- Strong quarterly operating margins from equipment operations
demonstrate structural improvement near mid-cycle volumes.
- Fleet replenishment moderating as agricultural fundamentals
normalize.
- Full-year net income now forecasted to be $7.50 to $7.75
billion.
MOLINE,
Ill., Feb. 15, 2024 /CNW/ -- Deere & Company
reported net income of $1.751 billion
for the first quarter ended January 28,
2024, or $6.23 per share,
compared with net income of $1.959
billion, or $6.55 per share,
for the quarter ended January 29,
2023.
Worldwide net sales and revenues decreased 4 percent, to
$12.185 billion, in the most recent
quarter. Net sales were $10.486 billion for the quarter, compared
with $11.402 billion in 2023.
"Deere's first-quarter performance underscores the effectiveness
of our Smart Industrial operating model and the dedication of our
workforce, enabling improved performance across economic cycles
that surpasses historical benchmarks," said
John C. May, chairman and chief executive officer.
"Moreover, we remain committed to empowering our customers to
improve their productivity and sustainability through ongoing
investment in the next generation of solutions, as evidenced by our
partnership on satellite communications to expand rural
connectivity announced this quarter."
Company Outlook & Summary
Net income attributable to Deere & Company for fiscal
2024 is forecasted to be in a range of $7.50 billion to $7.75 billion.
"Moving forward, we expect fleet replenishment to moderate as
agricultural fundamentals normalize from record levels in 2022 and
2023," May said. "Regardless of where we are in the cycle, demand
is accelerating for products and solutions that empower our
customers to do more with less, and we are uniquely positioned to
deliver unparalleled value to our customers."
|
|
|
|
|
|
|
|
|
|
Deere & Company
|
|
First
Quarter
|
|
$ in millions, except per share
amounts
|
|
2024
|
|
2023
|
|
% Change
|
|
Net sales and
revenues
|
|
$
|
12,185
|
|
$
|
12,652
|
|
-4 %
|
|
Net income
|
|
$
|
1,751
|
|
$
|
1,959
|
|
-11 %
|
|
Fully diluted
EPS
|
|
$
|
6.23
|
|
$
|
6.55
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Production & Precision
Agriculture
|
|
First
Quarter
|
|
$ in millions
|
|
2024
|
|
2023
|
|
% Change
|
|
Net sales
|
|
$
|
4,849
|
|
$
|
5,198
|
|
-7 %
|
|
Operating
profit
|
|
$
|
1,045
|
|
$
|
1,208
|
|
-13 %
|
|
Operating
margin
|
|
|
21.6 %
|
|
|
23.2 %
|
|
|
|
Production and precision agriculture sales decreased for the
quarter as a result of lower shipment volumes, partially offset by
price realization. Operating profit decreased due to lower shipment
volumes and higher SA&G and R&D expenses, partially offset
by price realization.
|
|
|
|
|
|
|
|
|
|
Small Agriculture & Turf
|
|
First
Quarter
|
|
$ in millions
|
|
2024
|
|
2023
|
|
% Change
|
|
Net sales
|
|
$
|
2,425
|
|
$
|
3,001
|
|
-19 %
|
|
Operating
profit
|
|
$
|
326
|
|
$
|
447
|
|
-27 %
|
|
Operating
margin
|
|
|
13.4 %
|
|
|
14.9 %
|
|
|
|
Small agriculture and turf sales decreased for the quarter as a
result of lower shipment volumes, partially offset by price
realization. Operating profit decreased due to lower shipment
volumes and higher SA&G and R&D expenses. These items were
partially offset by price realization and lower production
costs.
|
|
|
|
|
|
|
|
|
|
Construction & Forestry
|
|
First
Quarter
|
|
$ in millions
|
|
2024
|
|
2023
|
|
% Change
|
|
Net sales
|
|
$
|
3,212
|
|
$
|
3,203
|
|
|
|
Operating
profit
|
|
$
|
566
|
|
$
|
625
|
|
-9 %
|
|
Operating
margin
|
|
|
17.6 %
|
|
|
19.5 %
|
|
|
|
Construction and forestry sales were flat for the quarter, with
positive price realization offset by lower shipment volumes.
Operating profit decreased primarily due to higher production
costs, lower shipment volumes, the unfavorable effects of currency
translation, and higher SA&G and R&D expenses. These items
were partially offset by price realization and a favorable sales
mix.
|
|
|
|
|
|
|
|
|
|
Financial Services
|
|
First
Quarter
|
|
$ in millions
|
|
2024
|
|
2023
|
|
% Change
|
|
Net income
|
|
$
|
207
|
|
$
|
185
|
|
12 %
|
|
Financial services net income for the quarter increased due to
income earned on higher average portfolio balances, partially
offset by less-favorable financing spreads.
|
|
|
|
|
|
|
|
Industry Outlook for Fiscal
2024
|
|
|
|
|
|
Agriculture & Turf
|
|
|
|
|
|
|
|
U.S. &
Canada:
|
|
|
|
|
|
|
|
Large Ag
|
|
|
|
|
|
Down 10 to
15%
|
|
Small Ag &
Turf
|
|
|
|
|
|
Down 5 to
10%
|
|
Europe
|
|
|
|
|
|
Down 10 to
15%
|
|
South America (Tractors
& Combines)
|
|
|
|
|
|
Down ~ 10%
|
|
Asia
|
|
|
|
|
|
Down
moderately
|
|
|
|
|
|
|
|
|
|
Construction & Forestry
|
|
|
|
|
|
|
|
U.S. &
Canada:
|
|
|
|
|
|
|
|
Construction
Equipment
|
|
|
|
|
|
Flat to Down
5%
|
|
Compact Construction
Equipment
|
|
|
|
|
|
Flat
|
|
Global
Forestry
|
|
|
|
|
|
Down ~ 10%
|
|
Global
Roadbuilding
|
|
|
|
|
|
Flat
|
|
|
|
|
|
|
|
|
|
Deere Segment Outlook for Fiscal
2024
|
|
Currency
|
|
Price
|
|
$ in millions
|
|
Net Sales
|
|
Translation
|
|
Realization
|
|
Production &
Precision Ag
|
|
Down ~ 20%
|
|
~ Flat
|
|
+1.5 %
|
|
Small Ag &
Turf
|
|
Down 10 to
15%
|
|
~ Flat
|
|
+1.5 %
|
|
Construction &
Forestry
|
|
Down 5 to
10%
|
|
~ Flat
|
|
+1.5 %
|
|
|
|
|
|
|
|
|
|
Financial
Services
|
|
Net Income
|
|
~$ 770
|
|
|
|
Financial Services. Fiscal-year 2024 net income
attributable to Deere & Company for the financial services
operations is forecast to be approximately $770 million. Results are expected to be higher
than fiscal year 2023 due to income earned on a higher average
portfolio, partially offset by less-favorable financing spreads. A
correction of the accounting treatment for financing incentives
offered to John Deere dealers impacted 2023 financial results. The
cumulative effect of this correction, $173
million pretax ($135 million
after-tax), was recorded in the second quarter of 2023.
