8-K

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 OR 15(d) of the Securities Exchange Act of 1934

Date of Report: November 24, 2021

(Date of earliest event reported)

DEERE & COMPANY

(Exact name of registrant as specified in its charter)

Delaware	1-4121	36-2382580
(State or other jurisdiction of incorporation)	(Commission File Number)	(IRS Employer Identification No.)

One John Deere Place

Moline, Illinois 61265

(Address of principal executive offices and zip code)

(309) 765-8000

(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:

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

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
8½% Debentures Due 2022	DE22	New York Stock Exchange
6.55% Debentures Due 2028	DE28	New York Stock Exchange

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. ☐

Items 2.02

and 7.01              Results of Operations and Financial Condition and Regulation FD Disclosure (Furnished

herewith).

Deere & Company’s press release dated November 24, 2021 concerning Fourth Quarter of Fiscal 2021 financial results and supplemental financial information (Exhibit 99.1) is furnished under Form 8-K Items 2.02 and 7.01. The attached schedules of Other Financial Information (Exhibit 99.2) and Fourth Quarter 2021 Earnings Conference Call Information (Exhibit 99.3) are furnished under Form 8-K Items 2.02 and 7.01. The information is not filed for purposes of the Securities Exchange Act of 1934 and is not deemed incorporated by reference by any general statements incorporating by reference this report or future filings into any filings under the Securities Act of 1933 or the Securities Exchange Act of 1934, except to the extent Deere & Company specifically incorporates the information by reference.

Item 9.01Financial Statements and Exhibits.

(d)Exhibits

Number	Description of Exhibit
99.1	Press Release and Supplemental Financial Information (Furnished herewith)
99.2	Other Financial Information (Furnished herewith)
99.3	Fourth Quarter 2021 Earnings Conference Call Information (Furnished herewith)
104	Cover Page Interactive Data File (the cover page XBRL tags are imbedded in the Inline XBRL document)

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Signature

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

	DEERE & COMPANY
	By:	/s/ Todd E. Davies
		Todd E. Davies
		Secretary
Dated: November 24, 2021

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EX-99.1

Exhibit 99.1

(Furnished herewith)

News Release

Contact:
Jen Hartmann
Director, Public Relations
HartmannJenniferA@JohnDeere.com

Deere Reports Net Income of $1.283 Billion for Fourth Quarter, $5.963 Billion for Fiscal Year

● Fourth-quarter net income rises on net sales gain of 19%, demonstrating solid execution and benefits of operating model.

● UAW contract agreement shows commitment to Deere’s workforce.

● Full-year 2022 earnings forecast to be $6.5 to $7.0 billion, reflecting healthy demand.

MOLINE, Illinois (November 24, 2021) — Deere & Company reported net income of $1.283 billion for the fourth quarter ended October 31, 2021, or $4.12 per share, compared with net income of $757 million, or $2.39 per share, for the quarter ended November 1, 2020. For fiscal year 2021, net income attributable to Deere & Company was $5.963 billion, or $18.99 per share, compared with $2.751 billion, or $8.69 per share, in fiscal 2020.

Worldwide net sales and revenues increased 16 percent, to $11.327 billion, for the fourth quarter of fiscal 2021 and rose 24 percent, to $44.024 billion, for the full year. Equipment operations net sales were $10.276 billion for the quarter and $39.737 billion for the year, compared with corresponding totals of $8.659 billion and $31.272 billion in 2020.

“Deere’s strong fourth-quarter and full-year performance was delivered by our dedicated employees, dealers, and suppliers throughout the world, who have helped safely maintain our operations and serve customers,” said John C. May, chairman and chief executive officer. “Our results reflect strong end-market demand and our ability to continue serving customers while managing supply-chain issues and conducting contract negotiations with our largest union. Last week’s ratification of a 6-year agreement with the UAW brings our highly skilled employees back to work building the finest products in our industries. The agreement shows our ongoing commitment to delivering best-in-class wages and benefits.”

Company Outlook & Summary

Net income attributable to Deere & Company for fiscal 2022 is forecasted to be in a range of $6.5 billion to $7.0 billion.

“Looking ahead, we expect demand for farm and construction equipment to continue benefiting from positive fundamentals, including favorable crop prices, economic growth, and increased investment in infrastructure,” May said. “At the same time, we anticipate supply-chain pressures will continue to pose

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challenges in our industries. We are working closely with our suppliers to address these issues and ensure that our customers can deliver essential food and infrastructure more profitably and sustainably.”

Deere & Company	Fourth Quarter					Full Year
$ in millions	2021		2020		% Change	2021		2020		% Change
Net sales and revenues	$	11,327	$	9,731	16%	$	44,024	$	35,540	24%
Net income	$	1,283	$	757	69%	$	5,963	$	2,751	117%
Fully diluted EPS	$	4.12	$	2.39		$	18.99	$	8.69

Net income in the fourth quarter and full-year 2020 was negatively affected by impairment charges and employee-separation costs of $211 million and $458 million after-tax, respectively. In addition, net income was unfavorably affected by discrete adjustments to the provision for income taxes in both periods of 2020.

Equipment Operations	Fourth Quarter
$ in millions	2021		2020		% Change
Net sales	$	10,276	$	8,659	19%
Operating profit	$	1,393	$	1,056	32%
Net income	$	1,056	$	571	85%

For a discussion of net sales and operating profit results, see the production and precision agriculture, small agriculture and turf, and construction and forestry sections below.

Production & Precision Agriculture	Fourth Quarter
$ in millions	2021		2020		% Change
Net sales	$	4,661	$	3,801	23%
Operating profit	$	777	$	578	34%
Operating margin		16.7%		15.2%

Production and precision agriculture sales increased for the quarter due to higher shipment volumes and price realization. Operating profit rose primarily due to price realization and improved shipment volumes / mix. These items were partially offset by higher production costs. Results for fourth-quarter 2020 were negatively impacted by employee-separation expenses.

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Small Agriculture & Turf	Fourth Quarter
$ in millions	2021		2020		% Change
Net sales	$	2,809	$	2,397	17%
Operating profit	$	346	$	282	23%
Operating margin		12.3%		11.8%

Small agriculture and turf sales increased for the quarter due to higher shipment volumes and price realization. Operating profit rose primarily due to improved shipment volumes / mix and price realization. These items were partially offset by higher production costs and higher research and development and selling, administrative, and general expenses. Employee-separation expenses and impairments negatively impacted the fourth quarter of 2020.

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Construction & Forestry	Fourth Quarter
$ in millions	2021		2020		% Change
Net sales	$	2,806	$	2,461	14%
Operating profit	$	270	$	196	38%
Operating margin		9.6%		8.0%

Construction & Forestry sales moved higher for the quarter primarily due to higher shipment volumes and price realization. Operating profit improved mainly due to price realization and higher sales volume / mix. Partially offsetting these factors were increases in production costs and higher selling, administrative, and general and research and development expenses. Fourth-quarter 2020 results were adversely affected by employee-separation expenses and impairments.

Financial Services	Fourth Quarter
$ in millions	2021		2020		% Change
Net income	$	227	$	186	22%

Net income for financial services in the quarter rose mainly due to income earned on a higher average portfolio and favorable financing spreads, as well as improvements on operating-lease residual values. These factors were partially offset by a higher provision for credit losses. Results in 2020 also were affected by employee-separation costs.

