Deere Reports Net Income of $1.245 Billion for Fourth Quarter, $7.1 Billion for Fiscal Year
Deere & Company reported Q4 2024 net income of $1.245 billion ($4.55 per share), down from $2.369 billion ($8.26 per share) in Q4 2023. Full-year 2024 net income was $7.1 billion ($25.62 per share), compared to $10.166 billion in 2023. Worldwide net sales and revenues decreased 28% to $11.143 billion in Q4 and fell 16% to $51.716 billion for the full year. The company projects fiscal 2025 net income between $5.0-5.5 billion, with significant market challenges expected across segments. Production & Precision Agriculture saw the largest decline with sales down 38% and operating profit down 64% in Q4.
Deere & Company ha riportato un reddito netto del Q4 2024 di $1,245 miliardi ($4,55 per azione), in calo rispetto ai $2,369 miliardi ($8,26 per azione) del Q4 2023. Il reddito netto per l'intero anno 2024 è stato di $7,1 miliardi ($25,62 per azione), rispetto ai $10,166 miliardi del 2023. Le vendite e i ricavi globali sono diminuiti del 28% a $11,143 miliardi nel Q4 e sono scesi del 16% a $51,716 miliardi per l'intero anno. L'azienda prevede un reddito netto fiscale per il 2025 compreso tra $5,0 e $5,5 miliardi, con sfide significative attese in tutti i segmenti. L'area Produzione e Agricoltura di Precisione ha registrato il calo maggiore, con vendite in diminuzione del 38% e profitti operativi in calo del 64% nel Q4.
Deere & Company reportó un ingreso neto del Q4 2024 de $1,245 mil millones ($4,55 por acción), una disminución de $2,369 mil millones ($8,26 por acción) en el Q4 2023. El ingreso neto del año completo 2024 fue de $7,1 mil millones ($25,62 por acción), en comparación con $10,166 mil millones en 2023. Las ventas y los ingresos globales disminuyeron un 28% a $11,143 mil millones en el Q4 y cayeron un 16% a $51,716 mil millones para el año completo. La empresa proyecta un ingreso neto fiscal para 2025 entre $5,0 y $5,5 mil millones, con desafíos significativos esperados en todos los segmentos. Producción y Agricultura de Precisión vio la mayor disminución, con ventas a la baja del 38% y la utilidad operativa a la baja del 64% en el Q4.
디어 & 컴퍼니는 2024년 4분기 순이익이 $1.245억 달러($4.55 per share)로, 2023년 4분기의 $2.369억 달러($8.26 per share)에서 감소했다고 보고했습니다. 2024년 전체 연간 순이익은 $7.1억 달러($25.62 per share)로, 2023년의 $10.166억 달러와 비교됩니다. 전 세계적인 순매출 및 수익은 4분기 동안 28% 감소하여 $11.143억 달러에 달했고, 전체 연간 수익은 16% 감소하여 $51.716억 달러로 떨어졌습니다. 이 회사는 2025 회계연도의 순이익을 $5.0-5.5억 달러로 예상하며, 전 분야에서 상당한 시장 도전을 예상하고 있습니다. 생산 및 정밀 농업 부문은 4분기 매출이 38% 감소하고 운영 이익이 64% 감소하여 가장 큰 하락폭을 보였습니다.
Deere & Company a annoncé un revenu net du 4ème trimestre 2024 de 1,245 milliard de dollars (4,55 $ par action), en baisse par rapport à 2,369 milliards de dollars (8,26 $ par action) au 4ème trimestre 2023. Le revenu net pour l'année entière 2024 s'est élevé à 7,1 milliards de dollars (25,62 $ par action), contre 10,166 milliards de dollars en 2023. Les ventes et les revenus mondiaux ont diminué de 28 % pour atteindre 11,143 milliards de dollars au 4ème trimestre et ont chuté de 16 % à 51,716 milliards de dollars pour l'année complète. L'entreprise prévoit un revenu net fiscal pour 2025 compris entre 5,0 et 5,5 milliards de dollars, avec des défis significatifs anticipés dans tous les segments. Le secteur Production et Agriculture de Précision a connu la plus forte baisse avec des ventes en baisse de 38 % et un bénéfice d'exploitation en baisse de 64 % au 4ème trimestre.
Deere & Company meldete einen Nettogewinn von 1,245 Milliarden US-Dollar ($4,55 pro Aktie) im 4. Quartal 2024, ein Rückgang von 2,369 Milliarden US-Dollar ($8,26 pro Aktie) im 4. Quartal 2023. Der Nettogewinn für das gesamte Jahr 2024 betrug 7,1 Milliarden US-Dollar ($25,62 pro Aktie), im Vergleich zu 10,166 Milliarden US-Dollar im Jahr 2023. Weltweite Nettoumsätze und Einnahmen sanken um 28 % auf 11,143 Milliarden US-Dollar im 4. Quartal und fielen um 16 % auf 51,716 Milliarden US-Dollar für das gesamte Jahr. Das Unternehmen prognostiziert einen Nettogewinn von 5,0-5,5 Milliarden US-Dollar für das Geschäftsjahr 2025, da erhebliche Marktprobleme in allen Segmenten zu erwarten sind. Produktion und Präzisionslandwirtschaft verzeichneten den größten Rückgang mit einem Umsatzrückgang von 38 % und einem operativen Gewinnrückgang von 64 % im 4. Quartal.
- Strong operating margins maintained across segments despite challenges (15.3% in Production & Precision Ag)
- Price realization improvements expected across all segments in 2025
- Portfolio growth in Financial Services segment
- Q4 net income declined 47% YoY to $1.245 billion
- Full-year 2024 net income dropped 30% to $7.1 billion
- Worldwide net sales decreased 28% in Q4 2024
- Production & Precision Agriculture operating profit fell 64%
- Projected 30% decline in U.S. & Canada Large Ag segment for 2025
- 2025 guidance indicates continued revenue decline across all major segments
- Financial Services net income projected to decrease to ~$750 million
Insights
Deere's Q4 results reveal significant headwinds with
Key performance metrics show widespread weakness:
- Production & Precision Ag segment saw operating margins shrink to
15.3% from26.4% - Small Agriculture & Turf margins declined to
10.1% from14.4% - Construction & Forestry segment dropped to
12.3% from13.8%
The market dynamics reveal a broader cyclical downturn across Deere's key segments. The projected declines in multiple geographic regions - U.S., Canada and Europe - suggest a global agricultural equipment market correction rather than isolated regional challenges. Price realization of only
The Financial Services segment's increased provision for credit losses and higher valuation allowance on Banco John Deere S.A. assets signal growing concerns about customer financial health. The forecast of
- Results demonstrate solid execution despite ongoing market challenges.
