EX-99.4 2 jdcc-20230519xex99d4.htm EX-99.4

Exhibit 99.4

Reconciliation of John Deere Capital Corporation Restated Financial Data

As set forth in Item 8.01 to this Current Report on Form 8-K, in the second quarter of 2023, JDCC corrected the accounting treatment for financing incentives offered to John Deere dealers, which impacted the timing of expense recognition and the presentation of incentive costs in the consolidated financial statements. The impact of the correction in periods prior to the second quarter ended April 30, 2023 is not material to the consolidated financial statements of JDCC in any of the impacted periods; however, the aggregate impact of correcting prior periods within the second quarter ended April 30, 2023 would have been material to JDCC’s second quarter consolidated financial results. Consequently, JDCC has made these immaterial corrections in the comparative prior periods, with the prior period restatement impacts set forth below.

Restated Quarterly Results

The prior period impacts to JDCC’s statements of consolidated income were as follows (in millions of dollars)

​

John Deere Capital Corporation and Subsidiaries

​

Statements of Consolidated Income

​

For the Three Months Ended

 

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Previously Reported

​

Adjustment

​

As Adjusted

​

Jan 29

Oct 30

Jul 31

May1

Jan 30

​

Jan 29

Oct 30

Jul 31

May1

Jan 30

​

Jan 29

Oct 30

Jul 31

May1

Jan 30

​

2023

2022

2022

2022

2022

    

2023

2022

2022

2022

2022

    

2023

2022

2022

2022

2022

Revenues

Finance income earned on retail notes

$

315.9

$

283.6

$

256.9

$

242.8

$

240.0

$

14.1

$

13.0

$

10.2

$

9.1

$

8.9

$

330.0

$

296.6

$

267.1

$

251.9

$

248.9

Lease revenues

240.7

241.8

237.7

236.5

241.5

1.8

1.6

1.5

1.5

1.6

242.5

243.4

239.2

238.0

243.1

Total revenues

 

820.6

775.7

689.2

651.4

642.9

15.9

14.6

11.7

10.6

10.5

836.5

790.3

700.9

662.0

653.4

Expenses

Administrative and operating expenses

108.5

121.8

106.7

115.2

96.4

28.2

14.1

14.4

13.0

20.0

136.7

135.9

121.1

128.2

116.4

Total operating expenses

 

334.1

337.3

318.6

393.8

303.7

28.2

14.1

14.4

13.0

20.0

362.3

351.4

333.0

406.8

323.7

Total expenses

 

635.1

542.0

456.0

449.5

403.2

28.2

14.1

14.4

13.0

20.0

663.3

556.1

470.4

462.5

423.2

Income of consolidated group before income taxes

185.5

233.7

233.2

201.9

239.7

(12.3)

.5

(2.7)

(2.4)

(9.5)

173.2

234.2

230.5

199.5

230.2

Provision for income taxes

 

39.6

51.2

61.3

44.5

52.0

(2.8)

(.7)

(.6)

(2.1)

36.8

51.2

60.6

43.9

49.9

Income of consolidated group

145.9

182.5

171.9

157.4

187.7

(9.5)

.5

(2.0)

(1.8)

(7.4)

136.4

183.0

169.9

155.6

180.3

Net income

146.9

183.4

172.5

158.5

189.6

(9.5)

.5

(2.0)

(1.8)

(7.4)

137.4

183.9

170.5

156.7

182.2

Net income attributable to the Company

$

147.1

$

183.6

$

172.5

$

158.6

$

189.6

$

(9.5)

$

.5

$

(2.0)

$

(1.8)

$

(7.4)

$

137.6

$

184.1

$

170.5

$

156.8

$

182.2

1

The prior period impacts to JDCC’s consolidated balance sheets and the related components of stockholder’s equity were as follows (in millions of dollars):

John Deere Capital Corporation and Subsidiaries

Consolidated Balance Sheets

​

 

Previously Reported

Adjustment

As Adjusted

Jan 29

Oct 30

Jul 31

May 1

Jan 30

Jan 29

Oct 30

Jul 31

May 1

Jan 30

Jan 29

Oct 30

Jul 31

May 1

Jan 30

2023

2022

2022

2022

2022

    

2023

2022

2022

2022

2022

    

2023

2022

2022

2022

2022

Assets

Receivables:

Retail notes

$

23,937.2

$

22,860.3

$

22,262.8

$

22,211.4

$

22,336.1

$

(61.7)

$

(61.3)

$

(54.0)

$

(47.3)

$

(44.0)

$

23,875.5

$

22,799.0

$

22,208.8

$

22,164.1

$

22,292.1

Total receivables

42,655.5

42,502.9

40,534.9

37,958.5

35,729.2

(61.7)

(61.3)

(54.0)

(47.3)

(44.0)

