Deere Reports First Quarter Net Income of $656 Million
MOLINE, Ill., Feb. 19, 2026 /PRNewswire/ -- Deere & Company (NYSE: DE) reported net income of $656 million for the first quarter ended February 1, 2026, or $2.42 per share, compared with net income of $869 million, or $3.19 per share, for the quarter ended January 26, 2025.
Worldwide net sales and revenues increased 13 percent, to $9,611 million, in the most recent quarter. Net sales were $8,001 million for the quarter, compared with $6,809 million in the same quarter of 2025.
"While the global large agriculture industry continues to experience challenges, we're encouraged by the ongoing recovery in demand within both the construction and small agriculture segments," said John May, chairman and CEO of John Deere. "These positive developments reinforce our belief that 2026 represents the bottom of the current cycle and provides us with a strong foundation for accelerated growth going forward."
Company Outlook & Summary
Net income attributable to Deere & Company for fiscal 2026 is forecasted to be in a range of $4.5 billion to $5.0 billion.
"Our sustained investment in research and development throughout the cycle is yielding measurable results as we move toward launching a wide range of innovative products and solutions across all business segments," stated May. "These advancements underscore the value of maintaining a robust portfolio that spans broad markets and regions worldwide, which should position us for success as we transition out of the current cycle."
Deere & Company
First Quarter
$ in millions, except per share amounts
2026
2025
% Change
Net sales and revenues
$
9,611
$
8,508
13 %
Net income
$
656
$
869
-25 %
Fully diluted EPS
$
2.42
$
3.19
Results for the prior period were affected by special items. See Note 1 to the financial statements for further details. The cost of additional tariffs for each segment is included in the "Production costs" category below.
Production & Precision Agriculture
First Quarter
$ in millions
2026
2025
% Change
Net sales
$
3,163
$
3,067
3 %
Operating profit
$
139
$
338
-59 %
Operating margin
4.4 %
11.0 %
Production & Precision Agriculture sales increased for the quarter as a result of the positive effects of foreign currency translation. Operating profit decreased primarily due to higher tariffs, unfavorable sales mix, and higher warranty expenses.
Small Agriculture & Turf
First Quarter
$ in millions
2026
2025
% Change
Net sales
$
2,168
$
1,748
24 %
Operating profit
$
196
$
124
58 %
Operating margin
9.0 %
7.1 %
Small Agriculture & Turf sales increased for the quarter as a result of higher shipment volumes and the positive effects of foreign currency translation. Operating profit increased primarily due to higher shipment volumes / sales mix and price realization, partially offset by higher tariffs.
Construction & Forestry
First Quarter
$ in millions
2026
2025
% Change
Net sales
$
2,670
$
1,994
34 %
Operating profit
$
137
$
65
111 %
Operating margin
5.1 %
3.3 %
Construction & Forestry sales increased for the quarter as a result of higher shipment volumes and the positive effects of foreign currency translation. Operating profit increased primarily due to higher shipment volumes / sales mix and production efficiencies, partially offset by higher tariffs.
Financial Services
First Quarter
$ in millions
2026
2025
% Change
Net income
$
244
$
230
6 %
Financial Services net income increased primarily due to favorable financing spreads and a lower provision for credit losses, partially offset by a favorable special item recorded in the prior period described in Note 1 to the financial statements.
