MOLINE, Ill., Feb. 19, 2021
/PRNewswire/ --
- First-quarter net income more than doubles on 23% gain in net
sales, reflecting successful execution of new operating
strategy.
- Improved conditions in agricultural and construction sectors
setting stage for year of strong performance.
- Full-year earnings forecast increased to $4.6 to $5.0
billion.
Deere & Company (NYSE:DE) reported net income of
$1.224 billion for the first quarter
ended January 31, 2021, or
$3.87 per share, compared with net
income of $517 million, or
$1.63 per share, for the quarter
ended February 2, 2020. Worldwide net
sales and revenues increased 19 percent in the first quarter of
2021 to $9.112 billion. Equipment
operations net sales were $8.051 billion for the quarter, compared
with $6.530 billion in 2020.
"John Deere started 2021 on a strongly positive note," said
John C. May, chairman and chief
executive officer. "Our results were aided by outstanding
performance across our business lineup and improving conditions in
the farm and construction sectors. In addition, our smart
industrial operating strategy is making a significant impact on the
company's results while it also helps our customers be more
profitable and sustainable."
Company Outlook & Summary
Net income attributable to Deere & Company for fiscal
2021 is forecast to be in a range of $4.6
billion to $5.0 billion.
"We are proud of our success executing the strategy and creating
a more focused organization that can operate with greater speed and
agility," May said. "As our recent performance shows, these steps
are leading to improved efficiencies and helping the company target
its resources and investments on areas that have the greatest
impact. At the same time, even as we ramp up factory
production and intensify our efforts to serve customers, we are
mindful of the continuing challenges associated with the global
pandemic. We remain committed, above all else, to safeguarding the
health and well-being of our employees."
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Deere &
Company
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First
Quarter
|
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$ in
millions
|
|
2021
|
|
2020
|
|
% Change
|
|
Net sales and
revenues
|
|
$
|
9,112
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$
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7,631
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19%
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Net income
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$
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1,224
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$
|
517
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137%
|
|
Fully diluted
EPS
|
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$
|
3.87
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$
|
1.63
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In the first quarter of 2021, the company recorded impairments
totaling $50 million pretax to
certain long-lived assets. These impairments were offset by a
favorable indirect tax ruling in Brazil of $58
million pretax. In the first quarter of 2020, total
voluntary employee-separation program expense recognized was
$127 million pretax.
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Equipment
Operations
|
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First
Quarter
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$ in
millions
|
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2021
|
|
2020
|
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% Change
|
|
Net sales
|
|
$
|
8,051
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$
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6,530
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23%
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Operating
profit
|
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$
|
1,380
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$
|
466
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196%
|
|
Net income
|
|
$
|
1,020
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$
|
380
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168%
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Beginning in fiscal year 2021, the company implemented a new
strategy, operating model, and reporting structure. With this
change, the company's agriculture and turf operations were divided
into two new segments, which are described as follows:
The production and precision agriculture segment is responsible
for defining, developing, and delivering global equipment and
technology solutions to unlock customer value for production-scale
growers of large grains, small grains, cotton, and sugar. Main
products include large and certain mid-size tractors, combines,
cotton pickers, sugarcane harvesters and loaders, and soil
preparation, seeding, application and crop care equipment.
The small agriculture and turf segment is responsible for
defining, developing, and delivering market-driven products to
support mid-size and small growers and producers globally as well
as turf customers. The operations are principally organized to
support production systems for dairy and livestock, high-value
crops, and turf and utility operators. Primary products include
certain mid-size and small tractors, as well as hay and forage
equipment, riding and commercial lawn equipment, golf course
equipment, and utility vehicles.
There were no reporting changes for the construction and
forestry and financial services segments. As a result, the company
has four reportable segments.
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Production &
Precision Ag
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First
Quarter
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$ in
millions
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2021
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2020
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% Change
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Net sales
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$
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3,069
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$
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2,507
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22%
|
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Operating
profit
|
|
$
|
643
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$
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218
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195%
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|
Operating
margin
|
|
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21.0%
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|
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8.7%
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Production and precision ag sales for the quarter increased due
to higher shipment volumes and price realization, partially offset
by the unfavorable effects of currency translation. Operating
profit rose primarily due to price realization, higher shipment
volumes / sales mix, and a favorable indirect tax ruling in
Brazil. These items were partially
offset by unfavorable effects of foreign-currency exchange. The
prior period was affected by voluntary employee-separation
expenses.
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Small Ag &
Turf
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First
Quarter
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$ in
millions
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2021
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2020
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% Change
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Net sales
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$
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2,515
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$
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1,979
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27%
|
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Operating
profit
|
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$
|
469
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$
|
155
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203%
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Operating
margin
|
|
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18.6%
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|
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7.8%
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Small ag and turf sales for the quarter increased due to higher
shipment volumes, price realization, and the favorable effects of
currency translation. Operating profit increased primarily due to
higher shipment volumes / sales mix and price realization. Results
for the prior period were affected by voluntary employee-separation
expenses.
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Construction &
Forestry
|
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First
Quarter
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$ in
millions
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2021
|
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2020
|
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% Change
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Net sales
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$
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2,467
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$
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2,044
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21%
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Operating
profit
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$
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268
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$
|
93
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188%
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Operating
margin
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10.9%
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4.5%
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Construction and forestry sales moved higher for the quarter
primarily due to higher shipment volumes, price realization, and
the favorable effects of currency translation. Additionally, the
Wirtgen operation's one-month reporting lag was eliminated
resulting in four months of Wirtgen activity in the quarter.
Operating profit increased mainly due to higher shipment volumes /
sales mix and price realization. The increase in profit was
partially offset by impairments of long-lived assets and higher
production costs. Results last year also included voluntary
employee-separation costs.
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Financial
Services
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First
Quarter
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$ in
millions
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2021
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2020
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% Change
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Net income
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$
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204
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$
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137
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49%
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The increase in financial services net income for the quarter
was mainly due to favorable financing spreads, lower losses on
operating-lease residual values, and a lower provision for credit
losses.
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Industry Outlook
for 2021 (Annual)
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Agriculture &
Turf
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U.S. &
Canada:
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Large Ag
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Up 15 to 20%
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Small Ag &
Turf
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Up ~ 5%
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Europe
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Up ~ 5%
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South America
(Tractors & Combines)
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Up ~ 10%
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Asia
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Down
slightly
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Construction &
Forestry
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U.S. &
Canada:
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Construction
Equipment
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Up ~5%
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Compact Construction
Equipment
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Up ~10%
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Global
Forestry
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Up 5 to 10%
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Deere Segment
Outlook (2021)
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Currency
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Price
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$ in
millions
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Net Sales
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Translation
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Realization
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Production &
Precision Ag
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$15,500 to
16,500
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+1%
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+6%
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Small Ag &
Turf
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$10,500 to
11,500
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+3%
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+2%
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Construction &
Forestry
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$10,500 to
11,000
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+2%
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+2%
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Financial
Services
|
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Net Income
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$ 730
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Financial Services. Full-year 2021 results are
expected to benefit from income earned from a higher average
portfolio, lower losses on lease residual values, and favorable
financing spreads.