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Industry Outlook for Fiscal 2022
Agriculture & Turf
U.S. & Canada:
Large Ag	Up ~ 15%
Small Ag & Turf	~ Flat
Europe	Up ~ 5%
South America (Tractors & Combines)	Up ~ 5%
Asia	~ Flat
Construction & Forestry
U.S. & Canada:
Construction Equipment	Up 5 to 10%
Compact Construction Equipment	Up 5 to 10%
Global Forestry	Up 10 to 15%

Deere Segment Outlook for Fiscal 2022		Currency	Price
$ in millions	Net Sales	Translation	Realization
Production & Precision Ag	Up 20 to 25%	0%	+9%
Small Ag & Turf	Up 15 to 20%	-1%	+7%
Construction & Forestry	Up 10 to 15%	0%	+8%
Financial Services	Net Income	$870

Financial Services. Fiscal-year 2022 net income attributable to Deere & Company for the financial services operations is forecast to be approximately $870 million. Results are expected to be slightly lower than fiscal 2021 due to a higher provision for credit losses, lower gains on operating-lease residual values, and higher selling, general, and administrative expenses. These factors are expected to be partially offset by income earned on a higher average portfolio.

John Deere Capital Corporation

The following is disclosed on behalf of the company’s financial services subsidiary, John Deere Capital Corporation (JDCC), in connection with the disclosure requirements applicable to its periodic issuance of debt securities in the public market.

	Fourth Quarter					Full Year
$ in millions	2021		2020		% Change	2021		2020		% Change
Revenue	$	673	$	693	-3%	$	2,688	$	2,808	-4%
Net income	$	181	$	154	18%	$	711	$	425	67%
Ending portfolio balance						$	41,488	$	38,726	7%

Net income for the fourth quarter of fiscal 2021 was higher than in the fourth quarter of 2020 primarily due to income earned on higher average portfolio balances and improvements on operating-lease residual values. These factors were partially offset by a higher provision for credit losses. Fourth-quarter 2020 results were also negatively impacted by employee-separation expenses. Full-year 2021 net income was higher than in 2020 due to improvements on operating-lease residual values, a lower provision for credit losses, favorable financing spreads, and income earned on a higher average portfolio. Full-year 2020 results also included impairments on lease residual values.

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Safe Harbor Statement

Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995: Statements under “Company Outlook & Summary,” “Industry Outlook for Fiscal 2022,” “Deere Segment Outlook (Fiscal 2022),” and other forward-looking statements herein that relate to future events, expectations, and trends involve factors that are subject to change and risks and uncertainties that could cause actual results to differ materially. Some of these risks and uncertainties could affect particular lines of business, while others could affect all of the company’s businesses.

The company’s agricultural equipment businesses are subject to a number of uncertainties, including certain factors that affect farmers’ confidence and financial condition. These factors include demand for agricultural products; world grain stocks; weather conditions and the effects of climate change; soil conditions; harvest yields; prices for commodities and livestock; crop and livestock production expenses; availability of transport for crops (including as a result of reduced state and local transportation budgets); trade restrictions and tariffs (e.g., China); global trade agreements; the level of farm product exports (including concerns about genetically modified organisms); the growth and sustainability of non-food uses for some crops (including ethanol and biodiesel production); real estate values; available acreage for farming; land ownership policies of governments; changes in government farm programs and policies; international reaction to such programs; changes in and effects of crop insurance programs; changes in environmental regulations and their impact on farming practices; animal diseases (e.g., African swine fever) and their effects on poultry, beef, and pork consumption and prices and on livestock feed demand; crop pests and diseases; and the impact of the COVID pandemic on the agricultural industry including demand for, and production and exports of, agricultural products, and commodity prices.

The production and precision agriculture business is dependent on agricultural conditions, and relies in part on hardware and software, guidance, connectivity and digital solutions, and automation and machine intelligence. Many factors contribute to the company’s precision agriculture sales and results, including the impact to customers’ profitability and/or sustainability outcomes; the rate of adoption and use by customers; availability of technological innovations; speed of research and development; effectiveness of partnerships with third parties; and the dealer channel’s ability to support and service precision technology solutions.

Factors affecting the company’s small agriculture and turf equipment operations include agricultural conditions; consumer confidence; weather conditions and the effects of climate change; customer profitability; labor supply; consumer borrowing patterns; consumer purchasing preferences; housing starts and supply; infrastructure investment; spending by municipalities and golf courses; and consumable input costs.

Factors affecting the company’s construction and forestry equipment operations include consumer spending patterns; real estate and housing prices; the number of housing starts; interest rates; commodity prices such as oil and gas; the levels of public and non-residential construction; and investment in infrastructure. Prices for pulp, paper, lumber, and structural panels affect sales of forestry equipment.

Many of the factors affecting the production and precision agriculture, small agriculture and turf, and construction and forestry segments have been and may continue to be impacted by global economic conditions, including those resulting from the COVID pandemic and responses to the pandemic taken by governments and other authorities.

All of the company’s businesses and its results are affected by general economic conditions in the global markets and industries in which the company operates; customer confidence in general economic conditions; government spending and taxing; foreign currency exchange rates and their volatility, especially fluctuations in the value of the U.S. dollar; interest rates (including the availability of IBOR reference rates); inflation and deflation rates; changes in weather and climate patterns; the political and social stability of the global markets in which the company operates; the effects of, or response to, terrorism and security threats; wars and other conflicts; natural disasters; and the spread of major epidemics or pandemics (including the COVID pandemic) and government and industry responses to such epidemics or pandemics, such as travel restrictions and extended shut downs of businesses.

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Continued uncertainties related to the magnitude, duration, and persistent effects of the COVID pandemic may significantly adversely affect the company’s business and outlook. These uncertainties include, among other things: the duration and impact of the resurgence in COVID cases in any country, state, or region; the emergence, contagiousness, and threat of new and different strains of virus; the availability, acceptance, and effectiveness of vaccines; additional closures as mandated or otherwise made necessary by governmental authorities; disruptions in the supply chain, including those caused by industry capacity constraints, material availability, and global logistics delays and constraints arising from, among other things, the transportation capacity of ocean shipping containers, and a prolonged delay in resumption of operations by one or more key suppliers, or the failure of any key suppliers; an increasingly competitive labor market due to a sustained labor shortage or increased turnover caused by COVID pandemic; the company’s ability to meet commitments to customers on a timely basis as a result of increased costs and supply and transportation challenges; increased logistics costs; additional operating costs due to continued remote working arrangements, adherence to social distancing guidelines, and other COVID-related challenges; increased risk of cyber-attacks on network connections used in remote working arrangements; increased privacy-related risks due to processing health-related personal information; legal claims related to personal protective equipment designed, made, or provided by the company or alleged exposure to COVID on company premises; absence of employees due to illness; and the impact of the pandemic on the company’s customers and dealers. The sustainability of the economic recovery observed in 2021 remains unclear and significant volatility could continue for a prolonged period. These factors, and others that are currently unknown or considered immaterial, could materially and adversely affect our business, liquidity, results of operations, and financial position.

Significant changes in market liquidity conditions, changes in the company’s credit ratings, and any failure to comply with financial covenants in credit agreements could impact access to funding and funding costs, which could reduce the company’s earnings and cash flows. Financial market conditions could also negatively impact customer access to capital for purchases of the company’s products and customer confidence and purchase decisions, financing and repayment practices, and the number and size of customer delinquencies and defaults. A debt crisis in Europe, Latin America, or elsewhere could negatively impact currencies, global financial markets, social and political stability, funding sources and costs, asset and obligation values, customers, suppliers, demand for equipment, and company operations and results. The company’s investment management activities could be impaired by changes in the equity, bond, and other financial markets, which would negatively affect earnings.

Continued effects of the withdrawal of the United Kingdom from the European Union could adversely affect business activity, political stability, and economic conditions in the United Kingdom, the European Union, and elsewhere. The economic conditions and outlook could be further adversely affected by (i) uncertainty regarding any new or modified trade arrangements between the United Kingdom and the European Union and/or other countries; (ii) the risk that one or more other European Union countries could come under increasing pressure to leave the European Union; or (iii) the risk that the euro as the single currency of the eurozone could cease to exist. Any of these developments could affect our businesses, liquidity, results of operations, and financial position.

