• 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 /PRNewswire/ -- 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. 

Production & Precision Agriculture Operating Profit; First Quarter 2024 Compared to First Quarter 2023; $ in millions

 











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

 











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

 











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

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