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 April 28, 2024

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 April 28, 2024, 275,570,318 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 Six Months Ended April 28, 2024 and April 30, 2023
(In millions of dollars and shares except per share amounts) Unaudited
	Three Months Ended				Six Months Ended
	2024		2023		2024		2023
Net Sales and Revenues
Net sales	$	13,610	$	16,079	$	24,097	$	27,481
Finance and interest income		1,387		1,079		2,746		2,073
Other income		238		229		577		484
Total		15,235		17,387		27,420		30,038
Costs and Expenses
Cost of sales		9,157		10,730		16,357		18,663
Research and development expenses		565		547		1,098		1,043
Selling, administrative and general expenses		1,265		1,330		2,330		2,283
Interest expense		836		569		1,638		1,049
Other operating expenses		295		363		664		660
Total		12,118		13,539		22,087		23,698
Income of Consolidated Group before Income Taxes		3,117		3,848		5,333		6,340
Provision for income taxes		751		991		1,220		1,528
Income of Consolidated Group		2,366		2,857		4,113		4,812
Equity in income of unconsolidated affiliates		2		2		3		3
Net Income		2,368		2,859		4,116		4,815
Less: Net loss attributable to noncontrolling interests		(2)		(1)		(5)		(4)
Net Income Attributable to Deere & Company	$	2,370	$	2,860	$	4,121	$	4,819
Per Share Data
Basic	$	8.56	$	9.69	$	14.80	$	16.26
Diluted		8.53		9.65		14.74		16.18
Dividends declared		1.47		1.25		2.94		2.45
Dividends paid		1.47		1.20		2.82		2.33
Average Shares Outstanding
Basic		276.8		295.1		278.4		296.3
Diluted		277.9		296.5		279.5		297.8

See Condensed Notes to Interim Consolidated Financial Statements.

2

DEERE & COMPANY
STATEMENTS OF CONSOLIDATED COMPREHENSIVE INCOME
For the Three and Six Months Ended April 28, 2024 and April 30, 2023
(In millions of dollars) Unaudited
	Three Months Ended				Six Months Ended
	2024		2023		2024		2023
Net Income	$	2,368	$	2,859	$	4,116	$	4,815
Other Comprehensive Income (Loss), Net of Income Taxes
Retirement benefits adjustment		(87)		(247)		(108)		(258)
Cumulative translation adjustment		(217)		100		57		781
Unrealized gain (loss) on derivatives		8		(18)		(7)		(31)
Unrealized gain (loss) on debt securities		(12)		(1)		1		26
Other Comprehensive Income (Loss), Net of Income Taxes		(308)		(166)		(57)		518
Comprehensive Income of Consolidated Group		2,060		2,693		4,059		5,333
Less: Comprehensive income (loss) attributable to noncontrolling interests		(3)		1		(4)		6
Comprehensive Income Attributable to Deere & Company	$	2,063	$	2,692	$	4,063	$	5,327

See Condensed Notes to Interim Consolidated Financial Statements.

3

DEERE & COMPANY
CONDENSED CONSOLIDATED BALANCE SHEETS
(In millions of dollars) Unaudited
	April 28		October 29		April 30
	2024		2023		2023
Assets
Cash and cash equivalents	$	5,553	$	7,458	$	5,267
Marketable securities		1,094		946		856
Trade accounts and notes receivable – net		8,880		7,739		9,971
Financing receivables – net		45,278		43,673		38,954
Financing receivables securitized – net		7,262		7,335		5,659
Other receivables		2,535		2,623		2,593
Equipment on operating leases – net		6,965		6,917		6,524
Inventories		8,443		8,160		9,713
Property and equipment – net		7,034		6,879		6,288
Goodwill		3,936		3,900		3,963
Other intangible assets – net		1,064		1,133		1,222
Retirement benefits		3,056		3,007		3,519
Deferred income taxes		1,936		1,814		1,308
Other assets		2,592		2,503		2,510
Total Assets	$	105,628	$	104,087	$	98,347
Liabilities and Stockholders’ Equity
Liabilities
Short-term borrowings	$	17,699	$	17,939	$	17,109
Short-term securitization borrowings		6,976		6,995		5,379
Accounts payable and accrued expenses		14,609		16,130		14,716
Deferred income taxes		491		520		511
Long-term borrowings		40,962		38,477		35,611
Retirement benefits and other liabilities		2,105		2,140		2,520
Total liabilities		82,842		82,201		75,846
Commitments and contingencies (Note 16)
Redeemable noncontrolling interest		98		97		102
Stockholders’ Equity
Common stock, $1 par value (issued shares at April 28, 2024 – 536,431,204)		5,391		5,303		5,227
Common stock in treasury		(33,764)		(31,335)		(26,630)
Retained earnings		54,228		50,931		46,336
Accumulated other comprehensive income (loss)		(3,171)		(3,114)		(2,538)
Total Deere & Company stockholders’ equity		22,684		21,785		22,395
Noncontrolling interests		4		4		4
Total stockholders’ equity		22,688		21,789		22,399
Total Liabilities and Stockholders’ Equity	$	105,628	$	104,087	$	98,347

See Condensed Notes to Interim Consolidated Financial Statements.

4

DEERE & COMPANY
STATEMENTS OF CONSOLIDATED CASH FLOWS
For the Six Months Ended April 28, 2024 and April 30, 2023
(In millions of dollars) Unaudited
	2024		2023
Cash Flows from Operating Activities
Net income	$	4,116	$	4,815
Adjustments to reconcile net income to net cash provided by (used for) operating activities:
Provision (credit) for credit losses		131		(89)
Provision for depreciation and amortization		1,045		995
Other non-cash adjustments (Note 21)				173
Share-based compensation expense		104		54
Credit for deferred income taxes		(120)		(377)
Changes in assets and liabilities:
Receivables related to sales		(2,469)		(4,407)
Inventories		(409)		(982)
Accounts payable and accrued expenses		(1,300)		(313)
Accrued income taxes payable/receivable		(29)		(96)
Retirement benefits		(208)		(68)
Other		83		148
Net cash provided by (used for) operating activities		944		(147)
Cash Flows from Investing Activities
Collections of receivables (excluding receivables related to sales)		13,703		12,593
Proceeds from maturities and sales of marketable securities		200		98
Proceeds from sales of equipment on operating leases		1,011		993
Cost of receivables acquired (excluding receivables related to sales)		(14,091)		(13,451)
Purchases of marketable securities		(432)		(188)
Purchases of property and equipment		(719)		(584)
Cost of equipment on operating leases acquired		(1,369)		(1,229)
Collateral on derivatives – net		96		367
Other		(69)		(93)
Net cash used for investing activities		(1,670)		(1,494)