- Full-year 2025 earnings projected to range from
$5.0 $5.5 billion - Remain committed to making investments that enhance customer productivity and profitability.
Worldwide net sales and revenues decreased 28 percent, to
"Amid significant market challenges this year, we proactively adjusted our business operations to better align with the current environment," said John May, chairman and CEO of Deere & Company. "Together with the structural improvements made over the past several years, these adjustments enable us to serve our customers more effectively and achieve strong results across the business cycle."
Company Outlook & Summary
Net income attributable to Deere & Company for fiscal 2025 is forecasted to be in a range of
"As we navigate ongoing headwinds across our markets, we remain committed to making meaningful investments in our future while deepening our relationships with customers," May continued. "Our team of over 75,000 dedicated employees come to work each day with a singular focus: delivering products and solutions that enhance efficiency and reduce operating costs for our customers. By providing the essential tools they need, we empower our customers to succeed and thrive in an ever-evolving and challenging landscape."
Deere & Company | Fourth Quarter | Full Year | |||||||||||||||
$ in millions, except per share amounts | 2024 | 2023 | % Change | 2024 | 2023 | % Change | |||||||||||
Net sales and revenues | $ | 11,143 | $ | 15,412 | -28 % | $ | 51,716 | $ | 61,251 | -16 % | |||||||
Net income | $ | 1,245 | $ | 2,369 | -47 % | $ | 7,100 | $ | 10,166 | -30 % | |||||||
Fully diluted EPS | $ | 4.55 | $ | 8.26 | $ | 25.62 | $ | 34.63 | |||||||||
Results for the presented periods were affected by special items. See Note 1 of the financial statements for further details.
Production & Precision Agriculture | Fourth Quarter | ||||||||
$ in millions | 2024 | 2023 | % Change | ||||||
Net sales | $ | 4,305 | $ | 6,965 | -38 % | ||||
Operating profit | $ | 657 | $ | 1,836 | -64 % | ||||
Operating margin | 15.3 % | 26.4 % | |||||||
Production and precision agriculture sales decreased for the quarter due to lower shipment volumes. Operating profit decreased primarily due to lower shipment volumes / sales mix, partially offset by lower production costs.
Small Agriculture & Turf | Fourth Quarter | ||||||||
$ in millions | 2024 | 2023 | % Change | ||||||
Net sales | $ | 2,306 | $ | 3,094 | -25 % | ||||
Operating profit | $ | 234 | $ | 444 | -47 % | ||||
Operating margin | 10.1 % | 14.4 % | |||||||
Small agriculture and turf sales decreased for the quarter due to lower shipment volumes, partially offset by price realization. Operating profit decreased due to lower shipment volumes / sales mix and special items described in Note 1, partially offset by price realization and lower warranty expenses.
Construction & Forestry | Fourth Quarter | ||||||||
$ in millions | 2024 | 2023 | % Change | ||||||
Net sales | $ | 2,664 | $ | 3,742 | -29 % | ||||
Operating profit | $ | 328 | $ | 516 | -36 % | ||||
Operating margin | 12.3 % | 13.8 % | |||||||
Construction and forestry sales decreased for the quarter due to lower shipment volumes. Operating profit decreased primarily due to lower shipment volumes / sales mix, partially offset by lower production costs and the special items described in Note 1.
Financial Services | Fourth Quarter | ||||||||
$ in millions | 2024 | 2023 | % Change | ||||||
Net income | $ | 173 | $ | 190 | -9 % | ||||
Financial services net income for the quarter decreased due to a higher provision for credit losses, partially offset by income earned on higher average portfolio balances, a reduction in derivative valuation adjustments, and lower SA&G expenses. The results of the current quarter were also affected by the increased valuation allowance on assets held for sale of Banco John Deere S.A. See Note 1 of the financial statements for further details.
Industry Outlook for Fiscal 2025 | |||||||
Agriculture & Turf | |||||||
Large Ag | Down ~ | ||||||
Small Ag & Turf | Down ~ | ||||||
Down 5 to | |||||||
Flat | |||||||
Down slightly | |||||||
Construction & Forestry | |||||||
Construction Equipment | Down ~ | ||||||
Compact Construction Equipment | Down ~ | ||||||
Global Forestry | Flat to down | ||||||
Global Roadbuilding | Flat |
Deere Segment Outlook for Fiscal 2025 | Currency | Price | |||||
$ in millions | Net Sales | Translation | Realization | ||||
Production & Precision Ag | Down ~ | -0.5 % | ~ + | ||||
Small Ag & Turf | Down ~ | +0.5 % | ~ + | ||||
Construction & Forestry | Down 10 to | ~ Flat | ~ + | ||||
Financial Services | Net Income | ~ | |||||
FORWARD-LOOKING STATEMENTS
Certain statements contained herein, including in the section entitled "Company Outlook & Summary," "Industry Outlook," "Deere Segment Outlook," and "Condensed Notes to Consolidated Financial Statements" relating to future events, expectations, and trends constitute "forward-looking statements" as defined in the Private Securities Litigation Reform Act of 1995 and involve factors that are subject to change, assumptions, risks, and uncertainties that could cause actual results to differ materially. Some of these risks and uncertainties could affect all lines of the company's operations generally while others could more heavily affect a particular line of business.