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.
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First
Quarter
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$ in
millions
|
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2021
|
|
2020
|
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% Change
|
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Revenue
|
|
$
|
657
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$
|
719
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-9%
|
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Net income
|
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$
|
167
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$
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99
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69%
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Ending portfolio
balance
|
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$
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38,372
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$
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37,146
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3%
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Results for the quarter were higher than the same period in 2020
primarily due to favorable financing spreads, lower losses on
operating-lease residual values, and a lower provision for credit
losses.
Safe Harbor Statement
Safe Harbor Statement under the Private Securities Litigation
Reform Act of 1995: Statements under "Company Outlook
& Summary," "Industry Outlook," "Deere Segment Outlook," 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 the factors that affect farmers'
confidence and financial condition. These factors include
demand for agricultural products, world grain stocks, weather
conditions, soil conditions, harvest yields, prices for commodities
and livestock, crop and livestock production expenses, availability
of transport for crops, 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, the
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, and 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 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 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 outlook for the company's small
agriculture and turf equipment include agricultural conditions,
consumer confidence, weather conditions, 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.
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 affect sales and results of the
company's construction and forestry equipment. Prices for
pulp, paper, lumber and structural panels affect sales of forestry
equipment.
Many of the factors affecting 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 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 (including the COVID pandemic) and government and
industry responses to epidemics such as travel restrictions and
extended shut down of businesses.
Uncertainties related to the magnitude and duration of the COVID
pandemic may significantly adversely affect the company's business
and outlook. These uncertainties include: the duration and
impact of any resurgence in COVID cases in any country, state, or
region; the emergence, contagiousness, and threat of new and
different strains of COVID; prolonged reduction or closure of the
company's operations, or a delayed recovery in our operations;
additional closures as mandated or otherwise made necessary by
governmental authorities; disruptions in the supply chain and a
prolonged delay in resumption of operations by one or more key
suppliers, or the failure of any key suppliers; the company's
ability to meet commitments to customers on a timely basis as a
result of increased costs and supply challenges; the ability to
receive goods on a timely basis and at anticipated costs; increased
logistics costs; delays in the company's strategic initiatives as a
result of reduced spending on research and development; additional
operating costs due to 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; the impact of the
pandemic on the company's customers and dealers, and their delays
in their plans to invest in new equipment; requests by the
company's customers or dealers for payment deferrals and contract
modifications; the impact of disruptions in the global capital
markets and/or declines in the company's financial performance,
outlook or credit ratings, which could impact the company's ability
to obtain funding in the future; and the impact of the pandemic on
demand for our products and services as discussed above. It
is unclear when a sustained economic recovery could occur and what
a recovery may look like. All of these factors 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, borrowing and repayment practices, and the number and
size of customer loan delinquencies and defaults. A debt
crisis, in Europe 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.
The withdrawal of the United
Kingdom from the European Union and the perceptions as to
the impact of the withdrawal may 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, or the perception that any of these developments are
likely to occur, could affect economic growth or business activity
in the United Kingdom or the
European Union, and could result in the relocation of businesses,
cause business interruptions, lead to economic recession or
depression, and impact the stability of the financial markets,
availability of credit, currency exchange rates, interest rates,
financial institutions, and political, financial and monetary
systems. 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; 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 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.
Other factors that could materially affect 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; 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; 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 strategy 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 company's and
suppliers' information technology infrastructure; 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 other credit 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, including as a result of the
COVID pandemic, 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).
First Quarter 2021
Press Release
|
(in millions of
dollars)
|
Unaudited
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
|
|
January 31
|
|
February 2
|
|
%
|
|
|
|
2021
|
|
2020
|
|
Change
|
|
Net sales and
revenues:
|
|
|
|
|
|
|
|
|
|
Production &
precision ag
|
|
$
|
3,069
|
|
$
|
2,507
|
|
+22
|
|
Small ag &
turf
|
|
|
2,515
|
|
|
1,979
|
|
+27
|
|
Construction &
forestry
|
|
|
2,467
|
|
|
2,044
|
|
+21
|
|
Total net
sales
|
|
|
8,051
|
|
|
6,530
|
|
+23
|
|
Financial
services
|
|
|
884
|
|
|
931
|
|
-5
|
|
Other
revenues
|
|
|
177
|
|
|
170
|
|
+4
|
|
Total net sales and
revenues
|
|
$
|
9,112
|
|
$
|
7,631
|
|
+19
|
|
|
|
|
|
|
|
|
|
|
|
Operating profit:
*
|
|
|
|
|
|
|
|
|
|
Production &
precision ag
|
|
$
|
643
|
|
$
|
218
|
|
+195
|
|
Small ag &
turf
|
|
|
469
|
|
|
155
|
|
+203
|
|
Construction &
forestry
|
|
|
268
|
|
|
93
|
|
+188
|
|
Financial
services
|
|
|
258
|
|
|
179
|
|
+44
|
|
Total operating
profit
|
|
|
1,638
|
|
|
645
|
|
+154
|
|
Reconciling items
**
|
|
|
(106)
|
|
|
(78)
|
|
+36
|
|
Income
taxes
|
|
|
(308)
|
|
|
(50)
|
|
+516
|
|
Net income
attributable to Deere & Company
|
|
$
|
1,224
|
|
$
|
517
|
|
+137
|
|
|
|
*
|
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.