FORWARD-LOOKING STATEMENTS
Certain statements contained herein, including in the section
entitled "Company Outlook & Summary," "Industry Outlook," and
"Deere Segment Outlook," relating to future events, expectations,
and trends constitute "forward-looking statements" as defined in
the Private Securities Litigation Reform Act of 1995 and involve
factors that are subject to change, assumptions, risks, and
uncertainties that could cause actual results to differ materially.
Some of these risks and uncertainties could affect all lines of the
company's operations generally while others could more heavily
affect a particular line of business.
Forward-looking statements are based on currently available
information and current assumptions, expectations, and projections
about future events and should not be relied upon. Except as
required by law, the company expressly disclaims any obligation to
update or revise its forward-looking statements. Many factors,
risks, and uncertainties could cause actual results to differ
materially from these forward-looking statements. Among these
factors are risks related to:
- changes 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 emission), and
farming policies;
- political, economic, and social instability of the geographies
in which the company operates, including the ongoing war between
Russia and Ukraine and the war between Israel and Hamas;
- adverse macroeconomic conditions, including unemployment,
inflation, rising interest rates, changes in consumer practices due
to slower economic growth, and regional or global liquidity
constraints;
- worldwide demand for food and different forms of renewable
energy;
- the ability to execute business strategies, including the
company's Smart Industrial Operating Model, Leap Ambitions, and
mergers and acquisitions;
- the ability to understand and meet customers' changing
expectations and demand for John Deere products and solutions;
- accurately forecasting customer demand for products and
services and adequately managing inventory;
- the ability to integrate new technology, including automation
and machine learning, and deliver precision technology and
solutions to customers;
- changes to governmental communications channels (radio
frequency technology);
- the ability to adapt in highly competitive markets;
- dealer practices and their ability to manage distribution of
John Deere products and support and service precision technology
solutions;
- changes in climate patterns, unfavorable weather events, and
natural disasters;
- governmental and other actions designed to address climate
change in connection with a transition to a lower-carbon
economy;
- higher interest rates and currency fluctuations which could
adversely affect the U.S. dollar, customer confidence, access to
capital, and demand for John Deere products and solutions;
- availability and price of raw materials, components, and whole
goods;
- delays or disruptions in the company's supply chain;
- our equipment fails to perform as expected, which could result
in warranty claims, post-sales repairs or recalls, product
liability litigation, and regulatory investigations;
- the ability to attract, develop, engage, and retain qualified
personnel;
- security breaches, cybersecurity attacks, technology failures,
and other disruptions to John Deere information technology
infrastructure and products;
- loss of or challenges to intellectual property rights;
- legislation introduced or enacted that could affect the
company's business model and intellectual property, such as right
to repair or right to modify legislation;
- investigations, claims, lawsuits, or other legal
proceedings;
- events that damage the company's reputation or brand;
- world grain stocks, available farm acres, soil conditions,
harvest yields, prices for commodities and livestock, input costs,
and availability of transport for crops; and
- housing starts and supply, real estate and housing prices,
levels of public and non-residential construction, and
infrastructure investment.
Further information concerning the company and its businesses,
including factors that could materially affect the financial
results, is included in the company's filings with the SEC
(including, but not limited to, the factors discussed in Item 1A.
"Risk Factors" of our most recent Annual Report on Form 10-K and
subsequent Quarterly Reports on Form 10-Q). There also may be other
factors that the company cannot anticipate or that are not
described herein because the company does not currently perceive
them to be material.
DEERE &
COMPANY FIRST QUARTER 2024 PRESS RELEASE
(In millions of dollars) Unaudited
|
|
|
|
Three Months
Ended
|
|
|
|
January 28
|
|
January 29
|
|
%
|
|
|
|
2024
|
|
2023
|
|
Change
|
|
Net sales and
revenues:
|
|
|
|
|
|
|
|
|
|
Production &
precision ag net sales
|
|
$
|
4,849
|
|
$
|
5,198
|
|
-7
|
|
Small ag & turf net
sales
|
|
|
2,425
|
|
|
3,001
|
|
-19
|
|
Construction &
forestry net sales
|
|
|
3,212
|
|
|
3,203
|
|
|
|
Financial services
revenues
|
|
|
1,376
|
|
|
1,040
|
|
+32
|
|
Other
revenues
|
|
|
323
|
|
|
210
|
|
+54
|
|
Total net sales and
revenues
|
|
$
|
12,185
|
|
$
|
12,652
|
|
-4
|
|
|
|
|
|
|
|
|
|
|
|
Operating profit:
*
|
|
|
|
|
|
|
|
|
|
Production &
precision ag
|
|
$
|
1,045
|
|
$
|
1,208
|
|
-13
|
|
Small ag &
turf
|
|
|
326
|
|
|
447
|
|
-27
|
|
Construction &
forestry
|
|
|
566
|
|
|
625
|
|
-9
|
|
Financial
services
|
|
|
257
|
|
|
238
|
|
+8
|
|
Total operating
profit
|
|
|
2,194
|
|
|
2,518
|
|
-13
|
|
Reconciling items
**
|
|
|
26
|
|
|
(22)
|
|
|
|
Income taxes
|
|
|
(469)
|
|
|
(537)
|
|
-13
|
|
Net income
attributable to Deere & Company
|
|
$
|
1,751
|
|
$
|
1,959
|
|
-11
|
|
|
|
*
|
Operating profit is
income from continuing operations before corporate expenses,
certain external interest expense, certain foreign exchange gains
and losses, and income taxes. Operating profit for financial
services includes the effect of interest expense and foreign
exchange gains or losses.