Forward-looking statements are based on currently available information and current assumptions, expectations, and projections about future events and should not be relied upon. Except as required by law, the company expressly disclaims any obligation to update or revise its forward-looking statements. Many factors, risks, and uncertainties could cause actual results to differ materially from these forward-looking statements. Among these factors are risks related to:
- the agricultural business cycle, which can be unpredictable and is affected by factors such as world grain stocks, harvest yields, available farm acres, acreage planted, soil conditions, prices for commodities and livestock, input costs, availability of transport for crops as well as adverse macroeconomic conditions, including unemployment, inflation, interest rate volatility, changes in consumer practices due to slower economic growth, and regional or global liquidity constraints; these constraints may impact our customers and dealers, resulting in higher provisions for credit losses and write-offs;
- uncertainty of government policies and actions after recent
U.S. elections in respect to global trade, tariffs, trade agreements, and the uncertainty of our ability to sell products internationally based on these actions and policies; - higher interest rates and currency fluctuations which could adversely affect the
U.S. dollar, customer confidence, access to capital, and demand for the company's products and solutions; - the company's ability to adapt in highly competitive markets;
- housing starts and supply, real estate and housing prices, levels of public and non-residential construction, and infrastructure investment;
- political, economic, and social instability of the geographies in which the company operates, including the ongoing war between
Russia andUkraine and the conflict in theMiddle East ; - worldwide demand for food and different forms of renewable energy impacting the price of farm commodities and consequently the demand for the company's equipment;
- availability and price of raw materials, components, and whole goods;
- delays or disruptions in the company's supply chain;
- suppliers' and manufacturers' business practices and compliance with applicable laws such as human rights, safety, environmental, and fair wages;
- changes in climate patterns, unfavorable weather events, and natural disasters;
- loss of or challenges to intellectual property rights;
- rationalization, restructuring, relocation, expansion and/or reconfiguration of manufacturing and warehouse facilities;
- the ability to execute business strategies, including the company's Smart Industrial Operating Model and Leap Ambitions;
- the ability to understand and meet customers' changing expectations and demand for the company's products and solutions, including delivery and utilization of precision technology;
- accurately forecasting customer demand for products and services and adequately managing inventory;
- dealer practices and their ability to manage inventory and distribution of the company's products and to provide support and service for precision technology solutions;
- the ability to realize anticipated benefits of acquisitions and joint ventures, including challenges with successfully integrating operations and internal control processes;
- negative claims or publicity that damage the company's reputation or brand;
- the ability to attract, develop, engage, and retain qualified employees;
- the impact of workforce reductions on company culture, employee retention and morale, and institutional knowledge;
- labor relations and contracts, including work stoppages and other disruptions;
- security breaches, cybersecurity attacks, technology failures, and other disruptions to the company's information technology infrastructure and products;
- leveraging artificial intelligence and machine learning within the company's business processes;
- changes to governmental communications channels (radio frequency technology);
- changes to existing laws and regulations, including the implementation of new, more stringent laws, as well as compliance with a variety of
U.S. , foreign and international laws, regulations, and policies relating to, but not limited to the following: advertising, anti-bribery and anti-corruption, anti-money laundering, antitrust, consumer finance, cybersecurity, data privacy, encryption, environmental (including climate change and engine emissions), farming, health and safety, foreign exchange controls and cash repatriation restrictions, foreign ownership and investment, human rights, import / export and trade, labor and employment, product liability, telematics, and telecommunications; - governmental and other actions designed to address climate change in connection with a transition to a lower-carbon economy;
- investigations, claims, lawsuits, or other legal proceedings; and
- warranty claims, post-sales repairs or recalls, product liability litigation, and regulatory investigations as a result of the deficient operation of the company's products.
Further information concerning the company or its businesses, including factors that could materially affect the company's financial results, is included in the company's 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 subsequent Quarterly Reports on Form 10-Q). There also may be other factors that the company cannot anticipate or that are not described herein because the company does not currently perceive them to be material.
DEERE & COMPANY | ||||||||||||||||
FOURTH QUARTER 2024 PRESS RELEASE | ||||||||||||||||
(In millions of dollars) Unaudited | ||||||||||||||||
Three Months Ended | Years Ended | |||||||||||||||
October 27 | October 29 | % | October 27 | October 29 | % | |||||||||||
2024 | 2023 | Change | 2024 | 2023 | Change | |||||||||||
