{
  "ticker": "DE",
  "company": "Deere & Company",
  "filing_type": "10-K",
  "year_current": "2025",
  "year_prior": "2024",
  "summary": {
    "added": 17,
    "removed": 55,
    "modified": 42,
    "unchanged": 6,
    "total_current": 65,
    "total_prior": 103
  },
  "source": "SEC EDGAR",
  "url": "https://riskdiff.com/de/2025-vs-2024/",
  "markdown_url": "https://riskdiff.com/de/2025-vs-2024/index.md",
  "json_url": "https://riskdiff.com/de/2025-vs-2024/index.json",
  "generated": "2026-06-01",
  "ai_summary": null,
  "risks": [
    {
      "status": "ADDED",
      "current_title": "Our international operations expose us to risks and events beyond our control in countries in which we operate.",
      "prior_title": null,
      "current_body": "Efforts to grow our businesses depend in part upon access to and developing and maintaining market share and profitability in additional geographic markets, including, but not limited to, Argentina, Brazil, CIS, China, India, and South Africa. Particularly, we have invested significant resources to grow our operations in Brazil, and in 2024, we built a research and development center in Indaiatuba. We may not realize the benefits from our investment in Brazil or in other regions and may be unable to grow our market share for a variety of reasons. For example, some countries where we operate have greater political and economic volatility and greater infrastructure vulnerability than others. There are various risks associated with our global footprint, including, but not limited to, the following: The occurrence of one or more of these events has, from time to time, impacted, and may in the future impact, our business in a variety of ways, including reducing demand for our products, increasing costs, limiting our ability to operate in certain jurisdictions, disrupting our ability to deliver products to customers on time and at competitive prices, subjecting us to fines, penalties, and sanctions, harming our competitive position, devaluation of assets, and impacting our financials. Please also refer to the risk factors in the “Legal and Regulatory Compliance Risks” section below that address our legal and regulatory risks associated with our international operations. 15 15 15 Table of ContentsChanging worldwide demand for food and different forms of renewable energy can impact the price of farm commodities and consequently the demand for our equipment. This could result in higher research and development costs related to changing machine fuel requirements.Changing worldwide demand for farm outputs to meet the world’s growing food and renewable energy demands, driven in part by government policies, including those related to climate change, and a growing world population, is likely to result in fluctuating agricultural commodity prices, which directly affect sales of agricultural equipment. Lower agricultural commodity prices directly affect farm incomes, which negatively affect sales of agricultural equipment and result in higher credit losses. While higher commodity prices benefit our crop-producing agricultural equipment customers, they could result in greater feed costs for dairy and livestock producers, which in turn may result in lower levels of equipment purchased by those customers. International buyers can also change the source of imported agricultural products, such as corn and soy, from the U.S. to other countries, impacting the profitability of our customers and demand for our equipment.In addition, changing energy demand may cause farmers to change the types or quantities of the crops they raise, with corresponding changes in equipment demands. The growing demand for biofuels has led to a corresponding increased demand for agriculturally based feedstocks used in their production, such as corn in the U.S. and Europe and sugar cane in Brazil. This increased demand may increase the demand for agricultural equipment to be used in the production of such crops. However, the economic feasibility of biofuels can be impacted by the price of oil. As the price of oil falls, biofuels become a less attractive alternative energy source, and as a result, there is uncertainty with respect to any benefits we may realize with respect to our investments related to renewable energy.Furthermore, changes in governmental policies regulating fuel utilization, including biofuel, affect commodity demand and commodity prices, demand for our diesel-fueled equipment, and result in higher research and development costs related to equipment fuel standards. OPERATIONAL AND MANUFACTURING RISKSRestructuring, rationalization, and relocation of manufacturing facilities may cause capacity constraints, inventory fluctuations, and other issues. The rationalization or restructuring of our manufacturing facilities, including relocating production or closing facilities, requires significant investment and places temporary constraints on our ability to produce the quantity of products necessary to fill orders, and thereby complete sales in a timely manner. In addition, decisions regarding the rationalization, restructuring or relocation of facilities, and any similar actions, could also subject us to additional or new tariffs, reputational risks, and other issues relating to the importation of products. In 2024, we shifted production of small-frame skid steer loaders and compact track loaders to Mexico. As a result, these products became subject to additional tariffs on imports from Mexico in 2025. Even though we are taking actions to qualify for an exemption under the United States-Mexico-Canada Agreement (USMCA) to mitigate the elevated costs, there is no guarantee that we will be able to obtain such qualification.Furthermore, our manufacturing processes are dependent on water. Increasing competition for water resources, regulatory restrictions on water, and environmental changes can lead to water scarcity. Any significant reduction in water availability could disrupt our manufacturing processes, increase our operational costs, and limit our ability to meet customer demand. Inability to accurately forecast customer demand for products and services, and to adequately manage inventory, could adversely affect our operating results.To ensure adequate inventory supply, we must forecast inventory needs and expenses and place orders sufficiently in advance with suppliers and contract manufacturers. These forecasts are based on estimates of future demand for products and services. Failure to accurately forecast our needs results in unmet market demand, parts shortages, manufacturing delays or inefficiencies, increased costs, or excess inventory. Our ability to accurately forecast demand could be affected by many factors, including changes in customer demand for our products and services, used equipment inventory outstanding, changes in demand for the products and services of competitors, unanticipated changes in agricultural and general market conditions, and the weakening of economic conditions or customer confidence in future economic conditions. In 2025, elevated used inventory levels in late model-year machines impacted demand for our products in North America resulting in lower price realization and actions to reduce our inventory level. If the forecasts used to manage inventory are not accurate, we may experience excess inventory levels, shortage of available products, or reduced manufacturing efficiencies.16 Table of Contents Table of Contents Table of Contents Changing worldwide demand for food and different forms of renewable energy can impact the price of farm commodities and consequently the demand for our equipment. This could result in higher research and development costs related to changing machine fuel requirements.Changing worldwide demand for farm outputs to meet the world’s growing food and renewable energy demands, driven in part by government policies, including those related to climate change, and a growing world population, is likely to result in fluctuating agricultural commodity prices, which directly affect sales of agricultural equipment. Lower agricultural commodity prices directly affect farm incomes, which negatively affect sales of agricultural equipment and result in higher credit losses. While higher commodity prices benefit our crop-producing agricultural equipment customers, they could result in greater feed costs for dairy and livestock producers, which in turn may result in lower levels of equipment purchased by those customers. International buyers can also change the source of imported agricultural products, such as corn and soy, from the U.S. to other countries, impacting the profitability of our customers and demand for our equipment.In addition, changing energy demand may cause farmers to change the types or quantities of the crops they raise, with corresponding changes in equipment demands. The growing demand for biofuels has led to a corresponding increased demand for agriculturally based feedstocks used in their production, such as corn in the U.S. and Europe and sugar cane in Brazil. This increased demand may increase the demand for agricultural equipment to be used in the production of such crops. However, the economic feasibility of biofuels can be impacted by the price of oil. As the price of oil falls, biofuels become a less attractive alternative energy source, and as a result, there is uncertainty with respect to any benefits we may realize with respect to our investments related to renewable energy.Furthermore, changes in governmental policies regulating fuel utilization, including biofuel, affect commodity demand and commodity prices, demand for our diesel-fueled equipment, and result in higher research and development costs related to equipment fuel standards. OPERATIONAL AND MANUFACTURING RISKSRestructuring, rationalization, and relocation of manufacturing facilities may cause capacity constraints, inventory fluctuations, and other issues. The rationalization or restructuring of our manufacturing facilities, including relocating production or closing facilities, requires significant investment and places temporary constraints on our ability to produce the quantity of products necessary to fill orders, and thereby complete sales in a timely manner. In addition, decisions regarding the rationalization, restructuring or relocation of facilities, and any similar actions, could also subject us to additional or new tariffs, reputational risks, and other issues relating to the importation of products. In 2024, we shifted production of small-frame skid steer loaders and compact track loaders to Mexico. As a result, these products became subject to additional tariffs on imports from Mexico in 2025. Even though we are taking actions to qualify for an exemption under the United States-Mexico-Canada Agreement (USMCA) to mitigate the elevated costs, there is no guarantee that we will be able to obtain such qualification.Furthermore, our manufacturing processes are dependent on water. Increasing competition for water resources, regulatory restrictions on water, and environmental changes can lead to water scarcity. Any significant reduction in water availability could disrupt our manufacturing processes, increase our operational costs, and limit our ability to meet customer demand. Inability to accurately forecast customer demand for products and services, and to adequately manage inventory, could adversely affect our operating results.To ensure adequate inventory supply, we must forecast inventory needs and expenses and place orders sufficiently in advance with suppliers and contract manufacturers. These forecasts are based on estimates of future demand for products and services. Failure to accurately forecast our needs results in unmet market demand, parts shortages, manufacturing delays or inefficiencies, increased costs, or excess inventory. Our ability to accurately forecast demand could be affected by many factors, including changes in customer demand for our products and services, used equipment inventory outstanding, changes in demand for the products and services of competitors, unanticipated changes in agricultural and general market conditions, and the weakening of economic conditions or customer confidence in future economic conditions. In 2025, elevated used inventory levels in late model-year machines impacted demand for our products in North America resulting in lower price realization and actions to reduce our inventory level. If the forecasts used to manage inventory are not accurate, we may experience excess inventory levels, shortage of available products, or reduced manufacturing efficiencies."
    },
    {
      "status": "ADDED",
      "current_title": "Restructuring, rationalization, and relocation of manufacturing facilities may cause capacity constraints, inventory fluctuations, and other issues.",
      "prior_title": null,
      "current_body": "The rationalization or restructuring of our manufacturing facilities, including relocating production or closing facilities, requires significant investment and places temporary constraints on our ability to produce the quantity of products necessary to fill orders, and thereby complete sales in a timely manner. In addition, decisions regarding the rationalization, restructuring or relocation of facilities, and any similar actions, could also subject us to additional or new tariffs, reputational risks, and other issues relating to the importation of products. In 2024, we shifted production of small-frame skid steer loaders and compact track loaders to Mexico. As a result, these products became subject to additional tariffs on imports from Mexico in 2025. Even though we are taking actions to qualify for an exemption under the United States-Mexico-Canada Agreement (USMCA) to mitigate the elevated costs, there is no guarantee that we will be able to obtain such qualification. Furthermore, our manufacturing processes are dependent on water. Increasing competition for water resources, regulatory restrictions on water, and environmental changes can lead to water scarcity. Any significant reduction in water availability could disrupt our manufacturing processes, increase our operational costs, and limit our ability to meet customer demand."
    },
    {
      "status": "ADDED",
      "current_title": "Failure by our supply base to use ethical business practices and comply with applicable laws and regulations may adversely affect our business, financial condition, and operational results.",
      "prior_title": null,
      "current_body": "While we conduct due diligence on our suppliers and require their compliance with various policies and contractual covenants, we do not control our suppliers’ business practices. Accordingly, we cannot guarantee that our due diligence efforts will reveal that they follow ethical business practices such as fair wage practices and compliance with environmental, safety, labor, human rights, material sourcing, and other laws. Failure to comply could lead us to seek alternative suppliers, which could increase our costs and result in delayed delivery of our products, product shortages, or other disruptions in operations. If our suppliers fail to comply with ethical standards and applicable laws, regulations, safety codes, employment practices, human rights standards, quality standards, environmental standards, production practices, or other obligations, norms, identification and reporting requirements, our reputation and brand could be harmed, and we could be exposed to litigation, investigations, enforcement actions, monetary liability and additional costs that could have a material adverse effect on our business, financial condition, and results of operations."
    },
    {
      "status": "ADDED",
      "current_title": "Because the financial services segment provides financing for a significant portion of our sales worldwide, negative economic conditions in the financial industry could materially impact our operations and financial results.",
      "prior_title": null,
      "current_body": "Negative economic conditions have an adverse effect on the financial industry in which the financial services segment operates. The financial services segment provides financing for a significant portion of our sales worldwide. The financial services segment is vulnerable to customers and others defaulting on contractual obligations, and has experienced, and may continue to experience write-offs and credit losses that, in some cases, exceed our expectations and adversely affect our financial condition and results of operations as a result of elevated delinquencies. The allowance for credit losses on retail notes and financing lease receivables increased in 2025 primarily due to higher expected losses on agriculture and turf customer accounts as a result of elevated delinquencies and a decline in market conditions. We occasionally grant contractual modifications to customers experiencing financial difficulties. There is no guarantee that customers experiencing financial difficulty will be able to satisfy their obligations in accordance with original or modified terms. As a result, our allowance for credit losses may continue to increase in future periods. The financial services segment’s inability to access funds at cost-effective rates to support our financing activities could have a material adverse effect on our business. The financial services segment’s liquidity and ongoing profitability depend largely on timely access to capital to meet future cash flow requirements and to fund operations and costs associated with engaging in diversified funding activities. The financial services segment may also experience residual value losses that exceed our expectations caused by lower pricing for used equipment and higher-than-expected equipment returns at lease maturity."
    },
    {
      "status": "ADDED",
      "current_title": "Our reputation and brand could be damaged by negative publicity.",
      "prior_title": null,
      "current_body": "Our brand has worldwide recognition and contributes to the success of our business. Our reputation is critical for growing our customer base. Our brand depends on the ability to maintain a positive customer perception of the business. Negative claims or publicity across media channels involving us, our products or services, our culture and values, our stance on environmental, social, and governance topics, customer data, or any of our key employees or suppliers, may damage our reputation and brand image, regardless of whether such claims are accurate. Furthermore, our shareholders, customers, and other stakeholders have evolving, varied and often conflicting expectations regarding our culture, values, and our business, which makes it difficult to achieve a uniform positive perception amongst all stakeholders. Additionally, negative or inaccurate postings, articles, or comments on social media, the internet, or the press about us have generated, and could continue to generate negative publicity that damages the reputation of our brand. For example, we have experienced negative social media campaigns related to our approach to diversity and inclusion, our customers’ right to maintain and safely repair their equipment, including with respect to our Memorandum of Understanding with the American Farm Bureau Federation, reductions in workforce, and production relocation. Further, adverse publicity about regulatory or legal action against us, or legal proceedings initiated by us, also damages our reputation and brand image, undermining customer confidence, and reducing long-term demand for equipment, even if the regulatory or legal action is unfounded or not material to our operations. If the reputation, culture, or image of our brands are damaged, or we receive negative publicity, then our sales and financial condition, and results of operations could be materially and adversely affected. TALENT RISKS"
    },
    {
      "status": "ADDED",
      "current_title": "Disruption of our technology systems or unexpected network interruption could disrupt our business.",
      "prior_title": null,
      "current_body": "We are increasingly dependent on technology systems to operate on a day-to-day basis. The failure of our technology systems, including the John Deere Operations Center™, to operate properly or effectively, problems with transitioning to upgraded or replacement systems, or difficulty in integrating new systems, could adversely affect our business. These disruptions could result in delays, which could reduce demand for our products and cause our sales to decline. In addition, if changes in technology cause our information systems to become obsolete, or if our information systems are inadequate to manage our growth and new technologies, we could lose customers. Any significant disruption in our technology systems could harm our reputation and credibility and could have a material adverse effect on our business, financial condition, and results of operations. LEGAL AND REGULATORY COMPLIANCE RISKS"
    },
    {
      "status": "ADDED",
      "current_title": "Agriculture and Turf",
      "prior_title": null,
      "current_body": "​Construction and Forestry Company TrendsIn 2022, we introduced our Leap Ambitions, a set of focused goals designed to guide the implementation of our Smart Industrial Operating Model. These Ambitions are built upon a foundation of product quality and manufacturing excellence, supported by a best-in-class dealer channel, and enabled by employees dedicated to solving some of the world’s most important problems. To build on our accomplishments and lay the foundation for sustained growth as we move toward 2030, in December 2025 we refined our Ambitions. Our refined Ambitions feature multi-year financial and operational goals, emphasizing the use of our differentiated equipment and service solutions, including automation, autonomy, digitalization, lifecycle solutions, and Solutions as a Service (SaaS).Deeper integration of technology into equipment to enable customers to do more with less remains a persistent market trend. Customers seek to improve profitability, productivity, and sustainability by selecting our equipment and technology solutions. These technologies are incorporated into customer operations across the varied production systems in which we serve. While we continue to benefit from the adoption of these technologies, revenue from SaaS products did not represent a significant percentage of our revenues in 2025. ​"
    },
    {
      "status": "ADDED",
      "current_title": "Construction and Forestry Outlook for 2026",
      "prior_title": null,
      "current_body": "Financial Services Outlook for 2026​​​​​​​​Net Income​Down​(-) Average portfolio​Unfavorable​(-) Prior period special items​Unfavorable​ + Financing spreads​Favorable​​Additional TrendsAgricultural Market Business Cycle – The agricultural market is affected by various factors including commodity prices, acreage planted, crop yields, government policies, and uncertainty in macroeconomic trends. These factors affect farmers’ income and sentiment which may result in varying demand for our equipment. In 2025, we experienced the following effects due to unfavorable market conditions: lower sales volumes, greater reliance on sales incentives, and elevated receivable write-offs.Global Trade Policies – During 2025, new tariffs were imposed in the U.S. for imports from a broad range of countries and on certain materials. Several countries also implemented or proposed retaliatory tariffs on imports from the U.S. and introduced additional trade barriers. Trade policies impact us in various ways. We are a net exporter of agriculture and turf equipment from the U.S. Nearly 80% of our domestic sales are assembled in the U.S., with the remaining products imported primarily from Europe, Mexico, India, and Japan. During 2025, incremental import tariffs adversely affected the cost of our products and components and may continue to do so in 2026. In addition, retaliatory tariffs by regions outside the U.S., currently in effect or adopted in the future, may impact the prices and profitability of our exported products. In 2025, the direct impact of incremental tariffs incurred by us was approximately $600, excluding the impact of tariffs on our suppliers and market demand. Trade policies are evolving, causing uncertainty in the agriculture and construction industries. We are actively taking steps to mitigate potential impacts on our business, to the extent possible.On November 5, 2025, the United States Supreme Court heard oral arguments on tariffs imposed under the International Emergency Economic Powers Act (IEEPA). The court may provide tariff relief and the potential recovery of amounts previously paid. We are monitoring developments in this case and its impact on our future financial statements and business.Changes in the agricultural market business cycle and global trade policies are driven by factors outside of our control, and as a result we cannot reasonably foresee when these conditions will fully subside.Legal Proceeding – On January 15, 2025, the Federal Trade Commission (FTC), along with the Attorneys General of the States of Illinois and Minnesota filed a lawsuit against us in the United States District Court for the Northern District of Illinois Western Division. The Attorneys General of the States of Arizona, Michigan, and Wisconsin joined the lawsuit. The lawsuit alleges monopolization and unfair competition in violation of the federal and state antitrust laws. Plaintiffs seek a permanent injunction and other equitable relief to allow owners of our equipment, as Financial Services Outlook for 2026 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net Income ​ Down ​ (-) Average portfolio ​ Unfavorable ​ (-) Prior period special items ​ Unfavorable ​ + Financing spreads ​ Favorable ​ ​ Additional Trends"
    },
    {
      "status": "ADDED",
      "current_title": "Agricultural Market Business Cycle – The agricultural market is affected by various factors including commodity prices, acreage planted, crop yields, government policies, and uncertainty in macroeconomic trends. These factors affect farmers’ income and sentiment which may result in varying demand for our equipment. In 2025, we experienced the following effects due to unfavorable market conditions: lower sales volumes, greater reliance on sales incentives, and elevated receivable write-offs.",
      "prior_title": null,
      "current_body": "Global Trade Policies – During 2025, new tariffs were imposed in the U.S. for imports from a broad range of countries and on certain materials. Several countries also implemented or proposed retaliatory tariffs on imports from the U.S. and introduced additional trade barriers. Trade policies impact us in various ways. We are a net exporter of agriculture and turf equipment from the U.S. Nearly 80% of our domestic sales are assembled in the U.S., with the remaining products imported primarily from Europe, Mexico, India, and Japan. During 2025, incremental import tariffs adversely affected the cost of our products and components and may continue to do so in 2026. In addition, retaliatory tariffs by regions outside the U.S., currently in effect or adopted in the future, may impact the prices and profitability of our exported products. In 2025, the direct impact of incremental tariffs incurred by us was approximately $600, excluding the impact of tariffs on our suppliers and market demand. Trade policies are evolving, causing uncertainty in the agriculture and construction industries. We are actively taking steps to mitigate potential impacts on our business, to the extent possible. On November 5, 2025, the United States Supreme Court heard oral arguments on tariffs imposed under the International Emergency Economic Powers Act (IEEPA). The court may provide tariff relief and the potential recovery of amounts previously paid. We are monitoring developments in this case and its impact on our future financial statements and business. Changes in the agricultural market business cycle and global trade policies are driven by factors outside of our control, and as a result we cannot reasonably foresee when these conditions will fully subside. Legal Proceeding – On January 15, 2025, the Federal Trade Commission (FTC), along with the Attorneys General of the States of Illinois and Minnesota filed a lawsuit against us in the United States District Court for the Northern District of Illinois Western Division. The Attorneys General of the States of Arizona, Michigan, and Wisconsin joined the lawsuit. The lawsuit alleges monopolization and unfair competition in violation of the federal and state antitrust laws. Plaintiffs seek a permanent injunction and other equitable relief to allow owners of our equipment, as 33 33 33 Table of Contents​well as independent repair providers, access to our repair tools and any other repair resources available to authorized John Deere dealers. We are in preliminary discussions with the FTC with respect to a potential resolution. At this stage, we are unable to estimate the potential impact on our business.Other Items of Concern and Uncertainties – Other items that could impact our results are:●global and regional political conditions, including the ongoing war between Russia and Ukraine and the conflicts in the Middle East ●shifts in energy, including positions with respect to biofuels, economic, and positions on government subsidies of farming●capital market disruptions●foreign currency and capital control policies●right to repair regulations and legislation●weather conditions●marketplace pace of adoption and monetization of technologies we have invested in●our ability to strengthen our digital capabilities, artificial intelligence, automation, and autonomy●changes in demand and pricing for new and used equipment●delays or disruptions in our supply chain●significant fluctuations in foreign currency exchange rates●volatility in the prices of many commodities ●slower economic growth​​​CONSOLIDATED RESULTS2025 compared to 2024Highlights●Net income declined in 2025 compared to 2024, driven by declining market conditions.●We continue to focus on structural profitability and strategically investing in solutions that deliver value to our customers.Net Sales and Revenues Net Sales (Equipment Operations) ●Net sales decreased in 2025 primarily due to lower sales volumes driven by declining market conditions (see Business Segment Results).Net Income (Attributable to Deere & Company) Diluted Earnings Per Share (EPS) ($ per share)●Net income and diluted EPS decreased driven by lower sales.Other Significant Statement of Consolidated Income Changes An explanation of the cost of sales to net sales ratio and other significant statements of consolidated income changes follows:​​​​​​​​​​​​Deere & Company​2025​2024​% Change​Cost of sales to net sales​​72.4%​​68.8%​+5​(-) Tariffs​Unfavorable​(-) Lower volumes​Unfavorable​+ Material costs​Favorable​Increased due to higher tariffs and higher overhead costs from production inefficiencies associated with lower volumes, partially offset by reduced material costs and lower employee profit-sharing incentives.​​​​​​​​​​​Other income​​ 1,019​​ 1,198​-15​Lower due to a decrease in revenues from certain licenses, reduced investment income, and prior year legal settlements (see Note 4). These items were partially offset by increased extended warranty premiums earned.​​​​​​​​​​​Selling, administrative and general expenses​​ 4,663​​ 4,840​-4​Decreased due to lower employee profit-sharing incentives, the favorable impact from Banco John Deere S.A. (BJD) deconsolidation (see Note 4), and prior year employee separation programs' expenses (see Note 4). These items were partially offset by an increase in accrued losses on unresolved legal matters (see Note 4).​​​​​​​​​​​Interest expense​​ 3,170​​ 3,348​-5​Decreased due to lower average borrowing rates and lower average borrowings.​​​​​​​​​​​Other operating expenses​​ 1,124​​ 1,257​-11​Lower due to higher pension benefits (see Note 9) and foreign exchange gains, partially offset by increased depreciation of equipment on operating leases.​​​​​​​​​​​Provision for income taxes​​ 1,259​​ 2,094​-40​Decreased as a result of lower pretax income and the favorable impact of tax special items (see Note 4).​​​BUSINESS SEGMENT RESULTS2025 compared to 2024The equipment operations segment results were impacted by incremental tariffs in 2025. The cost of additional tariffs was included in the “Production Costs” and “Other” categories. Each equipment operations segment experienced lower shipment volumes during 2025. Economic uncertainty, low commodity prices, elevated interest rates in the first half of the year, and higher used inventory levels contributed to lower shipment volumes for large and small agriculture. Decreases in rental purchases, lower levels of multi-family and commercial real estate construction, trade uncertainty, and elevated interest rates in the first half of the year 34 Table of Contents​ Table of Contents Table of Contents ​ well as independent repair providers, access to our repair tools and any other repair resources available to authorized John Deere dealers. We are in preliminary discussions with the FTC with respect to a potential resolution. At this stage, we are unable to estimate the potential impact on our business.Other Items of Concern and Uncertainties – Other items that could impact our results are:●global and regional political conditions, including the ongoing war between Russia and Ukraine and the conflicts in the Middle East ●shifts in energy, including positions with respect to biofuels, economic, and positions on government subsidies of farming●capital market disruptions●foreign currency and capital control policies●right to repair regulations and legislation●weather conditions●marketplace pace of adoption and monetization of technologies we have invested in●our ability to strengthen our digital capabilities, artificial intelligence, automation, and autonomy●changes in demand and pricing for new and used equipment●delays or disruptions in our supply chain●significant fluctuations in foreign currency exchange rates●volatility in the prices of many commodities ●slower economic growth​​​CONSOLIDATED RESULTS2025 compared to 2024Highlights●Net income declined in 2025 compared to 2024, driven by declining market conditions.●We continue to focus on structural profitability and strategically investing in solutions that deliver value to our customers.Net Sales and Revenues Net Sales (Equipment Operations) ●Net sales decreased in 2025 primarily due to lower sales volumes driven by declining market conditions (see Business Segment Results).Net Income (Attributable to Deere & Company) Diluted Earnings Per Share (EPS) ($ per share)●Net income and diluted EPS decreased driven by lower sales.Other Significant Statement of Consolidated Income Changes An explanation of the cost of sales to net sales ratio and other significant statements of consolidated income changes follows:​​​​​​​​​​​​Deere & Company​2025​2024​% Change​Cost of sales to net sales​​72.4%​​68.8%​+5​(-) Tariffs​Unfavorable​(-) Lower volumes​Unfavorable​+ Material costs​Favorable​Increased due to higher tariffs and higher overhead costs from production inefficiencies associated with lower volumes, partially offset by reduced material costs and lower employee profit-sharing incentives.​​​​​​​​​​​Other income​​ 1,019​​ 1,198​-15​Lower due to a decrease in revenues from certain licenses, reduced investment income, and prior year legal settlements (see Note 4). These items were partially offset by increased extended warranty premiums earned.​​​​​​​​​​​Selling, administrative and general expenses​​ 4,663​​ 4,840​-4​Decreased due to lower employee profit-sharing incentives, the favorable impact from Banco John Deere S.A. (BJD) deconsolidation (see Note 4), and prior year employee separation programs' expenses (see Note 4). These items were partially offset by an increase in accrued losses on unresolved legal matters (see Note 4).​​​​​​​​​​​Interest expense​​ 3,170​​ 3,348​-5​Decreased due to lower average borrowing rates and lower average borrowings.​​​​​​​​​​​Other operating expenses​​ 1,124​​ 1,257​-11​Lower due to higher pension benefits (see Note 9) and foreign exchange gains, partially offset by increased depreciation of equipment on operating leases.​​​​​​​​​​​Provision for income taxes​​ 1,259​​ 2,094​-40​Decreased as a result of lower pretax income and the favorable impact of tax special items (see Note 4).​​​BUSINESS SEGMENT RESULTS2025 compared to 2024The equipment operations segment results were impacted by incremental tariffs in 2025. The cost of additional tariffs was included in the “Production Costs” and “Other” categories. Each equipment operations segment experienced lower shipment volumes during 2025. Economic uncertainty, low commodity prices, elevated interest rates in the first half of the year, and higher used inventory levels contributed to lower shipment volumes for large and small agriculture. Decreases in rental purchases, lower levels of multi-family and commercial real estate construction, trade uncertainty, and elevated interest rates in the first half of the year well as independent repair providers, access to our repair tools and any other repair resources available to authorized John Deere dealers. We are in preliminary discussions with the FTC with respect to a potential resolution. At this stage, we are unable to estimate the potential impact on our business.Other Items of Concern and Uncertainties – Other items that could impact our results are:●global and regional political conditions, including the ongoing war between Russia and Ukraine and the conflicts in the Middle East ●shifts in energy, including positions with respect to biofuels, economic, and positions on government subsidies of farming●capital market disruptions●foreign currency and capital control policies●right to repair regulations and legislation●weather conditions●marketplace pace of adoption and monetization of technologies we have invested in●our ability to strengthen our digital capabilities, artificial intelligence, automation, and autonomy●changes in demand and pricing for new and used equipment●delays or disruptions in our supply chain●significant fluctuations in foreign currency exchange rates●volatility in the prices of many commodities ●slower economic growth​​​CONSOLIDATED RESULTS2025 compared to 2024Highlights●Net income declined in 2025 compared to 2024, driven by declining market conditions.●We continue to focus on structural profitability and strategically investing in solutions that deliver value to our customers.Net Sales and Revenues Net Sales (Equipment Operations) ●Net sales decreased in 2025 primarily due to lower sales volumes driven by declining market conditions (see Business Segment Results).Net Income (Attributable to Deere & Company) Diluted Earnings Per Share (EPS) ($ per share)●Net income and diluted EPS decreased driven by lower sales.Other Significant Statement of Consolidated Income Changes An explanation of the cost of sales to net sales ratio and other significant statements of consolidated income changes follows:​​​​​​​​​​​​Deere & Company​2025​2024​% Change​Cost of sales to net sales​​72.4%​​68.8%​+5​(-) Tariffs​Unfavorable​(-) Lower volumes​Unfavorable​+ Material costs​Favorable​Increased due to higher tariffs and higher overhead costs from production inefficiencies associated with lower volumes, partially offset by reduced material costs and lower employee profit-sharing incentives.​​​​​​​​​​​Other income​​ 1,019​​ 1,198​-15​Lower due to a decrease in revenues from certain licenses, reduced investment income, and prior year legal settlements (see Note 4). These items were partially offset by increased extended warranty premiums earned.​​​​​​​​​​​Selling, administrative and general expenses​​ 4,663​​ 4,840​-4​Decreased due to lower employee profit-sharing incentives, the favorable impact from Banco John Deere S.A. (BJD) deconsolidation (see Note 4), and prior year employee separation programs' expenses (see Note 4). These items were partially offset by an increase in accrued losses on unresolved legal matters (see Note 4).​​​​​​​​​​​Interest expense​​ 3,170​​ 3,348​-5​Decreased due to lower average borrowing rates and lower average borrowings.​​​​​​​​​​​Other operating expenses​​ 1,124​​ 1,257​-11​Lower due to higher pension benefits (see Note 9) and foreign exchange gains, partially offset by increased depreciation of equipment on operating leases.​​​​​​​​​​​Provision for income taxes​​ 1,259​​ 2,094​-40​Decreased as a result of lower pretax income and the favorable impact of tax special items (see Note 4).​​​BUSINESS SEGMENT RESULTS2025 compared to 2024The equipment operations segment results were impacted by incremental tariffs in 2025. The cost of additional tariffs was included in the “Production Costs” and “Other” categories. Each equipment operations segment experienced lower shipment volumes during 2025. Economic uncertainty, low commodity prices, elevated interest rates in the first half of the year, and higher used inventory levels contributed to lower shipment volumes for large and small agriculture. Decreases in rental purchases, lower levels of multi-family and commercial real estate construction, trade uncertainty, and elevated interest rates in the first half of the year well as independent repair providers, access to our repair tools and any other repair resources available to authorized John Deere dealers. We are in preliminary discussions with the FTC with respect to a potential resolution. At this stage, we are unable to estimate the potential impact on our business.Other Items of Concern and Uncertainties – Other items that could impact our results are:●global and regional political conditions, including the ongoing war between Russia and Ukraine and the conflicts in the Middle East ●shifts in energy, including positions with respect to biofuels, economic, and positions on government subsidies of farming●capital market disruptions●foreign currency and capital control policies●right to repair regulations and legislation●weather conditions●marketplace pace of adoption and monetization of technologies we have invested in●our ability to strengthen our digital capabilities, artificial intelligence, automation, and autonomy●changes in demand and pricing for new and used equipment●delays or disruptions in our supply chain●significant fluctuations in foreign currency exchange rates●volatility in the prices of many commodities ●slower economic growth​​​CONSOLIDATED RESULTS2025 compared to 2024Highlights●Net income declined in 2025 compared to 2024, driven by declining market conditions.●We continue to focus on structural profitability and strategically investing in solutions that deliver value to our customers.Net Sales and Revenues Net Sales (Equipment Operations) ●Net sales decreased in 2025 primarily due to lower sales volumes driven by declining market conditions (see Business Segment Results).Net Income (Attributable to Deere & Company) well as independent repair providers, access to our repair tools and any other repair resources available to authorized John Deere dealers. We are in preliminary discussions with the FTC with respect to a potential resolution. At this stage, we are unable to estimate the potential impact on our business. Other Items of Concern and Uncertainties – Other items that could impact our results are: ​ ​ ​ ​ ​ ​ ​"
    },
    {
      "status": "ADDED",
      "current_title": "Diluted Earnings Per Share (EPS) ($ per share)",
      "prior_title": null,
      "current_body": "Other Significant Statement of Consolidated Income Changes"
    },
    {
      "status": "ADDED",
      "current_title": "An explanation of the cost of sales to net sales ratio and other significant statements of consolidated income changes follows:",
      "prior_title": null,
      "current_body": "​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Deere & Company ​ 2025 ​ 2024 ​ % Change ​ Cost of sales to net sales ​ ​ 72.4% ​ ​ 68.8% ​ +5 ​ (-) Tariffs ​ Unfavorable ​ (-) Lower volumes ​ Unfavorable ​ + Material costs ​ Favorable ​ Increased due to higher tariffs and higher overhead costs from production inefficiencies associated with lower volumes, partially offset by reduced material costs and lower employee profit-sharing incentives. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Other income ​ ​ 1,019 ​ ​ 1,198 ​ -15 ​ Lower due to a decrease in revenues from certain licenses, reduced investment income, and prior year legal settlements (see Note 4). These items were partially offset by increased extended warranty premiums earned. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Selling, administrative and general expenses ​ ​ 4,663 ​ ​ 4,840 ​ -4 ​ Decreased due to lower employee profit-sharing incentives, the favorable impact from Banco John Deere S.A. (BJD) deconsolidation (see Note 4), and prior year employee separation programs' expenses (see Note 4). These items were partially offset by an increase in accrued losses on unresolved legal matters (see Note 4). ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Interest expense ​ ​ 3,170 ​ ​ 3,348 ​ -5 ​ Decreased due to lower average borrowing rates and lower average borrowings. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Other operating expenses ​ ​ 1,124 ​ ​ 1,257 ​ -11 ​ Lower due to higher pension benefits (see Note 9) and foreign exchange gains, partially offset by increased depreciation of equipment on operating leases. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Provision for income taxes ​ ​ 1,259 ​ ​ 2,094 ​ -40 ​ Decreased as a result of lower pretax income and the favorable impact of tax special items (see Note 4). ​ ​ ​"
    },
    {
      "status": "ADDED",
      "current_title": "Construction & Forestry Operations",
      "prior_title": null,
      "current_body": "​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2025 ​ 2024 ​ % Change ​ Net sales ​ $ 11,382 ​ $ 12,956 ​ -12 ​ Sales volume and other ​ ​ ​ ​ ​ ​ ​ -10 ​ Price realization ​ ​ ​ ​ ​ ​ ​ -2 ​ Currency translation ​ ​ ​ ​ ​ ​ ​ ​ ​ Operating profit ​ ​ 1,028 ​ ​ 2,009 ​ -49 ​ Operating margin ​ ​ 9.0% ​ ​ 15.5% ​ ​ ​ ​ Sales volumes decreased 15% in the U.S. and Canada and were roughly flat outside the U.S. and Canada. Price realization decreased 3% in the U.S. and Canada due to incremental incentive programs deployed to address pressures from the competitive environment and was flat outside the U.S. and Canada. Operating profit decreased primarily due to lower sales volumes/ sales mix, unfavorable price realization, and higher tariffs."
