Quarterly Report (10-q)

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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 January 29, 2023

☐ 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 January 29, 2023, 296,322,273 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 Months Ended January 29, 2023 and January 30, 2022
(In millions of dollars and shares except per share amounts) Unaudited
	2023		2022
Net Sales and Revenues
Net sales	$	11,402	$	8,531
Finance and interest income		994		800
Other income		256		238
Total		12,652		9,569

Costs and Expenses
Cost of sales		7,934		6,695
Research and development expenses		495		402
Selling, administrative and general expenses		952		781
Interest expense		479		229
Other operating expenses		299		311
Total		10,159		8,418

Income of Consolidated Group before Income Taxes		2,493		1,151
Provision for income taxes		537		250

Income of Consolidated Group		1,956		901
Equity in income of unconsolidated affiliates		1		3

Net Income		1,957		904
Less: Net income (loss) attributable to noncontrolling interests		(2)		1
Net Income Attributable to Deere & Company	$	1,959	$	903

Per Share Data
Basic	$	6.58	$	2.94
Diluted		6.55		2.92
Dividends declared		1.20		1.05
Dividends paid		1.13		1.05

Average Shares Outstanding
Basic		297.6		307.4
Diluted		299.1		309.4

See Condensed Notes to Interim Consolidated Financial Statements.


DEERE & COMPANY
STATEMENTS OF CONSOLIDATED COMPREHENSIVE INCOME
For the Three Months Ended January 29, 2023 and January 30, 2022
(In millions of dollars) Unaudited
	2023		2022

Net Income	$	1,957	$	904

Other Comprehensive Income (Loss), Net of Income Taxes
Retirement benefits adjustment		(11)		(345)
Cumulative translation adjustment		681		(267)
Unrealized gain (loss) on derivatives		(13)		14
Unrealized gain (loss) on debt securities		27		(15)
Other Comprehensive Income (Loss), Net of Income Taxes		684		(613)

Comprehensive Income of Consolidated Group		2,641		291
Less: Comprehensive income attributable to noncontrolling interests		6		1
Comprehensive Income Attributable to Deere & Company	$	2,635	$	290

See Condensed Notes to Interim Consolidated Financial Statements.


DEERE & COMPANY
CONDENSED CONSOLIDATED BALANCE SHEETS
(In millions of dollars) Unaudited
	January 29		October 30		January 30
	2023		2022		2022
Assets
Cash and cash equivalents	$	3,976	$	4,774	$	4,472
Marketable securities		852		734		735
Trade accounts and notes receivable – net		7,609		6,410		4,855
Financing receivables – net		36,882		36,634		33,191
Financing receivables securitized – net		5,089		5,936		3,516
Other receivables		1,992		2,492		1,936
Equipment on operating leases – net		6,502		6,623		6,624
Inventories		10,056		8,495		7,935
Property and equipment – net		6,212		6,056		5,665
Goodwill		3,891		3,687		3,192
Other intangible assets – net		1,255		1,218		1,209
Retirement benefits		3,793		3,730		3,158
Deferred income taxes		914		824		923
Other assets		2,597		2,417		2,203
Total Assets	$	91,620	$	90,030	$	79,614

Liabilities and Stockholders’ Equity

Liabilities
Short-term borrowings	$	14,129	$	12,592	$	10,990
Short-term securitization borrowings		4,864		5,711		3,482
Accounts payable and accrued expenses		13,108		14,822		10,651
Deferred income taxes		519		495		556
Long-term borrowings		35,071		33,596		32,838
Retirement benefits and other liabilities		2,493		2,457		3,289
Total liabilities		70,184		69,673		61,806

Commitments and contingencies (Note 16)
Redeemable noncontrolling interest		100		92

Stockholders’ Equity
Common stock, $1 par value (issued shares at January 29, 2023 – 536,431,204)		5,191		5,165		5,066
Common stock in treasury		(25,333)		(24,094)		(21,139)
Retained earnings		43,846		42,247		37,029
Accumulated other comprehensive income (loss)		(2,372)		(3,056)		(3,152)
Total Deere & Company stockholders’ equity		21,332		20,262		17,804
Noncontrolling interests		4		3		4
Total stockholders’ equity		21,336		20,265		17,808
Total Liabilities and Stockholders’ Equity	$	91,620	$	90,030	$	79,614

See Condensed Notes to Interim Consolidated Financial Statements.