|
|
|
**
|
Reconciling items are
primarily corporate expenses, certain interest income and expenses,
certain foreign exchange gains and losses, pension and
postretirement benefit costs excluding the service cost component,
equity in income of unconsolidated affiliates, and net income
attributable to noncontrolling interests.
|
DEERE &
COMPANY STATEMENTS OF CONSOLIDATED INCOME
For the Three Months Ended January 28, 2024 and January 29,
2023
(In millions of dollars and shares except per share amounts)
Unaudited
|
|
|
|
2024
|
|
2023
|
Net Sales and Revenues
|
|
|
|
|
|
|
Net sales
|
|
$
|
10,486
|
|
$
|
11,402
|
Finance and interest
income
|
|
|
1,360
|
|
|
994
|
Other income
|
|
|
339
|
|
|
256
|
Total
|
|
|
12,185
|
|
|
12,652
|
|
|
|
|
|
|
|
Costs and Expenses
|
|
|
|
|
|
|
Cost of
sales
|
|
|
7,200
|
|
|
7,934
|
Research and
development expenses
|
|
|
533
|
|
|
495
|
Selling, administrative
and general expenses
|
|
|
1,066
|
|
|
952
|
Interest
expense
|
|
|
802
|
|
|
479
|
Other operating
expenses
|
|
|
369
|
|
|
299
|
Total
|
|
|
9,970
|
|
|
10,159
|
|
|
|
|
|
|
|
Income of Consolidated Group before Income
Taxes
|
|
|
2,215
|
|
|
2,493
|
Provision for income
taxes
|
|
|
469
|
|
|
537
|
|
|
|
|
|
|
|
Income of Consolidated Group
|
|
|
1,746
|
|
|
1,956
|
Equity in income of
unconsolidated affiliates
|
|
|
2
|
|
|
1
|
|
|
|
|
|
|
|
Net Income
|
|
|
1,748
|
|
|
1,957
|
Less: Net loss
attributable to noncontrolling interests
|
|
|
(3)
|
|
|
(2)
|
Net Income Attributable to Deere &
Company
|
|
$
|
1,751
|
|
$
|
1,959
|
|
|
|
|
|
|
|
Per Share Data
|
|
|
|
|
|
|
Basic
|
|
$
|
6.25
|
|
$
|
6.58
|
Diluted
|
|
|
6.23
|
|
|
6.55
|
Dividends
declared
|
|
|
1.47
|
|
|
1.20
|
Dividends
paid
|
|
|
1.35
|
|
|
1.13
|
|
|
|
|
|
|
|
Average Shares Outstanding
|
|
|
|
|
|
|
Basic
|
|
|
279.9
|
|
|
297.6
|
Diluted
|
|
|
281.1
|
|
|
299.1
|
|
|
|
See Condensed Notes to
Interim Consolidated Financial Statements.
|
DEERE &
COMPANY CONDENSED CONSOLIDATED BALANCE SHEETS
(In millions of dollars) Unaudited
|
|
|
|
January 28
|
|
October 29
|
|
January 29
|
|
|
2024
|
|
2023
|
|
2023
|
Assets
|
|
|
|
|
|
|
|
|
|
Cash and cash
equivalents
|
|
$
|
5,137
|
|
$
|
7,458
|
|
$
|
3,976
|
Marketable
securities
|
|
|
1,136
|
|
|
946
|
|
|
852
|
Trade accounts and
notes receivable – net
|
|
|
7,795
|
|
|
7,739
|
|
|
7,609
|
Financing receivables –
net
|
|
|
43,708
|
|
|
43,673
|
|
|
36,882
|
Financing receivables
securitized – net
|
|
|
6,400
|
|
|
7,335
|
|
|
5,089
|
Other
receivables
|
|
|
2,017
|
|
|
2,623
|
|
|
1,992
|
Equipment on operating
leases – net
|
|
|
6,751
|
|
|
6,917
|
|
|
6,502
|
Inventories
|
|
|
8,937
|
|
|
8,160
|
|
|
10,056
|
Property and equipment
– net
|
|
|
6,914
|
|
|
6,879
|
|
|
6,212
|
Goodwill
|
|
|
3,966
|
|
|
3,900
|
|
|
3,891
|
Other intangible assets
– net
|
|
|
1,112
|
|
|
1,133
|
|
|
1,255
|
Retirement
benefits
|
|
|
3,087
|
|
|
3,007
|
|
|
3,793
|
Deferred income
taxes
|
|
|
1,833
|
|
|
1,814
|
|
|
914
|
Other assets
|
|
|
2,578
|
|
|
2,503
|
|
|
2,597
|
Total Assets
|
|
$
|
101,371
|
|
$
|
104,087
|
|
$
|
91,620
|
|
|
|
|
|
|
|
|
|
|
Liabilities and Stockholders'
Equity
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Liabilities
|
|
|
|
|
|
|
|
|
|
Short-term
borrowings
|
|
$
|
17,117
|
|
$
|
17,939
|
|
$
|
14,129
|
Short-term
securitization borrowings
|
|
|
6,116
|
|
|
6,995
|
|
|
4,864
|
Accounts payable and
accrued expenses
|
|
|
13,361
|
|
|
16,130
|
|
|
13,108
|
Deferred income
taxes
|
|
|
550
|
|
|
520
|
|
|
519
|
Long-term
borrowings
|
|
|
39,933
|
|
|
38,477
|
|
|
35,071
|
Retirement benefits and
other liabilities
|
|
|
2,115
|
|
|
2,140
|
|
|
2,493
|
Total
liabilities
|
|
|
79,192
|
|
|
82,201
|
|
|
70,184
|
|
|
|
|
|
|
|
|
|
|
Redeemable
noncontrolling interest
|
|
|
100
|
|
|
97
|
|
|
100
|
|
|
|
|
|
|
|
|
|
|
Stockholders' Equity
|
|
|
|
|
|
|
|
|
|
Total Deere &
Company stockholders' equity
|
|
|
22,075
|
|
|
21,785
|
|
|
21,332
|
Noncontrolling
interests
|
|
|
4
|
|
|
4
|
|
|
4
|
Total stockholders'
equity
|
|
|
22,079
|
|
|
21,789
|
|
|
21,336
|
Total Liabilities and Stockholders'
Equity
|
|
$
|
101,371
|
|
$
|
104,087
|
|
$
|
91,620
|
|
|
|
See Condensed Notes to
Interim Consolidated Financial Statements.
