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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 10-Q

 

(Mark One)

QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended July 28, 2024

or

TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from ____ to ____

 

Commission file no: 1-4121

 

DEERE  &  COMPANY

(Exact name of registrant as specified in its charter)

Delaware
(State of incorporation)

36-2382580
(IRS employer identification no.)

One John Deere Place

Moline, Illinois 61265

(Address of principal executive offices)

Telephone Number: (309) 765-8000

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: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.

Yes No 

 

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).

Yes No 

 

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

 

Large accelerated filer

Accelerated filer

Non-accelerated filer

Smaller reporting company

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.

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).

Yes  No 

 

At July 28, 2024, 273,599,818 shares of common stock, $1 par value, of the registrant were outstanding.

PART I. FINANCIAL INFORMATION

Item 1.FINANCIAL STATEMENTS

DEERE & COMPANY

STATEMENTS OF CONSOLIDATED INCOME

For the Three and Nine Months Ended July 28, 2024 and July 30, 2023

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

Three Months Ended

Nine Months Ended

    

2024

    

2023

    

2024

    

2023

 

Net Sales and Revenues

Net sales

 

$

11,387

$

14,284

 

$

35,484

$

41,765

Finance and interest income

1,461

 

1,253

4,207

 

3,326

Other income

304

 

264

881

 

748

Total

13,152

 

15,801

40,572

 

45,839

Costs and Expenses

Cost of sales

7,848

 

9,624

24,205

 

28,288

Research and development expenses

567

 

528

1,664

 

1,571

Selling, administrative and general expenses

1,278

 

1,110

3,608

 

3,392

Interest expense

840

 

623

2,478

 

1,671

Other operating expenses

264

 

310

930

 

971

Total

10,797

 

12,195

32,885

 

35,893

Income of Consolidated Group before Income Taxes

2,355

 

3,606

7,687

 

9,946

Provision for income taxes

625

 

636

1,845

 

2,164

Income of Consolidated Group

1,730

 

2,970

5,842

 

7,782

Equity in income of unconsolidated affiliates

1

 

2

4

 

5

Net Income

1,731

 

2,972

5,846

 

7,787

Less: Net loss attributable to noncontrolling interests

(3)

 

(6)

(9)

 

(10)

Net Income Attributable to Deere & Company

 

$

1,734

$

2,978

 

$

5,855

$

7,797

Per Share Data

Basic

 

$

6.32

$

10.24

 

$

21.13

$

26.48

Diluted

 

6.29

10.20

 

21.04

26.35

Dividends declared

1.47

1.25

4.41

3.70

Dividends paid

1.47

1.25

4.29

3.58

Average Shares Outstanding

Basic

274.5

 

290.8

277.1

 

294.4

Diluted

275.6

 

292.1

278.2

 

295.9

See Condensed Notes to Interim Consolidated Financial Statements.

2

DEERE & COMPANY

STATEMENTS OF CONSOLIDATED COMPREHENSIVE INCOME

For the Three and Nine Months Ended July 28, 2024 and July 30, 2023

(In millions of dollars) Unaudited

Three Months Ended

Nine Months Ended

    

2024

    

2023

    

2024

    

2023

 

Net Income

 

$

1,731

$

2,972

 

$

5,846

$

7,787

Other Comprehensive Income (Loss), Net of Income Taxes

Retirement benefits adjustment

(21)

 

(9)

(129)

 

(267)

Cumulative translation adjustment

(170)

 

144

(113)

 

925

Unrealized gain (loss) on derivatives

(29)

 

5

(36)

 

(26)

Unrealized gain (loss) on debt securities

23

 

(13)

24

 

13

Other Comprehensive Income (Loss), Net of Income Taxes

(197)

 

127

(254)

 

645

Comprehensive Income of Consolidated Group

1,534

 

3,099

5,592

 

8,432

Less: Comprehensive income (loss) attributable to noncontrolling interests

(3)

 

(5)

(8)

 

2

Comprehensive Income Attributable to Deere & Company

 

$

1,537

$

3,104

 

$

5,600

$

8,430

See Condensed Notes to Interim Consolidated Financial Statements.

3

DEERE & COMPANY

CONDENSED CONSOLIDATED BALANCE SHEETS

(In millions of dollars) Unaudited

    

July 28

    

October 29

    

July 30

 

2024

2023

2023

 

Assets

Cash and cash equivalents

 

$

7,004

$

7,458

$

6,576

Marketable securities

1,140

 

946

 

841

Trade accounts and notes receivable – net

7,469

 

7,739

 

9,297

Financing receivables – net

43,896

 

43,673

 

41,302

Financing receivables securitized – net

8,274

 

7,335

 

7,001

Other receivables

2,270

 

2,623

 

3,118

Equipment on operating leases – net

7,118

 

6,917

 

6,709

Inventories

7,696

 

8,160

 

9,350

Property and equipment – net

7,092

 

6,879

 

6,418

Goodwill

3,960

 

3,900

 

3,994

Other intangible assets – net

1,030

 

1,133

 

1,199

Retirement benefits

3,126

 

3,007

 

3,573

Deferred income taxes

1,898

 

1,814

 

1,360

Other assets

2,903

 

2,503

 

2,659

Assets held for sale

2,965

 

Total Assets

 

$

107,841

$

104,087

$

103,397

Liabilities and Stockholders’ Equity

Liabilities

Short-term borrowings

$

15,294

$

17,939

$

17,143

Short-term securitization borrowings

7,869

 

6,995

 

6,608

Accounts payable and accrued expenses

14,397

 

16,130

 

15,340

Deferred income taxes

481

 

520

 

506

Long-term borrowings

42,692

 

38,477

 

38,112

Retirement benefits and other liabilities

2,156

 

2,140

 

2,536

Liabilities held for sale

1,803

 

Total liabilities

84,692

 

82,201

 

80,245

Commitments and contingencies (Note 16)

Redeemable noncontrolling interest

84

97

101

Stockholders’ Equity

Common stock, $1 par value (issued shares at July 28, 2024 – 536,431,204)

5,441

 

5,303

 

5,272

Common stock in treasury

(34,570)

 

(31,335)

 

(28,760)

Retained earnings

55,559

 

50,931

 

48,947

Accumulated other comprehensive income (loss)

(3,368)

 

(3,114)

 

(2,411)

Total Deere & Company stockholders’ equity

23,062

 

21,785

 

23,048

Noncontrolling interests

3

 

4

 

3

Total stockholders’ equity

23,065

 

21,789

 

23,051

Total Liabilities and Stockholders’ Equity

$

107,841

$

104,087

$

103,397

See Condensed Notes to Interim Consolidated Financial Statements.

4

DEERE & COMPANY

STATEMENTS OF CONSOLIDATED CASH FLOWS

For the Nine Months Ended July 28, 2024 and July 30, 2023

(In millions of dollars) Unaudited

    

2024

    

2023

 

Cash Flows from Operating Activities

              

              

Net income

 

$

5,846

$

7,787

Adjustments to reconcile net income to net cash provided by operating activities:

Provision (credit) for credit losses

222

 

(64)

Provision for depreciation and amortization

1,598

 

1,527

Impairments and other adjustments

53

 

173

Share-based compensation expense

159

 

112

Credit for deferred income taxes

(125)

 

(429)

Changes in assets and liabilities:

Receivables related to sales

(2,446)

 

(5,059)

Inventories

234

 

(663)

Accounts payable and accrued expenses

(1,015)

 

47

Accrued income taxes payable/receivable

31

 

(595)

Retirement benefits

(246)

 

(116)

Other

(172)

 

176

Net cash provided by operating activities

4,139

 

2,896

Cash Flows from Investing Activities

Collections of receivables (excluding receivables related to sales)

19,143

 

17,592

Proceeds from maturities and sales of marketable securities

333

 

127

Proceeds from sales of equipment on operating leases

1,451

 

1,445

Cost of receivables acquired (excluding receivables related to sales)

(21,113)

 

(20,714)

Purchases of marketable securities

(572)

 

(213)

Purchases of property and equipment

(1,043)

 

(887)

Cost of equipment on operating leases acquired

(2,165)

 

(1,968)

Collateral on derivatives – net

390

240

Other

(95)

 

(185)

Net cash used for investing activities

(3,671)

 

(4,563)

Cash Flows from Financing Activities

Net proceeds (payments) in short-term borrowings (original maturities three months or less)

(992)

 

5,040

Proceeds from borrowings issued (original maturities greater than three months)

15,512

 

9,972

Payments of borrowings (original maturities greater than three months)

(10,792)

 

(5,862)

Repurchases of common stock

(3,227)

 

(4,663)

Dividends paid

(1,202)

 

(1,065)

Other

(88)

 

(43)

Net cash provided by (used for) financing activities

(789)

 

3,379

Effect of Exchange Rate Changes on Cash, Cash Equivalents, and Restricted Cash

(6)

 

125

Net Increase (Decrease) in Cash, Cash Equivalents, and Restricted Cash

(327)

1,837

Cash, Cash Equivalents, and Restricted Cash at Beginning of Period

7,620

 

4,941

Cash, Cash Equivalents, and Restricted Cash at End of Period

$

7,293

$

6,778

Components of Cash, Cash Equivalents, and Restricted Cash

Cash and cash equivalents

$

7,004

$

6,576

Cash, cash equivalents, and restricted cash (Assets held for sale)

108

Restricted cash (Other assets)

181

202

Total Cash, Cash Equivalents, and Restricted Cash

$

7,293

$

6,778

See Condensed Notes to Interim Consolidated Financial Statements.

5

DEERE & COMPANY

STATEMENTS OF CHANGES IN CONSOLIDATED STOCKHOLDERS’ EQUITY

For the Three and Nine Months Ended July 28, 2024 and July 30, 2023

(In millions of dollars) Unaudited

Total Stockholders’ Equity

Deere & Company Stockholders

 

Accumulated

Total

Other

Redeemable

Stockholders’

Common

Treasury

Retained

Comprehensive

Noncontrolling

Noncontrolling

  

Equity

  

Stock

  

Stock

  

Earnings

  

Income (Loss)

  

Interests

  

  

Interest

Three Months Ended July 30, 2023

Balance April 30, 2023

  

$

22,399

$

5,227

$

(26,630)

$

46,336

$

(2,538)

$

4

$

102

Net income (loss)

 

2,978

2,978

(6)

Other comprehensive income

 

127

127

1

Repurchases of common stock

 

(2,139)

(2,139)

Treasury shares reissued

 

9

9

Dividends declared

 

(364)

(362)

(2)

Share based awards and other

 

41

45

(5)

1

4

Balance July 30, 2023

$

23,051

$

5,272

$

(28,760)

$

48,947

$

(2,411)

$

3

$

101

Nine Months Ended July 30, 2023

 

 

Balance October 30, 2022

  

$

20,265

$

5,165

$

(24,094)

$

42,247

$

(3,056)

$

3

$

92

 

Net income (loss)

 

7,799

7,797

2

(12)

Other comprehensive income

 

645

645

12

Repurchases of common stock

 

(4,696)

(4,696)

Treasury shares reissued

 

30

30

Dividends declared

 

(1,091)

(1,088)

(3)

Share based awards and other

 

99

107

(9)

1

9

Balance July 30, 2023

$

23,051

$

5,272

$

(28,760)

$

48,947

$

(2,411)

$

3

$

101

Three Months Ended July 28, 2024

Balance April 28, 2024

$

22,688

$

5,391

$

(33,764)

$

54,228

$

(3,171)

$

4

$

98

Net income (loss)

1,734

1,734

(3)

Other comprehensive loss

(197)

(197)

Repurchases of common stock

(812)

(812)

Treasury shares reissued

6

6

Dividends declared

(404)

(403)

(1)

Noncontrolling interest redemption (Note 21)

(10)

Share based awards and other

50

50

(1)

Balance July 28, 2024

$

23,065

$

5,441

$

(34,570)

$

55,559

$

(3,368)

$

3

$

84

Nine Months Ended July 28, 2024

Balance October 29, 2023

$

21,789

$

5,303

$

(31,335)

$

50,931

$

(3,114)

$

4

$

97

Net income (loss)

5,856

5,855

1

(10)

Other comprehensive income (loss)

(254)

(254)

1

Repurchases of common stock

(3,257)

(3,257)

Treasury shares reissued

22

22

Dividends declared

(1,223)

(1,221)

(2)

Noncontrolling interest redemption (Note 21)

(10)

Share based awards and other

132

138

(6)

6

Balance July 28, 2024

$

23,065

$

5,441

$

(34,570)

$

55,559

$

(3,368)

$

3

$

84

See Condensed Notes to Interim Consolidated Financial Statements.

6

Condensed Notes to Interim Consolidated Financial Statements (Unaudited)

(1)  Organization and Consolidation

Deere & Company has been developing innovative solutions to help its customers become more profitable for more than 185 years. References to “Deere & Company,” “John Deere,” “we,” “us,” or “our” include our consolidated subsidiaries. We manage our business through the following operating segments: production and precision agriculture (PPA), small agriculture and turf (SAT), construction and forestry (CF), and financial services (FS). References to “agriculture and turf” include both PPA and SAT.

We use a 52/53 week fiscal year with quarters ending on the last Sunday in the reporting period. The third quarter ends for fiscal year 2024 and 2023 were July 28, 2024 and July 30, 2023, respectively. Both third quarters contained 13 weeks, while both year-to-date periods contained 39 weeks. Unless otherwise stated, references to particular years, quarters, or months refer to our fiscal years generally ending in October and the associated periods in those fiscal years.

All amounts are presented in millions of dollars, unless otherwise specified.

(2)  Summary of Significant Accounting Policies and New Accounting PROnouncements

Quarterly Financial Statements

The interim consolidated financial statements of Deere & Company have been prepared by us, without audit, pursuant to the rules and regulations of the U.S. Securities and Exchange Commission (SEC). Certain information and footnote disclosures normally included in annual financial statements prepared in accordance with accounting principles generally accepted in the U.S. have been condensed or omitted as permitted by such rules and regulations. All normal recurring adjustments have been included. Management believes the disclosures are adequate to present fairly the financial position, results of operations, and cash flows at the dates and for the periods presented. It is suggested these interim consolidated financial statements be read in conjunction with the consolidated financial statements and the notes thereto appearing in our latest Annual Report on Form 10-K. Results for interim periods are not necessarily indicative of those to be expected for the fiscal year.

