DEERE & CO [DE] Filings

10-Q 1 de-20240728x10q.htm 10-Q

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 28, 2024

☐ 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 28, 2024, 273,599,818 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 28, 2024 and July 30, 2023
(In millions of dollars and shares except per share amounts) Unaudited
	Three Months Ended				Nine Months Ended
	2024		2023		2024		2023
Net Sales and Revenues
Net sales	$	11,387	$	14,284	$	35,484	$	41,765
Finance and interest income		1,461		1,253		4,207		3,326
Other income		304		264		881		748
Total		13,152		15,801		40,572		45,839

Costs and Expenses
Cost of sales		7,848		9,624		24,205		28,288
Research and development expenses		567		528		1,664		1,571
Selling, administrative and general expenses		1,278		1,110		3,608		3,392
Interest expense		840		623		2,478		1,671
Other operating expenses		264		310		930		971
Total		10,797		12,195		32,885		35,893

Income of Consolidated Group before Income Taxes		2,355		3,606		7,687		9,946
Provision for income taxes		625		636		1,845		2,164

Income of Consolidated Group		1,730		2,970		5,842		7,782
Equity in income of unconsolidated affiliates		1		2		4		5

Net Income		1,731		2,972		5,846		7,787
Less: Net loss attributable to noncontrolling interests		(3)		(6)		(9)		(10)
Net Income Attributable to Deere & Company	$	1,734	$	2,978	$	5,855	$	7,797

Per Share Data
Basic	$	6.32	$	10.24	$	21.13	$	26.48
Diluted		6.29		10.20		21.04		26.35
Dividends declared		1.47		1.25		4.41		3.70
Dividends paid		1.47		1.25		4.29		3.58

Average Shares Outstanding
Basic		274.5		290.8		277.1		294.4
Diluted		275.6		292.1		278.2		295.9

See Condensed Notes to Interim Consolidated Financial Statements.


DEERE & COMPANY
STATEMENTS OF CONSOLIDATED COMPREHENSIVE INCOME
For the Three and Nine Months Ended July 28, 2024 and July 30, 2023
(In millions of dollars) Unaudited
	Three Months Ended				Nine Months Ended
	2024		2023		2024		2023
Net Income	$	1,731	$	2,972	$	5,846	$	7,787

Other Comprehensive Income (Loss), Net of Income Taxes
Retirement benefits adjustment		(21)		(9)		(129)		(267)
Cumulative translation adjustment		(170)		144		(113)		925
Unrealized gain (loss) on derivatives		(29)		5		(36)		(26)
Unrealized gain (loss) on debt securities		23		(13)		24		13
Other Comprehensive Income (Loss), Net of Income Taxes		(197)		127		(254)		645

Comprehensive Income of Consolidated Group		1,534		3,099		5,592		8,432
Less: Comprehensive income (loss) attributable to noncontrolling interests		(3)		(5)		(8)		2
Comprehensive Income Attributable to Deere & Company	$	1,537	$	3,104	$	5,600	$	8,430

See Condensed Notes to Interim Consolidated Financial Statements.


DEERE & COMPANY
CONDENSED CONSOLIDATED BALANCE SHEETS
(In millions of dollars) Unaudited
	July 28		October 29		July 30
	2024		2023		2023
Assets
Cash and cash equivalents	$	7,004	$	7,458	$	6,576
Marketable securities		1,140		946		841
Trade accounts and notes receivable – net		7,469		7,739		9,297
Financing receivables – net		43,896		43,673		41,302
Financing receivables securitized – net		8,274		7,335		7,001
Other receivables		2,270		2,623		3,118
Equipment on operating leases – net		7,118		6,917		6,709
Inventories		7,696		8,160		9,350
Property and equipment – net		7,092		6,879		6,418
Goodwill		3,960		3,900		3,994
Other intangible assets – net		1,030		1,133		1,199
Retirement benefits		3,126		3,007		3,573
Deferred income taxes		1,898		1,814		1,360
Other assets		2,903		2,503		2,659
Assets held for sale		2,965
Total Assets	$	107,841	$	104,087	$	103,397

Liabilities and Stockholders’ Equity

Liabilities
Short-term borrowings	$	15,294	$	17,939	$	17,143
Short-term securitization borrowings		7,869		6,995		6,608
Accounts payable and accrued expenses		14,397		16,130		15,340
Deferred income taxes		481		520		506
Long-term borrowings		42,692		38,477		38,112
Retirement benefits and other liabilities		2,156		2,140		2,536
Liabilities held for sale		1,803
Total liabilities		84,692		82,201		80,245

Commitments and contingencies (Note 16)
Redeemable noncontrolling interest		84		97		101

Stockholders’ Equity
Common stock, $1 par value (issued shares at July 28, 2024 – 536,431,204)		5,441		5,303		5,272
Common stock in treasury		(34,570)		(31,335)		(28,760)
Retained earnings		55,559		50,931		48,947
Accumulated other comprehensive income (loss)		(3,368)		(3,114)		(2,411)
Total Deere & Company stockholders’ equity		23,062		21,785		23,048
Noncontrolling interests		3		4		3
Total stockholders’ equity		23,065		21,789		23,051
Total Liabilities and Stockholders’ Equity	$	107,841	$	104,087	$	103,397

DEERE & CO [DE] Filings
10-Q	[2024-08-29]
10-Q	[2024-05-30]
10-Q	[2024-02-29]
10-K	[2023-12-15]
10-Q	[2023-08-31]
10-Q	[2023-06-01]
10-Q	[2023-02-23]
10-K	[2022-12-15]
10-Q	[2022-09-01]
10-Q	[2022-05-26]
10-Q	[2022-02-24]
10-K	[2021-12-16]
10-Q	[2021-08-26]
10-Q	[2021-05-27]
10-Q	[2021-02-25]
10-K	[2020-12-17]
10-Q	[2020-08-27]
10-Q	[2020-05-28]
10-Q	[2020-02-27]
10-K	[2019-12-19]
10-Q	[2019-08-29]
10-Q	[2019-05-30]
10-Q	[2019-02-28]
10-K	[2018-12-17]
10-Q	[2018-08-30]
10-Q	[2018-05-31]
10-Q	[2018-03-01]
10-K	[2017-12-18]
10-Q	[2017-08-31]
10-Q	[2017-06-02]
10-Q	[2017-02-24]
10-K	[2016-12-19]
10-Q	[2016-09-01]
10-Q	[2016-05-26]
10-Q	[2016-02-25]
10-K	[2015-12-18]
10-Q	[2015-08-27]
10-Q	[2015-05-28]
10-Q	[2015-02-26]
10-K	[2014-12-19]
10-Q	[2014-08-28]
10-Q	[2014-05-29]
10-Q	[2014-02-27]
10-K	[2013-12-16]
10-Q	[2013-08-29]
10-Q	[2013-05-30]
10-Q	[2013-02-28]
10-K	[2012-12-17]
10-Q	[2012-08-30]
10-Q	[2012-05-31]
10-Q	[2012-03-01]