|
DEERE &
COMPANY STATEMENTS OF CONSOLIDATED CASH FLOWS
For the Three Months Ended January 28, 2024 and January 29,
2023
(In millions of dollars) Unaudited
|
|
|
|
2024
|
|
2023
|
Cash Flows from Operating
Activities
|
|
|
|
|
|
|
Net income
|
|
$
|
1,748
|
|
$
|
1,957
|
Adjustments to
reconcile net income to net cash used for
operating activities:
|
|
|
|
|
|
|
Provision (credit) for
credit losses
|
|
|
31
|
|
|
(130)
|
Provision for
depreciation and amortization
|
|
|
520
|
|
|
494
|
Share-based
compensation expense
|
|
|
46
|
|
|
23
|
Provision (credit) for
deferred income taxes
|
|
|
27
|
|
|
(56)
|
Changes in assets and
liabilities:
|
|
|
|
|
|
|
Receivables related to
sales
|
|
|
(277)
|
|
|
(1,015)
|
Inventories
|
|
|
(723)
|
|
|
(1,279)
|
Accounts payable and
accrued expenses
|
|
|
(2,327)
|
|
|
(1,577)
|
Accrued income taxes
payable/receivable
|
|
|
183
|
|
|
199
|
Retirement
benefits
|
|
|
(129)
|
|
|
(48)
|
Other
|
|
|
(7)
|
|
|
186
|
Net cash used for
operating activities
|
|
|
(908)
|
|
|
(1,246)
|
|
|
|
|
|
|
|
Cash Flows from Investing
Activities
|
|
|
|
|
|
|
Collections of
receivables (excluding receivables related to sales)
|
|
|
7,752
|
|
|
7,198
|
Proceeds from sales of
equipment on operating leases
|
|
|
506
|
|
|
497
|
Cost of receivables
acquired (excluding receivables related to sales)
|
|
|
(6,447)
|
|
|
(6,322)
|
Purchases of property
and equipment
|
|
|
(362)
|
|
|
(315)
|
Cost of equipment on
operating leases acquired
|
|
|
(454)
|
|
|
(497)
|
Collateral on
derivatives – net
|
|
|
310
|
|
|
345
|
Other
|
|
|
(88)
|
|
|
(146)
|
Net cash provided by
investing activities
|
|
|
1,217
|
|
|
760
|
|
|
|
|
|
|
|
Cash Flows from Financing
Activities
|
|
|
|
|
|
|
Net proceeds (payments)
in short-term borrowings (original maturities three months or
less)
|
|
|
(2,951)
|
|
|
697
|
Proceeds from
borrowings issued (original maturities greater than three
months)
|
|
|
5,287
|
|
|
2,505
|
Payments of borrowings
(original maturities greater than three months)
|
|
|
(3,237)
|
|
|
(1,925)
|
Repurchases of common
stock
|
|
|
(1,328)
|
|
|
(1,257)
|
Dividends
paid
|
|
|
(386)
|
|
|
(341)
|
Other
|
|
|
(30)
|
|
|
(18)
|
Net cash used for
financing activities
|
|
|
(2,645)
|
|
|
(339)
|
|
|
|
|
|
|
|
Effect of Exchange Rate Changes on Cash, Cash
Equivalents, and Restricted Cash
|
|
|
16
|
|
|
62
|
|
|
|
|
|
|
|
Net Decrease in Cash, Cash Equivalents, and
Restricted Cash
|
|
|
(2,320)
|
|
|
(763)
|
Cash, Cash Equivalents, and Restricted Cash at
Beginning of Period
|
|
|
7,620
|
|
|
4,941
|
Cash, Cash Equivalents, and Restricted Cash at End of
Period
|
|
$
|
5,300
|
|
$
|
4,178
|
|
|
|
See Condensed Notes to
Interim Consolidated Financial Statements.
|
|
DEERE & COMPANY
|
Condensed Notes to
Interim Consolidated Financial Statements
|
(In millions of
dollars) Unaudited
|
|
(1)
|
The consolidated
financial statements represent the consolidation of all Deere &
Company's subsidiaries. The supplemental consolidating data is
presented for informational purposes. Transactions between the
equipment operations and financial services have been eliminated to
arrive at the consolidated financial statements. In the
supplemental consolidating data in Note 2 to the financial
statements, the "Equipment Operations" represents the enterprise
without "Financial Services", which include the company's
production and precision agriculture operations, small agriculture
and turf operations, and construction and forestry operations, and
other corporate assets, liabilities, revenues, and expenses not
reflected within "Financial Services."
