Form 8-K - Current report

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549


	FORM 8-K

CURRENT REPORT

Pursuant to Section 13 OR 15(d) of the Securities Exchange Act of 1934

Date of Report: August 15, 2024

(Date of earliest event reported)

DEERE & COMPANY

(Exact name of registrant as specified in its charter)


Delaware	1-4121	36-2382580
(State or other jurisdiction of incorporation)	(Commission File Number)	(IRS Employer Identification No.)

One John Deere Place

Moline, Illinois 61265

(Address of principal executive offices and zip code)

(309) 765-8000

(Registrant’s telephone number, including area code)

___________________________________________________

(Former name or former address, if changed since last report.)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

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
6.55% Debentures Due 2028	DE28	New York Stock Exchange

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

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. ☐

Item 2.02Results of Operations and Financial Condition

On Thursday, August 15, 2024, Deere & Company (the “Company”) issued a press release announcing its results of operations for the third quarter of fiscal 2024. A copy of the press release is furnished herewith as Exhibit 99.1 and is incorporated herein by reference.

Item 7.01Regulation FD

On Thursday, August 15, 2024, the Company made available a presentation providing a review of its third quarter of fiscal 2024 in connection with its investor earnings call. A copy of the presentation is furnished herewith as Exhibit 99.2 and is incorporated herein by reference.

Item 9.01Financial Statements and Exhibits

(d)Exhibits


Number	Description of Exhibit
99.1	Press Release and Supplemental Financial Information (Furnished herewith)
99.2	Third Quarter 2024 Earnings Conference Call Information (Furnished herewith)
104	Cover Page Interactive Data File (the cover page XBRL tags are imbedded in the Inline XBRL document)

Signature

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.


	DEERE & COMPANY


	By:	/s/ Edward R. Berk
		Edward R. Berk
		Secretary


Dated: August 15, 2024


News Release

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

Deere Reports Third Quarter Net Income of $1.734 Billion

●

Strong ag margins highlight continued value delivery amid market fluctuations.

●

Global ag fundamentals are expected to remain weak as construction moderates.

●

Full-year net income forecast unchanged despite challenging environment.

MOLINE, Illinois (August 15, 2024) — Deere & Company reported net income of $1.734 billion for the third quarter ended July 28, 2024, or $6.29 per share, compared with net income of $2.978 billion, or $10.20 per share, for the quarter ended July 30, 2023. For the first nine months of the year, net income attributable to Deere & Company was $5.855 billion, or $21.04 per share, compared with $7.797 billion, or $26.35 per share, for the same period last year.

Worldwide net sales and revenues decreased 17 percent, to $13.152 billion, for the third quarter of 2024 and decreased 11 percent, to $40.572 billion, for nine months. Net sales were $11.387 billion for the quarter and $35.484 billion for nine months, compared with $14.284 billion and $41.765 billion last year, respectively.

“John Deere’s third-quarter results showcase our disciplined execution in the face of challenging conditions in the global agricultural and construction sectors,” said John C. May, chairman and chief executive officer. “Despite facing significant headwinds, our teams have demonstrated resiliency in adapting to market fluctuations, allowing us to remain focused on advancing our strategy and consistently providing exceptional value to our customers.”

Company Outlook & Summary

Net income attributable to Deere & Company for fiscal 2024 is forecasted to be approximately $7.0 billion.

“In response to weak market conditions, we have taken steps to reduce costs and strategically align our production with customer needs,” said May. “Although these decisions were difficult, they are vital for our continued success and competitiveness. Our commitment to our customers is at the heart of everything we do, and we are confident that these proactive measures will allow us to continue investing in innovative, high-quality products and solutions that improve our customers’ lives.”


Deere & Company	Third Quarter					Year to Date
$ in millions, except per share amounts	2024		2023		% Change	2024		2023		% Change
Net sales and revenues	$	13,152	$	15,801	-17%	$	40,572	$	45,839	-11%
Net income	$	1,734	$	2,978	-42%	$	5,855	$	7,797	-25%
Fully diluted EPS	$	6.29	$	10.20		$	21.04	$	26.35

Results for the presented periods were affected by special items. See Note 1 of the financial statements for further details.


Production & Precision Agriculture	Third Quarter
$ in millions	2024		2023		% Change
Net sales	$	5,099	$	6,806	-25%
Operating profit	$	1,162	$	1,782	-35%
Operating margin		22.8%		26.2%

Production and precision agriculture sales decreased for the quarter as a result of lower shipment volumes, partially offset by price realization. Operating profit decreased due to lower shipment volumes and employee-separation programs’ expenses, presented as a special item below. These factors were partially offset by price realization and lower warranty expenses.

Production & Precision Agriculture Operating Profit

Third Quarter 2024 Compared to Third Quarter 2023

$ in millions


Small Agriculture & Turf	Third Quarter
$ in millions	2024		2023		% Change
Net sales	$	3,053	$	3,739	-18%
Operating profit	$	496	$	732	-32%
Operating margin		16.2%		19.6%

Small agriculture and turf sales decreased for the quarter as a result of lower shipment volumes, partially offset by price realization. Operating profit decreased primarily due to lower shipment volumes and higher warranty expenses, partially offset by price realization.

Small Agriculture & Turf Operating Profit

Third Quarter 2024 Compared to Third Quarter 2023

$ in millions


Construction & Forestry	Third Quarter
$ in millions	2024		2023		% Change
Net sales	$	3,235	$	3,739	-13%
Operating profit	$	448	$	716	-37%
Operating margin		13.8%		19.1%

Construction and forestry sales decreased for the quarter due to lower shipment volumes. Operating profit decreased primarily due to lower shipment volumes / sales mix and unfavorable price realization.

