Item 7.01Regulation FD Disclosure
The guidance provided by Deere & Company (the “Company”) on its earnings call held on May 16, 2024 is unchanged. The workforce reduction described in Item 8.01 hereof is not expected to impact such guidance.
The information in this Item 7.01 is being “furnished” and shall not be deemed “filed” for purposes of Section 18 of the Securities and Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be set forth by specific reference in such a filing.
Item 8.01Other Events
On May 31, 2024, the Company announced to its employees a plan to reduce its production and salaried workforce to help the Company meet its strategic priorities while reducing overlap and redundancy in roles and responsibilities. It is anticipated that the activities related to salaried employees will occur during the third quarter of fiscal year 2024.
FORWARD-LOOKING STATEMENTS
This report contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These forward-looking statements include, but are not limited to, the impact and timing of the planned workforce reduction, including on the Company’s previously provided earnings guidance, the Company’s global manufacturing footprint, and statements containing the words such as “plans,” “expects,” “anticipates,” “should,” and other similar expressions. By their nature, forward-looking statements involve risks and uncertainties because they relate to events and depend on circumstances that may or may not occur in the future. The Company cautions you that forward-looking statements are not guarantees of future performance and that actual results may differ materially. Important factors that could cause actual results to vary from expectations include, but are not limited to: adverse macroeconomic conditions, including unemployment, inflation, rising interest rates, changes in consumer practices due to slower economic growth, and regional or global liquidity constraints; the timing of the workforce realignment; any unintended consequences from the workforce realignment that impact our business; efficiency and cost savings initiatives, including actions thereunder and the expected impact; potential business decisions related to the workforce reduction and other strategic initiatives and priorities; and the other factors discussed in the “Risk Factors” section of the Company’s most recent Annual Report on Form 10-K and subsequently filed Quarterly Reports on Form 10-Q. All forward-looking statements are based upon information available to the Company on the date of this report. The Company undertakes no obligation, and does not expect, to publicly update or publicly revise any forward-looking statement, whether as a result of new information, future events or otherwise, except as required by law.