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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 May 1, 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 May 1, 2022, 305,635,672 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 Months Ended May 1, 2022 and May 2, 2021

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

    

2022

    

2021

 

Net Sales and Revenues

Net sales

 

$

12,034

$

10,998

Finance and interest income

796

 

809

Other income

540

 

251

Total

13,370

 

12,058

Costs and Expenses

Cost of sales

8,918

 

7,928

Research and development expenses

453

 

377

Selling, administrative and general expenses

932

 

838

Interest expense

187

 

268

Other operating expenses

328

 

335

Total

10,818

 

9,746

Income of Consolidated Group before Income Taxes

2,552

 

2,312

Provision for income taxes

461

 

530

Income of Consolidated Group

2,091

 

1,782

Equity in income of unconsolidated affiliates

6

 

8

Net Income

2,097

 

1,790

Less: Net loss attributable to noncontrolling interests

(1)

 

Net Income Attributable to Deere & Company

 

$

2,098

$

1,790

Per Share Data

Basic

 

$

6.85

$

5.72

Diluted

 

$

6.81

$

5.68

Dividends declared

$

1.05

$

.90

Dividends paid

$

1.05

$

.76

Average Shares Outstanding

Basic

306.2

 

312.8

Diluted

308.1

 

315.2

See Condensed Notes to Interim Consolidated Financial Statements.

2

DEERE & COMPANY

STATEMENTS OF CONSOLIDATED COMPREHENSIVE INCOME

For the Three Months Ended May 1, 2022 and May 2, 2021

(In millions of dollars) Unaudited

    

2022

    

2021

 

 

Net Income

 

$

2,097

$

1,790

Other Comprehensive Income (Loss), Net of Income Taxes

Retirement benefits adjustment

129

 

91

Cumulative translation adjustment

(248)

 

37

Unrealized gain on derivatives

28

 

3

Unrealized loss on debt securities

(48)

 

(13)

Other Comprehensive Income (Loss), Net of Income Taxes

(139)

 

118

Comprehensive Income of Consolidated Group

1,958

 

1,908

Less: Comprehensive loss attributable to noncontrolling interests

(5)

 

Comprehensive Income Attributable to Deere & Company

 

$

1,963

$

1,908

See Condensed Notes to Interim Consolidated Financial Statements.

3

DEERE & COMPANY

STATEMENTS OF CONSOLIDATED INCOME

For the Six Months Ended May 1, 2022 and May 2, 2021

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

    

2022

    

2021

 

Net Sales and Revenues

Net sales

 

$

20,565

$

19,049

Finance and interest income

1,595

 

1,644

Other income

779

 

477

Total

22,939

 

21,170

Costs and Expenses

Cost of sales

15,613

 

13,734

Research and development expenses

855

 

743

Selling, administrative and general expenses

1,713

 

1,607

Interest expense

417

 

538

Other operating expenses

638

 

708

Total

19,236

 

17,330

Income of Consolidated Group before Income Taxes

3,703

 

3,840

Provision for income taxes

710

 

838

Income of Consolidated Group

2,993

 

3,002

Equity in income of unconsolidated affiliates

8

 

12

Net Income

3,001

 

3,014

Less: Net income attributable to noncontrolling interests

 

1

Net Income Attributable to Deere & Company

 

$

3,001

$

3,013

Per Share Data

Basic

 

$

9.78

$

9.62

Diluted

 

$

9.72

$

9.55

Dividends declared

$

2.10

$

1.66

Dividends paid

$

2.10

$

1.52

Average Shares Outstanding

Basic

306.8

 

313.1

Diluted

308.8

 

315.6

See Condensed Notes to Interim Consolidated Financial Statements.

4

DEERE & COMPANY

STATEMENTS OF CONSOLIDATED COMPREHENSIVE INCOME

For the Six Months Ended May 1, 2022 and May 2, 2021

(In millions of dollars) Unaudited

    

2022

    

2021

 

 

Net Income

 

$

3,001

$

3,014

Other Comprehensive Income (Loss), Net of Income Taxes

Retirement benefits adjustment

(216)

 

154

Cumulative translation adjustment

(515)

 

433

Unrealized gain on derivatives

42

 

7

Unrealized loss on debt securities

(63)

 

(15)

Other Comprehensive Income (Loss), Net of Income Taxes

(752)

 

579

Comprehensive Income of Consolidated Group

2,249

 

3,593

Less: Comprehensive income (loss) attributable to noncontrolling interests

(4)

 

1

Comprehensive Income Attributable to Deere & Company

 

$

2,253

$

3,592

See Condensed Notes to Interim Consolidated Financial Statements.

5

DEERE & COMPANY

CONDENSED CONSOLIDATED BALANCE SHEETS

(In millions of dollars) Unaudited

    

May 1

    

October 31

    

May 2 

 

2022

2021

2021

 

Assets

Cash and cash equivalents

 

$

3,878

$

8,017

$

7,182

Marketable securities

682

 

728

 

668

Trade accounts and notes receivable – net

6,258

 

4,208

 

6,158

Financing receivables – net

34,085

 

33,799

 

30,994

Financing receivables securitized – net

4,073

 

4,659

 

4,107

Other receivables

2,306

 

1,765

 

1,504

Equipment on operating leases – net

6,465

 

6,988

 

7,108

Inventories

9,030

 

6,781

 

6,042

Property and equipment – net

5,715

 

5,820

 

5,704

Goodwill

3,812

 

3,291

 

3,190

Other intangible assets – net

1,352

 

1,275

 

1,310

Retirement benefits

3,059

 

3,601

 

951

Deferred income taxes

1,104

 

1,037

 

1,724

Other assets

2,280

 

2,145

 

2,337

Total Assets

 

$

84,099

$

84,114

$

78,979

Liabilities and Stockholders’ Equity

Liabilities

Short-term borrowings

$

12,413

$

10,919

$

9,911

Short-term securitization borrowings

4,006

 

4,605

 

4,106

Accounts payable and accrued expenses

12,679

 

12,348

 

10,682

Deferred income taxes

584

 

576

 

533

Long-term borrowings

32,447

 

32,888

 

33,346

Retirement benefits and other liabilities

2,964

 

4,344

 

5,305

Total liabilities

65,093

 

65,680

 

63,883

Commitments and contingencies (Note 15)

Redeemable noncontrolling interest (Note 19)

99

Stockholders’ Equity

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

5,117

 

5,054

 

4,999

Common stock in treasury

(21,727)

 

(20,533)

 

(19,052)

Retained earnings

38,805

 

36,449

 

34,105

Accumulated other comprehensive income (loss)

(3,291)

 

(2,539)

 

(4,960)

Total Deere & Company stockholders’ equity

18,904

 

18,431

 

15,092

Noncontrolling interests

3

 

3

 

4

Total stockholders’ equity

18,907

 

18,434

 

15,096

Total Liabilities and Stockholders’ Equity

$

84,099