Construction & Forestry Operating Profit

Third Quarter 2024 Compared to Third Quarter 2023

$ in millions


Financial Services	Third Quarter
$ in millions	2024		2023		% Change
Net income	$	153	$	216	-29%

Financial services net income for the quarter decreased due to a higher provision for credit losses and less-favorable financing spreads, partially offset by income earned on higher average portfolio balances and favorable discrete tax items.


Industry Outlook for Fiscal 2024
Agriculture & Turf
U.S. & Canada:
Large Ag						Down ~ 15%
Small Ag & Turf						Down ~ 10%
Europe						Down ~ 15%
South America (Tractors & Combines)						Down 15 to 20%
Asia						Down moderately

Construction & Forestry
U.S. & Canada:
Construction Equipment						Down 5 to 10%
Compact Construction Equipment						Flat to Down 5%
Global Forestry						Down ~ 10%
Global Roadbuilding						Flat to Down 5%


Deere Segment Outlook for Fiscal 2024		Currency	Price
$ in millions	Net Sales	Translation	Realization
Production & Precision Ag	Down 20% to 25%	~ Flat	Up ~ 2.0%
Small Ag & Turf	Down 20% to 25%	~ Flat	Up ~ 2.0%
Construction & Forestry	Down 10% to 15%	~ Flat	Up ~ 0.5%

Financial Services	Net Income	~$ 720

Financial Services. Fiscal-year 2024 net income attributable to Deere & Company for the financial services operations is forecasted to be approximately $720 million. Results are expected to be higher than fiscal year 2023 due to income earned on higher average portfolio balances, partially offset by a higher provision for credit losses and less-favorable financing spreads. A correction of the accounting treatment for financing incentives offered to John Deere dealers impacted 2023 financial results. The cumulative effect of this correction, $173 million pretax ($135 million after-tax), was recorded in the second quarter of 2023.

FORWARD-LOOKING STATEMENTS

Certain statements contained herein, including in the section entitled “Company Outlook & Summary,” “Industry Outlook,” “Deere Segment Outlook,” and “Condensed Notes to Interim 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:

●	changes in and compliance with U.S., foreign and international laws, regulations, and policies relating to trade, economic sanctions, data privacy, spending, taxing, banking, monetary, environmental (including climate change and engine emissions), and farming policies;

●	political, economic, and social instability of the geographies in which the company operates, including the ongoing war between Russia and Ukraine and the conflict in the Middle East;

●	adverse macroeconomic conditions, including unemployment, inflation, interest rate volatility, changes in consumer practices due to slower economic growth, and regional or global liquidity constraints;

●	worldwide demand for food and different forms of renewable energy;

●	the ability to execute business strategies, including the company’s Smart Industrial Operating Model, Leap Ambitions, and mergers and acquisitions;

●	the ability to understand and meet customers’ changing expectations and demand for John Deere products and solutions;

●	accurately forecasting customer demand for products and services and adequately managing inventory;

●	the ability to integrate new technology, including automation and machine learning, and deliver precision technology and solutions to customers;

●	changes to governmental communications channels (radio frequency technology);

●	the ability to adapt in highly competitive markets;

●	dealer practices and their ability to manage inventory and distribution of John Deere products and to provide support and service precision technology solutions;

●	changes in climate patterns, unfavorable weather events, and natural disasters;

●	governmental and other actions designed to address climate change in connection with a transition to a lower-carbon economy;

●	higher interest rates and currency fluctuations which could adversely affect the U.S. dollar, customer confidence, access to capital, and demand for John Deere products and solutions;

●	availability and price of raw materials, components, and whole goods;

●	delays or disruptions in the company’s supply chain;

●	the company’s equipment fails to perform as expected, which could result in warranty claims, post-sales repairs or recalls, product liability litigation, and regulatory investigations;

●	the ability to attract, develop, engage, and retain qualified employees;

●	the impact of workforce reductions on employee retention, morale, and institutional knowledge;

●	security breaches, cybersecurity attacks, technology failures, and other disruptions to John Deere information technology infrastructure and products;

●	loss of or challenges to intellectual property rights;

●	legislation introduced or enacted that could affect the company’s business model and intellectual property, such as right to repair or right to modify legislation;

●	investigations, claims, lawsuits, or other legal proceedings;

●	events that damage the company’s reputation or brand, such as the recent social media campaign targeting the company’s stance on certain social issues or the company’s response thereto;

●	the agricultural business cycle, which can be unpredictable and is affected by factors such as world grain stocks, available farm acres, acreage planted, soil conditions, harvest yields, prices for commodities and livestock, input costs, and availability of transport for crops; and

●	housing starts and supply, real estate and housing prices, levels of public and non-residential construction, and infrastructure investment.