Additional factors that could materially affect the company’s operations, access to capital, expenses, and results include changes in, uncertainty surrounding, and the impact of governmental trade, banking, monetary, and fiscal policies, including financial regulatory reform and its effects on the consumer finance industry, derivatives, funding costs, and other areas; the potential default of the U.S. federal government if Congress fails to pass a fiscal 2022 budget resolution; governmental programs, policies, and tariffs for the benefit of certain industries or sectors; sanctions in particular jurisdictions; retaliatory actions to such changes in trade, banking, monetary, and fiscal policies; actions by central banks; actions by financial and securities regulators; actions by environmental, health, and safety regulatory agencies, including those related to engine emissions, carbon and other greenhouse gas emissions, noise, and the effects of climate change; changes to GPS radio frequency bands or their permitted uses; changes in labor and immigration regulations; changes to accounting standards; changes in tax rates, estimates, laws, and regulations and company actions related thereto; changes to and compliance with privacy, banking, and other regulations; changes to and compliance with economic sanctions and export controls laws and regulations; compliance with U.S. and foreign laws when expanding to new markets and otherwise; and actions by other regulatory bodies.

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Other factors that could materially affect the company’s results include production, design, and technological innovations and difficulties, including capacity and supply constraints and prices; the loss of or challenges to intellectual property rights, whether through theft, infringement, counterfeiting, or otherwise; the availability and prices of strategically sourced materials, components, and whole goods; delays or disruptions in the company’s supply chain or the loss of liquidity by suppliers; disruptions of infrastructures that support communications, operations, or distribution; the failure of customers, dealers, suppliers, or the company to comply with laws, regulations, and company policy pertaining to employment, human rights, health, safety, the environment, sanctions, export controls, anti-corruption, privacy and data protection, and other ethical business practices;introduction of legislation that could affect the company’s business model and intellectual property, such as right to repair or right to modify; events that damage the company’s reputation or brand; significant investigations, claims, lawsuits, or other legal proceedings; start-up of new plants and products; the success of new product initiatives or business strategies; changes in customer product preferences and sales mix; gaps or limitations in rural broadband coverage, capacity, and speed needed to support technology solutions; oil and energy prices, supplies, and volatility; the availability and cost of freight; actions of competitors in the various industries in which the company competes, particularly price discounting; dealer practices, especially as to levels of new and used field inventories; changes in demand and pricing for used equipment and resulting impacts on lease residual values; labor relations and contracts, including work stoppages and other disruptions; changes in the ability to attract, develop, engage, and retain qualified personnel; acquisitions and divestitures of businesses; greater-than-anticipated transaction costs; the integration of new businesses; the failure or delay in closing or realizing anticipated benefits of acquisitions, joint ventures, or divestitures; the inability to deliver precision technology and agricultural solutions to customers; the implementation of the smart industrial operating model and other organizational changes; the failure to realize anticipated savings or benefits of cost reduction, productivity, or efficiency efforts; difficulties related to the conversion and implementation of enterprise resource planning systems; security breaches, cybersecurity attacks, technology failures, and other disruptions to the information technology infrastructure of the company and its suppliers and dealers; security breaches with respect to the company’s products; changes in company-declared dividends and common stock issuances and repurchases; changes in the level and funding of employee retirement benefits; changes in market values of investment assets, compensation, retirement, discount, and mortality rates which impact retirement benefit costs; and significant changes in health care costs.

The liquidity and ongoing profitability of John Deere Capital Corporation and the company’s other financial services subsidiaries depend largely on timely access to capital in order to meet future cash flow requirements, and to fund operations, costs, and purchases of the company’s products. If general economic conditions deteriorate or capital markets become more volatile, funding could be unavailable or insufficient. Additionally, customer confidence levels may result in declines in credit applications and increases in delinquencies and default rates, which could materially impact write-offs and provisions for credit losses.

The company’s forward-looking statements are based upon assumptions relating to the factors described above, which are sometimes based upon estimates and data prepared by government agencies. Such estimates and data are often revised. The company, except as required by law, undertakes no obligation to update or revise its forward-looking statements, whether as a result of new developments or otherwise. Further information concerning the company and its businesses, including factors that could materially affect the company’s financial results, is included in the company’s other filings with the SEC (including, but not limited to, the factors discussed in Item 1A. Risk Factors of the company’s most recent annual report on Form 10-K and quarterly reports on Form 10-Q).

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DEERE & COMPANY

FOURTH QUARTER 2021 PRESS RELEASE

(In millions of dollars) Unaudited

	Three Months Ended					Years Ended
	October 31		November 1		%	October 31		November 1		%
	2021		2020		Change	2021		2020		Change
Net sales and revenues:
Production & precision ag net sales	$	4,661	$	3,801	+23	$	16,509	$	12,962	+27
Small ag & turf net sales		2,809		2,397	+17		11,860		9,363	+27
Construction & forestry net sales		2,806		2,461	+14		11,368		8,947	+27
Financial services		869		891	-2		3,548		3,589	-1
Other revenues		182		181	+1		739		679	+9
Total net sales and revenues	$	11,327	$	9,731	+16	$	44,024	$	35,540	+24
Operating profit: *
Production & precision ag	$	777	$	578	+34	$	3,334	$	1,969	+69
Small ag & turf		346		282	+23		2,045		1,000	+105
Construction & forestry		270		196	+38		1,489		590	+152
Financial services		299		249	+20		1,144		746	+53
Total operating profit		1,692		1,305	+30		8,012		4,305	+86
Reconciling items **		(78)		(219)	-64		(390)		(472)	-17
Income taxes		(331)		(329)	+1		(1,659)		(1,082)	+53
Net income attributable to Deere & Company	$	1,283	$	757	+69	$	5,963	$	2,751	+117

*       Operating profit is income from continuing operations before corporate expenses, certain external interest expense, certain foreign exchange gains and losses, and income taxes. Operating profit of the financial services segment includes the effect of interest expense and foreign exchange gains or losses.

**     Reconciling items are primarily corporate expenses, certain external interest expense, certain foreign exchange gains and losses, pension and postretirement benefit costs excluding the service cost component, and net income attributable to noncontrolling interests.

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DEERE & COMPANY

STATEMENT OF CONSOLIDATED INCOME

For the Three Months Ended October 31, 2021 and November 1, 2020

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

	2021		2020
Net Sales and Revenues
Net sales	$	10,276	$	8,659
Finance and interest income		828		867
Other income		223		205
Total		11,327		9,731
Costs and Expenses
Cost of sales		7,809		6,470
Research and development expenses		450		443
Selling, administrative and general expenses		936		1,011
Interest expense		210		278
Other operating expenses		309		414
Total		9,714		8,616
Income of Consolidated Group before Income Taxes		1,613		1,115
Provision for income taxes		330		329
Income of Consolidated Group		1,283		786
Equity in income (loss) of unconsolidated affiliates		1		(28)
Net Income		1,284		758
Less: Net income attributable to noncontrolling interests		1		1
Net Income Attributable to Deere & Company	$	1,283	$	757
Per Share Data
Basic	$	4.15	$	2.41
Diluted	$	4.12	$	2.39
Average Shares Outstanding
Basic		309.1		314.1
Diluted		311.5		317.1

See Condensed Notes to Consolidated Financial Statements.