Use of Estimates in Financial Statements

Certain accounting policies require management to make estimates and assumptions in determining the amounts reflected in the financial statements and related disclosures. Actual results could differ from those estimates.

New Accounting Pronouncements

We closely monitor all Accounting Standard Updates (ASUs) issued by the Financial Accounting Standards Board (FASB) and other authoritative guidance.

Accounting Pronouncements Adopted

We adopted the following standards in 2024, none of which had a material effect on our consolidated financial statements.

2022-04 — Liabilities – Supplier Finance Programs (Subtopic 405-50): Disclosure of Supplier Finance Program Obligations

2022-02 — Financial Instruments – Credit Losses (Topic 326): Troubled Debt Restructurings and Vintage Disclosures

2022-01 — Derivatives and Hedging (Topic 815): Fair Value Hedging – Portfolio Layer Method

2021-08 — Business Combinations (Topic 805): Accounting for Contract Assets and Contract Liabilities from Contracts with Customers

Accounting Pronouncements to be Adopted

In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures, which expands disclosures in an entity’s income tax rate reconciliation table and cash income taxes paid both in the U.S. and foreign jurisdictions. The effective date of the ASU is fiscal year 2026. We are assessing the effect of this update on our related disclosures.

We will also adopt the following standards in future periods, none of which are expected to have a material effect on our consolidated financial statements.

2023-07 — Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures

2023-06 — Disclosure Improvements: Codification Amendments in Response to the SEC’s Disclosure Update and Simplification Initiative

2023-05 — Business Combinations – Joint Venture Formations (Subtopic 805-60): Recognition and Initial Measurement

2022-03 — Fair Value Measurement (Topic 820): Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions

   

7

(3)  Revenue Recognition

Our net sales and revenues by primary geographic market, major product line, and timing of revenue recognition follow:

Three Months Ended July 28, 2024

    

Production & Precision Ag

    

Small Ag & Turf

    

Construction
& Forestry

    

Financial
Services

    

Total

Primary geographic markets:

             

             

United States

$

2,839

$

1,824

$

1,967

$

1,076

$

7,706

Canada

489

207

183

 

191

 

1,070

Western Europe

522

542

432

 

64

 

1,560

Central Europe and CIS

201

70

106

 

12

 

389

Latin America

841

125

305

 

94

 

1,365

Asia, Africa, Oceania, and Middle East

350

360

300

52

1,062

Total

$

5,242

$

3,128

$

3,293

$

1,489

$

13,152

Major product lines:

             

             

Production agriculture

$

5,038

$

5,038

Small agriculture

$

2,168

 

 

2,168

Turf

825

 

 

825

Construction

$

1,308

 

 

1,308

Compact construction

643

643

Roadbuilding

961

 

 

961

Forestry

269

 

 

269

Financial products

65

33

8

$

1,489

 

1,595

Other

139

102

104

 

 

345

Total

$

5,242

$

3,128

$

3,293

$

1,489

$

13,152

Revenue recognized:

             

             

At a point in time

$

5,143

$

3,084

$

3,269

$

35

$

11,531

Over time

99

44

24

1,454

1,621

Total

$

5,242

$

3,128

$

3,293

$

1,489

$

13,152

   

Nine Months Ended July 28, 2024

Production & Precision Ag

    

Small Ag & Turf

    

Construction
& Forestry

    

Financial
Services

    

Total

Primary geographic markets:

United States

$

9,441

$

5,011

$

6,563

$

3,041

$

24,056

Canada

1,475

492

635

 

538

 

3,140

Western Europe

1,684

1,747

1,263

 

144

 

4,838

Central Europe and CIS

655

223

291

 

28

 

1,197

Latin America

2,510

326

895

 

346

 

4,077

Asia, Africa, Oceania, and Middle East

1,199

1,074

829

162

3,264

Total

$

16,964

$

8,873

$

10,476

$

4,259

$

40,572

Major product lines:

             

             

Production agriculture

$

16,336

$

16,336

Small agriculture

$

5,984

 

 

5,984

Turf

2,491

 

 

2,491

Construction

$

4,528

 

 

4,528

Compact construction

1,964

1,964

Roadbuilding

2,804

 

 

2,804

Forestry

832

 

832

Financial products

164

91

43

$

4,259

 

4,557

Other

464

307

305

 

 

1,076

Total

$

16,964

$

8,873

$

10,476

$

4,259

$

40,572

Revenue recognized:

             

             

At a point in time

$

16,707

$

8,753

$

10,395

$

97

$

35,952

Over time

257

120

81

4,162

4,620

Total

$

16,964

$

8,873

$

10,476

$

4,259

$

40,572

8

Three Months Ended July 30, 2023

    

Production & Precision Ag

    

Small Ag & Turf

    

Construction
& Forestry

    

Financial
Services

    

Total

Primary geographic markets:

             

             

United States

$

3,394

$

2,098

$

2,346

$

860

$

8,698

Canada

397

179

288

 

165

 

1,029

Western Europe

833

802

421

35

 

2,091

Central Europe and CIS

302

85

98

6

 

491

Latin America

1,326

220

371

117

 

2,034

Asia, Africa, Oceania, and Middle East

720

422

271

45

1,458

Total

$

6,972

$

3,806

$

3,795

$

1,228

$

15,801

Major product lines:

             

             

Production agriculture

$

6,721

$

6,721

Small agriculture

$

2,688

 

 

2,688

Turf

964

 

 

964

Construction

$

1,745

 

 

1,745

Compact construction

614

614

Roadbuilding

987

 

 

987

Forestry

334

 

 

334

Financial products

89

28

15

$

1,228

 

1,360

Other

162

126

100

 

 

388

Total

$

6,972

$

3,806

$

3,795

$

1,228

$

15,801

Revenue recognized:

             

             

At a point in time

$

6,857

$

3,769

$

3,767

$

30

$

14,423

Over time

115

37

28

1,198

1,378

Total

$

6,972

$

3,806

$

3,795

$

1,228

$

15,801

Nine Months Ended July 30, 2023

    

Production & Precision Ag

    

Small Ag & Turf

    

Construction
& Forestry

    

Financial
Services

    

Total

Primary geographic markets:

United States

$

10,079

$

6,005

$

6,807

$

2,339

$

25,230

Canada

1,303

514

865

468

 

3,150

Western Europe

2,092

2,254

1,278

95

 

5,719

Central Europe and CIS

897

420

263

26

 

1,606

Latin America

4,106

577

1,098

318

 

6,099

Asia, Africa, Oceania, and Middle East

1,709

1,291

906

129

4,035

Total

$

20,186

$

11,061

$

11,217

$

3,375

$

45,839

Major product lines:

             

             

Production agriculture

$

19,565

$

19,565

Small agriculture

$

7,835

 

7,835

Turf

2,782

 

2,782

Construction

$

5,040

 

5,040

Compact construction

1,750

1,750

Roadbuilding

2,939

 

2,939

Forestry

1,119

 

1,119

Financial products

149

66

40

$

3,375

 

3,630

Other

472

378

329

 

1,179

Total

$

20,186

$

11,061

$

11,217

$

3,375

$

45,839

Revenue recognized:

             

             

At a point in time

$

19,965

$

10,970

$

11,142

$

80

$

42,157

Over time

221

91

75

3,295

3,682

Total

$

20,186

$

11,061

$

11,217

$

3,375

$

45,839

9

We invoice in advance of recognizing the sale of certain products and the revenue for certain services. These relate to extended warranty premiums, advance payments for future equipment sales, and subscription and service revenue related to precision guidance, telematic services, and other information enabled solutions. These advanced customer payments are presented as deferred revenue, a contract liability, in “Accounts payable and accrued expenses.” The deferred revenue received, but not recognized in revenue, was $1,895, $1,697, and $1,753 at July 28, 2024, October 29, 2023, and July 30, 2023, respectively. The contract liability is reduced as the revenue is recognized. During the three months ended July 28, 2024 and July 30, 2023, $126 and $96, respectively, of revenue was recognized from deferred revenue that was recorded as a contract liability at the beginning of the respective fiscal year. During the nine months ended July 28, 2024 and July 30, 2023, $484 and $440, respectively, of revenue was recognized from deferred revenue that was recorded as a contract liability at the beginning of the respective fiscal year.

The amount of unsatisfied performance obligations for contracts with an original duration greater than one year was $1,677 at July 28, 2024. The estimated revenue to be recognized by fiscal year follows: remainder of 2024 – $188, 2025 – $456, 2026 – $384, 2027 – $254, 2028 – $157, 2029 – $128, and later years – $110. As permitted, we elected only to disclose remaining performance obligations with an original contract duration greater than one year. The contracts with an expected duration of one year or less are for sales to dealers and retail customers for equipment, service parts, repair services, and certain telematics services.

(4)  Other Comprehensive Income Items

The after-tax components of accumulated other comprehensive income (loss) follow:

July 28

October 29

July 30

2024

2023

2023

Retirement benefits adjustment

$

(974)

$

(845)

$

(656)

Cumulative translation adjustment

(2,264)

(2,151)

(1,669)

Unrealized gain (loss) on derivatives

(44)

(8)

(5)

Unrealized gain (loss) on debt securities

(86)

(110)

(81)

Total accumulated other comprehensive income (loss)

$

(3,368)

$

(3,114)

$

(2,411)

The following tables reflect amounts recorded in other comprehensive income (loss), as well as reclassifications out of other comprehensive income (loss).

 

Before

  

Tax

  

After

 

Tax

(Expense)

Tax

 

Three Months Ended July 28, 2024

Amount

Credit

Amount

 

Cumulative translation adjustment

  

$

(170)

  

  

$

(170)

Unrealized gain (loss) on derivatives:

Unrealized hedging gain (loss)

(15)

$

3

(12)

Reclassification of realized (gain) loss to:

Interest rate contracts – Interest expense

(22)

5

(17)

Net unrealized gain (loss) on derivatives

(37)

8

(29)

Unrealized gain (loss) on debt securities:

Unrealized holding gain (loss)

29

(6)

23

Net unrealized gain (loss) on debt securities

29

(6)

23

Retirement benefits adjustment:

Net actuarial gain (loss)

(19)

5

(14)

Reclassification to Other operating expenses through amortization of:

Actuarial (gain) loss

(18)

4

(14)

Prior service (credit) cost

8

(1)

7

Settlements

1

(1)

Net unrealized gain (loss) on retirement benefits adjustment

(28)

7

(21)

Total other comprehensive income (loss)

 

$

(206)

$

9

$

(197)

10

 

Before

  

Tax

  

After

 

Tax

(Expense)

Tax

 

Nine Months Ended July 28, 2024

Amount

Credit

Amount

 

Cumulative translation adjustment

 

$

(114)

$

1

$

(113)

Unrealized gain (loss) on derivatives:

Unrealized hedging gain (loss)

3

3

Reclassification of realized (gain) loss to:

Interest rate contracts – Interest expense

(49)

10

(39)

Net unrealized gain (loss) on derivatives

(46)

10

(36)

Unrealized gain (loss) on debt securities:

Unrealized holding gain (loss)

17

1

18

Reclassification of realized (gain) loss – Other income

8

(2)

6

Net unrealized gain (loss) on debt securities

25

(1)

24

Retirement benefits adjustment:

Net actuarial gain (loss)

(145)

35

(110)

Reclassification to Other operating expenses through amortization of:

Actuarial (gain) loss

(54)

14

(40)

Prior service (credit) cost

26

(6)

20

Settlements

2

(1)

1

Net unrealized gain (loss) on retirement benefits adjustment

(171)

42

(129)

Total other comprehensive income (loss)

 

$

(306)

$

52

$

(254)

 

Before

  

Tax

  

After

 

Tax

(Expense)

Tax

 

Three Months Ended July 30, 2023

Amount

Credit

Amount

 

Cumulative translation adjustment

 

$

143

$

1

 

$

144

Unrealized gain (loss) on derivatives:

Unrealized hedging gain (loss)

24

(5)

19

Reclassification of realized (gain) loss to:

Interest rate contracts – Interest expense

(18)

4

(14)

Net unrealized gain (loss) on derivatives

6

(1)

5

Unrealized gain (loss) on debt securities:

Unrealized holding gain (loss)

(16)

3

(13)

Net unrealized gain (loss) on debt securities

(16)

3

(13)

Retirement benefits adjustment:

Net actuarial gain (loss)

(1)

(1)

Reclassification to Other operating expenses through amortization of:

Actuarial (gain) loss

(20)

5

(15)

Prior service (credit) cost

9

(2)

7

Net unrealized gain (loss) on retirement benefits adjustment

(12)

3

(9)

Total other comprehensive income (loss)

 

$

121

$

6

$

127

11

 

Before

  

Tax

  

After

 

Tax

(Expense)

Tax

 

Nine Months Ended July 30, 2023

Amount

Credit

Amount

 

Cumulative translation adjustment

 

$

914

$

11

$

925

Unrealized gain (loss) on derivatives:

Unrealized hedging gain (loss)

19

(4)

15

Reclassification of realized (gain) loss to:

Interest rate contracts – Interest expense

(52)

11

(41)

Net unrealized gain (loss) on derivatives

(33)

7

(26)

Unrealized gain (loss) on debt securities:

Unrealized holding gain (loss)

17

(4)

13

Net unrealized gain (loss) on debt securities

17

(4)

13

Retirement benefits adjustment:

Net actuarial gain (loss)

(351)

83

(268)

Reclassification to Other operating expenses through amortization of:

Actuarial (gain) loss

(61)

15

(46)

Prior service (credit) cost

28

(7)

21

Settlements

36

(10)

26

Net unrealized gain (loss) on retirement benefits adjustment

(348)

81

(267)

Total other comprehensive income (loss)

 