Further information concerning the company and its businesses, including factors that could materially affect the 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

THIRD QUARTER 2024 PRESS RELEASE

(In millions of dollars) Unaudited


	Three Months Ended					Nine Months Ended
	July 28		July 30		%	July 28		July 30		%
	2024		2023		Change	2024		2023		Change
Net sales and revenues:
Production & precision ag net sales	$	5,099	$	6,806	-25	$	16,529	$	19,826	-17
Small ag & turf net sales		3,053		3,739	-18		8,663		10,886	-20
Construction & forestry net sales		3,235		3,739	-13		10,292		11,053	-7
Financial services revenues		1,489		1,228	+21		4,259		3,375	+26
Other revenues		276		289	-4		829		699	+19
Total net sales and revenues	$	13,152	$	15,801	-17	$	40,572	$	45,839	-11

Operating profit: *
Production & precision ag	$	1,162	$	1,782	-35	$	3,857	$	5,160	-25
Small ag & turf		496		732	-32		1,393		2,028	-31
Construction & forestry		448		716	-37		1,682		2,179	-23
Financial services		191		286	-33		657		565	+16
Total operating profit		2,297		3,516	-35		7,589		9,932	-24
Reconciling items **		62		98	-37		111		29	+283
Income taxes		(625)		(636)	-2		(1,845)		(2,164)	-15
Net income attributable to Deere & Company	$	1,734	$	2,978	-42	$	5,855	$	7,797	-25

* 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 and Nine Months Ended July 28, 2024 and July 30, 2023

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


	Three Months Ended				Nine Months Ended
	2024		2023		2024		2023
Net Sales and Revenues
Net sales	$	11,387	$	14,284	$	35,484	$	41,765
Finance and interest income		1,461		1,253		4,207		3,326
Other income		304		264		881		748
Total		13,152		15,801		40,572		45,839

Costs and Expenses
Cost of sales		7,848		9,624		24,205		28,288
Research and development expenses		567		528		1,664		1,571
Selling, administrative and general expenses		1,278		1,110		3,608		3,392
Interest expense		840		623		2,478		1,671
Other operating expenses		264		310		930		971
Total		10,797		12,195		32,885		35,893

Income of Consolidated Group before Income Taxes		2,355		3,606		7,687		9,946
Provision for income taxes		625		636		1,845		2,164

Income of Consolidated Group		1,730		2,970		5,842		7,782
Equity in income of unconsolidated affiliates		1		2		4		5

Net Income		1,731		2,972		5,846		7,787
Less: Net loss attributable to noncontrolling interests		(3)		(6)		(9)		(10)
Net Income Attributable to Deere & Company	$	1,734	$	2,978	$	5,855	$	7,797

Per Share Data
Basic	$	6.32	$	10.24	$	21.13	$	26.48
Diluted		6.29		10.20		21.04		26.35
Dividends declared		1.47		1.25		4.41		3.70
Dividends paid		1.47		1.25		4.29		3.58

Average Shares Outstanding
Basic		274.5		290.8		277.1		294.4
Diluted		275.6		292.1		278.2		295.9

See Condensed Notes to Interim Consolidated Financial Statements.

DEERE & COMPANY

CONDENSED CONSOLIDATED BALANCE SHEETS

(In millions of dollars) Unaudited


	July 28		October 29		July 30
	2024		2023		2023
Assets
Cash and cash equivalents	$	7,004	$	7,458	$	6,576
Marketable securities		1,140		946		841
Trade accounts and notes receivable – net		7,469		7,739		9,297
Financing receivables – net		43,896		43,673		41,302
Financing receivables securitized – net		8,274		7,335		7,001
Other receivables		2,270		2,623		3,118
Equipment on operating leases – net		7,118		6,917		6,709
Inventories		7,696		8,160		9,350
Property and equipment – net		7,092		6,879		6,418
Goodwill		3,960		3,900		3,994
Other intangible assets – net		1,030		1,133		1,199
Retirement benefits		3,126		3,007		3,573
Deferred income taxes		1,898		1,814		1,360
Other assets		2,903		2,503		2,659
Assets held for sale		2,965
Total Assets	$	107,841	$	104,087	$	103,397

Liabilities and Stockholders’ Equity

Liabilities
Short-term borrowings	$	15,294	$	17,939	$	17,143
Short-term securitization borrowings		7,869		6,995		6,608
Accounts payable and accrued expenses		14,397		16,130		15,340
Deferred income taxes		481		520		506
Long-term borrowings		42,692		38,477		38,112
Retirement benefits and other liabilities		2,156		2,140		2,536
Liabilities held for sale		1,803
Total liabilities		84,692		82,201		80,245

Redeemable noncontrolling interest		84		97		101

Stockholders’ Equity
Total Deere & Company stockholders’ equity		23,062		21,785		23,048
Noncontrolling interests		3		4		3
Total stockholders’ equity		23,065		21,789		23,051
Total Liabilities and Stockholders’ Equity	$	107,841	$	104,087	$	103,397

See Condensed Notes to Interim Consolidated Financial Statements.

DEERE & COMPANY

STATEMENTS OF CONSOLIDATED CASH FLOWS

For the Nine Months Ended July 28, 2024 and July 30, 2023

(In millions of dollars) Unaudited


	2024		2023
Cash Flows from Operating Activities
Net income	$	5,846	$	7,787
Adjustments to reconcile net income to net cash provided by operating activities:
Provision (credit) for credit losses		222		(64)
Provision for depreciation and amortization		1,598		1,527
Impairments and other adjustments		53		173
Share-based compensation expense		159		112
Credit for deferred income taxes		(125)		(429)
Changes in assets and liabilities:
Receivables related to sales		(2,446)		(5,059)
Inventories		234		(663)
Accounts payable and accrued expenses		(1,015)		47
Accrued income taxes payable/receivable		31		(595)
Retirement benefits		(246)		(116)
Other		(172)		176
Net cash provided by operating activities		4,139		2,896

Cash Flows from Investing Activities
Collections of receivables (excluding receivables related to sales)		19,143		17,592
Proceeds from maturities and sales of marketable securities		333		127
Proceeds from sales of equipment on operating leases		1,451		1,445
Cost of receivables acquired (excluding receivables related to sales)		(21,113)		(20,714)
Purchases of marketable securities		(572)		(213)
Purchases of property and equipment		(1,043)		(887)
Cost of equipment on operating leases acquired		(2,165)		(1,968)
Collateral on derivatives – net		390		240
Other		(95)		(185)
Net cash used for investing activities		(3,671)		(4,563)