DEERE & COMPANY
STATEMENTS OF CONSOLIDATED CASH FLOWS
For the Three Months Ended January 29, 2023 and January 30, 2022
(In millions of dollars) Unaudited
	2023		2022
Cash Flows from Operating Activities
Net income	$	1,957	$	904
Adjustments to reconcile net income to net cash used for operating activities:
Provision (credit) for credit losses		(130)
Provision for depreciation and amortization		494		486
Share-based compensation expense		23		18
Provision (credit) for deferred income taxes		(56)		210
Changes in assets and liabilities:
Trade, notes, and financing receivables related to sales		(1,015)		(106)
Inventories		(1,279)		(1,297)
Accounts payable and accrued expenses		(1,577)		(1,554)
Accrued income taxes payable/receivable		199		(184)
Retirement benefits		(48)		(1,010)
Other		186		(20)
Net cash used for operating activities		(1,246)		(2,553)

Cash Flows from Investing Activities
Collections of receivables (excluding receivables related to sales)		7,198		6,435
Proceeds from sales of equipment on operating leases		497		479
Cost of receivables acquired (excluding receivables related to sales)		(6,322)		(5,603)
Acquisitions of businesses, net of cash acquired				(24)
Purchases of property and equipment		(315)		(193)
Cost of equipment on operating leases acquired		(497)		(391)
Collateral on derivatives - net		345		(13)
Other		(146)		(42)
Net cash provided by investing activities		760		648

Cash Flows from Financing Activities
Increase (decrease) in total short-term borrowings		697		(1,018)
Proceeds from long-term borrowings		2,505		2,353
Payments of long-term borrowings		(1,925)		(1,940)
Proceeds from issuance of common stock		21		11
Repurchases of common stock		(1,257)		(623)
Dividends paid		(341)		(327)
Other		(39)		(33)
Net cash used for financing activities		(339)		(1,577)

Effect of Exchange Rate Changes on Cash, Cash Equivalents, and Restricted Cash		62		(74)

Net Decrease in Cash, Cash Equivalents, and Restricted Cash		(763)		(3,556)
Cash, Cash Equivalents, and Restricted Cash at Beginning of Period		4,941		8,125
Cash, Cash Equivalents, and Restricted Cash at End of Period	$	4,178	$	4,569

Components of cash, cash equivalents, and restricted cash
Cash and cash equivalents	$	3,976	$	4,472
Restricted cash (Other assets)		202		97
Total cash, cash equivalents, and restricted cash	$	4,178	$	4,569

See Condensed Notes to Interim Consolidated Financial Statements.


DEERE & COMPANY
STATEMENTS OF CHANGES IN CONSOLIDATED STOCKHOLDERS’ EQUITY
For the Three Months Ended January 29, 2023 and January 30, 2022
(In millions of dollars) Unaudited
			Total Stockholders’ Equity
			Deere & Company Stockholders
									Accumulated
	Total								Other				Redeemable
	Stockholders’		Common		Treasury		Retained		Comprehensive		Noncontrolling		Noncontrolling
	Equity		Stock		Stock		Earnings		Income (Loss)		Interests		Interest

Balance October 31, 2021	$	18,434	$	5,054	$	(20,533)	$	36,449	$	(2,539)	$	3
Net income		904						903				1
Other comprehensive loss		(613)								(613)
Repurchases of common stock		(623)				(623)
Treasury shares reissued		17				17
Dividends declared		(323)						(323)
Share based awards and other		12		12
Balance January 30, 2022	$	17,808	$	5,066	$	(21,139)	$	37,029	$	(3,152)	$	4


Balance October 30, 2022	$	20,265	$	5,165	$	(24,094)	$	42,247	$	(3,056)	$	3	$	92
Net income (loss)		1,960						1,959				1		(3)
Other comprehensive income		684								684				8
Repurchases of common stock		(1,257)				(1,257)
Treasury shares reissued		18				18
Dividends declared		(356)						(356)
Share based awards and other		22		26				(4)						3
Balance January 29, 2023	$	21,336	$	5,191	$	(25,333)	$	43,846	$	(2,372)	$	4	$	100

See Condensed Notes to Interim Consolidated Financial Statements.

Condensed Notes to Interim Consolidated Financial Statements (Unaudited)

(1) Organization and Consolidation

Deere & Company has been developing innovative solutions to help its customers become more profitable for more than 185 years. References to Deere & Company, John Deere, Deere, or the Company include its consolidated subsidiaries and consolidated variable interest entities (VIEs). The Company is managed through the following operating segments: production and precision agriculture (PPA), small agriculture and turf (SAT), construction and forestry (CF), and financial services (FS). References to “equipment operations” include production and precision agriculture, small agriculture and turf, and construction and forestry, while references to “agriculture and turf” include both production and precision agriculture and small agriculture and turf.

The Company uses a 52/53 week fiscal year with quarters ending on the last Sunday in the reporting period. The first quarter ends for fiscal year 2023 and 2022 were January 29, 2023 and January 30, 2022, respectively. Both periods contained 13 weeks. Unless otherwise stated, references to particular years, quarters, or months refer to the Company’s fiscal years generally ending in October and the associated periods in those fiscal years.