$

550

$

95

$

645

(5)  Earnings Per Share

A reconciliation of basic and diluted net income per share attributable to Deere & Company follows in millions, except per share amounts:

  

Three Months Ended 

Nine Months Ended

 

July 28

July 30

July 28

July 30

 

2024

2023

2024

2023

 

Net income attributable to Deere & Company

  

$

1,734

  

$

2,978

  

$

5,855

  

$

7,797

Average shares outstanding

274.5

 

290.8

277.1

 

294.4

Basic per share

$

6.32

$

10.24

$

21.13

$

26.48

Average shares outstanding

274.5

 

290.8

277.1

 

294.4

Effect of dilutive stock options and restricted stock awards

1.1

 

1.3

1.1

 

1.5

Total potential shares outstanding

275.6

 

292.1

278.2

 

295.9

Diluted per share

$

6.29

$

10.20

$

21.04

$

26.35

Shares excluded from EPS calculation, as antidilutive

.4

.2

.3

.1

12

(6)  Pension and Other Postretirement Benefits

We have several funded and unfunded defined benefit pension plans and other postretirement benefit (OPEB) plans. These plans cover U.S. employees and certain foreign employees. The components of net periodic pension and OPEB (benefit) cost consisted of the following:

 

Three Months Ended

Nine Months Ended

 

July 28

July 30

July 28

July 30

 

2024

2023

2024

2023

 

Pensions:

Service cost

  

$

56

  

$

62

  

$

171

  

$

186

Interest cost

136

 

133

410

 

400

Expected return on plan assets

(241)

 

(223)

(723)

 

(655)

Amortization of actuarial gain

(4)

 

(5)

(13)

 

(16)

Amortization of prior service cost

9

 

10

29

 

30

Settlements

1

 

2

 

36

Net benefit

$

(43)

$

(23)

$

(124)

$

(19)

OPEB:

Service cost

  

$

4

  

$

7

  

$

13

  

$

20

Interest cost

44

 

44

131

 

132

Expected return on plan assets

(27)

 

(29)

(81)

 

(87)

Amortization of actuarial gain

(14)

 

(15)

(41)

 

(45)

Amortization of prior service credit

(1)

 

(1)

(3)

 

(2)

Net cost

$

6

$

6

$

19

$

18

The components of net periodic pension and OPEB (benefit) cost excluding the service cost component are included in the line item “Other operating expenses.”

During the first nine months of 2024, we contributed and expect to contribute the following amounts to our pension and OPEB plans:

Pensions

OPEB

Contributed

  

$

74

  

$

118

 

Expected contributions remainder of the year

26

 

22

13

(7)  Segment DATA

Information relating to operations by operating segment follows:

 

Three Months Ended 

Nine Months Ended 

 

 

July 28

July 30

%

July 28

July 30

%

 

  2024   

  2023   

Change

   2024   

   2023   

Change

 

Net sales and revenues:

 

 

  

    

  

    

  

  

    

  

    

Production & precision ag net sales

 

$

5,099

$

6,806

-25

 

$

16,529

$

19,826

-17

Small ag & turf net sales

3,053

3,739

-18

8,663

10,886

-20

Construction & forestry net sales

3,235

 

3,739

-13

10,292

 

11,053

-7

Financial services revenues

1,489

 

1,228

+21

4,259

 

3,375

+26

Other revenues

276

 

289

-4

829

 

699

+19

Total net sales and revenues

 

$

13,152

$

15,801

-17

 

$

40,572

$

45,839

-11

Operating profit:

Production & precision ag

 

$

1,162

$

1,782

-35

 

$

3,857

$

5,160

-25

Small ag & turf

496

732

-32

1,393

2,028

-31

Construction & forestry

448

 

716

-37

1,682

 

2,179

-23

Financial services

191

 

286

-33

657

 

565

+16

Total operating profit

2,297

 

3,516

-35

7,589

 

9,932

-24

Reconciling items

62

 

98

-37

111

 

29

+283

Income taxes

(625)

 

(636)

-2

(1,845)

 

(2,164)

-15

Net income attributable to Deere & Company

 

$

1,734

$

2,978

-42

 

$

5,855

$

7,797

-25

Intersegment sales and revenues:

Production & precision ag net sales

 

$

4

$

9

-56

 

$

18

$

21

-14

Small ag & turf net sales

2

-100

2

10

-80

Construction & forestry net sales

 

Financial services revenues

178

 

217

-18

548

 

612

-10

Operating profit for PPA, SAT, and CF is income from continuing operations before corporate expenses, certain external interest expenses, certain foreign exchange gains and losses, and income taxes. Operating profit of financial services includes the effect of interest expense and foreign exchange gains and losses. Reconciling items to net income are primarily corporate expenses, certain interest income and expenses, certain foreign exchange gains and losses, pension and OPEB benefit (cost) amounts excluding the service cost component, and net income attributable to noncontrolling interests.

Identifiable operating assets were as follows:

 

 

July 28

   

October 29

July 30

 

2024

2023

2023

 

Production & precision ag

 

$

8,750

$

8,734

$

9,523

Small ag & turf

4,079

4,348

4,482

Construction & forestry

7,129

 

7,139

 

7,415

Financial services

74,981

 

70,732

 

68,850

Corporate

12,902

 

13,134

 

13,127

Total assets

 

$

107,841

$

104,087

$

103,397

  

(8)  Financing Receivables

We monitor the credit quality of financing receivables based on delinquency status, defined as follows:

Past due balances represent any payments 30 days or more past the due date.
Non-performing financing receivables represent receivables for which we have stopped accruing finance income. This generally occurs when receivables are 90 days delinquent.
Write-offs generally occur when receivables are 120 days delinquent. In these situations, the estimated uncollectible amount is written off to the allowance for credit losses. Any expected recovery is presented as non-performing.

14

The credit quality analysis of retail notes, financing leases, and revolving charge accounts (collectively, retail customer receivables) by year of origination was as follows:

July 28, 2024

2024

2023

2022

2021

2020

Prior

Years

Revolving Charge Accounts

Total

Retail customer receivables:

 

  

    

 

  

    

 

  

    

 

  

    

 

  

    

 

  

    

 

  

    

 

 

    

Agriculture and turf

Current

$

10,349

$

9,686

$

5,849

$

3,286

$

1,276

$

394

$

4,409

$

35,249

30-59 days past due

37

90

56

28

10

4

31

256

60-89 days past due

15

65

25

12

5

2

10

134

90+ days past due

1

1

2

5

9

Non-performing

12

101

85

59

24

17

15

313

Construction and forestry

Current

2,261

2,067

1,249

583

147

60

111

6,478

30-59 days past due

40

59

34

14

4

1

4

156

60-89 days past due

12

25

14

9

2

1

1

64

90+ days past due

1

5

2

2

1

11

Non-performing

21

94

72

38

13

6

2

246

Total retail customer receivables

$

12,748

$

12,193

$

7,387

$

4,033

$

1,486

$

486

$

4,583

$

42,916

October 29, 2023

2023

2022

2021

2020

2019

Prior
Years

Revolving Charge Accounts

Total

Retail customer receivables:

 

  

    

 

  

    

 

  

    

 

  

    

 

  

    

 

  

    

 

  

    

 

 

    

Agriculture and turf

Current

$

15,191

$

8,430

$

5,120

$

2,334

$

853

$

280

$

4,526

$

36,734

30-59 days past due

62

75

39

21

9

3

29

238

60-89 days past due

18

26

18

10

4

2

9

87

90+ days past due

2

1

3

3

9

Non-performing

30

78

62

33

22

22

8

255

Construction and forestry

Current

2,927

1,961

1,084

353

84

29

119

6,557

30-59 days past due

49

34

27

9

4

4

127

60-89 days past due

19

14

12

5

2

2

54

90+ days past due

6

1

1

8

Non-performing

42

80

55

23

9

4

1

214

Total retail customer receivables

$

18,340

$

10,705

$

6,421

$

2,791

$

987

$

341

$

4,698

$

44,283

July 30, 2023

2023

2022

2021

2020

2019

Prior
Years

Revolving Charge Accounts

Total

Retail customer receivables:

 

  

    

 

  

    

 

  

    

 

  

    

 

  

    

 

  

    

 

  

    

 

 

    

Agriculture and turf

Current

$

10,554

$

9,701

$

5,792

$

2,779

$

1,080

$

402

$

4,388

$

34,696

30-59 days past due

59

85

53

26

13

4

21

261

60-89 days past due

19

30

17

10

5

1

7

89

90+ days past due

1

1

Non-performing

19

80

71

36

24

27

8

265

Construction and forestry

Current

2,167

2,200

1,284

449

124

39

114

6,377

30-59 days past due

39

46

38

13

5

2

4

147

60-89 days past due

12

23

16

8

2

1

1

63

90+ days past due

2

1

1

4

Non-performing

20

83

61

26

11

5

1

207

Total retail customer receivables

$

12,889

$

12,251

$

7,333

$

3,348

$

1,264

$

481

$

4,544

$

42,110

15

The credit quality analysis of wholesale receivables by year of origination was as follows:

July 28, 2024

2024

2023

2022

2021

2020

Prior
Years

Revolving

Total

Wholesale receivables:

 

  

    

 

  

    

 

  

    

 

  

    

 

  

    

 

  

    

 

  

    

 

  

    

Agriculture and turf

Current

$

557

$

232

$

36

$

7

$

1

$

1

$

7,326

$

8,160

30+ days past due

1

1

Non-performing

1

1

Construction and forestry

Current

13

12

4

19

1,260

1,308

30+ days past due

3

3

Non-performing

Total wholesale receivables

$

571

$

244

$

40

$

26

$

1

$

2

$

8,589

$

9,473

October 29, 2023

2023

2022

2021

2020

2019

Prior
Years

Revolving

Total

Wholesale receivables:

 

  

    

 

  

    

 

  

    

 

  

    

 

  

    

 

  

    

 

  

    

 

 

    

Agriculture and turf

Current

$

631

$

93

$

21

$

4

$

1

$

160

$

5,175

$

6,085

30+ days past due

Non-performing

1

1

Construction and forestry

Current

23

5

20

76

712

836

30+ days past due

Non-performing

Total wholesale receivables

$

654

$

98

$

41

$

4

2

$

236

$

5,887

$

6,922

July 30, 2023

2023

2022

2021

2020

2019

Prior
Years

Revolving

Total

Wholesale receivables:

 

  

    

 

  

    

 

  

    

 

  

    

 

  

    

 

  

    

 

  

    

 

 

    

Agriculture and turf

Current

$

449

$

139

$

28

$

7

$

1

$

1

$

4,940

$

5,565

30+ days past due

Non-performing

1

1

Construction and forestry

Current

20

6

23

1

1

752

803

30+ days past due

Non-performing

Total wholesale receivables

$

469

$

145

$

51

$

8

$

2

$

2

$

5,692

$

6,369

16

An analysis of the allowance for credit losses and investment in financing receivables follows:

 

Retail Notes

Revolving

& Financing

Charge

Wholesale

Leases

Accounts

Receivables

Total

Three Months Ended July 28, 2024

Allowance:

  

  

        

  

  

        

  

  

        

  

  

        

 

Beginning of period balance

 

$

207

 

$

21

$

2

$

230

Provision

84

25

109

Provision reversal for assets held for sale

(38)

(38)

Provision subtotal

46

25

71

Write-offs

(45)

(46)

(91)

Recoveries

4

8

12

Translation adjustments

(3)

(3)

End of period balance

 

$

209

 

$

8

$

2

$

219

Nine Months Ended July 28, 2024

Allowance:

  

Beginning of period balance

 

$

172

 

$

21

$

4

$

197

Provision

183

46

229

Provision reversal for assets held for sale

(38)

(38)

Provision subtotal

145

46

191

Write-offs

(112)

(81)

(193)

Recoveries

9

22

31

Translation adjustments

(5)

(2)

(7)

End of period balance

 

$

209

 

$

8

$

2

$

219

Financing receivables:

End of period balance

 

$

38,333

 

$

4,583

$

9,473

$

52,389

   

Retail Notes

Revolving

 

& Financing

Charge

Wholesale

 

Leases

Accounts

Receivables

Total

Three Months Ended July 30, 2023

Allowance:

  

  

        

  

  

        

  

  

        

  

  

        

Beginning of period balance

$

157

 

$

19

$

4

$

180

Provision

 

14

11

 

25

Write-offs

 

(23)

(18)

 

(41)

Recoveries

 

5

6

 

11

Translation adjustments

 

1

 

1

End of period balance

$

154

$

18

$

4

$

176

Nine Months Ended July 30, 2023

Allowance:

  

 

    

  

 

    

  

 

        

  

Beginning of period balance

$

299

 

$

22

$

4

$

325

Provision

 

59

15

1

75

Provision reversal for assets held for sale

(142)

(142)

Provision (credit) subtotal

(83)

15

1

(67)

Write-offs

 

(60)

(36)

(96)

Recoveries

 

15

17

32

Translation adjustments

(17)

(1)

 

(18)

End of period balance

$

154

$

18

$

4

$

176

Financing receivables:

End of period balance

$

37,566

 

$

4,544

$

6,369

$

48,479

In the third quarter of 2024, we determined that the financial services business in Brazil met the held for sale criteria. The receivables in Brazil were reclassified to “Assets held for sale.” The associated allowance for credit losses was reversed and a valuation allowance for the assets held for sale was recorded (see Note 21). Excluding the business in Brazil, the allowance for credit losses on retail notes and financing lease receivables increased in the third quarter and first nine months of 2024,

17

primarily due to higher expected losses as a result of elevated delinquencies and a decline in market conditions. This increase was partially offset by a decrease in the allowance on revolving charge accounts, driven by write-offs of seasonal financing program accounts and recoveries expected on those accounts in the future.

In the first quarter of 2023, the financial services business in Russia met the held for sale criteria. The allowance for credit losses for the financing receivables in Russia was reversed and a valuation allowance for the assets held for sale was recorded. These operations were sold in the second quarter of 2023 (see Note 20).