Net sales and revenues: | ||||||||||||||||
Production & precision ag net sales | $ | 4,305 | $ | 6,965 | -38 | $ | 20,834 | $ | 26,790 | -22 | ||||||
Small ag & turf net sales | 2,306 | 3,094 | -25 | 10,969 | 13,980 | -22 | ||||||||||
Construction & forestry net sales | 2,664 | 3,742 | -29 | 12,956 | 14,795 | -12 | ||||||||||
Financial services revenues | 1,522 | 1,347 | +13 | 5,782 | 4,721 | +22 | ||||||||||
Other revenues | 346 | 264 | +31 | 1,175 | 965 | +22 | ||||||||||
Total net sales and revenues | $ | 11,143 | $ | 15,412 | -28 | $ | 51,716 | $ | 61,251 | -16 | ||||||
Operating profit: * | ||||||||||||||||
Production & precision ag | $ | 657 | $ | 1,836 | -64 | $ | 4,514 | $ | 6,996 | -35 | ||||||
Small ag & turf | 234 | 444 | -47 | 1,627 | 2,472 | -34 | ||||||||||
Construction & forestry | 328 | 516 | -36 | 2,009 | 2,695 | -25 | ||||||||||
Financial services | 231 | 229 | +1 | 889 | 795 | +12 | ||||||||||
Total operating profit | 1,450 | 3,025 | -52 | 9,039 | 12,958 | -30 | ||||||||||
Reconciling items ** | 43 | 51 | -16 | 155 | 79 | +96 | ||||||||||
Income taxes | (248) | (707) | -65 | (2,094) | (2,871) | -27 | ||||||||||
Net income attributable to Deere & Company | $ | 1,245 | $ | 2,369 | -47 | $ | 7,100 | $ | 10,166 | -30 | ||||||
* | Operating profit is income from continuing operations before corporate expenses, certain external interest expenses, certain foreign exchange gains and losses, and income taxes. Operating profit for financial services includes the effect of interest expense and foreign exchange gains or losses. |
** | Reconciling items are primarily corporate expenses, certain interest income and expenses, 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 | ||||||||||||
STATEMENTS OF CONSOLIDATED INCOME | ||||||||||||
For the Three Months and Years Ended October 27, 2024 and October 29, 2023 | ||||||||||||
(In millions of dollars and shares except per share amounts) Unaudited | ||||||||||||
Three Months Ended | Years Ended | |||||||||||
2024 | 2023 | 2024 | 2023 | |||||||||
Net Sales and Revenues | ||||||||||||
Net sales | $ | 9,275 | $ | 13,801 | $ | 44,759 | $ | 55,565 | ||||
Finance and interest income | 1,551 | 1,357 | 5,759 | 4,683 | ||||||||
Other income | 317 | 254 | 1,198 | 1,003 | ||||||||
Total | 11,143 | 15,412 | 51,716 | 61,251 | ||||||||
Costs and Expenses | ||||||||||||
Cost of sales | 6,571 | 9,427 | 30,775 | 37,715 | ||||||||
Research and development expenses | 626 | 606 | 2,290 | 2,177 | ||||||||
Selling, administrative and general expenses | 1,232 | 1,203 | 4,840 | 4,595 | ||||||||
Interest expense | 870 | 781 | 3,348 | 2,453 | ||||||||
Other operating expenses | 326 | 322 | 1,257 | 1,292 | ||||||||
Total | 9,625 | 12,339 | 42,510 | 48,232 | ||||||||
Income of Consolidated Group before Income Taxes | 1,518 | 3,073 | 9,206 | 13,019 | ||||||||
Provision for income taxes | 248 | 707 | 2,094 | 2,871 | ||||||||
Income of Consolidated Group | 1,270 | 2,366 | 7,112 | 10,148 | ||||||||
Equity in income (loss) of unconsolidated affiliates | (28) | 2 | (24) | 7 | ||||||||
Net Income | 1,242 | 2,368 | 7,088 | 10,155 | ||||||||
Less: Net loss attributable to noncontrolling interests | (3) | (1) | (12) | (11) | ||||||||
Net Income Attributable to Deere & Company | $ | 1,245 | $ | 2,369 | $ | 7,100 | $ | 10,166 | ||||
Per Share Data | ||||||||||||
Basic | $ | 4.57 | $ | 8.30 | $ | 25.73 | $ | 34.80 | ||||
Diluted | 4.55 | 8.26 | 25.62 | 34.63 | ||||||||
Dividends declared | 1.47 | 1.35 | 5.88 | 5.05 | ||||||||
Dividends paid | 1.47 | 1.25 | 5.76 | 4.83 | ||||||||
Average Shares Outstanding | ||||||||||||
Basic | 272.6 | 285.5 | 276.0 | 292.2 | ||||||||
Diluted | 273.6 | 286.9 | 277.1 | 293.6 | ||||||||
See Condensed Notes to Consolidated Financial Statements. |
DEERE & COMPANY | ||||||
CONDENSED CONSOLIDATED BALANCE SHEETS | ||||||
As of October 27, 2024 and October 29, 2023 | ||||||
(In millions of dollars) Unaudited | ||||||
2024 | 2023 | |||||
Assets | ||||||
Cash and cash equivalents | $ | 7,324 | $ | 7,458 | ||
Marketable securities | 1,154 | 946 | ||||
Trade accounts and notes receivable – net | 5,326 | 7,739 | ||||
Financing receivables – net | 44,309 | 43,673 | ||||
Financing receivables securitized – net | 8,723 | 7,335 | ||||
Other receivables | 2,545 | 2,623 | ||||
Equipment on operating leases – net | 7,451 | 6,917 | ||||
Inventories | 7,093 | 8,160 | ||||
Property and equipment – net | 7,580 | 6,879 | ||||
Goodwill | 3,959 | 3,900 | ||||
Other intangible assets – net | 999 | 1,133 | ||||
Retirement benefits | 2,921 | 3,007 | ||||
Deferred income taxes | 2,086 | 1,814 | ||||
Other assets | 2,906 | 2,503 | ||||
Assets held for sale | 2,944 | |||||
Total Assets | $ | 107,320 | $ | 104,087 | ||
Liabilities and Stockholders' Equity | ||||||
Liabilities | ||||||
Short-term borrowings | $ | 13,533 | $ | 17,939 | ||
Short-term securitization borrowings | 8,431 | 6,995 | ||||
Accounts payable and accrued expenses | 14,543 | 16,130 | ||||
Deferred income taxes | 478 | 520 | ||||
Long-term borrowings | 43,229 | 38,477 | ||||
Retirement benefits and other liabilities | 2,354 | 2,140 | ||||
Liabilities held for sale | 1,827 | |||||
Total liabilities | 84,395 | 82,201 | ||||
Redeemable noncontrolling interest | 82 | 97 | ||||
Stockholders' Equity | ||||||
Total Deere & Company stockholders' equity | 22,836 | 21,785 | ||||
Noncontrolling interests | 7 | 4 | ||||
Total stockholders' equity | 22,843 | 21,789 | ||||
Total Liabilities and Stockholders' Equity | $ | 107,320 | $ | 104,087 | ||
See Condensed Notes to Consolidated Financial Statements. |
DEERE & COMPANY | ||||||
STATEMENTS OF CONSOLIDATED CASH FLOWS | ||||||
For the Years Ended October 27, 2024 and October 29, 2023 | ||||||
(In millions of dollars) Unaudited | ||||||
2024 | 2023 | |||||
Cash Flows from Operating Activities | ||||||
