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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 April 28, 2024

or

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

For the transition period from ____ to ____

 

Commission file no: 1-4121

 

DEERE  &  COMPANY

(Exact name of registrant as specified in its charter)

Delaware
(State of incorporation)

36-2382580
(IRS employer identification no.)

One John Deere Place

Moline, Illinois 61265

(Address of principal executive offices)

Telephone Number: (309) 765-8000

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

Title of each class

Trading symbol

Name of each exchange on which registered

Common stock, $1 par value

DE

New York Stock Exchange

6.55% Debentures Due 2028

DE28

New York Stock Exchange

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

Yes No 

 

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

Yes No 

 

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

 

Large accelerated filer

Accelerated filer

Non-accelerated filer

Smaller reporting company

Emerging growth company

 

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

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

Yes  No 

 

At April 28, 2024, 275,570,318 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 Six Months Ended April 28, 2024 and April 30, 2023

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

Three Months Ended

Six Months Ended

    

2024

    

2023

    

2024

    

2023

 

Net Sales and Revenues

Net sales

 

$

13,610

$

16,079

 

$

24,097

$

27,481

Finance and interest income

1,387

 

1,079

2,746

 

2,073

Other income

238

 

229

577

 

484

Total

15,235

 

17,387

27,420

 

30,038

Costs and Expenses

Cost of sales

9,157

 

10,730

16,357

 

18,663

Research and development expenses

565

 

547

1,098

 

1,043

Selling, administrative and general expenses

1,265

 

1,330

2,330

 

2,283

Interest expense

836

 

569

1,638

 

1,049

Other operating expenses

295

 

363

664

 

660

Total

12,118

 

13,539

22,087

 

23,698

Income of Consolidated Group before Income Taxes

3,117

 

3,848

5,333

 

6,340

Provision for income taxes

751

 

991

1,220

 

1,528

Income of Consolidated Group

2,366

 

2,857

4,113

 

4,812

Equity in income of unconsolidated affiliates

2

 

2

3

 

3

Net Income

2,368

 

2,859

4,116

 

4,815

Less: Net loss attributable to noncontrolling interests

(2)

 

(1)

(5)

 

(4)

Net Income Attributable to Deere & Company

 

$

2,370

$

2,860

 

$

4,121

$

4,819

Per Share Data

Basic

 

$

8.56

$

9.69

 

$

14.80

$

16.26

Diluted

 

8.53

9.65

 

14.74

16.18

Dividends declared

1.47

1.25

2.94

2.45

Dividends paid

1.47

1.20

2.82

2.33

Average Shares Outstanding

Basic

276.8

 

295.1

278.4

 

296.3

Diluted

277.9

 

296.5

279.5

 

297.8

See Condensed Notes to Interim Consolidated Financial Statements.

2

DEERE & COMPANY

STATEMENTS OF CONSOLIDATED COMPREHENSIVE INCOME

For the Three and Six Months Ended April 28, 2024 and April 30, 2023

(In millions of dollars) Unaudited

Three Months Ended

Six Months Ended

  

2024

    

2023

    

2024

    

2023

 

 

Net Income

 

$

2,368

$

2,859

 

$

4,116

$

4,815

Other Comprehensive Income (Loss), Net of Income Taxes

Retirement benefits adjustment

(87)

 

(247)

(108)

 

(258)

Cumulative translation adjustment

(217)

 

100

57

 

781

Unrealized gain (loss) on derivatives

8

 

(18)

(7)

 

(31)

Unrealized gain (loss) on debt securities

(12)

 

(1)

1

 

26

Other Comprehensive Income (Loss), Net of Income Taxes

(308)

 

(166)

(57)

 

518

Comprehensive Income of Consolidated Group

2,060

 

2,693

4,059

 

5,333

Less: Comprehensive income (loss) attributable to noncontrolling interests

(3)

 

1

(4)

 

6

Comprehensive Income Attributable to Deere & Company

 

$

2,063

$

2,692

 

$

4,063

$

5,327

See Condensed Notes to Interim Consolidated Financial Statements.

3

DEERE & COMPANY

CONDENSED CONSOLIDATED BALANCE SHEETS

(In millions of dollars) Unaudited

    

April 28

    

October 29

    

April 30

 

2024

2023

2023

 

Assets

Cash and cash equivalents

 

$

5,553

$

7,458

$

5,267

Marketable securities

1,094

 

946

 

856

Trade accounts and notes receivable – net

8,880

 

7,739

 

9,971

Financing receivables – net

45,278

 

43,673

 

38,954

Financing receivables securitized – net

7,262

 

7,335

 

5,659

Other receivables

2,535

 

2,623

 

2,593

Equipment on operating leases – net

6,965

 

6,917

 

6,524

Inventories

8,443

 

8,160

 

9,713

Property and equipment – net

7,034

 

6,879

 

6,288

Goodwill

3,936

 

3,900

 

3,963

Other intangible assets – net

1,064

 

1,133

 

1,222

Retirement benefits

3,056

 

3,007

 

3,519

Deferred income taxes

1,936

 

1,814

 

1,308

Other assets

2,592

 

2,503

 

2,510

Total Assets

 

$

105,628

$

104,087

$

98,347

Liabilities and Stockholders’ Equity

Liabilities

Short-term borrowings

$

17,699

$

17,939

$

17,109

Short-term securitization borrowings

6,976

 

6,995

 

5,379

Accounts payable and accrued expenses

14,609

 

16,130

 

14,716

Deferred income taxes

491

 

520

 

511

Long-term borrowings

40,962

 

38,477

 

35,611

Retirement benefits and other liabilities

2,105

 

2,140

 

2,520

Total liabilities

82,842

 

82,201

 

75,846

Commitments and contingencies (Note 16)

Redeemable noncontrolling interest

98

97

102

Stockholders’ Equity

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

5,391

 

5,303

 

5,227

Common stock in treasury

(33,764)

 

(31,335)

 

(26,630)

Retained earnings

54,228

 

50,931

 

46,336

Accumulated other comprehensive income (loss)

(3,171)

 

(3,114)

 

(2,538)

Total Deere & Company stockholders’ equity

22,684

 

21,785

 

22,395

Noncontrolling interests

4

 

4

 

4

Total stockholders’ equity

22,688

 

21,789

 

22,399

Total Liabilities and Stockholders’ Equity

$

105,628

$

104,087

$

98,347

See Condensed Notes to Interim Consolidated Financial Statements.

4

DEERE & COMPANY

STATEMENTS OF CONSOLIDATED CASH FLOWS

For the Six Months Ended April 28, 2024 and April 30, 2023

(In millions of dollars) Unaudited

    

2024

    

2023

 

Cash Flows from Operating Activities

              

              

Net income

 

$

4,116

$

4,815

Adjustments to reconcile net income to net cash provided by (used for) operating activities:

Provision (credit) for credit losses

131

 

(89)

Provision for depreciation and amortization

1,045

 

995

Other non-cash adjustments (Note 21)

 

173

Share-based compensation expense

104

 

54

Credit for deferred income taxes

(120)

 

(377)

Changes in assets and liabilities:

Receivables related to sales

(2,469)

 

(4,407)

Inventories

(409)

 

(982)

Accounts payable and accrued expenses

(1,300)

 

(313)

Accrued income taxes payable/receivable

(29)

 

(96)

Retirement benefits

(208)

 

(68)

Other

83

 

148

Net cash provided by (used for) operating activities

944

 

(147)

Cash Flows from Investing Activities

Collections of receivables (excluding receivables related to sales)

13,703

 

12,593

Proceeds from maturities and sales of marketable securities