|
DEERE &
COMPANY (2) SUPPLEMENTAL CONSOLIDATING DATA
STATEMENTS OF INCOME
For the Three Months Ended January 28, 2024 and January 29,
2023
(In millions of dollars) Unaudited
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
EQUIPMENT
|
|
FINANCIAL
|
|
|
|
|
|
|
|
|
OPERATIONS
|
|
SERVICES
|
|
ELIMINATIONS
|
|
CONSOLIDATED
|
|
|
|
|
2024
|
|
2023
|
|
2024
|
|
2023
|
|
2024
|
|
2023
|
|
2024
|
|
2023
|
|
|
Net Sales and Revenues
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net sales
|
|
$
|
10,486
|
|
$
|
11,402
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
10,486
|
|
$
|
11,402
|
|
|
Finance and interest
income
|
|
|
157
|
|
|
114
|
|
$
|
1,433
|
|
$
|
1,067
|
|
$
|
(230)
|
|
$
|
(187)
|
|
|
1,360
|
|
|
994
|
1
|
|
Other income
|
|
|
289
|
|
|
234
|
|
|
119
|
|
|
177
|
|
|
(69)
|
|
|
(155)
|
|
|
339
|
|
|
256
|
2, 3
|
|
Total
|
|
|
10,932
|
|
|
11,750
|
|
|
1,552
|
|
|
1,244
|
|
|
(299)
|
|
|
(342)
|
|
|
12,185
|
|
|
12,652
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Costs and Expenses
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of
sales
|
|
|
7,207
|
|
|
7,940
|
|
|
|
|
|
|
|
|
(7)
|
|
|
(6)
|
|
|
7,200
|
|
|
7,934
|
4
|
|
Research and
development expenses
|
|
|
533
|
|
|
495
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
533
|
|
|
495
|
|
|
Selling, administrative
and general expenses
|
|
|
876
|
|
|
783
|
|
|
192
|
|
|
172
|
|
|
(2)
|
|
|
(3)
|
|
|
1,066
|
|
|
952
|
4
|
|
Interest
expense
|
|
|
108
|
|
|
101
|
|
|
762
|
|
|
442
|
|
|
(68)
|
|
|
(64)
|
|
|
802
|
|
|
479
|
1
|
|
Interest compensation
to Financial Services
|
|
|
162
|
|
|
123
|
|
|
|
|
|
|
|
|
(162)
|
|
|
(123)
|
|
|
|
|
|
|
1
|
|
Other operating
expenses
|
|
|
90
|
|
|
53
|
|
|
339
|
|
|
392
|
|
|
(60)
|
|
|
(146)
|
|
|
369
|
|
|
299
|
3, 5
|
|
Total
|
|
|
8,976
|
|
|
9,495
|
|
|
1,293
|
|
|
1,006
|
|
|
(299)
|
|
|
(342)
|
|
|
9,970
|
|
|
10,159
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income before Income Taxes
|
|
|
1,956
|
|
|
2,255
|
|
|
259
|
|
|
238
|
|
|
|
|
|
|
|
|
2,215
|
|
|
2,493
|
|
|
Provision for income
taxes
|
|
|
416
|
|
|
483
|
|
|
53
|
|
|
54
|
|
|
|
|
|
|
|
|
469
|
|
|
537
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income after Income Taxes
|
|
|
1,540
|
|
|
1,772
|
|
|
206
|
|
|
184
|
|
|
|
|
|
|
|
|
1,746
|
|
|
1,956
|
|
|
Equity in income of
unconsolidated affiliates
|
|
|
1
|
|
|
|
|
|
1
|
|
|
1
|
|
|
|
|
|
|
|
|
2
|
|
|
1
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Income
|
|
|
1,541
|
|
|
1,772
|
|
|
207
|
|
|
185
|
|
|
|
|
|
|
|
|
1,748
|
|
|
1,957
|
|
|
Less: Net loss
attributable to noncontrolling interests
|
|
|
(3)
|
|
|
(2)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(3)
|
|
|
(2)
|
|
|
Net Income Attributable to
Deere & Company
|
|
$
|
1,544
|
|
$
|
1,774
|
|
$
|
207
|
|
$
|
185
|
|
|
|
|
|
|
|
$
|
1,751
|
|
$
|
1,959
|
|
|
|
|
1
|
Elimination of
intercompany interest income and expense.
|
2
|
Elimination of
Equipment Operations' margin from inventory transferred to
equipment on operating leases.
|
3
|
Elimination of income
and expense between Equipment Operations and Financial Services
related to intercompany guarantees of investments in certain
international markets and intercompany service revenues and
expenses.
|
4
|
Elimination of
intercompany service fees.
|
5
|
Elimination of
Financial Services' lease depreciation expense related to inventory
transferred to equipment on operating leases.