Write-offs by year of origination were as follows:

Nine Months Ended July 28, 2024

2024

2023

2022

2021

2020

Prior Years

Revolving Charge Accounts

Total

Retail customer receivables:

 

  

        

 

  

        

 

  

        

 

  

        

 

  

        

 

  

        

 

  

        

 

  

        

Agriculture and turf

$

2

$

17

$

17

$

6

$

7

$

3

$

75

$

127

Construction and forestry

2

23

21

8

4

2

6

66

Total retail customer receivables

$

4

$

40

$

38

$

14

$

11

$

5

$

81

$

193

Modifications

We occasionally grant contractual modifications to customers experiencing financial difficulties. Before offering a modification, we evaluate the ability of the customer to meet the modified payment terms. Modifications offered include payment deferrals, term extensions, or a combination thereof. Finance charges continue to accrue during the deferral or extension period with the exception of modifications related to bankruptcy proceedings. Our allowance for credit losses incorporates historical loss information, including the effects of loan modifications with customers. Therefore, additional adjustments to the allowance are generally not recorded upon modification of a loan.

The ending amortized cost of modified loans with borrowers experiencing financial difficulty during the third quarter and the nine months ended July 28, 2024 were $23 and $67, respectively, of which $56 were current, $4 were 30-59 days past due, $3 were 60-89 days past due, $1 were 90 days or greater past due, and $3 were non-performing. These modifications represented 0.04 and 0.13 percent of our financing receivable portfolio for the same periods, respectively.

Defaults and subsequent write-offs of loans modified in the prior twelve months were not significant during the third quarter or the first nine months of 2024. In addition, at July 28, 2024, commitments to provide additional financing to these customers were not significant.

(9)  Securitization of Financing Receivables

Our funding strategy includes receivable securitizations, which allows us to receive cash for financing receivables immediately. While these securitization programs are administered in various forms, they are accomplished in the following basic steps:

1.We transfer financing receivables into a bankruptcy-remote special purpose entity (SPE).
2.The SPE issues debt to investors. The debt is secured by the financing receivables.
3.Investors are paid back based on cash receipts from the financing receivables.

As part of step 1, these receivables are legally isolated from the claims of our general creditors. This ensures cash receipts from the financing receivables are accessible to pay back securitization program investors. The structure of these transactions does not meet the accounting criteria for a sale of receivables. As a result, they are accounted for as a secured borrowing. The receivables and borrowings remain on our balance sheet and are separately reported as “Financing receivables securitized – net” and “Short-term securitization borrowings,” respectively.

The components of securitization programs were as follows:

 

  

July 28

    

October 29

    

July 30

 

2024

2023

2023

 

Financing receivables securitized (retail notes)

 

$

8,313

$

7,357

$

7,019

Allowance for credit losses

(39)

 

(22)

 

(18)

Other assets (primarily restricted cash)

178

 

152

 

153

Total restricted securitized assets

 

$

8,452

$

7,487

$

7,154

Short-term securitization borrowings

$

7,869

$

6,995

$

6,608

Accrued interest on borrowings

14

13

 

15

Total liabilities related to restricted securitized assets

$

7,883

$

7,008

$

6,623

     

18

(10)  Inventories

A majority of inventories owned by us are valued at cost on the “last-in, first-out” (LIFO) basis. If all inventories had been valued on a “first-in, first-out” (FIFO) basis, the estimated inventories by major classification would have been as follows:

  

July 28

   

October 29

   

July 30

 

2024

2023

2023

 

Raw materials and supplies

 

$

3,586

$

4,080

$

4,492

Work-in-process

988

 

1,010

 

1,307

Finished goods and parts

5,689

 

5,435

 

6,164

Total FIFO value

10,263

 

10,525

 

11,963

Excess of FIFO over LIFO

2,567

 

2,365

 

2,613

Inventories

 

$

7,696

$

8,160

$

9,350

  

(11)  Goodwill and Other Intangible Assets – Net

The changes in amounts of goodwill by operating segments were as follows. There were no accumulated goodwill impairment losses.

  

Production &

   

Small Ag

   

Construction

   

  

        

 

Precision Ag

& Turf

& Forestry

Total

 

Goodwill at October 30, 2022

  

$

646

$

318

$

2,723

$

3,687

Acquisitions

 

41

39

80

Translation adjustments

 

23

8

196

227

Goodwill at July 30, 2023

$

710

$

365

$

2,919

$

3,994

Goodwill at October 29, 2023

$

702

$

363

$

2,835

$

3,900

Translation adjustments

(1)

2

59

60

Goodwill at July 28, 2024

$

701

$

365

$

2,894

$

3,960

The components of other intangible assets were as follows:

  

July 28

   

October 29

   

July 30

 

2024

2023

2023

 

Customer lists and relationships

$

507

$

501

$

524

Technology, patents, trademarks, and other

1,413

 

1,387

 

1,415

Total at cost

1,920

 

1,888

 

1,939

Less accumulated amortization:

 

 

Customer lists and relationships

222

195

201

Technology, patents, trademarks, and other

668

560

539

Total accumulated amortization

890

755

740

Other intangible assets – net

$

1,030

$

1,133

$

1,199

The amortization of other intangible assets in the third quarter and the first nine months of 2024 was $41 and $124, and for the third quarter and the first nine months of 2023 was $42 and $126, respectively. The estimated amortization expense for the next five years is as follows: remainder of 2024 – $49, 2025 – $145, 2026 – $121, 2027 – $119, 2028 – $87, and 2029 – $74.

  

(12)  Short-Term Borrowings

Short-term borrowings were as follows:

July 28

October 29

July 30

  

2024

  

2023

  

2023

Commercial paper

$

5,572

$

9,100

$

9,003

Notes payable to banks

418

483

352

Finance lease obligations due within one year

31

25

23

Long-term borrowings due within one year

 

9,273

 

8,331

 

7,765

Short-term borrowings

$

15,294

$

17,939

$

17,143

  

19

(13)  Accounts Payable and Accrued Expenses

Accounts payable and accrued expenses consisted of the following:

  

July 28

  

October 29

  

July 30

 

2024

2023

2023

Accounts payable:

  

   

         

   

   

         

   

   

         

Trade payables

$

2,580

  

$

3,467

  

$

3,308

Dividends payable

 

407

 

388

 

365

Operating lease liabilities

258

281

308

Deposits withheld from dealers and merchants

151

163

158

Payables to unconsolidated affiliates

4

6

4

Other

 

173

 

153

 

173

Accrued expenses:

Employee benefits

 

1,802

 

2,152

 

1,808

Product warranties

 

1,513

 

1,610

 

1,619

Accrued taxes

1,497

1,558

1,595

Derivative liabilities

582

1,130

948

Dealer sales discounts

 

846

 

1,243

 

902

Extended warranty premium

1,129

1,021

999

Unearned revenue (contractual liability)

 

766

 

676

 

754

Unearned operating lease revenue

480

451

428

Accrued interest

478

434

402

Parts return liability

404

392

378

Other

 

1,327

 

1,005

 

1,191

Accounts payable and accrued expenses

 

$

14,397

 

$

16,130

$

15,340

Amounts are presented net of eliminations, which primarily consist of dealer sales incentives with a right of set-off against trade receivables of $2,535 at July 28, 2024, $2,228 at October 29, 2023, and $2,240 at July 30, 2023. Other eliminations were made for accrued taxes and other accrued expenses.

(14)  Long-Term Borrowings

Long-term borrowings consisted of:

July 28

October 29

July 30

  

2024

  

2023

  

2023

Underwritten term debt

               

               

               

U.S. dollar notes and debentures:

2.75% notes due 2025

$

700

$

700

6.55% debentures due 2028

$

200

 

200

 

200

5.375% notes due 2029

 

500

 

500

 

500

3.10% notes due 2030

700

700

700

8.10% debentures due 2030

 

250

 

250

 

250

7.125% notes due 2031

 

300

 

300

 

300

3.90% notes due 2042

 

1,250

 

1,250

 

1,250

2.875% notes due 2049

500

500

500

3.75% notes due 2050

850

850

850

Euro notes:

1.85% notes due 2028 (€600 principal)

651

634

659

2.20% notes due 2032 (€600 principal)

651

634

659

1.65% notes due 2039 (€650 principal)

705

687

713

Serial issuances

Medium-term notes

 

36,057

29,638

29,355

Other notes and finance lease obligations

 

232

 

1,769

 

1,605

Less debt issuance costs and debt discounts

(154)

(135)

(129)

Long-term borrowings

 

$

42,692

$

38,477

$

38,112

 

Medium-term notes due through 2034 are primarily offered by prospectus and issued at fixed and variable rates. The principal balances of the medium-term notes were $36,716, $30,902, and $30,348, at July 28, 2024, October 29, 2023, and July 30, 2023, respectively. All outstanding notes and debentures are senior unsecured borrowings and rank equally with each other.

20

(15)  Leases – Lessor

We lease equipment manufactured or sold by us through John Deere Financial. Sales-type and direct financing leases are reported in “Financing receivables – net.” Operating leases are reported in “Equipment on operating leases – net.”

Lease revenues earned by us follow:

Three Months Ended

Nine Months Ended

July 28

July 30

July 28

July 30

2024

2023

2024

2023

Sales-type and direct finance lease revenues

$

50

$

41

$

141

$

120

Operating lease revenues

358

332

1,039

974

Variable lease revenues

4

13

11

Total lease revenues

$

412

$

373

$

1,193

$

1,105

  

(16)  Commitments and Contingencies

A standard warranty is provided as assurance that the equipment will function as intended. The standard warranty period varies by product and region. At the time a sale is recognized, we record an estimate of future warranty costs based on historical claims rate experience and estimated population under warranty.

The reconciliation of the changes in the warranty liability follows:

 

Three Months Ended

Nine Months Ended

 

July 28

July 30

July 28

July 30

 

2024

2023

2024

2023

 

Beginning of period balance

  

$

1,566

   

$

1,562

   

$

1,610

   

$

1,427

Warranty claims paid

(325)

 

(314)

(959)

 

(851)

New product warranty accruals

280

 

363

871

 

1,006

Foreign exchange

(8)

 

8

(9)

 

37

End of period balance

$

1,513

$

1,619

$

1,513

$

1,619

The costs for extended warranty programs are recognized as incurred.

In certain international markets, we provide guarantees to banks for the retail financing of John Deere equipment. At July 28, 2024, the notional value of these guarantees was $151. We may repossess the equipment collateralizing the receivables. At July 28, 2024, the accrued losses under these agreements were not material.

We also had other miscellaneous contingent liabilities and guarantees totaling approximately $130 at July 28, 2024. The accrued liability for these contingencies was $20 at July 28, 2024.

At July 28, 2024, we had commitments of approximately $585 for the construction and acquisition of property and equipment. Also, at July 28, 2024, we had restricted assets of $234, classified as “Other assets.”

We are subject to various unresolved legal actions. The accrued losses on these matters were not material at July 28, 2024. We believe the reasonably possible range of losses for these unresolved legal actions would not have a material effect on our financial statements. The most prevalent legal claims relate to product liability (including asbestos-related liability), retail credit, employment, patent, trademark, and antitrust matters.

(17)  FAIR VALUE MEASUREMENTS

The fair values of financial instruments that do not approximate the carrying values were as follows. Long-term borrowings exclude finance lease liabilities.

 

July 28, 2024

October 29, 2023

July 30, 2023

 

Carrying
Value

Fair
Value

Carrying
Value

Fair
Value

Carrying
Value

Fair
Value

 

Financing receivables – net

$

43,896

$

43,713

$

43,673

$

42,777

$

41,302

$

40,675

Financing receivables securitized – net

8,274

8,139

7,335

7,056

7,001

6,818

Short-term securitization borrowings

7,869

7,872

6,995

6,921

6,608

6,538

Long-term borrowings due within one year

9,273

9,190

8,331

8,156

7,765

7,568

Long-term borrowings

42,617

42,076

38,428

36,873

38,064

37,121

 

Fair value measurements above were Level 3 for all financing receivables and Level 2 for all borrowings.

21

Fair values of the financing receivables that were issued long-term were based on the discounted values of their related cash flows at interest rates currently being offered by us for similar financing receivables. The fair values of the remaining financing receivables approximated the carrying amounts. In May 2024, we acquired a held-to-maturity marketable security that matures in less than one year. The carrying value of the held-to-maturity marketable security was $12 as of July 28, 2024, which approximated its fair value.

Fair values of long-term borrowings and short-term securitization borrowings were based on current market quotes for identical or similar borrowings and credit risk, or on the discounted values of their related cash flows at current market interest rates.

Assets and liabilities measured at fair value on a recurring basis follow, excluding our cash equivalents, which were carried at a cost that approximates fair value and consisted of money market funds and time deposits.

  

July 28

   

October 29

   

July 30

 

2024

2023

2023

 

Level 1

Marketable securities:

International equity securities

$

3

$

3

International mutual funds securities

101

U.S. equity fund

86

101

U.S. fixed income fund

 

32

 

85

U.S. government debt securities

$

413

 

78

 

63

Total Level 1 marketable securities

413

300

252

Level 2

Marketable securities:

Corporate debt securities

220

 

244

 

221

International debt securities

145

1

2

Mortgage-backed securities

154

 

185

 

163

Municipal debt securities

69

 

75

 

69

U.S. government debt securities

127

141

134

Total Level 2 marketable securities

715

 

646

 

589

Other assets – Derivatives

 

361

292

324

Accounts payable and accrued expenses – Derivatives

 

582

1,130

948

Level 3

Accounts payable and accrued expenses – Deferred consideration

153

186

202

The mortgage-backed securities are primarily issued by U.S. government-sponsored enterprises.

The contractual maturities of available-for-sale debt securities at July 28, 2024 follow:

    

Amortized

    

Fair

 

Cost

Value

 

Due in one year or less

 

$

21

$

21

Due after one through five years

299

258

Due after five through 10 years

557

540

Due after 10 years

185

155

Mortgage-backed securities

182

154

Debt securities

 

$

1,244

 

$

1,128

Actual maturities may differ from contractual maturities because some securities may be called or prepaid. Mortgage-backed securities contain prepayment provisions and are not categorized by contractual maturity.