|
DEERE &
COMPANY
|
STATEMENT OF
CONSOLIDATED INCOME
|
For the
Three Months Ended January 31, 2021 and February 2,
2020
|
(In millions of
dollars and shares except per share amounts) Unaudited
|
|
|
|
|
|
|
|
|
|
2021
|
|
2020
|
Net Sales and
Revenues
|
|
|
|
|
|
|
Net sales
|
|
$
|
8,051
|
|
$
|
6,530
|
Finance and interest
income
|
|
|
834
|
|
|
896
|
Other
income
|
|
|
227
|
|
|
205
|
Total
|
|
|
9,112
|
|
|
7,631
|
|
|
|
|
|
|
|
Costs and
Expenses
|
|
|
|
|
|
|
Cost of
sales
|
|
|
5,805
|
|
|
5,077
|
Research and
development expenses
|
|
|
366
|
|
|
425
|
Selling,
administrative and general expenses
|
|
|
769
|
|
|
809
|
Interest
expense
|
|
|
271
|
|
|
336
|
Other operating
expenses
|
|
|
373
|
|
|
415
|
Total
|
|
|
7,584
|
|
|
7,062
|
|
|
|
|
|
|
|
Income of
Consolidated Group before Income Taxes
|
|
|
1,528
|
|
|
569
|
Provision for income
taxes
|
|
|
308
|
|
|
50
|
|
|
|
|
|
|
|
Income of
Consolidated Group
|
|
|
1,220
|
|
|
519
|
Equity in income
(loss) of unconsolidated affiliates
|
|
|
4
|
|
|
(1)
|
|
|
|
|
|
|
|
Net
Income
|
|
|
1,224
|
|
|
518
|
Less: Net income
attributable to noncontrolling interests
|
|
|
|
|
|
1
|
Net Income
Attributable to Deere & Company
|
|
$
|
1,224
|
|
$
|
517
|
|
|
|
|
|
|
|
Per Share
Data
|
|
|
|
|
|
|
Basic
|
|
$
|
3.90
|
|
$
|
1.65
|
Diluted
|
|
$
|
3.87
|
|
$
|
1.63
|
|
|
|
|
|
|
|
Average Shares
Outstanding
|
|
|
|
|
|
|
Basic
|
|
|
313.5
|
|
|
313.5
|
Diluted
|
|
|
316.1
|
|
|
317.2
|
|
|
|
See Condensed
Notes to Interim Consolidated Financial Statements.
|
|
DEERE &
COMPANY
|
CONDENSED
CONSOLIDATED BALANCE SHEET
|
(In millions of
dollars) Unaudited
|
|
|
|
|
|
|
|
|
|
|
|
|
January 31
|
|
November 1
|
|
February 2
|
|
|
2021
|
|
2020
|
|
2020
|
Assets
|
|
|
|
|
|
|
|
|
|
Cash and cash
equivalents
|
|
$
|
6,962
|
|
$
|
7,066
|
|
$
|
3,602
|
Marketable
securities
|
|
|
667
|
|
|
641
|
|
|
609
|
Receivables from
unconsolidated affiliates
|
|
|
28
|
|
|
31
|
|
|
38
|
Trade accounts and
notes receivable - net
|
|
|
5,037
|
|
|
4,171
|
|
|
5,360
|
Financing receivables
- net
|
|
|
29,438
|
|
|
29,750
|
|
|
27,294
|
Financing receivables
securitized - net
|
|
|
3,931
|
|
|
4,703
|
|
|
4,478
|
Other
receivables
|
|
|
1,141
|
|
|
1,220
|
|
|
1,367
|
Equipment on
operating leases - net
|
|
|
7,030
|
|
|
7,298
|
|
|
7,504
|
Inventories
|
|
|
5,956
|
|
|
4,999
|
|
|
6,482
|
Property and
equipment - net
|
|
|
5,741
|
|
|
5,817
|
|
|
5,900
|
Investments in
unconsolidated affiliates
|
|
|
178
|
|
|
193
|
|
|
217
|
Goodwill
|
|
|
3,194
|
|
|
3,081
|
|
|
2,945
|
Other intangible
assets - net
|
|
|
1,342
|
|
|
1,327
|
|
|
1,349
|
Retirement
benefits
|
|
|
906
|
|
|
863
|
|
|
900
|
Deferred income
taxes
|
|
|
1,556
|
|
|
1,499
|
|
|
1,414
|
Other
assets
|
|
|
2,373
|
|
|
2,432
|
|
|
2,362
|
Total
Assets
|
|
$
|
75,480
|
|
$
|
75,091
|
|
$
|
71,821
|
|
|
|
|
|
|
|
|
|
|
Liabilities and
Stockholders' Equity
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Liabilities
|
|
|
|
|
|
|
|
|
|
Short-term
borrowings
|
|
$
|
9,224
|
|
$
|
8,582
|
|
$
|
10,008
|
Short-term
securitization borrowings
|
|
|
3,969
|
|
|
4,682
|
|
|
4,416
|
Payables to
unconsolidated affiliates
|
|
|
119
|
|
|
105
|
|
|
147
|
Accounts payable and
accrued expenses
|
|
|
9,404
|
|
|
10,112
|
|
|
8,630
|
Deferred income
taxes
|
|
|
532
|
|
|
519
|
|
|
491
|
Long-term
borrowings
|
|
|
32,772
|
|
|
32,734
|
|
|
30,475
|
Retirement benefits
and other liabilities
|
|
|
5,374
|
|
|
5,413
|
|
|
5,710
|
Total
liabilities
|
|
|
61,394
|
|
|
62,147
|
|
|
59,877
|
|
|
|
|
|
|
|
|
|
|
Redeemable
noncontrolling interest
|
|
|
|
|
|
|
|
|
14
|
|
|
|
|
|
|
|
|
|
|
Stockholders'
Equity
|
|
|
|
|
|
|
|
|
|
Total Deere &
Company stockholders' equity
|
|
|
14,083
|
|
|
12,937
|
|
|
11,926
|
Noncontrolling
interests
|
|
|
3
|
|
|
7
|
|
|
4
|
Total stockholders'
equity
|
|
|
14,086
|
|
|
12,944
|
|
|
11,930
|
Total Liabilities
and Stockholders' Equity
|
|
$
|
75,480
|
|
$
|
75,091
|
|
$
|
71,821
|
|
|
|
See Condensed
Notes to Interim Consolidated Financial Statements.