Industry Outlook for Fiscal 2026
Agriculture & Turf
U.S. & Canada:
Large Ag
Down 15 to 20%
Small Ag & Turf
Flat to up 5%
Europe
Flat to up 5%
South America (Tractors & Combines)
Down ~5%
Asia
Flat to down 5%
Construction & Forestry
U.S. & Canada:
Construction Equipment
Up ~5%
Compact Construction Equipment
Up ~5%
Global Forestry
Flat
Global Roadbuilding
Up ~5%
Deere Segment Outlook for Fiscal 2026
Currency
Price
$ in millions
Net Sales
Translation
Realization
Production & Precision Ag
Down 5 to 10%
+3.0 %
~ +1.5%
Small Ag & Turf
Up ~15%
+2.0 %
~ +2.0%
Construction & Forestry
Up ~15%
+2.0 %
~ +2.5%
Financial Services
Net Income
~ $840
FORWARD-LOOKING STATEMENTS
Certain statements contained herein, including in the section entitled "Company Outlook & Summary," "Industry Outlook for Fiscal 2026," "Deere Segment Outlook for Fiscal 2026," 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:
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). 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
FIRST QUARTER 2026 PRESS RELEASE
(In millions of dollars) Unaudited
Three Months Ended
February 1
January 26
%
2026
2025
Change
Net sales and revenues:
Production & Precision Ag net sales
$
3,163
$
3,067
+3
Small Ag & Turf net sales
2,168
1,748
+24
Construction & Forestry net sales
2,670
1,994
+34
Financial Services revenues
1,384
1,470
-6
Other revenues
226
229
-1
Total net sales and revenues
$
9,611
$
8,508
+13
Operating profit: *
Production & Precision Ag
$
139
$
338
-59
Small Ag & Turf
196
124
+58
Construction & Forestry
137
65
+111
Financial Services
301
266
+13
Total operating profit
773
793
-3
Reconciling items **
79
103
-23
Income taxes
(196)
(27)
+626
Net income attributable to Deere & Company
$
656
$
869
-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 of Financial Services includes the effect of interest expense and foreign exchange gains and 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 Ended February 1, 2026 and January 26, 2025
(In millions of dollars and shares except per share amounts) Unaudited
2026
2025
Net Sales and Revenues
Net sales
$
8,001
$
6,809
Finance and interest income
1,343
1,453
Other income
267
246
Total
9,611
8,508
Costs and Expenses
Cost of sales
6,280
5,037
Research and development expenses
554
526
Selling, administrative and general expenses
972
972
Interest expense
719
829
Other operating expenses
250
249
Total
8,775
7,613
Income of Consolidated Group before Income Taxes
836
895
Provision for income taxes
196
27
Income of Consolidated Group
640
868
Equity in income (loss) of unconsolidated affiliates
15
(1)
Net Income
655
867
Less: Net loss attributable to noncontrolling interests
(1)
(2)
Net Income Attributable to Deere & Company
$
656
$
869
Per Share Data
Basic
$
2.43
$
3.20
Diluted
2.42
3.19
Dividends declared
1.62
1.62
Dividends paid
1.62
1.47
Average Shares Outstanding
Basic
270.3
271.6
Diluted
270.9
272.3
See Condensed Notes to Interim Consolidated Financial Statements.
DEERE & COMPANY
CONDENSED CONSOLIDATED BALANCE SHEETS
(In millions of dollars) Unaudited
February 1
November 2
January 26
2026
2025
2025
Assets
Cash and cash equivalents
$
6,798
$
8,276
$
6,601
Marketable securities
1,398
1,411
1,214
Trade accounts and notes receivable – net
5,993
5,317
4,931
Financing receivables – net
42,113
44,575
41,396
Financing receivables securitized – net
6,479
6,831
8,257
Other receivables
2,411
2,403
2,979
Equipment on operating leases – net
7,512
7,600
7,157
Inventories
8,286
7,406
7,744
Property and equipment – net
8,084
8,079
7,425
Goodwill
4,280
4,188
3,872
Other intangible assets – net
880
892
937
Retirement benefits
3,378
3,273
3,018
Deferred income taxes
2,268
2,284
1,852
Other assets
3,556
3,461
2,807
Assets held for sale
2,929
Total Assets
$
103,436
$
105,996
$
103,119
Liabilities and Stockholders' Equity
Liabilities
Short-term borrowings
$
14,392
$
13,796
$
12,811
Short-term securitization borrowings
6,283
6,596
8,014
Accounts payable and accrued expenses
12,533
13,909
12,162
Deferred income taxes
434
434
448
Long-term borrowings
41,804
43,544
43,556
Retirement benefits and other liabilities
1,633
1,710
1,734
Liabilities held for sale
1,830
Total liabilities
77,079
79,989
80,555
Redeemable noncontrolling interest
50
51
78
Stockholders' Equity
Total Deere & Company stockholders' equity
26,300
25,950
22,479
Noncontrolling interests
7
6
7
Total stockholders' equity
26,307
25,956
22,486
Total Liabilities and Stockholders' Equity
$
103,436
$
105,996
$
103,119
See Condensed Notes to Interim Consolidated Financial Statements.