Cash Flows from Financing Activities
Net proceeds (payments) in short-term borrowings (original maturities three months or less)		(992)		5,040
Proceeds from borrowings issued (original maturities greater than three months)		15,512		9,972
Payments of borrowings (original maturities greater than three months)		(10,792)		(5,862)
Repurchases of common stock		(3,227)		(4,663)
Dividends paid		(1,202)		(1,065)
Other		(88)		(43)
Net cash provided by (used for) financing activities		(789)		3,379

Effect of Exchange Rate Changes on Cash, Cash Equivalents, and Restricted Cash		(6)		125

Net Increase (Decrease) in Cash, Cash Equivalents, and Restricted Cash		(327)		1,837
Cash, Cash Equivalents, and Restricted Cash at Beginning of Period		7,620		4,941
Cash, Cash Equivalents, and Restricted Cash at End of Period	$	7,293	$	6,778

See Condensed Notes to Interim Consolidated Financial Statements.


DEERE & COMPANY
Condensed Notes to Interim Consolidated Financial Statements
(In millions of dollars) Unaudited

(1)	Special Items

2024

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 United States, Europe, Asia, and Latin America. The programs’ main purpose was to help meet the company’s strategic priorities while reducing overlap and redundancy in roles and responsibilities. The programs were largely involuntary in nature with the expense recorded when management committed to a plan, the plan was communicated to the employees, and the employees were not required to provide service beyond the legal notification period.

The total programs’ pretax expenses are estimated to be approximately $150 million, with $124 million recorded in the third quarter of 2024. The remaining expenses are expected to be recorded primarily in 2025. The expenses for the three months and nine months ended July 28, 2024 were recorded as follows in millions of dollars:


	PPA		SAT		CF		FS		Total
Employee-Separation Programs:
Cost of sales	$	18	$	9	$	8			$	35
Research and development expenses		19		6		1				26
Selling, administrative and general expenses		25		14		11	$	9		59
Total operating profit decrease	$	62	$	29	$	20	$	9		120
Non-operating profit expenses*										4
Total									$	124

*Relates primarily to corporate expenses.

Annual pretax savings from these programs are estimated to be approximately $230 million, of which $100 million is estimated to be realized in 2024.

Banco John Deere

In the third quarter of 2024, the company’s board of directors authorized the sale of 50 percent of the company’s ownership in its wholly owned subsidiary, Banco John Deere S.A. (BJD). BJD, located in Brazil, is included in the company’s financial services segment and finances retail and wholesale loans for agricultural, construction, and forestry equipment. The transaction will reduce the company’s incremental risk as it continues to grow in the Brazilian market. As a result, the company classified the BJD business as held for sale, including a reversal of $38 million in allowance for credit losses, and the establishment of a $53 million valuation allowance on the assets held for sale. The net impact of these entries was a pretax and after-tax loss of $15 million recorded in “Selling, administrative and general expenses.”

In August 2024, the company entered into an agreement with a Brazilian bank, Banco Bradesco S.A., to invest and become 50 percent owner of BJD.

2023

Brazil Tax Ruling

In the third quarter of 2023, the Brazil Superior Court of Justice published a favorable tax ruling regarding taxability of local incentives, which allowed the company to record a $243 million reduction in the provision for income taxes and $47 million of interest income.

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, $173 million pretax ($135 million after-tax), was recorded in the second quarter of 2023 in “Selling, administrative and general expenses” by financial services.

Summary of 2024 and 2023 Special Items

The following table summarizes the operating profit impact of the special items recorded in millions of dollars for the three months and nine months ended July 28, 2024 and July 30, 2023.


	Three Months										Nine Months
	PPA		SAT		CF		FS		Total		PPA		SAT		CF		FS		Total
2024 Expense:
Employee-separation programs	$	62	$	29	$	20	$	9	$	120	$	62	$	29	$	20	$	9	$	120
BJD remeasurement								15		15								15		15
Total 2024 expense		62		29		20		24		135		62		29		20		24		135

2023 Expense:
Financing incentives correction																		173		173
Period over period change	$	62	$	29	$	20	$	24	$	135	$	62	$	29	$	20	$	(149)	$	(38)

(2)

The consolidated financial statements represent the consolidation of all Deere & Company’s subsidiaries. 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. In the supplemental consolidating data in Note 3 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.”

DEERE & COMPANY

(3) SUPPLEMENTAL CONSOLIDATING DATA

STATEMENTS OF INCOME

For the Three Months Ended July 28, 2024 and July 30, 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	$	11,387	$	14,284									$	11,387	$	14,284
Finance and interest income		155		210	$	1,537	$	1,335	$	(231)	$	(292)		1,461		1,253	¹
Other income		246		222		130		110		(72)		(68)		304		264	^{2, 3}
Total		11,788		14,716		1,667		1,445		(303)		(360)		13,152		15,801

Costs and Expenses
Cost of sales		7,855		9,630						(7)		(6)		7,848		9,624	⁴
Research and development expenses		567		528										567		528
Selling, administrative and general expenses		962		913		318		199		(2)		(2)		1,278		1,110	⁴
Interest expense		91		94		812		622		(63)		(93)		840		623	¹
Interest compensation to Financial Services		168		199						(168)		(199)					¹
Other operating expenses		(16)		34		343		336		(63)		(60)		264		310	^{3, 5}
Total		9,627		11,398		1,473		1,157		(303)		(360)		10,797		12,195

Income before Income Taxes		2,161		3,318		194		288						2,355		3,606
Provision for income taxes		583		564		42		72						625		636

Income after Income Taxes		1,578		2,754		152		216						1,730		2,970
Equity in income of unconsolidated affiliates				2		1								1		2

Net Income		1,578		2,756		153		216						1,731		2,972
Less: Net loss attributable to noncontrolling interests		(3)		(6)										(3)		(6)
Net Income Attributable to Deere & Company	$	1,581	$	2,762	$	153	$	216					$	1,734	$	2,978

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 expense between Equipment Operations and Financial Services related to intercompany guarantees of investments in certain international markets and intercompany service revenues and expenses.