    },
    {
      "status": "ADDED",
      "current_title": "Construction & Forestry Operating Profit",
      "prior_title": null,
      "current_body": "2025 compared to 2024 35 35 35 Table of Contents​Financial Services Operations​​​​​​​​​​​​​2025​2024​% Change​Revenue (including intercompany)​$ 6,289​$ 6,493​-3​Average balance of receivables and leases excluding BJD​​​​​​​-1​Interest expense​​ 2,923​​ 3,182​-8​Average borrowings​​​​​​​-3​Average borrowing rates​​​​​​​-5​Net income​​ 890​​ 696​+28​​The average balance of receivables and leases financed was 5% lower compared to the prior year, primarily due to the deconsolidation of BJD (see Note 4). Revenue also decreased due to a lower average portfolio. Net income increased as a result of special items (see Note 4), lower selling, administrative and general expenses, favorable financing spreads, and a lower provision for credit losses. Financial Services Net Income2025 compared to 2024Special Items The impact of special items on the segments’ operating profit in 2025 and 2024 is presented below (see Note 4).​​​​​​​​​​​​​​​​​​​​PPA​SAT​CF​FS​Total​2025 Expense (benefit)​​​​​​​​​​​​​​ ​​Litigation accrual​$ 47​$ 24​$ 24​​​​$ 95​Impairment​​ 28​​ 17​​ 16​​​​​ 61​BJD measurement​​​​​​​​​​$ (32)​​ (32)​Total expense (benefit)​​ 75​​ 41​​ 40​​ (32)​​ 124​2024 Expense (benefit)​​​​​​​​​​​​​​ ​​Legal settlements​​ (17)​​​​​ (40)​​​​​ (57)​Impairment​​​​​ 28​​​​​​​​ 28​Employee-separation programs​​ 77​​ 43​​ 22​​ 10​​ 152​BJD measurement​​​​​​​​​​​ 59​​ 59​Total expense (benefit)​​ 60​​ 71​​ (18)​​ 69​​ 182​Year over year change​$ 15​$ (30)​$ 58​$ (101)​$ (58)​​​​​BUSINESS SEGMENT RESULTS2024 compared to 2023Please refer to the “Management’s Discussion and Analysis” section of our 2024 Form 10-K.​​CAPITAL RESOURCES AND LIQUIDITY2025 compared to 2024We have access to global markets at a reasonable cost. Sources of liquidity include: ●cash, cash equivalents, and marketable securities on hand ●funds from operations●the issuance of commercial paper and term debt●the securitization of retail notes●bank lines of creditWe closely monitor our cash requirements. Based on the available sources of liquidity, we expect to meet our funding needs in the short term (next 12 months) and long term (beyond 12 months). We are forecasting lower operating cash flows from equipment operations in 2026 compared with 2025, driven by a decrease in net income adjusted for non-cash provisions, partially offset by higher cash flows generated from inventory reductions. We operate in multiple industries, which have unique funding requirements. The equipment operations are capital intensive. Historically, these operations have been subject to seasonal variations in financing requirements for inventories and receivables from dealers. The financial services operations rely on their ability to raise substantial amounts of funds to finance their receivable and lease portfolios. Key Metrics and Balance Sheet ChangesCash, Cash Equivalents, and Marketable Securities ●Cash, cash equivalents, and marketable securities increased to maintain liquidity and improve leverage.●See the detailed cash flow discussion in the next section.Trade Accounts and Notes Receivable – Net●Receivables are generated from the sales of goods and services to customers. ●Limited change driven by flat sales in the second half of the year compared to prior period. ●3% of receivables were outstanding for periods exceeding 12 months, reflecting a decrease from the prior year.Financing Receivables and Equipment on Operating Leases●The decrease is primarily due to lower retail sales.●Acquisition volumes were down 13% compared to the prior period.36 Table of Contents​ Table of Contents Table of Contents ​ Financial Services Operations​​​​​​​​​​​​​2025​2024​% Change​Revenue (including intercompany)​$ 6,289​$ 6,493​-3​Average balance of receivables and leases excluding BJD​​​​​​​-1​Interest expense​​ 2,923​​ 3,182​-8​Average borrowings​​​​​​​-3​Average borrowing rates​​​​​​​-5​Net income​​ 890​​ 696​+28​​The average balance of receivables and leases financed was 5% lower compared to the prior year, primarily due to the deconsolidation of BJD (see Note 4). Revenue also decreased due to a lower average portfolio. Net income increased as a result of special items (see Note 4), lower selling, administrative and general expenses, favorable financing spreads, and a lower provision for credit losses. Financial Services Net Income2025 compared to 2024Special Items The impact of special items on the segments’ operating profit in 2025 and 2024 is presented below (see Note 4).​​​​​​​​​​​​​​​​​​​​PPA​SAT​CF​FS​Total​2025 Expense (benefit)​​​​​​​​​​​​​​ ​​Litigation accrual​$ 47​$ 24​$ 24​​​​$ 95​Impairment​​ 28​​ 17​​ 16​​​​​ 61​BJD measurement​​​​​​​​​​$ (32)​​ (32)​Total expense (benefit)​​ 75​​ 41​​ 40​​ (32)​​ 124​2024 Expense (benefit)​​​​​​​​​​​​​​ ​​Legal settlements​​ (17)​​​​​ (40)​​​​​ (57)​Impairment​​​​​ 28​​​​​​​​ 28​Employee-separation programs​​ 77​​ 43​​ 22​​ 10​​ 152​BJD measurement​​​​​​​​​​​ 59​​ 59​Total expense (benefit)​​ 60​​ 71​​ (18)​​ 69​​ 182​Year over year change​$ 15​$ (30)​$ 58​$ (101)​$ (58)​​​​​BUSINESS SEGMENT RESULTS2024 compared to 2023Please refer to the “Management’s Discussion and Analysis” section of our 2024 Form 10-K.​​CAPITAL RESOURCES AND LIQUIDITY2025 compared to 2024We have access to global markets at a reasonable cost. Sources of liquidity include: ●cash, cash equivalents, and marketable securities on hand ●funds from operations●the issuance of commercial paper and term debt●the securitization of retail notes●bank lines of creditWe closely monitor our cash requirements. Based on the available sources of liquidity, we expect to meet our funding needs in the short term (next 12 months) and long term (beyond 12 months). We are forecasting lower operating cash flows from equipment operations in 2026 compared with 2025, driven by a decrease in net income adjusted for non-cash provisions, partially offset by higher cash flows generated from inventory reductions. We operate in multiple industries, which have unique funding requirements. The equipment operations are capital intensive. Historically, these operations have been subject to seasonal variations in financing requirements for inventories and receivables from dealers. The financial services operations rely on their ability to raise substantial amounts of funds to finance their receivable and lease portfolios. Key Metrics and Balance Sheet ChangesCash, Cash Equivalents, and Marketable Securities ●Cash, cash equivalents, and marketable securities increased to maintain liquidity and improve leverage.●See the detailed cash flow discussion in the next section.Trade Accounts and Notes Receivable – Net●Receivables are generated from the sales of goods and services to customers. ●Limited change driven by flat sales in the second half of the year compared to prior period. ●3% of receivables were outstanding for periods exceeding 12 months, reflecting a decrease from the prior year.Financing Receivables and Equipment on Operating Leases●The decrease is primarily due to lower retail sales.●Acquisition volumes were down 13% compared to the prior period. Financial Services Operations​​​​​​​​​​​​​2025​2024​% Change​Revenue (including intercompany)​$ 6,289​$ 6,493​-3​Average balance of receivables and leases excluding BJD​​​​​​​-1​Interest expense​​ 2,923​​ 3,182​-8​Average borrowings​​​​​​​-3​Average borrowing rates​​​​​​​-5​Net income​​ 890​​ 696​+28​​The average balance of receivables and leases financed was 5% lower compared to the prior year, primarily due to the deconsolidation of BJD (see Note 4). Revenue also decreased due to a lower average portfolio. Net income increased as a result of special items (see Note 4), lower selling, administrative and general expenses, favorable financing spreads, and a lower provision for credit losses. Financial Services Net Income2025 compared to 2024Special Items The impact of special items on the segments’ operating profit in 2025 and 2024 is presented below (see Note 4).​​​​​​​​​​​​​​​​​​​​PPA​SAT​CF​FS​Total​2025 Expense (benefit)​​​​​​​​​​​​​​ ​​Litigation accrual​$ 47​$ 24​$ 24​​​​$ 95​Impairment​​ 28​​ 17​​ 16​​​​​ 61​BJD measurement​​​​​​​​​​$ (32)​​ (32)​Total expense (benefit)​​ 75​​ 41​​ 40​​ (32)​​ 124​2024 Expense (benefit)​​​​​​​​​​​​​​ ​​Legal settlements​​ (17)​​​​​ (40)​​​​​ (57)​Impairment​​​​​ 28​​​​​​​​ 28​Employee-separation programs​​ 77​​ 43​​ 22​​ 10​​ 152​BJD measurement​​​​​​​​​​​ 59​​ 59​Total expense (benefit)​​ 60​​ 71​​ (18)​​ 69​​ 182​Year over year change​$ 15​$ (30)​$ 58​$ (101)​$ (58)​​​​​BUSINESS SEGMENT RESULTS2024 compared to 2023Please refer to the “Management’s Discussion and Analysis” section of our 2024 Form 10-K.​​CAPITAL RESOURCES AND LIQUIDITY2025 compared to 2024We have access to global markets at a reasonable cost. Sources of liquidity include: ●cash, cash equivalents, and marketable securities on hand ●funds from operations●the issuance of commercial paper and term debt●the securitization of retail notes●bank lines of creditWe closely monitor our cash requirements. Based on the available sources of liquidity, we expect to meet our funding needs in the short term (next 12 months) and long term (beyond 12 months). We are forecasting lower operating cash flows from equipment operations in 2026 compared with 2025, driven by a decrease in net income adjusted for non-cash provisions, partially offset by higher cash flows generated from inventory reductions. We operate in multiple industries, which have unique funding requirements. The equipment operations are capital intensive. Historically, these operations have been subject to seasonal variations in financing requirements for inventories and receivables from dealers. The financial services operations rely on their ability to raise substantial amounts of funds to finance their receivable and lease portfolios. Key Metrics and Balance Sheet ChangesCash, Cash Equivalents, and Marketable Securities ●Cash, cash equivalents, and marketable securities increased to maintain liquidity and improve leverage.●See the detailed cash flow discussion in the next section.Trade Accounts and Notes Receivable – Net●Receivables are generated from the sales of goods and services to customers. ●Limited change driven by flat sales in the second half of the year compared to prior period. ●3% of receivables were outstanding for periods exceeding 12 months, reflecting a decrease from the prior year.Financing Receivables and Equipment on Operating Leases●The decrease is primarily due to lower retail sales.●Acquisition volumes were down 13% compared to the prior period. Financial Services Operations​​​​​​​​​​​​​2025​2024​% Change​Revenue (including intercompany)​$ 6,289​$ 6,493​-3​Average balance of receivables and leases excluding BJD​​​​​​​-1​Interest expense​​ 2,923​​ 3,182​-8​Average borrowings​​​​​​​-3​Average borrowing rates​​​​​​​-5​Net income​​ 890​​ 696​+28​​The average balance of receivables and leases financed was 5% lower compared to the prior year, primarily due to the deconsolidation of BJD (see Note 4). Revenue also decreased due to a lower average portfolio. Net income increased as a result of special items (see Note 4), lower selling, administrative and general expenses, favorable financing spreads, and a lower provision for credit losses. Financial Services Net Income2025 compared to 2024Special Items The impact of special items on the segments’ operating profit in 2025 and 2024 is presented below (see Note 4).​​​​​​​​​​​​​​​​​​​​PPA​SAT​CF​FS​Total​2025 Expense (benefit)​​​​​​​​​​​​​​ ​​Litigation accrual​$ 47​$ 24​$ 24​​​​$ 95​Impairment​​ 28​​ 17​​ 16​​​​​ 61​BJD measurement​​​​​​​​​​$ (32)​​ (32)​Total expense (benefit)​​ 75​​ 41​​ 40​​ (32)​​ 124​2024 Expense (benefit)​​​​​​​​​​​​​​ ​​Legal settlements​​ (17)​​​​​ (40)​​​​​ (57)​Impairment​​​​​ 28​​​​​​​​ 28​Employee-separation programs​​ 77​​ 43​​ 22​​ 10​​ 152​BJD measurement​​​​​​​​​​​ 59​​ 59​Total expense (benefit)​​ 60​​ 71​​ (18)​​ 69​​ 182​Year over year change​$ 15​$ (30)​$ 58​$ (101)​$ (58)​​​​​BUSINESS SEGMENT RESULTS2024 compared to 2023Please refer to the “Management’s Discussion and Analysis” section of our 2024 Form 10-K. Financial Services Operations ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2025 ​ 2024 ​ % Change ​ Revenue (including intercompany) ​ $ 6,289 ​ $ 6,493 ​ -3 ​ Average balance of receivables and leases excluding BJD ​ ​ ​ ​ ​ ​ ​ -1 ​ Interest expense ​ ​ 2,923 ​ ​ 3,182 ​ -8 ​ Average borrowings ​ ​ ​ ​ ​ ​ ​ -3 ​ Average borrowing rates ​ ​ ​ ​ ​ ​ ​ -5 ​ Net income ​ ​ 890 ​ ​ 696 ​ +28 ​ ​ The average balance of receivables and leases financed was 5% lower compared to the prior year, primarily due to the deconsolidation of BJD (see Note 4). Revenue also decreased due to a lower average portfolio. Net income increased as a result of special items (see Note 4), lower selling, administrative and general expenses, favorable financing spreads, and a lower provision for credit losses. Financial Services Net Income 2025 compared to 2024 Special Items The impact of special items on the segments’ operating profit in 2025 and 2024 is presented below (see Note 4). ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ PPA ​ SAT ​ CF ​ FS ​ Total ​ 2025 Expense (benefit) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Litigation accrual ​ $ 47 ​ $ 24 ​ $ 24 ​ ​ ​ ​ $ 95 ​ Impairment ​ ​ 28 ​ ​ 17 ​ ​ 16 ​ ​ ​ ​ ​ 61 ​ BJD measurement ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ $ (32) ​ ​ (32) ​ Total expense (benefit) ​ ​ 75 ​ ​ 41 ​ ​ 40 ​ ​ (32) ​ ​ 124 ​ 2024 Expense (benefit) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Legal settlements ​ ​ (17) ​ ​ ​ ​ ​ (40) ​ ​ ​ ​ ​ (57) ​ Impairment ​ ​ ​ ​ ​ 28 ​ ​ ​ ​ ​ ​ ​ ​ 28 ​ Employee-separation programs ​ ​ 77 ​ ​ 43 ​ ​ 22 ​ ​ 10 ​ ​ 152 ​ BJD measurement ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 59 ​ ​ 59 ​ Total expense (benefit) ​ ​ 60 ​ ​ 71 ​ ​ (18) ​ ​ 69 ​ ​ 182 ​ Year over year change ​ $ 15 ​ $ (30) ​ $ 58 ​ $ (101) ​ $ (58) ​ ​ ​ ​ ​ ​ ​ ​ ​"
    },
    {
      "status": "ADDED",
      "current_title": "2025 compared to 2024",
      "prior_title": null,
      "current_body": "The equipment operations segment results were impacted by incremental tariffs in 2025. The cost of additional tariffs was included in the “Production Costs” and “Other” categories. Each equipment operations segment experienced lower shipment volumes during 2025. Economic uncertainty, low commodity prices, elevated interest rates in the first half of the year, and higher used inventory levels contributed to lower shipment volumes for large and small agriculture. Decreases in rental purchases, lower levels of multi-family and commercial real estate construction, trade uncertainty, and elevated interest rates in the first half of the year 34 34 34 Table of Contents​contributed to lower shipment volumes for construction equipment. Current period results were impacted by special items (see Note 4).Production & Precision Agriculture Operations​​​​​​​​​​​​​​2025​2024​% Change​Net sales​$ 17,311​$ 20,834​-17​Sales volume and other​​​​​​​-17​Price realization​​​​​​​+1​Currency translation​​​​​​​-1​Operating profit​​ 2,671​​ 4,514​-41​Operating margin​​15.4%​​21.7%​​​​​Sales volumes decreased 30% in the U.S. and Canada, partially offset by an increase of 22% in Brazil. Price realization was up 1% in the U.S. and Canada. In Brazil, price realization was up 4% as demand was strong due to higher grower production. Price realization in the rest of the world was down slightly due to moderating market conditions. Operating profit decreased primarily due to lower sales volumes/ sales mix, partially offset by price realization. Production & Precision Agriculture Operating Profit2025 compared to 2024Small Agriculture & Turf Operations​​​​​​​​​​​​​2025​2024​% Change​Net sales​$ 10,224​$ 10,969​-7​Sales volume and other​​​​​​​-8​Price realization​​​​​​​+1​Currency translation​​​​​​​​​Operating profit​​ 1,207​​ 1,627​-26​Operating margin​​11.8%​​14.8%​​​​Sales volumes decreased 17% in the U.S. and Canada, partially offset by an increase of 26% in India and 5% in Europe. Price realization was 1% in the U.S. and Canada and roughly flat outside the U.S. and Canada driven by moderating market conditions. Operating profit decreased primarily due to lower sales volumes/ sales mix and higher tariffs, partially offset by price realization.Small Agriculture & Turf Operating Profit2025 compared to 2024Construction & Forestry Operations​​​​​​​​​​​​​2025​2024​% Change​Net sales​$ 11,382​$ 12,956​-12​Sales volume and other​​​​​​​-10​Price realization​​​​​​​-2​Currency translation​​​​​​​​​Operating profit​​ 1,028​​ 2,009​-49​Operating margin​​9.0%​​15.5%​​​​Sales volumes decreased 15% in the U.S. and Canada and were roughly flat outside the U.S. and Canada. Price realization decreased 3% in the U.S. and Canada due to incremental incentive programs deployed to address pressures from the competitive environment and was flat outside the U.S. and Canada.Operating profit decreased primarily due to lower sales volumes/ sales mix, unfavorable price realization, and higher tariffs. Construction & Forestry Operating Profit2025 compared to 202435 Table of Contents​ Table of Contents Table of Contents ​ contributed to lower shipment volumes for construction equipment. Current period results were impacted by special items (see Note 4).Production & Precision Agriculture Operations​​​​​​​​​​​​​​2025​2024​% Change​Net sales​$ 17,311​$ 20,834​-17​Sales volume and other​​​​​​​-17​Price realization​​​​​​​+1​Currency translation​​​​​​​-1​Operating profit​​ 2,671​​ 4,514​-41​Operating margin​​15.4%​​21.7%​​​​​Sales volumes decreased 30% in the U.S. and Canada, partially offset by an increase of 22% in Brazil. Price realization was up 1% in the U.S. and Canada. In Brazil, price realization was up 4% as demand was strong due to higher grower production. Price realization in the rest of the world was down slightly due to moderating market conditions. Operating profit decreased primarily due to lower sales volumes/ sales mix, partially offset by price realization. Production & Precision Agriculture Operating Profit2025 compared to 2024Small Agriculture & Turf Operations​​​​​​​​​​​​​2025​2024​% Change​Net sales​$ 10,224​$ 10,969​-7​Sales volume and other​​​​​​​-8​Price realization​​​​​​​+1​Currency translation​​​​​​​​​Operating profit​​ 1,207​​ 1,627​-26​Operating margin​​11.8%​​14.8%​​​​Sales volumes decreased 17% in the U.S. and Canada, partially offset by an increase of 26% in India and 5% in Europe. Price realization was 1% in the U.S. and Canada and roughly flat outside the U.S. and Canada driven by moderating market conditions. Operating profit decreased primarily due to lower sales volumes/ sales mix and higher tariffs, partially offset by price realization.Small Agriculture & Turf Operating Profit2025 compared to 2024Construction & Forestry Operations​​​​​​​​​​​​​2025​2024​% Change​Net sales​$ 11,382​$ 12,956​-12​Sales volume and other​​​​​​​-10​Price realization​​​​​​​-2​Currency translation​​​​​​​​​Operating profit​​ 1,028​​ 2,009​-49​Operating margin​​9.0%​​15.5%​​​​Sales volumes decreased 15% in the U.S. and Canada and were roughly flat outside the U.S. and Canada. Price realization decreased 3% in the U.S. and Canada due to incremental incentive programs deployed to address pressures from the competitive environment and was flat outside the U.S. and Canada.Operating profit decreased primarily due to lower sales volumes/ sales mix, unfavorable price realization, and higher tariffs. Construction & Forestry Operating Profit2025 compared to 2024 contributed to lower shipment volumes for construction equipment. Current period results were impacted by special items (see Note 4).Production & Precision Agriculture Operations​​​​​​​​​​​​​​2025​2024​% Change​Net sales​$ 17,311​$ 20,834​-17​Sales volume and other​​​​​​​-17​Price realization​​​​​​​+1​Currency translation​​​​​​​-1​Operating profit​​ 2,671​​ 4,514​-41​Operating margin​​15.4%​​21.7%​​​​​Sales volumes decreased 30% in the U.S. and Canada, partially offset by an increase of 22% in Brazil. Price realization was up 1% in the U.S. and Canada. In Brazil, price realization was up 4% as demand was strong due to higher grower production. Price realization in the rest of the world was down slightly due to moderating market conditions. Operating profit decreased primarily due to lower sales volumes/ sales mix, partially offset by price realization. Production & Precision Agriculture Operating Profit2025 compared to 2024Small Agriculture & Turf Operations​​​​​​​​​​​​​2025​2024​% Change​Net sales​$ 10,224​$ 10,969​-7​Sales volume and other​​​​​​​-8​Price realization​​​​​​​+1​Currency translation​​​​​​​​​Operating profit​​ 1,207​​ 1,627​-26​Operating margin​​11.8%​​14.8%​​​​Sales volumes decreased 17% in the U.S. and Canada, partially offset by an increase of 26% in India and 5% in Europe. Price realization was 1% in the U.S. and Canada and roughly flat outside the U.S. and Canada driven by moderating market conditions. Operating profit decreased primarily due to lower sales volumes/ sales mix and higher tariffs, partially offset by price realization.Small Agriculture & Turf Operating Profit2025 compared to 2024Construction & Forestry Operations​​​​​​​​​​​​​2025​2024​% Change​Net sales​$ 11,382​$ 12,956​-12​Sales volume and other​​​​​​​-10​Price realization​​​​​​​-2​Currency translation​​​​​​​​​Operating profit​​ 1,028​​ 2,009​-49​Operating margin​​9.0%​​15.5%​​​​Sales volumes decreased 15% in the U.S. and Canada and were roughly flat outside the U.S. and Canada. Price realization decreased 3% in the U.S. and Canada due to incremental incentive programs deployed to address pressures from the competitive environment and was flat outside the U.S. and Canada.Operating profit decreased primarily due to lower sales volumes/ sales mix, unfavorable price realization, and higher tariffs. Construction & Forestry Operating Profit2025 compared to 2024 contributed to lower shipment volumes for construction equipment. Current period results were impacted by special items (see Note 4).Production & Precision Agriculture Operations​​​​​​​​​​​​​​2025​2024​% Change​Net sales​$ 17,311​$ 20,834​-17​Sales volume and other​​​​​​​-17​Price realization​​​​​​​+1​Currency translation​​​​​​​-1​Operating profit​​ 2,671​​ 4,514​-41​Operating margin​​15.4%​​21.7%​​​​​Sales volumes decreased 30% in the U.S. and Canada, partially offset by an increase of 22% in Brazil. Price realization was up 1% in the U.S. and Canada. In Brazil, price realization was up 4% as demand was strong due to higher grower production. Price realization in the rest of the world was down slightly due to moderating market conditions. Operating profit decreased primarily due to lower sales volumes/ sales mix, partially offset by price realization. Production & Precision Agriculture Operating Profit2025 compared to 2024Small Agriculture & Turf Operations​​​​​​​​​​​​​2025​2024​% Change​Net sales​$ 10,224​$ 10,969​-7​Sales volume and other​​​​​​​-8​Price realization​​​​​​​+1​Currency translation​​​​​​​​​Operating profit​​ 1,207​​ 1,627​-26​Operating margin​​11.8%​​14.8%​​​​Sales volumes decreased 17% in the U.S. and Canada, partially offset by an increase of 26% in India and 5% in Europe. Price realization was 1% in the U.S. and Canada and roughly flat outside the U.S. and Canada driven by moderating market conditions. Operating profit decreased primarily due to lower sales volumes/ sales mix and higher tariffs, partially offset by price realization. contributed to lower shipment volumes for construction equipment. Current period results were impacted by special items (see Note 4). Production & Precision Agriculture Operations ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2025 ​ 2024 ​ % Change ​ Net sales ​ $ 17,311 ​ $ 20,834 ​ -17 ​ Sales volume and other ​ ​ ​ ​ ​ ​ ​ -17 ​ Price realization ​ ​ ​ ​ ​ ​ ​ +1 ​ Currency translation ​ ​ ​ ​ ​ ​ ​ -1 ​ Operating profit ​ ​ 2,671 ​ ​ 4,514 ​ -41 ​ Operating margin ​ ​ 15.4% ​ ​ 21.7% ​ ​ ​ ​ ​ Sales volumes decreased 30% in the U.S. and Canada, partially offset by an increase of 22% in Brazil. Price realization was up 1% in the U.S. and Canada. In Brazil, price realization was up 4% as demand was strong due to higher grower production. Price realization in the rest of the world was down slightly due to moderating market conditions. Operating profit decreased primarily due to lower sales volumes/ sales mix, partially offset by price realization. Production & Precision Agriculture Operating Profit 2025 compared to 2024"
    },
    {
      "status": "ADDED",
      "current_title": "CONSOLIDATED",
      "prior_title": null,
