0000315189falseDEERE & CO0000315189us-gaap:CommonStockMember2024-02-152024-02-150000315189de:Debentures6.55PercentDue2028Member2024-02-152024-02-1500003151892024-02-152024-02-15

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

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

Date of Report: February 15, 2024

(Date of earliest event reported)

DEERE & COMPANY

(Exact name of registrant as specified in its charter)

Delaware

1-4121

36-2382580

(State or other jurisdiction of incorporation)

(Commission File Number)

(IRS Employer Identification No.)

One John Deere Place

MolineIllinois 61265

(Address of principal executive offices and zip code)

(309) 765-8000

(Registrant’s telephone number, including area code)

___________________________________________________

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

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

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

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

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

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

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

Title of each class

Trading symbol

Name of each exchange on which registered

Common stock, $1 par value

DE

New York Stock Exchange

6.55% Debentures Due 2028

DE28

New York Stock Exchange

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.

Item 2.02Results of Operations and Financial Condition

On Thursday, February 15, 2024, Deere & Company (the “Company”) issued a press release announcing its results of operations for the first quarter of fiscal 2024. A copy of the press release is furnished herewith as Exhibit 99.1 and is incorporated herein by reference.

Item 7.01Regulation FD

On Thursday, February 15, 2024, the Company made available a presentation providing a review of its first quarter of fiscal 2024 in connection with its investor earnings call. A copy of the presentation is furnished herewith as Exhibit 99.2 and is incorporated herein by reference.

Item 9.01Financial Statements and Exhibits

(d)Exhibits

Number

Description of Exhibit

99.1

Press Release and Supplemental Financial Information (Furnished herewith)

99.2

First Quarter 2024 Earnings Conference Call Information (Furnished herewith)

104

Cover Page Interactive Data File (the cover page XBRL tags are imbedded in the Inline XBRL document)

2

Signature

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

DEERE & COMPANY

By:

/s/ Edward R. Berk

Edward R. Berk

Secretary

Dated: February 15, 2024

3

Exhibit 99.1

(Furnished herewith)

News Release

Graphic

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

Deere Reports First Quarter Net Income of $1.751 Billion

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, Illinois (February 15, 2024) — 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

4


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.

Production & Precision Agriculture Operating Profit

First Quarter 2024 Compared to First Quarter 2023

$ in millions

Graphic

5


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.

Small Agriculture & Turf Operating Profit

First Quarter 2024 Compared to First Quarter 2023

$ in millions

Graphic

6


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.

Construction & Forestry Operating Profit

First Quarter 2024 Compared to First Quarter 2023

$ in millions

Graphic

7


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;

8


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.

9


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.

10


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.

11


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.

12


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.

13


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.”

14


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.

15


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