Net income | $ | 7,088 | $ | 10,155 | ||
Adjustments to reconcile net income to net cash provided by operating activities: | ||||||
Provision (credit) for credit losses | 310 | (16) | ||||
Provision for depreciation and amortization | 2,118 | 2,004 | ||||
Impairments and other adjustments | 125 | 191 | ||||
Share-based compensation expense | 208 | 130 | ||||
Credit for deferred income taxes | (294) | (790) | ||||
Changes in assets and liabilities: | ||||||
Receivables related to sales | 421 | (4,253) | ||||
Inventories | 788 | 279 | ||||
Accounts payable and accrued expenses | (1,040) | 830 | ||||
Accrued income taxes payable/receivable | (123) | (23) | ||||
Retirement benefits | (227) | (170) | ||||
Other | (143) | 252 | ||||
Net cash provided by operating activities | 9,231 | 8,589 | ||||
Cash Flows from Investing Activities | ||||||
Collections of receivables (excluding receivables related to sales) | 25,162 | 23,051 | ||||
Proceeds from maturities and sales of marketable securities | 832 | 186 | ||||
Proceeds from sales of equipment on operating leases | 1,929 | 1,981 | ||||
Cost of receivables acquired (excluding receivables related to sales) | (28,816) | (28,772) | ||||
Acquisitions of businesses, net of cash acquired | (82) | |||||
Purchases of marketable securities | (1,055) | (491) | ||||
Purchases of property and equipment | (1,640) | (1,498) | ||||
Cost of equipment on operating leases acquired | (3,162) | (2,970) | ||||
Collateral on derivatives – net | 413 | (12) | ||||
Other | (127) | (142) | ||||
Net cash used for investing activities | (6,464) | (8,749) | ||||
Cash Flows from Financing Activities | ||||||
Net proceeds (payments) in short-term borrowings (original maturities three months or less) | (1,856) | 4,008 | ||||
Proceeds from borrowings issued (original maturities greater than three months) | 18,096 | 15,429 | ||||
Payments of borrowings (original maturities greater than three months) | (13,232) | (7,913) | ||||
Repurchases of common stock | (4,007) | (7,216) | ||||
Dividends paid | (1,605) | (1,427) | ||||
Other | (113) | (73) | ||||
Net cash provided by (used for) financing activities | (2,717) | 2,808 | ||||
Effect of Exchange Rate Changes on Cash, Cash Equivalents, and Restricted Cash | (37) | 31 | ||||
Net Increase in Cash, Cash Equivalents, and Restricted Cash | 13 | 2,679 | ||||
Cash, Cash Equivalents, and Restricted Cash at Beginning of Year | 7,620 | 4,941 | ||||
Cash, Cash Equivalents, and Restricted Cash at End of Year | $ | 7,633 | $ | 7,620 | ||
See Condensed Notes to Consolidated Financial Statements. |
DEERE & COMPANY
Condensed Notes to Consolidated Financial Statements
(In millions of dollars) Unaudited
(1) Special Items
2024
Legal Settlements
The company reached legal settlements concerning patent infringement claims. As a result of these settlements, in the fourth quarter of 2024, the company recognized a total of
Impairment
In the fourth quarter of 2024, the company recorded a non-cash charge of
Employee-Separation Programs
In the third quarter of 2024, the company implemented employee-separation programs for its salaried workforce in several geographic areas, including
The programs' total pretax expenses are estimated to be approximately
Three Months | Fiscal Year | ||||||||||||||||||||||||||||||
PPA | SAT | CF | FS | Total | PPA | SAT | CF | FS | Total | ||||||||||||||||||||||
Cost of sales | $ | 3 | $ | 2 | $ | 5 | $ | 21 | $ | 11 | $ | 8 | $ | 40 | |||||||||||||||||
Research and development expenses | 3 | 3 | $ | 1 | 7 | 22 | 9 | 2 | 33 | ||||||||||||||||||||||
Selling, administrative and general expenses | 9 | 9 | 1 | $ | 1 | 20 | 34 | 23 | 12 | $ | 10 | 79 | |||||||||||||||||||
Total operating profit decrease | $ | 15 | $ | 14 | $ | 2 | $ | 1 | 32 | $ | 77 | $ | 43 | $ | 22 | $ | 10 | 152 | |||||||||||||
Non-operating profit expenses* | 1 | 5 | |||||||||||||||||||||||||||||
Total | $ | 33 | $ | 157 | |||||||||||||||||||||||||||
*Relates primarily to corporate expenses.
Annual pretax savings from these programs are estimated to be approximately
Banco John Deere S.A.
In August 2024, the company entered into a joint venture agreement with a Brazilian bank, Banco Bradesco S.A. (Bradesco), for Bradesco to invest and become 50 percent owner of the company's wholly owned subsidiary in
The BJD business was reclassified as held for sale in the third quarter of 2024. At that time, a reversal of
2023
Russian Roadbuilding Sale
In the fourth quarter of 2023, the company sold its Russian roadbuilding business, recognizing a loss of
Brazil Tax Ruling
In the third quarter of 2023, the
Financial Services Financing Incentives Correction
In the second quarter of 2023, the company corrected the accounting treatment for financing incentives offered to John Deere dealers, which impacted the timing of expense recognition and the presentation of incentive costs in the consolidated financial statements. The cumulative effect of this correction,
Summary of 2024 and 2023 Special Items
The following table summarizes the operating profit impact, in millions of dollars, of the special items recorded for the three months and fiscal years ended October 27, 2024 and October 29, 2023:
Three Months | Fiscal Years | ||||||||||||||||||||||||||||||
PPA | SAT | CF | FS | Total | PPA | SAT | CF | FS | Total | ||||||||||||||||||||||
2024 Expense (benefit): | |||||||||||||||||||||||||||||||
Legal settlements | $ | (17) | $ | (40) | $ | (57) | $ | (17) | $ | (40) | $ | (57) | |||||||||||||||||||
Impairment | $ | 28 | 28 | $ | 28 | 28 | |||||||||||||||||||||||||
Employee-separation programs | 15 | 14 | 2 | $ | 1 | 32 | 77 | 43 | 22 | $ | 10 | 152 | |||||||||||||||||||
BJD measurement | 44 | 44 | 59 | 59 | |||||||||||||||||||||||||||
Total expense (benefit) | (2) | 42 | (38) | 45 | 47 | 60 | 71 | (18) | 69 | 182 | |||||||||||||||||||||
2023 Expense: | |||||||||||||||||||||||||||||||
Russian roadbuilding sale | 18 | 18 | 18 | 18 | |||||||||||||||||||||||||||
Financing incentives correction | 173 | 173 | |||||||||||||||||||||||||||||
Total expense | 18 | 18 | 18 | 173 | 191 | ||||||||||||||||||||||||||
Period over period change | $ | (2) | $ | 42 | $ | (56) | $ | 45 | $ | 29 | $ | 60 | $ | 71 | $ | (36) | $ | (104) | $ | (9) | |||||||||||
(2) | The consolidated financial statements represent the consolidation of all the company's subsidiaries. The supplemental consolidating data in Note 3 to the financial statements is presented for informational purposes. Equipment operations represents the enterprise without financial services. Equipment operations includes 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. Transactions between the equipment operations and financial services have been eliminated to arrive at the consolidated financial statements. |
DEERE & COMPANY | |||||||||||||||||||||||||||
(3) SUPPLEMENTAL CONSOLIDATING DATA | |||||||||||||||||||||||||||
STATEMENTS OF INCOME | |||||||||||||||||||||||||||
For the Three Months Ended October 27, 2024 and October 29, 2023 | |||||||||||||||||||||||||||
(In millions of dollars) Unaudited | |||||||||||||||||||||||||||
EQUIPMENT | FINANCIAL | ||||||||||||||||||||||||||
OPERATIONS | SERVICES | ELIMINATIONS | CONSOLIDATED | ||||||||||||||||||||||||
2024 | 2023 | 2024 | 2023 | 2024 | 2023 | 2024 | 2023 | ||||||||||||||||||||
Net Sales and Revenues | |||||||||||||||||||||||||||
Net sales | $ | 9,275 | $ | 13,801 | $ | 9,275 | $ | 13,801 | |||||||||||||||||||
Finance and interest income | 154 | 193 | $ | 1,569 | $ | 1,445 | $ | (172) | $ | (281) | 1,551 | 1,357 | 1 | ||||||||||||||
Other income | 274 | 218 | 117 | 121 | (74) | (85) | 317 | 254 | 2, 3, 4 | ||||||||||||||||||
Total | 9,703 | 14,212 | 1,686 | 1,566 | (246) | (366) | 11,143 | 15,412 | |||||||||||||||||||
Costs and Expenses | |||||||||||||||||||||||||||
Cost of sales | 6,578 | 9,433 | (7) | (6) | 6,571 | 9,427 | 4 | ||||||||||||||||||||
Research and development expenses | 626 | 606 | 626 | 606 | |||||||||||||||||||||||
Selling, administrative and general expenses | 946 | 980 | 288 | 225 | (2) | (2) | 1,232 | 1,203 | 4 | ||||||||||||||||||
Interest expense | 83 | 114 | 828 | 757 | (41) | (90) | 870 | 781 | 1 | ||||||||||||||||||
Interest compensation to Financial Services | 131 | 191 | (131) | (191) | 1 | ||||||||||||||||||||||
Other operating expenses | 54 | 45 | 337 | 354 | (65) | (77) | 326 | 322 | 3, 4, 5 | ||||||||||||||||||
Total | 8,418 | 11,369 | 1,453 | 1,336 | (246) | (366) | 9,625 | 12,339 | |||||||||||||||||||
Income before Income Taxes | 1,285 | 2,843 | 233 | 230 | 1,518 | 3,073 | |||||||||||||||||||||
Provision for income taxes | 187 | 665 | 61 | 42 | 248 | 707 | |||||||||||||||||||||
Income after Income Taxes | 1,098 | 2,178 | 172 | 188 | 1,270 | 2,366 | |||||||||||||||||||||
Equity in income (loss) of unconsolidated affiliates | (29) | 1 | 2 | (28) | 2 | ||||||||||||||||||||||
Net Income | 1,069 | 2,178 | 173 | 190 | 1,242 | 2,368 | |||||||||||||||||||||
Less: Net loss attributable to noncontrolling interests | (3) | (1) | (3) | (1) | |||||||||||||||||||||||
Net Income Attributable to Deere & Company | $ | 1,072 | $ | 2,179 | $ | 173 | $ | 190 | $ | 1,245 | $ | 2,369 | |||||||||||||||
1 | Elimination of intercompany interest income and expense. |
2 | Elimination of equipment operations' margin from inventory transferred to equipment on operating leases. |
3 | Elimination of income and expenses between equipment operations and financial services related to intercompany guarantees of investments in certain international markets. |
4 | Elimination of intercompany service revenues and fees. |
5 | Elimination of financial services' lease depreciation expense related to inventory transferred to equipment on operating leases. |
DEERE & COMPANY | |||||||||||||||||||||||||||
SUPPLEMENTAL CONSOLIDATING DATA (Continued) | |||||||||||||||||||||||||||
STATEMENTS OF INCOME | |||||||||||||||||||||||||||
For the Years Ended October 27, 2024 and October 29, 2023 | |||||||||||||||||||||||||||
(In millions of dollars) Unaudited | |||||||||||||||||||||||||||
EQUIPMENT | FINANCIAL | ||||||||||||||||||||||||||
OPERATIONS | SERVICES | ELIMINATIONS | CONSOLIDATED | ||||||||||||||||||||||||
2024 | 2023 | 2024 | 2023 | 2024 | 2023 | 2024 | 2023 | ||||||||||||||||||||
Net Sales and Revenues | |||||||||||||||||||||||||||
Net sales | $ | 44,759 | $ | 55,565 | $ | 44,759 | $ | 55,565 | |||||||||||||||||||
Finance and interest income | 596 | 636 | $ | 6,035 | $ | 5,055 | $ | (872) | $ | (1,008) | 5,759 | 4,683 | 1 | ||||||||||||||
Other income | 1,006 | 858 | 458 | 499 | (266) | (354) | 1,198 | 1,003 | 2, 3, 4 | ||||||||||||||||||
Total | 46,361 | 57,059 | 6,493 | 5,554 | (1,138) | (1,362) | 51,716 | 61,251 | |||||||||||||||||||
Costs and Expenses | |||||||||||||||||||||||||||
Cost of sales | 30,803 | 37,739 | (28) | (24) | 30,775 | 37,715 | 4 | ||||||||||||||||||||
Research and development expenses | 2,290 | 2,177 | 2,290 | 2,177 | |||||||||||||||||||||||
Selling, administrative and general expenses | 3,791 | 3,611 | 1,059 | 994 | (10) | (10) | 4,840 | 4,595 | 4 | ||||||||||||||||||
Interest expense | 396 | 411 | 3,182 | 2,362 | (230) | (320) | 3,348 | 2,453 | 1 | ||||||||||||||||||
Interest compensation to Financial Services | 640 | 687 | (640) | (687) | 1 | ||||||||||||||||||||||
Other operating expenses | 133 | 217 | 1,354 | 1,396 | (230) | (321) | 1,257 | 1,292 | 3, 4, 5 | ||||||||||||||||||
Total | 38,053 | 44,842 | 5,595 | 4,752 | (1,138) | (1,362) | 42,510 | 48,232 | |||||||||||||||||||
Income before Income Taxes | 8,308 | 12,217 | 898 | 802 | 9,206 | 13,019 | |||||||||||||||||||||
Provision for income taxes | 1,887 | 2,685 | 207 | 186 | 2,094 | 2,871 | |||||||||||||||||||||