      "current_body": "​ ​ ​ ​ ​ 2025 ​ 2024 ​ 2023 ​ 2025 ​ 2024 ​ 2023 ​ 2025 ​ 2024 ​ 2023 ​ 2025 ​ 2024 ​ 2023 ​ ​ ​ Net Sales and Revenues ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net sales ​ $ 38,917 ​ $ 44,759 ​ $ 55,565 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ $ 38,917 ​ $ 44,759 ​ $ 55,565 ​ ​ ​ Finance and interest income ​ ​ 521 ​ ​ 596 ​ ​ 636 ​ $ 5,768 ​ $ 6,035 ​ $ 5,055 ​ $ (541) ​ $ (872) ​ $ (1,008) ​ ​ 5,748 ​ ​ 5,759 ​ ​ 4,683 ​ 1​ ​ Other income ​ ​ 821 ​ ​ 1,006 ​ ​ 858 ​ ​ 521 ​ ​ 458 ​ ​ 499 ​ ​ (323) ​ ​ (266) ​ ​ (354) ​ ​ 1,019 ​ ​ 1,198 ​ ​ 1,003 ​ 2, 3, 4​ ​ Total ​ ​ 40,259 ​ ​ 46,361 ​ ​ 57,059 ​ ​ 6,289 ​ ​ 6,493 ​ ​ 5,554 ​ ​ (864) ​ ​ (1,138) ​ ​ (1,362) ​ ​ 45,684 ​ ​ 51,716 ​ ​ 61,251 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Costs and Expenses ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Cost of sales ​ ​ 28,190 ​ ​ 30,803 ​ ​ 37,739 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (31) ​ ​ (28) ​ ​ (24) ​ ​ 28,159 ​ ​ 30,775 ​ ​ 37,715 ​ 4​ ​ Research and development expenses ​ ​ 2,311 ​ ​ 2,290 ​ ​ 2,177 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2,311 ​ ​ 2,290 ​ ​ 2,177 ​ ​ ​ Selling, administrative and general expenses ​ ​ 3,856 ​ ​ 3,791 ​ ​ 3,611 ​ ​ 815 ​ ​ 1,059 ​ ​ 994 ​ ​ (8) ​ ​ (10) ​ ​ (10) ​ ​ 4,663 ​ ​ 4,840 ​ ​ 4,595 ​ 4​ ​ Interest expense ​ ​ 372 ​ ​ 396 ​ ​ 411 ​ ​ 2,923 ​ ​ 3,182 ​ ​ 2,362 ​ ​ (125) ​ ​ (230) ​ ​ (320) ​ ​ 3,170 ​ ​ 3,348 ​ ​ 2,453 ​ 1​ ​ Interest compensation to Financial Services ​ ​ 414 ​ ​ 640 ​ ​ 687 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (414) ​ ​ (640) ​ ​ (687) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 1​ ​ Other operating expenses ​ ​ (29) ​ ​ 133 ​ ​ 217 ​ ​ 1,439 ​ ​ 1,354 ​ ​ 1,396 ​ ​ (286) ​ ​ (230) ​ ​ (321) ​ ​ 1,124 ​ ​ 1,257 ​ ​ 1,292 ​ 3, 4, 5​ ​ Total ​ ​ 35,114 ​ ​ 38,053 ​ ​ 44,842 ​ ​ 5,177 ​ ​ 5,595 ​ ​ 4,752 ​ ​ (864) ​ ​ (1,138) ​ ​ (1,362) ​ ​ 39,427 ​ ​ 42,510 ​ ​ 48,232 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Income before Income Taxes ​ ​ 5,145 ​ ​ 8,308 ​ ​ 12,217 ​ ​ 1,112 ​ ​ 898 ​ ​ 802 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 6,257 ​ ​ 9,206 ​ ​ 13,019 ​ ​ ​ Provision for income taxes ​ ​ 1,020 ​ ​ 1,887 ​ ​ 2,685 ​ ​ 239 ​ ​ 207 ​ ​ 186 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 1,259 ​ ​ 2,094 ​ ​ 2,871 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Income after Income Taxes ​ ​ 4,125 ​ ​ 6,421 ​ ​ 9,532 ​ ​ 873 ​ ​ 691 ​ ​ 616 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 4,998 ​ ​ 7,112 ​ ​ 10,148 ​ ​ ​ Equity in income (loss) of unconsolidated affiliates ​ ​ (17) ​ ​ (29) ​ ​ 4 ​ ​ 17 ​ ​ 5 ​ ​ 3 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (24) ​ ​ 7 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net Income ​ ​ 4,108 ​ ​ 6,392 ​ ​ 9,536 ​ ​ 890 ​ ​ 696 ​ ​ 619 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 4,998 ​ ​ 7,088 ​ ​ 10,155 ​ ​ ​ Less: Net loss attributable to noncontrolling interests ​ ​ (29) ​ ​ (12) ​ ​ (11) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (29) ​ ​ (12) ​ ​ (11) ​ ​ ​ Net Income Attributable to Deere & Company ​ $ 4,137 ​ $ 6,404 ​ $ 9,547 ​ $ 890 ​ $ 696 ​ $ 619 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ $ 5,027 ​ $ 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 (see Note 6). 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. ​ 42 42 42 Table of ContentsSUPPLEMENTAL CONSOLIDATING DATA (continued)​​​​​​​​​​​​​​​​​​​​​​​​​​​​​CONDENSED BALANCE SHEETS​​​As of November 2, 2025 and October 27, 2024​​​Unaudited​​​​​EQUIPMENT​FINANCIAL​​​​​​​​​OPERATIONS​SERVICES​ELIMINATIONS​CONSOLIDATED​​​​ ​ ​ ​2025 ​ ​ ​2024​2025 ​ ​ ​2024​2025 ​ ​ ​2024​2025 ​ ​ ​2024​​​ASSETS​​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​​​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​​​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​​​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​​​​​​​​​​​​​​​​Cash and cash equivalents ​$ 6,340​$ 5,615​$ 1,936​$ 1,709​​ ​​​ ​​$ 8,276​$ 7,324​​​Marketable securities ​ 217​ 125​ 1,194​ 1,029​ ​​ ​​ 1,411​ 1,154​​​Receivables from Financial Services ​ 4,649​ 3,043​ ​​ ​​$ (4,649)​$ (3,043)​ ​​ ​​ 6​​Trade accounts and notes receivable – net ​ 1,316​ 1,257​ 5,900​ 6,225​ (1,899)​ (2,156)​ 5,317​ 5,326​ 7​​Financing receivables – net ​ 88​ 78​ 44,487​ 44,231​ ​​ ​​ 44,575​ 44,309​​​Financing receivables securitized – net ​​ 1​​ 2​​ 6,830​​ 8,721​​ ​​​ ​​​ 6,831​​ 8,723​​​Other receivables ​ 1,809​ 2,193​ 658​ 427​ (64)​ (75)​ 2,403​ 2,545​ 7​​Equipment on operating leases – net ​​ ​​​ ​​​ 7,600​​ 7,451​​ ​​​ ​​​ 7,600​​ 7,451​​​Inventories ​ 7,406​ 7,093​ ​​ ​​ ​​ ​​ 7,406​ 7,093​​​Property and equipment – net ​ 8,047​ 7,546​ 32​ 34​ ​​ ​​ 8,079​ 7,580​​​Goodwill ​ 4,188​ 3,959​ ​​ ​​ ​​ ​​ 4,188​ 3,959​​​Other intangible assets – net ​ 892​ 999​ ​​ ​​ ​​ ​​ 892​ 999​​​Retirement benefits ​ 3,181​ 2,839​ 94​ 83​ (2)​ (1)​ 3,273​ 2,921​ 8​​Deferred income taxes ​ 2,507​ 2,262​ 46​ 43​ (269)​ (219)​ 2,284​ 2,086​ 9​​Other assets ​ 2,218​ 2,194​ 1,244​ 715​ (1)​ (3)​ 3,461​ 2,906​​​Assets held for sale​ ​​ ​​ ​​ 2,944​ ​​ ​​ ​​ 2,944​​​Total Assets ​$ 42,859​$ 39,205​$ 70,021​$ 73,612​$ (6,884)​$ (5,497)​$ 105,996​$ 107,320​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​LIABILITIES AND STOCKHOLDERS’ EQUITY​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​LIABILITIES​​​​​​​​​​​​​​​​​​​​​​​​​​​Short-term borrowings ​$ 414​$ 911​$ 13,382​$ 12,622​​ ​​​ ​​$ 13,796​$ 13,533​​​Short-term securitization borrowings ​​ 1​​ 2​​ 6,595​​ 8,429​​ ​​​ ​​​ 6,596​​ 8,431​​​Payables to Equipment Operations ​ ​​ ​​ 4,649​ 3,043​$ (4,649)​$ (3,043)​ ​​ ​​ 6​​Accounts payable and accrued expenses ​ 12,757​ 13,534​ 3,116​ 3,243​ (1,964)​ (2,234)​ 13,909​ 14,543​ 7​​Deferred income taxes ​ 347​ 434​ 356​ 263​ (269)​ (219)​ 434​ 478​ 9​​Long-term borrowings ​ 8,756​ 6,603​ 34,788​ 36,626​ ​​ ​​ 43,544​ 43,229​​​Retirement benefits and other liabilities ​ 1,646​ 2,250​ 66​ 105​ (2)​ (1)​ 1,710​ 2,354​ 8​​Liabilities held for sale​ ​​ ​​ ​​ 1,827​ ​​ ​​ ​​ 1,827​​​Total liabilities ​ 23,921​ 23,734​ 62,952​ 66,158​ (6,884)​ (5,497)​ 79,989​ 84,395​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​Commitments and contingencies (Note 20)​​​​​​​​​​​​​​​​​​​​​​​​​​​Redeemable noncontrolling interest (Note 2)​​ 51​​ 82​​ ​​​ ​​​ ​​​ ​​​ 51​​ 82​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​STOCKHOLDERS’ EQUITY​​​​​​​​​​​​​​​​​​​​​​​​​​​Total Deere & Company stockholders’ equity ​ 25,950​ 22,836​ 7,069​ 7,454​ (7,069)​ (7,454)​ 25,950​ 22,836​10​​Noncontrolling interests ​ 6​ 7​ ​​ ​​ ​​ ​​ 6​ 7​​​Financial Services' equity​​ (7,069)​​ (7,454)​​ ​​​ ​​​ 7,069​​ 7,454​​ ​​​ ​​10​​Adjusted total stockholders' equity​ 18,887​ 15,389​ 7,069​ 7,454​ ​​ ​​ 25,956​ 22,843​​​Total Liabilities and Stockholders’ Equity ​$ 42,859​$ 39,205​$ 70,021​$ 73,612​$ (6,884)​$ (5,497)​$ 105,996​$ 107,320​​​​​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.​43 Table of Contents Table of Contents Table of Contents SUPPLEMENTAL CONSOLIDATING DATA (continued)​​​​​​​​​​​​​​​​​​​​​​​​​​​​​CONDENSED BALANCE SHEETS​​​As of November 2, 2025 and October 27, 2024​​​Unaudited​​​​​EQUIPMENT​FINANCIAL​​​​​​​​​OPERATIONS​SERVICES​ELIMINATIONS​CONSOLIDATED​​​​ ​ ​ ​2025 ​ ​ ​2024​2025 ​ ​ ​2024​2025 ​ ​ ​2024​2025 ​ ​ ​2024​​​ASSETS​​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​​​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​​​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​​​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​​​​​​​​​​​​​​​​Cash and cash equivalents ​$ 6,340​$ 5,615​$ 1,936​$ 1,709​​ ​​​ ​​$ 8,276​$ 7,324​​​Marketable securities ​ 217​ 125​ 1,194​ 1,029​ ​​ ​​ 1,411​ 1,154​​​Receivables from Financial Services ​ 4,649​ 3,043​ ​​ ​​$ (4,649)​$ (3,043)​ ​​ ​​ 6​​Trade accounts and notes receivable – net ​ 1,316​ 1,257​ 5,900​ 6,225​ (1,899)​ (2,156)​ 5,317​ 5,326​ 7​​Financing receivables – net ​ 88​ 78​ 44,487​ 44,231​ ​​ ​​ 44,575​ 44,309​​​Financing receivables securitized – net ​​ 1​​ 2​​ 6,830​​ 8,721​​ ​​​ ​​​ 6,831​​ 8,723​​​Other receivables ​ 1,809​ 2,193​ 658​ 427​ (64)​ (75)​ 2,403​ 2,545​ 7​​Equipment on operating leases – net ​​ ​​​ ​​​ 7,600​​ 7,451​​ ​​​ ​​​ 7,600​​ 7,451​​​Inventories ​ 7,406​ 7,093​ ​​ ​​ ​​ ​​ 7,406​ 7,093​​​Property and equipment – net ​ 8,047​ 7,546​ 32​ 34​ ​​ ​​ 8,079​ 7,580​​​Goodwill ​ 4,188​ 3,959​ ​​ ​​ ​​ ​​ 4,188​ 3,959​​​Other intangible assets – net ​ 892​ 999​ ​​ ​​ ​​ ​​ 892​ 999​​​Retirement benefits ​ 3,181​ 2,839​ 94​ 83​ (2)​ (1)​ 3,273​ 2,921​ 8​​Deferred income taxes ​ 2,507​ 2,262​ 46​ 43​ (269)​ (219)​ 2,284​ 2,086​ 9​​Other assets ​ 2,218​ 2,194​ 1,244​ 715​ (1)​ (3)​ 3,461​ 2,906​​​Assets held for sale​ ​​ ​​ ​​ 2,944​ ​​ ​​ ​​ 2,944​​​Total Assets ​$ 42,859​$ 39,205​$ 70,021​$ 73,612​$ (6,884)​$ (5,497)​$ 105,996​$ 107,320​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​LIABILITIES AND STOCKHOLDERS’ EQUITY​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​LIABILITIES​​​​​​​​​​​​​​​​​​​​​​​​​​​Short-term borrowings ​$ 414​$ 911​$ 13,382​$ 12,622​​ ​​​ ​​$ 13,796​$ 13,533​​​Short-term securitization borrowings ​​ 1​​ 2​​ 6,595​​ 8,429​​ ​​​ ​​​ 6,596​​ 8,431​​​Payables to Equipment Operations ​ ​​ ​​ 4,649​ 3,043​$ (4,649)​$ (3,043)​ ​​ ​​ 6​​Accounts payable and accrued expenses ​ 12,757​ 13,534​ 3,116​ 3,243​ (1,964)​ (2,234)​ 13,909​ 14,543​ 7​​Deferred income taxes ​ 347​ 434​ 356​ 263​ (269)​ (219)​ 434​ 478​ 9​​Long-term borrowings ​ 8,756​ 6,603​ 34,788​ 36,626​ ​​ ​​ 43,544​ 43,229​​​Retirement benefits and other liabilities ​ 1,646​ 2,250​ 66​ 105​ (2)​ (1)​ 1,710​ 2,354​ 8​​Liabilities held for sale​ ​​ ​​ ​​ 1,827​ ​​ ​​ ​​ 1,827​​​Total liabilities ​ 23,921​ 23,734​ 62,952​ 66,158​ (6,884)​ (5,497)​ 79,989​ 84,395​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​Commitments and contingencies (Note 20)​​​​​​​​​​​​​​​​​​​​​​​​​​​Redeemable noncontrolling interest (Note 2)​​ 51​​ 82​​ ​​​ ​​​ ​​​ ​​​ 51​​ 82​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​STOCKHOLDERS’ EQUITY​​​​​​​​​​​​​​​​​​​​​​​​​​​Total Deere & Company stockholders’ equity ​ 25,950​ 22,836​ 7,069​ 7,454​ (7,069)​ (7,454)​ 25,950​ 22,836​10​​Noncontrolling interests ​ 6​ 7​ ​​ ​​ ​​ ​​ 6​ 7​​​Financial Services' equity​​ (7,069)​​ (7,454)​​ ​​​ ​​​ 7,069​​ 7,454​​ ​​​ ​​10​​Adjusted total stockholders' equity​ 18,887​ 15,389​ 7,069​ 7,454​ ​​ ​​ 25,956​ 22,843​​​Total Liabilities and Stockholders’ Equity ​$ 42,859​$ 39,205​$ 70,021​$ 73,612​$ (6,884)​$ (5,497)​$ 105,996​$ 107,320​​​​​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.​"
    },
    {
      "status": "ADDED",
      "current_title": "​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​",
      "prior_title": null,
      "current_body": "​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Cash and cash equivalents ​ $ 6,340 ​ $ 5,615 ​ $ 1,936 ​ $ 1,709 ​ ​ ​ ​ ​ ​ ​ $ 8,276 ​ $ 7,324 ​ ​ ​ Marketable securities ​ 217 ​ 125 ​ 1,194 ​ 1,029 ​ ​ ​ ​ ​ 1,411 ​ 1,154 ​ ​ ​ Receivables from Financial Services ​ 4,649 ​ 3,043 ​ ​ ​ ​ ​ $ (4,649) ​ $ (3,043) ​ ​ ​ ​ ​ 6​ ​ Trade accounts and notes receivable – net ​ 1,316 ​ 1,257 ​ 5,900 ​ 6,225 ​ (1,899) ​ (2,156) ​ 5,317 ​ 5,326 ​ 7​ ​ Financing receivables – net ​ 88 ​ 78 ​ 44,487 ​ 44,231 ​ ​ ​ ​ ​ 44,575 ​ 44,309 ​ ​ ​ Financing receivables securitized – net ​ ​ 1 ​ ​ 2 ​ ​ 6,830 ​ ​ 8,721 ​ ​ ​ ​ ​ ​ ​ ​ 6,831 ​ ​ 8,723 ​ ​ ​ Other receivables ​ 1,809 ​ 2,193 ​ 658 ​ 427 ​ (64) ​ (75) ​ 2,403 ​ 2,545 ​ 7​ ​ Equipment on operating leases – net ​ ​ ​ ​ ​ ​ ​ ​ 7,600 ​ ​ 7,451 ​ ​ ​ ​ ​ ​ ​ ​ 7,600 ​ ​ 7,451 ​ ​ ​ Inventories ​ 7,406 ​ 7,093 ​ ​ ​ ​ ​ ​ ​ ​ ​ 7,406 ​ 7,093 ​ ​ ​ Property and equipment – net ​ 8,047 ​ 7,546 ​ 32 ​ 34 ​ ​ ​ ​ ​ 8,079 ​ 7,580 ​ ​ ​ Goodwill ​ 4,188 ​ 3,959 ​ ​ ​ ​ ​ ​ ​ ​ ​ 4,188 ​ 3,959 ​ ​ ​ Other intangible assets – net ​ 892 ​ 999 ​ ​ ​ ​ ​ ​ ​ ​ ​ 892 ​ 999 ​ ​ ​ Retirement benefits ​ 3,181 ​ 2,839 ​ 94 ​ 83 ​ (2) ​ (1) ​ 3,273 ​ 2,921 ​ 8​ ​ Deferred income taxes ​ 2,507 ​ 2,262 ​ 46 ​ 43 ​ (269) ​ (219) ​ 2,284 ​ 2,086 ​ 9​ ​ Other assets ​ 2,218 ​ 2,194 ​ 1,244 ​ 715 ​ (1) ​ (3) ​ 3,461 ​ 2,906 ​ ​ ​ Assets held for sale ​ ​ ​ ​ ​ ​ ​ 2,944 ​ ​ ​ ​ ​ ​ ​ 2,944 ​ ​ ​ Total Assets ​ $ 42,859 ​ $ 39,205 ​ $ 70,021 ​ $ 73,612 ​ $ (6,884) ​ $ (5,497) ​ $ 105,996 ​ $ 107,320 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​"
    },
    {
      "status": "ADDED",
      "current_title": "CONSOLIDATED",
      "prior_title": null,
      "current_body": "​ ​ ​ ​ ​ 2025 ​ 2024 ​ 2023 ​ 2025 ​ 2024 ​ 2023 ​ 2025 ​ 2024 ​ 2023 ​ 2025 ​ 2024 ​ 2023 ​ ​ ​ Net Sales and Revenues ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net sales ​ $ 38,917 ​ $ 44,759 ​ $ 55,565 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ $ 38,917 ​ $ 44,759 ​ $ 55,565 ​ ​ ​ Finance and interest income ​ ​ 521 ​ ​ 596 ​ ​ 636 ​ $ 5,768 ​ $ 6,035 ​ $ 5,055 ​ $ (541) ​ $ (872) ​ $ (1,008) ​ ​ 5,748 ​ ​ 5,759 ​ ​ 4,683 ​ 1​ ​ Other income ​ ​ 821 ​ ​ 1,006 ​ ​ 858 ​ ​ 521 ​ ​ 458 ​ ​ 499 ​ ​ (323) ​ ​ (266) ​ ​ (354) ​ ​ 1,019 ​ ​ 1,198 ​ ​ 1,003 ​ 2, 3, 4​ ​ Total ​ ​ 40,259 ​ ​ 46,361 ​ ​ 57,059 ​ ​ 6,289 ​ ​ 6,493 ​ ​ 5,554 ​ ​ (864) ​ ​ (1,138) ​ ​ (1,362) ​ ​ 45,684 ​ ​ 51,716 ​ ​ 61,251 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Costs and Expenses ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Cost of sales ​ ​ 28,190 ​ ​ 30,803 ​ ​ 37,739 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (31) ​ ​ (28) ​ ​ (24) ​ ​ 28,159 ​ ​ 30,775 ​ ​ 37,715 ​ 4​ ​ Research and development expenses ​ ​ 2,311 ​ ​ 2,290 ​ ​ 2,177 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2,311 ​ ​ 2,290 ​ ​ 2,177 ​ ​ ​ Selling, administrative and general expenses ​ ​ 3,856 ​ ​ 3,791 ​ ​ 3,611 ​ ​ 815 ​ ​ 1,059 ​ ​ 994 ​ ​ (8) ​ ​ (10) ​ ​ (10) ​ ​ 4,663 ​ ​ 4,840 ​ ​ 4,595 ​ 4​ ​ Interest expense ​ ​ 372 ​ ​ 396 ​ ​ 411 ​ ​ 2,923 ​ ​ 3,182 ​ ​ 2,362 ​ ​ (125) ​ ​ (230) ​ ​ (320) ​ ​ 3,170 ​ ​ 3,348 ​ ​ 2,453 ​ 1​ ​ Interest compensation to Financial Services ​ ​ 414 ​ ​ 640 ​ ​ 687 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (414) ​ ​ (640) ​ ​ (687) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 1​ ​ Other operating expenses ​ ​ (29) ​ ​ 133 ​ ​ 217 ​ ​ 1,439 ​ ​ 1,354 ​ ​ 1,396 ​ ​ (286) ​ ​ (230) ​ ​ (321) ​ ​ 1,124 ​ ​ 1,257 ​ ​ 1,292 ​ 3, 4, 5​ ​ Total ​ ​ 35,114 ​ ​ 38,053 ​ ​ 44,842 ​ ​ 5,177 ​ ​ 5,595 ​ ​ 4,752 ​ ​ (864) ​ ​ (1,138) ​ ​ (1,362) ​ ​ 39,427 ​ ​ 42,510 ​ ​ 48,232 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Income before Income Taxes ​ ​ 5,145 ​ ​ 8,308 ​ ​ 12,217 ​ ​ 1,112 ​ ​ 898 ​ ​ 802 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 6,257 ​ ​ 9,206 ​ ​ 13,019 ​ ​ ​ Provision for income taxes ​ ​ 1,020 ​ ​ 1,887 ​ ​ 2,685 ​ ​ 239 ​ ​ 207 ​ ​ 186 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 1,259 ​ ​ 2,094 ​ ​ 2,871 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Income after Income Taxes ​ ​ 4,125 ​ ​ 6,421 ​ ​ 9,532 ​ ​ 873 ​ ​ 691 ​ ​ 616 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 4,998 ​ ​ 7,112 ​ ​ 10,148 ​ ​ ​ Equity in income (loss) of unconsolidated affiliates ​ ​ (17) ​ ​ (29) ​ ​ 4 ​ ​ 17 ​ ​ 5 ​ ​ 3 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (24) ​ ​ 7 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net Income ​ ​ 4,108 ​ ​ 6,392 ​ ​ 9,536 ​ ​ 890 ​ ​ 696 ​ ​ 619 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 4,998 ​ ​ 7,088 ​ ​ 10,155 ​ ​ ​ Less: Net loss attributable to noncontrolling interests ​ ​ (29) ​ ​ (12) ​ ​ (11) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (29) ​ ​ (12) ​ ​ (11) ​ ​ ​ Net Income Attributable to Deere & Company ​ $ 4,137 ​ $ 6,404 ​ $ 9,547 ​ $ 890 ​ $ 696 ​ $ 619 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ $ 5,027 ​ $ 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 (see Note 6). 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. ​ 42 42 42 Table of ContentsSUPPLEMENTAL CONSOLIDATING DATA (continued)​​​​​​​​​​​​​​​​​​​​​​​​​​​​​CONDENSED BALANCE SHEETS​​​As of November 2, 2025 and October 27, 2024​​​Unaudited​​​​​EQUIPMENT​FINANCIAL​​​​​​​​​OPERATIONS​SERVICES​ELIMINATIONS​CONSOLIDATED​​​​ ​ ​ ​2025 ​ ​ ​2024​2025 ​ ​ ​2024​2025 ​ ​ ​2024​2025 ​ ​ ​2024​​​ASSETS​​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​​​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​​​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​​​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​​​​​​​​​​​​​​​​Cash and cash equivalents ​$ 6,340​$ 5,615​$ 1,936​$ 1,709​​ ​​​ ​​$ 8,276​$ 7,324​​​Marketable securities ​ 217​ 125​ 1,194​ 1,029​ ​​ ​​ 1,411​ 1,154​​​Receivables from Financial Services ​ 4,649​ 3,043​ ​​ ​​$ (4,649)​$ (3,043)​ ​​ ​​ 6​​Trade accounts and notes receivable – net ​ 1,316​ 1,257​ 5,900​ 6,225​ (1,899)​ (2,156)​ 5,317​ 5,326​ 7​​Financing receivables – net ​ 88​ 78​ 44,487​ 44,231​ ​​ ​​ 44,575​ 44,309​​​Financing receivables securitized – net ​​ 1​​ 2​​ 6,830​​ 8,721​​ ​​​ ​​​ 6,831​​ 8,723​​​Other receivables ​ 1,809​ 2,193​ 658​ 427​ (64)​ (75)​ 2,403​ 2,545​ 7​​Equipment on operating leases – net ​​ ​​​ ​​​ 7,600​​ 7,451​​ ​​​ ​​​ 7,600​​ 7,451​​​Inventories ​ 7,406​ 7,093​ ​​ ​​ ​​ ​​ 7,406​ 7,093​​​Property and equipment – net ​ 8,047​ 7,546​ 32​ 34​ ​​ ​​ 8,079​ 7,580​​​Goodwill ​ 4,188​ 3,959​ ​​ ​​ ​​ ​​ 4,188​ 3,959​​​Other intangible assets – net ​ 892​ 999​ ​​ ​​ ​​ ​​ 892​ 999​​​Retirement benefits ​ 3,181​ 2,839​ 94​ 83​ (2)​ (1)​ 3,273​ 2,921​ 8​​Deferred income taxes ​ 2,507​ 2,262​ 46​ 43​ (269)​ (219)​ 2,284​ 2,086​ 9​​Other assets ​ 2,218​ 2,194​ 1,244​ 715​ (1)​ (3)​ 3,461​ 2,906​​​Assets held for sale​ ​​ ​​ ​​ 2,944​ ​​ ​​ ​​ 2,944​​​Total Assets ​$ 42,859​$ 39,205​$ 70,021​$ 73,612​$ (6,884)​$ (5,497)​$ 105,996​$ 107,320​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​LIABILITIES AND STOCKHOLDERS’ EQUITY​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​LIABILITIES​​​​​​​​​​​​​​​​​​​​​​​​​​​Short-term borrowings ​$ 414​$ 911​$ 13,382​$ 12,622​​ ​​​ ​​$ 13,796​$ 13,533​​​Short-term securitization borrowings ​​ 1​​ 2​​ 6,595​​ 8,429​​ ​​​ ​​​ 6,596​​ 8,431​​​Payables to Equipment Operations ​ ​​ ​​ 4,649​ 3,043​$ (4,649)​$ (3,043)​ ​​ ​​ 6​​Accounts payable and accrued expenses ​ 12,757​ 13,534​ 3,116​ 3,243​ (1,964)​ (2,234)​ 13,909​ 14,543​ 7​​Deferred income taxes ​ 347​ 434​ 356​ 263​ (269)​ (219)​ 434​ 478​ 9​​Long-term borrowings ​ 8,756​ 6,603​ 34,788​ 36,626​ ​​ ​​ 43,544​ 43,229​​​Retirement benefits and other liabilities ​ 1,646​ 2,250​ 66​ 105​ (2)​ (1)​ 1,710​ 2,354​ 8​​Liabilities held for sale​ ​​ ​​ ​​ 1,827​ ​​ ​​ ​​ 1,827​​​Total liabilities ​ 23,921​ 23,734​ 62,952​ 66,158​ (6,884)​ (5,497)​ 79,989​ 84,395​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​Commitments and contingencies (Note 20)​​​​​​​​​​​​​​​​​​​​​​​​​​​Redeemable noncontrolling interest (Note 2)​​ 51​​ 82​​ ​​​ ​​​ ​​​ ​​​ 51​​ 82​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​STOCKHOLDERS’ EQUITY​​​​​​​​​​​​​​​​​​​​​​​​​​​Total Deere & Company stockholders’ equity ​ 25,950​ 22,836​ 7,069​ 7,454​ (7,069)​ (7,454)​ 25,950​ 22,836​10​​Noncontrolling interests ​ 6​ 7​ ​​ ​​ ​​ ​​ 6​ 7​​​Financial Services' equity​​ (7,069)​​ (7,454)​​ ​​​ ​​​ 7,069​​ 7,454​​ ​​​ ​​10​​Adjusted total stockholders' equity​ 18,887​ 15,389​ 7,069​ 7,454​ ​​ ​​ 25,956​ 22,843​​​Total Liabilities and Stockholders’ Equity ​$ 42,859​$ 39,205​$ 70,021​$ 73,612​$ (6,884)​$ (5,497)​$ 105,996​$ 107,320​​​​​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.​43 Table of Contents Table of Contents Table of Contents SUPPLEMENTAL CONSOLIDATING DATA (continued)​​​​​​​​​​​​​​​​​​​​​​​​​​​​​CONDENSED BALANCE SHEETS​​​As of November 2, 2025 and October 27, 2024​​​Unaudited​​​​​EQUIPMENT​FINANCIAL​​​​​​​​​OPERATIONS​SERVICES​ELIMINATIONS​CONSOLIDATED​​​​ ​ ​ ​2025 ​ ​ ​2024​2025 ​ ​ ​2024​2025 ​ ​ ​2024​2025 ​ ​ ​2024​​​ASSETS​​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​​​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​​​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​​​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​​​​​​​​​​​​​​​​Cash and cash equivalents ​$ 6,340​$ 5,615​$ 1,936​$ 1,709​​ ​​​ ​​$ 8,276​$ 7,324​​​Marketable securities ​ 217​ 125​ 1,194​ 1,029​ ​​ ​​ 1,411​ 1,154​​​Receivables from Financial Services ​ 4,649​ 3,043​ ​​ ​​$ (4,649)​$ (3,043)​ ​​ ​​ 6​​Trade accounts and notes receivable – net ​ 1,316​ 1,257​ 5,900​ 6,225​ (1,899)​ (2,156)​ 5,317​ 5,326​ 7​​Financing receivables – net ​ 88​ 78​ 44,487​ 44,231​ ​​ ​​ 44,575​ 44,309​​​Financing receivables securitized – net ​​ 1​​ 2​​ 6,830​​ 8,721​​ ​​​ ​​​ 6,831​​ 8,723​​​Other receivables ​ 1,809​ 2,193​ 658​ 427​ (64)​ (75)​ 2,403​ 2,545​ 7​​Equipment on operating leases – net ​​ ​​​ ​​​ 7,600​​ 7,451​​ ​​​ ​​​ 7,600​​ 7,451​​​Inventories ​ 7,406​ 7,093​ ​​ ​​ ​​ ​​ 7,406​ 7,093​​​Property and equipment – net ​ 8,047​ 7,546​ 32​ 34​ ​​ ​​ 8,079​ 7,580​​​Goodwill ​ 4,188​ 3,959​ ​​ ​​ ​​ ​​ 4,188​ 3,959​​​Other intangible assets – net ​ 892​ 999​ ​​ ​​ ​​ ​​ 892​ 999​​​Retirement benefits ​ 3,181​ 2,839​ 94​ 83​ (2)​ (1)​ 3,273​ 2,921​ 8​​Deferred income taxes ​ 2,507​ 2,262​ 46​ 43​ (269)​ (219)​ 2,284​ 2,086​ 9​​Other assets ​ 2,218​ 2,194​ 1,244​ 715​ (1)​ (3)​ 3,461​ 2,906​​​Assets held for sale​ ​​ ​​ ​​ 2,944​ ​​ ​​ ​​ 2,944​​​Total Assets ​$ 42,859​$ 39,205​$ 70,021​$ 73,612​$ (6,884)​$ (5,497)​$ 105,996​$ 107,320​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​LIABILITIES AND STOCKHOLDERS’ EQUITY​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​LIABILITIES​​​​​​​​​​​​​​​​​​​​​​​​​​​Short-term borrowings ​$ 414​$ 911​$ 13,382​$ 12,622​​ ​​​ ​​$ 13,796​$ 13,533​​​Short-term securitization borrowings ​​ 1​​ 2​​ 6,595​​ 8,429​​ ​​​ ​​​ 6,596​​ 8,431​​​Payables to Equipment Operations ​ ​​ ​​ 4,649​ 3,043​$ (4,649)​$ (3,043)​ ​​ ​​ 6​​Accounts payable and accrued expenses ​ 12,757​ 13,534​ 3,116​ 3,243​ (1,964)​ (2,234)​ 13,909​ 14,543​ 7​​Deferred income taxes ​ 347​ 434​ 356​ 263​ (269)​ (219)​ 434​ 478​ 9​​Long-term borrowings ​ 8,756​ 6,603​ 34,788​ 36,626​ ​​ ​​ 43,544​ 43,229​​​Retirement benefits and other liabilities ​ 1,646​ 2,250​ 66​ 105​ (2)​ (1)​ 1,710​ 2,354​ 8​​Liabilities held for sale​ ​​ ​​ ​​ 1,827​ ​​ ​​ ​​ 1,827​​​Total liabilities ​ 23,921​ 23,734​ 62,952​ 66,158​ (6,884)​ (5,497)​ 79,989​ 84,395​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​Commitments and contingencies (Note 20)​​​​​​​​​​​​​​​​​​​​​​​​​​​Redeemable noncontrolling interest (Note 2)​​ 51​​ 82​​ ​​​ ​​​ ​​​ ​​​ 51​​ 82​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​STOCKHOLDERS’ EQUITY​​​​​​​​​​​​​​​​​​​​​​​​​​​Total Deere & Company stockholders’ equity ​ 25,950​ 22,836​ 7,069​ 7,454​ (7,069)​ (7,454)​ 25,950​ 22,836​10​​Noncontrolling interests ​ 6​ 7​ ​​ ​​ ​​ ​​ 6​ 7​​​Financial Services' equity​​ (7,069)​​ (7,454)​​ ​​​ ​​​ 7,069​​ 7,454​​ ​​​ ​​10​​Adjusted total stockholders' equity​ 18,887​ 15,389​ 7,069​ 7,454​ ​​ ​​ 25,956​ 22,843​​​Total Liabilities and Stockholders’ Equity ​$ 42,859​$ 39,205​$ 70,021​$ 73,612​$ (6,884)​$ (5,497)​$ 105,996​$ 107,320​​​​​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.​"
    },
    {
      "status": "REMOVED",
      "current_title": null,
      "prior_title": "Unfavorable weather conditions or natural catastrophes that reduce agricultural production and demand for agriculture and turf equipment could directly and indirectly affect our business.",
      "prior_body": "The purchasing decisions of our customers, particularly the purchasers of agriculture and turf equipment, can be significantly affected by poor or unusual weather conditions. Such conditions include: Each of these conditions could negatively affect demand for agricultural and turf equipment and the financial condition and credit risk of our dealers and customers."
    },
    {
      "status": "REMOVED",
      "current_title": null,
      "prior_title": "Unexpected events have increased and may in the future increase our cost of doing business or disrupt our operations.",
      "prior_body": "The occurrence of one or more unexpected events, including war, acts of terrorism, epidemics and pandemics (such as the COVID pandemic), civil unrest, fires, tornadoes, tsunamis, hurricanes, earthquakes, floods, and other forms of severe weather in the United States or in other countries in which we operate, or in which our suppliers are located, have adversely affected and could in the future adversely affect our operations and financial performance. Such events have caused and could cause complete or partial closure of one or more of our manufacturing facilities or distribution centers, temporary or long-term disruptions in the supply of component products from some local and international suppliers, and disruption and delay in the transport of products to dealers, end-users, and distribution centers. Most recently, Hurricane Helene in the U.S. closed operations at our Augusta, Georgia and Greenville, Tennessee facilities temporarily. Existing insurance coverage may not provide protection from all the costs that may arise from such events. The potential physical impacts of climate change on our facilities, suppliers, and customers, and therefore on our operations, are highly uncertain and will be particular to the circumstances developing in various geographic regions. These potential physical effects may adversely affect the demand for our products and the cost, production, sales, and financial performance of our operations."
    },
    {
      "status": "REMOVED",
      "current_title": null,
      "prior_title": "Our business could be adversely affected by the infringement or loss of intellectual property rights.",
