UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM |
CURRENT REPORT
Pursuant to Section 13 OR 15(d) of the Securities Exchange Act of 1934
Date of Report:
(Date of earliest event reported)
(Exact name of registrant as specified in its charter)
(State or other jurisdiction of incorporation) | (Commission File Number) | (IRS Employer Identification No.) |
(Address of principal executive offices and zip code)
(
(Registrant’s telephone number, including area code)
(Former name or former address, if changed since last report.) |
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
SECURITIES REGISTERED PURSUANT TO SECTION 12(b) OF THE ACT:
Title of each class | Trading symbol | Name of each exchange on which registered | ||
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
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. ☐
ull
Item 2.02 Results of Operations and Financial Condition.
John Deere Capital Corporation’s (JDCC) revenue, net income, and ending portfolio balance for the fourth quarter and full fiscal year 2024 are set forth below:
Fourth Quarter | Full Year | |||||||||||||||
$ in millions | 2024 | 2023 | % Change | 2024 | 2023 | % Change | ||||||||||
Revenue | $ | 1,296 | $ | 1,153 | 12% | $ | 4,940 | $ | 3,976 | 24% | ||||||
Net income | $ | 157 | $ | 147 | 7% | $ | 581 | $ | 572 | 2% | ||||||
Ending portfolio balance | $ | 59,428 | $ | 56,249 | 6% | |||||||||||
JDCC's net income for the quarter was higher than the same period in 2023 primarily due to income earned on higher average portfolio balances, lower administrative and operating expenses, and a reduction in derivative valuation adjustments, partially offset by a higher provision for credit losses. Full-year 2024 net income was higher than 2023 primarily due to income earned on higher average portfolio balances and lower dealer financing incentives, partially offset by a higher provision for credit losses and less-favorable financing spreads. 2024 results also benefited from higher recoveries on freestanding credit enhancements.
Item 7.01Regulation FD Disclosure.
On November 21, 2024, Deere & Company, JDCC’s parent, issued a press release announcing its results of operations for the fourth quarter and full fiscal year 2024 and made available a presentation providing a review of its fourth quarter and full fiscal year 2024 in connection with its investor earnings call. Copies of the press release and presentation are furnished herewith as Exhibits 99.1 and 99.2, respectively, and incorporated herein by reference.
Item 8.01Other Events.
The information set forth in Item 2.02 of this Current Report on Form 8-K is incorporated by reference into this Item 8.01.
Item 9.01Financial Statements and Exhibits.
(d)Exhibits
Number | Description of Exhibit | |
99.1 | ||
99.2 | ||
104 | Cover Page Interactive Data File (the cover page XBRL tags are imbedded in the Inline XBRL document) |
2