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Deere Co (DE) SEC Filing 10-K Annual Report for the fiscal year ending Sunday, October 29, 2023

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DE Annual Reports

Deere Co

CIK: 315189 Ticker: DE

Exhibit 99.1

(Furnished herewith)

News Release

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Contact:
Jen Hartmann
Director, Public Relations
HartmannJenniferA@JohnDeere.com

Deere Reports Net Income of $2.369 Billion for Fourth Quarter, $10.166 Billion for Fiscal Year

Net income grows for quarter and full year, driven by solid market conditions, differentiated products, and strong execution.
Full-year 2024 earnings forecast to be $7.75 to $8.25 billion, as volumes return to mid-cycle levels.
Ongoing focus on structural profitability, investments that deliver customer value.

MOLINE, Illinois (November 22, 2023) — Deere & Company reported net income of $2.369 billion for the fourth quarter ended October 29, 2023, or $8.26 per share, compared with net income of $2.246 billion, or $7.44 per share, for the quarter ended October 30, 2022. For fiscal-year 2023, net income attributable to Deere & Company was $10.166 billion, or $34.63 per share, compared with $7.131 billion, or $23.28 per share, in fiscal 2022.

Worldwide net sales and revenues decreased 1 percent, to $15.412 billion, for the fourth quarter of fiscal 2023 and rose 16 percent, to $61.251 billion, for the full year. Net sales were $13.801 billion for the quarter and $55.565 billion for the year, compared with $14.351 billion and $47.917 billion in 2022.

“Deere’s fourth-quarter and full-year results can be attributed to the successful execution of our Smart Industrial Operating Model and the value that customers recognize in our industry-leading products and solutions,” said John C. May, chairman and chief executive officer. “We must also recognize and credit our dedicated employees, dealers, and suppliers, whose hard work and focus have been instrumental to our overall success.”

Company Outlook & Summary

Net income attributable to Deere & Company for fiscal 2024 is forecasted to be in a range of $7.75 billion to $8.25 billion.

“While our end markets will fluctuate, we remain focused on disciplined execution and strategically investing in solutions that drive customer value,” May said. “As evidenced by our guidance for 2024, we are demonstrating higher levels of through-cycle structural profitability while making our company more resilient and better equipped for the future.”

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The following information was filed by Deere Co (DE) on Wednesday, November 22, 2023 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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Deere Co's Definitive Proxy Statement (Form DEF 14A) filed after their 2023 10-K Annual Report includes:

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  • Executive Team
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Financial Statements, Disclosures and Schedules

Inside this 10-K Annual Report

Document And Entity Information
Consolidated Balance Sheets
Consolidated Balance Sheets (Parenthetical)
Statements Of Changes In Consolidated Stockholders' Equity
Statements Of Consolidated Cash Flows
Statements Of Consolidated Comprehensive Income
Statements Of Consolidated Income
Accounts Payable And Accrued Expenses
Accounts Payable And Accrued Expenses (Details)
Accounts Payable And Accrued Expenses (Tables)
Acquisitions And Dispositions
Acquisitions And Dispositions (Tables)
Acquisitions And Dispositions - 2022 Other Acquisitions (Details)
Acquisitions And Dispositions - 2023 Other Acquisitions (Details)
Acquisitions And Dispositions - Bear Flag Robotics, Inc Acquisition (Details)
Acquisitions And Dispositions - Dispositions - (Details)
Acquisitions And Dispositions - Excavator Factories Acquisition (Details)
Acquisitions And Dispositions - Kreisel Acquisition (Details)
Capital Stock
Capital Stock (Details)
Capital Stock (Tables)
Commitments And Contingencies
Commitments And Contingencies (Tables)
Commitments And Contingencies - Commitments To Extend Credit (Details)
Commitments And Contingencies - Other (Details)
Commitments And Contingencies - Warranty (Details)
Derivative Instruments
Derivative Instruments (Tables)
Derivative Instruments - Cash Flow Hedges (Details)
Derivative Instruments - Counterparty Risk And Collateral (Details)
Derivative Instruments - Fair Value (Details)
Derivative Instruments - Fair Value Hedges (Details)
Derivative Instruments - Gains (Losses) On Statement Of Consolidated Income (Details)
Fair Value Measurements
Fair Value Measurements (Tables)
Fair Value Measurements - Assets And Liaibilities - Recurring (Details)
Fair Value Measurements - Financial Instruments (Details)
Fair Value Measurements - Nonrecurring Measurements (Details)
Goodwill And Other Intangible Assets - Net
Goodwill And Other Intangible Assets - Net (Tables)
Goodwill And Other Intangible Assets - Net - Amortization Expense (Details)
Goodwill And Other Intangible Assets - Net - Goodwill (Details)
Goodwill And Other Intangible Assets - Net - Intangible Assets (Details)
Income Taxes
Income Taxes (Tables)
Income Taxes - Additional Deferred Income Tax Information (Details)
Income Taxes - Deferred Tax Assets And Liabilities (Details)
Income Taxes - Provision For Income Taxes And Income Before Income Taxes (Details)
Income Taxes - Statutory And Effective (Details)
Income Taxes - Uncertain Tax Positions (Details)
Insider Trading Arrangements
Inventories
Inventories (Details)
Inventories (Tables)
Leases
Leases (Tables)
Leases - Cost Of Equipment On Operating Leases (Details)
Leases - Lease Expense By Type - (Details)
Leases - Lease Payments - (Details)
Leases - Lease Payments For Equipment On Operating Leases (Details)
Leases - Lease Revenues (Details)
Leases - Lease Right Of Use Assets And Liabilities - (Details)
Leases - Lessor Lease Terms (Details)
Leases - Sales-Type And Direct Financing Lease Receivables (Details)
Leases - Scheduled Payments On Sales-Type And Direct Financing Leases Receivables (Details)
Leases - Supplemental Cash Flow Information (Details)
Leases - Weighted Average Remaining Lease Term And Discount Rates - (Details)
Long-Term Borrowings
Long-Term Borrowings (Details)
Long-Term Borrowings (Tables)
Marketable Securities
Marketable Securities (Tables)
Marketable Securities - Amortized Cost, Fair Value, Purchases, And Proceeds (Details)
Marketable Securities - Contractual Maturities (Details)
Organization And Consolidation
Organization And Consolidation (Details)
Other Assets
Other Assets (Details)
Other Assets (Tables)
Other Comprehensive Income Items
Other Comprehensive Income Items (Tables)
Other Comprehensive Income Items - After-Tax Components (Details)
Other Comprehensive Income Items - Amounts Recorded In And Reclassifications Out Of (Details)
Other Income And Other Operating Expenses
Other Income And Other Operating Expenses (Details)
Other Income And Other Operating Expenses (Tables)
Pay Vs Performance Disclosure
Pension And Other Postretirement Benefits
Pension And Other Postretirement Benefits (Tables)
Pension And Other Postretirement Benefits - Balance Sheet (Details)
Pension And Other Postretirement Benefits - Benefit Plan Obligations, Funded Status, And Assumptions (Details)
Pension And Other Postretirement Benefits - Components Of Net Periodic (Benefit) Cost (Details)
Pension And Other Postretirement Benefits - Defined Contributions (Details)
Pension And Other Postretirement Benefits - Fair Value Of Plan Assets (Details)
Pension And Other Postretirement Benefits - Health Care Trend Assumptions (Details)
Pension And Other Postretirement Benefits - Other (Details)
Pension And Other Postretirement Benefits - Plan Asset Information (Details)
Pension And Other Postretirement Benefits - Significant Plans Funded Status (Details)
Property And Depreciation
Property And Depreciation (Tables)
Property And Depreciation - Geographic Areas Property And Equipment (Details)
Property And Depreciation - Summary Of Property And Equipment (Details)
Receivables
Receivables (Tables)
Receivables - Allowance For Credit Losses (Details)
Receivables - Financing Receivable Analysis Metrics (Details)
Receivables - Financing Receivable Installments (Details)
Receivables - Financing Receivables (Details)
Receivables - Financing Receivables Past Due (Details)
Receivables - Other (Details)
Receivables - Retail Notes, Financing Leases, And Revolving Charge Accounts Credit Quality Analysis (Details)
Receivables - Trade Accounts And Notes Receivable (Details)
Receivables - Troubled Debt Restructuring (Details)
Receivables - Wholesale Receivables Credit Quality Analysis (Details)
Revenue Recognition
Revenue Recognition (Tables)
Revenue Recognition - Deferred Revenue (Details)
Revenue Recognition - Primary Geographic Market, Major Product Line, And Timing (Details)
Revenue Recognition - Unsatisfied Performance Obligations (Details)
Securitization Of Financing Receivables
Securitization Of Financing Receivables (Details)
Securitization Of Financing Receivables (Tables)
Securitization Of Financing Receivables - Payment Schedule For Short-Term Securitization Borrowings (Details)
Segment Data
Segment Data (Tables)
Segment Data - Segment Interest Income And Expense (Details)
Segment Data - Segment Net Sales And Revenues (Details)
Segment Data - Segment Operating Profit (Details)
Segment Data - Segment Other Disclosures (Details)
Share-Based Compensation
Share-Based Compensation (Tables)
Share-Based Compensation - Restricted Stock Units Activity (Details)
Share-Based Compensation - Restricted Stock Units Granted (Details)
Share-Based Compensation - Share-Based Compensation General Disclosures (Details)
Share-Based Compensation - Stock Option Activity And Assumptions (Details)
Short-Term Borrowings
Short-Term Borrowings (Details)
Short-Term Borrowings (Tables)
Short-Term Borrowings - Other (Details)
Special Items
Special Items (Tables)
Special Items - Brazil Tax Ruling (Details)
Special Items - Financial Services Financing Incentives Correction (Details)
Special Items - Gain On Previously Held Equity Investment (Details)
Special Items - Impact Of Events In Russia And Ukraine (Details)
Special Items - Operating Profit Impact (Details)
Special Items - Sale Of Russian Roadbuilding Business (Details)
Special Items - Uaw Collective Bargaining Agreement (Details)
Subsequent Event
Subsequent Event - (Details)
Summary Of Significant Accounting Policies And New Accounting Standards
Summary Of Significant Accounting Policies And New Accounting Standards (Details)
Summary Of Significant Accounting Policies And New Accounting Standards (Policies)
Supplemental Cash Flow Information
Supplemental Cash Flow Information (Tables)
Supplemental Cash Flow Information - Retail Note Securitization Borrowings (Details)
Supplemental Cash Flow Information - Supplemental Cash Flow Information (Details)
Ticker: DE
CIK: 315189
Form Type: 10-K Annual Report
Accession Number: 0001558370-23-019812
Submitted to the SEC: Fri Dec 15 2023 10:27:39 AM EST
Accepted by the SEC: Fri Dec 15 2023
Period: Sunday, October 29, 2023
Industry: Farm Machinery And Equipment

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