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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 10-Q

 

(Mark One)

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

For the quarterly period ended July 31, 2022

or

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

For the transition period from ____ to ____

 

Commission file no: 1-4121

 

DEERE  &  COMPANY

(Exact name of registrant as specified in its charter)

Delaware
(State of incorporation)

36-2382580
(IRS employer identification no.)

One John Deere Place

Moline, Illinois 61265

(Address of principal executive offices)

Telephone Number: (309) 765-8000

Securities Registered Pursuant to Section 12(b) of the Act:

Title of each class

Trading symbol

Name of each exchange on which registered

Common stock, $1 par value

DE

New York Stock Exchange

6.55% Debentures Due 2028

DE28

New York Stock Exchange

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

Yes No 

 

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

Yes No 

 

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

 

Large accelerated filer

Accelerated filer

Non-accelerated filer

Smaller reporting company

Emerging growth company

 

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

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

Yes  No 

 

At July 31, 2022, 301,819,630 shares of common stock, $1 par value, of the registrant were outstanding.

PART I. FINANCIAL INFORMATION

ITEM 1.  FINANCIAL STATEMENTS

DEERE & COMPANY

STATEMENTS OF CONSOLIDATED INCOME

For the Three and Nine Months Ended July 31, 2022 and August 1, 2021

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

Three Months Ended

Nine Months Ended

  

2022

    

2021

    

2022

    

2021

 

Net Sales and Revenues

Net sales

 

$

13,000

$

10,413

 

$

33,565

$

29,461

Finance and interest income

846

 

825

2,441

 

2,468

Other income

256

 

289

1,035

 

768

Total

14,102

 

11,527

37,041

 

32,697

Costs and Expenses

Cost of sales

9,511

 

7,574

25,124

 

21,307

Research and development expenses

481

 

394

1,336

 

1,137

Selling, administrative and general expenses

959

 

841

2,672

 

2,448

Interest expense

296

 

244

713

 

783

Other operating expenses

316

 

324

954

 

1,033

Total

11,563

 

9,377

30,799

 

26,708

Income of Consolidated Group before Income Taxes

2,539

 

2,150

6,242

 

5,989

Provision for income taxes

654

 

491

1,364

 

1,328

Income of Consolidated Group

1,885

 

1,659

4,878

 

4,661

Equity in income of unconsolidated affiliates

 

8

8

 

21

Net Income

1,885

 

1,667

4,886

 

4,682

Less: Net income attributable to noncontrolling interests

1

 

1

 

2

Net Income Attributable to Deere & Company

 

$

1,884

$

1,667

 

$

4,885

$

4,680

Per Share Data

Basic

 

$

6.20

$

5.36

 

$

15.97

$

14.98

Diluted

 

$

6.16

$

5.32

 

$

15.88

$

14.86

Dividends declared

$

1.13

$

.90

$

3.23

$

2.56

Dividends paid

$

1.05

$

.90

$

3.15

$

2.42

Average Shares Outstanding

Basic

304.1

 

311.0

305.8

 

312.4

Diluted

305.7

 

313.4

307.7

 

314.9

See Condensed Notes to Interim Consolidated Financial Statements.

2

DEERE & COMPANY

STATEMENTS OF CONSOLIDATED COMPREHENSIVE INCOME

For the Three and Nine Months Ended July 31, 2022 and August 1, 2021

(In millions of dollars) Unaudited

Three Months Ended

Nine Months Ended

  

2022

    

2021

    

2022

    

2021

 

 

Net Income

 

$

1,885

$

1,667

 

$

4,886

$

4,682

Other Comprehensive Income (Loss), Net of Income Taxes

Retirement benefits adjustment

79

 

54

(137)

 

208

Cumulative translation adjustment

(269)

 

(114)

(784)

 

319

Unrealized gain (loss) on derivatives

(1)

 

1

41

 

8

Unrealized gain (loss) on debt securities

6

 

8

(57)

 

(7)

Other Comprehensive Income (Loss), Net of Income Taxes

(185)

 

(51)

(937)

 

528

Comprehensive Income of Consolidated Group

1,700

 

1,616

3,949

 

5,210

Less: Comprehensive income (loss) attributable to noncontrolling interests

(3)

 

(8)

 

2

Comprehensive Income Attributable to Deere & Company

 

$

1,703

$

1,616

 

$

3,957

$

5,208

See Condensed Notes to Interim Consolidated Financial Statements.

3

DEERE & COMPANY

CONDENSED CONSOLIDATED BALANCE SHEETS

(In millions of dollars) Unaudited

    

July 31

    

October 31

    

August 1

 

2022

2021

2021

 

Assets

Cash and cash equivalents

 

$

4,359

$

8,017

$

7,519

Marketable securities

719

 

728

 

688

Trade accounts and notes receivable – net

6,696

 

4,208

 

5,268

Financing receivables – net

35,056

 

33,799

 

31,449

Financing receivables securitized – net

5,141

 

4,659

 

5,401

Other receivables

1,999

 

1,765

 

1,702

Equipment on operating leases – net

6,554

 

6,988

 

6,982

Inventories

9,121

 

6,781

 

6,410

Property and equipment – net

5,666

 

5,820

 

5,649

Goodwill

3,754

 

3,291

 

3,148

Other intangible assets – net

1,281

 

1,275

 

1,267

Retirement benefits

3,125

 

3,601

 

990

Deferred income taxes

1,110

 

1,037

 

1,767

Other assets

2,236

 

2,145

 

2,448

Total Assets

 

$

86,817

$

84,114

$

80,688

Liabilities and Stockholders’ Equity

Liabilities

Short-term borrowings

$

14,176

$

10,919

$

10,404

Short-term securitization borrowings

4,920

 

4,605

 

5,277

Accounts payable and accrued expenses

12,986

 

12,348

 

11,207

Deferred income taxes

561

 

576

 

515

Long-term borrowings

32,132

 

32,888

 

32,280

Retirement benefits and other liabilities

2,911

 

4,344

 

5,272

Total liabilities

67,686

 

65,680

 

64,955

Commitments and contingencies (Note 15)

Redeemable noncontrolling interest (Note 19)

95

Stockholders’ Equity

Common stock, $1 par value (issued shares at
July 31, 2022 – 536,431,204)

5,139

 

5,054

 

5,031

Common stock in treasury

(22,976)

 

(20,533)

 

(19,780)

Retained earnings

40,346

 

36,449

 

35,491

Accumulated other comprehensive income (loss)

(3,476)

 

(2,539)

 

(5,011)

Total Deere & Company stockholders’ equity

19,033

 

18,431

 

15,731

Noncontrolling interests

3

 

3

 

2

Total stockholders’ equity

19,036

 

18,434

 

15,733

Total Liabilities and Stockholders’ Equity

$

86,817

$

84,114

$

80,688

See Condensed Notes to Interim Consolidated Financial Statements.

4

DEERE & COMPANY

STATEMENTS OF CONSOLIDATED CASH FLOWS

For the Nine Months Ended July 31, 2022 and August 1, 2021

(In millions of dollars) Unaudited

    

2022

    

2021

 

Cash Flows from Operating Activities

              

              

Net income

 

$

4,886

$

4,682

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

Provision (credit) for credit losses

62

 

(17)

Provision for depreciation and amortization

1,443

 

1,569

Impairment charges

81

 

50

Share-based compensation expense

64

 

64

Gain on remeasurement of previously held equity investment

(326)

 

Undistributed earnings of unconsolidated affiliates

(1)

 

4

Credit for deferred income taxes

(6)

 

(271)

Changes in assets and liabilities: