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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 May 3, 2020

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

8½% Debentures Due 2022

DE22

New York Stock Exchange

6.55% Debentures Due 2028

DE28

New York Stock Exchange

Indicate by check mark whether the registrant: (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 May 3, 2020, 312,858,631 shares of common stock, $1 par value, of the registrant were outstanding.

PART I. FINANCIAL INFORMATION

ITEM 1.  FINANCIAL STATEMENTS

DEERE & COMPANY

STATEMENT OF CONSOLIDATED INCOME

For the Three Months Ended May 3, 2020 and April 28, 2019

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

2020

2019

 

Net Sales and Revenues

Net sales

$

8,224

$

10,273

Finance and interest income

849

 

838

Other income

180

 

231

Total

9,253

 

11,342

Costs and Expenses

Cost of sales

6,294

 

7,755

Research and development expenses

406

 

457

Selling, administrative and general expenses

906

 

947

Interest expense

342

 

351

Other operating expenses

377

 

359

Total

8,325

 

9,869

Income of Consolidated Group before Income Taxes

928

 

1,473

Provision for income taxes

245

 

343

Income of Consolidated Group

683

 

1,130

Equity in income (loss) of unconsolidated affiliates

(17)

 

6

Net Income

666

 

1,136

Less: Net income attributable to noncontrolling interests

 

1

Net Income Attributable to Deere & Company

$

666

$

1,135

Per Share Data

Basic

$

2.13

$

3.57

Diluted

$

2.11

$

3.52

Average Shares Outstanding

Basic

313.2

317.9

Diluted

316.2

322.2

See Condensed Notes to Interim Consolidated Financial Statements.

2

DEERE & COMPANY

STATEMENT OF CONSOLIDATED COMPREHENSIVE INCOME

For the Three Months Ended May 3, 2020 and April 28, 2019

(In millions of dollars) Unaudited

    

2020

    

2019

 

 

Net Income

 

$

666

$

1,136

Other Comprehensive Income (Loss), Net of Income Taxes

Retirement benefits adjustment

57

 

49

Cumulative translation adjustment

(441)

 

(82)

Unrealized loss on derivatives

(8)

 

(7)

Unrealized gain on debt securities

6

 

8

Other Comprehensive Income (Loss), Net of Income Taxes

(386)

 

(32)

Comprehensive Income of Consolidated Group

280

 

1,104

Less: Comprehensive income attributable to noncontrolling interests

 

1

Comprehensive Income Attributable to Deere & Company

 

$

280

$

1,103

See Condensed Notes to Interim Consolidated Financial Statements.

3

DEERE & COMPANY

STATEMENT OF CONSOLIDATED INCOME

For the Six Months Ended May 3, 2020 and April 28, 2019

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

    

2020

    

2019

 

Net Sales and Revenues

Net sales

 

$

14,754

$

17,214

Finance and interest income

1,745

 

1,653

Other income

385

 

459

Total

16,884

 

19,326

Costs and Expenses

Cost of sales

11,371

 

13,186

Research and development expenses

831

 

864

Selling, administrative and general expenses

1,715

 

1,710

Interest expense

678

 

704

Other operating expenses

792

 

711

Total

15,387

 

17,175

Income of Consolidated Group before Income Taxes

1,497

 

2,151

Provision for income taxes

295

 

528

Income of Consolidated Group

1,202

 

1,623

Equity in income (loss) of unconsolidated affiliates

(18)

 

13

Net Income

1,184

 

1,636

Less: Net income attributable to noncontrolling interests

2

 

3

Net Income Attributable to Deere & Company

 

$

1,182

$

1,633

Per Share Data

Basic

 

$

3.77

$

5.13

Diluted

 

$

3.73

$

5.07

Average Shares Outstanding

Basic

313.3

 

318.1

Diluted

316.7

 

322.4

See Condensed Notes to Interim Consolidated Financial Statements.

4

DEERE & COMPANY

STATEMENT OF CONSOLIDATED COMPREHENSIVE INCOME

For the Six Months Ended May 3, 2020 and April 28, 2019

(In millions of dollars) Unaudited

    

2020

    

2019

 

 

Net Income

 

$

1,184

$

1,636

Other Comprehensive Income (Loss), Net of Income Taxes

Retirement benefits adjustment

287

 

68

Cumulative translation adjustment

(398)

 

(244)

Unrealized loss on derivatives

(8)

 

(15)

Unrealized gain on debt securities

11

 

16

Other Comprehensive Income (Loss), Net of Income Taxes

(108)

 

(175)

Comprehensive Income of Consolidated Group

1,076

 

1,461

Less: Comprehensive income attributable to noncontrolling interests

2

 

3

Comprehensive Income Attributable to Deere & Company

 

$

1,074

$

1,458

See Condensed Notes to Interim Consolidated Financial Statements.

5

DEERE & COMPANY

CONDENSED CONSOLIDATED BALANCE SHEET

(In millions of dollars) Unaudited

    

May 3 

    

November 3

    

April 28

 

2020

2019

2019

 

Assets

Cash and cash equivalents

 

$

8,900

$

3,857

$

3,484

Marketable securities

626

 

581

 

545

Receivables from unconsolidated affiliates

32

 

46

 

34

Trade accounts and notes receivable – net

5,986

 

5,230

 

7,519

Financing receivables – net

27,256

 

29,195

 

25,870

Financing receivables securitized – net

4,685

 

4,383

 

4,814

Other receivables

1,212

 

1,487

 

1,477

Equipment on operating leases – net

7,245

 

7,567

 

7,040

Inventories

6,171

 

5,975

 

7,161

Property and equipment – net

5,685

 

5,973

 

5,757

Investments in unconsolidated affiliates

192

 

215

 

235

Goodwill

2,917

 

2,917

 

3,025

Other intangible assets – net

1,311

 

1,380

 

1,476

Retirement benefits

960

 

840

 

1,383

Deferred income taxes

1,435

 

1,466

 

1,039

Other assets

2,713

 

1,899

 

1,871

Total Assets

 

$

77,326

$

73,011

$

72,730

Liabilities and Stockholders’ Equity

Liabilities

Short-term borrowings

$

11,179

$

10,784

$

11,762

Short-term securitization borrowings

4,640

 

4,321

 

4,702

Payables to unconsolidated affiliates

91

 

142

 

200

Accounts payable and accrued expenses

9,072

 

9,656

 

9,626

Deferred income taxes

475

 

495

 

514

Long-term borrowings

34,324

 

30,229

 

28,255

Retirement benefits and other liabilities

5,680

 

5,953

 

5,733

Total liabilities

65,461

 

61,580

 

60,792

Commitments and contingencies (Note 16)

Redeemable noncontrolling interest (Note 22)

14

14

Stockholders’ Equity

Common stock, $1 par value (issued shares at
May 3, 2020 – 536,431,204)

4,713

 

4,642

 

4,559

Common stock in treasury

(17,690)

 

(17,474)

 

(16,739)

Retained earnings

30,556

 

29,852

 

28,709

Accumulated other comprehensive income (loss)

(5,715)

 

(5,607)

 

(4,610)

Total Deere & Company stockholders’ equity

11,864

 

11,413

 

11,919

Noncontrolling interests

1

 

4

 

5

Total stockholders’ equity

11,865

 

11,417

 

11,924

Total Liabilities and Stockholders’ Equity

$

77,326

$

73,011

$

72,730

See Condensed Notes to Interim Consolidated Financial Statements.

6

DEERE & COMPANY

STATEMENT OF CONSOLIDATED CASH FLOWS

For the Six Months Ended May 3, 2020 and April 28, 2019

(In millions of dollars) Unaudited

    

2020

    

2019

 

Cash Flows from Operating Activities

              

              

Net income

 

$

1,184

$

1,636

Adjustments to reconcile net income to net cash provided by (used for) operating activities:

Provision for credit losses

107

 

37

Provision for depreciation and amortization

1,067

 

1,016

Impairment charges

114

 

Share-based compensation expense

48

 

44

Undistributed earnings of unconsolidated affiliates

(8)

 

(9)

Credit for deferred income taxes

(61)

 

(282)

Changes in assets and liabilities:

Trade, notes, and financing receivables related to sales

(491)

 

(2,731)

Inventories

(496)

 

(1,394)

Accounts payable and accrued expenses

(707)

 

(66)

Accrued income taxes payable/receivable

(173)

 

157

Retirement benefits

58

 

20

Other

134

 

77

Net cash provided by (used for) operating activities

776

 

(1,495)

Cash Flows from Investing Activities

Collections of receivables (excluding receivables related to sales)

9,624

 

9,176

Proceeds from maturities and sales of marketable securities

39

 

30

Proceeds from sales of equipment on operating leases

898

 

823

Cost of receivables acquired (excluding receivables related to sales)

(9,367)

 

(8,887)

Purchases of marketable securities

(71)

 

(59)

Purchases of property and equipment

(441)

 

(491)

Cost of equipment on operating leases acquired

(960)

 

(924)

Collateral on derivatives - net

319

60

Other

(11)

 

(100)

Net cash provided by (used for) investing activities

30

 

(372)

Cash Flows from Financing Activities

Increase in total short-term borrowings

1,138

 

1,570

Proceeds from long-term borrowings

7,275

 

4,232

Payments of long-term borrowings

(3,315)

 

(3,427)

Proceeds from issuance of common stock

70

 

95

Repurchases of common stock

(263)

 

(481)

Dividends paid

(481)

 

(462)

Other

(81)

 

(54)

Net cash provided by financing activities

4,343

 

1,473

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

(102)

 

(35)

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

5,047

(429)

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

3,956

 

4,015

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

$

9,003

$

3,586

See Condensed Notes to Interim Consolidated Financial Statements.

7

DEERE & COMPANY

STATEMENT OF CHANGES IN CONSOLIDATED STOCKHOLDERS’ EQUITY

For the Three and Six Months Ended May 3, 2020 and April 28, 2019

(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

 

 

Three Months Ended April 28, 2019

Balance January 27, 2019

    

$

11,333

$

4,512

$

(16,422)

$

27,816

$

(4,578)

$

5

$

14

Net income

 

1,136

1,135

1

Other comprehensive loss

 

(32)

(32)

Repurchases of common stock

 

(337)

(337)

Treasury shares reissued

 

20

20

Dividends declared

 

(243)

(242)

(1)

Stock options and other

 

47

47

Balance April 28, 2019

$

11,924

$

4,559

$

(16,739)

$

28,709

$

(4,610)

$

5

$

14

Six Months Ended April 28, 2019

 

 

Balance October 28, 2018

    

$

11,291

$

4,474

$

(16,312)

$

27,553

$

(4,427)

$

3

$

14

 

ASU No. 2016-01 adoption

8

(8)

Net income

 

1,636

1,633

3

Other comprehensive loss

 

(175)

(175)

Repurchases of common stock

 

(481)

(481)

Treasury shares reissued

 

54

54

Dividends declared

 

(486)

(485)

(1)

Stock options and other

 

85

85

Balance April 28, 2019

$

11,924

$

4,559

$

(16,739)

$

28,709

$

(4,610)

$

5

$

14

Three Months Ended May 3, 2020

Balance February 2, 2020

$

11,930

$

4,675

$

(17,549)

$

30,129

$

(5,329)

$

4

$

14

Net income

666

666

Other comprehensive loss

(386)

(386)

Repurchases of common stock

(149)

(149)

Treasury shares reissued

8

8

Dividends declared

(241)

(238)

(3)

Noncontrolling interest redemption (Note 22)

(14)

Stock options and other

37

38

(1)

Balance May 3, 2020

$

11,865

$

4,713

$

(17,690)

$

30,556

$

(5,715)

$

1

Six Months Ended May 3, 2020

Balance November 3, 2019

$

11,417

$

4,642

$

(17,474)

$

29,852

$

(5,607)

$

4

$

14

Net income

1,183

1,182

1

1

Other comprehensive loss

(108)

(108)

Repurchases of common stock

(263)

(263)

Treasury shares reissued

47

47

Dividends declared

(480)

(477)

(3)

(1)

Noncontrolling interest redemption (Note 22)

(14)

Stock options and other

69

71

(1)

(1)

Balance May 3, 2020

$

11,865

$

4,713

$

(17,690)

$

30,556

$

(5,715)

$

1

See Condensed Notes to Interim Consolidated Financial Statements.

8

Condensed Notes to Interim Consolidated Financial Statements (Unaudited)

(1)  Organization and Consolidation

The information in the notes and related commentary are presented in a format which includes data grouped as follows:

Equipment OperationsIncludes the Company’s agriculture and turf operations and construction and forestry operations with financial services reflected on the equity basis.

Financial ServicesIncludes primarily the Company’s financing operations.

ConsolidatedRepresents the consolidation of the equipment operations and financial services. References to “Deere & Company” or “the Company” refer to the entire enterprise.

The Company uses a 52/53 week fiscal year with quarters ending on the last Sunday in the reporting period. The second quarter ends for fiscal year 2020 and 2019 were May 3, 2020 and April 28, 2019, respectively. Both periods contained 13 weeks.

Variable Interest Entities

The Company consolidates certain Variable Interest Entities (VIEs) related to retail note securitizations (see Note 12).

The Company also has an interest in a joint venture that manufactures construction equipment in Brazil for local and overseas markets. The joint venture is a VIE; however, the Company is not the primary beneficiary. Therefore, the entity’s financial results are not fully consolidated in the Company’s consolidated financial statements, but are included on the equity basis. The maximum exposure to loss was $13 million, $22 million, and $22 million at May 3, 2020, November 3, 2019, and April 28, 2019, respectively.

(2)  Summary of Significant Accounting Policies and Cash Flow Information

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 adjustments, consisting of normal recurring adjustments, have been included. Management believes that 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 that 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.

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. The identification and rapid spread of COVID-19 (COVID) has resulted in governments and other authorities implementing numerous measures designed to contain the virus. These and other actions have resulted in uncertainties in the Company’s business, which may result in actual results differing significantly from those estimates. Examples of estimates used in the financial statements affected by this uncertainty include sales incentive costs, incurred credit losses, the value of used equipment, equipment on operating lease return rates, forecasted annual effective income tax rate, and cash flows to determine long-lived assets, goodwill, and certain intangible asset recoverability, and fair value measurements.

Cash Flow Information

All cash flows from the changes in trade accounts and notes receivable are classified as operating activities in the statement of consolidated cash flows as these receivables arise from sales to the Company’s customers. Cash flows from financing receivables that are related to sales to the Company’s customers are also included in operating activities. The remaining financing receivables are related to the financing of equipment sold by independent dealers and are included in investing activities.

The Company had the following non-cash operating and investing activities that were not included in the statement of consolidated cash flows. The Company transferred inventory to equipment on operating leases of approximately $255 million and $308 million in the first six months of 2020 and 2019, respectively. The Company also had accounts payable related to purchases of property and equipment of approximately $46 million and $74 million at May 3, 2020 and April 28, 2019, respectively.

9

The Company’s restricted cash held at May 3, 2020, November 3, 2019, April 28, 2019, and October 28, 2018 was as follows in millions of dollars:

May 3 

November 3

April 28

October 28

2020

2019

2019

2018

Equipment operations

$

11

$

21

$

10

$

7

Financial services

92

78

92

104

Total

$

103

$

99

$

102

$

111

The equipment operations’ restricted cash relates to miscellaneous operational activities. The financial services restricted cash primarily relates to securitization of financing receivables (see Note 12). The restricted cash is recorded in “Other assets” in the consolidated balance sheet.

(3)     New Accounting Standards

New Accounting Standards Adopted

In the first quarter of 2020, the Company adopted Financial Accounting Standards Board (FASB) Accounting Standards Update (ASU) No. 2016-02, Leases (Topic 842), which supersedes Accounting Standards Codification (ASC) 840, Leases. This ASU was adopted using a modified-retrospective approach. The ASU’s primary change is the requirement for lessee entities to recognize a lease liability for payments and a right of use asset during the term of operating lease arrangements. The ASU did not significantly change the lessee’s recognition, measurement, and presentation of expenses and cash flows from the previous accounting standard. Lessors’ accounting under the ASC is largely unchanged from the previous accounting standard. The ASU adds new disclosures about the Company’s leasing activities. The Company elected the optional practical expedients to not reassess whether existing contracts contain leases, not reassess lease classification, and not reassess initial direct costs for existing leases. The Company did not elect the hindsight practical expedient. In addition, the Company elected to combine lease and non-lease components for all asset classes and to not recognize a right of use asset or lease liability for arrangements that qualify as short-term leases.

The operating lease liabilities are recorded in “Accounts payable and accrued expenses” and the operating lease right of use assets are recorded in “Other assets.” The finance lease liabilities are recorded in “Short-term borrowings” or “Long-term borrowings” based on the remaining lease term, and the finance lease right of use assets are recorded in “Property and equipment - net.” In addition to the lease liabilities and right of use assets, land use rights were reclassified from “Other intangible assets - net” to “Other assets” and finance lease liabilities were reclassified from “Accounts payable and accrued expenses” to “Short-term borrowings” and “Long-term borrowings.” The effect of adopting the ASU on the consolidated balance sheet follows in millions of dollars:

November 3, 2019

Cumulative Effect
from Adoption

November 4, 2019

Assets

Other intangible assets - net

$

1,380

$

(23)

$

1,357

Other assets

1,899

402

2,301

Liabilities

Short-term borrowings

$

10,784

$

11

$

10,795

Accounts payable and accrued expenses

9,656

348

10,004

Long-term borrowings

30,229

20

30,249

The Company implemented a new system for lessee accounting with new processes and controls at the time of adopting the ASU. The adoption did not have a material effect on the Company’s operating results or cash flows. See Note 15 for additional information.