42,593.8

42,441.6

40,480.9

37,911.2

35,685.2

Total receivables – net

42,533.8

42,374.5

40,407.6

37,834.0

35,607.8

(61.7)

(61.3)

(54.0)

(47.3)

(44.0)

42,472.1

42,313.2

40,353.6

37,786.7

35,563.8

Deferred income taxes

24.4

23.3

29.5

29.6

30.4

2.5

2.2

2.0

1.9

1.8

26.9

25.5

31.5

31.5

32.2

Total Assets

$

49,406.4

$

48,928.0

$

46,751.9

$

44,012.9

$

42,027.2

$

(59.2)

$

(59.1)

$

(52.0)

$

(45.4)

$

(42.2)

$

49,347.2

$

48,868.9

$

46,699.9

$

43,967.5

$

41,985.0

 

Liabilities and Stockholder’s Equity

Accounts payable and accrued expenses

$

893.4

$

866.1

$

870.2

$

817.0

$

782.8

$

103.0

$

91.2

$

99.0

$

103.1

$

104.0

$

996.4

$

957.3

$

969.2

$

920.1

$

886.8

Deferred income taxes

225.5

239.4

239.1

246.8

260.5

(33.3)

(30.9)

(31.1)

(30.6)

(30.1)

192.2

208.5

208.0

216.2

230.4

Total liabilities

44,402.3

44,123.1

42,065.9

39,343.9

37,375.0

69.7

60.3

67.9

72.5

73.9

44,472.0

44,183.4

42,133.8

39,416.4

37,448.9

Stockholder’s equity:

Retained earnings

3,572.4

3,425.3

3,301.7

3,264.2

3,240.6

(128.9)

(119.4)

(119.9)

(117.9)

(116.1)

3,443.5

3,305.9

3,181.8

3,146.3

3,124.5

Total Company stockholder’s equity

5,002.8

4,803.4

4,684.3

4,667.3

4,650.4

(128.9)

(119.4)

(119.9)

(117.9)

(116.1)

4,873.9

4,684.0

4,564.4

4,549.4

4,534.3

Total stockholder’s equity

5,004.1

4,804.9

4,686.0

4,669.0

4,652.2

(128.9)

(119.4)

(119.9)

(117.9)

(116.1)

4,875.2

4,685.5

4,566.1

4,551.1

4,536.1

Total Liabilities and Stockholder’s Equity

$

49,406.4

$

48,928.0

$

46,751.9

$

44,012.9

$

42,027.2

$

(59.2)

$

(59.1)

$

(52.0)

$

(45.4)

$

(42.2)

$

49,347.2

$

48,868.9

$

46,699.9

$

43,967.5

$

41,985.0

The prior period impacts to JDCC’s statements of consolidated cash flows were as follows (in millions of dollars):

John Deere Capital Corporation and Subsidiaries

Statements of Consolidated Cash Flows

For the Year-to-Date Period Ended

 

Previously Reported

Adjustment

As Adjusted

Jan 29

Oct 30

Jul 31

May 1

Jan 30

Jan 29

Oct 30

Jul 31

May 1

Jan 30

Jan 29

Oct 30

Jul 31

May 1

Jan 30

2023

2022

2022

2022

2022

    

2023

2022

2022

2022

2022

    

2023

2022

2022

2022

2022

Cash Flows from Operating Activities:

Net income

$

146.9

$

704.0

$

520.6

$

348.1

$

189.6

$

(9.5)

$

(10.7)

$

(11.2)

$

(9.2)

$

(7.4)

$

137.4

$

693.3

$

509.4

$

338.9

$

182.2

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

Credit for deferred income taxes

(11.3)

(32.0)

(32.8)

(25.8)

(5.8)

(2.7)

(3.3)

(3.3)

(2.7)

(2.1)

(14.0)

(35.3)

(36.1)

(28.5)

(7.9)

Change in accounts payable and accrued expenses

29.1

14.4

(20.5)

(46.7)

(72.6)

11.8

(2.4)

5.4

9.5

10.4

40.9

12.0

(15.1)

(37.2)

(62.2)

Other

(9.6)

(164.2)

(128.8)

(93.7)

(28.1)

.4

16.4

9.1

2.4

(.9)

(9.2)

(147.8)

(119.7)

(91.3)

(29.0)

Net cash provided by operating activities

$

338.7

$

1,205.9

$

898.1

$

541.1

$

268.7

$

$

$

$

$

$

338.7

$

1,205.9

$

898.1

$

541.1

$

268.7

2

Restated Annual Results

The prior period impacts to JDCC’s statements of consolidated income were as follows (in millions of dollars):

John Deere Capital Corporation and Subsidiaries

Statements of Consolidated Income

For the Years Ended

 

Previously Reported

Adjustment

As Adjusted

Oct 30

Oct 31

Nov 1

Oct 30

Oct 31

Nov 1

Oct 30

Oct 31

Nov 1

2022

2021

2020

    