|
DEERE &
COMPANY SUPPLEMENTAL CONSOLIDATING DATA (Continued)
CONDENSED BALANCE SHEETS
(In millions of dollars) Unaudited
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
EQUIPMENT
|
|
FINANCIAL
|
|
|
|
|
|
|
|
|
OPERATIONS
|
|
SERVICES
|
|
ELIMINATIONS
|
|
CONSOLIDATED
|
|
|
|
|
Jan 28
|
|
Oct 29
|
|
Jan 29
|
|
Jan 28
|
|
Oct 29
|
|
Jan 29
|
|
Jan 28
|
|
Oct 29
|
|
Jan 29
|
|
Jan 28
|
|
Oct 29
|
|
Jan 29
|
|
|
|
|
2024
|
|
2023
|
|
2023
|
|
2024
|
|
2023
|
|
2023
|
|
2024
|
|
2023
|
|
2023
|
|
2024
|
|
2023
|
|
2023
|
|
|
Assets
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash and cash
equivalents
|
|
$
|
3,467
|
|
$
|
5,720
|
|
$
|
2,665
|
|
$
|
1,670
|
|
$
|
1,738
|
|
$
|
1,311
|
|
|
|
|
|
|
|
|
|
|
$
|
5,137
|
|
$
|
7,458
|
|
$
|
3,976
|
|
|
Marketable
securities
|
|
|
147
|
|
|
104
|
|
|
18
|
|
|
989
|
|
|
842
|
|
|
834
|
|
|
|
|
|
|
|
|
|
|
|
1,136
|
|
|
946
|
|
|
852
|
|
|
Receivables from
Financial Services
|
|
|
4,296
|
|
|
4,516
|
|
|
5,348
|
|
|
|
|
|
|
|
|
|
|
$
|
(4,296)
|
|
$
|
(4,516)
|
|
$
|
(5,348)
|
|
|
|
|
|
|
|
|
|
6
|
|
Trade accounts and
notes receivable – net
|
|
|
1,093
|
|
|
1,320
|
|
|
1,342
|
|
|
9,167
|
|
|
8,687
|
|
|
7,827
|
|
|
(2,465)
|
|
|
(2,268)
|
|
|
(1,560)
|
|
|
7,795
|
|
|
7,739
|
|
|
7,609
|
7
|
|
Financing receivables –
net
|
|
|
72
|
|
|
64
|
|
|
51
|
|
|
43,636
|
|
|
43,609
|
|
|
36,831
|
|
|
|
|
|
|
|
|
|
|
|
43,708
|
|
|
43,673
|
|
|
36,882
|
|
|
Financing receivables
securitized – net
|
|
|
|
|
|
|
|
|
|
|
|
6,400
|
|
|
7,335
|
|
|
5,089
|
|
|
|
|
|
|
|
|
|
|
|
6,400
|
|
|
7,335
|
|
|
5,089
|
|
|
Other
receivables
|
|
|
1,515
|
|
|
1,813
|
|
|
1,583
|
|
|
559
|
|
|
869
|
|
|
489
|
|
|
(57)
|
|
|
(59)
|
|
|
(80)
|
|
|
2,017
|
|
|
2,623
|
|
|
1,992
|
7
|
|
Equipment on operating
leases – net
|
|
|
|
|
|
|
|
|
|
|
|
6,751
|
|
|
6,917
|
|
|
6,502
|
|
|
|
|
|
|
|
|
|
|
|
6,751
|
|
|
6,917
|
|
|
6,502
|
|
|
Inventories
|
|
|
8,937
|
|
|
8,160
|
|
|
10,056
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
8,937
|
|
|
8,160
|
|
|
10,056
|
|
|
Property and equipment
– net
|
|
|
6,879
|
|
|
6,843
|
|
|
6,178
|
|
|
35
|
|
|
36
|
|
|
34
|
|
|
|
|
|
|
|
|
|
|
|
6,914
|
|
|
6,879
|
|
|
6,212
|
|
|
Goodwill
|
|
|
3,966
|
|
|
3,900
|
|
|
3,891
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
3,966
|
|
|
3,900
|
|
|
3,891
|
|
|
Other intangible assets
– net
|
|
|
1,112
|
|
|
1,133
|
|
|
1,255
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,112
|
|
|
1,133
|
|
|
1,255
|
|
|
Retirement
benefits
|
|
|
3,013
|
|
|
2,936
|
|
|
3,728
|
|
|
75
|
|
|
72
|
|
|
67
|
|
|
(1)
|
|
|
(1)
|
|
|
(2)
|
|
|
3,087
|
|
|
3,007
|
|
|
3,793
|
8
|
|
Deferred income
taxes
|
|
|
2,133
|
|
|
2,133
|
|
|
1,015
|
|
|
72
|
|
|
68
|
|
|
53
|
|
|
(372)
|
|
|
(387)
|
|
|
(154)
|
|
|
1,833
|
|
|
1,814
|
|
|
914
|
9
|
|
Other assets
|
|
|
2,058
|
|
|
1,948
|
|
|
1,936
|
|
|
546
|
|
|
559
|
|
|
684
|
|
|
(26)
|
|
|
(4)
|
|
|
(23)
|
|
|
2,578
|
|
|
2,503
|
|
|
2,597
|
|
|
Total Assets
|
|
$
|
38,688
|
|
$
|
40,590
|
|
$
|
39,066
|
|
$
|
69,900
|
|
$
|
70,732
|
|
$
|
59,721
|
|
$
|
(7,217)
|
|
$
|
(7,235)
|
|
$
|
(7,167)
|
|
$
|
101,371
|
|
$
|
104,087
|
|
$
|
91,620
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Liabilities and
Stockholders' Equity
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Liabilities
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Short-term
borrowings
|
|
$
|
1,203
|
|
$
|
1,230
|
|
$
|
969
|
|
$
|
15,914
|
|
$
|
16,709
|
|
$
|
13,160
|
|
|
|
|
|
|
|
|
|
|
$
|
17,117
|
|
$
|
17,939
|
|
$
|
14,129
|
|
|
Short-term
securitization borrowings
|
|
|
|
|
|
|
|
|
|
|
|
6,116
|
|
|
6,995
|
|
|
4,864
|
|
|
|
|
|
|
|
|
|
|
|
6,116
|
|
|
6,995
|
|
|
4,864
|
|
|
Payables to Equipment
Operations
|
|
|
|
|
|
|
|
|
|
|
|
4,296
|
|
|
4,516
|
|
|
5,348
|
|
$
|
(4,296)
|
|
$
|
(4,516)
|
|
$
|
(5,348)
|
|
|
|
|
|
|
|
|
|
6
|
|
Accounts payable and
accrued expenses
|
|
|
12,677
|
|
|
14,862
|
|
|
11,819
|
|
|
3,232
|
|
|
3,599
|
|
|
2,952
|
|
|
(2,548)
|
|
|
(2,331)
|
|
|
(1,663)
|
|
|
13,361
|
|
|
16,130
|
|
|
13,108
|
7
|
|
Deferred income
taxes
|
|
|
478
|
|
|
452
|
|
|
404
|
|
|
444