(2) Summary of Significant Accounting Policies and New Accounting Standards

Quarterly Financial Statements

The interim consolidated financial statements of Deere & Company have been prepared by the Company, without audit, pursuant to the rules and regulations of the U.S. Securities and Exchange Commission (SEC). Certain information and footnote disclosures normally included in annual financial statements prepared in accordance with accounting principles generally accepted in the U.S. have been condensed or omitted as permitted by such rules and regulations. All normal recurring adjustments have been included. Management believes the disclosures are adequate to present fairly the financial position, results of operations, and cash flows at the dates and for the periods presented. It is suggested these interim consolidated financial statements be read in conjunction with the consolidated financial statements and the notes thereto appearing in the Company’s latest Annual Report on Form 10-K. Results for interim periods are not necessarily indicative of those to be expected for the fiscal year.

Use of Estimates in Financial Statements

The preparation of financial statements in conformity with accounting principles generally accepted in the U.S. requires management to make estimates and assumptions that affect the reported amounts and related disclosures. Actual results could differ from those estimates.

New Accounting Standards

The Company closely monitors all Accounting Standard Updates (ASUs) issued by the Financial Accounting Standards Board and other authoritative guidance. ASUs adopted in 2023 did not have a material impact on the Company’s financial statements. ASUs to be adopted in future periods are being evaluated and at this point are not expected to have a material impact on the Company’s financial statements.

(3) Revenue Recognition

The Company’s net sales and revenues by primary geographic market, major product line, and timing of revenue recognition in millions of dollars follow:


	Three Months Ended January 29, 2023
	Production & Precision Ag		Small Ag & Turf		Construction & Forestry		Financial Services		Total
Primary geographic markets:
United States	$	2,628	$	1,665	$	1,901	$	713	$	6,907
Canada		360		146		275		150		931
Western Europe		501		564		365		29		1,459
Central Europe and CIS		202		123		75		12		412
Latin America		1,237		156		339		95		1,827
Asia, Africa, Oceania, and Middle East		375		400		300		41		1,116
Total	$	5,303	$	3,054	$	3,255	$	1,040	$	12,652

Major product lines:
Production agriculture	$	5,112							$	5,112
Small agriculture			$	2,194						2,194
Turf				719						719
Construction					$	1,483				1,483
Compact construction						473				473
Roadbuilding						818				818
Forestry						356				356
Financial products		31		18		13	$	1,040		1,102
Other		160		123		112				395
Total	$	5,303	$	3,054	$	3,255	$	1,040	$	12,652

Revenue recognized:
At a point in time	$	5,248	$	3,029	$	3,230	$	23	$	11,530
Over time		55		25		25		1,017		1,122
Total	$	5,303	$	3,054	$	3,255	$	1,040	$	12,652


	Three Months Ended January 30, 2022
	Production & Precision Ag		Small Ag & Turf		Construction & Forestry		Financial Services		Total
Primary geographic markets:
United States	$	1,608	$	1,438	$	1,260	$	573	$	4,879
Canada		139		122		332		152		745
Western Europe		467		532		358		26		1,383
Central Europe and CIS		202		126		195		11		534
Latin America		776		104		228		68		1,176
Asia, Africa, Oceania, and Middle East		241		352		219		40		852
Total	$	3,433	$	2,674	$	2,592	$	870	$	9,569

Major product lines:
Production agriculture	$	3,283							$	3,283
Small agriculture			$	1,932						1,932
Turf				627						627
Construction					$	1,175				1,175
Compact construction						321				321
Roadbuilding						692				692
Forestry						305				305
Financial products		12		11		5	$	870		898
Other		138		104		94				336
Total	$	3,433	$	2,674	$	2,592	$	870	$	9,569

Revenue recognized:
At a point in time	$	3,396	$	2,654	$	2,570	$	24	$	8,644
Over time		37		20		22		846		925
Total	$	3,433	$	2,674	$	2,592	$	870	$	9,569

The Company invoices in advance of recognizing the sale of certain products and the revenue for certain services. These relate to extended warranty premiums, advance payments for future equipment sales, and subscription and service revenue related to precision guidance and telematic services. These advanced customer payments are presented as deferred revenue, a contract liability, in “Accounts payable and accrued expenses” in the consolidated balance sheets. The deferred revenue received, but not recognized in revenue, including extended warranty premiums also shown in Note 16, was $1,502 million, $1,423 million, and $1,348 million at January 29, 2023, October 30, 2022, and January 30, 2022, respectively. The contract liability is reduced as the revenue is recognized. During the three months ended January 29, 2023 and January 30, 2022, $215 million and $265 million, respectively, of revenue was recognized from deferred revenue that was recorded as a contract liability at the beginning of the respective fiscal year.