Fair value, nonrecurring Level 3 measurements from impairments were as follows:

Fair Value

Losses

  

  

        

  

  

        

  

  

        

Three Months Ended 

Nine Months Ended 

July 28

October 29

July 30

July 28

July 30

July 28

July 30

  

2024

  

2023

  

2023

  

2024

  

2023

  

2024

  

2023

 

Assets held for sale

$

2,965

$

53

$

53

22

The following is a description of the valuation methodologies we use to measure certain financial instruments on the balance sheets at fair value:

Marketable securities – The portfolio of investments is valued on a market approach (matrix pricing model) in which all significant inputs are observable or can be derived from or corroborated by observable market data such as interest rates, yield curves, volatilities, credit risk, and prepayment speeds. Funds are valued using the fund’s net asset value, based on the fair value of the underlying securities. International debt securities are valued using quoted prices for identical assets in inactive markets.

Derivatives – Our derivative financial instruments consist of interest rate contracts (swaps), foreign currency exchange contracts (futures, forwards, and swaps), and cross-currency interest rate contracts (swaps). The portfolio is valued based on an income approach (discounted cash flow) using market observable inputs, including swap curves and both forward and spot exchange rates for currencies.

Assets held for sale – The impairment was measured at the lower of the carrying amount or fair value less cost to sell. Fair value was based on the probable sale price. The inputs included estimates of the final sale price (see Note 21).

(18)  Derivative Instruments

Fair values of our derivative instruments and the associated notional amounts were as follows. Assets are recorded in “Other assets,” while liabilities are recorded in “Accounts payable and accrued expenses.”

July 28, 2024

October 29, 2023

July 30, 2023

 

Fair Value

Fair Value

Fair Value

 

Notional

Assets

Liabilities

Notional

Assets

Liabilities

Notional

Assets

Liabilities

 

Cash flow hedges:

  

 

        

  

 

        

  

 

        

  

 

        

  

 

        

  

 

        

  

 

        

  

 

        

  

 

        

 

Interest rate contracts

 

$

3,475

$

14

$

18

 

$

1,500

$

45

 

$

1,500

$

48

$

3

 

Fair value hedges:

Interest rate contracts

15,165

119

486

12,691

$

970

12,160

4

729

Cross-currency interest rate contracts

975

16

 

Not designated as hedging instruments:

Interest rate contracts

13,656

103

59

13,853

169

98

13,233

221

109

Foreign exchange contracts

7,529

99

16

8,117

 

75

 

54

8,630

 

51

 

82

Cross-currency interest rate contracts

190

10

3

176

 

3

 

8

155

 

 

25

The amounts recorded in the consolidated balance sheets related to borrowings designated in fair value hedging relationships were as follows. Fair value hedging adjustments are included in the carrying amount of the hedged item.

Active Hedging Relationships

Discontinued Hedging Relationships

Carrying Amount

Cumulative Fair Value

Carrying Amount of

Cumulative Fair Value

of Hedged Item

Hedging Amount

Formerly Hedged Item

Hedging Amount

July 28, 2024

Short-term borrowings

$

286

$

(4)

$

1,458

$

9

Long-term borrowings

15,386

(394)

8,414

(264)

October 29, 2023

Short-term borrowings

$

1,814

$

15

Long-term borrowings

$

11,660

$

(976)

7,144

(288)

July 30, 2023

Short-term borrowings

$

2,324

$

25

Long-term borrowings

$

11,379

$

(728)

6,319

(265)

23

The classification and gains (losses), including accrued interest expense, related to derivative instruments on the statements of consolidated income consisted of the following:

Three Months Ended

Nine Months Ended

 

July 28

July 30

July 28

July 30

 

2024

2023

2024

2023

 

Fair Value Hedges

 

 

    

  

 

 

    

  

 

Interest rate contracts – Interest expense*

 

$

373

$

(375)

 

$

269

$

(146)

 

Cash Flow Hedges

Recognized in OCI:

Interest rate contracts – OCI (pretax)

$

(15)

$

24

$

3

$

19

Reclassified from OCI:

Interest rate contracts – Interest expense

22

 

18

49

 

52

 

Not Designated as Hedges

Interest rate contracts – Net sales

$

6

Interest rate contracts – Interest expense*

 

$

4

48

 

$

2

$

45

Foreign exchange contracts – Net sales

(3)

3

2

Foreign exchange contracts – Cost of sales

36

 

(78)

15

(14)

Foreign exchange contracts – Other operating expenses*

17

 

(142)

(118)

 

(157)

Total not designated

 

$

54

$

(163)

 

$

(101)

$

(124)

* Includes interest and foreign exchange gains (losses) from cross-currency interest rate contracts.

Certain of our derivative agreements contain credit support provisions that may require us to post collateral based on the size of the net liability positions and credit ratings. The aggregate fair value of all derivatives with credit-risk-related contingent features that were in a net liability position at July 28, 2024, October 29, 2023, and July 30, 2023, was $566, $1,076, and $865, respectively. In accordance with the limits established in these agreements, we posted $269, $659, and $435 of cash collateral at July 28, 2024, October 29, 2023, and July 30, 2023, respectively. In addition, we paid $8 of collateral that was outstanding at July 28, 2024, October 29, 2023, and July 30, 2023 to participate in an international futures market to hedge currency exposure, not included in the table below.

Derivatives are recorded without offsetting for netting arrangements or collateral. The impact on the derivative assets and liabilities related to netting arrangements and collateral follows:

Gross Amounts

Netting

 

    

Recognized

    

Arrangements

    

Collateral

    

Net Amount

 

July 28, 2024

   

  

        

   

  

        

   

  

        

   

  

        

Assets

 

$

361

 

$

(154)

 

 

$

207

Liabilities

582

(154)

$

(269)

159

 

October 29, 2023

    

    

    

    

 

Assets

$

292

 

$

(152)

 

 

$

140

Liabilities

1,130

 

(152)

$

(659)

319

    

 

July 30, 2023

 

Assets

$

324

 

$

(160)

 

$

(28)

$

136

Liabilities

 

948

(160)

(435)

 

353

  

(19)  Share-Based Awards

We are authorized to grant shares for stock options and restricted stock units. The outstanding shares authorized were 14.9 million at July 28, 2024. In December 2023, we granted stock options to employees for the purchase of 216 thousand shares of common stock at an exercise price of $377.01 per share and a binomial lattice model fair value of $98.04 per share at the grant date. At July 28, 2024, options for 1.7 million shares were outstanding with a weighted-average exercise price of $228.10 per share.

24

During the nine months ended July 28, 2024, the restricted stock units (RSUs) granted in thousands of shares and the weighted-average grant date fair values, using the closing price of our common stock on the grant date, in dollars follow:

Grant Date

Shares

Fair Value

Service-based

   

378

   

$

377.37

  

Performance/service-based

52

360.53

Market/service-based

52

370.87

In December 2023, we granted market/service-based RSUs. The vesting period for the market/service-based RSUs is three years and dividend equivalents are not earned during the vesting period. The market/service-based RSUs are subject to a market related metric based on total shareholder return, compared to a benchmark group of companies, and award common stock in a range of zero to 200 percent for each unit granted based on the level of the metric achieved. The fair value of the market/service-based RSUs was determined using a Monte Carlo model.

(20)  Disposition

In March 2023, we sold our financial services business in Russia to Insight Investment Group. The total proceeds, net of restricted cash sold, were $36. The operations were included in the financial services operating segment through the date of sale. At the disposal date, the total assets were $31, consisting primarily of financing receivables, the total liabilities were $5, and the cumulative translation loss was $10. We did not incur additional gains or losses upon disposition.

(21)  Special ItemS

2024

Employee-Separation Programs

In the third quarter of 2024, we implemented employee-separation programs for our salaried workforce in several geographic areas, including the United States, Europe, Asia, and Latin America. The programs’ main purpose was to help meet our strategic priorities while reducing overlap and redundancy in roles and responsibilities. The programs were largely involuntary in nature with the expense recorded when management committed to a plan, the plan was communicated to the employees, and the employees were not required to provide service beyond the legal notification period.

The programs’ total pretax expenses are estimated to be approximately $150, with $124 recorded in the third quarter of 2024. The remaining expenses are expected to be recorded primarily in 2025. Payments made during the third quarter of 2024 with respect to these program expenses totaled $30. The expenses for the three months and nine months ended July 28, 2024 were recorded as follows:

PPA

 

SAT

 

CF

 

FS

 

Total

Employee-Separation Programs:

Cost of sales

$

18

$

9

$

8

$

35

Research and development expenses

19

6

1

26

Selling, administrative and general expenses

25

14

11

$

9

59

Total operating profit decrease

$

62

$

29

$

20

$

9

120

Non-operating profit expenses*

4

Total

$

124

* Relates primarily to corporate expenses.

Banco John Deere S.A.

In the third quarter of 2024, our board of directors authorized the sale of 50 percent ownership in our wholly owned subsidiary, Banco John Deere S.A. (BJD). BJD, located in Brazil, is included in our financial services segment and finances retail and wholesale loans for agricultural, construction, and forestry equipment. The transaction will reduce our incremental risk as we continue to grow in the Brazilian market. As a result, we reclassified the BJD business as held for sale, including a reversal of $38 in allowance for credit losses, and the establishment of a $53 valuation allowance on the assets held for sale. The net impact of these entries was a pretax and after-tax loss of $15 recorded in “Selling, administrative and general expenses.” We do not expect a significant gain or loss upon deconsolidation of BJD in 2025.

25

The major classes of the total consolidated assets and liabilities of BJD that were classified as held for sale and liabilities of BJD to other intercompany parties were as follows:

July 28

2024

Cash and cash equivalents

$

107

Trade accounts and notes receivable – net

231

Financing receivables – net

2,624

Deferred income taxes

42

Other miscellaneous assets*

14

Valuation allowance

(53)

Total assets held for sale

$

2,965

Short-term borrowings

563

Accounts payable and accrued expenses

101

Long-term borrowings

1,137

Retirement benefits and other liabilities

2

Total liabilities held for sale

$

1,803

Total intercompany payables

$

673

* Includes $1 restricted cash balance.

In August 2024, we entered into an agreement with a Brazilian bank, Banco Bradesco S.A. (Bradesco), for Bradesco to invest and become 50 percent owner of BJD. On the transaction date, which is expected to occur in the second quarter of 2025, subject to usual and customary regulatory approval, Bradesco will contribute capital equal to our equity investment in BJD. We will retain a 50 percent equity interest in BJD and report the results of the joint venture as an equity investment in unconsolidated affiliates.

Redeemable Noncontrolling Interest

In the third quarter of 2024, we exercised our right to purchase the remaining 20 percent interest in SurePoint Ag Systems, Inc. The arrangement was accounted for as an equity transaction with no gain or loss recorded in the statements of consolidated income.

2023

Brazil Tax Ruling

In the third quarter of 2023, the Brazil Superior Court of Justice published a favorable tax ruling regarding taxability of local incentives, which allowed us to record a $243 reduction in the provision for income taxes and $47 of interest income.

Financial Services Financing Incentives Correction

In the second quarter of 2023, we 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 pretax ($135 after-tax), was recorded in the second quarter of 2023 in “Selling, administrative and general expenses” by financial services. Prior period results were not restated, as the adjustment was considered immaterial to our financial statements.

Summary of 2024 and 2023 Special Items

The following table summarizes the operating profit impact of the special items recorded for the three months and nine months ended July 28, 2024 and July 30, 2023.

Three Months Ended

Nine Months Ended

PPA

 

SAT

 

CF

 

FS

 

Total

PPA

SAT

 

CF

 

FS

 

Total

2024 Expense:

  

  

      

  

  

      

  

  

      

  

  

      

  

  

      

  

  

      

  

  

      

  

  

      

  

  

      

  

  

      

Employee-separation programs

$

62

$

29

$

20

$

9

$

120

$

62

$

29

$

20

$

9

$

120

BJD remeasurement

15

15

15

15

Total 2024 expense

62

29

20

24

135

62

29

20

24

135

2023 Expense:

Financing incentives correction

173

173

Period over period change

$

62

$

29

$

20

$

24

$

135

$

62

$

29

$

20

$

(149)

$

(38)

(22)  Subsequent EventS

In August 2024, we entered into an agreement with a Brazilian bank, Banco Bradesco S.A., to invest and become 50 percent owner of Banco John Deere S.A. (see Note 21).

On August 28, 2024, a quarterly dividend of $1.47 per share was declared at the Board of Directors meeting, payable on November 8, 2024, to stockholders of record on September 30, 2024.

26

Item 2.MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

RESULTS OF OPERATIONS

All amounts are presented in millions of dollars unless otherwise specified.

Overview

Organization

Deere & Company is a global leader in the production of agricultural, turf, construction, and forestry equipment and solutions. John Deere Financial provides financing for John Deere equipment, parts, services, and other input costs customers need to run their operations. Our operations are managed through the production and precision agriculture (PPA), small agriculture and turf (SAT), construction and forestry (CF), and financial services operating segments. References to “equipment operations” include PPA, SAT, and CF, while references to “agriculture and turf” include both PPA and SAT.

Smart Industrial Operating Model and Leap Ambitions

We announced the Smart Industrial Operating Model in 2020. This operating model is based on three focus areas:

(a)

Production systems: A strategic alignment of products and solutions around our customers’ operations.

(b)

Technology stack: Investments in technology, as well as research and development, that deliver intelligent solutions to our customers through digital capabilities, automation, autonomy, and alternative power technologies.

(c)

Lifecycle solutions: The integration of our aftermarket and support capabilities to more effectively manage customer equipment, service, and technology needs across the full lifetime of a John Deere product.

Our Leap Ambitions were launched in 2022. These ambitions are designed to boost economic value and sustainability for our customers. The ambitions align across our customers’ production systems seeking to optimize their operations to deliver better outcomes with fewer resources.