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DEERE & COMPANY

STATEMENT OF CONSOLIDATED INCOME

For the Years Ended October 31, 2021 and November 1, 2020

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

	2021		2020
Net Sales and Revenues
Net sales	$	39,737	$	31,272
Finance and interest income		3,296		3,450
Other income		991		818
Total		44,024		35,540
Costs and Expenses
Cost of sales		29,116		23,677
Research and development expenses		1,587		1,644
Selling, administrative and general expenses		3,383		3,477
Interest expense		993		1,247
Other operating expenses		1,343		1,612
Total		36,422		31,657
Income of Consolidated Group before Income Taxes		7,602		3,883
Provision for income taxes		1,658		1,082
Income of Consolidated Group		5,944		2,801
Equity in income (loss) of unconsolidated affiliates		21		(48)
Net Income		5,965		2,753
Less: Net income attributable to noncontrolling interests		2		2
Net Income Attributable to Deere & Company	$	5,963	$	2,751
Per Share Data
Basic	$	19.14	$	8.77
Diluted	$	18.99	$	8.69
Average Shares Outstanding
Basic		311.6		313.5
Diluted		314.0		316.6

See Condensed Notes to Consolidated Financial Statements.

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DEERE & COMPANY

CONDENSED CONSOLIDATED BALANCE SHEET

As of October 31, 2021 and November 1, 2020

(In millions of dollars) Unaudited

	2021		2020
Assets
Cash and cash equivalents	$	8,017	$	7,066
Marketable securities		728		641
Receivables from unconsolidated affiliates		27		31
Trade accounts and notes receivable - net		4,208		4,171
Financing receivables - net		33,799		29,750
Financing receivables securitized - net		4,659		4,703
Other receivables		1,738		1,220
Equipment on operating leases - net		6,988		7,298
Inventories		6,781		4,999
Property and equipment - net		5,820		5,817
Investments in unconsolidated affiliates		175		193
Goodwill		3,291		3,081
Other intangible assets - net		1,275		1,327
Retirement benefits		3,601		863
Deferred income taxes		1,037		1,499
Other assets		1,970		2,432
Total Assets	$	84,114	$	75,091
Liabilities and Stockholders’ Equity
Liabilities
Short-term borrowings	$	10,919	$	8,582
Short-term securitization borrowings		4,605		4,682
Payables to unconsolidated affiliates		143		105
Accounts payable and accrued expenses		12,205		10,112
Deferred income taxes		576		519
Long-term borrowings		32,888		32,734
Retirement benefits and other liabilities		4,344		5,413
Total liabilities		65,680		62,147
Stockholders’ Equity
Total Deere & Company stockholders’ equity		18,431		12,937
Noncontrolling interests		3		7
Total stockholders’ equity		18,434		12,944
Total Liabilities and Stockholders’ Equity	$	84,114	$	75,091

See Condensed Notes to Consolidated Financial Statements.

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DEERE & COMPANY

STATEMENT OF CONSOLIDATED CASH FLOWS

For the Years Ended October 31, 2021 and November 1, 2020

(In millions of dollars) Unaudited

	2021		2020
Cash Flows from Operating Activities
Net income	$	5,965	$	2,753
Adjustments to reconcile net income to net cash provided by operating activities:
Provision (credit) for credit losses		(6)		110
Provision for depreciation and amortization		2,050		2,118
Impairment charges		50		194
Share-based compensation expense		82		81
Loss on sales of businesses and unconsolidated affiliates				24
Undistributed earnings of unconsolidated affiliates		2		(7)
Credit for deferred income taxes		(441)		(11)
Changes in assets and liabilities:
Trade, notes, and financing receivables related to sales		969		2,009
Inventories		(2,497)		397
Accounts payable and accrued expenses		1,884		(7)
Accrued income taxes payable/receivable		11		8
Retirement benefits		29		(537)
Other		(372)		351
Net cash provided by operating activities		7,726		7,483
Cash Flows from Investing Activities
Collections of receivables (excluding receivables related to sales)		18,959		17,381
Proceeds from maturities and sales of marketable securities		109		93
Proceeds from sales of equipment on operating leases		2,094		1,783
Cost of receivables acquired (excluding receivables related to sales)		(23,653)		(19,965)
Acquisitions of businesses, net of cash acquired		(244)		(66)
Purchases of marketable securities		(194)		(130)
Purchases of property and equipment		(848)		(820)
Cost of equipment on operating leases acquired		(1,732)		(1,836)
Collateral on derivatives - net		(281)		268
Other		40		(27)
Net cash used for investing activities		(5,750)		(3,319)
Cash Flows from Financing Activities
Increase (decrease) in total short-term borrowings		818		(1,360)
Proceeds from long-term borrowings		8,722		9,271
Payments of long-term borrowings		(7,090)		(7,383)
Proceeds from issuance of common stock		148		331
Repurchases of common stock		(2,538)		(750)
Dividends paid		(1,040)		(956)
Other		(98)		(133)
Net cash used for financing activities		(1,078)		(980)
Effect of Exchange Rate Changes on Cash, Cash Equivalents, and Restricted Cash		55		32
Net Increase in Cash, Cash Equivalents, and Restricted Cash		953		3,216
Cash, Cash Equivalents, and Restricted Cash at Beginning of Year		7,172		3,956
Cash, Cash Equivalents, and Restricted Cash at End of Year	$	8,125	$	7,172

See Condensed Notes to Consolidated Financial Statements.

16

DEERE & COMPANY

Condensed Notes to Consolidated Financial Statements

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

(1) 2021 Special Items

In the third quarter of 2021, the company sold a closed factory that previously produced small agriculture equipment in China, resulting in a pretax gain. During the first quarter of 2021, the fixed assets in an asphalt plant factory in Germany were impaired. The company also continued to assess its manufacturing locations, resulting in additional long-lived asset impairments. These impairments were offset by a favorable indirect tax ruling in Brazil. There were no special items in the fourth quarter of 2021.

	Year Ended October 31, 2021
	Production &		Small Ag		Construction
Expense (benefit):	Precision Ag		& Turf		& Forestry		Total
Gain on sale - Other income			$	(27)			$	(27)
Long-lived asset impairments - Cost of sales	$	5		3	$	42		50
Brazil indirect tax - Cost of sales		(53)				(5)		(58)
Total pretax expense (benefit)	$	(48)	$	(24)	$	37	$	(35)

2020 Special Items

In 2020, the company closed a factory producing small agricultural equipment in China resulting in one-time costs in the fourth quarter, in addition to costs previously recorded in the third quarter. The company also impaired fixed assets at multiple international locations resulting in one-time costs in the fourth quarter, along with fixed asset impairments recognized in the second quarter. Equipment on operating leases and matured operating lease inventory were impaired in the second quarter of 2020. The company also impaired minority investments resulting in one-time costs in the fourth quarter, in addition to a minority investment impairment in the second quarter.

	Three Months Ended Nov. 1, 2020								Year Ended Nov. 1, 2020
Expense:	PPA		SAT		CF		Total		PPA		SAT		CF		FS		Total
Factory closure - Cost of sales			$	7			$	7			$	20					$	20
Long-lived asset impairments:
Cost of sales				13	$	18		31				13	$	80				93
SA&G expenses	$	2		2				4	$	2		2						4
Other operating expenses															$	32		32
Affiliate company impairments – Equity in income (loss) of unconsolidated affiliates						30		30						50				50
Total pretax expense	$	2	$	22	$	48	$	72	$	2	$	35	$	130	$	32	$	199

2020 Disposition

In the fourth quarter of 2020, the company sold its German lawn mower business. A $24 million pretax loss was recorded in the third quarter of 2020 when the definitive sale agreement was finalized. The loss was recorded in “Other operating expenses” in the small agriculture and turf segment.