|
|
DEERE &
COMPANY
|
STATEMENT OF
CONSOLIDATED CASH FLOWS
|
For the
Three Months Ended January 31, 2021 and February 2,
2020
|
(In millions of
dollars) Unaudited
|
|
|
|
|
|
|
|
|
|
2021
|
|
2020
|
Cash Flows from
Operating Activities
|
|
|
|
|
|
|
Net income
|
|
$
|
1,224
|
|
$
|
518
|
Adjustments to
reconcile net income to net cash provided by (used for) operating
activities:
|
|
|
|
|
|
|
Provision (credit) for
credit losses
|
|
|
(5)
|
|
|
15
|
Provision for
depreciation and amortization
|
|
|
538
|
|
|
538
|
Impairment
charges
|
|
|
50
|
|
|
|
Share-based
compensation expense
|
|
|
15
|
|
|
19
|
Undistributed earnings
of unconsolidated affiliates
|
|
|
18
|
|
|
|
Credit for deferred
income taxes
|
|
|
(38)
|
|
|
(29)
|
Changes in assets and
liabilities:
|
|
|
|
|
|
|
Trade, notes and
financing receivables related to sales
|
|
|
(97)
|
|
|
70
|
Inventories
|
|
|
(926)
|
|
|
(642)
|
Accounts payable and
accrued expenses
|
|
|
(705)
|
|
|
(1,134)
|
Accrued income taxes
payable/receivable
|
|
|
130
|
|
|
(53)
|
Retirement
benefits
|
|
|
(14)
|
|
|
36
|
Other
|
|
|
(47)
|
|
|
154
|
Net cash provided by
(used for) operating activities
|
|
|
143
|
|
|
(508)
|
|
|
|
|
|
|
|
Cash Flows from
Investing Activities
|
|
|
|
|
|
|
Collections of
receivables (excluding receivables related to sales)
|
|
|
5,999
|
|
|
5,664
|
Proceeds from
maturities and sales of marketable securities
|
|
|
20
|
|
|
18
|
Proceeds from sales
of equipment on operating leases
|
|
|
460
|
|
|
426
|
Cost of receivables
acquired (excluding receivables related to sales)
|
|
|
(5,300)
|
|
|
(4,303)
|
Acquisitions of
businesses, net of cash acquired
|
|
|
(19)
|
|
|
|
Purchases of
marketable securities
|
|
|
(39)
|
|
|
(34)
|
Purchases of property
and equipment
|
|
|
(154)
|
|
|
(271)
|
Cost of equipment on
operating leases acquired
|
|
|
(294)
|
|
|
(517)
|
Collateral on
derivatives - net
|
|
|
(88)
|
|
|
26
|
Other
|
|
|
(6)
|
|
|
17
|
Net cash provided by
investing activities
|
|
|
579
|
|
|
1,026
|
|
|
|
|
|
|
|
Cash Flows from
Financing Activities
|
|
|
|
|
|
|
Decrease in total
short-term borrowings
|
|
|
(695)
|
|
|
(473)
|
Proceeds from
long-term borrowings
|
|
|
1,757
|
|
|
1,702
|
Payments of long-term
borrowings
|
|
|
(1,441)
|
|
|
(1,651)
|
Proceeds from
issuance of common stock
|
|
|
71
|
|
|
53
|
Repurchases of common
stock
|
|
|
(352)
|
|
|
(114)
|
Dividends
paid
|
|
|
(242)
|
|
|
(242)
|
Other
|
|
|
(31)
|
|
|
(38)
|
Net cash used for
financing activities
|
|
|
(933)
|
|
|
(763)
|
|
|
|
|
|
|
|
Effect of Exchange
Rate Changes on Cash, Cash Equivalents, and Restricted
Cash
|
|
|
103
|
|
|
(1)
|
|
|
|
|
|
|
|
Net Decrease in
Cash, Cash Equivalents, and Restricted Cash
|
|
|
(108)
|
|
|
(246)
|
Cash, Cash
Equivalents, and Restricted Cash at Beginning of
Period
|
|
|
7,172
|
|
|
3,956
|
Cash, Cash
Equivalents, and Restricted Cash at End of Period
|
|
$
|
7,064
|
|
$
|
3,710
|
|
|
|
See Condensed
Notes to Interim Consolidated Financial Statements.
|
|
Condensed
Notes to Interim Consolidated Financial Statements
(Unaudited)
|
|
(1)
|
During the first
quarter of 2021, the fixed assets in an asphalt plant factory in
Germany were impaired by $38 million, pretax and after-tax.
The company also continued to assess its manufacturing locations,
resulting in additional long-lived asset impairments of
$12 million pretax. The impairments were the result of a
decline in forecasted financial performance that indicated it was
probable future cash flows would not cover the carrying amount of
the net assets. These impairments were offset by a favorable
indirect tax ruling in Brazil of $58 million
pretax.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
January 31, 2021
|
|
Expense
(benefit):
|
|
Production &
Precision Ag
|
|
Small Ag
& Turf
|
|
Construction
& Forestry
|
|
Total
|
|
Long-lived asset
impairments –
Cost of sales
|
|
$
|
5
|
|
$
|
3
|
|
$
|
42
|
|
$
|
50
|
|
Brazil indirect tax –
Cost of sales
|
|
|
(53)
|
|
|
|
|
|
(5)
|
|
|
(58)
|
|
Total
expense (benefit)
|
|
$
|
(48)
|
|
$
|
3
|
|
$
|
37
|
|
$
|
(8)
|
|
|
|
|
During the first
quarter of 2020, the company implemented a voluntary
employee-separation program with total pretax expenses as
follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
February 2, 2020
|
|
|
|
Production &
Precision Ag
|
|
Small Ag
& Turf
|
|
Construction
& Forestry
|
|
Financial
Services
|
|
Total
|
|
Cost of
sales
|
|
$
|
19
|
|
$
|
11
|
|
$
|
9
|
|
|
|
|
$
|
39
|
|
Research and
development
expenses
|
|
|
6
|
|
|
7
|
|
|
3
|
|
|
|
|
|
16
|
|
Selling,
administrative and
general expenses
|
|
|
17
|
|
|
18
|
|
|
12
|
|
$
|
3
|
|
|
50
|
|
Total operating profit
impact
|
|
$
|
42
|
|
$
|
36
|
|
$
|
24
|
|
$
|
3
|
|
|
105
|
|
Other operating
expenses
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
22
|
|
Total
expense
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
127
|
|
|
|
(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 four months of Wirtgen
activity in the quarter. 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
|
|
|
|
January 31
|
|
February 2
|
|
|
|
2021
|
|
2020
|
|
Dividends
declared
|
|
$
|
.76
|
|
$
|
.76
|
|
Dividends
paid
|
|
$
|
.76
|
|
$
|
.76
|
|
|
|
(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."