Trends and Economic Conditions

Industry Sales Outlook for Fiscal Year 2024

Agriculture and Turf

Graphic Graphic

Construction and Forestry

Graphic Graphic

Company Trends

Customers seek to improve profitability, productivity, and sustainability through technology. Integration of technology into equipment is a persistent market trend. Our Smart Industrial Operating Model and Leap Ambitions are intended to capitalize on this market trend. These technologies are incorporated into products within each of our operating segments. We expect this trend to persist for the foreseeable future. Our progress is demonstrated, in part, by the growing use of the John Deere Operations Center (our digital operations management system) engaging more agricultural acres globally. Engaged acres give us a foundational understanding of customer utilization of John Deere technology. The investments in these technologies and establishing a Solutions as a Service business model may increase our operating costs and decrease operating margins during the transition period.

Company Outlook for 2024

Production volumes are expected to continue to decline during the remainder of 2024 due to reduced demand amid challenges in the global agricultural and turf sectors and construction industry coupled with inventory management through planned underproduction to retail demand.

27

Agriculture and Turf Outlook for 2024

We expect large and small agricultural equipment sales to be down from 2023 levels across all our major markets.
Agricultural fundamentals are expected to continue to moderate in 2024 due to rising global grain stocks from excellent growing conditions, lower commodity prices, elevated interest rates, and geopolitical uncertainty.
Demand in the U.S. and Canada continues to be affected by declining farm income margins partially offset by stable farm balance sheets.
The U.S. equipment fleet age is elevated for tractors and in line with historic averages for combines. However, increases in used inventory levels are impacting purchasing decisions.
Sales of compact utility tractors in the U.S. are forecasted to be down due to higher interest rates, partially offset by small and mid-tractor tailwinds from improving dairy and livestock fundamentals.
In Europe, volatile weather conditions continue to drive uncertainty about crop yields and along with elevated input costs are impacting demand in the region, while the dairy and livestock sector remains steady due to stronger pricing and lower feed costs.
Demand in Brazil is expected to be down due to strong global yields driving down commodity prices and persistently high interest rates.
Industry sales in Asia are forecasted to be down moderately due to commodity price changes, inventory reductions, and weather impacts.

Construction and Forestry Outlook for 2024

Construction equipment industry sales are forecasted to be down from 2023 levels.
Benefits from strong U.S. infrastructure spending and increasing manufacturing investment levels are expected to partially offset declines in housing starts, decreases in rental purchases, low levels of commercial real estate construction, and the effect of inventory levels having recovered from historical lows.
Roadbuilding demand remains strong in the U.S., largely offset by continuing softness in Europe.

Financial Services Outlook for 2024

Net Income

Up moderately

+ Higher average portfolio

Favorable

+ Prior period special item

Favorable

(-) Provision for credit losses

Unfavorable

(-) Financing spreads

Unfavorable

Additional Trends

Agricultural Market Business Cycle. The agricultural market is affected by various factors including commodity prices, acreage planted, crop yields, and government policies. These factors affect farmers’ income and may result in lower demand for equipment. We may experience any of the following effects during unfavorable market conditions: lower net sales, higher sales discounts, higher receivable write-offs, and losses on equipment on operating leases.

In the third quarter of 2024, we implemented employee-separation programs for our salaried workforce to help meet our strategic priorities while reducing overlap and redundancy in roles and responsibilities. The programs’ total pretax expenses are estimated to be approximately $150, of which $124 was recorded in the third quarter of 2024. Annual pretax savings from these programs are estimated to be approximately $230, with $100 estimated to be realized in 2024 (See Note 21).

Interest Rates. Central bank policy interest rates increased in 2023 and have remained elevated. Increased rates impacted us in several ways, primarily affecting the demand for our products and financing spreads for the financial services operations.

The markets for our agriculture, turf, and construction products were negatively impacted by elevated interest rates and their effect on borrowing costs for our customers.

Most retail customer receivables are fixed rate. Wholesale financing receivables generally are variable rate. Both types of receivables are financed with fixed and floating rate borrowings. We manage our exposure to interest rate fluctuations by matching our receivables with our funding sources. We also enter into interest rate swap agreements to match our interest rate exposure.

Rising interest rates have historically impacted our borrowings sooner than the benefit is realized from receivable and lease portfolios. As a result, our financial services operations experienced $66 (after-tax) less favorable financing spreads in 2024 compared to 2023. We expect to continue experiencing spread compression in 2024.

Higher interest rates are driven by factors outside of our control, and as a result we cannot reasonably foresee when this condition will subside.

28

Other Items of Concern and Uncertainties

Other items that could impact our results are:

global and regional political conditions, including the ongoing war between Russia and Ukraine and the conflict in the Middle East,
economic, tax, and trade policies,
new or retaliatory tariffs,
capital market disruptions,
foreign currency and capital control policies,
regulations and legislation regarding right to repair or right to modify,
weather conditions,
marketplace adoption, and monetization of technologies we have invested in,
our ability to strengthen our digital capabilities, automation, autonomy, and alternative power technologies,
workforce reductions impact on employee retention, morale, and institutional knowledge,
changes in demand and pricing for new and used equipment,
delays or disruptions in our supply chain,
significant fluctuations in foreign currency exchange rates,
volatility in the prices of many commodities, and
slower economic growth or recession.

Consolidated Results – 2024 Compared with 2023

Three Months Ended

Nine Months Ended

Deere & Company

July 28

July 30

%

July 28

July 30

%

(In millions of dollars, except per share amounts)

2024

2023

Change

2024

2023

Change

Net sales and revenues

$

13,152

$

15,801

-17

$

40,572

$

45,839

-11

Net income attributable to Deere & Company

1,734

2,978

-42

5,855

7,797

-25

Diluted earnings per share

6.29

10.20

21.04

26.35

Net sales and revenues decreased for both the quarter and year-to-date periods primarily due to lower sales volumes. Net income and diluted EPS decreased driven by lower sales. The discussion of net sales and operating profit is included in the Business Segment Results below. Net income in each of the periods presented were impacted by special items. See Note 21 for additional details.

An explanation of the cost of sales to net sales ratio and other significant statement of consolidated income changes follows:

Three Months Ended

Nine Months Ended

July 28

July 30

%

July 28

July 30

%

Deere & Company

2024

2023

Change

2024

2023

Change

Cost of sales to net sales

68.9%

67.4%

68.2%

67.7%

Increased for both periods mostly due to higher overhead costs from reduced volumes resulting in production inefficiencies, partially offset by sales price realization, lower material cost, and reduced inbound freight costs.

Other income

$

304

$

264

+15

$

881

$

748

+18

Higher for the first nine months primarily due to investment income earned on international mutual funds securities.

Research and development expenses

567

528

+7

1,664

1,571

+6

Higher for both periods due to continued focus on developing and incorporating technology solutions.

Selling, administrative and general expenses

1,278

1,110

+15

3,608

3,392

+6

Increased mostly due to a higher provision for credit losses, higher employee pay driven by inflationary conditions and profit sharing incentives, and employee-separation programs’ expenses.

Interest expense

840

623

+35

2,478

1,671

+48

Increased for both periods primarily due to higher average borrowing rates and higher average borrowings.

Other operating expenses

264

310

-15

930

971

-4

Lower in both periods due to higher pension benefits (see Note 6) and lower foreign exchange losses.

Provision for income taxes

625

636

-2

1,845

2,164

-15

Decreased for both periods as a result of lower pretax income, partially offset by the prior periods’ favorable income tax ruling in Brazil.

29

Business Segment Results – 2024 Compared with 2023

Three Months Ended

Nine Months Ended

July 28

July 30

%

July 28

July 30

%

Production and Precision Agriculture

2024

2023

Change

2024

2023

Change

Net sales

$

5,099

$

6,806

-25

$

16,529

$

19,826

-17

Operating profit

1,162

1,782

-35

3,857

5,160

-25

Operating margin

22.8%

26.2%

23.3%

26.0%

Price realization

+3

+3

Currency translation impact on Net sales

-1

Production and precision agriculture sales decreased for the quarter as a result of lower shipment volumes (primarily in the U.S., Europe, Brazil, and Asia) driven mainly by lower commodity prices and higher interest rates, partially offset by price realization in the U.S. and Canada. Operating profit decreased primarily due to lower shipment volumes and employee-separation programs’ expenses, partially offset by price realization and lower warranty expenses.

Production & Precision Agriculture Operating Profit

Third Quarter 2024 Compared to Third Quarter 2023

Graphic

Sales for the first nine months decreased as a result of lower shipment volumes (primarily in Brazil, the U.S., and Europe) partially offset by price realization in the U.S. and Canada. Operating profit for the first nine months decreased due to lower sales volume, higher selling, administrative, and general expenses and research and development expenses, partially offset by price realization and lower warranty expenses.

Production & Precision Agriculture Operating Profit

First Nine Months 2024 Compared to First Nine Months 2023

Graphic

30

Three Months Ended

Nine Months Ended

July 28

July 30

%

July 28

July 30

%

Small Agriculture and Turf

2024

2023

Change

2024

2023

Change

Net sales

$

3,053

$

3,739

-18

$

8,663

$

10,886

-20

Operating profit

496

732

-32

1,393

2,028

-31

Operating margin

16.2%

19.6%

16.1%

18.6%

Price realization

+2

+2

Currency translation impact on Net sales

Small agriculture and turf sales decreased for the quarter due to lower shipment volumes (primarily in Europe, the U.S., and Mexico) driven mainly by uncertainty in commodity prices and higher interest rates, partially offset by price realization in the U.S. and Europe. Operating profit decreased due to lower shipment volumes and higher warranty expenses, partially offset by price realization.

Small Agriculture & Turf Operating Profit

Third Quarter 2024 Compared to Third Quarter 2023

Graphic

Sales for the first nine months decreased as a result of lower shipment volumes (primarily in the U.S., Europe, and Mexico), partially offset by price realization. Operating profit for the first nine months decreased primarily as a result of lower sales volumes and higher warranty expenses. These items were partially offset by price realization and lower production costs.

Small Agriculture & Turf Operating Profit

First Nine Months 2024 Compared to First Nine Months 2023

Graphic

31

Three Months Ended

Nine Months Ended

July 28

July 30

%

July 28

July 30

%

Construction and Forestry

2024

2023

Change

2024

2023

Change

Net sales

$

3,235

$

3,739

-13

$

10,292

$

11,053

-7

Operating profit

448

716

-37

1,682

2,179

-23

Operating margin

13.8%

19.1%

16.3%

19.7%

Price realization

-1

+1

Currency translation impact on Net sales

-1

Construction and forestry sales decreased for the quarter due to lower U.S. shipment volumes, driven by moderating demand and efforts to reduce field inventory. Operating profit decreased due to lower sales volumes, unfavorable mix, and unfavorable price realization.

Construction & Forestry Operating Profit

Third Quarter 2024 Compared to Third Quarter 2023

Graphic

Sales for the first nine months decreased due to lower worldwide shipment volumes, partially offset by price realization. Operating profit for the first nine months decreased due to lower sales volumes, increased production costs driven by low volume inefficiencies, and higher selling, administrative, and general expenses and research and development expenses. These factors were partially offset by price realization.

Construction & Forestry Operating Profit

First Nine Months 2024 Compared to First Nine Months 2023

Graphic

32

Three Months Ended

Nine Months Ended

July 28

July 30

%

July 28

July 30

%

Financial Services

2024

2023

Change

2024

2023

Change

Revenue (including intercompany)

$

1,667

$

1,445

+15

$

4,807

$

3,987

+21

Interest expense

812

622

+31

2,354

1,604

+47

Net income

153

216

-29

523

429

+22

The average balance of receivables and leases financed was 12 percent higher in the third quarter of 2024 and 16 percent higher in the first nine months of 2024 compared with the same periods last year. Revenue also increased due to higher average financing rates in both periods. Interest expense increased compared to both prior periods as a result of higher average borrowing rates and higher average borrowings. Financial services net income decreased in the third quarter of 2024 due to a higher provision for credit losses and less favorable financing spreads, partially offset by income earned on higher average portfolio balances and favorable discrete tax items. Excluding the impact of an accounting correction in the prior year, financial services net income decreased in the first nine months of 2024 due to a higher provision for credit losses and less favorable financing spreads, partially offset by income earned on higher average portfolio balances. Net income for the first nine months of 2023 was affected by a correction of the accounting treatment for financing incentives offered to John Deere dealers. The cumulative effect of this correction, $173 pretax ($135 after-tax), was recorded in the second quarter of 2023.

Critical Accounting Estimates

See our critical accounting estimates discussed in the Management’s Discussion and Analysis of the most recently filed Annual Report on Form 10-K. There have been no material changes to these policies.

Capital Resources and Liquidity – 2024 Compared with 2023

We have access to global markets at a reasonable cost. Sources of liquidity include:

cash, cash equivalents, and marketable securities on hand,
funds from operations,
the issuance of commercial paper and term debt,
the securitization of retail notes, and
bank lines of credit.

We closely monitor our cash requirements. Based on the available sources of liquidity, we expect to meet our funding needs in the short term (next 12 months) and long term (beyond 12 months). We are forecasting lower operating cash flows from equipment operations in 2024 compared with 2023 driven by a decrease in net income adjusted for non-cash provisions and a reduction in accounts payable and accrued expenses.

We operate in multiple industries, which have unique funding requirements. The equipment operations are capital intensive. Historically, these operations have been subject to seasonal variations in financing requirements for inventories and receivables from dealers.

The financial services operations rely on their ability to raise substantial amounts of funds to finance their receivable and lease portfolios. Banco John Deere S.A. assets and liabilities were reclassified to held for sale in the third quarter of 2024 (see Note 21).

Key metrics are provided in the following table:

July 28

October 29

July 30

2024

2023

2023

Cash, cash equivalents, and marketable securities

$

8,144

$

8,404

$

7,417

Trade accounts and notes receivable – net

7,469

7,739

9,297

Ratio to prior 12 month’s net sales

15%

14%

17%

Inventories

7,696

8,160

9,350

Ratio to prior 12 month’s cost of sales

23%

22%

24%

Unused credit lines

4,917

841

950

Financial Services:

Ratio of interest-bearing debt to stockholder’s equity

8.5 to 1

8.4 to 1

8.1 to 1

33

In 2024, we invested $177 in U.S. dollar denominated bonds issued by the central bank of Argentina. The bonds are recorded in “Marketable securities,” classified as “International debt securities.” These bonds can be held until maturity or sold in a secondary market outside of Argentina to settle intercompany debt.