|
|
|
455
|
|
|
269
|
|
|
(372)
|
|
|
(387)
|
|
|
(154)
|
|
|
550
|
|
|
520
|
|
|
519
|
9
|
|
Long-term
borrowings
|
|
|
7,270
|
|
|
7,210
|
|
|
8,155
|
|
|
32,663
|
|
|
31,267
|
|
|
26,916
|
|
|
|
|
|
|
|
|
|
|
|
39,933
|
|
|
38,477
|
|
|
35,071
|
|
|
Retirement benefits and
other liabilities
|
|
|
2,006
|
|
|
2,032
|
|
|
2,384
|
|
|
110
|
|
|
109
|
|
|
111
|
|
|
(1)
|
|
|
(1)
|
|
|
(2)
|
|
|
2,115
|
|
|
2,140
|
|
|
2,493
|
8
|
|
Total
liabilities
|
|
|
23,634
|
|
|
25,786
|
|
|
23,731
|
|
|
62,775
|
|
|
63,650
|
|
|
53,620
|
|
|
(7,217)
|
|
|
(7,235)
|
|
|
(7,167)
|
|
|
79,192
|
|
|
82,201
|
|
|
70,184
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Redeemable
noncontrolling interest
|
|
|
100
|
|
|
97
|
|
|
100
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
100
|
|
|
97
|
|
|
100
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Stockholders' Equity
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Deere &
Company stockholders' equity
|
|
|
22,075
|
|
|
21,785
|
|
|
21,332
|
|
|
7,125
|
|
|
7,082
|
|
|
6,101
|
|
|
(7,125)
|
|
|
(7,082)
|
|
|
(6,101)
|
|
|
22,075
|
|
|
21,785
|
|
|
21,332
|
10
|
|
Noncontrolling
interests
|
|
|
4
|
|
|
4
|
|
|
4
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
4
|
|
|
4
|
|
|
4
|
|
|
Financial Services'
equity
|
|
|
(7,125)
|
|
|
(7,082)
|
|
|
(6,101)
|
|
|
|
|
|
|
|
|
|
|
|
7,125
|
|
|
7,082
|
|
|
6,101
|
|
|
|
|
|
|
|
|
|
10
|
|
Adjusted total
stockholders' equity
|
|
|
14,954
|
|
|
14,707
|
|
|
15,235
|
|
|
7,125
|
|
|
7,082
|
|
|
6,101
|
|
|
|
|
|
|
|
|
|
|
|
22,079
|
|
|
21,789
|
|
|
21,336
|
|
|
Total Liabilities and Stockholders'
Equity
|
|
$
|
38,688
|
|
$
|
40,590
|
|
$
|
39,066
|
|
$
|
69,900
|
|
$
|
70,732
|
|
$
|
59,721
|
|
$
|
(7,217)
|
|
$
|
(7,235)
|
|
$
|
(7,167)
|
|
$
|
101,371
|
|
$
|
104,087
|
|
$
|
91,620
|
|
|
|
|
6
|
Elimination of
receivables / payables between Equipment Operations and Financial
Services.
|
7
|
Primarily
reclassification of sales incentive accruals on receivables sold to
Financial Services.
|
8
|
Reclassification of net
pension assets / liabilities.
|
9
|
Reclassification of
deferred tax assets / liabilities in the same taxing
jurisdictions.
|
10
|
Elimination of
Financial Services' equity.
|
DEERE &
COMPANY SUPPLEMENTAL CONSOLIDATING DATA (Continued)
STATEMENTS OF CASH FLOWS
For the Three Months Ended January 28, 2024 and January 29,
2023
(In millions of dollars) Unaudited
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
EQUIPMENT
|
|
FINANCIAL
|
|
|
|
|
|
|
|
|
OPERATIONS
|
|
SERVICES
|
|
ELIMINATIONS
|
|
CONSOLIDATED
|
|
|
|
|
2024
|
|
2023
|
|
2024
|
|
2023
|
|
2024
|
|
2023
|
|
2024
|
|
2023
|
|
|
Cash Flows from Operating
Activities
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income
|
|
$
|
1,541
|
|
$
|
1,772
|
|
$
|
207
|
|
$
|
185
|
|
|
|
|
|
|
|
$
|
1,748
|
|
$
|
1,957
|
|
|
Adjustments to
reconcile net income to net cash provided by (used for) operating
activities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Provision (credit) for
credit losses
|
|
|
(2)
|
|
|
1
|
|
|
33
|
|
|
(131)
|
|
|
|
|
|
|
|
|
31
|
|
|
(130)
|
|
|
Provision for
depreciation and amortization
|
|
|
302
|
|
|
279
|
|
|
254
|
|
|
252
|
|
$
|
(36)
|
|
$
|
(37)
|
|
|
520
|
|
|
494
|
11
|
|
Share-based
compensation expense
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
46
|
|
|
23
|
|
|
46
|
|
|
23
|
12
|
|
Distributed earnings
of Financial Services
|
|
|
233
|
|
|
3
|
|
|
|
|
|
|
|
|
(233)
|
|
|
(3)
|
|
|
|
|
|
|
13
|
|
Provision (credit) for
deferred income taxes
|
|
|
48
|
|
|
(39)
|
|
|
(21)
|
|
|
(17)
|
|
|
|
|
|
|
|
|
27
|
|
|
(56)
|
|
|
Changes in assets and
liabilities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Receivables related to
sales
|
|
|
209
|
|
|
(23)
|
|
|
|
|
|
|
|
|
(486)
|
|
|
(992)
|
|
|
(277)
|
|
|
(1,015)
|
14, 16
|
|
Inventories
|
|
|
(687)
|
|
|
(1,254)
|
|
|
|
|
|
|
|
|
(36)
|
|
|
(25)
|
|
|
(723)
|
|
|
(1,279)
|
15
|
|
Accounts payable and
accrued expenses
|
|
|
(2,155)
|
|
|
(1,458)
|
|
|
25
|
|
|
145
|
|
|
(197)
|
|
|
(264)
|
|
|
(2,327)
|
|
|
(1,577)
|
16
|
|
Accrued income taxes
