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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 July 30, 2023

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 July 30, 2023, 288,000,577 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 30, 2023 and July 31, 2022

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

Three Months Ended

Nine Months Ended

  

2023

    

2022

    

2023

    

2022

 

Net Sales and Revenues

Net sales

 

$

14,284

$

13,000

 

$

41,765

$

33,565

Finance and interest income

1,253

 

846

3,326

 

2,441

Other income

264

 

256

748

 

1,035

Total

15,801

 

14,102

45,839

 

37,041

Costs and Expenses

Cost of sales

9,624

 

9,511

28,288

 

25,124

Research and development expenses

528

 

481

1,571

 

1,336

Selling, administrative and general expenses

1,110

 

959

3,392

 

2,672

Interest expense

623

 

296

1,671

 

713

Other operating expenses

310

 

316

971

 

954

Total

12,195

 

11,563

35,893

 

30,799

Income of Consolidated Group before Income Taxes

3,606

 

2,539

9,946

 

6,242

Provision for income taxes

636

 

654

2,164

 

1,364

Income of Consolidated Group

2,970

 

1,885

7,782

 

4,878

Equity in income of unconsolidated affiliates

2

 

5

 

8

Net Income

2,972

 

1,885

7,787

 

4,886

Less: Net income (loss) attributable to noncontrolling interests

(6)

 

1

(10)

 

1

Net Income Attributable to Deere & Company

 

$

2,978

$

1,884

 

$

7,797

$

4,885

Per Share Data

Basic

 

$

10.24

$

6.20

 

$

26.48

$

15.97

Diluted

 

10.20

6.16

 

26.35

15.88

Dividends declared

1.25

1.13

3.70

3.23

Dividends paid

1.25

1.05

3.58

3.15

Average Shares Outstanding

Basic

290.8

 

304.1

294.4

 

305.8

Diluted

292.1

 

305.7

295.9

 

307.7

See Condensed Notes to Interim Consolidated Financial Statements.

2

DEERE & COMPANY

STATEMENTS OF CONSOLIDATED COMPREHENSIVE INCOME

For the Three and Nine Months Ended July 30, 2023 and July 31, 2022

(In millions of dollars) Unaudited

Three Months Ended

Nine Months Ended

  

2023

    

2022

    

2023

    

2022

 

 

Net Income

 

$

2,972

$

1,885

 

$

7,787

$

4,886

Other Comprehensive Income (Loss), Net of Income Taxes

Retirement benefits adjustment

(9)

 

79

(267)

 

(137)

Cumulative translation adjustment

144

 

(269)

925

 

(784)

Unrealized gain (loss) on derivatives

5

 

(1)

(26)

 

41

Unrealized gain (loss) on debt securities

(13)

 

6

13

 

(57)

Other Comprehensive Income (Loss), Net of Income Taxes

127

 

(185)

645

 

(937)

Comprehensive Income of Consolidated Group

3,099

 

1,700

8,432

 

3,949

Less: Comprehensive income (loss) attributable to noncontrolling interests

(5)

 

(3)

2

 

(8)

Comprehensive Income Attributable to Deere & Company

 

$

3,104

$

1,703

 

$

8,430

$

3,957

See Condensed Notes to Interim Consolidated Financial Statements.

3

DEERE & COMPANY

CONDENSED CONSOLIDATED BALANCE SHEETS

(In millions of dollars) Unaudited

    

July 30

    

October 30

    

July 31

 

2023

2022

2022

 

Assets

Cash and cash equivalents

 

$

6,576

$

4,774

$

4,359

Marketable securities

841

 

734

 

719

Trade accounts and notes receivable – net

9,297

 

6,410

 

6,696

Financing receivables – net

41,302

 

36,634

 

35,056

Financing receivables securitized – net

7,001

 

5,936

 

5,141

Other receivables

3,118

 

2,492

 

1,999

Equipment on operating leases – net

6,709

 

6,623

 

6,554

Inventories

9,350

 

8,495

 

9,121

Property and equipment – net

6,418

 

6,056

 

5,666

Goodwill

3,994

 

3,687

 

3,754

Other intangible assets – net

1,199

 

1,218

 

1,281

Retirement benefits

3,573

 

3,730

 