The increase in unused credit lines in 2024 compared to both prior periods relates to a decrease in commercial paper outstanding.

There have been no material changes to the contractual obligations and other cash requirements identified in our most recently filed Annual Report on Form 10-K.

Cash Flows

Nine Months Ended

July 28, 2024

July 30, 2023

Net cash provided by operating activities

$

4,139

$

2,896

Net cash used for investing activities

(3,671)

(4,563)

Net cash provided by (used for) financing activities

(789)

3,379

Effect of exchange rate changes on cash, cash equivalents, and restricted cash

(6)

125

Net increase (decrease) in cash, cash equivalents, and restricted cash

$

(327)

$

1,837

Cash inflows from consolidated operating activities in the first nine months of 2024 were $4,139. This resulted mainly from net income adjusted for non-cash provisions, partially offset by a working capital change. Included in the working capital change was a cash outflow of $1,015 from accounts payable and accrued expenses due to less trade payables consistent with our forecasted decrease in production and lower accrued expenses related to dealer sales discounts and employee benefits. Cash outflows from investing activities were $3,671 in the first nine months of this year. The primary drivers were growth in the retail customer receivable portfolio and equipment on operating leases and purchases of property and equipment. Cash outflows from financing activities were $789 in the first nine months of 2024, as cash returned to shareholders was partially offset by higher external borrowings. Cash returned to shareholders was $4,429 in the first nine months of 2024. Cash, cash equivalents, and restricted cash decreased $327 during the first nine months of 2024.

Key Metrics and Balance Sheet Changes

Trade Accounts and Notes Receivable. Trade accounts and notes receivable arise from sales of goods to customers. Trade receivables decreased $270 during the first nine months of 2024 and decreased $1,828 compared to a year ago, primarily due to lower sales volumes. The percentage of total worldwide trade receivables outstanding for periods exceeding 12 months was 3 percent at July 28, 2024, 1 percent at October 29, 2023, and 1 percent at July 30, 2023.

Financing Receivables and Equipment on Operating Leases. Financing receivables and equipment on operating leases consist of retail notes originated in connection with financing of new and used equipment, operating leases, revolving charge accounts, sales-type and direct financing leases, and wholesale notes. Financing receivables and equipment on operating leases increased $1,363 during the first nine months of 2024 and increased $4,276 in the past 12 months due to higher dealer inventory levels and an increase in the retail customer receivable portfolio, partially offset by the reclassification of Banco John Deere S.A. receivables to “Assets held for sale” in the third quarter of 2024 (see Note 21). Total acquisition volumes of financing receivables and equipment on operating leases were 8 percent higher in the first nine months of 2024, compared with the same period last year, as volumes of wholesale notes, operating leases, financing leases, and retail notes were higher, while revolving charge accounts were flat compared to July 30, 2023.

Inventories. Inventories decreased by $464 during the first nine months of 2024 and decreased by $1,654 compared to a year ago. The decreases were due to lower forecasted shipment volumes. A majority of these inventories are valued on the last-in, first out (LIFO) method.

Property and Equipment. Property and equipment cash expenditures in the first nine months of 2024 were $1,043 compared with $887 in the same period last year. Capital expenditures in 2024 are estimated to be approximately $1,850.

Accounts Payable and Accrued Expenses. Accounts payable and accrued expenses decreased by $1,733 in the first nine months of 2024, primarily due to decreased accounts payable associated with trade payables, and a decrease in accrued expenses associated with derivative liabilities, dealer sales discounts, and employee benefits. Accounts payable and accrued expenses decreased $943 compared to a year ago due to a decrease in accounts payable associated with trade payables and a decrease in accrued expenses associated with derivative liabilities, partially offset by an increase in extended warranty liabilities.

34

Borrowings. Total external borrowings increased by $2,444 in the first nine months of 2024 and increased $3,992 compared to a year ago, generally corresponding with the level of the receivable and lease portfolios, as well as other working capital requirements. The change in borrowings was also impacted by the reclassification of Banco John Deere S.A. borrowings to “Liabilities held for sale” in the third quarter of 2024 (see Note 21).

John Deere Capital Corporation (Capital Corporation), a U.S. financial services subsidiary, has a revolving warehouse facility to utilize bank conduit facilities to securitize retail notes (see Note 9). The facility was renewed in November 2023 with an expiration in November 2024 and with an increase in the total capacity or “financing limit” from $1,500 to $2,000. At July 28, 2024, $1,566 of securitization borrowings were outstanding under the facility. At the end of the contractual revolving period, unless the banks and Capital Corporation agree to renew, Capital Corporation would liquidate the secured borrowings over time as payments on the retail notes are collected.

In the first nine months of 2024, the financial services operations issued $3,722 and retired $2,849 of retail note securitization borrowings, which are presented in “Net proceeds (payments) in short-term borrowings (original maturities three months or less).”

Lines of Credit. We have access to bank lines of credit with various banks throughout the world.

Worldwide lines of credit totaled $10,930 at July 28, 2024, consisting primarily of:

a 364-day credit facility agreement of $5,000 expiring in the second quarter of 2025,
a credit facility agreement of $2,750 expiring in the second quarter of 2028, and
a credit facility agreement of $2,750 expiring in the second quarter of 2029.

At July 28, 2024, $4,917 of these worldwide lines of credit were unused. For the purpose of computing unused credit lines, commercial paper and short-term bank borrowings were considered to constitute utilization. These credit agreements require Capital Corporation and other parts of our business to maintain certain performance metrics and liquidity targets. All requirements in the credit agreements have been met during the periods included in the financial statements.

Debt Ratings. To access public debt capital markets, we rely on credit rating agencies to assign short-term and long-term credit ratings to our debt securities as an indicator of credit quality for fixed income investors. A security rating is not a recommendation by the rating agency to buy, sell, or hold our securities. A credit rating agency may change or withdraw ratings based on its assessment of our current and future ability to meet interest and principal repayment obligations. Each agency’s rating should be evaluated independently of any other rating. Lower credit ratings generally result in higher borrowing costs, including costs of derivative transactions, and reduced access to debt capital markets. The senior long-term and short-term debt ratings and outlook currently assigned to unsecured company securities by the rating agencies engaged by us are as follows:

    

Senior

    

    

 

Long-Term

Short-Term

Outlook

 

Fitch Ratings

A+

F1

Stable

Moody’s Investors Service, Inc.

 

A1

 

Prime-1

 

Stable

Standard & Poor’s

 

A

 

A-1

 

Stable

FORWARD-LOOKING STATEMENTS

Certain statements contained herein, including in the section entitled “Overview” 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 our 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, we expressly disclaim any obligation to update or revise our 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 we operate, including the ongoing war between Russia and Ukraine and the conflict in the Middle East;
adverse macroeconomic conditions, including unemployment, inflation, interest rate volatility, 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;

35

the ability to execute business strategies, including our 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 inventory and distribution of John Deere products and to provide 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 our 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 employees;
the impact of workforce reductions on employee retention, morale, and institutional knowledge;
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 our 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 our 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 us and our businesses, including factors that could materially affect our financial results, is included in our other filings with the SEC (including, but not limited to, the factors discussed in Item 1A. “Risk Factors” of our most recent Annual Report on Form 10-K and this Quarterly Report 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.

SUPPLEMENTAL CONSOLIDATING DATA

The supplemental consolidating data presented on the subsequent pages is presented for informational purposes. Equipment operations represents the enterprise without financial services. Equipment operations includes production and precision agriculture operations, small agriculture and turf operations, construction and forestry operations, and other corporate assets, liabilities, revenues, and expenses not reflected within financial services. Transactions between the equipment operations and financial services have been eliminated to arrive at the consolidated financial statements.

Equipment operations and financial services participate in different industries. Equipment operations primarily generate earnings and cash flows by manufacturing and selling equipment, service parts, and technology solutions to dealers and retail customers. Financial services finances sales and leases by dealers of new and used equipment that is largely manufactured by equipment operations. Those earnings and cash flows generally are the difference between the finance income received from customer payments less interest expense, and depreciation on equipment subject to an operating lease. The two businesses are capitalized differently and have separate performance metrics. The supplemental consolidating data is also used by management due to these differences.

36

 

DEERE & COMPANY

SUPPLEMENTAL CONSOLIDATING DATA

STATEMENTS OF INCOME

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

Unaudited

EQUIPMENT

FINANCIAL

OPERATIONS

SERVICES

ELIMINATIONS

CONSOLIDATED

 

2024

2023

2024

2023

2024

2023

2024

2023

 

Net Sales and Revenues

 

 

  

  

 

  

  

 

  

  

 

  

Net sales

$

11,387

$

14,284

$

11,387

$

14,284

Finance and interest income

155

 

210

$

1,537

$

1,335

$

(231)

$

(292)

1,461

1,253

1

Other income

246

 

222

130

 

110

(72)

 

(68)

304

 

264

2, 3

Total

11,788

 

14,716

1,667

 

1,445

(303)

 

(360)

13,152

 

15,801

Costs and Expenses

Cost of sales

7,855

 

9,630

(7)

 

(6)

7,848

9,624

4

Research and development expenses

567

 

528

567

528

Selling, administrative and general expenses

962

 

913

318

 

199

(2)

 

(2)

1,278

 

1,110

4

Interest expense

91

 

94

812

 

622

(63)

 

(93)

840

 

623

1

Interest compensation to Financial Services

168

 

199

(168)

 

(199)

1

Other operating expenses

(16)

 

34

343

 

336

(63)

 

(60)

264

 

310

3, 5

Total

9,627

 

11,398

1,473

 

1,157

(303)

 

(360)

10,797

 

12,195

Income before Income Taxes

2,161

 

3,318

194

 

288

 

2,355

 

3,606

Provision for income taxes

583

 

564

42

 

72

 

625

 

636

Income after Income Taxes

1,578

 

2,754

152

 

216

 

1,730

 

2,970

Equity in income of unconsolidated affiliates

 

2

1

 

1

2

Net Income

1,578

 

2,756

153

 

216

 

1,731

 

2,972

Less: Net loss attributable to noncontrolling interests

(3)

 

(6)

(3)

(6)

Net Income Attributable to Deere & Company

$

1,581

$

2,762

$

153

$

216

$

1,734

$

2,978

 

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 expenses 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.

37

 

DEERE & COMPANY

SUPPLEMENTAL CONSOLIDATING DATA (Continued)

STATEMENTS OF INCOME

For the Nine Months Ended July 28, 2024 and July 30, 2023

Unaudited

EQUIPMENT

FINANCIAL

OPERATIONS

SERVICES

ELIMINATIONS

CONSOLIDATED

 

2024

2023

2024

2023

2024

2023

2024

2023

 

Net Sales and Revenues

 

  

  

  

  

  

  

  

  

Net sales

$

35,484

$

41,765

$

35,484

$

41,765

Finance and interest income

441

 

444

$

4,466

$

3,609

$

(700)

$

(727)

4,207

3,326

1

Other income

732

 

639

341

 

378

(192)

 

(269)

881

 

748

2, 3

Total

36,657

 

42,848

4,807

 

3,987

(892)

 

(996)

40,572

 

45,839

Costs and Expenses

Cost of sales

24,226

 

28,306

(21)

 

(18)

24,205

28,288

4

Research and development expenses

1,664

 

1,571

1,664

1,571

Selling, administrative and general expenses

2,844

 

2,630

771

 

769

(7)

 

(7)

3,608

 

3,392

4

Interest expense

314

 

298

2,354

 

1,604

(190)

 

(231)

2,478

 

1,671

1

Interest compensation to Financial Services

510

 

496

(510)

 

(496)

1

Other operating expenses

76

 

172

1,018

 

1,043

(164)

 

(244)

930

 

971

3, 5

Total

29,634

 

33,473

4,143

 

3,416

(892)

 

(996)

32,885

 

35,893

Income before Income Taxes

7,023

 

9,375

664

 

571

 

7,687

 

9,946

Provision for income taxes

1,700

 

2,020

145

 

144

 

1,845

 

2,164

Income after Income Taxes

5,323

 

7,355

519

 

427

 

5,842

 

7,782

Equity in income of unconsolidated affiliates

 

3

4

 

2

4

5

Net Income

5,323

 

7,358

523

 

429

 

5,846

 

7,787

Less: Net loss attributable to noncontrolling interests

(9)

 

(10)

 

(9)

(10)

Net Income Attributable to Deere & Company

$

5,332

$

7,368

$

523

$

429

$

5,855

$

7,797

 

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 expenses 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.