|
(6) SUPPLEMENTAL
CONSOLIDATING DATA
|
STATEMENT OF
INCOME
|
For the
Three Months Ended January 31, 2021 and February 2,
2020
|
(In millions of dollars) Unaudited
|
|
EQUIPMENT OPERATIONS1
|
|
FINANCIAL SERVICES
|
|
ELIMINATIONS
|
|
CONSOLIDATED
|
|
|
|
|
2021
|
|
2020
|
|
2021
|
|
2020
|
|
2021
|
|
2020
|
|
2021
|
|
2020
|
|
|
Net Sales and
Revenues
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net sales
|
|
$
|
8,051
|
|
$
|
6,530
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
8,051
|
|
$
|
6,530
|
|
|
Finance and interest
income
|
|
|
32
|
|
|
27
|
|
$
|
862
|
|
$
|
936
|
|
$
|
(60)
|
|
$
|
(67)
|
|
|
834
|
|
|
896
|
2
|
|
Other
income
|
|
|
220
|
|
|
209
|
|
|
72
|
|
|
62
|
|
|
(65)
|
|
|
(66)
|
|
|
227
|
|
|
205
|
3
|
|
Total
|
|
|
8,303
|
|
|
6,766
|
|
|
934
|
|
|
998
|
|
|
(125)
|
|
|
(133)
|
|
|
9,112
|
|
|
7,631
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Costs and
Expenses
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of
sales
|
|
|
5,806
|
|
|
5,078
|
|
|
|
|
|
|
|
|
(1)
|
|
|
(1)
|
|
|
5,805
|
|
|
5,077
|
4
|
|
Research and
development expenses
|
|
|
366
|
|
|
425
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
366
|
|
|
425
|
|
|
Selling,
administrative and general expenses
|
|
|
653
|
|
|
672
|
|
|
117
|
|
|
138
|
|
|
(1)
|
|
|
(1)
|
|
|
769
|
|
|
809
|
4
|
|
Interest
expense
|
|
|
95
|
|
|
63
|
|
|
188
|
|
|
275
|
|
|
(12)
|
|
|
(2)
|
|
|
271
|
|
|
336
|
5
|
|
Interest compensation
to Financial Services
|
|
|
48
|
|
|
64
|
|
|
|
|
|
|
|
|
(48)
|
|
|
(64)
|
|
|
|
|
|
|
5
|
|
Other operating
expenses
|
|
|
67
|
|
|
72
|
|
|
369
|
|
|
408
|
|
|
(63)
|
|
|
(65)
|
|
|
373
|
|
|
415
|
6
|
|
Total
|
|
|
7,035
|
|
|
6,374
|
|
|
674
|
|
|
821
|
|
|
(125)
|
|
|
(133)
|
|
|
7,584
|
|
|
7,062
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income before
Income Taxes
|
|
|
1,268
|
|
|
392
|
|
|
260
|
|
|
177
|
|
|
|
|
|
|
|
|
1,528
|
|
|
569
|
|
|
Provision for income
taxes
|
|
|
252
|
|
|
9
|
|
|
56
|
|
|
41
|
|
|
|
|
|
|
|
|
308
|
|
|
50
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income after
Income Taxes
|
|
|
1,016
|
|
|
383
|
|
|
204
|
|
|
136
|
|
|
|
|
|
|
|
|
1,220
|
|
|
519
|
|
|
Equity in income
(loss) of
unconsolidated affiliates
|
|
|
4
|
|
|
(2)
|
|
|
|
|
|
1
|
|
|
|
|
|
|
|
|
4
|
|
|
(1)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
Income
|
|
|
1,020
|
|
|
381
|
|
|
204
|
|
|
137
|
|
|
|
|
|
|
|
|
1,224
|
|
|
518
|
|
|
Less: Net income
attributable to
noncontrolling interests
|
|
|
|
|
|
1
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1
|
|
|
Net Income
Attributable to
Deere & Company
|
|
$
|
1,020
|
|
$
|
380
|
|
$
|
204
|
|
$
|
137
|
|
|
|
|
|
|
|
$
|
1,224
|
|
$
|
517
|
|
|
|
|
|
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.
|
SUPPLEMENTAL
CONSOLIDATING DATA (Continued)
|
CONDENSED BALANCE
SHEET
|
(In millions of
dollars) Unaudited
|
|
|
EQUIPMENT OPERATIONS1
|
|
FINANCIAL SERVICES
|
|
ELIMINATIONS
|
|
CONSOLIDATED
|
|
|
|
|
Jan 31
|
|
Nov 1
|
|
Feb 2
|
|
Jan 31
|
|
Nov 1
|
|
Feb 2
|
|
Jan 31
|
|
Nov 1
|
|
Feb 2
|
|
Jan 31
|
|
Nov 1
|
|
Feb 2
|
|
|
|
|
2021
|
|
2020
|
|
2020
|
|
2021
|
|
2020
|
|
2020
|
|
2021
|
|
2020
|
|
2020
|
|
2021
|
|
2020
|
|
2020
|
|
|
Assets
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash and cash
equivalents
|
|
$
|
6,074
|
|
$
|
6,145
|
|
$
|
2,862
|
|
$
|
888
|
|
$
|
921
|
|
$
|
740
|
|
|
|
|
|
|
|
|
|
|
$
|
6,962
|
|
$
|
7,066
|
|
$
|
3,602
|
|
|
Marketable
securities
|
|
|
8
|
|
|
7
|
|
|
4
|
|
|
659
|
|
|
634
|
|
|
605
|
|
|
|
|
|
|
|
|
|
|
|
667
|
|
|
641
|
|
|
609
|
|
|
Receivables from
unconsolidated
affiliates
|
|
|
5,151
|
|
|
5,290
|
|
|
1,425
|
|
|
|
|
|
|
|
|
|
|
$
|
(5,123)
|
|
$
|
(5,259)
|
|
$
|
(1,387)
|
|
|
28
|
|
|
31
|
|
|
38
|
7
|
|
Trade accounts and
notes
receivable - net
|
|
|
900
|
|
|
1,013
|
|
|
1,115
|
|
|
5,341
|
|
|
4,238
|
|
|
5,707
|
|
|
(1,204)
|
|
|
(1,080)
|
|
|
(1,462)
|
|
|
5,037
|
|
|
4,171
|
|
|
5,360
|
8
|
|
Financing receivables
- net
|
|
|
103
|
|
|
106
|
|
|
130
|
|
|
29,335
|
|
|
29,644
|
|
|
27,164
|
|
|
|
|
|
|
|
|
|
|
|
29,438
|
|
|
29,750
|
|
|
27,294
|
|
|
Financing receivables
securitized - net
|
|
|
18
|
|
|
26
|
|
|
42
|
|
|
3,913
|
|
|
4,677
|
|
|
4,436
|
|
|
|
|
|
|
|
|
|
|
|
3,931
|
|
|
4,703
|
|
|
4,478
|
|
|
Other
receivables
|
|
|
1,010
|
|
|
1,117
|
|
|
1,252
|
|
|
151
|
|
|
151
|
|
|
131
|
|
|
(20)
|
|
|
(48)
|
|
|
(16)
|
|
|
1,141
|
|
|