17

2020 Employee-Separation Programs

During the first and fourth quarters of 2020, the company implemented employee-separation programs for the company’s salaried workforce in several geographic areas, including the U.S., Europe, Asia, and Latin America. The programs’ main purpose was to improve efficiency through a leaner, more flexible organization. The total pretax expenses for 2020 were as follows:

	Three Months Ended Nov. 1, 2020										Year Ended Nov. 1, 2020
	PPA		SAT		CF		FS		Total		PPA		SAT		CF		FS		Total
Cost of sales	$	31	$	19	$	13			$	63	$	51	$	31	$	22			$	104
Research and development expenses		20		12		5				37		29		18		8				55
Selling, administrative and general expenses		34		24		10	$	11		79		53		43		24	$	15		135
Total operating profit impact	$	85	$	55	$	28	$	11		179	$	133	$	92	$	54	$	15		294
Non-operating profit impact										18										41
Total pretax expense									$	197									$	335

Included in total pretax expense are non-cash charges of $13 million and $34 million in the fourth quarter and full year 2020, respectively, resulting from curtailment losses in certain OPEB plans that were recorded outside of operating profit in “Other operating expenses.”

(2) Prior to November 2, 2020, the operating results of the Wirtgen Group (Wirtgen) were incorporated into the company’s consolidated financial statements using a one-month lag period. In the first quarter of 2021, the reporting lag was eliminated resulting in one additional month of Wirtgen activity in the first quarter and fiscal year 2021. The effect was an increase to “Net sales” of $270 million, which the company considers immaterial to construction and forestry’s annual net sales. Prior period results were not restated.

(3) Dividends declared and paid on a per share basis were as follows:

	Three Months Ended				Years Ended
	October 31		November 1		October 31		November 1
	2021		2020		2021		2020
Dividends declared	$	1.05	$	.76	$	3.61	$	3.04
Dividends paid	$	.90	$	.76	$	3.32	$	3.04

(4) The calculation of basic net income per share is based on the average number of shares outstanding. The calculation of diluted net income per share recognizes any dilutive effect of share-based compensation.

(5) The consolidated financial statements represent the consolidation of all Deere & Company’s subsidiaries. In the supplemental consolidating data in Note 6 to the financial statements, the “Equipment Operations” represents the enterprise without “Financial Services”, which include the company’s production and precision agriculture operations, small agriculture and turf operations, and construction and forestry operations, and other corporate assets, liabilities, revenues, and expenses not reflected within “Financial Services.”

18

DEERE & COMPANY

(6) SUPPLEMENTAL CONSOLIDATING DATA
STATEMENT OF INCOME

For the Three Months Ended October 31, 2021 and November 1, 2020

(In millions of dollars) Unaudited

	EQUIPMENT				FINANCIAL
	OPERATIONS1				SERVICES				ELIMINATIONS				CONSOLIDATED
	2021		2020		2021		2020		2021		2020		2021		2020
Net Sales and Revenues
Net sales	$	10,276	$	8,659									$	10,276	$	8,659
Finance and interest income		39		38	$	859	$	891	$	(70)	$	(62)		828		867	2
Other income		229		211		84		60		(90)		(66)		223		205	3
Total		10,544		8,908		943		951		(160)		(128)		11,327		9,731
Costs and Expenses
Cost of sales		7,811		6,470						(2)				7,809		6,470	4
Research and development expenses		450		443										450		443
Selling, administrative and general expenses		798		890		140		123		(2)		(2)		936		1,011	4
Interest expense		81		92		148		195		(19)		(9)		210		278	5
Interest compensation to Financial Services		51		53						(51)		(53)					5
Other operating expenses		40		93		355		385		(86)		(64)		309		414	6
Total		9,231		8,041		643		703		(160)		(128)		9,714		8,616
Income before Income Taxes		1,313		867		300		248						1,613		1,115
Provision for income taxes		256		266		74		63						330		329
Income after Income Taxes		1,057		601		226		185						1,283		786
Equity in income (loss) of unconsolidated affiliates				(29)		1		1						1		(28)
Net Income		1,057		572		227		186						1,284		758
Less: Net income attributable to noncontrolling interests		1		1										1		1
Net Income Attributable to Deere & Company	$	1,056	$	571	$	227	$	186					$	1,283	$	757

The supplemental consolidating data is presented for informational purposes. Transactions between the Equipment Operations and Financial Services have been eliminated to arrive at the consolidated financial statements.

¹ The Equipment Operations represents the enterprise without Financial Services. The Equipment Operations includes the company’s production and precision agriculture operations, small agriculture and turf operations, construction and forestry operations, and other corporate assets, liabilities, revenues, and expenses not reflected within Financial Services.

² Elimination of Financial Services’ interest income earned from Equipment Operations.

³ Elimination of Equipment Operations’ margin from inventory transferred to equipment on operating leases.

⁴ Elimination of intercompany service fees.

⁵ Elimination of Equipment Operations’ interest expense to Financial Services.

⁶ Elimination of Financial Services’ lease depreciation expense related to inventory transferred to equipment on operating leases.

19

DEERE & COMPANY

SUPPLEMENTAL CONSOLIDATING DATA (Continued)
STATEMENT OF INCOME

For the Years Ended October 31, 2021 and November 1, 2020

(In millions of dollars) Unaudited

	EQUIPMENT				FINANCIAL
	OPERATIONS1				SERVICES				ELIMINATIONS				CONSOLIDATED
	2021		2020		2021		2020		2021		2020		2021		2020
Net Sales and Revenues
Net sales	$	39,737	$	31,272									$	39,737	$	31,272
Finance and interest income		133		112	$	3,442	$	3,610	$	(279)	$	(272)		3,296		3,450	2
Other income		941		808		352		257		(302)		(247)		991		818	3
Total		40,811		32,192		3,794		3,867		(581)		(519)		44,024		35,540
Costs and Expenses
Cost of sales		29,119		23,679						(3)		(2)		29,116		23,677	4
Research and development expenses		1,587		1,644										1,587		1,644
Selling, administrative and general expenses		2,887		2,878		504		606		(8)		(7)		3,383		3,477	4
Interest expense		368		329		687		942		(62)		(24)		993		1,247	5
Interest compensation to Financial Services		217		248						(217)		(248)					5
Other operating expenses		181		278		1,453		1,572		(291)		(238)		1,343		1,612	6
Total		34,359		29,056		2,644		3,120		(581)		(519)		36,422		31,657
Income before Income Taxes		6,452		3,136		1,150		747						7,602		3,883
Provision for income taxes		1,386		899		272		183						1,658		1,082
Income after Income Taxes		5,066		2,237		878		564						5,944		2,801
Equity in income (loss) of unconsolidated affiliates		18		(50)		3		2						21		(48)
Net Income		5,084		2,187		881		566						5,965		2,753
Less: Net income attributable to noncontrolling interests		2		2										2		2
Net Income Attributable to Deere & Company	$	5,082	$	2,185	$	881	$	566					$	5,963	$	2,751

The supplemental consolidating data is presented for informational purposes. Transactions between the Equipment Operations and Financial Services have been eliminated to arrive at the consolidated financial statements.

¹ The Equipment Operations represents the enterprise without Financial Services. The Equipment Operations includes the company’s production and precision agriculture operations, small agriculture and turf operations, construction and forestry operations, and other corporate assets, liabilities, revenues, and expenses not reflected within Financial Services.

² Elimination of Financial Services’ interest income earned from Equipment Operations.

³ Elimination of Equipment Operations’ margin from inventory transferred to equipment on operating leases.

⁴ Elimination of intercompany service fees.

⁵ Elimination of Equipment Operations’ interest expense to Financial Services.

⁶ Elimination of Financial Services’ lease depreciation expense related to inventory transferred to equipment on operating leases.