DEERE & COMPANY
STATEMENTS OF CONSOLIDATED CASH FLOWS
For the Three Months Ended February 1, 2026 and January 26, 2025
(In millions of dollars) Unaudited
2026
2025
Cash Flows from Operating Activities
Net income
$
655
$
867
Adjustments to reconcile net income to net cash used for operating activities:
Provision for credit losses
36
69
Depreciation and amortization
590
549
Impairments and other adjustments
(32)
Share-based compensation expense
41
28
Provision for deferred income taxes
18
208
Changes in assets and liabilities:
Receivables related to sales
350
1,063
Inventories
(746)
(795)
Accounts payable and accrued expenses
(1,486)
(1,845)
Accrued income taxes payable/receivable
(88)
(540)
Retirement benefits
(194)
(688)
Other
(66)
(16)
Net cash used for operating activities
(890)
(1,132)
Cash Flows from Investing Activities
Collections of receivables (excluding receivables related to sales)
8,098
8,137
Proceeds from maturities and sales of marketable securities
144
61
Proceeds from sales of equipment on operating leases
377
433
Cost of receivables acquired (excluding receivables related to sales)
(6,023)
(6,045)
Purchases of marketable securities
(129)
(141)
Purchases of property and equipment
(256)
(352)
Cost of equipment on operating leases acquired
(432)
(439)
Collections of receivables from unconsolidated affiliates
105
Collateral on derivatives – net
(11)
(191)
Other
(51)
(47)
Net cash provided by investing activities
1,822
1,416
Cash Flows from Financing Activities
Net proceeds (payments) in short-term borrowings (original maturities three months or less)
848
(1,484)
Proceeds from borrowings issued (original maturities greater than three months)
780
3,168
Payments of borrowings (original maturities greater than three months)
(3,360)
(1,753)
Repurchases of common stock
(302)
(441)
Dividends paid
(441)
(403)
Other
(15)
(10)
Net cash used for financing activities
(2,490)
(923)
Effect of Exchange Rate Changes on Cash, Cash Equivalents, and Restricted Cash
98
(87)
Net Decrease in Cash, Cash Equivalents, and Restricted Cash
(1,460)
(726)
Cash, Cash Equivalents, and Restricted Cash at Beginning of Period
8,533
7,633
Cash, Cash Equivalents, and Restricted Cash at End of Period
$
7,073
$
6,907
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
Discrete Tax Items
In the first quarter of 2025, the company recorded favorable net discrete tax items primarily due to tax benefits of $110 million related to the realization of foreign net operating losses from the consolidation of certain subsidiaries and $53 million from an adjustment to an uncertain tax position of a foreign subsidiary.
Banco John Deere S.A.
In 2024, the company entered into an agreement with a Brazilian bank, Banco Bradesco S.A. (Bradesco), for Bradesco to invest and become 50% owner of the company's wholly-owned subsidiary in Brazil, Banco John Deere S.A. (BJD). BJD finances retail and wholesale loans for agricultural, construction, and forestry equipment. The transaction is intended to reduce the company's incremental risk as it continues to grow in the Brazilian market.
The BJD business was reclassified as held for sale in 2024. In January 2025, the valuation allowance on assets held for sale decreased, resulting in a pretax and after-tax gain (reversal of previous losses) of $32 million recorded in "Selling, administrative and general expenses" in the three months ended January 26, 2025. The valuation allowance changes are presented in "Impairments and other adjustments" in the statements of consolidated cash flows.
The company deconsolidated BJD upon completion of the transaction in February 2025. The company accounts for its investment in BJD using the equity method of accounting and results of its operations are reported in "Equity in income (loss) of unconsolidated affiliates" within the Financial Services segment. The company reports investments in unconsolidated affiliates and receivables from unconsolidated affiliates in "Other assets" and "Other receivables," respectively.