3,125

Deferred income taxes

1,360

 

824

 

1,110

Other assets

2,659

 

2,417

 

2,236

Total Assets

 

$

103,397

$

90,030

$

86,817

Liabilities and Stockholders’ Equity

Liabilities

Short-term borrowings

$

17,143

$

12,592

$

14,176

Short-term securitization borrowings

6,608

 

5,711

 

4,920

Accounts payable and accrued expenses

15,340

 

14,822

 

12,986

Deferred income taxes

506

 

495

 

561

Long-term borrowings

38,112

 

33,596

 

32,132

Retirement benefits and other liabilities

2,536

 

2,457

 

2,911

Total liabilities

80,245

 

69,673

 

67,686

Commitments and contingencies (Note 16)

Redeemable noncontrolling interest

101

92

95

Stockholders’ Equity

Common stock, $1 par value (issued shares at July 30, 2023 – 536,431,204)

5,272

 

5,165

 

5,139

Common stock in treasury

(28,760)

 

(24,094)

 

(22,976)

Retained earnings

48,947

 

42,247

 

40,346

Accumulated other comprehensive income (loss)

(2,411)

 

(3,056)

 

(3,476)

Total Deere & Company stockholders’ equity

23,048

 

20,262

 

19,033

Noncontrolling interests

3

 

3

 

3

Total stockholders’ equity

23,051

 

20,265

 

19,036

Total Liabilities and Stockholders’ Equity

$

103,397

$

90,030

$

86,817

See Condensed Notes to Interim Consolidated Financial Statements.

4

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DEERE & COMPANY

STATEMENTS OF CONSOLIDATED CASH FLOWS

For the Nine Months Ended July 30, 2023 and July 31, 2022

(In millions of dollars) Unaudited

    

2023

    

2022

 

Cash Flows from Operating Activities

              

              

Net income

 

$

7,787

$

4,886

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

Provision (credit) for credit losses

(64)

 

62

Provision for depreciation and amortization

1,527

 

1,443

Impairments and other adjustments

173

 

81

Share-based compensation expense

112

 

64

Gain on remeasurement of previously held equity investment

 

(326)

Credit for deferred income taxes

(429)

 

(6)

Changes in assets and liabilities:

Receivables related to sales

(5,059)

 

(2,357)

Inventories

(663)

 

(2,526)

Accounts payable and accrued expenses

47

 

(15)

Accrued income taxes payable/receivable

(595)

 

82

Retirement benefits

(116)

 

(1,014)

Other

176

 

44

Net cash provided by operating activities

2,896

 

418

Cash Flows from Investing Activities

Collections of receivables (excluding receivables related to sales)

17,592

 

15,774

Proceeds from sales of equipment on operating leases

1,445

 

1,501

Cost of receivables acquired (excluding receivables related to sales)

(20,714)

 

(18,578)

Acquisitions of businesses, net of cash acquired

(82)

 

(488)

Purchases of property and equipment

(887)

 

(596)

Cost of equipment on operating leases acquired

(1,968)

 

(1,717)

Collateral on derivatives - net

240

(193)

Other

(189)

 

(133)

Net cash used for investing activities

(4,563)

 

(4,430)

Cash Flows from Financing Activities

Increase in total short-term borrowings

5,040

 

4,267

Proceeds from long-term borrowings

9,972

 

6,281

Payments of long-term borrowings

(5,862)

 

(6,578)

Repurchases of common stock

(4,663)

 

(2,477)

Dividends paid

(1,065)

 

(971)

Other

(43)

 

(7)

Net cash provided by financing activities

3,379

 

515

Effect of Exchange Rate Changes on Cash, Cash Equivalents, and Restricted Cash

125

 

(143)

Net Increase (Decrease) in Cash, Cash Equivalents, and Restricted Cash

1,837

(3,640)

Cash, Cash Equivalents, and Restricted Cash at Beginning of Period

4,941

 

8,125

Cash, Cash Equivalents, and Restricted Cash at End of Period

$

6,778

$

4,485

Components of Cash, Cash Equivalents, and Restricted Cash

Cash and cash equivalents

$

6,576

$

4,359

Restricted cash (Other assets)

202

126

Total Cash, Cash Equivalents, and Restricted Cash

$

6,778

$

4,485