⁴ Elimination of intercompany service 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 Nine Months Ended July 28, 2024 and July 30, 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	$	35,484	$	41,765									$	35,484	$	41,765
Finance and interest income		441		444	$	4,466	$	3,609	$	(700)	$	(727)		4,207		3,326	¹
Other income		732		639		341		378		(192)		(269)		881		748	^{2, 3}
Total		36,657		42,848		4,807		3,987		(892)		(996)		40,572		45,839

Costs and Expenses
Cost of sales		24,226		28,306						(21)		(18)		24,205		28,288	⁴
Research and development expenses		1,664		1,571										1,664		1,571
Selling, administrative and general expenses		2,844		2,630		771		769		(7)		(7)		3,608		3,392	⁴
Interest expense		314		298		2,354		1,604		(190)		(231)		2,478		1,671	¹
Interest compensation to Financial Services		510		496						(510)		(496)					¹
Other operating expenses		76		172		1,018		1,043		(164)		(244)		930		971	^{3, 5}
Total		29,634		33,473		4,143		3,416		(892)		(996)		32,885		35,893

Income before Income Taxes		7,023		9,375		664		571						7,687		9,946
Provision for income taxes		1,700		2,020		145		144						1,845		2,164

Income after Income Taxes		5,323		7,355		519		427						5,842		7,782
Equity in income of unconsolidated affiliates				3		4		2						4		5

Net Income		5,323		7,358		523		429						5,846		7,787
Less: Net loss attributable to noncontrolling interests		(9)		(10)										(9)		(10)
Net Income Attributable to Deere & Company	$	5,332	$	7,368	$	523	$	429					$	5,855	$	7,797

¹ Elimination of intercompany interest income and expense.

² Elimination of Equipment Operations’ margin from inventory transferred to equipment on operating leases.

⁴ Elimination of intercompany service 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

(In millions of dollars) Unaudited


	EQUIPMENT						FINANCIAL
	OPERATIONS						SERVICES						ELIMINATIONS						CONSOLIDATED
	Jul 28		Oct 29		Jul 30		Jul 28		Oct 29		Jul 30		Jul 28		Oct 29		Jul 30		Jul 28		Oct 29		Jul 30
	2024		2023		2023		2024		2023		2023		2024		2023		2023		2024		2023		2023
Assets
Cash and cash equivalents	$	5,385	$	5,720	$	4,858	$	1,619	$	1,738	$	1,718							$	7,004	$	7,458	$	6,576
Marketable securities		155		104		3		985		842		838								1,140		946		841
Receivables from Financial Services		3,951		4,516		5,312							$	(3,951)	$	(4,516)	$	(5,312)							⁶
Trade accounts and notes receivable – net		1,150		1,320		1,589		8,890		8,687		9,991		(2,571)		(2,268)		(2,283)		7,469		7,739		9,297	⁷
Financing receivables – net		82		64		60		43,814		43,609		41,242								43,896		43,673		41,302
Financing receivables securitized – net		2						8,272		7,335		7,001								8,274		7,335		7,001
Other receivables		1,821		1,813		2,599		494		869		599		(45)		(59)		(80)		2,270		2,623		3,118	⁷
Equipment on operating leases – net								7,118		6,917		6,709								7,118		6,917		6,709
Inventories		7,696		8,160		9,350														7,696		8,160		9,350
Property and equipment – net		7,058		6,843		6,385		34		36		33								7,092		6,879		6,418
Goodwill		3,960		3,900		3,994														3,960		3,900		3,994
Other intangible assets – net		1,030		1,133		1,199														1,030		1,133		1,199
Retirement benefits		3,047		2,936		3,503		80		72		71		(1)		(1)		(1)		3,126		3,007		3,573	⁸
Deferred income taxes		2,192		2,133		1,393		35		68		65		(329)		(387)		(98)		1,898		1,814		1,360	⁹
Other assets		2,236		1,948		2,083		675		559		583		(8)		(4)		(7)		2,903		2,503		2,659
Assets held for sale								2,965												2,965
Total Assets	$	39,765	$	40,590	$	42,328	$	74,981	$	70,732	$	68,850	$	(6,905)	$	(7,235)	$	(7,781)	$	107,841	$	104,087	$	103,397

Liabilities and Stockholders’ Equity

Liabilities
Short-term borrowings	$	983	$	1,230	$	1,773	$	14,311	$	16,709	$	15,370							$	15,294	$	17,939	$	17,143
Short-term securitization borrowings		1						7,868		6,995		6,608								7,869		6,995		6,608
Payables to Equipment Operations								3,951		4,516		5,312	$	(3,951)	$	(4,516)	$	(5,312)							⁶
Accounts payable and accrued expenses		13,880		14,862		14,403		3,141		3,599		3,307		(2,624)		(2,331)		(2,370)		14,397		16,130		15,340	⁷
Deferred income taxes		420		452		420		390		455		184		(329)		(387)		(98)		481		520		506	⁹
Long-term borrowings		6,592		7,210		7,299		36,100		31,267		30,813								42,692		38,477		38,112
Retirement benefits and other liabilities		2,048		2,032		2,423		109		109		114		(1)		(1)		(1)		2,156		2,140		2,536	⁸
Liabilities held for sale								1,803												1,803
Total liabilities		23,924		25,786		26,318		67,673		63,650		61,708		(6,905)		(7,235)		(7,781)		84,692		82,201		80,245