1,220
|
|
|
1,367
|
8
|
|
Equipment on
operating leases - net
|
|
|
|
|
|
|
|
|
|
|
|
7,030
|
|
|
7,298
|
|
|
7,504
|
|
|
|
|
|
|
|
|
|
|
|
7,030
|
|
|
7,298
|
|
|
7,504
|
|
|
Inventories
|
|
|
5,956
|
|
|
4,999
|
|
|
6,482
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
5,956
|
|
|
4,999
|
|
|
6,482
|
|
|
Property and
equipment - net
|
|
|
5,703
|
|
|
5,778
|
|
|
5,857
|
|
|
38
|
|
|
39
|
|
|
43
|
|
|
|
|
|
|
|
|
|
|
|
5,741
|
|
|
5,817
|
|
|
5,900
|
|
|
Investments in
unconsolidated affiliates
|
|
|
157
|
|
|
174
|
|
|
200
|
|
|
21
|
|
|
19
|
|
|
17
|
|
|
|
|
|
|
|
|
|
|
|
178
|
|
|
193
|
|
|
217
|
|
|
Goodwill
|
|
|
3,194
|
|
|
3,081
|
|
|
2,945
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
3,194
|
|
|
3,081
|
|
|
2,945
|
|
|
Other intangible
assets - net
|
|
|
1,342
|
|
|
1,327
|
|
|
1,349
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,342
|
|
|
1,327
|
|
|
1,349
|
|
|
Retirement
benefits
|
|
|
903
|
|
|
859
|
|
|
871
|
|
|
60
|
|
|
59
|
|
|
58
|
|
|
(57)
|
|
|
(55)
|
|
|
(29)
|
|
|
906
|
|
|
863
|
|
|
900
|
9
|
|
Deferred income
taxes
|
|
|
1,797
|
|
|
1,763
|
|
|
1,821
|
|
|
51
|
|
|
45
|
|
|
56
|
|
|
(292)
|
|
|
(309)
|
|
|
(463)
|
|
|
1,556
|
|
|
1,499
|
|
|
1,414
|
10
|
|
Other
assets
|
|
|
1,485
|
|
|
1,439
|
|
|
1,546
|
|
|
891
|
|
|
994
|
|
|
818
|
|
|
(3)
|
|
|
(1)
|
|
|
(2)
|
|
|
2,373
|
|
|
2,432
|
|
|
2,362
|
|
|
Total
Assets
|
|
$
|
33,801
|
|
$
|
33,124
|
|
$
|
27,901
|
|
$
|
48,378
|
|
$
|
48,719
|
|
$
|
47,279
|
|
$
|
(6,699)
|
|
$
|
(6,752)
|
|
$
|
(3,359)
|
|
$
|
75,480
|
|
$
|
75,091
|
|
$
|
71,821
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Liabilities and
Stockholders' Equity
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Liabilities
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Short-term
borrowings
|
|
$
|
394
|
|
$
|
292
|
|
$
|
947
|
|
$
|
8,830
|
|
$
|
8,290
|
|
$
|
9,061
|
|
|
|
|
|
|
|
|
|
|
$
|
9,224
|
|
$
|
8,582
|
|
$
|
10,008
|
|
|
Short-term
securitization borrowings
|
|
|
17
|
|
|
26
|
|
|
42
|
|
|
3,952
|
|
|
4,656
|
|
|
4,374
|
|
|
|
|
|
|
|
|
|
|
|
3,969
|
|
|
4,682
|
|
|
4,416
|
|
|
Payables to
unconsolidated affiliates
|
|
|
119
|
|
|
104
|
|
|
146
|
|
|
5,123
|
|
|
5,260
|
|
|
1,387
|
|
$
|
(5,123)
|
|
$
|
(5,259)
|
|
$
|
(1,386)
|
|
|
119
|
|
|
105
|
|
|
147
|
7
|
|
Accounts payable
and
accrued expenses
|
|
|
8,672
|
|
|
9,114
|
|
|
8,325
|
|
|
1,959
|
|
|
2,127
|
|
|
1,786
|
|
|
(1,227)
|
|
|
(1,129)
|
|
|
(1,481)
|
|
|
9,404
|
|
|
10,112
|
|
|
8,630
|
8
|
|
Deferred income
taxes
|
|
|
394
|
|
|
385
|
|
|
408
|
|
|
430
|
|
|
443
|
|
|
546
|
|
|
(292)
|
|
|
(309)
|
|
|
(463)
|
|
|
532
|
|
|
519
|
|
|
491
|
10
|
|
Long-term
borrowings
|
|
|
10,139
|
|
|
10,124
|
|
|
5,567
|
|
|
22,633
|
|
|
22,610
|
|
|
24,908
|
|
|
|
|
|
|
|
|
|
|
|
32,772
|
|
|
32,734
|
|
|
30,475
|
|
|
Retirement benefits
and other liabilities
|
|
|
5,325
|
|
|
5,366
|
|
|
5,639
|
|
|
106
|
|
|
102
|
|
|
100
|
|
|
(57)
|
|
|
(55)
|
|
|
(29)
|
|
|
5,374
|
|
|
5,413
|
|
|
5,710
|
9
|
|
Total
liabilities
|
|
|
25,060
|
|
|
25,411
|
|
|
21,074
|
|
|
43,033
|
|
|
43,488
|
|
|
42,162
|
|
|
(6,699)
|
|
|
(6,752)
|
|
|
(3,359)
|
|
|
61,394
|
|
|
62,147
|
|
|
59,877
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Redeemable
noncontrolling interest
|
|
|
|
|
|
|
|
|
14
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
14
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Stockholders'
Equity
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
Deere & Company
stockholders' equity
|
|
|
14,083
|
|
|
12,937
|
|
|
11,926
|
|
|
5,345
|
|
|
5,231
|
|
|
5,117
|
|
|
(5,345)
|
|
|
(5,231)
|
|
|
(5,117)
|
|
|
14,083
|
|
|
12,937
|
|
|
11,926
|
11
|
|
Noncontrolling
interests
|
|
|
3
|
|
|
7
|
|
|
4
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
3
|
|
|
7
|
|
|
4
|
|
|
Financial Services
equity
|
|
|
(5,345)
|
|
|
(5,231)
|
|
|
(5,117)
|
|
|
|
|
|
|
|
|
|
|
|
5,345
|
|
|
5,231
|
|
|
5,117
|
|
|
|
|
|
|
|
|
|
11
|
|
Adjusted total
stockholders' equity
|
|
|
8,741
|
|
|
7,713
|
|
|
6,813
|
|
|
5,345
|
|
|
5,231
|
|
|
5,117
|
|
|
|
|
|
|
|
|
|
|
|
14,086
|
|
|
12,944
|
|
|
11,930
|
|
|
Total Liabilities
and
Stockholders' Equity
|
|
$
|
33,801
|
|
$
|
33,124
|
|
$
|
27,901
|
|
$
|
48,378
|
|
$
|
48,719
|
|
$
|
47,279
|
|
$
|
(6,699)
|
|
$
|
(6,752)
|
|
$
|
(3,359)
|
|
$
|
75,480
|
|
$
|
75,091
|
|
$
|
71,821
|
|
|
|
|
|
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.