      "prior_body": "We protect our intellectual property with a combination of patents, trademarks, copyrights, trade secret laws, and legal agreements. We heavily rely on certain trademarks to protect our identity and customer recognition of our products and services, including, but not limited to, the “John Deere” mark, the leaping deer logo, the “Nothing Runs Like a Deere” slogan, and the green and yellow color combination. These trademarks, as well as the many patents that protect innovations used in our products, are integral to our business, and their loss could have a material adverse effect on us. Additionally, third parties may initiate legal proceedings to challenge the validity of our intellectual property or allege that we infringe on their intellectual property. We may incur substantial costs if third parties initiate such legal proceedings, or if we initiate legal proceedings to protect or enforce our intellectual property. If the outcome of any such legal proceedings is unfavorable to us, our business could be adversely affected."
    },
    {
      "status": "REMOVED",
      "current_title": null,
      "prior_title": "Changes in tax rates, tax legislation, or exposure to additional tax liabilities could have a negative effect on our business.",
      "prior_body": "We are subject to income taxes in the U.S. and numerous foreign jurisdictions. Our domestic and international tax liabilities are dependent upon the location of earnings among these different jurisdictions. Tax rates in various jurisdictions may be subject to significant change. Our effective tax rates could be affected by changes in the mix of earnings in countries with differing statutory tax rates, changes in the valuation of deferred tax assets and liabilities, or changes in tax laws or their interpretations. If our effective tax rates were to increase, or if the ultimate determination of taxes owed is for an amount more than amounts previously accrued, our operating results, cash flows, and financial condition could be adversely affected."
    },
    {
      "status": "REMOVED",
      "current_title": null,
      "prior_title": "Our consolidated financial results are reported in U.S. dollars while certain assets and other reported items are denominated in foreign currencies, creating currency exchange and translation risk.",
      "prior_body": "We are a global company with transactions denominated in a variety of currencies. We are subject to currency exchange risk to the extent that our costs are denominated in currencies other than those in which we earn our revenues. Additionally, the reporting currency for our consolidated financial statements is the U.S. dollar. Certain of our assets, liabilities, expenses, and revenues are denominated in other countries’ currencies, which are then translated into U.S. dollars at the applicable exchange rates and reported in our consolidated financial statements. Therefore, fluctuations in foreign exchange rates affect the value of those items as reflected in our consolidated financial statements, even if their value remains unchanged in the original currencies. While the use of currency hedging instruments may provide us with some protection from adverse fluctuations in currency exchange rates, by utilizing these instruments we potentially forego any benefits that may result from favorable fluctuations in such rates. In Argentina, we have employed mechanisms to convert Argentine pesos into U.S. dollars to the extent possible. These mechanisms are short-term in nature, leaving us exposed to long-term currency fluctuations."
    },
    {
      "status": "REMOVED",
      "current_title": null,
      "prior_title": "If we are unable to remain competitive and relevant, including by delivering precision technology solutions to our customers, our business, results of operations, and financial condition could be adversely affected.",
      "prior_body": "We compete on product performance, innovation and quality, distribution, sustainability, customer service, and price. Aggressive pricing or other strategies of competitors, unanticipated product or manufacturing delays, our failure to deliver quality products that meet customer needs, or our failure to price products competitively adversely affects our business, results of operations, and financial condition. To remain competitive, we need to have a thorough understanding of our existing and potential customers on a global basis, particularly in growth markets such as Argentina and Brazil. In addition, if we are unable to remain relevant and effectively develop and deliver technology that customers can easily adopt and utilize, customer adoption rates could reduce, adversely impacting our business operations and future financial performance. Therefore, our ability to deliver precision technology and expand value-driven solutions is critical to our business success. If we fail to stay ahead of both traditional and non-traditional competitors in the technology space, it may hinder our ability to adapt or identify strategic partnerships within our industries in a timely manner. This could result in increased costs and delays in delivering value to our customers, ultimately affecting our competitive position and financial condition. Furthermore, our approach to precision technology involves hardware and software, guidance, connectivity and digital solutions, automation and machine intelligence, and autonomy. We may make significant investments in research and development, connectivity solutions, digital security for precision technology solutions, and conduct dealer and employee training. These investments may not produce solutions that provide the desired results for customers’ profitability or sustainability outcomes, impacting our competitive position."
    },
    {
      "status": "REMOVED",
      "current_title": null,
      "prior_title": "Our ability to attract, develop, engage, and retain qualified employees could affect our ability to execute our strategy.",
      "prior_body": "Our continued success depends, in part, on our ability to identify and attract qualified candidates with the requisite education, background, and experience, as well as our ability to develop, engage, and retain qualified employees. Failure to attract, develop, engage, and retain qualified employees, whether as a result of an insufficient number of qualified applicants, difficulty in recruiting new employees, or inadequate resources to train, integrate, and retain qualified employees, could impair our ability to execute our business strategy and could adversely affect our business, results of operations, and financial condition. In addition, our culture and our values have been important contributors to our success to date and promote a sense of pride and fulfillment in our employees. Failure to preserve our culture or focus on our values could negatively affect our ability to retain and recruit talent. While we strive to reduce the impact of the departure of employees, our operations or ability to execute our business strategy may be affected by the loss of employees, such as in connection with the reduction in workforce we conducted in fiscal year 2024. This reduction may adversely affect us as a result of decreased employee morale, the loss of institutional knowledge held by departing employees, the allocation of resources to reorganize and reassign job roles and responsibilities, and the increased risk of litigation from former employees. In addition, we may not realize the expected cost savings from the reduction in workforce. We may also conduct other workforce reductions in the future, if deemed appropriate for our business."
    },
    {
      "status": "REMOVED",
      "current_title": null,
      "prior_title": "Disruption of our technology systems or unexpected network interruption could disrupt our business.",
      "prior_body": "We are increasingly dependent on technology systems to operate on a day-to-day basis. The failure of our technology systems to operate properly or effectively, problems with transitioning to upgraded or replacement systems, or difficulty in integrating new systems, could adversely affect our business. These disruptions could result in delays, which could reduce demand for our products and cause our sales to decline. In addition, if changes in technology cause our information systems to become obsolete, or if our information systems are inadequate to handle our growth and new technologies, we could lose customers. Any significant disruption 20 20 20 Table of Contentsin our technology systems could harm our reputation and credibility and could have a material adverse effect on our business, financial condition, and results of operations.We could be impacted by changes to or reallocation of radio frequency (RF) bands which could disrupt or degrade the reliability of our high precision augmented Global Positioning System (GPS) or other RF technology, which could impair our ability to develop and market GPS- and RF-based technology solutions, as well as significantly reduce agricultural and construction customers’ profitability.Our current and planned integrated agricultural business and equipment management systems, as well as our fleet management telematics solutions for construction equipment, depend upon the use of RF signals. These signals include, but are not limited to, GPS signals, other GPS-like satellite signals, augmented GPS services, and other RF technologies that link equipment, operations, owners, dealers, and technicians. These radio services depend on frequency allocations governed by international and national government agencies. Any international or national reallocation of frequency bands, including frequency bands segmentation and band spectrum sharing, or other modifications concerning the regulation of frequency bands, could significantly disrupt or degrade the utility and reliability of our GPS-based products, which could negatively affect our ability to develop and market GPS-based technology solutions. In January 2024, we entered into an agreement with SpaceX and its Starlink network to provide satellite communications (SATCOM) service to farmers facing rural connectivity challenges, with an initial focus on Brazil. Most recently, Brazil’s regulators threatened to sanction Starlink’s broadband coverage based on alleged hate speech and misinformation posted on the X platform, which like Starlink, is owned by Elon Musk. If regulators sanction Starlink or Starlink is otherwise subject to other issues that impair its ability to operate its SATCOM solution either in Brazil or elsewhere, our rural connectivity offering would be adversely affected or impaired.In addition, disruptions with GPS signals or the failure of telecommunications network operators to supply the bandwidth we need to support our products could interfere with the speed, availability, and usability of our equipment and services. If these GPS signals or RF signals become unavailable, our customers could be unable to use their equipment indefinitely. For our agricultural customers, this could result in lower crop yields, decreased operational efficiency, and higher equipment maintenance, seed, fertilizer, fuel, and wage costs. For construction customers, this could result in higher fuel and equipment maintenance costs, as well as lower construction design and project management efficiencies. These cost increases could significantly reduce customers’ profitability, sustainability, and demand for our products. As a result, our sales and revenue could significantly decrease, which would have a material adverse effect on our results of operations and our business.COMPLIANCE RISKS Our global operations are subject to complex and changing laws and regulations, the violation of which could expose us to potential liabilities, increased costs, and other adverse effects.We are subject to numerous international, federal, state, and local laws and regulations, many of which are complex, frequently changing, and subject to varying interpretations. These laws and regulations cover a variety of subjects, including advertising, anti-money laundering, antitrust, consumer finance, environmental, climate-related, health and safety, foreign exchange controls and cash repatriation restrictions, foreign ownership and investment, import/export and trade, human rights, labor and employment, product liability reporting, cybersecurity, data privacy, telematics, encryption, and telecommunications. Changes to existing laws and regulations, or changes to how they are interpreted, or the implementation of new, more stringent laws or regulations, could adversely affect our business by increasing compliance costs, limiting our ability to offer a product or service, requiring changes to our business practices, or otherwise making our products and services less attractive to customers. Failure to comply with these laws and regulations could result in fines and penalties. In addition, we must comply with the U.S. Foreign Corrupt Practices Act (FCPA) and all applicable foreign anti-bribery and anti-corruption laws. These laws generally prohibit companies and their intermediaries from making improper payments or providing anything of value to improperly influence government officials or private individuals for the purpose of obtaining or retaining a business advantage, regardless of whether those practices are culturally expected in a particular jurisdiction. Although we have a compliance program in place designed to reduce the likelihood of potential violations of these laws and regulations, our employees, contractors, or agents have violated, and in the future could violate such laws and regulations or our policies and procedures. Violations of these laws and regulations have resulted in, and could result in the future, in criminal or civil sanctions and may have a material adverse effect on our reputation, business, results of operations, and financial condition. In fiscal year 2024, we agreed to pay approximately $10.0 million to the Commission to resolve charges that the Company violated the FCPA arising out of improper payments by our wholly-owned subsidiary, Wirtgen Thailand. 21 Table of Contents Table of Contents Table of Contents in our technology systems could harm our reputation and credibility and could have a material adverse effect on our business, financial condition, and results of operations.We could be impacted by changes to or reallocation of radio frequency (RF) bands which could disrupt or degrade the reliability of our high precision augmented Global Positioning System (GPS) or other RF technology, which could impair our ability to develop and market GPS- and RF-based technology solutions, as well as significantly reduce agricultural and construction customers’ profitability.Our current and planned integrated agricultural business and equipment management systems, as well as our fleet management telematics solutions for construction equipment, depend upon the use of RF signals. These signals include, but are not limited to, GPS signals, other GPS-like satellite signals, augmented GPS services, and other RF technologies that link equipment, operations, owners, dealers, and technicians. These radio services depend on frequency allocations governed by international and national government agencies. Any international or national reallocation of frequency bands, including frequency bands segmentation and band spectrum sharing, or other modifications concerning the regulation of frequency bands, could significantly disrupt or degrade the utility and reliability of our GPS-based products, which could negatively affect our ability to develop and market GPS-based technology solutions. In January 2024, we entered into an agreement with SpaceX and its Starlink network to provide satellite communications (SATCOM) service to farmers facing rural connectivity challenges, with an initial focus on Brazil. Most recently, Brazil’s regulators threatened to sanction Starlink’s broadband coverage based on alleged hate speech and misinformation posted on the X platform, which like Starlink, is owned by Elon Musk. If regulators sanction Starlink or Starlink is otherwise subject to other issues that impair its ability to operate its SATCOM solution either in Brazil or elsewhere, our rural connectivity offering would be adversely affected or impaired.In addition, disruptions with GPS signals or the failure of telecommunications network operators to supply the bandwidth we need to support our products could interfere with the speed, availability, and usability of our equipment and services. If these GPS signals or RF signals become unavailable, our customers could be unable to use their equipment indefinitely. For our agricultural customers, this could result in lower crop yields, decreased operational efficiency, and higher equipment maintenance, seed, fertilizer, fuel, and wage costs. For construction customers, this could result in higher fuel and equipment maintenance costs, as well as lower construction design and project management efficiencies. These cost increases could significantly reduce customers’ profitability, sustainability, and demand for our products. As a result, our sales and revenue could significantly decrease, which would have a material adverse effect on our results of operations and our business.COMPLIANCE RISKS Our global operations are subject to complex and changing laws and regulations, the violation of which could expose us to potential liabilities, increased costs, and other adverse effects.We are subject to numerous international, federal, state, and local laws and regulations, many of which are complex, frequently changing, and subject to varying interpretations. These laws and regulations cover a variety of subjects, including advertising, anti-money laundering, antitrust, consumer finance, environmental, climate-related, health and safety, foreign exchange controls and cash repatriation restrictions, foreign ownership and investment, import/export and trade, human rights, labor and employment, product liability reporting, cybersecurity, data privacy, telematics, encryption, and telecommunications. Changes to existing laws and regulations, or changes to how they are interpreted, or the implementation of new, more stringent laws or regulations, could adversely affect our business by increasing compliance costs, limiting our ability to offer a product or service, requiring changes to our business practices, or otherwise making our products and services less attractive to customers. Failure to comply with these laws and regulations could result in fines and penalties. In addition, we must comply with the U.S. Foreign Corrupt Practices Act (FCPA) and all applicable foreign anti-bribery and anti-corruption laws. These laws generally prohibit companies and their intermediaries from making improper payments or providing anything of value to improperly influence government officials or private individuals for the purpose of obtaining or retaining a business advantage, regardless of whether those practices are culturally expected in a particular jurisdiction. Although we have a compliance program in place designed to reduce the likelihood of potential violations of these laws and regulations, our employees, contractors, or agents have violated, and in the future could violate such laws and regulations or our policies and procedures. Violations of these laws and regulations have resulted in, and could result in the future, in criminal or civil sanctions and may have a material adverse effect on our reputation, business, results of operations, and financial condition. In fiscal year 2024, we agreed to pay approximately $10.0 million to the Commission to resolve charges that the Company violated the FCPA arising out of improper payments by our wholly-owned subsidiary, Wirtgen Thailand. in our technology systems could harm our reputation and credibility and could have a material adverse effect on our business, financial condition, and results of operations.We could be impacted by changes to or reallocation of radio frequency (RF) bands which could disrupt or degrade the reliability of our high precision augmented Global Positioning System (GPS) or other RF technology, which could impair our ability to develop and market GPS- and RF-based technology solutions, as well as significantly reduce agricultural and construction customers’ profitability.Our current and planned integrated agricultural business and equipment management systems, as well as our fleet management telematics solutions for construction equipment, depend upon the use of RF signals. These signals include, but are not limited to, GPS signals, other GPS-like satellite signals, augmented GPS services, and other RF technologies that link equipment, operations, owners, dealers, and technicians. These radio services depend on frequency allocations governed by international and national government agencies. Any international or national reallocation of frequency bands, including frequency bands segmentation and band spectrum sharing, or other modifications concerning the regulation of frequency bands, could significantly disrupt or degrade the utility and reliability of our GPS-based products, which could negatively affect our ability to develop and market GPS-based technology solutions. In January 2024, we entered into an agreement with SpaceX and its Starlink network to provide satellite communications (SATCOM) service to farmers facing rural connectivity challenges, with an initial focus on Brazil. Most recently, Brazil’s regulators threatened to sanction Starlink’s broadband coverage based on alleged hate speech and misinformation posted on the X platform, which like Starlink, is owned by Elon Musk. If regulators sanction Starlink or Starlink is otherwise subject to other issues that impair its ability to operate its SATCOM solution either in Brazil or elsewhere, our rural connectivity offering would be adversely affected or impaired.In addition, disruptions with GPS signals or the failure of telecommunications network operators to supply the bandwidth we need to support our products could interfere with the speed, availability, and usability of our equipment and services. If these GPS signals or RF signals become unavailable, our customers could be unable to use their equipment indefinitely. For our agricultural customers, this could result in lower crop yields, decreased operational efficiency, and higher equipment maintenance, seed, fertilizer, fuel, and wage costs. For construction customers, this could result in higher fuel and equipment maintenance costs, as well as lower construction design and project management efficiencies. These cost increases could significantly reduce customers’ profitability, sustainability, and demand for our products. As a result, our sales and revenue could significantly decrease, which would have a material adverse effect on our results of operations and our business.COMPLIANCE RISKS Our global operations are subject to complex and changing laws and regulations, the violation of which could expose us to potential liabilities, increased costs, and other adverse effects.We are subject to numerous international, federal, state, and local laws and regulations, many of which are complex, frequently changing, and subject to varying interpretations. These laws and regulations cover a variety of subjects, including advertising, anti-money laundering, antitrust, consumer finance, environmental, climate-related, health and safety, foreign exchange controls and cash repatriation restrictions, foreign ownership and investment, import/export and trade, human rights, labor and employment, product liability reporting, cybersecurity, data privacy, telematics, encryption, and telecommunications. Changes to existing laws and regulations, or changes to how they are interpreted, or the implementation of new, more stringent laws or regulations, could adversely affect our business by increasing compliance costs, limiting our ability to offer a product or service, requiring changes to our business practices, or otherwise making our products and services less attractive to customers. Failure to comply with these laws and regulations could result in fines and penalties. In addition, we must comply with the U.S. Foreign Corrupt Practices Act (FCPA) and all applicable foreign anti-bribery and anti-corruption laws. These laws generally prohibit companies and their intermediaries from making improper payments or providing anything of value to improperly influence government officials or private individuals for the purpose of obtaining or retaining a business advantage, regardless of whether those practices are culturally expected in a particular jurisdiction. Although we have a compliance program in place designed to reduce the likelihood of potential violations of these laws and regulations, our employees, contractors, or agents have violated, and in the future could violate such laws and regulations or our policies and procedures. Violations of these laws and regulations have resulted in, and could result in the future, in criminal or civil sanctions and may have a material adverse effect on our reputation, business, results of operations, and financial condition. In fiscal year 2024, we agreed to pay approximately $10.0 million to the Commission to resolve charges that the Company violated the FCPA arising out of improper payments by our wholly-owned subsidiary, Wirtgen Thailand. in our technology systems could harm our reputation and credibility and could have a material adverse effect on our business, financial condition, and results of operations."
    },
    {
      "status": "REMOVED",
      "current_title": null,
      "prior_title": "We could be impacted by changes to or reallocation of radio frequency (RF) bands which could disrupt or degrade the reliability of our high precision augmented Global Positioning System (GPS) or other RF technology, which could impair our ability to develop and market GPS- and RF-based technology solutions, as well as significantly reduce agricultural and construction customers’ profitability.",
      "prior_body": "Our current and planned integrated agricultural business and equipment management systems, as well as our fleet management telematics solutions for construction equipment, depend upon the use of RF signals. These signals include, but are not limited to, GPS signals, other GPS-like satellite signals, augmented GPS services, and other RF technologies that link equipment, operations, owners, dealers, and technicians. These radio services depend on frequency allocations governed by international and national government agencies. Any international or national reallocation of frequency bands, including frequency bands segmentation and band spectrum sharing, or other modifications concerning the regulation of frequency bands, could significantly disrupt or degrade the utility and reliability of our GPS-based products, which could negatively affect our ability to develop and market GPS-based technology solutions. In January 2024, we entered into an agreement with SpaceX and its Starlink network to provide satellite communications (SATCOM) service to farmers facing rural connectivity challenges, with an initial focus on Brazil. Most recently, Brazil’s regulators threatened to sanction Starlink’s broadband coverage based on alleged hate speech and misinformation posted on the X platform, which like Starlink, is owned by Elon Musk. If regulators sanction Starlink or Starlink is otherwise subject to other issues that impair its ability to operate its SATCOM solution either in Brazil or elsewhere, our rural connectivity offering would be adversely affected or impaired. In addition, disruptions with GPS signals or the failure of telecommunications network operators to supply the bandwidth we need to support our products could interfere with the speed, availability, and usability of our equipment and services. If these GPS signals or RF signals become unavailable, our customers could be unable to use their equipment indefinitely. For our agricultural customers, this could result in lower crop yields, decreased operational efficiency, and higher equipment maintenance, seed, fertilizer, fuel, and wage costs. For construction customers, this could result in higher fuel and equipment maintenance costs, as well as lower construction design and project management efficiencies. These cost increases could significantly reduce customers’ profitability, sustainability, and demand for our products. As a result, our sales and revenue could significantly decrease, which would have a material adverse effect on our results of operations and our business."
    },
    {
      "status": "REMOVED",
      "current_title": null,
      "prior_title": "We may face risks associated with international, national, and regional trade laws, regulations, and policies, and government farm programs and policies which could significantly impair our profitability and growth prospects.",
      "prior_body": "International, national, and regional laws, regulations, and policies directly or indirectly related to or restricting the import and export of our products, services, and technology, or those of our customers, or for the benefit of favored industries or sectors, could harm our global business. We are subject to various regulatory risks including, but not limited to, the following:"
    },
    {
      "status": "REMOVED",
      "current_title": null,
      "prior_title": "ISSUER PURCHASES OF EQUITY SECURITIES",
      "prior_body": "​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Maximum ​ ​ ​ ​ ​ ​ ​"
    },
    {
      "status": "REMOVED",
      "current_title": null,
      "prior_title": "(thousands)",
      "prior_body": "​ (millions) Jul 29 to Aug 25 877 ​ $ 362.97 876 23.1 ​ Aug 26 to Sept 22 515 ​ ​ 390.00 515 22.6 ​ Sept 23 to Oct 27 651 ​ 412.74 651 21.9 ​ Total 2,043 ​ ​ ​ 2,042 ​ ​ ​ ​ ​ STOCK PERFORMANCE GRAPH The following graph compares the yearly percentage change of Deere & Company’s cumulative total shareholder returns (TSR) for the last five years to that of the S&P 500 Index and the S&P 500 Industrials Index. The S&P 500 Industrials Index represents a focus group of companies across major industrial manufacturing categories that carry similar operational characteristics to us. The graph assumes $100 was invested on November 1, 2019, and that dividends were reinvested. The stock performance shown in the graph is not intended to forecast and does not necessarily indicate future price performance. ​ ​ 25 25 25 Table of ContentsITEM 6.[RESERVED]​ITEM 7.MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS.See the information under the caption “Management’s Discussion and Analysis.”ITEM 7A.QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK.We are exposed to a variety of market risks, including interest rates and currency exchange rates. We attempt to actively manage these risks. See the information under “Management’s Discussion and Analysis,” under “Financial Instrument Market Risk Information” and in Note 26 to the Consolidated Financial Statements.ITEM 8.FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA.See the Consolidated Financial Statements and notes thereto and supplementary data.ITEM 9.CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL DISCLOSURE.Not applicable.ITEM 9A.CONTROLS AND PROCEDURES.Disclosure Controls and ProceduresOur principal executive officer and our principal financial officer have concluded that our disclosure controls and procedures (as defined in Rules 13a-15(e) and 15d-15(e) of the Securities Exchange Act of 1934, as amended (the Exchange Act)) were effective as of October 27, 2024, based on the evaluation of these controls and procedures required by Rule 13a-15(b) or 15d-15(b) of the Exchange Act.Management’s Report on Internal Control Over Financial ReportingManagement is responsible for establishing and maintaining adequate internal control over financial reporting. Our internal control system was designed to provide reasonable assurance regarding the preparation and fair presentation of published financial statements in accordance with generally accepted U.S. accounting principles.All internal control systems, no matter how well designed, have inherent limitations. Therefore, even those systems determined to be effective can provide only reasonable assurance with respect to financial statement preparation and presentation in accordance with generally accepted accounting principles.Management assessed the effectiveness of our internal control over financial reporting as of October 27, 2024, using the criteria set forth in Internal Control – Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission. Based on that assessment, management concluded that, as of October 27, 2024, our internal control over financial reporting was effective.Our independent registered public accounting firm has issued an audit report on the effectiveness of our internal control over financial reporting. That report is included herein.Changes in Internal Control Over Financial ReportingDuring the fourth quarter, there were no changes that have materially affected or are reasonably likely to materially affect our internal control over financial reporting.ITEM 9B.OTHER INFORMATION.Director and Executive Officer Trading ArrangementsNone.ITEM 9C. DISCLOSURE REGARDING FOREIGN JURISDICTIONS THAT PREVENT INSPECTIONS.Not applicable.26 Table of Contents Table of Contents Table of Contents ITEM 6.[RESERVED]​ITEM 7.MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS.See the information under the caption “Management’s Discussion and Analysis.”ITEM 7A.QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK.We are exposed to a variety of market risks, including interest rates and currency exchange rates. We attempt to actively manage these risks. See the information under “Management’s Discussion and Analysis,” under “Financial Instrument Market Risk Information” and in Note 26 to the Consolidated Financial Statements.ITEM 8.FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA.See the Consolidated Financial Statements and notes thereto and supplementary data.ITEM 9.CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL DISCLOSURE.Not applicable.ITEM 9A.CONTROLS AND PROCEDURES.Disclosure Controls and ProceduresOur principal executive officer and our principal financial officer have concluded that our disclosure controls and procedures (as defined in Rules 13a-15(e) and 15d-15(e) of the Securities Exchange Act of 1934, as amended (the Exchange Act)) were effective as of October 27, 2024, based on the evaluation of these controls and procedures required by Rule 13a-15(b) or 15d-15(b) of the Exchange Act.Management’s Report on Internal Control Over Financial ReportingManagement is responsible for establishing and maintaining adequate internal control over financial reporting. Our internal control system was designed to provide reasonable assurance regarding the preparation and fair presentation of published financial statements in accordance with generally accepted U.S. accounting principles.All internal control systems, no matter how well designed, have inherent limitations. Therefore, even those systems determined to be effective can provide only reasonable assurance with respect to financial statement preparation and presentation in accordance with generally accepted accounting principles.Management assessed the effectiveness of our internal control over financial reporting as of October 27, 2024, using the criteria set forth in Internal Control – Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission. Based on that assessment, management concluded that, as of October 27, 2024, our internal control over financial reporting was effective.Our independent registered public accounting firm has issued an audit report on the effectiveness of our internal control over financial reporting. That report is included herein.Changes in Internal Control Over Financial ReportingDuring the fourth quarter, there were no changes that have materially affected or are reasonably likely to materially affect our internal control over financial reporting.ITEM 9B.OTHER INFORMATION.Director and Executive Officer Trading ArrangementsNone.ITEM 9C. DISCLOSURE REGARDING FOREIGN JURISDICTIONS THAT PREVENT INSPECTIONS.Not applicable. ITEM 6.[RESERVED]​ITEM 7.MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS.See the information under the caption “Management’s Discussion and Analysis.”ITEM 7A.QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK.We are exposed to a variety of market risks, including interest rates and currency exchange rates. We attempt to actively manage these risks. See the information under “Management’s Discussion and Analysis,” under “Financial Instrument Market Risk Information” and in Note 26 to the Consolidated Financial Statements.ITEM 8.FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA.See the Consolidated Financial Statements and notes thereto and supplementary data.ITEM 9.CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL DISCLOSURE.Not applicable.ITEM 9A.CONTROLS AND PROCEDURES.Disclosure Controls and ProceduresOur principal executive officer and our principal financial officer have concluded that our disclosure controls and procedures (as defined in Rules 13a-15(e) and 15d-15(e) of the Securities Exchange Act of 1934, as amended (the Exchange Act)) were effective as of October 27, 2024, based on the evaluation of these controls and procedures required by Rule 13a-15(b) or 15d-15(b) of the Exchange Act.Management’s Report on Internal Control Over Financial ReportingManagement is responsible for establishing and maintaining adequate internal control over financial reporting. Our internal control system was designed to provide reasonable assurance regarding the preparation and fair presentation of published financial statements in accordance with generally accepted U.S. accounting principles.All internal control systems, no matter how well designed, have inherent limitations. Therefore, even those systems determined to be effective can provide only reasonable assurance with respect to financial statement preparation and presentation in accordance with generally accepted accounting principles.Management assessed the effectiveness of our internal control over financial reporting as of October 27, 2024, using the criteria set forth in Internal Control – Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission. Based on that assessment, management concluded that, as of October 27, 2024, our internal control over financial reporting was effective.Our independent registered public accounting firm has issued an audit report on the effectiveness of our internal control over financial reporting. That report is included herein.Changes in Internal Control Over Financial ReportingDuring the fourth quarter, there were no changes that have materially affected or are reasonably likely to materially affect our internal control over financial reporting.ITEM 9B.OTHER INFORMATION.Director and Executive Officer Trading ArrangementsNone.ITEM 9C. DISCLOSURE REGARDING FOREIGN JURISDICTIONS THAT PREVENT INSPECTIONS.Not applicable. ITEM 6. [RESERVED] ​ ITEM 7. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS. See the information under the caption “Management’s Discussion and Analysis.” ITEM 7A. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK. We are exposed to a variety of market risks, including interest rates and currency exchange rates. We attempt to actively manage these risks. See the information under “Management’s Discussion and Analysis,” under “Financial Instrument Market Risk Information” and in Note 26 to the Consolidated Financial Statements. ITEM 8. FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA. See the Consolidated Financial Statements and notes thereto and supplementary data. ITEM 9. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL DISCLOSURE. Not applicable. ITEM 9A. CONTROLS AND PROCEDURES."
    },
    {
      "status": "REMOVED",
      "current_title": null,
      "prior_title": "Changes in Internal Control Over Financial Reporting",
      "prior_body": "During the fourth quarter, there were no changes that have materially affected or are reasonably likely to materially affect our internal control over financial reporting. ITEM 9B. OTHER INFORMATION."
    },
    {
      "status": "REMOVED",
      "current_title": null,
      "prior_title": "Financial Statement Schedules Omitted",
      "prior_body": "​ ​ ​ ​ ​ The following schedules for the Company and consolidated subsidiaries are omitted because of the absence of the conditions under which they are required: I, II, III, IV, and V. ​ ​ ​ ​ ITEM 16.FORM 10-K SUMMARY. ITEM 16. None. ​ ​ ​ ​ 28 28 28 Table of ContentsMANAGEMENT’S DISCUSSION AND ANALYSISManagement’s Discussion and Analysis of Financial Condition and Results of Operations (MD&A) is intended to promote understanding of our financial condition and results of operations. The MD&A is provided as a supplement to, and should be read in conjunction with, the consolidated financial statements and the accompanying Notes to Consolidated Financial Statements. All amounts are presented in millions of dollars, unless otherwise specified. For comparison of 2023 to 2022 results, refer to the “Management’s Discussion and Analysis” section of our 2023 Form 10-K.​​OVERVIEW​Deere & Company is a global leader in the production of agricultural, turf, construction, and forestry equipment and solutions. John Deere Financial provides financing for John Deere equipment, parts, services, and other inputs customers need to run their operations. Our operations are managed through the production and precision agriculture (PPA), small agriculture and turf (SAT), construction and forestry (CF), and financial services operating segments. References to “equipment operations” include PPA, SAT, and CF, while references to “agriculture and turf” include both PPA and SAT.Net Sales and Revenues by Segment in 2024​​​TRENDS & ECONOMIC CONDITIONS​Industry Sales Outlook for Fiscal 2025Agriculture and Turf​Construction and ForestryCompany TrendsCustomers seek to improve profitability, productivity, and sustainability through integrating technology into their operations. Deeper integration of technology into equipment is a persistent market trend. These technologies are incorporated into products within each of our operating segments. We expect this trend to persist for the foreseeable future. Our Smart Industrial Operating Model and Leap Ambitions are intended to capitalize on this market trend. Engaged acres are an indicator we use to understand customer utilization of our technology. We are investing in a Solutions as a Service business model to increase technology adoption and utilization by our customers. Solutions as a Service products did not represent a significant percentage of our revenues in 2024.Company Outlook for 2025●Agriculture and turf equipment sales are projected to decline in 2025 due to contraction of agriculture markets globally.●Construction equipment sales are projected to decline in 2025 as healthy end markets are offset by continued uncertainty in equipment purchases. Roadbuilding equipment sales are anticipated to be generally flat.Agriculture and Turf Outlook for 2025●Demand in the U.S. and Canada is expected to further moderate amidst weak farm fundamentals, high interest rates, elevated used inventory levels, and short-term farmer liquidity concerns heading into the 2025 growing season.●We expect small agricultural equipment sales to be down from 2024 levels in the U.S. and Canada. The dairy and livestock segment is anticipated to have another year of strong profitability as elevated livestock and hay prices are further enhanced by low input feed costs. This is projected to be more than offset by restrained demand in the turf and compact utility tractor markets as single family home sales and home improvement spending remain stagnant amid high interest rates. ●In Europe, the industry is forecasted to be down as farm fundamentals in the region continue to deteriorate, but at a moderated pace relative to 2024. Adverse factors include depressed yields from unfavorable weather, reduced regional commodity prices due to a mixture of excess grain inflows from Ukraine and global pricing pressures, persistently elevated input costs, and unfavorable agriculture legislation. These issues coupled with high interest rates and elevated industry inventory 29 Table of ContentsMANAGEMENT’S DISCUSSION AND ANALYSIS Table of Contents Table of Contents"
    },
    {
      "status": "REMOVED",
      "current_title": null,
      "prior_title": "MANAGEMENT’S DISCUSSION AND ANALYSIS",
      "prior_body": "Management’s Discussion and Analysis of Financial Condition and Results of Operations (MD&A) is intended to promote understanding of our financial condition and results of operations. The MD&A is provided as a supplement to, and should be read in conjunction with, the consolidated financial statements and the accompanying Notes to Consolidated Financial Statements. All amounts are presented in millions of dollars, unless otherwise specified. For comparison of 2023 to 2022 results, refer to the “Management’s Discussion and Analysis” section of our 2023 Form 10-K.​​OVERVIEW​Deere & Company is a global leader in the production of agricultural, turf, construction, and forestry equipment and solutions. John Deere Financial provides financing for John Deere equipment, parts, services, and other inputs customers need to run their operations. Our operations are managed through the production and precision agriculture (PPA), small agriculture and turf (SAT), construction and forestry (CF), and financial services operating segments. References to “equipment operations” include PPA, SAT, and CF, while references to “agriculture and turf” include both PPA and SAT.Net Sales and Revenues by Segment in 2024​​​TRENDS & ECONOMIC CONDITIONS​Industry Sales Outlook for Fiscal 2025Agriculture and Turf​Construction and ForestryCompany TrendsCustomers seek to improve profitability, productivity, and sustainability through integrating technology into their operations. Deeper integration of technology into equipment is a persistent market trend. These technologies are incorporated into products within each of our operating segments. We expect this trend to persist for the foreseeable future. Our Smart Industrial Operating Model and Leap Ambitions are intended to capitalize on this market trend. Engaged acres are an indicator we use to understand customer utilization of our technology. We are investing in a Solutions as a Service business model to increase technology adoption and utilization by our customers. Solutions as a Service products did not represent a significant percentage of our revenues in 2024.Company Outlook for 2025●Agriculture and turf equipment sales are projected to decline in 2025 due to contraction of agriculture markets globally.●Construction equipment sales are projected to decline in 2025 as healthy end markets are offset by continued uncertainty in equipment purchases. Roadbuilding equipment sales are anticipated to be generally flat.Agriculture and Turf Outlook for 2025●Demand in the U.S. and Canada is expected to further moderate amidst weak farm fundamentals, high interest rates, elevated used inventory levels, and short-term farmer liquidity concerns heading into the 2025 growing season.●We expect small agricultural equipment sales to be down from 2024 levels in the U.S. and Canada. The dairy and livestock segment is anticipated to have another year of strong profitability as elevated livestock and hay prices are further enhanced by low input feed costs. This is projected to be more than offset by restrained demand in the turf and compact utility tractor markets as single family home sales and home improvement spending remain stagnant amid high interest rates. ●In Europe, the industry is forecasted to be down as farm fundamentals in the region continue to deteriorate, but at a moderated pace relative to 2024. Adverse factors include depressed yields from unfavorable weather, reduced regional commodity prices due to a mixture of excess grain inflows from Ukraine and global pricing pressures, persistently elevated input costs, and unfavorable agriculture legislation. These issues coupled with high interest rates and elevated industry inventory Management’s Discussion and Analysis of Financial Condition and Results of Operations (MD&A) is intended to promote understanding of our financial condition and results of operations. The MD&A is provided as a supplement to, and should be read in conjunction with, the consolidated financial statements and the accompanying Notes to Consolidated Financial Statements. All amounts are presented in millions of dollars, unless otherwise specified. For comparison of 2023 to 2022 results, refer to the “Management’s Discussion and Analysis” section of our 2023 Form 10-K.​​OVERVIEW​Deere & Company is a global leader in the production of agricultural, turf, construction, and forestry equipment and solutions. John Deere Financial provides financing for John Deere equipment, parts, services, and other inputs customers need to run their operations. Our operations are managed through the production and precision agriculture (PPA), small agriculture and turf (SAT), construction and forestry (CF), and financial services operating segments. References to “equipment operations” include PPA, SAT, and CF, while references to “agriculture and turf” include both PPA and SAT.Net Sales and Revenues by Segment in 2024​​​TRENDS & ECONOMIC CONDITIONS​Industry Sales Outlook for Fiscal 2025Agriculture and Turf​Construction and ForestryCompany TrendsCustomers seek to improve profitability, productivity, and sustainability through integrating technology into their operations. Deeper integration of technology into equipment is a persistent market trend. These technologies are incorporated into products within each of our operating segments. We expect this trend to persist for the foreseeable future. Our Smart Industrial Operating Model and Leap Ambitions are intended to capitalize on this market trend. Engaged acres are an indicator we use to understand customer utilization of our technology. We are investing in a Solutions as a Service business model to increase technology adoption and utilization by our customers. Solutions as a Service products did not represent a significant percentage of our revenues in 2024.Company Outlook for 2025●Agriculture and turf equipment sales are projected to decline in 2025 due to contraction of agriculture markets globally.●Construction equipment sales are projected to decline in 2025 as healthy end markets are offset by continued uncertainty in equipment purchases. Roadbuilding equipment sales are anticipated to be generally flat.Agriculture and Turf Outlook for 2025●Demand in the U.S. and Canada is expected to further moderate amidst weak farm fundamentals, high interest rates, elevated used inventory levels, and short-term farmer liquidity concerns heading into the 2025 growing season.●We expect small agricultural equipment sales to be down from 2024 levels in the U.S. and Canada. The dairy and livestock segment is anticipated to have another year of strong profitability as elevated livestock and hay prices are further enhanced by low input feed costs. This is projected to be more than offset by restrained demand in the turf and compact utility tractor markets as single family home sales and home improvement spending remain stagnant amid high interest rates. ●In Europe, the industry is forecasted to be down as farm fundamentals in the region continue to deteriorate, but at a moderated pace relative to 2024. Adverse factors include depressed yields from unfavorable weather, reduced regional commodity prices due to a mixture of excess grain inflows from Ukraine and global pricing pressures, persistently elevated input costs, and unfavorable agriculture legislation. These issues coupled with high interest rates and elevated industry inventory Management’s Discussion and Analysis of Financial Condition and Results of Operations (MD&A) is intended to promote understanding of our financial condition and results of operations. The MD&A is provided as a supplement to, and should be read in conjunction with, the consolidated financial statements and the accompanying Notes to Consolidated Financial Statements. All amounts are presented in millions of dollars, unless otherwise specified. For comparison of 2023 to 2022 results, refer to the “Management’s Discussion and Analysis” section of our 2023 Form 10-K.​​OVERVIEW​Deere & Company is a global leader in the production of agricultural, turf, construction, and forestry equipment and solutions. John Deere Financial provides financing for John Deere equipment, parts, services, and other inputs customers need to run their operations. Our operations are managed through the production and precision agriculture (PPA), small agriculture and turf (SAT), construction and forestry (CF), and financial services operating segments. References to “equipment operations” include PPA, SAT, and CF, while references to “agriculture and turf” include both PPA and SAT.Net Sales and Revenues by Segment in 2024​​​TRENDS & ECONOMIC CONDITIONS​Industry Sales Outlook for Fiscal 2025Agriculture and Turf​Construction and ForestryCompany TrendsCustomers seek to improve profitability, productivity, and sustainability through integrating technology into their operations. Deeper integration of technology into equipment is a persistent market trend. These technologies are incorporated into products within each of our operating segments. We expect this trend to persist for the foreseeable future. Our Smart Industrial Operating Model and Leap Ambitions are intended to capitalize on this market trend. Engaged acres are an indicator we use to understand customer utilization of our technology. We are investing in a Solutions as a Service business model to increase technology adoption and utilization by our customers. Solutions as a Service products did not represent a significant percentage of our revenues in 2024.Company Outlook for 2025●Agriculture and turf equipment sales are projected to decline in 2025 due to contraction of agriculture markets globally.●Construction equipment sales are projected to decline in 2025 as healthy end markets are offset by continued uncertainty in equipment purchases. Roadbuilding equipment sales are anticipated to be generally flat.Agriculture and Turf Outlook for 2025●Demand in the U.S. and Canada is expected to further moderate amidst weak farm fundamentals, high interest rates, elevated used inventory levels, and short-term farmer liquidity concerns heading into the 2025 growing season.●We expect small agricultural equipment sales to be down from 2024 levels in the U.S. and Canada. The dairy and livestock segment is anticipated to have another year of strong profitability as elevated livestock and hay prices are further enhanced by low input feed costs. This is projected to be more than offset by restrained demand in the turf and compact utility tractor markets as single family home sales and home improvement spending remain stagnant amid high interest rates. ●In Europe, the industry is forecasted to be down as farm fundamentals in the region continue to deteriorate, but at a moderated pace relative to 2024. Adverse factors include depressed yields from unfavorable weather, reduced regional commodity prices due to a mixture of excess grain inflows from Ukraine and global pricing pressures, persistently elevated input costs, and unfavorable agriculture legislation. These issues coupled with high interest rates and elevated industry inventory Management’s Discussion and Analysis of Financial Condition and Results of Operations (MD&A) is intended to promote understanding of our financial condition and results of operations. The MD&A is provided as a supplement to, and should be read in conjunction with, the consolidated financial statements and the accompanying Notes to Consolidated Financial Statements. All amounts are presented in millions of dollars, unless otherwise specified. For comparison of 2023 to 2022 results, refer to the “Management’s Discussion and Analysis” section of our 2023 Form 10-K.​​OVERVIEW​Deere & Company is a global leader in the production of agricultural, turf, construction, and forestry equipment and solutions. John Deere Financial provides financing for John Deere equipment, parts, services, and other inputs customers need to run their operations. Our operations are managed through the production and precision agriculture (PPA), small agriculture and turf (SAT), construction and forestry (CF), and financial services operating segments. References to “equipment operations” include PPA, SAT, and CF, while references to “agriculture and turf” include both PPA and SAT.Net Sales and Revenues by Segment in 2024​​​TRENDS & ECONOMIC CONDITIONS​Industry Sales Outlook for Fiscal 2025Agriculture and Turf"
    },
    {
      "status": "REMOVED",
      "current_title": null,
      "prior_title": "Agriculture and Turf",
      "prior_body": "​Construction and ForestryCompany TrendsCustomers seek to improve profitability, productivity, and sustainability through integrating technology into their operations. Deeper integration of technology into equipment is a persistent market trend. These technologies are incorporated into products within each of our operating segments. We expect this trend to persist for the foreseeable future. Our Smart Industrial Operating Model and Leap Ambitions are intended to capitalize on this market trend. Engaged acres are an indicator we use to understand customer utilization of our technology. We are investing in a Solutions as a Service business model to increase technology adoption and utilization by our customers. Solutions as a Service products did not represent a significant percentage of our revenues in 2024.Company Outlook for 2025●Agriculture and turf equipment sales are projected to decline in 2025 due to contraction of agriculture markets globally.●Construction equipment sales are projected to decline in 2025 as healthy end markets are offset by continued uncertainty in equipment purchases. Roadbuilding equipment sales are anticipated to be generally flat.Agriculture and Turf Outlook for 2025●Demand in the U.S. and Canada is expected to further moderate amidst weak farm fundamentals, high interest rates, elevated used inventory levels, and short-term farmer liquidity concerns heading into the 2025 growing season.●We expect small agricultural equipment sales to be down from 2024 levels in the U.S. and Canada. The dairy and livestock segment is anticipated to have another year of strong profitability as elevated livestock and hay prices are further enhanced by low input feed costs. This is projected to be more than offset by restrained demand in the turf and compact utility tractor markets as single family home sales and home improvement spending remain stagnant amid high interest rates. ●In Europe, the industry is forecasted to be down as farm fundamentals in the region continue to deteriorate, but at a moderated pace relative to 2024. Adverse factors include depressed yields from unfavorable weather, reduced regional commodity prices due to a mixture of excess grain inflows from Ukraine and global pricing pressures, persistently elevated input costs, and unfavorable agriculture legislation. These issues coupled with high interest rates and elevated industry inventory ​"
    },
    {
      "status": "REMOVED",
      "current_title": null,
      "prior_title": "Company Trends",
      "prior_body": "Customers seek to improve profitability, productivity, and sustainability through integrating technology into their operations. Deeper integration of technology into equipment is a persistent market trend. These technologies are incorporated into products within each of our operating segments. We expect this trend to persist for the foreseeable future. Our Smart Industrial Operating Model and Leap Ambitions are intended to capitalize on this market trend. Engaged acres are an indicator we use to understand customer utilization of our technology. We are investing in a Solutions as a Service business model to increase technology adoption and utilization by our customers. Solutions as a Service products did not represent a significant percentage of our revenues in 2024."