Income after Income Taxes | 6,421 | 9,532 | 691 | 616 | 7,112 | 10,148 | |||||||||||||||||||||
Equity in income (loss) of unconsolidated affiliates | (29) | 4 | 5 | 3 | (24) | 7 | |||||||||||||||||||||
Net Income | 6,392 | 9,536 | 696 | 619 | 7,088 | 10,155 | |||||||||||||||||||||
Less: Net loss attributable to noncontrolling interests | (12) | (11) | (12) | (11) | |||||||||||||||||||||||
Net Income Attributable to Deere & Company | $ | 6,404 | $ | 9,547 | $ | 696 | $ | 619 | $ | 7,100 | $ | 10,166 | |||||||||||||||
1 | Elimination of intercompany interest income and expense. |
2 | Elimination of equipment operations' margin from inventory transferred to equipment on operating leases. |
3 | Elimination of income and expenses between equipment operations and financial services related to intercompany guarantees of investments in certain international markets. |
4 | Elimination of intercompany service revenues and fees. |
5 | Elimination of financial services' lease depreciation expense related to inventory transferred to equipment on operating leases. |
DEERE & COMPANY | ||||||||||||||||||||||||||
SUPPLEMENTAL CONSOLIDATING DATA (Continued) | ||||||||||||||||||||||||||
CONDENSED BALANCE SHEETS | ||||||||||||||||||||||||||
As of October 27, 2024 and October 29, 2023 | ||||||||||||||||||||||||||
(In millions of dollars) Unaudited | ||||||||||||||||||||||||||
EQUIPMENT | FINANCIAL | |||||||||||||||||||||||||
OPERATIONS | SERVICES | ELIMINATIONS | CONSOLIDATED | |||||||||||||||||||||||
2024 | 2023 | 2024 | 2023 | 2024 | 2023 | 2024 | 2023 | |||||||||||||||||||
Assets | ||||||||||||||||||||||||||
Cash and cash equivalents | $ | 5,615 | $ | 5,720 | $ | 1,709 | $ | 1,738 | $ | 7,324 | $ | 7,458 | ||||||||||||||
Marketable securities | 125 | 104 | 1,029 | 842 | 1,154 | 946 | ||||||||||||||||||||
Receivables from Financial Services | 3,043 | 4,516 | $ | (3,043) | $ | (4,516) | 6 | |||||||||||||||||||
Trade accounts and notes receivable – net | 1,257 | 1,320 | 6,225 | 8,687 | (2,156) | (2,268) | 5,326 | 7,739 | 7 | |||||||||||||||||
Financing receivables – net | 78 | 64 | 44,231 | 43,609 | 44,309 | 43,673 | ||||||||||||||||||||
Financing receivables securitized – net | 2 | 8,721 | 7,335 | 8,723 | 7,335 | |||||||||||||||||||||
Other receivables | 2,193 | 1,813 | 427 | 869 | (75) | (59) | 2,545 | 2,623 | 7 | |||||||||||||||||
Equipment on operating leases – net | 7,451 | 6,917 | 7,451 | 6,917 | ||||||||||||||||||||||
Inventories | 7,093 | 8,160 | 7,093 | 8,160 | ||||||||||||||||||||||
Property and equipment – net | 7,546 | 6,843 | 34 | 36 | 7,580 | 6,879 | ||||||||||||||||||||
Goodwill | 3,959 | 3,900 | 3,959 | 3,900 | ||||||||||||||||||||||
Other intangible assets – net | 999 | 1,133 | 999 | 1,133 | ||||||||||||||||||||||
Retirement benefits | 2,839 | 2,936 | 83 | 72 | (1) | (1) | 2,921 | 3,007 | 8 | |||||||||||||||||
Deferred income taxes | 2,262 | 2,133 | 43 | 68 | (219) | (387) | 2,086 | 1,814 | 9 | |||||||||||||||||
Other assets | 2,194 | 1,948 | 715 | 559 | (3) | (4) | 2,906 | 2,503 | ||||||||||||||||||
Assets held for sale | 2,944 | 2,944 | ||||||||||||||||||||||||
Total Assets | $ | 39,205 | $ | 40,590 | $ | 73,612 | $ | 70,732 | $ | (5,497) | $ | (7,235) | $ | 107,320 | $ | 104,087 | ||||||||||
Liabilities and Stockholders' Equity | ||||||||||||||||||||||||||
Liabilities | ||||||||||||||||||||||||||
Short-term borrowings | $ | 911 | $ | 1,230 | $ | 12,622 | $ | 16,709 | $ | 13,533 | $ | 17,939 | ||||||||||||||
Short-term securitization borrowings | 2 | 8,429 | 6,995 | 8,431 | 6,995 | |||||||||||||||||||||
Payables to Equipment Operations | 3,043 | 4,516 | $ | (3,043) | $ | (4,516) | 6 | |||||||||||||||||||
Accounts payable and accrued expenses | 13,534 | 14,862 | 3,243 | 3,599 | (2,234) | (2,331) | 14,543 | 16,130 | 7 | |||||||||||||||||
Deferred income taxes | 434 | 452 | 263 | 455 | (219) | (387) | 478 | 520 | 9 | |||||||||||||||||
Long-term borrowings | 6,603 | 7,210 | 36,626 | 31,267 | 43,229 | 38,477 | ||||||||||||||||||||
Retirement benefits and other liabilities | 2,250 | 2,032 | 105 | 109 | (1) | (1) | 2,354 | 2,140 | 8 | |||||||||||||||||
Liabilities held for sale | 1,827 | 1,827 | ||||||||||||||||||||||||
Total liabilities | 23,734 | 25,786 | 66,158 | 63,650 | (5,497) | (7,235) | 84,395 | 82,201 | ||||||||||||||||||
Redeemable noncontrolling interest | 82 | 97 | 82 | 97 | ||||||||||||||||||||||
Stockholders' Equity | ||||||||||||||||||||||||||
Total Deere & Company stockholders' equity | 22,836 | 21,785 | 7,454 | 7,082 | (7,454) | (7,082) | 22,836 | 21,785 | 10 | |||||||||||||||||
Noncontrolling interests | 7 | 4 | 7 | 4 | ||||||||||||||||||||||
Financial Services' equity | (7,454) | (7,082) | 7,454 | 7,082 | 10 | |||||||||||||||||||||
Adjusted total stockholders' equity | 15,389 | 14,707 | 7,454 | 7,082 | 22,843 | 21,789 | ||||||||||||||||||||
Total Liabilities and Stockholders' Equity | $ | 39,205 | $ | 40,590 | $ | 73,612 | $ | 70,732 | $ | (5,497) | $ | (7,235) | $ | 107,320 | $ | 104,087 | ||||||||||
6 | Elimination of receivables / payables between equipment operations and financial services. |
7 | Primarily reclassification of sales incentive accruals on receivables sold to financial services. |
8 | Reclassification of net pension assets / liabilities. |
9 | Reclassification of deferred tax assets / liabilities in the same taxing jurisdictions. |
10 | Elimination of financial services' equity. |
DEERE & COMPANY | |||||||||||||||||||||||||||
SUPPLEMENTAL CONSOLIDATING DATA (Continued) | |||||||||||||||||||||||||||
STATEMENTS OF CASH FLOWS | |||||||||||||||||||||||||||
For the Years Ended October 27, 2024 and October 29, 2023 | |||||||||||||||||||||||||||
(In millions of dollars) Unaudited | |||||||||||||||||||||||||||
EQUIPMENT | FINANCIAL | ||||||||||||||||||||||||||
OPERATIONS | SERVICES | ELIMINATIONS | CONSOLIDATED | ||||||||||||||||||||||||