payable/receivable
|
|
|
165
|
|
|
192
|
|
|
18
|
|
|
7
|
|
|
|
|
|
|
|
|
183
|
|
|
199
|
|
|
Retirement
benefits
|
|
|
(127)
|
|
|
(49)
|
|
|
(2)
|
|
|
1
|
|
|
|
|
|
|
|
|
(129)
|
|
|
(48)
|
|
|
Other
|
|
|
(46)
|
|
|
17
|
|
|
61
|
|
|
163
|
|
|
(22)
|
|
|
6
|
|
|
(7)
|
|
|
186
|
11, 12, 15
|
|
Net cash provided by
(used for) operating activities
|
|
|
(519)
|
|
|
(559)
|
|
|
575
|
|
|
605
|
|
|
(964)
|
|
|
(1,292)
|
|
|
(908)
|
|
|
(1,246)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash Flows from Investing
Activities
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Collections of
receivables (excluding receivables
related to sales)
|
|
|
|
|
|
|
|
|
8,007
|
|
|
7,495
|
|
|
(255)
|
|
|
(297)
|
|
|
7,752
|
|
|
7,198
|
14
|
|
Proceeds from sales of
equipment on operating leases
|
|
|
|
|
|
|
|
|
506
|
|
|
497
|
|
|
|
|
|
|
|
|
506
|
|
|
497
|
|
|
Cost of receivables
acquired (excluding receivables
related to sales)
|
|
|
|
|
|
|
|
|
(6,513)
|
|
|
(6,375)
|
|
|
66
|
|
|
53
|
|
|
(6,447)
|
|
|
(6,322)
|
14
|
|
Purchases of property
and equipment
|
|
|
(362)
|
|
|
(315)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(362)
|
|
|
(315)
|
|
|
Cost of equipment on
operating leases acquired
|
|
|
|
|
|
|
|
|
(503)
|
|
|
(531)
|
|
|
49
|
|
|
34
|
|
|
(454)
|
|
|
(497)
|
15
|
|
Decrease in investment
in Financial Services
|
|
|
10
|
|
|
|
|
|
|
|
|
|
|
|
(10)
|
|
|
|
|
|
|
|
|
|
17
|
|
Increase in trade and
wholesale receivables
|
|
|
|
|
|
|
|
|
(871)
|
|
|
(1,499)
|
|
|
871
|
|
|
1,499
|
|
|
|
|
|
|
14
|
|
Collateral on
derivatives – net
|
|
|
|
|
|
|
|
|
310
|
|
|
345
|
|
|
|
|
|
|
|
|
310
|
|
|
345
|
|
|
Other
|
|
|
10
|
|
|
(9)
|
|
|
(98)
|
|
|
(137)
|
|
|
|
|
|
|
|
|
(88)
|
|
|
(146)
|
|
|
Net cash provided by
(used for) investing activities
|
|
|
(342)
|
|
|
(324)
|
|
|
838
|
|
|
(205)
|
|
|
721
|
|
|
1,289
|
|
|
1,217
|
|
|
760
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash Flows from Financing
Activities
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net proceeds (payments)
in short-term borrowings (original maturities three months or
less)
|
|
|
78
|
|
|
(136)
|
|
|
(3,029)
|
|
|
833
|
|
|
|
|
|
|
|
|
(2,951)
|
|
|
697
|
|
|
Change in intercompany
receivables/payables
|
|
|
288
|
|
|
1,469
|
|
|
(288)
|
|
|
(1,469)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Proceeds from
borrowings issued (original maturities greater than three
months)
|
|
|
11
|
|
|
1
|
|
|
5,276
|
|
|
2,504
|
|
|
|
|
|
|
|
|
5,287
|
|
|
2,505
|
|
|
Payments of borrowings
(original maturities greater than three months)
|
|
|
(40)
|
|
|
|
|
|
(3,197)
|
|
|
(1,925)
|
|
|
|
|
|
|
|
|
(3,237)
|
|
|
(1,925)
|
|
|
Repurchases of common
stock
|
|
|
(1,328)
|
|
|
(1,257)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1,328)
|
|
|
(1,257)
|
|
|
Capital investment from
Equipment Operations
|
|
|
|
|
|
|
|
|
(10)
|
|
|
|
|
|
10
|
|
|
|
|
|
|
|
|
|
17
|
|
Dividends
paid
|
|
|
(386)
|
|
|
(341)
|
|
|
(233)
|
|
|
(3)
|
|
|
233
|
|
|
3
|
|
|
(386)
|
|
|
(341)
|
13
|
|
Other
|
|
|
(22)
|
|
|
(6)
|
|
|
(8)
|
|
|
(12)
|
|
|
|
|
|
|
|
|
(30)
|
|
|
(18)
|
|
|
Net cash used for
financing activities
|
|
|
(1,399)
|
|
|
(270)
|
|
|
(1,489)
|
|
|
(72)
|
|
|
243
|
|
|
3
|
|
|
(2,645)
|
|
|
(339)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Effect of Exchange Rate Changes on Cash, Cash
Equivalents, and Restricted Cash
|
|
|
11
|
|
|
48
|
|
|
5
|
|
|
14
|
|
|
|
|
|
|
|
|
16
|
|
|
62
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Increase (Decrease) in Cash, Cash Equivalents,
and Restricted Cash
|
|
|
(2,249)
|
|
|
(1,105)
|
|
|
(71)
|
|
|
342
|
|
|
|
|
|
|
|
|
(2,320)
|
|
|
(763)
|
|
|
Cash, Cash Equivalents, and Restricted Cash at
Beginning of Period
|
|
|
5,755
|
|
|
3,781
|
|
|
1,865
|
|
|
1,160
|
|
|
|
|
|
|
|
|
7,620
|
|
|
4,941
|
|
|
Cash, Cash Equivalents, and Restricted Cash at
End of Period
|
|
$
|
3,506
|
|
$
|
2,676
|
|
$
|
1,794
|
|
$
|
1,502
|
|
|
|
|
|
|
|
$
|
5,300
|
|
$
|
4,178
|
|
|
|
|
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.
|
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SOURCE John Deere Company