Redeemable noncontrolling interest		84		97		101														84		97		101

Stockholders’ Equity
Total Deere & Company stockholders’ equity		23,062		21,785		23,048		7,308		7,082		7,142		(7,308)		(7,082)		(7,142)		23,062		21,785		23,048	¹⁰
Noncontrolling interests		3		4		3														3		4		3
Financial Services equity		(7,308)		(7,082)		(7,142)								7,308		7,082		7,142							¹⁰
Adjusted total stockholders' equity		15,757		14,707		15,909		7,308		7,082		7,142								23,065		21,789		23,051
Total Liabilities and Stockholders’ Equity	$	39,765	$	40,590	$	42,328	$	74,981	$	70,732	$	68,850	$	(6,905)	$	(7,235)	$	(7,781)	$	107,841	$	104,087	$	103,397

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 Nine Months Ended July 28, 2024 and July 30, 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	$	5,323	$	7,358	$	523	$	429					$	5,846	$	7,787
Adjustments to reconcile net income to net cash provided by operating activities:
Provision (credit) for credit losses		10		3		212		(67)						222		(64)
Provision for depreciation and amortization		932		872		773		757	$	(107)	$	(102)		1,598		1,527	¹¹
Impairments and other adjustments						53		173						53		173
Share-based compensation expense										159		112		159		112	¹²
Distributed earnings of Financial Services		250		31						(250)		(31)					¹³
Credit for deferred income taxes		(49)		(322)		(76)		(107)						(125)		(429)
Changes in assets and liabilities:
Receivables related to sales		106		(293)						(2,552)		(4,766)		(2,446)		(5,059)	^{14, 16}
Inventories		391		(534)						(157)		(129)		234		(663)	¹⁵
Accounts payable and accrued expenses		(924)		730		212		303		(303)		(986)		(1,015)		47	¹⁶
Accrued income taxes payable/receivable		13		(619)		18		24						31		(595)
Retirement benefits		(241)		(115)		(5)		(1)						(246)		(116)
Other		(109)		247		44		(15)		(107)		(56)		(172)		176	^{11, 12, 15}
Net cash provided by operating activities		5,702		7,358		1,754		1,496		(3,317)		(5,958)		4,139		2,896

Cash Flows from Investing Activities
Collections of receivables (excluding receivables related to sales)						19,826		18,440		(683)		(848)		19,143		17,592	¹⁴
Proceeds from maturities and sales of marketable securities		56		68		277		59						333		127
Proceeds from sales of equipment on operating leases						1,451		1,445						1,451		1,445
Cost of receivables acquired (excluding receivables related to sales)						(21,395)		(21,043)		282		329		(21,113)		(20,714)	¹⁴
Purchases of marketable securities		(220)		(19)		(352)		(194)						(572)		(213)
Purchases of property and equipment		(1,041)		(885)		(2)		(2)						(1,043)		(887)
Cost of equipment on operating leases acquired						(2,377)		(2,143)		212		175		(2,165)		(1,968)	¹⁵
Decrease (increase) in investment in Financial Services		11		(811)						(11)		811					¹⁷
Increase in trade and wholesale receivables						(3,255)		(6,270)		3,255		6,270					¹⁴
Collateral on derivatives – net						390		240						390		240
Other		(88)		(210)		(8)		24		1		1		(95)		(185)
Net cash used for investing activities		(1,282)		(1,857)		(5,445)		(9,444)		3,056		6,738		(3,671)		(4,563)

Cash Flows from Financing Activities
Net proceeds (payments) in short-term borrowings (original maturities three months or less)		81		(152)		(1,073)		5,192						(992)		5,040
Change in intercompany receivables/payables		558		1,476		(558)		(1,476)
Proceeds from borrowings issued (original maturities greater than three months)		115		60		15,397		9,912						15,512		9,972
Payments of borrowings (original maturities greater than three months)		(1,061)		(116)		(9,731)		(5,746)						(10,792)		(5,862)
Repurchases of common stock		(3,227)		(4,663)										(3,227)		(4,663)
Capital Investment from Equipment Operations						(11)		811		11		(811)					¹⁷
Dividends paid		(1,202)		(1,065)		(250)		(31)		250		31		(1,202)		(1,065)	¹³
Other		(37)		4		(51)		(47)						(88)		(43)
Net cash provided by (used for) financing activities		(4,773)		(4,456)		3,723		8,615		261		(780)		(789)		3,379

Effect of Exchange Rate Changes on Cash, Cash Equivalents, and Restricted Cash		12		108		(18)		17						(6)		125

Net Increase (Decrease) in Cash, Cash Equivalents, and Restricted Cash		(341)		1,153		14		684						(327)		1,837
Cash, Cash Equivalents, and Restricted Cash at Beginning of Period		5,755		3,781		1,865		1,160						7,620		4,941
Cash, Cash Equivalents, and Restricted Cash at End of Period	$	5,414	$	4,934	$	1,879	$	1,844					$	7,293	$	6,778

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.