The amount of unsatisfied performance obligations for contracts with an original duration greater than one year is $1,282 million at January 29, 2023. The estimated revenue to be recognized by fiscal year in millions of dollars follows: remainder of 2023 - $278, 2024 - $332, 2025 - $260, 2026 - $168, 2027 - $100, 2028 - $61, and later years - $83. As permitted, the Company elected only to disclose remaining performance obligations with an original contract duration greater than one year. The contracts with an expected duration of one year or less are for sales of equipment, service parts, repair services, and certain telematics services.

(4) Other Comprehensive Income Items

The after-tax components of accumulated other comprehensive income (loss) in millions of dollars follow:


	January 29		October 30		January 30
	2023		2022		2022
Retirement benefits adjustment	$	(400)	$	(389)	$	(1,379)
Cumulative translation adjustment		(1,913)		(2,594)		(1,745)
Unrealized gain (loss) on derivatives		8		21		(28)
Unrealized loss on debt securities		(67)		(94)
Total accumulated other comprehensive income (loss)	$	(2,372)	$	(3,056)	$	(3,152)

Following are amounts recorded in and reclassifications out of other comprehensive income (loss), and the income tax effects, in millions of dollars. Retirement benefits adjustment reclassifications for actuarial (gain) loss, prior service (credit) cost, and settlements are included in net periodic pension and other postretirement benefit costs (see Note 6).


	Before		Tax		After
	Tax		(Expense)		Tax
Three Months Ended January 29, 2023	Amount		Credit		Amount
Cumulative translation adjustment	$	669	$	12	$	681
Unrealized gain (loss) on derivatives:
Unrealized hedging gain (loss)		(1)				(1)
Reclassification of realized (gain) loss to:
Interest rate contracts – Interest expense		(15)		3		(12)
Net unrealized gain (loss) on derivatives		(16)		3		(13)
Unrealized gain (loss) on debt securities:
Unrealized holding gain (loss)		34		(7)		27
Net unrealized gain (loss) on debt securities		34		(7)		27
Retirement benefits adjustment:
Net actuarial gain (loss)		(1)				(1)
Reclassification to other operating expenses through amortization of:
Actuarial (gain) loss		(21)		5		(16)
Prior service (credit) cost		9		(3)		6
Net unrealized gain (loss) on retirement benefits adjustment		(13)		2		(11)
Total other comprehensive income (loss)	$	674	$	10	$	684


	Before		Tax		After
	Tax		(Expense)		Tax
Three Months Ended January 30, 2022	Amount		Credit		Amount
Cumulative translation adjustment	$	(264)	$	(3)	$	(267)
Unrealized gain (loss) on derivatives:
Unrealized hedging gain (loss)		15		(3)		12
Reclassification of realized (gain) loss to:
Interest rate contracts – Interest expense		2				2
Net unrealized gain (loss) on derivatives		17		(3)		14
Unrealized gain (loss) on debt securities:
Unrealized holding gain (loss)		(19)		4		(15)
Net unrealized gain (loss) on debt securities		(19)		4		(15)
Retirement benefits adjustment:
Net actuarial gain (loss) and prior service credit (cost)		(500)		120		(380)
Reclassification to other operating expenses through amortization of:
Actuarial (gain) loss		40		(10)		30
Prior service (credit) cost		6		(2)		4
Settlements		1				1
Net unrealized gain (loss) on retirement benefits adjustment		(453)		108		(345)
Total other comprehensive income (loss)	$	(719)	$	106	$	(613)

(5) Earnings Per Share

A reconciliation of basic and diluted net income per share attributable to Deere & Company follows in millions, except per share amounts:


	Three Months Ended
	January 29		January 30
	2023		2022
Net income attributable to Deere & Company	$	1,959	$	903
Average shares outstanding		297.6		307.4
Basic per share	$	6.58	$	2.94

Average shares outstanding		297.6		307.4
Effect of dilutive share-based compensation		1.5		2.0
Total potential shares outstanding		299.1		309.4
Diluted per share	$	6.55	$	2.92

Shares excluded from EPS calculation, as antidilutive		.1		.1

(6) Pension and Other Postretirement Benefits

The Company has several defined benefit pension plans and postretirement benefit (OPEB) plans, primarily health care and life insurance plans, covering its U.S. employees and employees in certain foreign countries. The components of net periodic pension and OPEB (benefit) cost consisted of the following in millions of dollars:


	Three Months Ended
	January 29		January 30
	2023		2022
Pension
Service cost	$	60	$	85
Interest cost		133		77
Expected return on plan assets		(212)		(182)
Amortization of actuarial (gain) loss		(5)		39
Amortization of prior service cost		10		7
Settlements				1
Net (benefit) cost	$	(14)	$	27

OPEB
Service cost	$	7	$	12
Interest cost		43		26
Expected return on plan assets		(29)		(28)
Amortization of actuarial (gain) loss		(16)		1
Amortization of prior service credit		(1)		(1)
Net cost	$	4	$	10

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