2024 | 2023 | 2024 | 2023 | 2024 | 2023 | 2024 | 2023 | ||||||||||||||||||||
Cash Flows from Operating Activities | |||||||||||||||||||||||||||
Net income | $ | 6,392 | $ | 9,536 | $ | 696 | $ | 619 | $ | 7,088 | $ | 10,155 | |||||||||||||||
Adjustments to reconcile net income to net cash provided by operating activities: | |||||||||||||||||||||||||||
Provision (credit) for credit losses | 14 | 7 | 296 | (23) | 310 | (16) | |||||||||||||||||||||
Provision for depreciation and amortization | 1,220 | 1,123 | 1,040 | 1,016 | $ | (142) | $ | (135) | 2,118 | 2,004 | 11 | ||||||||||||||||
Impairments and other adjustments | 28 | 18 | 97 | 173 | 125 | 191 | |||||||||||||||||||||
Share-based compensation expense | 208 | 130 | 208 | 130 | 12 | ||||||||||||||||||||||
Distributed earnings of Financial Services | 250 | 215 | (250) | (215) | 13 | ||||||||||||||||||||||
Provision (credit) for deferred income taxes | (97) | (959) | (197) | 169 | (294) | (790) | |||||||||||||||||||||
Changes in assets and liabilities: | |||||||||||||||||||||||||||
Receivables related to sales | (13) | (58) | 434 | (4,195) | 421 | (4,253) | 14, 16 | ||||||||||||||||||||
Inventories | 1,011 | 474 | (223) | (195) | 788 | 279 | 15 | ||||||||||||||||||||
Accounts payable and accrued expenses | (1,429) | 1,352 | 277 | 449 | 112 | (971) | (1,040) | 830 | 16 | ||||||||||||||||||
Accrued income taxes payable/receivable | (218) | 8 | 95 | (31) | (123) | (23) | |||||||||||||||||||||
Retirement benefits | (215) | (164) | (12) | (6) | (227) | (170) | |||||||||||||||||||||
Other | (38) | 367 | 40 | (51) | (145) | (64) | (143) | 252 | 11, 12, 15 | ||||||||||||||||||
Net cash provided by operating activities | 6,905 | 11,919 | 2,332 | 2,315 | (6) | (5,645) | 9,231 | 8,589 | |||||||||||||||||||
Cash Flows from Investing Activities | |||||||||||||||||||||||||||
Collections of receivables (excluding receivables related to sales) | 26,029 | 24,128 | (867) | (1,077) | 25,162 | 23,051 | 14 | ||||||||||||||||||||
Proceeds from maturities and sales of marketable securities | 99 | 59 | 733 | 127 | 832 | 186 | |||||||||||||||||||||
Proceeds from sales of equipment on operating leases | 1,929 | 1,981 | 1,929 | 1,981 | |||||||||||||||||||||||
Cost of receivables acquired (excluding receivables related to sales) | (29,152) | (29,229) | 336 | 457 | (28,816) | (28,772) | 14 | ||||||||||||||||||||
Acquisitions of businesses, net of cash acquired | (82) | (82) | |||||||||||||||||||||||||
Purchases of marketable securities | (209) | (173) | (846) | (318) | (1,055) | (491) | |||||||||||||||||||||
Purchases of property and equipment | (1,636) | (1,494) | (4) | (4) | (1,640) | (1,498) | |||||||||||||||||||||
Cost of equipment on operating leases acquired | (3,464) | (3,234) | 302 | 264 | (3,162) | (2,970) | 15 | ||||||||||||||||||||
Decrease (increase) in investment in Financial Services | 4 | (870) | (4) | 870 | 17 | ||||||||||||||||||||||
Decrease (increase) in trade and wholesale receivables | 21 | (5,783) | (21) | 5,783 | 14 | ||||||||||||||||||||||
Collateral on derivatives – net | (1) | 413 | (11) | 413 | (12) | ||||||||||||||||||||||
Other | (125) | (176) | (8) | 31 | 6 | 3 | (127) | (142) | |||||||||||||||||||
Net cash used for investing activities | (1,867) | (2,737) | (4,349) | (12,312) | (248) | 6,300 | (6,464) | (8,749) | |||||||||||||||||||
Cash Flows from Financing Activities | |||||||||||||||||||||||||||
Net proceeds (payments) in short-term borrowings (original maturities three months or less) | 28 | (113) | (1,884) | 4,121 | (1,856) | 4,008 | |||||||||||||||||||||
Change in intercompany receivables/payables | 1,459 | 2,090 | (1,459) | (2,090) | |||||||||||||||||||||||
Proceeds from borrowings issued (original maturities greater than three months) | 159 | 342 | 17,937 | 15,087 | 18,096 | 15,429 | |||||||||||||||||||||
Payments of borrowings (original maturities greater than three months) | (1,123) | (901) | (12,109) | (7,012) | (13,232) | (7,913) | |||||||||||||||||||||
Repurchases of common stock | (4,007) | (7,216) | (4,007) | (7,216) | |||||||||||||||||||||||
Capital investment from Equipment Operations | (4) | 870 | 4 | (870) | 17 | ||||||||||||||||||||||
Dividends paid | (1,605) | (1,427) | (250) | (215) | 250 | 215 | (1,605) | (1,427) | 13 | ||||||||||||||||||
Other | (46) | (7) | (67) | (66) | (113) | (73) | |||||||||||||||||||||
Net cash provided by (used for) financing activities | (5,135) | (7,232) | 2,164 | 10,695 | 254 | (655) | (2,717) | 2,808 | |||||||||||||||||||
Effect of Exchange Rate Changes on Cash, Cash Equivalents, and Restricted Cash | (15) | 24 | (22) | 7 | (37) | 31 | |||||||||||||||||||||
Net Increase (Decrease) in Cash, Cash Equivalents, and Restricted Cash | (112) | 1,974 | 125 | 705 | 13 | 2,679 | |||||||||||||||||||||
Cash, Cash Equivalents, and Restricted Cash at Beginning of Year | 5,755 | 3,781 | 1,865 | 1,160 | 7,620 | 4,941 | |||||||||||||||||||||
Cash, Cash Equivalents, and Restricted Cash at End of Year | $ | 5,643 | $ | 5,755 | $ | 1,990 | $ | 1,865 | $ | 7,633 | $ | 7,620 | |||||||||||||||
11 | Elimination of depreciation on leases related to inventory transferred to equipment on operating leases. |
12 | Reclassification of share-based compensation expense. |
13 | Elimination of dividends from financial services to the equipment operations, which are included in the equipment operations operating activities. |
14 | Primarily reclassification of receivables related to the sale of equipment. |
15 | Reclassification of direct lease agreements with retail customers. |
16 | Reclassification of sales incentive accruals on receivables sold to financial services. |
17 | Elimination of change in investment from equipment operations to financial services. |
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SOURCE John Deere Company
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