|
SUPPLEMENTAL
CONSOLIDATING DATA (Continued)
|
STATEMENT OF CASH
FLOWS
|
For the
Three Months Ended January 31, 2021 and February 2,
2020
|
(In millions of
dollars) Unaudited
|
|
|
EQUIPMENT OPERATIONS1
|
|
FINANCIAL SERVICES
|
|
ELIMINATIONS
|
|
CONSOLIDATED
|
|
|
|
|
2021
|
|
2020
|
|
2021
|
|
2020
|
|
2021
|
|
2020
|
|
2021
|
|
2020
|
|
|
Cash Flows from
Operating Activities
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income
|
|
$
|
1,020
|
|
$
|
381
|
|
$
|
204
|
|
$
|
137
|
|
|
|
|
|
|
|
$
|
1,224
|
|
$
|
518
|
|
|
Adjustments to
reconcile net income to net cash provided by (used for)
operating activities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Provision (credit) for
credit losses
|
|
|
(2)
|
|
|
1
|
|
|
(3)
|
|
|
14
|
|
|
|
|
|
|
|
|
(5)
|
|
|
15
|
|
|
Provision for
depreciation and amortization
|
|
|
279
|
|
|
261
|
|
|
294
|
|
|
311
|
|
$
|
(35)
|
|
$
|
(34)
|
|
|
538
|
|
|
538
|
12
|
|
Impairment
charges
|
|
|
50
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
50
|
|
|
|
|
|
Share-based
compensation expense
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
15
|
|
|
19
|
|
|
15
|
|
|
19
|
13
|
|
Undistributed earnings
of unconsolidated affiliates
|
|
|
154
|
|
|
126
|
|
|
(1)
|
|
|
(1)
|
|
|
(135)
|
|
|
(125)
|
|
|
18
|
|
|
|
14
|
|
Credit for deferred
income taxes
|
|
|
(27)
|
|
|
(7)
|
|
|
(11)
|
|
|
(22)
|
|
|
|
|
|
|
|
|
(38)
|
|
|
(29)
|
|
|
Changes in assets and
liabilities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Trade, notes, and
financing receivables related to sales
|
|
|
156
|
|
|
312
|
|
|
|
|
|
|
|
|
(253)
|
|
|
(242)
|
|
|
(97)
|
|
|
70
|
15, 17,
18
|
|
Inventories
|
|
|
(842)
|
|
|
(530)
|
|
|
|
|
|
|
|
|
(84)
|
|
|
(112)
|
|
|
(926)
|
|
|
(642)
|
16
|
|
Accounts payable and
accrued expenses
|
|
|
(529)
|
|
|
(1,058)
|
|
|
(53)
|
|
|
(19)
|
|
|
(123)
|
|
|
(57)
|
|
|
(705)
|
|
|
(1,134)
|
17
|
|
Accrued income taxes
payable/receivable
|
|
|
173
|
|
|
(43)
|
|
|
(43)
|
|
|
(10)
|
|
|
|
|
|
|
|
|
130
|
|
|
(53)
|
|
|
Retirement
benefits
|
|
|
(16)
|
|
|
30
|
|
|
2
|
|
|
6
|
|
|
|
|
|
|
|
|
(14)
|
|
|
36
|
|
|
Other
|
|
|
(68)
|
|
|
147
|
|
|
31
|
|
|
30
|
|
|
(10)
|
|
|
(23)
|
|
|
(47)
|
|
|
154
|
12, 13,
16
|
|
Net cash provided by
(used for) operating activities
|
|
|
348
|
|
|
(380)
|
|
|
420
|
|
|
446
|
|
|
(625)
|
|
|
(574)
|
|
|
143
|
|
|
(508)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash Flows from
Investing Activities
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Collections of
receivables (excluding receivables
related to sales)
|
|
|
|
|
|
|
|
|
6,416
|
|
|
6,056
|
|
|
(417)
|
|
|
(392)
|
|
|
5,999
|
|
|
5,664
|
15
|
|
Proceeds from
maturities and sales of marketable securities
|
|
|
|
|
|
|
|
|
20
|
|
|
18
|
|
|
|
|
|
|
|
|
20
|
|
|
18
|
|
|
Proceeds from sales
of equipment on operating leases
|
|
|
|
|
|
|
|
|
460
|
|
|
426
|
|
|
|
|
|
|
|
|
460
|
|
|
426
|
|
|
Cost of receivables
acquired (excluding receivables
related to sales)
|
|
|
|
|
|
|
|
|
(5,559)
|
|
|
(4,569)
|
|
|
259
|
|
|
266
|
|
|
(5,300)
|
|
|
(4,303)
|
15
|
|
Acquisitions of
businesses, net of cash acquired
|
|
|
(19)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(19)
|
|
|
|
|
|
Purchases of
marketable securities
|
|
|
|
|
|
|
|
|
(39)
|
|
|
(34)
|
|
|
|
|
|
|
|
|
(39)
|
|
|
(34)
|
|
|
Purchases of property
and equipment
|
|
|
(154)
|
|
|
(271)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(154)
|
|
|
(271)
|
|
|
Cost of equipment on
operating leases acquired
|
|
|
|
|
|
|
|
|
(408)
|
|
|
(669)
|
|
|
114
|
|
|
152
|
|
|
(294)
|
|
|
(517)
|
16
|
|
Increase in trade and
wholesale receivables
|
|
|
|
|
|
|
|
|
(523)
|
|
|
(382)
|
|
|
523
|
|
|
382
|
|
|
|
|
|
|
15
|
|
Collateral on
derivatives - net
|
|
|
|
|
|
|
|
|
(88)
|
|
|
26
|
|
|
|
|
|
|
|
|
(88)
|
|
|
26
|
|
|
Other
|
|
|
(8)
|
|
|
(9)
|
|
|
(9)
|
|
|
(15)
|
|
|
11
|
|
|
41
|
|
|
(6)
|
|
|
17
|
18
|
|
Net cash provided by
(used for) investing activities
|
|
|
(181)
|
|
|
(280)
|
|
|
270
|
|
|
857
|
|
|
490
|
|
|
449
|
|
|
579
|
|
|
1,026
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash Flows from
Financing Activities
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Increase (decrease)
in total short-term borrowings
|
|
|
(20)
|
|
|
20
|
|
|
(675)
|
|
|
(493)
|
|
|
|
|
|
|
|
|
(695)
|
|
|
(473)
|
|
|
Change in
intercompany receivables/payables
|
|
|
264
|
|
|
572
|
|
|
(264)
|
|
|
(572)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Proceeds from
long-term borrowings
|
|
|
|
|
|
167
|
|
|
1,757
|
|
|
1,535
|
|
|
|
|
|
|
|
|
1,757
|
|
|
1,702
|
|
|
Payments of long-term
borrowings
|
|
|
(20)
|
|
|
(83)
|
|
|
(1,421)
|
|
|
(1,568)
|
|
|
|
|
|
|
|
|
(1,441)
|
|
|
(1,651)
|
|
|
Proceeds from
issuance of common stock
|
|
|
71
|
|
|
53