10

The Company also adopted the following standards in the first quarter of 2020, none of which had a material effect on the Company’s consolidated financial statements:

Accounting Standards Updates

2017-08

Premium Amortization on Purchased Callable Debt Securities, which amends ASC 310-20, Receivables – Nonrefundable Fees and Other Costs

2018-07

Improvements to Nonemployee Share-Based Payment Accounting, which amends ASC 718, Compensation – Stock Compensation

2019-04

Codification Improvements to Topic 326, Financial Instruments – Credit Losses, Topic 815, Derivatives and Hedging, and Topic 825, Financial Instruments. The adoption was for clarifications to ASU No. 2017-12, Targeted Improvements to Accounting for Hedging Activities

In March 2020, the FASB issued ASU No. 2020-04, Facilitation of the Effects of Reference Rate Reform on Financial Reporting, which establishes ASC 848, Reference Rate Reform. Regulators in several countries are requiring initiatives to identify alternative reference rates to the London Interbank Offered Rates and other interbank rates. This regulatory requirement will likely result in contract revisions that will transition to alternative reference rates. This ASU provides optional, temporary guidance, simplifications, and exceptions for applying generally accepted accounting principles to contracts, hedging relationships, and other transactions resulting from the transition. The guidance in this ASU is elective and effective beginning in the second quarter of 2020 through December 31, 2022. The Company is evaluating the contracts that could be affected by an alternative reference rate and assessing the potential effects of the ASU on the consolidated financial statements.

New Accounting Standards to be Adopted

In June 2016, the FASB issued ASU No. 2016-13, Measurement of Credit Losses on Financial Instruments, which establishes ASC 326, Financial Instruments – Credit Losses. The ASU revises the measurement of credit losses for financial assets measured at amortized cost from an incurred loss to an expected loss methodology. The ASU affects receivables, debt securities, net investment in leases, and most other financial assets that represent a right to receive cash. Additional disclosures about significant estimates and credit quality are also required. The effective date will be the first quarter of fiscal year 2021. The ASU will be adopted using a modified-retrospective approach. The Company is developing models to estimate expected credit losses, assessing appropriate assumptions, designing new procedures and controls, and evaluating the potential effects on the consolidated financial statements.

In August 2018, the FASB issued ASU No. 2018-15, Customer’s Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That Is a Service Contract, which amends ASC 350-40, Intangibles – Goodwill and Other – Internal-Use Software. This ASU requires customers in a hosting arrangement that is a service contract to evaluate the implementation costs of the hosting arrangement using the guidance to develop internal-use software. The project development stage determines the implementation costs that are capitalized or expensed. Capitalized implementation costs are amortized over the term of the service arrangement and are presented in the same income statement line item as the service contract costs. The effective date will be the first quarter of fiscal year 2021, with early adoption permitted. The Company will adopt the ASU on a prospective basis. The Company is evaluating the potential effects on the Company’s consolidated financial statements.

In April 2019, the FASB issued ASU No. 2019-04, Codification Improvements to Topic 326, Financial Instruments – Credit Losses, Topic 815, Derivatives and Hedging, and Topic 825, Financial Instruments. The effective dates for the separate portions of the ASU and the expected effect on the consolidated financial statements are as follows for the portions that have not yet been adopted: (1) clarifications to ASU No. 2016-13, Measurement of Credit Losses on Financial Instruments, is the first quarter of fiscal year 2021, which is under evaluation, and (2) clarifications to ASU No. 2016-01, Recognition and Measurement of Financial Assets and Financial Liabilities is the first quarter of fiscal year 2021, which will not have a material effect on the Company’s consolidated financial statements.

In December 2019, the FASB issued ASU No. 2019-12, Simplifying the Accounting for Income Taxes, which amends ASC 740, Income Taxes. This ASU simplifies the accounting for income taxes by modifying the treatment of intraperiod tax allocation in certain circumstances, eliminating an exception to recognizing deferred tax liabilities for outside basis differences for foreign equity method investments and foreign subsidiaries when ownership or control changes, and modifying interim period tax calculations when a loss is forecast. In addition, the ASU also provides guidance for the accounting of a franchise tax that is partially based on income, requires that enacted changes in tax laws or rates be included in the annual effective rate determination in the period that includes the enactment date, and clarifies the tax accounting of a step up in tax basis of goodwill. The effective date will be the first quarter of fiscal year 2022, with early adoption permitted. The guidance related to the foreign equity method investments, foreign subsidiaries, and franchise taxes will be adopted using a modified-retrospective approach. The remaining provisions will be adopted prospectively. The adoption is not expected to have a material effect on the Company’s consolidated financial statements.

11

(4)  Revenue Recognition

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

Three Months Ended May 3, 2020

    

Agriculture
and Turf

    

Construction
and Forestry

    

Financial
Services

    

Total