Operations Source: Deere & Company forecast as of 16 May 2024 Other Research and Development Expenses* Capital Expenditures* Up slightly ~$1.9B 31

14 John Deere | 2Q 2024 Earnings Call | May 16, 2024 Appendix 32

15 John Deere | 2Q 2024 Earnings Call | May 16, 2024 April 2024 Retail Sales (Rolling 3 Months) and Dealer Inventories Retail Sales U.S. and Canada Ag Industry* Deere** 2WD Tractors (< 40 PTO hp) 10% In line with the industry 2WD Tractors (40 < 100 PTO hp) 6% Flat 2WD Tractors (100+ PTO hp) 4% More than the industry 4WD Tractors 4% More than the industry Combines 7% Single digit Deere Dealer Inventories*** U.S. and Canada Ag 2024 2023 2WD Tractors (100+ PTO hp) 31% 29% Combines 15% 23% * 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 33

16 John Deere | 2Q 2024 Earnings Call | May 16, 2024 Retail Sales U.S. and Canada Deere* Selected Turf and Utility Equipment Single digit Construction and Forestry First-in-the-Dirt Settlements Single digit High single digit April 2024 Retail Sales (Rolling 3 Months) Retail Sales Europe Ag Deere* Tractors Double digits Combines Double digits * Based on internal sales reports 34

17 John Deere | 2Q 2024 Earnings Call | May 16, 2024 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 35

18 John Deere | 2Q 2024 Earnings Call | May 16, 2024 Deere & Company’s 3Q 2024 earnings call is scheduled for 9:00 a.m. Central Time on Thursday, 15 August 2024. 36

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Document and Entity Information	May 16, 2024
Document Information [Line Items]
Document Type	8-K
Document Period End Date	May 16, 2024
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