    },
    {
      "status": "REMOVED",
      "current_title": null,
      "prior_title": "Financial Services Outlook for 2025",
      "prior_body": "​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net Income ​ Up ​ + Provision for credit losses ​ Favorable ​ + Prior period special items ​ Favorable ​ (-) Financing spreads ​ Unfavorable ​"
    },
    {
      "status": "REMOVED",
      "current_title": null,
      "prior_title": "Interest Rates – While interest rates in the U.S. began to decrease in the fourth quarter of 2024, they remained elevated. Increased rates impacted us in several ways, primarily affecting the demand for our products and financing spreads for the financial services operations.",
      "prior_body": "The markets for our agriculture, turf, and construction products were negatively impacted in 2024 by elevated interest rates and their effect on borrowing costs for our customers. Rising interest rates have historically impacted our borrowing costs sooner than the benefit is realized from receivable and lease portfolios."
    },
    {
      "status": "REMOVED",
      "current_title": null,
      "prior_title": "Agricultural Market Business Cycle – The agricultural market is affected by various factors including commodity prices, acreage planted, crop yields, and government policies. These factors affect farmers’ income and may result in varying demand for our equipment. In 2024, we experienced unfavorable market",
      "prior_body": "conditions which resulted in lower sales volumes, higher sales incentives, higher receivable write-offs, and an increase in expected credit losses.We introduced cost reduction measures to manage our profitability and inventory levels. In the third quarter of 2024, we implemented employee-separation programs for our salaried workforce to help meet our strategic priorities while reducing overlap and redundancy in roles and responsibilities. The programs’ total pretax expenses are estimated to be approximately $165, of which $157 was recorded in 2024 (see Note 4). Annual pretax savings from these programs are estimated to be about $220. Approximately $100 of savings was realized in 2024.Changes in interest rates and the agricultural market business cycle are driven by factors outside of our control, and as a result we cannot reasonably foresee when these conditions will fully subside.Other Items of Concern and Uncertainties – Other items that could impact our results are:●global and regional political conditions, including the ongoing war between Russia and Ukraine and the conflict in the Middle East, ●shifts in energy, economic, tax, and trade policies following the 2024 U.S. presidential and congressional elections, ●new or retaliatory tariffs,●capital market disruptions, ●foreign currency and capital control policies, ●regulations and legislation regarding right to repair or right to modify,●weather conditions,●marketplace adoption and monetization of technologies we have invested in,●our ability to strengthen our digital capabilities, automation, autonomy, and alternative power technologies,●workforce reductions’ impact on employee retention, morale, and institutional knowledge,●changes in demand and pricing for new and used equipment,●delays or disruptions in our supply chain, ●significant fluctuations in foreign currency exchange rates, ●volatility in the prices of many commodities, and ●slower economic growth.​ conditions which resulted in lower sales volumes, higher sales incentives, higher receivable write-offs, and an increase in expected credit losses. We introduced cost reduction measures to manage our profitability and inventory levels. In the third quarter of 2024, we implemented employee-separation programs for our salaried workforce to help meet our strategic priorities while reducing overlap and redundancy in roles and responsibilities. The programs’ total pretax expenses are estimated to be approximately $165, of which $157 was recorded in 2024 (see Note 4). Annual pretax savings from these programs are estimated to be about $220. Approximately $100 of savings was realized in 2024. Changes in interest rates and the agricultural market business cycle are driven by factors outside of our control, and as a result we cannot reasonably foresee when these conditions will fully subside."
    },
    {
      "status": "REMOVED",
      "current_title": null,
      "prior_title": "Deere & Company",
      "prior_body": "​ 2024 ​ 2023 ​ % Change ​ Cost of sales to net sales ​ ​ 68.8% ​ ​ 67.9% ​ +1 ​ (-) Overhead Costs ​ Unfavorable ​ + Price realization ​ Favorable ​ + Material costs ​ Favorable ​ Increased mostly due to higher overhead costs from reduced volumes resulting in production inefficiencies partially offset by sales price realization, lower material costs, and lower employee profit-sharing incentives. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Finance and interest income ​ $ 5,759 ​ $ 4,683 ​ +23 ​ Increased primarily due to higher average financing receivable portfolios and higher average financing rates. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Other income ​ ​ 1,198 ​ ​ 1,003 ​ +19 ​ Higher primarily due to investment income earned on international marketable securities, legal settlements (see Note 4), and increased revenues from services. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Deere & Company​2024​2023​% Change​Research and development expenses​$ 2,290​$ 2,177​+5​Higher due to continued focus on developing new technology solutions and product introductions.​​​​​​​​​​​Selling, administrative and general expenses​​ 4,840​​ 4,595​+5​Increased mostly due to higher provision for credit losses, employee separation programs' expenses, and higher employee pay driven by merit increases, partially offset by the effect of a prior year accounting treatment correction (see Note 4).​​​​​​​​​​​Interest expense​​ 3,348​​ 2,453​+36​Increased due to higher average borrowing rates and higher average borrowings.​​​​​​​​​​​Other operating expenses​​ 1,257​​ 1,292​-3​Lower due to foreign exchange, higher pension benefits (see Note 9), and a settlement of an insurance claim recovery at an international location.​​​​​​​​​​​Provision for income taxes​​ 2,094​​ 2,871​-27​Decreased as a result of lower pretax income, adjustments to valuation allowance on deferred tax, and the favorable impact of discrete tax benefits. These items were partially offset by prior years' favorable income tax ruling in Brazil.​​​BUSINESS SEGMENT RESULTS2024 compared to 2023​Each equipment operations segment experienced lower shipment volumes partially offset by price realization during 2024. Rising global grain stocks, lower commodity prices, elevated interest rates, and the effect of inventory management contributed to lower shipment volumes for large and small agriculture. Declines in housing starts, decreases in rental purchases, lower levels of commercial real estate construction, and the effect of inventory management contributed to lower shipment volumes for construction equipment. Production costs were favorable in 2024 due to lower material and employee profit-sharing incentives costs, partially offset by higher manufacturing overhead costs driven by lower volumes and production inefficiencies.Production and Precision Agriculture Operations​​​​​​​​​​​​​​2024​2023​% Change​Net sales​$ 20,834​$ 26,790​-22​Sales volume and other​​​​​​​-24​Price realization​​​​​​​+2​Currency translation​​​​​​​​​Operating profit​​ 4,514​​ 6,996​-35​Operating margin​​21.7%​​26.1%​​​​​Sales volumes decreased 17 percent in the U.S. and Canada, 40 percent in Brazil, and 30 percent in Europe. Price realization in the U.S. and Canada was 3 percent driven by inflation, which was partially offset by an increase in retail and pool funds sales incentives. Price realization was flat outside the U.S. and Canada"
    },
    {
      "status": "REMOVED",
      "current_title": null,
      "prior_title": "Deere & Company",
      "prior_body": "​ 2024 ​ 2023 ​ % Change ​ Cost of sales to net sales ​ ​ 68.8% ​ ​ 67.9% ​ +1 ​ (-) Overhead Costs ​ Unfavorable ​ + Price realization ​ Favorable ​ + Material costs ​ Favorable ​ Increased mostly due to higher overhead costs from reduced volumes resulting in production inefficiencies partially offset by sales price realization, lower material costs, and lower employee profit-sharing incentives. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Finance and interest income ​ $ 5,759 ​ $ 4,683 ​ +23 ​ Increased primarily due to higher average financing receivable portfolios and higher average financing rates. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Other income ​ ​ 1,198 ​ ​ 1,003 ​ +19 ​ Higher primarily due to investment income earned on international marketable securities, legal settlements (see Note 4), and increased revenues from services. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Deere & Company​2024​2023​% Change​Research and development expenses​$ 2,290​$ 2,177​+5​Higher due to continued focus on developing new technology solutions and product introductions.​​​​​​​​​​​Selling, administrative and general expenses​​ 4,840​​ 4,595​+5​Increased mostly due to higher provision for credit losses, employee separation programs' expenses, and higher employee pay driven by merit increases, partially offset by the effect of a prior year accounting treatment correction (see Note 4).​​​​​​​​​​​Interest expense​​ 3,348​​ 2,453​+36​Increased due to higher average borrowing rates and higher average borrowings.​​​​​​​​​​​Other operating expenses​​ 1,257​​ 1,292​-3​Lower due to foreign exchange, higher pension benefits (see Note 9), and a settlement of an insurance claim recovery at an international location.​​​​​​​​​​​Provision for income taxes​​ 2,094​​ 2,871​-27​Decreased as a result of lower pretax income, adjustments to valuation allowance on deferred tax, and the favorable impact of discrete tax benefits. These items were partially offset by prior years' favorable income tax ruling in Brazil.​​​BUSINESS SEGMENT RESULTS2024 compared to 2023​Each equipment operations segment experienced lower shipment volumes partially offset by price realization during 2024. Rising global grain stocks, lower commodity prices, elevated interest rates, and the effect of inventory management contributed to lower shipment volumes for large and small agriculture. Declines in housing starts, decreases in rental purchases, lower levels of commercial real estate construction, and the effect of inventory management contributed to lower shipment volumes for construction equipment. Production costs were favorable in 2024 due to lower material and employee profit-sharing incentives costs, partially offset by higher manufacturing overhead costs driven by lower volumes and production inefficiencies.Production and Precision Agriculture Operations​​​​​​​​​​​​​​2024​2023​% Change​Net sales​$ 20,834​$ 26,790​-22​Sales volume and other​​​​​​​-24​Price realization​​​​​​​+2​Currency translation​​​​​​​​​Operating profit​​ 4,514​​ 6,996​-35​Operating margin​​21.7%​​26.1%​​​​​Sales volumes decreased 17 percent in the U.S. and Canada, 40 percent in Brazil, and 30 percent in Europe. Price realization in the U.S. and Canada was 3 percent driven by inflation, which was partially offset by an increase in retail and pool funds sales incentives. Price realization was flat outside the U.S. and Canada"
    },
    {
      "status": "REMOVED",
      "current_title": null,
      "prior_title": "2024 compared to 2023",
      "prior_body": "​ Each equipment operations segment experienced lower shipment volumes partially offset by price realization during 2024. Rising global grain stocks, lower commodity prices, elevated interest rates, and the effect of inventory management contributed to lower shipment volumes for large and small agriculture. Declines in housing starts, decreases in rental purchases, lower levels of commercial real estate construction, and the effect of inventory management contributed to lower shipment volumes for construction equipment. Production costs were favorable in 2024 due to lower material and employee profit-sharing incentives costs, partially offset by higher manufacturing overhead costs driven by lower volumes and production inefficiencies."
    },
    {
      "status": "REMOVED",
      "current_title": null,
      "prior_title": "Construction and Forestry Operations",
      "prior_body": "​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2024 ​ 2023 ​ % Change ​ Net sales ​ $ 12,956 ​ $ 14,795 ​ -12 ​ Sales volume and other ​ ​ ​ ​ ​ ​ ​ -12 ​ Price realization ​ ​ ​ ​ ​ ​ ​ ​ ​ Currency translation ​ ​ ​ ​ ​ ​ ​ ​ ​ Operating profit ​ ​ 2,009 ​ ​ 2,695 ​ -25 ​ Operating margin ​ ​ 15.5% ​ ​ 18.2% ​ ​ ​ ​ Sales volumes decreased 15 percent in the U.S. and Canada and 8 percent outside the U.S. and Canada. Price realization was about flat in the U.S. and Canada driven by moderating market conditions and 1 percent outside the U.S. and Canada. Current and prior period results were impacted by special items (see Note 4). Construction & Forestry Operating Profit2024 compared to 2023Financial Services Operations​​​​​​​​​​​​​2024​2023​% Change​Revenue (including intercompany)​$ 6,493​$ 5,554​+17​Average balance of receivables and leases​​​​​​​+12​Interest expense​​ 3,182​​ 2,362​+35​Average borrowing rates​​​​​​​+20​Average borrowings​​​​​​​+12​Net income​​ 696​​ 619​+12​​Average wholesale receivables increased 26 percent driven by higher dealer used inventory levels. While new retail note volumes moderated due to reduced retail demand, average retail portfolio levels grew due to higher volumes in recent years resulting in a 9 percent increase. Revenue also increased due to higher average financing rates. Excluding the impact of a one-time correction of the accounting treatment for financing incentives offered to John Deere dealers in 2023 (see Note 4), net income declined as a result of a higher provision for credit losses and less-favorable financing spreads driven primarily by the receivable portfolio mix. These factors were partially offset by income earned on higher average portfolio balances. Financial Services Net Income2024 compared to 2023​​ and 1 percent outside the U.S. and Canada. Current and prior period results were impacted by special items (see Note 4)."
    },
    {
      "status": "REMOVED",
      "current_title": null,
      "prior_title": "Financial Services Operations",
      "prior_body": "​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2024 ​ 2023 ​ % Change ​ Revenue (including intercompany) ​ $ 6,493 ​ $ 5,554 ​ +17 ​ Average balance of receivables and leases ​ ​ ​ ​ ​ ​ ​ +12 ​ Interest expense ​ ​ 3,182 ​ ​ 2,362 ​ +35 ​ Average borrowing rates ​ ​ ​ ​ ​ ​ ​ +20 ​ Average borrowings ​ ​ ​ ​ ​ ​ ​ +12 ​ Net income ​ ​ 696 ​ ​ 619 ​ +12 ​ ​ Average wholesale receivables increased 26 percent driven by higher dealer used inventory levels. While new retail note volumes moderated due to reduced retail demand, average retail portfolio levels grew due to higher volumes in recent years resulting in a 9 percent increase. Revenue also increased due to higher average financing rates. Excluding the impact of a one-time correction of the accounting treatment for financing incentives offered to John Deere dealers in 2023 (see Note 4), net income declined as a result of a higher provision for credit losses and less-favorable financing spreads driven primarily by the receivable portfolio mix. These factors were partially offset by income earned on higher average portfolio balances."
    },
    {
      "status": "REMOVED",
      "current_title": null,
      "prior_title": "2023 compared to 2022",
      "prior_body": "Please refer to the “Management’s Discussion and Analysis” section of our 2023 Form 10-K. 2023 Form 10-K ​ ​ ​ ​ ​ ​"
    },
    {
      "status": "REMOVED",
      "current_title": null,
      "prior_title": "2024 compared to 2023",
      "prior_body": "​ Each equipment operations segment experienced lower shipment volumes partially offset by price realization during 2024. Rising global grain stocks, lower commodity prices, elevated interest rates, and the effect of inventory management contributed to lower shipment volumes for large and small agriculture. Declines in housing starts, decreases in rental purchases, lower levels of commercial real estate construction, and the effect of inventory management contributed to lower shipment volumes for construction equipment. Production costs were favorable in 2024 due to lower material and employee profit-sharing incentives costs, partially offset by higher manufacturing overhead costs driven by lower volumes and production inefficiencies."
    },
    {
      "status": "REMOVED",
      "current_title": null,
      "prior_title": "Trade Accounts and Notes Receivable – Net",
      "prior_body": "​●6 percent of receivables were outstanding for periods exceeding 12 months caused by increased dealer inventory levels.Financing Receivables and Equipment on Operating Leases●The increase is due to higher wholesale receivable portfolios due to an increase in dealer used inventory levels and higher retail notes, partially offset by the reclassification of BJD receivables to “Assets held for sale” (see Note 4).●Acquisition volumes were flat compared to prior period.Inventories●Inventories decreased due to lower forecasted demand.Property and Equipment●Cash expenditures were $1.6 billion in 2024. ●Capital expenditures are forecasted to be $1.6 billion in 2025.Accounts Payable and Accrued Expenses●Accounts payable decreased due to lower trade payables.●Accrued expenses decreased due to lower derivative liabilities and dealer sales incentives. Borrowings●Borrowings increased corresponding with the level of financing receivable and lease portfolios, partially offset by the reclassification of BJD borrowings to “Liabilities held for sale” (see Note 4). Unused Credit Lines●The increase in unused credit lines was due to a decrease in commercial paper outstanding. ​"
    },
    {
      "status": "REMOVED",
      "current_title": null,
      "prior_title": "Cash Returned to Shareholders",
      "prior_body": "Cash returned to shareholders decreased $3.0 billion in 2024 as we managed cash flows through the declining business cycle in accordance with our use-of-cash priorities. ​ ​ ​ ​ ​ ​"
    },
    {
      "status": "REMOVED",
      "current_title": null,
      "prior_title": "Product Warranties",
      "prior_body": "A standard warranty is provided as an assurance that our equipment will function as intended. The standard warranty period varies by product and region. At the time a sale is recognized, we record an estimate of future warranty costs, based on the following calculation: The historical claims rate is determined by a review of five-year claims costs. The estimated population is based on dealer inventories and retail sales. These estimates are reviewed quarterly. Adjustments are also made for current quality developments."
    },
    {
      "status": "REMOVED",
      "current_title": null,
      "prior_title": "Product Warranty Accruals",
      "prior_body": "The decrease in 2024 is the result of lower sales volumes."
    },
    {
      "status": "REMOVED",
      "current_title": null,
      "prior_title": "October 27, 2024",
      "prior_body": "​ 2025 ​ ​ ​ ​ ​ Increase ​ Increase ​ ​ ​ Percentage ​ (Decrease) ​ (Decrease) ​ Assumptions Change PBO/APBO* Expense Pensions: ​ ​ ​ ​ ​ ​ ​ ​ ​ Discount rate** +/-.5 ​ $ (495)/550 ​ $ 4/7 ​ Expected return on assets ​ +/-.5 ​ ​ ​ ​ (63)/63 ​ OPEB: ​ ​ ​ ​ ​ ​ ​ ​ ​ Discount rate** +/-.5 ​ (138)/149 ​ (3)/1 ​ Expected return on assets +/-.5 ​ ​ ​ ​ (11)/11 ​ Health care cost trend rate** +/-1.0 ​ 263/(230) ​ 33/(35) ​ * Projected benefit obligation (PBO) for pension plans and accumulated postretirement benefit obligation (APBO) for OPEB plans. ** Pretax impact on service cost, interest cost, and amortization of gains or losses. ​"
    },
    {
      "status": "REMOVED",
      "current_title": null,
      "prior_title": "Allowance for Credit Losses",
      "prior_body": "The allowance for credit losses is an estimate of the credit losses expected over the life of the receivable portfolio. The allowance is measured on a collective basis for receivables with similar risk characteristics. Receivables that do not share risk characteristics are evaluated on an individual basis. Risk characteristics include: We utilize the following loss forecast models to estimate expected credit losses: estimates. Independent variables include credit quality at time of application, remaining account balance, delinquency status, and various economic factors, such as commodity prices, employment levels, and housing data.●Weighted average remaining maturity (WARM) models are used for smaller and less complex retail customer receivable pools. ●Historical loss rate models are used on wholesale receivables, with consideration of current economic conditions and dealer financial risk. Management reviews each model’s output quarterly, and qualitative adjustments are incorporated as necessary to arrive at management’s best estimate of expected credit losses.Allowance for Credit LossesDuring 2024, we determined that the financial services business in Brazil met the held for sale criteria. The receivables in Brazil were reclassified to “Assets held for sale.” The associated allowance for credit losses was reversed and a valuation allowance for the assets held for sale was recorded (see Note 4). Excluding the business in Brazil, the allowance for credit losses increased, primarily due to higher expected losses as a result of elevated delinquencies and a decline in market conditions. This increase was partially offset by a decrease in the allowance on revolving charge accounts, driven by write-offs of seasonal financing program accounts and recoveries expected on those accounts in the future. While we believe our allowance is sufficient to provide for losses over the life of our existing receivable portfolio, different assumptions would result in changes to the allowance for credit losses. Within the retail customer receivable portfolio, credit loss estimates are dependent on a number of factors, including credit quality at time of application, remaining account balances, current delinquency levels, various economic factors, and estimated recoveries on defaulted accounts. Changes in any of these factors could impact our credit losses. Conversely, changes in economic conditions have historically had limited impact on credit losses within the wholesale receivable portfolio. Holding all other factors constant, a 10 percent increase in the linear regression models’ forecasted defaults and a simultaneous 10 percent decrease in recovery rates would have resulted in a $70 increase to the allowance for credit losses at October 27, 2024.Operating Lease Residual ValuesEquipment on operating leases is depreciated to the estimated residual value over the lease term. The residual values are based on several factors, including:●lease term, ●expected hours of usage, ●historical wholesale sales prices, Management reviews each model’s output quarterly, and qualitative adjustments are incorporated as necessary to arrive at management’s best estimate of expected credit losses."