3Q 2024 Earnings Call 15 August 2024 Exhibit 99.2 (Furnished herewith)

2 John Deere | 3Q 2024 Earnings Call | August 15, 2024 Forward-Looking Statements This earnings call and accompanying materials may include forward-looking statements within the meaning of the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. Forward-looking statements may be identified by words such as “forecast,” “guidance,” “project,” “target,” “outlook,” “prospects,” “expect,” “estimate,” “will,” “goal,” “plan,” “anticipate,” “intend,” “predict,” “believe,” “likely,” “future,” “could,” “may,” or other similar words or phrases, including the negative variations of such words or phrases. Examples of forward-looking statements include, among others, comments and information concerning the company’s plans and projections for the future, including estimates and assumptions with respect to economic, political, technological, weather, market acceptance, acquisitions and divestitures of businesses, anticipated transaction costs, the integration of new businesses, anticipated benefits of acquisitions, and other factors that impact the company’s businesses and customers. Forward-looking statements are neither historical facts nor assurances of future performance. Instead, they are based only on management’s current beliefs, expectations and assumptions regarding the future of the company’s business, future plans and strategies, projections, anticipated events and trends, the economy, and other future conditions. Because forward-looking statements relate to the future, they are subject to inherent uncertainties, risks, changes in circumstances, and other factors that are difficult to predict and many of which are outside of the Company’s control causing actual results to differ materially from those projected in these forward-looking statements. Among these factors are risks related to changes in U.S. and international laws and regulations, the political and economic geographies in which we operate, international conflicts, adverse macroeconomic conditions impacting consumer practices, including demand for John Deere products, changes in climate patterns, the ability to execute business strategies, dealer practices and their ability to manage inventory and distribute John Deere products, the impact of workforce reductions on employee retention, morale, and institutional knowledge, events that damage the company’s reputation or brand, such as social media campaigns targeting the company’s stance on social issues, and the agricultural business cycle which can be unpredictable and affected by agriculture fundamentals such as prices for commodities. For a discussion of some of these risks and uncertainties see “Item 1A Risk Factors” in our most recent Annual Report on Form 10-K, as updated by our subsequent filings with the U.S. Securities and Exchange Commission. Investors should refer to and consider the information on risks and uncertainties in addition to the information presented here. All forward-looking statements made in this earnings call and accompanying materials are based only on information currently available and speaks only as of the date on which it is made. You should not place undue reliance on forward-looking statements. The Company, except as required by law, undertakes no obligation to update or revise any forward-looking statements whether as a result of new developments or otherwise. This earnings call and accompanying materials may contain non-GAAP financial measures. Non-GAAP measures should be viewed as a supplement to, and not in isolation from, or as a substitute for the Company’s GAAP measures of performance and the financial results calculated in accordance with GAAP and reconciliations from these results should be carefully evaluated. 21

3 John Deere | 3Q 2024 Earnings Call | August 15, 2024 3Q 2024 Results ($ millions except where noted) $15,801 $13,152 3Q 2023 3Q 2024 $14,284 $11,387 3Q 2023 3Q 2024 $2,978 $1,734 3Q 2023 3Q 2024 $10.20 $6.29 3Q 2023 3Q 2024 20% Net Sales and Revenues Net Sales (Equipment Operations) Net Income (attributable to Deere & Company) Diluted EPS ($ per share) 17% 42% 38% 22

4 John Deere | 3Q 2024 Earnings Call | August 15, 2024 Production and Precision Ag 3Q 2024 Results $ in millions $6,806 $5,099 3Q 2023 3Q 2024 Net Sales 25% Operating Profit Comparison $1,162 ($847) ($5) ($62) $1,782 $177 $24 $48 $10 $35 3Q 2023 Volume/ Mix Price Currency Warranty Production Costs SA&G/ R&D Special Items Other 3Q 2024 23

5 John Deere | 3Q 2024 Earnings Call | August 15, 2024 Small Ag and Turf 3Q 2024 Results $ in millions $3,739 $3,053 3Q 2023 3Q 2024 Net Sales 18% Operating Profit Comparison $496 ($280) ($54) ($2) ($29) $732 $63 $8 $38 $20 3Q 2023 Volume/ Mix Price Currency Warranty Production Costs SA&G/ R&D Special Items Other 3Q 2024 24

6 John Deere | 3Q 2024 Earnings Call | August 15, 2024 Ag and Turf Industry Outlook (in units) – FY 2024 Source: Deere & Company forecast as of 15 August 2024 U.S. and CANADA LARGE AG ~15% EUROPE AG ~15% SOUTH AMERICA AG (tractors and combines) 15-20% U.S. and CANADA SMALL AG and TURF ~10% ASIA AG Down moderately 25

7 John Deere | 3Q 2024 Earnings Call | August 15, 2024 Production and Precision Ag Business Segment Outlook $ in millions Source: Deere & Company forecast as of 15 August 2024 26.1% FY 2023 FY 2024 Fcst $26,790 FY 2023 FY 2024 Fcst Net Sales Operating Margin 20-25% 20.5-21.5% 26

8 John Deere | 3Q 2024 Earnings Call | August 15, 2024 $13,980 FY 2023 FY 2024 Fcst Small Ag and Turf Business Segment Outlook $ in millions Source: Deere & Company forecast as of 15 August 2024 17.7% FY 2023 FY 2024 Fcst Net Sales Operating Margin 20-25% 13.5-14.5% 27

9 John Deere | 3Q 2024 Earnings Call | August 15, 2024 Construction and Forestry 3Q 2024 Results $ in millions $3,739 $3,235 3Q 2023 3Q 2024 Net Sales 13% Operating Profit Comparison $448 ($223) ($37) ($33) ($20) ($11) $716 $25 $29 $2 3Q 2023 Volume/ Mix Price Currency Warranty Production Costs SA&G/ R&D Special Items Other 3Q 2024 28