38

 

DEERE & COMPANY

SUPPLEMENTAL CONSOLIDATING DATA (Continued)

CONDENSED BALANCE SHEETS

Unaudited

EQUIPMENT

FINANCIAL

OPERATIONS

SERVICES

ELIMINATIONS

CONSOLIDATED

Jul 28

Oct 29

Jul 30

Jul 28

Oct 29

Jul 30

Jul 28

Oct 29

Jul 30

Jul 28

Oct 29

Jul 30

2024

2023

2023

2024

2023

2023

2024

2023

2023

2024

2023

2023

Assets

 

 

            

 

 

    

 

 

          

 

 

            

 

 

    

 

  

             

 

  

            

 

  

    

 

  

             

 

  

             

 

  

    

 

  

             

Cash and cash equivalents

$

5,385

$

5,720

$

4,858

$

1,619

$

1,738

$

1,718

$

7,004

$

7,458

$

6,576

Marketable securities

155

 

104

 

3

985

 

842

 

838

 

 

1,140

 

946

 

841

Receivables from Financial Services

3,951

 

4,516

 

5,312

$

(3,951)

$

(4,516)

$

(5,312)

6

Trade accounts and notes receivable – net

1,150

 

1,320

 

1,589

8,890

 

8,687

 

9,991

(2,571)

 

(2,268)

 

(2,283)

7,469

 

7,739

 

9,297

7

Financing receivables – net

82

 

64

 

60

43,814

 

43,609

 

41,242

 

 

43,896

 

43,673

 

41,302

Financing receivables securitized – net

2

8,272

 

7,335

 

7,001

 

 

8,274

 

7,335

 

7,001

Other receivables

1,821

 

1,813

 

2,599

494

 

869

 

599

(45)

 

(59)

 

(80)

2,270

 

2,623

 

3,118

7

Equipment on operating leases – net

7,118

 

6,917

 

6,709

 

 

7,118

 

6,917

 

6,709

Inventories

7,696

 

8,160

 

9,350

7,696

8,160

9,350

Property and equipment – net

7,058

 

6,843

 

6,385

34

 

36

 

33

 

 

7,092

 

6,879

 

6,418

Goodwill

3,960

 

3,900

 

3,994

3,960

3,900

3,994

Other intangible assets – net

1,030

 

1,133

 

1,199

 

 

 

 

1,030

 

1,133

 

1,199

Retirement benefits

3,047

 

2,936

 

3,503

80

 

72

 

71

(1)

 

(1)

 

(1)

3,126

 

3,007

 

3,573

8

Deferred income taxes

2,192

 

2,133

 

1,393

35

 

68

 

65

(329)

 

(387)

 

(98)

1,898

 

1,814

 

1,360

9

Other assets

2,236

 

1,948

 

2,083

675

 

559

 

583

(8)

 

(4)

 

(7)

2,903

 

2,503

 

2,659

Assets held for sale

 

2,965

2,965

Total Assets

$

39,765

$

40,590

$

42,328

$

74,981

$

70,732

$

68,850

$

(6,905)

$

(7,235)

$

(7,781)

$

107,841

$

104,087

$

103,397

Liabilities and Stockholders’ Equity

Liabilities

Short-term borrowings

$

983

$

1,230

$

1,773

$

14,311

$

16,709

$

15,370

$

15,294

$

17,939

$

17,143

Short-term securitization borrowings

1

7,868

 

6,995

 

6,608

 

 

7,869

 

6,995

 

6,608

Payables to Equipment Operations

 

 

3,951

 

4,516

 

5,312

$

(3,951)

$

(4,516)

$

(5,312)

 

 

6

Accounts payable and accrued expenses

13,880

 

14,862

 

14,403

3,141

 

3,599

 

3,307

(2,624)

 

(2,331)

 

(2,370)

14,397

 

16,130

 

15,340

7

Deferred income taxes

420

 

452

 

420

390

 

455

 

184

(329)

 

(387)

 

(98)

481

 

520

 

506

9

Long-term borrowings

6,592

 

7,210

 

7,299

36,100

 

31,267

 

30,813

 

 

42,692

 

38,477

 

38,112

Retirement benefits and other liabilities

2,048

 

2,032

 

2,423

109

 

109

 

114

(1)

 

(1)

 

(1)

2,156

 

2,140

 

2,536

8

Liabilities held for sale

 

1,803

1,803

Total liabilities

23,924

25,786

26,318

67,673

63,650

61,708

(6,905)

(7,235)

(7,781)

84,692

82,201

80,245

Commitments and contingencies (Note 16)

Redeemable noncontrolling interest

84

97

101

84

97

101

Stockholders’ Equity

Total Deere & Company stockholders’ equity

23,062

 

21,785

 

23,048

7,308

7,082

7,142

(7,308)

(7,082)

(7,142)

23,062

21,785

23,048

10

Noncontrolling interests

3

 

4

 

3

3

4

3

Financial Services’ equity

(7,308)

 

(7,082)

 

(7,142)

7,308

7,082

7,142

10

Adjusted total stockholders’ equity

15,757

 

14,707

 

15,909

7,308

 

7,082

 

7,142

 

 

23,065

 

21,789

 

23,051

Total Liabilities and Stockholders’ Equity

$

39,765

$

40,590

$

42,328

$

74,981

$

70,732

$

68,850

$

(6,905)

$

(7,235)

$

(7,781)

$

107,841

$

104,087

$

103,397

 

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.

39

 

DEERE & COMPANY

SUPPLEMENTAL CONSOLIDATING DATA (Continued)

STATEMENTS OF CASH FLOWS

For the Nine Months Ended July 28, 2024 and July 30, 2023

Unaudited

EQUIPMENT

FINANCIAL

OPERATIONS

SERVICES

ELIMINATIONS

CONSOLIDATED

2024

2023

2024

2023

2024

2023

2024

2023

Cash Flows from Operating Activities

 

    

 

    

  

    

 

    

  

    

 

    

  

    

 

    

   

Net income

$

5,323

$

7,358

$

523

$

429

$

5,846

$

7,787

Adjustments to reconcile net income to net cash provided by operating activities:

Provision (credit) for credit losses

 

10

 

3

 

212

 

(67)

 

 

 

222

 

(64)

Provision for depreciation and amortization

 

932

 

872

 

773

 

757

$

(107)

$

(102)

 

1,598

 

1,527

11

Impairments and other adjustments

 

 

53

 

173

 

 

 

53

 

173

Share-based compensation expense

159

112

159

112

12

Distributed earnings of Financial Services

 

250

 

31

 

 

 

(250)

 

(31)

 

 

13

Credit for deferred income taxes

 

(49)

 

(322)

 

(76)

 

(107)

 

 

 

(125)

 

(429)

Changes in assets and liabilities:

Receivables related to sales

 

106

 

(293)

(2,552)

(4,766)

(2,446)

(5,059)

14, 16

Inventories

 

391

 

(534)

(157)

(129)

234

(663)

15

Accounts payable and accrued expenses

 

(924)

 

730

 

212

 

303

 

(303)

 

(986)

 

(1,015)

 

47

16

Accrued income taxes payable/receivable

 

13

 

(619)

 

18

 

24

 

 

 

31

 

(595)

Retirement benefits

 

(241)

 

(115)

 

(5)

 

(1)

 

 

 

(246)

 

(116)

Other

 

(109)

 

247

 

44

 

(15)

 

(107)

 

(56)

 

(172)

 

176

11, 12, 15

Net cash provided by operating activities

 

5,702

 

7,358

 

1,754

 

1,496

 

(3,317)

 

(5,958)

 

4,139

 

2,896

Cash Flows from Investing Activities

Collections of receivables (excluding receivables related to sales)

 

19,826

 

18,440

 

(683)

 

(848)

 

19,143

 

17,592

14

Proceeds from maturities and sales of marketable securities

 

56

 

68

 

277

 

59

 

 

 

333

 

127

Proceeds from sales of equipment on operating leases

 

1,451

 

1,445

 

 

 

1,451

 

1,445

Cost of receivables acquired (excluding receivables related to sales)

 

(21,395)

 

(21,043)

 

282

 

329

 

(21,113)

 

(20,714)

14

Purchases of marketable securities

(220)

 

(19)

 

(352)

 

(194)

 

 

 

(572)

 

(213)

Purchases of property and equipment

 

(1,041)

 

(885)

 

(2)

 

(2)

 

 

 

(1,043)

 

(887)

Cost of equipment on operating leases acquired

 

(2,377)

 

(2,143)

 

212

 

175

 

(2,165)

 

(1,968)

15

Decrease (increase) in investment in Financial Services

11

(811)

 

 

 

(11)

 

811

 

 

17

Increase in trade and wholesale receivables

 

(3,255)

 

(6,270)

 

3,255

 

6,270

 

 

14

Collateral on derivatives – net

390

240

390

240

Other

 

(88)

 

(210)

 

(8)

 

24

 

1

 

1

 

(95)

 

(185)

Net cash used for investing activities

 

(1,282)

 

(1,857)

 

(5,445)

 

(9,444)

 

3,056

 

6,738

 

(3,671)

 

(4,563)

Cash Flows from Financing Activities

Net proceeds (payments) in short-term borrowings (original maturities three months or less)

 

81

 

(152)

 

(1,073)

 

5,192

 

 

 

(992)

 

5,040

Change in intercompany receivables/payables

 

558

 

1,476

 

(558)

 

(1,476)

 

 

 

 

Proceeds from borrowings issued (original maturities greater than three months)

 

115

 

60

 

15,397

 

9,912

 

 

 

15,512

 

9,972

Payments of borrowings (original maturities greater than three months)

 

(1,061)

 

(116)

 

(9,731)

 

(5,746)

 

 

 

(10,792)

 

(5,862)

Repurchases of common stock

 

(3,227)

 

(4,663)

(3,227)

(4,663)

Capital investment from Equipment Operations

 

(11)

811

11

(811)

17

Dividends paid

 

(1,202)

 

(1,065)

 

(250)

(31)

 

250

31

 

(1,202)

(1,065)

13

Other

 

(37)

 

4

 

(51)

 

(47)

 

 

 

(88)

 

(43)

Net cash provided by (used for) financing activities

 

(4,773)

 

(4,456)

 

3,723

 

8,615

 

261

 

(780)

 

(789)

 

3,379

Effect of Exchange Rate Changes on Cash, Cash Equivalents, and Restricted Cash

 

12

 

108

 

(18)

 

17

 

 

 

(6)

 

125

Net Increase (Decrease) in Cash, Cash Equivalents, and Restricted Cash

 

(341)

 

1,153

 

14

 

684

 

 

 

(327)

 

1,837

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

$

5,414

$

4,934

$

1,879

$

1,844

$

7,293

$

6,778

Components of Cash, Cash Equivalents, and Restricted Cash

Cash and cash equivalents

$

5,385

$

4,858

$

1,619

$

1,718

$

7,004

$

6,576

Cash, cash equivalents, and restricted cash (Assets held for sale)

108

108

Restricted cash (Other assets)

29

76

152

126

181

202

Total Cash, Cash Equivalents, and Restricted Cash

$

5,414

$

4,934

$

1,879

$

1,844

$

7,293

$

6,778

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.

40

Item 3.QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

See our most recently filed Annual Report on Form 10-K (Part II, Item 7A). There have been no material changes in this information.

Item 4.CONTROLS AND PROCEDURES

Our principal executive officer and principal financial officer have concluded that our disclosure controls and procedures (as defined in Rules 13a-15(e) and 15d-15(e) of the Securities Exchange Act of 1934, as amended (the Exchange Act)) were effective as of July 28, 2024, based on the evaluation of these controls and procedures required by Rule 13a-15(b) or 15d-15(b) of the Exchange Act. During the third quarter of 2024, there were no changes that have materially affected or are reasonably likely to materially affect our internal control over financial reporting.

PART II.  OTHER INFORMATION

Item 1.Legal Proceedings

We are subject to various unresolved legal actions, the most prevalent of which relate to product liability (including asbestos-related liability), retail credit, employment, patent, trademark, and antitrust matters. We believe the reasonably possible range of losses for these unresolved legal actions would not have a material effect on our consolidated financial statements.

Item 1A.Risk Factors

See our most recently filed Annual Report on Form 10-K (Part I, Item 1A). The risks described in the Annual Report on Form 10-K, and the “Forward-Looking Statements” in this report, are not the only risks we face. Additional risks and uncertainties may also materially affect our business, financial condition, or operating results. One should not consider the risk factors to be a complete discussion of risks, uncertainties, and assumptions.

Item 2.Unregistered Sales of Equity Securities and Use of Proceeds

Issuer Purchases of Equity Securities

Purchases of our common stock during the third quarter of 2024 were as follows:

    

    

Total Number of

    

    

 

Shares Purchased as

Maximum Number of

 

 

Total Number of

Part of Publicly

Shares that May Yet Be

 

 

Shares

Announced Plans or

Purchased under the

 

 

Purchased

Average Price

Programs (1)

Plans or Programs (1)

 

 

Period

(thousands)

Per Share

(thousands)

(millions)

 

 

Apr 29 to May 26

900

 

$

403.24

900

26.3

May 27 to Jun 23

659

375.46

659

25.7

Jun 24 to Jul 28

537

375.06

537

25.2

Total

2,096

2,096

(1)We have a share repurchase plan that was announced in December 2022 to purchase up to $18.0 billion of shares of our common stock. The maximum number of shares that may yet be purchased under this plan was 25.2 million based on the closing price of our common stock on the New York Stock Exchange as of the end of the third quarter of 2024 of $386.55 per share. At the end of the third quarter of 2024, $9.7 billion of common stock remained to be purchased under this plan.

41

Item 3.Defaults Upon Senior Securities

None.

Item 4.Mine Safety Disclosures

Not applicable.

Item 5.Other Information

None.

Item 6.Exhibits

Certain instruments relating to long-term borrowings constituting less than 10 percent of the registrant’s total assets are not filed as exhibits herewith pursuant to Item 601(b)(4)(iii)(A) of Regulation S-K. The registrant will furnish copies of such instruments to the Commission upon request of the Commission.

3.1

Certificate of Incorporation (Exhibit 3.1 to Form 10-Q of registrant for the quarter ended July 28, 2019, Securities and Exchange Commission File Number 1-4121*)

3.2

Bylaws, as amended (Exhibit 3.2 to Form 10-Q of registrant for the quarter ended July 30, 2023, Securities and Exchange Commission File Number 1-4121*)

31.1

Rule 13a-14(a)/15d-14(a) Certification

31.2

Rule 13a-14(a)/15d-14(a) Certification

32

Section 1350 Certifications (furnished herewith)

101.INS

Inline XBRL Instance Document (the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document)

101.SCH

Inline XBRL Taxonomy Extension Schema Document

101.CAL

Inline XBRL Taxonomy Extension Calculation Linkbase Document

101.DEF

Inline XBRL Taxonomy Extension Definition Linkbase Document

101.LAB

Inline XBRL Taxonomy Extension Label Linkbase Document

101.PRE

Inline XBRL Taxonomy Extension Presentation Linkbase Document

104

Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101)

*Incorporated by reference.

42

SIGNATURES

 

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 thereunto duly authorized.

DEERE & COMPANY

Date:

August 29, 2024

By:

/s/ Joshua A. Jepsen

Joshua A. Jepsen
Senior Vice President and Chief Financial Officer

(Principal Financial Officer and

Principal Accounting Officer)

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