    },
    {
      "status": "REMOVED",
      "current_title": null,
      "prior_title": "Operating Lease Residual Values",
      "prior_body": "Equipment on operating leases is depreciated to the estimated residual value over the lease term. The residual values are based on several factors, including: 36 36 36 Table of Contents​●return experience, ●intended equipment use, ●market dynamics and trends, and ●dealer residual value guarantees. We review residual value estimates during the lease term. Depreciation is adjusted over the remaining lease term if residual estimates are revised. Impairments are recorded when events or circumstances necessitate. At the end of the majority of leases, the equipment is disposed in the following sequence: ●The lessee has the option to purchase the equipment for the contractual residual value. ●The dealer has the option to purchase the equipment.●The equipment is sold to a third party at the equipment’s fair value. In this situation, we may record a gain or a loss for the difference between the residual value and the sale price. Operating Lease Residual ValuesHypothetically, if (a) future market values for this equipment were to decrease 10 percent from our present estimates, and (b) all the equipment on operating leases were returned to us for remarketing at the end of the lease term, the total unfavorable impact after consideration of dealer residual value guarantees would be approximately $75. This amount would be recognized as higher depreciation expense over the remaining term of the operating leases, or potentially as an impairment.Income TaxesWe are subject to federal, state, and foreign income taxes. These tax laws can be complex. Significant judgment and interpretation is required to implement them. Changes in tax laws could materially affect our consolidated financial statements. We record our tax positions in the following categories:●current taxes,●deferred taxes, and●uncertain tax positions.Deferred income taxes represent temporary differences between the tax and the financial reporting basis of assets and liabilities. This will result in taxable or deductible amounts in the future. Loss carryforwards and tax credits are significant components of deferred tax asset balances. These assets are reviewed regularly for the following: ●the likelihood of recoverability from future taxable income, ●reversal of deferred tax liabilities, and ●tax planning strategies. Valuation allowances are established when we determine that the deferred tax benefit may not be realized. The recoverability analysis requires significant judgment and relies on estimates. The valuation allowance as of October 27, 2024 was $1.6 billion. Changes in foreign income tax laws, income for certain jurisdictions, or our tax structure could impact the valuation allowance balance.Some tax positions contain significant uncertainties. These positions may be challenged or disallowed by taxing authorities. If it is likely the position will be disallowed, no tax benefit is recorded. If it is likely the position will be sustained, a tax benefit is recognized. The ultimate resolution could take many years. This may result in a payment that is significantly different from the original estimate.See Note 8 for further information on income taxes.FORWARD-LOOKING STATEMENTSCertain statements contained herein, including in the section entitled “Overview” 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 our 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, we expressly disclaim any obligation to update or revise our 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 energy, and the uncertainty of our ability to internationally sell products 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 our products and solutions;●our ability to adapt in highly competitive markets, including understanding and meeting customers’ changing expectations for products and solutions, including delivery and utilization of precision technology;37 Table of Contents​ Table of Contents Table of Contents ​ ●return experience, ●intended equipment use, ●market dynamics and trends, and ●dealer residual value guarantees. We review residual value estimates during the lease term. Depreciation is adjusted over the remaining lease term if residual estimates are revised. Impairments are recorded when events or circumstances necessitate. At the end of the majority of leases, the equipment is disposed in the following sequence: ●The lessee has the option to purchase the equipment for the contractual residual value. ●The dealer has the option to purchase the equipment.●The equipment is sold to a third party at the equipment’s fair value. In this situation, we may record a gain or a loss for the difference between the residual value and the sale price. Operating Lease Residual ValuesHypothetically, if (a) future market values for this equipment were to decrease 10 percent from our present estimates, and (b) all the equipment on operating leases were returned to us for remarketing at the end of the lease term, the total unfavorable impact after consideration of dealer residual value guarantees would be approximately $75. This amount would be recognized as higher depreciation expense over the remaining term of the operating leases, or potentially as an impairment.Income TaxesWe are subject to federal, state, and foreign income taxes. These tax laws can be complex. Significant judgment and interpretation is required to implement them. Changes in tax laws could materially affect our consolidated financial statements. We record our tax positions in the following categories:●current taxes,●deferred taxes, and●uncertain tax positions.Deferred income taxes represent temporary differences between the tax and the financial reporting basis of assets and liabilities. This will result in taxable or deductible amounts in the future. Loss carryforwards and tax credits are significant components of deferred tax asset balances. These assets are reviewed regularly for the following: ●the likelihood of recoverability from future taxable income, ●reversal of deferred tax liabilities, and ●tax planning strategies. Valuation allowances are established when we determine that the deferred tax benefit may not be realized. The recoverability analysis requires significant judgment and relies on estimates. The valuation allowance as of October 27, 2024 was $1.6 billion. Changes in foreign income tax laws, income for certain jurisdictions, or our tax structure could impact the valuation allowance balance.Some tax positions contain significant uncertainties. These positions may be challenged or disallowed by taxing authorities. If it is likely the position will be disallowed, no tax benefit is recorded. If it is likely the position will be sustained, a tax benefit is recognized. The ultimate resolution could take many years. This may result in a payment that is significantly different from the original estimate.See Note 8 for further information on income taxes.FORWARD-LOOKING STATEMENTSCertain statements contained herein, including in the section entitled “Overview” 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 our 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, we expressly disclaim any obligation to update or revise our 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 energy, and the uncertainty of our ability to internationally sell products 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 our products and solutions;●our ability to adapt in highly competitive markets, including understanding and meeting customers’ changing expectations for products and solutions, including delivery and utilization of precision technology; ●return experience, ●intended equipment use, ●market dynamics and trends, and ●dealer residual value guarantees. We review residual value estimates during the lease term. Depreciation is adjusted over the remaining lease term if residual estimates are revised. Impairments are recorded when events or circumstances necessitate. At the end of the majority of leases, the equipment is disposed in the following sequence: ●The lessee has the option to purchase the equipment for the contractual residual value. ●The dealer has the option to purchase the equipment.●The equipment is sold to a third party at the equipment’s fair value. In this situation, we may record a gain or a loss for the difference between the residual value and the sale price. Operating Lease Residual ValuesHypothetically, if (a) future market values for this equipment were to decrease 10 percent from our present estimates, and (b) all the equipment on operating leases were returned to us for remarketing at the end of the lease term, the total unfavorable impact after consideration of dealer residual value guarantees would be approximately $75. This amount would be recognized as higher depreciation expense over the remaining term of the operating leases, or potentially as an impairment.Income TaxesWe are subject to federal, state, and foreign income taxes. These tax laws can be complex. Significant judgment and interpretation is required to implement them. Changes in tax laws could materially affect our consolidated financial statements. We record our tax positions in the following categories:●current taxes,●deferred taxes, and●uncertain tax positions.Deferred income taxes represent temporary differences between the tax and the financial reporting basis of assets and liabilities. This will result in taxable or deductible amounts in the future. Loss carryforwards and tax credits are significant components of deferred tax asset balances. These assets are reviewed regularly for the following: ●the likelihood of recoverability from future taxable income, ●reversal of deferred tax liabilities, and ●tax planning strategies. Valuation allowances are established when we determine that the deferred tax benefit may not be realized. The recoverability analysis requires significant judgment and relies on estimates. The valuation allowance as of October 27, 2024 was $1.6 billion. Changes in foreign income tax laws, income for certain jurisdictions, or our tax structure could impact the valuation allowance balance.Some tax positions contain significant uncertainties. These positions may be challenged or disallowed by taxing authorities. If it is likely the position will be disallowed, no tax benefit is recorded. If it is likely the position will be sustained, a tax benefit is recognized. The ultimate resolution could take many years. This may result in a payment that is significantly different from the original estimate.See Note 8 for further information on income taxes.FORWARD-LOOKING STATEMENTSCertain statements contained herein, including in the section entitled “Overview” 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 our 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, we expressly disclaim any obligation to update or revise our 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 energy, and the uncertainty of our ability to internationally sell products 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 our products and solutions;●our ability to adapt in highly competitive markets, including understanding and meeting customers’ changing expectations for products and solutions, including delivery and utilization of precision technology; ●return experience, ●intended equipment use, ●market dynamics and trends, and ●dealer residual value guarantees. We review residual value estimates during the lease term. Depreciation is adjusted over the remaining lease term if residual estimates are revised. Impairments are recorded when events or circumstances necessitate. At the end of the majority of leases, the equipment is disposed in the following sequence: ●The lessee has the option to purchase the equipment for the contractual residual value. ●The dealer has the option to purchase the equipment.●The equipment is sold to a third party at the equipment’s fair value. In this situation, we may record a gain or a loss for the difference between the residual value and the sale price. Operating Lease Residual ValuesHypothetically, if (a) future market values for this equipment were to decrease 10 percent from our present estimates, and (b) all the equipment on operating leases were returned to us for remarketing at the end of the lease term, the total unfavorable impact after consideration of dealer residual value guarantees would be approximately $75. This amount would be recognized as higher depreciation expense over the remaining term of the operating leases, or potentially as an impairment.Income TaxesWe are subject to federal, state, and foreign income taxes. These tax laws can be complex. Significant judgment and interpretation is required to implement them. Changes in tax laws could materially affect our consolidated financial statements. We record our tax positions in the following categories:●current taxes,●deferred taxes, and●uncertain tax positions.Deferred income taxes represent temporary differences between the tax and the financial reporting basis of assets and liabilities. This will result in taxable or deductible amounts in the future. Loss carryforwards and tax credits are significant components of deferred tax asset balances. These assets are reviewed regularly for the following: ●the likelihood of recoverability from future taxable income, ●reversal of deferred tax liabilities, and ●tax planning strategies. Valuation allowances are established when we determine that the deferred tax benefit may not be realized. The recoverability analysis requires significant judgment and relies on estimates. The valuation allowance as of October 27, 2024 was $1.6 billion. Changes in foreign income tax laws, income for certain jurisdictions, or our tax structure could impact the valuation allowance balance.Some tax positions contain significant uncertainties. These positions may be challenged or disallowed by taxing authorities. If it is likely the position will be disallowed, no tax benefit is recorded. If it is likely the position will be sustained, a tax benefit is recognized. The ultimate resolution could take many years. This may result in a payment that is significantly different from the original estimate.See Note 8 for further information on income taxes.FORWARD-LOOKING STATEMENTSCertain statements contained herein, including in the section entitled “Overview” 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 our 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, we expressly disclaim any obligation to update or revise our 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 energy, and the uncertainty of our ability to internationally sell products 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 our products and solutions;●our ability to adapt in highly competitive markets, including understanding and meeting customers’ changing expectations for products and solutions, including delivery and utilization of precision technology; ●return experience, ●intended equipment use, ●market dynamics and trends, and ●dealer residual value guarantees. We review residual value estimates during the lease term. Depreciation is adjusted over the remaining lease term if residual estimates are revised. Impairments are recorded when events or circumstances necessitate. At the end of the majority of leases, the equipment is disposed in the following sequence: ●The lessee has the option to purchase the equipment for the contractual residual value. ●The dealer has the option to purchase the equipment.●The equipment is sold to a third party at the equipment’s fair value. In this situation, we may record a gain or a loss for the difference between the residual value and the sale price. Operating Lease Residual ValuesHypothetically, if (a) future market values for this equipment were to decrease 10 percent from our present estimates, and (b) all the equipment on operating leases were returned to us for remarketing at the end of the lease term, the total unfavorable impact after consideration of dealer residual value guarantees would be approximately $75. This amount would be recognized as higher depreciation expense over the remaining term of the operating leases, or potentially as an impairment.Income TaxesWe are subject to federal, state, and foreign income taxes. These tax laws can be complex. Significant judgment and interpretation is required to implement them. Changes in tax laws could materially affect our consolidated financial statements. We record our tax positions in the following categories:●current taxes,●deferred taxes, and●uncertain tax positions.Deferred income taxes represent temporary differences between the tax and the financial reporting basis of assets and liabilities. This will result in taxable or deductible amounts in the future. Loss carryforwards and tax credits are significant components of deferred tax asset balances. These assets are reviewed regularly for the following: ●the likelihood of recoverability from future taxable income, ●reversal of deferred tax liabilities, and ●tax planning strategies. Valuation allowances are established when we determine that the deferred tax benefit may not be realized. The recoverability We review residual value estimates during the lease term. Depreciation is adjusted over the remaining lease term if residual estimates are revised. Impairments are recorded when events or circumstances necessitate. At the end of the majority of leases, the equipment is disposed in the following sequence:"
    },
    {
      "status": "REMOVED",
      "current_title": null,
      "prior_title": "For the Years Ended October 27, 2024, October 29, 2023, and October 30, 2022",
      "prior_body": "​ ​ ​ Unaudited ​ ​ ​ ​ ​ EQUIPMENT ​ FINANCIAL ​ ​ ​ ​ ​ ​ ​ ​ ​ OPERATIONS ​ SERVICES ​"
    },
    {
      "status": "REMOVED",
      "current_title": null,
      "prior_title": "CONSOLIDATED",
      "prior_body": "​ ​ ​ ​ ​ 2024 ​ 2023 ​ 2022 ​ 2024 ​ 2023 ​ 2022 ​ 2024 ​ 2023 ​ 2022 ​ 2024 ​ 2023 ​ 2022 ​ ​ ​"
    },
    {
      "status": "REMOVED",
      "current_title": null,
      "prior_title": "Net Sales and Revenues",
      "prior_body": "​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net sales ​ $ 44,759 ​ $ 55,565 ​ $ 47,917 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ $ 44,759 ​ $ 55,565 ​ $ 47,917 ​ ​ ​ Finance and interest income ​ ​ 596 ​ ​ 636 ​ ​ 213 ​ $ 6,035 ​ $ 5,055 ​ $ 3,583 ​ $ (872) ​ $ (1,008) ​ $ (431) ​ ​ 5,759 ​ ​ 4,683 ​ ​ 3,365 ​ 1​ ​ Other income ​ ​ 1,006 ​ ​ 858 ​ ​ 1,261 ​ ​ 458 ​ ​ 499 ​ ​ 502 ​ ​ (266) ​ ​ (354) ​ ​ (468) ​ ​ 1,198 ​ ​ 1,003 ​ ​ 1,295 ​ 2, 3, 4​ ​ Total ​ ​ 46,361 ​ ​ 57,059 ​ ​ 49,391 ​ ​ 6,493 ​ ​ 5,554 ​ ​ 4,085 ​ ​ (1,138) ​ ​ (1,362) ​ ​ (899) ​ ​ 51,716 ​ ​ 61,251 ​ ​ 52,577 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​"
    },
    {
      "status": "REMOVED",
      "current_title": null,
      "prior_title": "Costs and Expenses",
      "prior_body": "​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Cost of sales ​ ​ 30,803 ​ ​ 37,739 ​ ​ 35,341 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (28) ​ ​ (24) ​ ​ (3) ​ ​ 30,775 ​ ​ 37,715 ​ ​ 35,338 ​ 4​ ​ Research and development expenses ​ ​ 2,290 ​ ​ 2,177 ​ ​ 1,912 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2,290 ​ ​ 2,177 ​ ​ 1,912 ​ ​ ​ Selling, administrative and general expenses ​ ​ 3,791 ​ ​ 3,611 ​ ​ 3,137 ​ ​ 1,059 ​ ​ 994 ​ ​ 735 ​ ​ (10) ​ ​ (10) ​ ​ (9) ​ ​ 4,840 ​ ​ 4,595 ​ ​ 3,863 ​ 4​ ​ Interest expense ​ ​ 396 ​ ​ 411 ​ ​ 390 ​ ​ 3,182 ​ ​ 2,362 ​ ​ 799 ​ ​ (230) ​ ​ (320) ​ ​ (127) ​ ​ 3,348 ​ ​ 2,453 ​ ​ 1,062 ​ 1​ ​ Interest compensation to Financial Services ​ ​ 640 ​ ​ 687 ​ ​ 299 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (640) ​ ​ (687) ​ ​ (299) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 1​ ​ Other operating expenses ​ ​ 133 ​ ​ 217 ​ ​ 350 ​ ​ 1,354 ​ ​ 1,396 ​ ​ 1,386 ​ ​ (230) ​ ​ (321) ​ ​ (461) ​ ​ 1,257 ​ ​ 1,292 ​ ​ 1,275 ​ 3, 4, 5​ ​ Total ​ ​ 38,053 ​ ​ 44,842 ​ ​ 41,429 ​ ​ 5,595 ​ ​ 4,752 ​ ​ 2,920 ​ ​ (1,138) ​ ​ (1,362) ​ ​ (899) ​ ​ 42,510 ​ ​ 48,232 ​ ​ 43,450 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​"
    },
    {
      "status": "REMOVED",
      "current_title": null,
      "prior_title": "Income before Income Taxes",
      "prior_body": "​ ​ 8,308 ​ ​ 12,217 ​ ​ 7,962 ​ ​ 898 ​ ​ 802 ​ ​ 1,165 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 9,206 ​ ​ 13,019 ​ ​ 9,127 ​ ​ ​ Provision for income taxes ​ ​ 1,887 ​ ​ 2,685 ​ ​ 1,718 ​ ​ 207 ​ ​ 186 ​ ​ 289 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2,094 ​ ​ 2,871 ​ ​ 2,007 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​"
    },
    {
      "status": "REMOVED",
      "current_title": null,
      "prior_title": "Income after Income Taxes",
      "prior_body": "​ ​ 6,421 ​ ​ 9,532 ​ ​ 6,244 ​ ​ 691 ​ ​ 616 ​ ​ 876 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 7,112 ​ ​ 10,148 ​ ​ 7,120 ​ ​ ​ Equity in income (loss) of unconsolidated affiliates ​ ​ (29) ​ ​ 4 ​ ​ 6 ​ ​ 5 ​ ​ 3 ​ ​ 4 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (24) ​ ​ 7 ​ ​ 10 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net Income ​ ​ 6,392 ​ ​ 9,536 ​ ​ 6,250 ​ ​ 696 ​ ​ 619 ​ ​ 880 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 7,088 ​ ​ 10,155 ​ ​ 7,130 ​ ​ ​ Less: Net loss attributable to noncontrolling interests ​ ​ (12) ​ ​ (11) ​ ​ (1) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (12) ​ ​ (11) ​ ​ (1) ​ ​ ​"
    },
    {
      "status": "REMOVED",
      "current_title": null,
      "prior_title": "As of October 27, 2024 and October 29, 2023",
      "prior_body": "​ ​ ​ Unaudited ​ ​ ​ ​ ​ EQUIPMENT ​ FINANCIAL ​ ​ ​ ​ ​ ​ ​ ​ ​ OPERATIONS ​ SERVICES ​"
    },
    {
      "status": "REMOVED",
      "current_title": null,
      "prior_title": "CONSOLIDATED",
      "prior_body": "​ ​ ​ ​ ​ 2024 ​ 2023 ​ 2022 ​ 2024 ​ 2023 ​ 2022 ​ 2024 ​ 2023 ​ 2022 ​ 2024 ​ 2023 ​ 2022 ​ ​ ​"
    },
    {
      "status": "REMOVED",
      "current_title": null,
      "prior_title": "Total Assets",
      "prior_body": "​ $ 39,205 ​ $ 40,590 ​ $ 73,612 ​ $ 70,732 ​ $ (5,497) ​ $ (7,235) ​ $ 107,320 ​ $ 104,087 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​"
    },
    {
      "status": "REMOVED",
      "current_title": null,
      "prior_title": "STOCKHOLDERS’ EQUITY",
      "prior_body": "​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 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 ​ ​ ​"
    },
    {
      "status": "REMOVED",
      "current_title": null,
      "prior_title": "For the Years Ended October 27, 2024, October 29, 2023, and October 30, 2022",
      "prior_body": "​ ​ ​ Unaudited ​ ​ ​ ​ ​ EQUIPMENT ​ FINANCIAL ​ ​ ​ ​ ​ ​ ​ ​ ​ OPERATIONS ​ SERVICES ​"
    },
    {
      "status": "REMOVED",
      "current_title": null,
      "prior_title": "CONSOLIDATED",
      "prior_body": "​ ​ ​ ​ ​ 2024 ​ 2023 ​ 2022 ​ 2024 ​ 2023 ​ 2022 ​ 2024 ​ 2023 ​ 2022 ​ 2024 ​ 2023 ​ 2022 ​ ​ ​"
    },
    {
      "status": "REMOVED",
      "current_title": null,
      "prior_title": "Cash Flows from Operating Activities",
      "prior_body": "​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net income ​ $ 6,392 ​ $ 9,536 ​ $ 6,250 ​ $ 696 ​ $ 619 ​ $ 880 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ $ 7,088 ​ $ 10,155 ​ $ 7,130 ​ ​ ​ Adjustments to reconcile net income to net cash provided by operating activities: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Provision (credit) for credit losses ​ ​ 14 ​ ​ 7 ​ ​ 3 ​ ​ 296 ​ ​ (23) ​ ​ 189 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 310 ​ ​ (16) ​ ​ 192 ​ ​ ​ Provision for depreciation and amortization ​ ​ 1,220 ​ ​ 1,123 ​ ​ 1,041 ​ ​ 1,040 ​ ​ 1,016 ​ ​ 1,050 ​ $ (142) ​ $ (135) ​ $ (196) ​ ​ 2,118 ​ ​ 2,004 ​ ​ 1,895 ​ 11​ ​ Impairments and other adjustments ​ ​ 28 ​ ​ 18 ​ ​ 88 ​ ​ 97 ​ ​ 173 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 125 ​ ​ 191 ​ ​ 88 ​ ​ ​ Share-based compensation expense ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 208 ​ ​ 130 ​ ​ 85 ​ ​ 208 ​ ​ 130 ​ ​ 85 ​ 12​ ​ Gain on remeasurement of previously held equity investment ​ ​ ​ ​ ​ ​ ​ ​ (326) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (326) ​ ​ ​ Distributed earnings of Financial Services ​ ​ 250 ​ ​ 215 ​ ​ 444 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (250) ​ ​ (215) ​ ​ (444) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 13​ ​ Provision (credit) for deferred income taxes ​ ​ (97) ​ ​ (959) ​ ​ 8 ​ ​ (197) ​ ​ 169 ​ ​ (74) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (294) ​ ​ (790) ​ ​ (66) ​ ​ ​ Changes in assets and liabilities: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Receivables related to sales ​ ​ (13) ​ ​ (58) ​ ​ (189) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 434 ​ ​ (4,195) ​ ​ (2,294) ​ ​ 421 ​ ​ (4,253) ​ ​ (2,483) ​ 14, 16​ ​ Inventories ​ ​ 1,011 ​ ​ 474 ​ ​ (1,924) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (223) ​ ​ (195) ​ ​ (167) ​ ​ 788 ​ ​ 279 ​ ​ (2,091) ​ 15​ ​ Accounts payable and accrued expenses ​ ​ (1,429) ​ ​ 1,352 ​ ​ 1,444 ​ ​ 277 ​ ​ 449 ​ ​ 143 ​ ​ 112 ​ ​ (971) ​ ​ (454) ​ ​ (1,040) ​ ​ 830 ​ ​ 1,133 ​ 16​ ​ Accrued income taxes payable/receivable ​ ​ (218) ​ ​ 8 ​ ​ 166 ​ ​ 95 ​ ​ (31) ​ ​ (25) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (123) ​ ​ (23) ​ ​ 141 ​ ​ ​ Retirement benefits ​ ​ (215) ​ ​ (164) ​ ​ (1,016) ​ ​ (12) ​ ​ (6) ​ ​ 1 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (227) ​ ​ (170) ​ ​ (1,015) ​ ​ ​ Other ​ ​ (38) ​ ​ 367 ​ ​ 250 ​ ​ 40 ​ ​ (51) ​ ​ (287) ​ ​ (145) ​ ​ (64) ​ ​ 53 ​ ​ (143) ​ ​ 252 ​ ​ 16 ​ 11, 12, 15​ ​ Net cash provided by operating activities ​ ​ 6,905 ​ ​ 11,919 ​ ​ 6,239 ​ ​ 2,332 ​ ​ 2,315 ​ ​ 1,877 ​ ​ (6) ​ ​ (5,645) ​ ​ (3,417) ​ ​ 9,231 ​ ​ 8,589 ​ ​ 4,699 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​"
    },
    {
      "status": "REMOVED",
      "current_title": null,
      "prior_title": "Cash Flows from Investing Activities",
      "prior_body": "​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Collections of receivables (excluding receivables related to sales) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 26,029 ​ ​ 24,128 ​ ​ 22,400 ​ ​ (867) ​ ​ (1,077) ​ ​ (1,493) ​ ​ 25,162 ​ ​ 23,051 ​ ​ 20,907 ​ 14​ ​ Proceeds from maturities and sales of marketable securities ​ ​ 99 ​ ​ 59 ​ ​ ​ ​ ​ 733 ​ ​ 127 ​ ​ 79 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 832 ​ ​ 186 ​ ​ 79 ​ ​ ​ Proceeds from sales of equipment on operating leases ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 1,929 ​ ​ 1,981 ​ ​ 2,093 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 1,929 ​ ​ 1,981 ​ ​ 2,093 ​ ​ ​ Cost of receivables acquired (excluding receivables related to sales) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (29,152) ​ ​ (29,229) ​ ​ (26,903) ​ ​ 336 ​ ​ 457 ​ ​ 603 ​ ​ (28,816) ​ ​ (28,772) ​ ​ (26,300) ​ 14​ ​ Acquisitions of businesses, net of cash acquired ​ ​ ​ ​ ​ (82) ​ ​ (498) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (82) ​ ​ (498) ​ ​ ​ Purchases of marketable securities ​ ​ (209) ​ ​ (173) ​ ​ (76) ​ ​ (846) ​ ​ (318) ​ ​ (174) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (1,055) ​ ​ (491) ​ ​ (250) ​ ​ ​ Purchases of property and equipment ​ ​ (1,636) ​ ​ (1,494) ​ ​ (1,131) ​ ​ (4) ​ ​ (4) ​ ​ (3) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (1,640) ​ ​ (1,498) ​ ​ (1,134) ​ ​ ​ Cost of equipment on operating leases acquired ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (3,464) ​ ​ (3,234) ​ ​ (2,879) ​ ​ 302 ​ ​ 264 ​ ​ 225 ​ ​ (3,162) ​ ​ (2,970) ​ ​ (2,654) ​ 15​ ​ Decrease (increase) in investment in Financial Services ​ ​ 4 ​ ​ (870) ​ ​ 7 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (4) ​ ​ 870 ​ ​ (7) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 17​ ​ Decrease (increase) in trade and wholesale receivables ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 21 ​ ​ (5,783) ​ ​ (3,601) ​ ​ (21) ​ ​ 5,783 ​ ​ 3,601 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 14​ ​ Collateral on derivatives – net ​ ​ ​ ​ ​ (1) ​ ​ 5 ​ ​ 413 ​ ​ (11) ​ ​ (647) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 413 ​ ​ (12) ​ ​ (642) ​ ​ ​ Other ​ ​ (125) ​ ​ (176) ​ ​ (137) ​ ​ (8) ​ ​ 31 ​ ​ 14 ​ ​ 6 ​ ​ 3 ​ ​ 37 ​ ​ (127) ​ ​ (142) ​ ​ (86) ​ ​ ​ Net cash used for investing activities ​ ​ (1,867) ​ ​ (2,737) ​ ​ (1,830) ​ ​ (4,349) ​ ​ (12,312) ​ ​ (9,621) ​ ​ (248) ​ ​ 6,300 ​ ​ 2,966 ​ ​ (6,464) ​ ​ (8,749) ​ ​ (8,485) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​"
    },
    {
      "status": "REMOVED",
      "current_title": null,
      "prior_title": "Cash Flows from Financing Activities",
      "prior_body": "​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net proceeds (payments) in short-term borrowings (original maturities three months or less) ​ ​ 28 ​ ​ (113) ​ ​ 136 ​ ​ (1,884) ​ ​ 4,121 ​ ​ 3,716 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (1,856) ​ ​ 4,008 ​ ​ 3,852 ​ ​ ​ Change in intercompany receivables/payables ​ ​ 1,459 ​ ​ 2,090 ​ ​ (1,633) ​ ​ (1,459) ​ ​ (2,090) ​ ​ 1,633 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Proceeds from borrowings issued (original maturities greater than three months) ​ ​ 159 ​ ​ 342 ​ ​ 138 ​ ​ 17,937 ​ ​ 15,087 ​ ​ 10,220 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 18,096 ​ ​ 15,429 ​ ​ 10,358 ​ ​ ​ Payments of borrowings (original maturities greater than three months) ​ ​ (1,123) ​ ​ (901) ​ ​ (1,356) ​ ​ (12,109) ​ ​ (7,012) ​ ​ (7,089) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (13,232) ​ ​ (7,913) ​ ​ (8,445) ​ ​ ​ Repurchases of common stock ​ ​ (4,007) ​ ​ (7,216) ​ ​ (3,597) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (4,007) ​ ​ (7,216) ​ ​ (3,597) ​ ​ ​ Capital investment from Equipment Operations ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (4) ​ ​ 870 ​ ​ (7) ​ ​ 4 ​ ​ (870) ​ ​ 7 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 17​ ​ Dividends paid ​ ​ (1,605) ​ ​ (1,427) ​ ​ (1,313) ​ ​ (250) ​ ​ (215) ​ ​ (444) ​ ​ 250 ​ ​ 215 ​ ​ 444 ​ ​ (1,605) ​ ​ (1,427) ​ ​ (1,313) ​ 13​ ​ Other ​ ​ (46) ​ ​ (7) ​ ​ 6 ​ ​ (67) ​ ​ (66) ​ ​ (35) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (113) ​ ​ (73) ​ ​ (29) ​ ​ ​ Net cash provided by (used for) financing activities ​ ​ (5,135) ​ ​ (7,232) ​ ​ (7,619) ​ ​ 2,164 ​ ​ 10,695 ​ ​ 7,994 ​ ​ 254 ​ ​ (655) ​ ​ 451 ​ ​ (2,717) ​ ​ 2,808 ​ ​ 826 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​"
    },
    {
      "status": "REMOVED",
      "current_title": null,
      "prior_title": "Effect of Exchange Rate Changes on Cash, Cash Equivalents, and Restricted Cash",
      "prior_body": "​ ​ (15) ​ ​ 24 ​ ​ (209) ​ ​ (22) ​ ​ 7 ​ ​ (15) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (37) ​ ​ 31 ​ ​ (224) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​"
    },
    {
      "status": "REMOVED",
      "current_title": null,
      "prior_title": "Net Increase (Decrease) in Cash, Cash Equivalents, and Restricted Cash",
      "prior_body": "​ ​ (112) ​ ​ 1,974 ​ ​ (3,419) ​ ​ 125 ​ ​ 705 ​ ​ 235 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 13 ​ ​ 2,679 ​ ​ (3,184) ​ ​ ​"
    },
    {
      "status": "REMOVED",
      "current_title": null,
      "prior_title": "Cash, Cash Equivalents, and Restricted Cash at Beginning of Year",
      "prior_body": "​ ​ 5,755 ​ ​ 3,781 ​ ​ 7,200 ​ ​ 1,865 ​ ​ 1,160 ​ ​ 925 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 7,620 ​ ​ 4,941 ​ ​ 8,125 ​ ​ ​"
    },
    {
      "status": "REMOVED",
      "current_title": null,
      "prior_title": "Cash, Cash Equivalents, and Restricted Cash at End of Year",
      "prior_body": "​ $ 5,643 ​ $ 5,755 ​ $ 3,781 ​ $ 1,990 ​ $ 1,865 ​ $ 1,160 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ $ 7,633 ​ $ 7,620 ​ $ 4,941 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​"
    },
    {
      "status": "REMOVED",
      "current_title": null,
      "prior_title": "Components of Cash, Cash Equivalents, and Restricted Cash",
      "prior_body": "​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Cash and cash equivalents ​ $ 5,615 ​ $ 5,720 ​ $ 3,767 ​ $ 1,709 ​ $ 1,738 ​ $ 1,007 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ $ 7,324 ​ $ 7,458 ​ $ 4,774 ​ ​ ​ Cash, cash equivalents, and restricted cash (Assets held for sale) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 116 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 116 ​ ​ ​ ​ ​ ​ ​ ​ ​ Restricted cash (Other assets) ​ ​ 28 ​ ​ 35 ​ ​ 14 ​ ​ 165 ​ ​ 127 ​ ​ 153 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 193 ​ ​ 162 ​ ​ 167 ​ ​ ​"
    },
    {
      "status": "REMOVED",
      "current_title": null,
      "prior_title": "Total Cash, Cash Equivalents, and Restricted Cash",
      "prior_body": "​ $ 5,643 ​ $ 5,755 ​ $ 3,781 ​ $ 1,990 ​ $ 1,865 ​ $ 1,160 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ $ 7,633 ​ $ 7,620 ​ $ 4,941 ​ ​ ​ ​ ​ 11 Elimination of depreciation on leases related to inventory transferred to equipment on operating leases (see Note 6). 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. 41 41 41"
    },
    {
      "status": "MODIFIED",
      "current_title": "Governmental actions designed to address climate change based on the emergence of new technologies and business models in connection with the transition to a lower-carbon economy could adversely affect John Deere and our customers.",
      "prior_title": "Governmental actions designed to address climate change based on the emergence of new technologies and business models in connection with the transition to a lower-carbon economy could adversely affect John Deere and our customers.",
      "similarity_score": 0.918,
      "confidence": "high",
      "key_changes": [
        "Reworded sentence: \"Climate change considerations have led to new international, national, regional, and local legislative and regulatory responses.\"",
        "Reworded sentence: \"These results would increase our operating costs through higher utility, transportation, and material costs and could prevent us from selling products into certain markets.\"",
        "Added sentence: \"On the other hand, conflicting views on environmental topics, including GHG emissions reduction goals or other commitments addressing certain climate issues, are becoming increasingly subject to scrutiny from private sectors and governmental authorities.\"",
        "Added sentence: \"These conflicting views may impact our business and reputation.\""
      ],
      "current_body": "Climate change considerations have led to new international, national, regional, and local legislative and regulatory responses. Various stakeholders, including legislators and regulators, shareholders, and non-governmental organizations, as well as companies in many business sectors, including us, are continuing to look for ways to reduce greenhouse gas (GHG) emissions. The regulation of GHG emissions from certain stationary or mobile sources or the imposition of carbon pricing mechanisms could result in additional costs to us in the form of taxes or emission allowances, required facilities improvements, research and development investments, and increased energy costs. These results would increase our operating costs through higher utility, transportation, and material costs and could prevent us from selling products into certain markets. Increased input costs, such as fuel and fertilizer, and compliance-related costs could also affect customer operations and demand for our equipment. Regulators in Europe and the U.S. have also focused efforts on increasing disclosures by companies related to climate change and mitigation efforts. These disclosure rules increase compliance burdens and associated regulatory costs. On the other hand, conflicting views on environmental topics, including GHG emissions reduction goals or other commitments addressing certain climate issues, are becoming increasingly subject to scrutiny from private sectors and governmental authorities. These conflicting views may impact our business and reputation. Further, our financial services segment is subject to additional international and national regulations relating to climate and environmental risk, which are continually evolving and could affect the financing operations and climate-risk processes developed by the segment.",
      "prior_body": "There is global scientific consensus that greenhouse gas (GHG) emissions continue to alter the composition of Earth’s atmosphere in ways that are affecting and are expected to continue to affect the global climate. These considerations have led to new international, national, regional, and local legislative and regulatory responses. Various stakeholders, including legislators and regulators, shareholders, and non-governmental organizations, as well as companies in many business sectors, including us, are continuing to look for ways to reduce GHG emissions. The regulation of GHG emissions from certain stationary or mobile sources or the imposition of carbon pricing mechanisms could result in additional costs to us in the form of taxes or emission allowances, required facilities improvements, research and development investments, and increased energy costs. These results would increase our operating costs through higher utility, transportation, and materials cost and could prevent us from selling products into certain markets. Increased input costs, such as fuel and fertilizer, and compliance-related costs could also affect customer operations and demand for our equipment. Regulators in Europe and the U.S. have also focused efforts on increasing disclosures by companies related to climate change and mitigation efforts. These disclosure rules increase compliance burdens and associated regulatory costs. Further, our financial services segment is subject to additional international and national regulations relating to climate and environmental risk, which are continually evolving and could affect the financing operations and climate-risk processes developed by the segment."