10 John Deere | 3Q 2024 Earnings Call | August 15, 2024 Construction and Forestry Industry Outlook (in units) – FY 2024 Source: Deere & Company forecast as of 15 August 2024 U.S. and CANADA COMPACT CONSTRUCTION EQUIPMENT Flat to down 5% GLOBAL FORESTRY ~10% U.S. and CANADA CONSTRUCTION EQUIPMENT 5-10% GLOBAL ROADBUILDING Flat to down 5% 29

11 John Deere | 3Q 2024 Earnings Call | August 15, 2024 Construction and Forestry Business Segment Outlook $ in millions Source: Deere & Company forecast as of 15 August 2024 18.2% FY 2023 FY 2024 Fcst $14,795 FY 2023 FY 2024 Fcst Net Sales Operating Margin 10-15% ~15% 30

12 John Deere | 3Q 2024 Earnings Call | August 15, 2024 Financial Services Net Income – Results and Outlook $ in millions Source: Deere & Company forecast as of 15 August 2024 $216 $153 3Q 2023 3Q 2024 Quarter Results Fiscal Year Outlook $619 $720 FY 2023 FY 2024 Fcst ~ On August 9th, announced agreement with a large Brazilian bank to invest and become 50% owner of our Brazilian financing arm, Banco John Deere Transaction supports continued investment in a key growth market, expanding capabilities and financing options Subsequent Event 31

13 John Deere | 3Q 2024 Earnings Call | August 15, 2024 Deere & Company Outlook Effective Tax Rate* Net Income (attributable to Deere & Co.) ~$7.0B 23-25% FY 2024 FORECAST Net Operating Cash Flow* $6.0-6.5B *Equipment Operations Source: Deere & Company forecast as of 15 August 2024 Other Research and Development Expenses* Capital Expenditures* Up slightly ~$1.8B 32

14 John Deere | 3Q 2024 Earnings Call | August 15, 2024 Delivering more value for our customers 33

15 John Deere | 3Q 2024 Earnings Call | August 15, 2024 Appendix 34

16 John Deere | 3Q 2024 Earnings Call | August 15, 2024 July 2024 Retail Sales (Rolling 3 Months) and Dealer Inventories Retail Sales U.S. and Canada Ag Industry* Deere** 2WD Tractors (< 40 PTO hp) 16% More than the industry 2WD Tractors (40 < 100 PTO hp) 10% More than the industry 2WD Tractors (100+ PTO hp) 13% In line with the industry 4WD Tractors 13% More than the industry Combines 20% More than the industry Deere Dealer Inventories*** U.S. and Canada Ag 2024 2023 2WD Tractors (100+ PTO hp) 31% 30% Combines 22% 17% * As reported by the Association of Equipment Manufacturers ** As reported to the Association of Equipment Manufacturers *** In units as a % of trailing 12 months retail sales, as reported to the Association of Equipment Manufacturers 35

17 John Deere | 3Q 2024 Earnings Call | August 15, 2024 Retail Sales U.S. and Canada Deere* Selected Turf and Utility Equipment Flat Construction and Forestry First-in-the-Dirt Settlements Single digit Single digit July 2024 Retail Sales (Rolling 3 Months) Retail Sales Europe Ag Deere* Tractors Double digits Combines Double digits * Based on internal sales reports 36

18 John Deere | 3Q 2024 Earnings Call | August 15, 2024 Deere Use-of-Cash Priorities SHARE REPURCHASE Manage the balance sheet, including liquidity, to support a rating that provides access to low-cost and readily available short- and long-term funding mechanisms (reflects the strategic nature of our financial services operation) Fund value-creating investments in our businesses Consistently and moderately raise dividend targeting a 25-35% payout ratio of mid-cycle earnings Consider share repurchase as a means to deploy excess cash to shareholders, once above requirements are met COMMITTED TO “A” RATING FUND OPERATING & GROWTH NEEDS COMMON STOCK DIVIDEND CASH FROM OPERATIONS 37

19 John Deere | 3Q 2024 Earnings Call | August 15, 2024 Deere & Company’s 4Q 2024 earnings call is scheduled for 9:00 a.m. Central Time on Thursday, 21 November 2024. 38

Document and Entity Information	Aug. 15, 2024
Document Information [Line Items]
Document Type	8-K
Document Period End Date	Aug. 15, 2024
Entity File Number	1-4121
Entity Registrant Name	DEERE & CO
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	36-2382580
Entity Address, Address Line One	One John Deere Place
Entity Address, City or Town	Moline
Entity Address, State or Province	IL
Entity Address, Postal Zip Code	61265
City Area Code	309
Local Phone Number	765-8000
Written Communications	false
Soliciting Material	false
Pre-commencement Tender Offer	false
Pre-commencement Issuer Tender Offer	false
Entity Emerging Growth Company	false
Entity Central Index Key	0000315189
Amendment Flag	false
Common Stock
Document Information [Line Items]
Title of 12(b) Security	Common stock, $1 par value
Trading Symbol	DE
Security Exchange Name	NYSE
6.55% Debentures Due 2028
Document Information [Line Items]
Title of 12(b) Security	6.55% Debentures Due 2028
Trading Symbol	DE28
Security Exchange Name	NYSE

Grafico Azioni Deere (NYSE:DE)
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Da Ott 2024 a Nov 2024

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Da Nov 2023 a Nov 2024

DE Deere and Co

Notizie Deere and Co - DE

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DE Deere and Co

Notizie Deere and Co - DE

La tua Cronologia