20

DEERE & COMPANY

SUPPLEMENTAL CONSOLIDATING DATA (Continued)

CONDENSED BALANCE SHEET

As of October 31, 2021 and November 1, 2020

(In millions of dollars) Unaudited

	EQUIPMENT				FINANCIAL
	OPERATIONS1				SERVICES				ELIMINATIONS				CONSOLIDATED
	2021		2020		2021		2020		2021		2020		2021		2020
Assets
Cash and cash equivalents	$	7,188	$	6,145	$	829	$	921					$	8,017	$	7,066
Marketable securities		3		7		725		634						728		641
Receivables from unconsolidated affiliates		5,591		5,290					$	(5,564)	$	(5,259)		27		31	7
Trade accounts and notes receivable - net		1,155		1,013		3,895		4,238		(842)		(1,080)		4,208		4,171	8
Financing receivables - net		73		106		33,726		29,644						33,799		29,750
Financing receivables securitized - net		10		26		4,649		4,677						4,659		4,703
Other receivables		1,602		1,117		159		151		(23)		(48)		1,738		1,220	8
Equipment on operating leases - net						6,988		7,298						6,988		7,298
Inventories		6,781		4,999										6,781		4,999
Property and equipment - net		5,783		5,778		37		39						5,820		5,817
Investments in unconsolidated affiliates		153		174		22		19						175		193
Goodwill		3,291		3,081										3,291		3,081
Other intangible assets - net		1,275		1,327										1,275		1,327
Retirement benefits		3,539		859		64		59		(2)		(55)		3,601		863	9
Deferred income taxes		1,215		1,763		53		45		(231)		(309)		1,037		1,499	10
Other assets		1,493		1,439		477		994				(1)		1,970		2,432
Total Assets	$	39,152	$	33,124	$	51,624	$	48,719	$	(6,662)	$	(6,752)	$	84,114	$	75,091
Liabilities and Stockholders’ Equity
Liabilities
Short-term borrowings	$	1,509	$	292	$	9,410	$	8,290					$	10,919	$	8,582
Short-term securitization borrowings		10		26		4,595		4,656						4,605		4,682
Payables to unconsolidated affiliates		143		104		5,564		5,260	$	(5,564)	$	(5,259)		143		105	7
Accounts payable and accrued expenses		11,055		9,114		2,015		2,127		(865)		(1,129)		12,205		10,112	8
Deferred income taxes		438		385		369		443		(231)		(309)		576		519	10
Long-term borrowings		8,915		10,124		23,973		22,610						32,888		32,734
Retirement benefits and other liabilities		4,239		5,366		107		102		(2)		(55)		4,344		5,413	9
Total liabilities		26,309		25,411		46,033		43,488		(6,662)		(6,752)		65,680		62,147
Stockholders’ Equity
Total Deere & Company stockholders’ equity		18,431		12,937		5,591		5,231		(5,591)		(5,231)		18,431		12,937	11
Noncontrolling interests		3		7										3		7
Financial Services equity		(5,591)		(5,231)						5,591		5,231					11
Adjusted total stockholders' equity		12,843		7,713		5,591		5,231						18,434		12,944
Total Liabilities and Stockholders’ Equity	$	39,152	$	33,124	$	51,624	$	48,719	$	(6,662)	$	(6,752)	$	84,114	$	75,091

The supplemental consolidating data is presented for informational purposes. Transactions between the Equipment Operations and Financial Services have been eliminated to arrive at the consolidated financial statements.

¹ The Equipment Operations represents the enterprise without Financial Services. The Equipment Operations includes the company’s production and precision agriculture operations, small agriculture and turf operations, construction and forestry operations, and other corporate assets, liabilities, revenues, and expenses not reflected within Financial Services.

⁷ Elimination of receivables / payables between Equipment Operations and Financial Services.

⁸ Reclassification of sales incentive accruals on receivables sold to Financial Services.

⁹ Reclassification of net pension assets / liabilities.

¹⁰ Reclassification of deferred tax assets / liabilities in the same taxing jurisdictions.

¹¹ Elimination of Financial Services equity.

21

DEERE & COMPANY

SUPPLEMENTAL CONSOLIDATING DATA (Continued)

STATEMENT OF CASH FLOWS

For the Years Ended October 31, 2021 and November 1, 2020

(In millions of dollars) Unaudited

	EQUIPMENT				FINANCIAL
	OPERATIONS1				SERVICES				ELIMINATIONS				CONSOLIDATED
	2021		2020		2021		2020		2021		2020		2021		2020
Cash Flows from Operating Activities
Net income	$	5,084	$	2,187	$	881	$	566					$	5,965	$	2,753
Adjustments to reconcile net income to net cash provided by operating activities:
Provision (credit) for credit losses		7		5		(13)		105						(6)		110
Provision for depreciation and amortization		1,043		1,016		1,140		1,227	$	(133)	$	(125)		2,050		2,118	12
Impairment charges		50		162				32						50		194
Share-based compensation expense										82		81		82		81	13
Loss on sale of businesses and unconsolidated affiliates				24												24
Undistributed earnings of unconsolidated affiliates		560		381		(3)		(2)		(555)		(386)		2		(7)	14
Provision (credit) for deferred income taxes		(369)		105		(72)		(116)						(441)		(11)
Changes in assets and liabilities:
Trade, notes, and financing receivables related to sales		(105)		373						1,074		1,636		969		2,009	15, 17, 18
Inventories		(1,835)		1,011						(662)		(614)		(2,497)		397	16
Accounts payable and accrued expenses		1,589		(331)		57		(1)		238		325		1,884		(7)	17
Accrued income taxes payable/receivable		13		(14)		(2)		22						11		8
Retirement benefits		30		(544)		(1)		7						29		(537)
Other		(167)		385		(22)		136		(183)		(170)		(372)		351	12, 13, 16
Net cash provided by operating activities		5,900		4,760		1,965		1,976		(139)		747		7,726		7,483
Cash Flows from Investing Activities
Collections of receivables (excluding receivables related to sales)						20,527		18,829		(1,568)		(1,448)		18,959		17,381	15
Proceeds from maturities and sales of marketable securities		4				105		93						109		93
Proceeds from sales of equipment on operating leases						2,094		1,783						2,094		1,783
Cost of receivables acquired (excluding receivables related to sales)						(25,305)		(21,360)		1,652		1,395		(23,653)		(19,965)	15
Acquisitions of businesses, net of cash acquired		(244)		(66)										(244)		(66)
Purchases of marketable securities				(4)		(194)		(126)						(194)		(130)
Purchases of property and equipment		(845)		(816)		(3)		(4)						(848)		(820)
Cost of equipment on operating leases acquired						(2,627)		(2,666)		895		830		(1,732)		(1,836)	16
Decrease in trade and wholesale receivables						1,364		1,999		(1,364)		(1,999)					15
Collateral on derivatives - net		(7)		(6)		(274)		274						(281)		268
Other		58		(99)		5		(38)		(23)		110		40		(27)	14, 18
Net cash used for investing activities		(1,034)		(991)		(4,308)		(1,216)		(408)		(1,112)		(5,750)		(3,319)
Cash Flows from Financing Activities
Increase (decrease) in total short-term borrowings		65		(177)		753		(1,183)						818		(1,360)
Change in intercompany receivables/payables		(354)		(3,207)		354		3,207
Proceeds from long-term borrowings		11		4,586		8,711		4,685						8,722		9,271
Payments of long-term borrowings		(94)		(607)		(6,996)		(6,776)						(7,090)		(7,383)
Proceeds from issuance of common stock		148		331										148		331
Repurchases of common stock		(2,538)		(750)										(2,538)		(750)
Dividends paid		(1,040)		(956)		(555)		(386)		555		386		(1,040)		(956)	14
Other		(61)		(105)		(29)		(7)		(8)		(21)		(98)		(133)	14
Net cash provided by (used for) financing activities		(3,863)		(885)		2,238		(460)		547		365		(1,078)		(980)
Effect of Exchange Rate Changes on Cash, Cash Equivalents, and Restricted Cash		41		76		14		(44)						55		32
Net Increase (Decrease) in Cash, Cash Equivalents, and Restricted Cash		1,044		2,960		(91)		256						953		3,216
Cash, Cash Equivalents, and Restricted Cash at Beginning of Year		6,156		3,196		1,016		760						7,172		3,956
Cash, Cash Equivalents, and Restricted Cash at End of Year	$	7,200	$	6,156	$	925	$	1,016					$	8,125	$	7,172

The supplemental consolidating data is presented for informational purposes. Transactions between the Equipment Operations and Financial Services have been eliminated to arrive at the consolidated financial statements.