(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 represent the enterprise without Financial Services. Equipment operations include the company's Production & Precision Agriculture operations, Small Agriculture & Turf operations, Construction & 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 February 1, 2026 and January 26, 2025
(In millions of dollars) Unaudited
EQUIPMENT
FINANCIAL
OPERATIONS
SERVICES
ELIMINATIONS
CONSOLIDATED
2026
2025
2026
2025
2026
2025
2026
2025
Net Sales and Revenues
Net sales
$
8,001
$
6,809
$
8,001
$
6,809
Finance and interest income
120
110
$
1,351
$
1,455
$
(128)
$
(112)
1,343
1,453
1
Other income
213
202
137
118
(83)
(74)
267
246
2, 3, 4
Total
8,334
7,121
1,488
1,573
(211)
(186)
9,611
8,508
Costs and Expenses
Cost of sales
6,291
5,045
(11)
(8)
6,280
5,037
4
Research and development expenses
554
526
554
526
Selling, administrative and general expenses
806
800
168
174
(2)
(2)
972
972
4
Interest expense
93
84
664
766
(38)
(21)
719
829
1
Interest compensation to Financial Services
90
91
(90)
(91)
1
Other operating expenses
(46)
(51)
366
364
(70)
(64)
250
249
3, 4, 5
Total
7,788
6,495
1,198
1,304
(211)
(186)
8,775
7,613
Income before Income Taxes
546
626
290
269
836
895
Provision (credit) for income taxes
134
(13)
62
40
196
27
Income after Income Taxes
412
639
228
229
640
868
Equity in income (loss) of
unconsolidated affiliates
(1)
(2)
16
1
15
(1)
Net Income
411
637
244
230
655
867
Less: Net loss attributable to
noncontrolling interests
(1)
(2)
(1)
(2)
Net Income Attributable to Deere & Company
$
412
$
639
$
244
$
230
$
656
$
869
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
(In millions of dollars) Unaudited
EQUIPMENT
FINANCIAL
OPERATIONS
SERVICES
ELIMINATIONS
CONSOLIDATED
Feb 1
Nov 2
Jan 26
Feb 1
Nov 2
Jan 26
Feb 1
Nov 2
Jan 26
Feb 1
Nov 2
Jan 26
2026
2025
2025
2026
2025
2025
2026
2025
2025
2026
2025
2025
Assets
Cash and cash equivalents
$
4,769
$
6,340
$
4,840
$
2,029
$
1,936
$
1,761
$
6,798
$
8,276
$
6,601
Marketable securities
146
217
114
1,252
1,194
1,100
1,398
1,411
1,214
Receivables from Financial
Services
4,132
4,649
1,826
$
(4,132)
$
(4,649)
$
(1,826)
6
Trade accounts and notes
receivable – net
1,284
1,316
1,053
6,609
5,900
5,812
(1,900)
(1,899)
(1,934)
5,993
5,317
4,931
7
Financing receivables – net
105
88
78
42,008
44,487
41,318
42,113
44,575
41,396
Financing receivables
securitized – net
1
2
6,479
6,830
8,255
6,479
6,831
8,257
Other receivables
1,841
1,809
2,367
621
658
654
(51)
(64)
(42)
2,411
2,403
2,979
8
Equipment on operating
leases – net
7,512
7,600
7,157
7,512
7,600
7,157
Inventories
8,286
7,406
7,744
8,286
7,406
7,744
Property and equipment – net
8,053
8,047
7,392
31
32
33
8,084
8,079
7,425
Goodwill
4,280
4,188
3,872
4,280
4,188
3,872
Other intangible assets – net
880
892
937
880
892
937
Retirement benefits
3,282
3,181
2,933
98
94
86
(2)
(2)
(1)
3,378
3,273
3,018
Deferred income taxes
2,476
2,507
2,247
45
46
42
(253)
(269)
(437)
2,268
2,284
1,852
9
Other assets
2,371
2,218
2,295
1,220
1,244
539
(35)
(1)
(27)
3,556
3,461
2,807
Assets held for sale
2,929
2,929
Total Assets
$
41,905
$
42,859
$
37,700
$
67,904
$
70,021
$
69,686
$
(6,373)
$
(6,884)
$
(4,267)
$
103,436
$
105,996
$
103,119
Liabilities and
Stockholders' Equity
Liabilities
Short-term borrowings
$
366
$
414
$
1,101
$
14,026
$
13,382
$
11,710
$
14,392
$
13,796
$
12,811
Short-term
securitization borrowings
1
1
6,283
6,595
8,013
6,283
6,596
8,014
Payables to equipment
operations
4,132
4,649
1,826
$
(4,132)
$
(4,649)
$
(1,826)
6
Accounts payable and
accrued expenses
11,387
12,757
10,869
3,132
3,116
3,296
(1,986)
(1,964)
(2,003)
12,533
13,909
12,162
7, 8
Deferred income taxes
343
347
405
344
356
480
(253)
(269)
(437)
434
434
448
9
Long-term borrowings
8,897
8,756
8,507
32,907
34,788
35,049
41,804
43,544
43,556
Retirement benefits and
other liabilities
1,568
1,646
1,668
67
66
67
(2)
(2)
(1)
1,633
1,710
1,734
Liabilities held for sale
1,830
1,830
Total liabilities
22,561
23,921
22,551
60,891
62,952
62,271
(6,373)
(6,884)
(4,267)
77,079
79,989
80,555
Redeemable noncontrolling
interest
50
51
78
50
51
78
Stockholders' Equity
Total Deere & Company
stockholders' equity
26,300
25,950
22,479
7,013
7,069
7,415
(7,013)
(7,069)
(7,415)
26,300
25,950
22,479
10
Noncontrolling interests
7
6
7
7
6
7
Financial Services' equity
(7,013)
(7,069)
(7,415)
7,013
7,069
7,415
10
Adjusted total
stockholders' equity
19,294
18,887
15,071
7,013
7,069
7,415
26,307
25,956
22,486
Total Liabilities and
Stockholders' Equity
$
41,905
$
42,859
$
37,700
$
67,904
$
70,021
$
69,686
$
(6,373)
$
(6,884)
$
(4,267)
$
103,436
$
105,996
$
103,119
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 other receivables / payables.