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
71
|
|
|
53
|
|
|
Repurchases of common
stock
|
|
|
(352)
|
|
|
(114)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(352)
|
|
|
(114)
|
|
|
Dividends
paid
|
|
|
(242)
|
|
|
(242)
|
|
|
(135)
|
|
|
(125)
|
|
|
135
|
|
|
125
|
|
|
(242)
|
|
|
(242)
|
14
|
|
Other
|
|
|
(22)
|
|
|
(29)
|
|
|
(9)
|
|
|
(9)
|
|
|
|
|
|
|
|
|
(31)
|
|
|
(38)
|
|
|
Net cash provided by
(used for) financing activities
|
|
|
(321)
|
|
|
344
|
|
|
(747)
|
|
|
(1,232)
|
|
|
135
|
|
|
125
|
|
|
(933)
|
|
|
(763)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Effect of Exchange
Rate Changes on Cash, Cash Equivalents, and
Restricted Cash
|
|
|
83
|
|
|
3
|
|
|
20
|
|
|
(4)
|
|
|
|
|
|
|
|
|
103
|
|
|
(1)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Increase
(Decrease) in Cash, Cash Equivalents, and
Restricted Cash
|
|
|
(71)
|
|
|
(313)
|
|
|
(37)
|
|
|
67
|
|
|
|
|
|
|
|
|
(108)
|
|
|
(246)
|
|
|
Cash, Cash
Equivalents, and Restricted Cash at
Beginning of Period
|
|
|
6,156
|
|
|
3,196
|
|
|
1,016
|
|
|
760
|
|
|
|
|
|
|
|
|
7,172
|
|
|
3,956
|
|
|
Cash, Cash
Equivalents, and Restricted Cash at
End of Period
|
|
$
|
6,085
|
|
$
|
2,883
|
|
$
|
979
|
|
$
|
827
|
|
|
|
|
|
|
|
$
|
7,064
|
|
$
|
3,710
|
|
|
|
|
|
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
lease agreements with direct 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.
|
Deere &
Company
|
Other Financial
Information
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the Three Months
Ended
|
|
Equipment
Operations
|
Production &
Precision Ag
|
Small Ag &
Turf
|
Construction &
Forestry
|
|
|
January 31
|
|
February 2
|
|
January 31
|
|
February 2
|
|
January 31
|
|
February 2
|
|
January 31
|
|
February 2
|
|
Dollars in millions
|
|
2021
|
|
2020
|
|
2021
|
|
2020
|
|
2021
|
|
2020
|
|
2021
|
|
2020
|
|
Net Sales
|
|
$
|
8,051
|
|
$
|
6,530
|
|
$
|
3,069
|
|
$
|
2,507
|
|
$
|
2,515
|
|
$
|
1,979
|
|
$
|
2,467
|
|
$
|
2,044
|
|
Net Sales - excluding
Wirtgen
|
|
|
|
|
$
|
5,925
|
|
|
|
|
$
|
2,507
|
|
|
|
|
$
|
1,979
|
|
|
|
|
$
|
1,439
|
|
Average Identifiable
Assets*
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
With Inventories at
LIFO
|
|
$
|
15,995
|
|
$
|
17,255
|
|
$
|
6,218
|
|
$
|
6,404
|
|
$
|
3,432
|
|
$
|
3,806
|
|
$
|
6,345
|
|
$
|
7,045
|
|
With Inventories at
LIFO -
excluding Wirtgen
|
|
|
|
|
$
|
13,216
|
|
|
|
|
$
|
6,404
|
|
|
|
|
$
|
3,806
|
|
|
|
|
$
|
3,006
|
|
With Inventories at
Standard Cost
|
|
$
|
17,387
|
|
$
|
18,672
|
|
$
|
6,906
|
|
$
|
7,092
|
|
$
|
3,870
|
|
$
|
4,268
|
|
$
|
6,611
|
|
$
|
7,312
|
|
With Inventories at
Standard Cost -
excluding Wirtgen
|
|
|
|
|
$
|
14,633
|
|
|
|
|
$
|
7,092
|
|
|
|
|
$
|
4,268
|
|
|
|
|
$
|
3,273
|
|
Operating
Profit
|
|
$
|
1,380
|
|
$
|
466
|
|
$
|
643
|
|
$
|
218
|
|
$
|
469
|
|
$
|
155
|
|
$
|
268
|
|
$
|
93
|
|
Operating Profit -
excluding Wirtgen
|
|
|
|
|
$
|
449
|
|
|
|
|
$
|
218
|
|
|
|
|
$
|
155
|
|
|
|
|
$
|
76
|
|
Percent of Net
Sales**
|
|
|
17.1
|
%
|
|
7.6
|
%
|
|
21.0
|
%
|
|
8.7
|
%
|
|
18.6
|
%
|
|
7.8
|
%
|
|
10.9
|
%
|
|
5.3
|
%
|
Operating Return on
Assets**
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
With Inventories at
LIFO
|
|
|
8.6
|
%
|
|
3.4
|
%
|
|
10.3
|
%
|
|
3.4
|
%
|
|
13.7
|
%
|
|
4.1
|
%
|
|
4.2
|
%
|
|
2.5
|
%
|
With Inventories at
Standard Cost
|
|
|
7.9
|
%
|
|
3.1
|
%
|
|
9.3
|
%
|
|
3.1
|
%
|
|
12.1
|
%
|
|
3.6
|
%
|
|
4.1
|
%
|
|
2.3
|
%
|
SVA Cost of
Assets**
|
|
$
|
(522)
|
|
$
|
(439)
|
|
$
|
(207)
|
|
$
|
(213)
|
|
$
|
(117)
|
|
$
|
(127)
|
|
$
|
(198)
|
|
$
|
(99)
|
|
SVA**
|
|
$
|
858
|
|
$
|
10
|
|
$
|
436
|
|
$
|
5
|
|
$
|
352
|
|
$
|
28
|
|
$
|
70
|
|
$
|
(23)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the Three Months
Ended
|
|
Financial
Services
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
January 31
|
|
February 2
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Dollars in
millions
|
|
2021
|
|
2020
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Income
Attributable to
Deere & Company
|
|
$
|
204
|
|
$
|
137
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average
Equity
|
|
$
|
5,298
|
|
$
|
5,119
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Return on
Equity
|
|
|
3.9
|
%
|
|
2.7
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
Profit
|
|
$
|
258
|
|
$
|
179
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of
Equity
|
|
$
|
(165)
|
|
$
|
(166)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SVA
|
|
$
|
93
|
|
$
|
13
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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.
* 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 (roadbuilding) 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.
|
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SOURCE Deere & Company