¹ The Equipment Operations represents the enterprise without Financial Services. The Equipment Operations includes the company’s production and precision agriculture operations, small agriculture and turf operations, construction and forestry operations, and other corporate assets, liabilities, revenues, and expenses not reflected within Financial Services.

¹² Elimination of depreciation on leases related to inventory transferred to equipment on operating leases.

¹³ Reclassification of share-based compensation expense.

¹⁴ Elimination of dividends from Financial Services to the Equipment Operations, which are included in the Equipment Operations net cash provided by operating activities, and capital investments in Financial Services from the Equipment Operations.

¹⁵ Primarily reclassification of receivables related to the sale of equipment.

¹⁶ Reclassification of direct lease agreements with retail customers.

¹⁷ Reclassification of sales incentive accruals on receivables sold to Financial Services.

¹⁸ Elimination and reclassification of the effects of Financial Services partial financing of the construction and forestry retail locations sales and subsequent collection of those amounts.

22

EX-99.2

Exhibit 99.2

(Furnished herewith)

DEERE & COMPANY

OTHER FINANCIAL INFORMATION

The company evaluates its business results on the basis of accounting principles generally accepted in the United States. In addition, it uses a metric referred to as Shareholder Value Added (SVA), which management believes is an appropriate measure for the performance of its businesses. SVA is, in effect, the pretax profit left over after subtracting the cost of enterprise capital. The company is aiming for a sustained creation of SVA and is using this metric for various performance goals. Certain compensation is also determined on the basis of performance using this measure. For purposes of determining SVA, each of the equipment segments is assessed a pretax cost of assets, which on an annual basis is approximately 12 percent of the segment’s average identifiable operating assets during the applicable period with inventory at standard cost. Management believes that valuing inventories at standard cost more closely approximates the current cost of inventory and the company’s investment in the asset. The Financial Services segment is assessed an annual pretax cost of approximately 13 percent of the segment's average equity. The cost of assets or equity, as applicable, is deducted from the operating profit or added to the operating loss of each segment to determine the amount of SVA.

	Equipment						Production &						Small Ag						Construction
For the Years Ended	Operations						Precision Ag						& Turf						& Forestry
	October 31			November 1			October 31			November 1			October 31			November 1			October 31			November 1
Dollars in millions	2021			2020			2021			2020			2021			2020			2021			2020
Net Sales	$	39,737		$	31,272		$	16,509		$	12,962		$	11,860		$	9,363		$	11,368		$	8,947
Net Sales - excluding Wirtgen					28,348						12,962						9,363						6,023
Average Identifiable Assets*
With Inventories at LIFO	$	16,680		$	16,593		$	6,640		$	6,194		$	3,625		$	3,536		$	6,415		$	6,863
With Inventories at LIFO - excluding Wirtgen					12,599						6,194						3,536						2,869
With Inventories at Standard Cost		18,045			18,010			7,321			6,901			4,047			3,979			6,677			7,130
With Inventories at Standard Cost - excluding Wirtgen					14,016						6,901						3,979						3,136
Operating Profit	$	6,868		$	3,559		$	3,334		$	1,969		$	2,045		$	1,000		$	1,489		$	590
Operating Profit - excluding Wirtgen					3,289						1,969						1,000						320
Percent of Net Sales**		17.3	%		11.6	%		20.2	%		15.2	%		17.2	%		10.7	%		13.1	%		5.3	%
Operating Return on Assets**
With Inventories at LIFO		41.2	%		26.1	%		50.2	%		31.8	%		56.4	%		28.3	%		23.2	%		11.2	%
With Inventories at Standard Cost		38.1	%		23.5	%		45.5	%		28.5	%		50.5	%		25.1	%		22.3	%		10.2	%
SVA Cost of Assets**	$	(2,165)		$	(1,683)		$	(878)		$	(829)		$	(486)		$	(478)		$	(801)		$	(376)
SVA**		4,703			1,606			2,456			1,140			1,559			522			688			(56)
	Financial
For the Years Ended	Services
	October 31			November 1
Dollars in millions		2021			2020
Net Income Attributable to Deere & Company	$	881		$	566
Average Equity		5,497			5,099
Return on Equity		16.0	%		11.1	%
Operating Profit	$	1,144		$	746
Cost of Equity		(719)			(673)
SVA		425			73
* At the beginning of fiscal year 2021, the company reclassified goodwill from the Equipment Operations segments’ identifiable assets to corporate assets. Operating return on assets (OROA) and SVA exclude the impact of goodwill. Prior period information has been recast for a consistent presentation. ** Beginning in fiscal year 2021, the results and assets related to the Wirtgen Group (Wirtgen) are included in the calculation of OROA and SVA. Due to integration efforts, the 2020 information did not include Wirtgen’s results and assets. Prior period information was not recast for this change, which is consistent with the company’s internal presentation.

23

EX-99.3

Exhibit 99.3

4Q 2021 Earnings Call 24 November 2021 24

John Deere | 4Q 2021 Earnings Call | November 24, 2021 2 Safe Harbor Statement and Disclosures The earnings call and accompanying material include forward-looking comments and information concerning the company’s plans and projections for the future, including estimates and assumptions with respect to economic, political, technological, weather, market acceptance, acquisitions and divestitures of businesses, anticipated transaction costs, the integration of new businesses, anticipated benefits of acquisitions, and other factors that impact our businesses and customers. They also may include financial measures that are not in conformance with accounting principles generally accepted in the United States of America (GAAP). Words such as “forecast,” “projection,” “outlook,” “prospects,” “expected,” “estimated,” “will,” “plan,” “anticipate,” “intend,” “believe,” or other similar words or phrases often identify forward-looking statements. Actual results may differ materially from those projected in these forward-looking statements based on a number of factors and uncertainties, including those related to the effects of the COVID-19 pandemic. Additional information concerning factors that could cause actual results to differ materially is contained in the company’s most recent Form 8-K and periodic report filed with the U.S. Securities and Exchange Commission, and is incorporated by reference herein. Investors should refer to and consider the incorporated information on risks and uncertainties in addition to the information presented here. The company, except as required by law, undertakes no obligation to update or revise its forward-looking statements whether as a result of new developments or otherwise. The call and accompanying materials are not an offer to sell or a solicitation of offers to buy any of the company’s securities. 25

John Deere | 4Q 2021 Earnings Call | November 24, 2021 3 FY 2021 Results ($ millions except where noted) $35,540 $44,024 FY 2020 FY 2021 $31,272 $39,737 FY 2020 FY 2021 $2,751 $5,963 FY 2020 FY 2021 $8.69 $18.99 FY 2020 FY 2021 27% Net Sales and Revenues Net Sales (Equipment Operations) Net Income (attributable to Deere & Company) Diluted EPS ($ per share) 24% 117% 119% 26

John Deere | 4Q 2021 Earnings Call | November 24, 2021 4 4Q 2021 Results ($ millions except where noted) $9,731 $11,327 4Q 2020 4Q 2021 $8,659 $10,276 4Q 2020 4Q 2021 $757 $1,283 4Q 2020 4Q 2021 $2.39 $4.12 4Q 2020 4Q 2021 19% Net Sales and Revenues Net Sales (Equipment Operations) Net Income (attributable to Deere & Company) Diluted EPS ($ per share) 16% 69% 72% 27