2022

2021

2020

    

2022

2021

2020

Revenues

Finance income earned on retail notes

$

1,023.3

$

946.6

$

941.4

$

41.2

$

29.4

$

23.5

$

1,064.5

$

976.0

$

964.9

Lease revenues

957.5

1,022.0

1,088.9

6.2

6.3

6.3

963.7

1,028.3

1,095.2

Total revenues

2,759.2

2,688.0

2,807.6

47.4

35.7

29.8

2,806.6

2,723.7

2,837.4

Expenses

Administrative and operating expenses

440.1

406.0

470.6

61.5

65.8

46.7

501.6

471.8

517.3

Total operating expenses

1,353.4

1,306.8

1,506.7

61.5

65.8

46.7

1,414.9

1,372.6

1,553.4

Total expenses

1,850.7

1,779.7

2,250.6

61.5

65.8

46.7

1,912.2

1,845.5

2,297.3

Income of consolidated group before income taxes

908.5

908.3

557.0

(14.1)

(30.1)

(16.9)

894.4

878.2

540.1

Provision for income taxes

209.0

200.5

134.1

(3.4)

(6.7)

(3.7)

205.6

193.8

130.4

Income of consolidated group

699.5

707.8

422.9

(10.7)

(23.4)

(13.2)

688.8

684.4

409.7

Net income

704.0

710.8

425.1

(10.7)

(23.4)

(13.2)

693.3

687.4

411.9

Net income attributable to the Company

$

704.3

$

710.6

$

425.0

$

(10.7)

$

(23.4)

$

(13.2)

$

693.6

$

687.2

$

411.8

The prior period impacts to JDCC’s consolidated balance sheets and the related components of stockholder’s equity were as follows (in millions of dollars):

John Deere Capital Corporation and Subsidiaries

Consolidated Balance Sheets

 

Previously Reported

Adjustment

As Adjusted

Oct 30

Oct 31

Oct 30

Oct 31

Oct 30

Oct 31

2022

2021

    

2022

2021

    

2022

2021

Assets

Receivables:

Retail notes

$

22,860.3

$

21,343.5

$

(61.3)

$

(44.9)

$

22,799.0

$

21,298.6

Total receivables

42,502.9

36,669.6

(61.3)

(44.9)

42,441.6

36,624.7

Total receivables – net

42,374.5

36,540.6

(61.3)

(44.9)

42,313.2

36,495.7

Deferred income taxes

23.3

32.7

2.2

1.6

25.5

34.3

Total Assets

$

48,928.0

$

43,216.6

$

(59.1)

$

(43.3)

$

48,868.9

$

43,173.3

 

Liabilities and Stockholder’s Equity

Accounts payable and accrued expenses

$

866.1

$

876.0

$

91.2

$

93.6

$

957.3

$

969.6

Deferred income taxes

239.4

265.1

(30.9)

(28.2)

208.5

236.9

Total liabilities

44,123.1

38,690.4

60.3

65.4

44,183.4

38,755.8

Stockholder’s equity:

Retained earnings

3,425.3

3,091.0

(119.4)

(108.7)

3,305.9

2,982.3

Total Company stockholder’s equity

4,803.4

4,524.4

(119.4)

(108.7)

4,684.0

4,415.7

Total stockholder’s equity

4,804.9

4,526.2

(119.4)

(108.7)

4,685.5

4,417.5

Total Liabilities and Stockholder’s Equity

$

48,928.0

$

43,216.6

$

(59.1)

$

(43.3)

$

48,868.9

$

43,173.3

The prior period impacts to JDCC’s statements of consolidated cash flows were as follows (in millions of dollars):

John Deere Capital Corporation and Subsidiaries

Statements of Consolidated Cash Flows

For the Years Ended

 

Previously Reported

Adjustment

As Adjusted

Oct 30

Oct 31

Nov 1

Oct 30

Oct 31

Nov 1

Oct 30

Oct 31

Nov 1

2022

2021

2020

    

2022

2021

2020

    

2022

2021

2020

Cash Flows from Operating Activities:

Net income

$

704.0

$

710.8

$

425.1

$

(10.7)

$

(23.4)

$

(13.2)

$

693.3

$

687.4

$

411.9

Adjustments to reconcile net income to net cash

provided by operating activities:

Credit for deferred income taxes

(32.0)

(83.3)

(175.6)

(3.3)

(6.4)

(3.6)

(35.3)

(89.7)

(179.2)

Change in accounts payable and accrued expenses

14.4

(39.5)

(25.1)

(2.4)

21.6

11.0

12.0

(17.9)

(14.1)

Other

(164.2)

33.3

198.3

16.4

8.2

5.8

(147.8)

41.5

204.1

Net cash provided by operating activities

$

1,205.9

$

1,365.9

$

1,450.2

$

$

$

$

1,205.9

$

1,365.9

$

1,450.2

​

3