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 Three Months Ended February 1, 2026 and January 26, 2025
(In millions of dollars) Unaudited
EQUIPMENT
FINANCIAL
OPERATIONS
SERVICES
ELIMINATIONS
CONSOLIDATED
2026
2025
2026
2025
2026
2025
2026
2025
Cash Flows from Operating Activities
Net income
$
411
$
637
$
244
$
230
$
655
$
867
Adjustments to reconcile net income to net cash provided by
(used for) operating activities:
Provision for credit losses
1
3
35
66
36
69
Depreciation and amortization
342
319
274
265
$
(26)
$
(35)
590
549
11
Impairments and other adjustments
(32)
(32)
Share-based compensation expense
41
28
41
28
12
Distributed earnings of Financial Services
350
162
(350)
(162)
13
Provision (credit) for deferred income taxes
29
(17)
(11)
225
18
208
Changes in assets and liabilities:
Receivables related to sales
18
140
332
923
350
1,063
14, 16
Inventories
(728)
(784)
(18)
(11)
(746)
(795)
15
Accounts payable and accrued expenses
(1,410)
(2,073)
(74)
6
(2)
222
(1,486)
(1,845)
16
Accrued income taxes payable/receivable
(71)
(479)
(17)
(61)
(88)
(540)
Retirement benefits
(191)
(647)
(3)
(41)
(194)
(688)
Other
(94)
(136)
49
117
(21)
3
(66)
(16)
11, 12, 15
Net cash provided by (used for) operating activities
(1,343)
(2,875)
497
775
(44)
968
(890)
(1,132)
Cash Flows from Investing Activities
Collections of receivables (excluding receivables
related to sales)
8,251
8,345
(153)
(208)
8,098
8,137
14
Proceeds from maturities and sales of marketable securities
75
9
69
52
144
61
Proceeds from sales of equipment on operating leases
377
433
377
433
Cost of receivables acquired (excluding receivables
related to sales)
(6,044)
(6,093)
21
48
(6,023)
(6,045)
14
Purchases of marketable securities
(129)
(141)
(129)
(141)
Purchases of property and equipment
(256)
(352)
(256)
(352)
Cost of equipment on operating leases acquired
(456)
(454)
24
15
(432)
(439)
15
Decrease in trade and wholesale receivables
198
985
(198)
(985)
14
Collections of receivables from unconsolidated affiliates
105
105
Collateral on derivatives – net
1
(12)
(191)
(11)
(191)
Other
(33)
(51)
(18)
4
(51)
(47)
Net cash provided by (used for) investing activities
(213)
(394)
2,341
2,940
(306)
(1,130)
1,822
1,416
Cash Flows from Financing Activities
Net proceeds (payments) in short-term borrowings (original
maturities three months or less)
(38)
176
886
(1,660)
848
(1,484)
Change in intercompany receivables/payables
613
1,222
(613)
(1,222)
Proceeds from borrowings issued (original maturities greater
than three months)
166
2,032
614
1,136
780
3,168
Payments of borrowings (original maturities greater than
three months)
(78)
(12)
(3,282)
(1,741)
(3,360)
(1,753)
Repurchases of common stock
(302)
(441)
(302)
(441)
Dividends paid
(441)
(403)
(350)
(162)
350
162
(441)
(403)
13
Other
(11)
(7)
(4)
(3)
(15)
(10)
Net cash provided by (used for) financing activities
(91)
2,567
(2,749)
(3,652)
350
162
(2,490)
(923)
Effect of Exchange Rate Changes on Cash, Cash
Equivalents, and Restricted Cash
78
(74)
20
(13)
98
(87)
Net Increase (Decrease) in Cash, Cash Equivalents, and
Restricted Cash
(1,569)
(776)
109
50
(1,460)
(726)
Cash, Cash Equivalents, and Restricted Cash at
Beginning of Period
6,364
5,643
2,169
1,990
8,533
7,633
Cash, Cash Equivalents, and Restricted Cash at
End of Period
$
4,795
$
4,867
$
2,278
$
2,040
$
7,073
$
6,907
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.
SOURCE John Deere Company