John Deere | 4Q 2021 Earnings Call | November 24, 2021 5 $777 $201 $87 ($22) $578 $280 $57 $5 ($391) ($18) 4Q 2020 Volume/ Mix Price Currency Warranty Production Costs SA&G/ R&D Special Items Other 4Q 2021 Production and Precision Ag 4Q 2021 Results $ in millions $3,801 $4,661 4Q 2020 4Q 2021 Net Sales 23% Operating Profit Comparison 28

John Deere | 4Q 2021 Earnings Call | November 24, 2021 6 $346 $119 $77 ($13) $282 $99 $11 $8 ($203) ($34) 4Q 2020 Volume/ Mix Price Currency Warranty Production Costs SA&G/ R&D Special Items Other 4Q 2021 Small Ag and Turf 4Q 2021 Results $ in millions $2,397 $2,809 4Q 2020 4Q 2021 Net Sales 17% Operating Profit Comparison 29

John Deere | 4Q 2021 Earnings Call | November 24, 2021 7 Ag and Turf Industry Outlook – FY 2022 Source: Deere & Company forecast as of 24 November 2021 U.S. and CANADA LARGE AG ~15% EUROPE AG ~5% SOUTH AMERICA AG (tractors and combines) ~5% U.S. and CANADA SMALL AG and TURF Flat ASIA AG Flat 30

John Deere | 4Q 2021 Earnings Call | November 24, 2021 8 Production and Precision Ag Business Segment Outlook Source: Deere & Company forecast as of 24 November 2021 20.2% FY 2021 FY 2022 Fcst $16,509 FY 2021 FY 2022 Fcst Net Sales 20-21% Operating Margin 20-25% 31

John Deere | 4Q 2021 Earnings Call | November 24, 2021 9 Small Ag and Turf Business Segment Outlook Source: Deere & Company forecast as of 24 November 2021 17.2% FY 2021 FY 2022 Fcst $11,860 FY 2021 FY 2022 Fcst Net Sales 16-17% Operating Margin 15-20% 32

John Deere | 4Q 2021 Earnings Call | November 24, 2021 10 Construction and Forestry 4Q 2021 Results $ in millions $2,461 $2,806 4Q 2020 4Q 2021 Net Sales 14% Operating Profit Comparison $270 $67 ($20) ($118) ($18) $76 $196 $151 ($1) ($63) 4Q 2020 Volume/ Mix Price Currency Warranty Production Costs SA&G/ R&D Special Items Other 4Q 2021 33

John Deere | 4Q 2021 Earnings Call | November 24, 2021 11 Construction and Forestry Industry Outlook – FY 2022 Source: Deere & Company forecast as of 24 November 2021 NORTH AMERICA COMPACT CONSTRUCTION EQUIPMENT 5-10% GLOBAL FORESTRY 10-15% NORTH AMERICA CONSTRUCTION EQUIPMENT 5-10% 34

John Deere | 4Q 2021 Earnings Call | November 24, 2021 12 Construction and Forestry Business Segment Outlook Source: Deere & Company forecast as of 24 November 2021 13.1% FY 2021 FY 2022 Fcst $11,368 FY 2021 FY 2022 Fcst Net Sales 13.5-14.5% Operating Margin 10-15% 35

John Deere | 4Q 2021 Earnings Call | November 24, 2021 13 Financial Services Net Income – Results and Outlook Source: Deere & Company forecast as of 24 November 2021 $186 $227 4Q 2020 4Q 2021 Quarter Results Fiscal Year Results and Outlook $566 $881 $870 FY 2020 FY 2021 FY 2022 Fcst 36

John Deere | 4Q 2021 Earnings Call | November 24, 2021 14 Deere & Company Outlook Effective Tax Rate* Net Income (attributable to Deere & Co.) 25-27% $6.5-7.0B FY 2022 FORECAST Net Operating Cash Flow* $6.0-6.5B *Equipment Operations Source: Deere & Company forecast as of 24 November 2021 37

John Deere | 4Q 2021 Earnings Call | November 24, 2021 15 Appendix 38

John Deere | 4Q 2021 Earnings Call | November 24, 2021 16 ($ millions) 4Q 2021 FY 2021 FY 2022 Forecast Cost of Sales (percent of Net Sales)* 76% 73% ~73% Selling, Administrative and General Expenses* 10% ~6% Research and Development Expenses* 2% 4% ~17% Capital Expenditures $845 ~ $1,175 Pension/OPEB Expenses $144 Pension/OPEB Contributions $258 ~ $1,250 Other Financial Information Equipment Operations *As reported (including Employee Separation Expenses) Source: Deere & Company forecast as of 24 November 2021 39

John Deere | 4Q 2021 Earnings Call | November 24, 2021 17 October 2021 Retail Sales (Rolling 3 Months) and Dealer Inventories Retail Sales U.S. and Canada Ag Industry* Deere** 2WD Tractors (< 40 PTO hp) 5% More than the industry 2WD Tractors (40 < 100 PTO hp) 3% More than the industry 2WD Tractors (100+ PTO hp) 18% More than the industry 4WD Tractors 5% In line with the industry Combines 41% In line with the industry Deere Dealer Inventories*** U.S. and Canada Ag 2021 2020 2WD Tractors (100+ PTO hp) 12% 21% Combines 3% 4% * As reported by the Association of Equipment Manufacturers ** As reported to the Association of Equipment Manufacturers *** In units as a % of trailing 12 months retail sales, as reported to the Association of Equipment Manufacturers 40

John Deere | 4Q 2021 Earnings Call | November 24, 2021 18 Retail Sales U.S. and Canada Deere* Selected Turf and Utility Equipment Flat Construction and Forestry First-in-the-Dirt Settlements Low double digits Double digits October 2021 Retail Sales (Rolling 3 Months) Retail Sales Europe Ag Deere* Tractors Low double digits Combines Single digit * Based on internal sales reports 41

John Deere | 4Q 2021 Earnings Call | November 24, 2021 19 Deere Use-of-Cash Priorities SHARE REPURCHASE Manage the balance sheet, including liquidity, to support a rating that provides access to low-cost and readily available short- and long-term funding mechanisms (reflects the strategic nature of our financial services operation) Fund value-creating investments in our businesses Consistently and moderately raise dividend targeting a 25-35% payout ratio of mid-cycle earnings Consider share repurchase as a means to deploy excess cash to shareholders, once above requirements are met COMMITTED TO “A” RATING FUND OPERATING & GROWTH NEEDS COMMON STOCK DIVIDEND CASH FROM OPERATIONS 42

John Deere | 4Q 2021 Earnings Call | November 24, 2021 20 Deere & Company’s 1Q 2022 earnings call is scheduled for 9:00 a.m. central time on Friday, 18 February 2022. 43

44

XML

Document and Entity Information	Nov. 24, 2021
Document Information [Line Items]
Document Type	8-K
Document Period End Date	Nov. 24, 2021
Entity File Number	1-4121
Entity Registrant Name	DEERE & CO
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	36-2382580
Entity Address, Address Line One	One John Deere Place
Entity Address, City or Town	Moline
Entity Address, State or Province	IL
Entity Address, Postal Zip Code	61265
City Area Code	309
Local Phone Number	765-8000
Written Communications	false
Soliciting Material	false
Pre-commencement Tender Offer	false
Pre-commencement Issuer Tender Offer	false
Entity Emerging Growth Company	false
Entity Central Index Key	0000315189
Amendment Flag	false
Common Stock
Document Information [Line Items]
Title of 12(b) Security	Common stock, $1 par value
Trading Symbol	DE
Security Exchange Name	NYSE
8-1/2% Debentures Due 2022
Document Information [Line Items]
Title of 12(b) Security	8½% Debentures Due 2022
Trading Symbol	DE22
Security Exchange Name	NYSE
6.55% Debentures Due 2028
Document Information [Line Items]
Title of 12(b) Security	6.55% Debentures Due 2028
Trading Symbol	DE28
Security Exchange Name	NYSE