    },
    {
      "status": "MODIFIED",
      "current_title": "Changes in interest rates or market liquidity conditions, as well as changes in government banking, monetary and fiscal policies, could adversely affect our financials and our earnings and/or cash flows.",
      "prior_title": "Changes in interest rates or market liquidity conditions, as well as changes in government banking, monetary and fiscal policies, could adversely affect our financials and our earnings and/or cash flows.",
      "similarity_score": 0.909,
      "confidence": "high",
      "key_changes": [
        "Reworded sentence: \"High interest rates can dampen overall economic activity and/or the financial condition of our customers, either or both of which can negatively affect customer demand for our equipment and our customers’ ability to repay us.\""
      ],
      "current_body": "High interest rates can dampen overall economic activity and/or the financial condition of our customers, either or both of which can negatively affect customer demand for our equipment and our customers’ ability to repay us. High interest rates also increase the cost of carrying inventory for our dealers and the cost of financing for end customers. Interest rates in the U.S. have decreased and Brazil remained elevated in 2025. Higher rates and volatility in rates impact us in several ways, primarily affecting the demand for our products, financing spreads for the financial services operations, the value of our investments, and the financial health of our dealers. The markets for our agriculture, turf, and construction products were negatively impacted in 2025 by elevated interest rates and their effect on borrowing costs for our customers. While we strive to match the interest rate characteristics of our financial assets and liabilities, changing interest rates have affected our financing spreads—the difference between the yield we earn on our assets and the interest rates we pay for funding—which have affected our earnings. In addition, actions by credit rating agencies, such as downgrades or negative changes to ratings outlooks, can affect the availability and cost of funding for us and can increase our costs of capital and hurt our competitive position. Moreover, policies of the U.S. and other governments regarding banking, monetary, and fiscal policies intended to promote or maintain liquidity, stabilize financial markets, and/or address local deficit or structural economic issues have a material impact on our customers and markets. Our operations and results could also be affected by financial regulatory reform that could, among other things, have an adverse effect on the financial services segment and on our customers by limiting their ability to enter hedging transactions or to finance purchases of our products. Government policies on spending can also affect us, especially the CF segment, due to the impact of government spending on infrastructure development. Our operations, including those outside of the U.S., may also be affected by non-U.S. regulatory reforms being implemented to further regulate non-U.S. financial institutions and markets.",
      "prior_body": "While central banks began cutting their policy interest rates in the latter part of fiscal year 2024, interest rates remain above recent norms. High interest rates can have a dampening effect on overall economic activity and/or the financial condition of our customers, either or both of which can negatively affect customer demand for our equipment and customers’ ability to repay their obligations to us. While we strive to match the interest rate characteristics of our financial assets and liabilities, changing interest rates have had an adverse effect on our financing spreads—the difference between the yield we earn on our assets and the interest rates we pay for funding—which has affected our earnings. In addition, actions by credit rating agencies, such as downgrades or negative changes to ratings outlooks, can affect the availability and cost of funding for us and can increase our costs of capital and hurt our competitive position. Moreover, policies of the U.S. and other governments regarding banking, monetary, and fiscal policies intended to promote or maintain liquidity, stabilize financial markets, and/or address local deficit or structural economic issues have a material impact on our customers and markets. Our operations and results could also be affected by financial regulatory reform that could, among other things, have an adverse effect on the financial services segment and on our customers by limiting their ability to enter hedging transactions or to finance purchases of our products. Government policies on spending can also affect us, especially the CF segment, due to the impact of government spending on infrastructure development. Our operations, including those outside of the U.S., may also be affected by non-U.S. regulatory reforms being implemented to further regulate non-U.S. financial institutions and markets."
    },
    {
      "status": "MODIFIED",
      "current_title": "We may not realize the anticipated benefits of our Smart Industrial Operating Model and Leap Ambitions.",
      "prior_title": "We may not realize the anticipated benefits of our Smart Industrial Operating Model and Leap Ambitions.",
      "similarity_score": 0.906,
      "confidence": "high",
      "key_changes": [
        "Reworded sentence: \"Failure to realize the anticipated benefits of our Smart Industrial Operating Model and related business strategies in production systems, precision technologies, and aftermarket support, as well as failure to have selected a business strategy that aligns with our customers’ needs and market trends, could have an adverse effect on our operational and financial results.\""
      ],
      "current_body": "Failure to realize the anticipated benefits of our Smart Industrial Operating Model and related business strategies in production systems, precision technologies, and aftermarket support, as well as failure to have selected a business strategy that aligns with our customers’ needs and market trends, could have an adverse effect on our operational and financial results. Several factors could impact our ability to successfully execute, and to benefit from, our Smart Industrial Operating Model, including, among other things: Similarly, we may not realize the anticipated benefits of our Leap Ambitions and related goals within the expected timelines, or at all. As part of our Leap Ambitions, we adopted certain financial and operational goals, which were refined in December 2025. In the future, we may again modify these goals, abandon them or be unable to achieve them for a variety of reasons, some of which may be beyond our control. Examples of such reasons include:",
      "prior_body": "Failure to realize the anticipated benefits of our Smart Industrial Operating Model and related business strategies in production systems, precision technologies, and aftermarket support, as well as failure to have selected a business strategy that aligns with our customer needs and market trends, could have an adverse effect on our operational and financial results. Several factors could impact our ability to successfully execute our Smart Industrial Operating Model, including, among other things: Similarly, we may not realize the anticipated benefits of our Leap Ambitions and related goals within the expected timelines, or at all. As part of our Leap Ambitions, we adopted various goals we expect to achieve by 2026 or 2030, but these goals and their timelines might be modified or updated. We may modify or not be able to achieve these goals for a variety of reasons, some of which may be beyond our control. Examples include:"
    },
    {
      "status": "MODIFIED",
      "current_title": "Security breaches and other disruptions to our information technology infrastructure could interfere with our operations and could compromise our information as well as information about our employees, customers, suppliers, and/or dealers, exposing us to liability that could cause our business and reputation to suffer.",
      "prior_title": "Security breaches and other disruptions to our information technology infrastructure could interfere with our operations and could compromise our information as well as information of our employees, customers, suppliers, and/or dealers, exposing us to liability that could cause our business and reputation to suffer.",
      "similarity_score": 0.885,
      "confidence": "high",
      "key_changes": [
        "Reworded sentence: \"We rely upon information technology networks and systems, some of which are managed by third parties, to process, transmit, and store electronic information and to manage or support a variety of products within our portfolio, business processes and activities, including supporting our customers’ operations, products and solutions, supply chain, manufacturing, distribution, invoicing, and collection of payments from customers and dealers.\"",
        "Reworded sentence: \"Additionally, we collect and store confidential data, including intellectual property, proprietary business information, and the proprietary business information of our customers, suppliers, and dealers, as well as personal data of our customers and employees in data centers, which are often owned by third parties and maintained on their information technology networks.\"",
        "Reworded sentence: \"Any such access, acquisition, disclosure, alteration, misuse, or other loss of information could result in legal claims or proceedings, government investigations, liability or regulatory penalties, disruption or shut down of our operations, disruption or shut down of our dealers’ and customers’ operations, and damage to our reputation, which could adversely affect our business, results of 22 22 22 Table of Contentsoperations, and financial condition.\"",
        "Reworded sentence: \"In addition, reports of unauthorized access to our products, systems, and data, regardless of their accuracy or reliability, have resulted, and may in the future result, in the perception that the products, systems, or data are vulnerable to malicious or unauthorized modifications.\"",
        "Reworded sentence: \"We utilize and intend to expand our use of automation and machine learning in many of our products, including consumer-facing features, and we leverage generative artificial intelligence in our business processes.\""
      ],
      "current_body": "We rely upon information technology networks and systems, some of which are managed by third parties, to process, transmit, and store electronic information and to manage or support a variety of products within our portfolio, business processes and activities, including supporting our customers’ operations, products and solutions, supply chain, manufacturing, distribution, invoicing, and collection of payments from customers and dealers. We use information technology systems to record, process, and summarize financial information and results of operations for internal reporting purposes and to comply with regulatory financial reporting, legal, and tax requirements. Additionally, we collect and store confidential data, including intellectual property, proprietary business information, and the proprietary business information of our customers, suppliers, and dealers, as well as personal data of our customers and employees in data centers, which are often owned by third parties and maintained on their information technology networks. In particular, the John Deere Operations Center™, our digital management system that allows customers to access farm and jobsite information through their devices, stores substantial volumes of data at the edge and within cloud environments. This data is used to assist and support our customers’ operations and machines, and to enhance and develop our product offerings, including the development of machine learning, large language models and SaaS products. The secure operation of these information technology networks, and the processing and maintenance of this information, are critical to our business operations and strategy. Despite security measures designed to discover and address potential vulnerabilities, our information technology networks and infrastructure have been and may continue to be vulnerable to: (i) intrusion, (ii) exfiltration of data, (iii) damage, (iv) disruptions or shutdowns due to attacks by cyber criminals or foreign state actors, (v) employees’, suppliers’, or dealers’ error or malfeasance, (vi) supply chain compromise, (vii) disruptions during the process of upgrading or replacing computer software or hardware, (viii) power and systems outages, (ix) computer viruses, (x) ransomware or other malware, (xi) telecommunication or utility failures, (xii) terrorist acts, (xiii) natural disasters, (xiv) and other events. Our reliance on cloud-based systems owned by third parties creates particular risks. Because we do not control the underlying infrastructure, we depend on the security and reliability of third-party providers, and any outage, misconfiguration, or loss of data could compromise the integrity of our and our customers’ operations and impair the execution of our business strategy and the achievement of our goals. Although we have not suffered any significant cyber incidents that have resulted in material business impact, we have from time to time been, and expect to continue to be, the target of malicious cyber threat actors. The occurrence of any significant event could compromise our networks, and the information stored there could be accessed, obtained, publicly disclosed, lost, altered, misused, or stolen. Any such access, acquisition, disclosure, alteration, misuse, or other loss of information could result in legal claims or proceedings, government investigations, liability or regulatory penalties, disruption or shut down of our operations, disruption or shut down of our dealers’ and customers’ operations, and damage to our reputation, which could adversely affect our business, results of 22 22 22 Table of Contentsoperations, and financial condition. Furthermore, as security threats continue to evolve and increase in frequency and sophistication, we may need to invest additional resources to enhance information security.Any unauthorized control or manipulation of our products’ systems could result in a loss of confidence in us and our products. Some of our products include connectivity hardware and software typically used for remote system updates. While we have implemented security measures intended to protect against unauthorized remote access to these products, malicious threat actors have attempted, and may attempt in the future, to gain unauthorized access to such products in order to gain control of the products, change the products’ functionality, user interface, or performance characteristics, interfere with the products’ operations, or gain access to data stored in or generated by the products or to systems to which they connect. In addition, reports of unauthorized access to our products, systems, and data, regardless of their accuracy or reliability, have resulted, and may in the future result, in the perception that the products, systems, or data are vulnerable to malicious or unauthorized modifications. Any unauthorized access to or control of our products or systems, any loss of data, or any perception that products, systems, or data are vulnerable could result in loss of sales based on customers’ loss of confidence in our products, legal claims or proceedings against us, government investigation, liability, or regulatory penalties, which could adversely affect our business, results of operations, and financial condition.Technical or regulatory limitations may impact our ability to effectively implement automation, autonomy, and artificial intelligence solutions. We utilize and intend to expand our use of automation and machine learning in many of our products, including consumer-facing features, and we leverage generative artificial intelligence in our business processes. For example, we use automation software, digital tools, applications, and analytics on the S7 Series Combines and our See & Spray™ targeted spraying solution. In addition, we maintain the John Deere Operations Center™, which stores substantial volumes of data with respect to our customers’ operations and that we use to support our customers and to develop or enhance our product offerings.While we believe the use of these emerging technologies can present significant benefits, they also create risks and challenges. Data sourcing, technology, integration and process issues, bias in decision-making algorithms, concerns over intellectual property, reputational implications if use becomes controversial, system security concerns, or the protection of privacy could impair the adoption and acceptance of autonomous machine solutions. Additionally, if we are unable to match or surpass the advances of artificial intelligence that our competitors implement for their products or for internal operations, our competitive position could be impacted. Furthermore, any confidential information that is disclosed to a third-party generative artificial intelligence platform could be leaked or disclosed to others, including sensitive information that is used to train the third parties’ model. Additionally, if the data used to train the solution or the content, analyses, or recommendations that the machine learning and intelligence applications assist in producing is deemed to be inaccurate, incomplete, biased or questionable, our brand and reputation may be harmed, and we may be subject to legal liability claims. The development of our own artificial intelligence applications will require additional investment in the development of proprietary systems, models, or datasets, which are complex, costly and could impact the results of our operations. Developing, testing, and deploying these technologies may also increase the cost profile of our products due to the level of investment needed to enable such initiatives. In addition, there is no guarantee that we will be able to develop such applications and execute on the longer-term aspects of our business strategy.Disruption of our technology systems or unexpected network interruption could disrupt our business.We are increasingly dependent on technology systems to operate on a day-to-day basis. The failure of our technology systems, including the John Deere Operations Center™, to operate properly or effectively, problems with transitioning to upgraded or replacement systems, or difficulty in integrating new systems, could adversely affect our business. These disruptions could result in delays, which could reduce demand for our products and cause our sales to decline. In addition, if changes in technology cause our information systems to become obsolete, or if our information systems are inadequate to manage our growth and new technologies, we could lose customers. Any significant disruption in our technology systems could harm our reputation and credibility and could have a material adverse effect on our business, financial condition, and results of operations.LEGAL AND REGULATORY COMPLIANCE RISKS Our global operations are subject to complex and changing laws and regulations, the violation of which could expose us to potential liabilities, increased costs, and other adverse effects.We are subject to numerous international, federal, state, and local laws, regulations, and executive orders; many of which are complex, frequently changing, and subject to varying interpretations. 23 Table of Contents Table of Contents Table of Contents operations, and financial condition. Furthermore, as security threats continue to evolve and increase in frequency and sophistication, we may need to invest additional resources to enhance information security.Any unauthorized control or manipulation of our products’ systems could result in a loss of confidence in us and our products. Some of our products include connectivity hardware and software typically used for remote system updates. While we have implemented security measures intended to protect against unauthorized remote access to these products, malicious threat actors have attempted, and may attempt in the future, to gain unauthorized access to such products in order to gain control of the products, change the products’ functionality, user interface, or performance characteristics, interfere with the products’ operations, or gain access to data stored in or generated by the products or to systems to which they connect. In addition, reports of unauthorized access to our products, systems, and data, regardless of their accuracy or reliability, have resulted, and may in the future result, in the perception that the products, systems, or data are vulnerable to malicious or unauthorized modifications. Any unauthorized access to or control of our products or systems, any loss of data, or any perception that products, systems, or data are vulnerable could result in loss of sales based on customers’ loss of confidence in our products, legal claims or proceedings against us, government investigation, liability, or regulatory penalties, which could adversely affect our business, results of operations, and financial condition.Technical or regulatory limitations may impact our ability to effectively implement automation, autonomy, and artificial intelligence solutions. We utilize and intend to expand our use of automation and machine learning in many of our products, including consumer-facing features, and we leverage generative artificial intelligence in our business processes. For example, we use automation software, digital tools, applications, and analytics on the S7 Series Combines and our See & Spray™ targeted spraying solution. In addition, we maintain the John Deere Operations Center™, which stores substantial volumes of data with respect to our customers’ operations and that we use to support our customers and to develop or enhance our product offerings.While we believe the use of these emerging technologies can present significant benefits, they also create risks and challenges. Data sourcing, technology, integration and process issues, bias in decision-making algorithms, concerns over intellectual property, reputational implications if use becomes controversial, system security concerns, or the protection of privacy could impair the adoption and acceptance of autonomous machine solutions. Additionally, if we are unable to match or surpass the advances of artificial intelligence that our competitors implement for their products or for internal operations, our competitive position could be impacted. Furthermore, any confidential information that is disclosed to a third-party generative artificial intelligence platform could be leaked or disclosed to others, including sensitive information that is used to train the third parties’ model. Additionally, if the data used to train the solution or the content, analyses, or recommendations that the machine learning and intelligence applications assist in producing is deemed to be inaccurate, incomplete, biased or questionable, our brand and reputation may be harmed, and we may be subject to legal liability claims. The development of our own artificial intelligence applications will require additional investment in the development of proprietary systems, models, or datasets, which are complex, costly and could impact the results of our operations. Developing, testing, and deploying these technologies may also increase the cost profile of our products due to the level of investment needed to enable such initiatives. In addition, there is no guarantee that we will be able to develop such applications and execute on the longer-term aspects of our business strategy.Disruption of our technology systems or unexpected network interruption could disrupt our business.We are increasingly dependent on technology systems to operate on a day-to-day basis. The failure of our technology systems, including the John Deere Operations Center™, to operate properly or effectively, problems with transitioning to upgraded or replacement systems, or difficulty in integrating new systems, could adversely affect our business. These disruptions could result in delays, which could reduce demand for our products and cause our sales to decline. In addition, if changes in technology cause our information systems to become obsolete, or if our information systems are inadequate to manage our growth and new technologies, we could lose customers. Any significant disruption in our technology systems could harm our reputation and credibility and could have a material adverse effect on our business, financial condition, and results of operations.LEGAL AND REGULATORY COMPLIANCE RISKS Our global operations are subject to complex and changing laws and regulations, the violation of which could expose us to potential liabilities, increased costs, and other adverse effects.We are subject to numerous international, federal, state, and local laws, regulations, and executive orders; many of which are complex, frequently changing, and subject to varying interpretations. operations, and financial condition. Furthermore, as security threats continue to evolve and increase in frequency and sophistication, we may need to invest additional resources to enhance information security.",
      "prior_body": "In the ordinary course of business, we rely upon information technology networks and systems, some of which are managed by third parties, to process, transmit, and store electronic information and to manage or support a variety of business processes and activities, including supply chain, manufacturing, distribution, invoicing, and collection of payments from dealers and other purchasers of our equipment and from customers of the financial services segment. We use information technology systems to record, process, and summarize financial information and results of operations for internal reporting purposes and to comply with regulatory financial reporting, legal, and tax requirements. Additionally, we collect and store confidential data, including intellectual property, proprietary business information, and the proprietary business information of our customers, suppliers, and dealers, as well as personal data of our customers and employees in 19 19 19 Table of Contentsdata centers, which are often owned by third parties and maintained on their information technology networks. The secure operation of these information technology networks, and the processing and maintenance of this information, are critical to our business operations and strategy.Despite security measures, including exercises, tests, incident simulations, and system assessments designed to discover and address potential vulnerabilities, our information technology networks and infrastructure have been and may be vulnerable to intrusion, damage, disruptions, or shutdowns due to attacks by cyber criminals, employees’, suppliers’, or dealers’ error or malfeasance, supply chain compromise, disruptions during the process of upgrading or replacing computer software or hardware, power outages, computer viruses, ransomware or other malware, telecommunication or utility failures, terrorist acts, natural disasters, or other events. Although we have not suffered any significant cyber incidents that resulted in material business impact, we have from time to time been, and expect to continue to be, the target of malicious cyber threat actors. The occurrence of any significant event could compromise our networks, and the information stored there could be accessed, obtained, publicly disclosed, lost, altered, misused, or stolen. Any such access, acquisition, disclosure, alteration, misuse, or other loss of information could result in legal claims or proceedings, government investigations, liability or regulatory penalties, disruption or shut down of our operations, disruption or shut down of our dealers’ and customers’ operations, and damage to our reputation, which could adversely affect our business, results of operations, and financial condition. Furthermore, as security threats continue to evolve and increase in frequency and sophistication, we may need to invest additional resources to enhance information security.Any unauthorized control or manipulation of our products’ systems could result in loss of confidence in us and our products. Some of our products include connectivity hardware and software typically used for remote system updates. While we have implemented security measures intended to protect against unauthorized remote access to these products, malicious threat actors have attempted, and may attempt in the future, to gain unauthorized access to such products in order to gain control of the products, change the products’ functionality, user interface, or performance characteristics, interfere with the products’ operations, or gain access to data stored in or generated by the products or to systems to which they connect. In addition, reports of unauthorized access to our products, systems, and data, regardless of their reliability, may result in the perception that the products, systems, or data are vulnerable to malicious or unauthorized modifications. Any unauthorized access to or control of our products or systems, any loss of data, or any perception that products, systems, or data are vulnerable could result in loss of sales based on customers’ loss of confidence in our products, legal claims or proceedings against us, government investigation, liability, or regulatory penalties, which could adversely affect our business, results of operations, and financial condition.Technical or regulatory limitations may impact our ability to effectively implement automation, autonomy, and artificial intelligence solutions. We utilize automation and machine learning in some of our products, including consumer-facing features, and leverage generative artificial intelligence in our business processes. For example, the automation software, digital tools, applications, and analytics utilized in John Deere’s products are designed to improve customer decision-making, such as the automation package on the S7 Series Combines and the computer vision and machine learning technology that enables our See & Spray™ targeted spraying solution. While we believe the use of these emerging technologies can present significant benefits, it also creates risks and challenges as the use of artificial intelligence is a novel business model without an established track record. Data sourcing, technology, integration and process issues, programmed bias in decision-making algorithms, concerns over intellectual property, security concerns, and the protection of privacy could impair the adoption and acceptance of autonomous machine solutions. Furthermore, any confidential information that we input into a third-party generative artificial intelligence platform could be leaked or disclosed to others, including sensitive information that is used to train the third parties’ model. Additionally, if the data used to train the solution or the content, analyses, or recommendations that the machine learning and intelligence applications assist in producing is deemed to be inaccurate, incomplete, biased or questionable, our brand and reputation may be harmed and we may be subject to legal liability claims. The development of our own artificial intelligence applications may require additional investment in the development of proprietary systems, models, or datasets, which are often complex, may be costly and could impact the results of our operations. Developing, testing, and deploying these technologies may also increase the cost profile of our products due to the level of investment needed to enable such initiatives. Disruption of our technology systems or unexpected network interruption could disrupt our business.We are increasingly dependent on technology systems to operate on a day-to-day basis. The failure of our technology systems to operate properly or effectively, problems with transitioning to upgraded or replacement systems, or difficulty in integrating new systems, could adversely affect our business. These disruptions could result in delays, which could reduce demand for our products and cause our sales to decline. In addition, if changes in technology cause our information systems to become obsolete, or if our information systems are inadequate to handle our growth and new technologies, we could lose customers. Any significant disruption 20 Table of Contents Table of Contents Table of Contents data centers, which are often owned by third parties and maintained on their information technology networks. The secure operation of these information technology networks, and the processing and maintenance of this information, are critical to our business operations and strategy.Despite security measures, including exercises, tests, incident simulations, and system assessments designed to discover and address potential vulnerabilities, our information technology networks and infrastructure have been and may be vulnerable to intrusion, damage, disruptions, or shutdowns due to attacks by cyber criminals, employees’, suppliers’, or dealers’ error or malfeasance, supply chain compromise, disruptions during the process of upgrading or replacing computer software or hardware, power outages, computer viruses, ransomware or other malware, telecommunication or utility failures, terrorist acts, natural disasters, or other events. Although we have not suffered any significant cyber incidents that resulted in material business impact, we have from time to time been, and expect to continue to be, the target of malicious cyber threat actors. The occurrence of any significant event could compromise our networks, and the information stored there could be accessed, obtained, publicly disclosed, lost, altered, misused, or stolen. Any such access, acquisition, disclosure, alteration, misuse, or other loss of information could result in legal claims or proceedings, government investigations, liability or regulatory penalties, disruption or shut down of our operations, disruption or shut down of our dealers’ and customers’ operations, and damage to our reputation, which could adversely affect our business, results of operations, and financial condition. Furthermore, as security threats continue to evolve and increase in frequency and sophistication, we may need to invest additional resources to enhance information security.Any unauthorized control or manipulation of our products’ systems could result in loss of confidence in us and our products. Some of our products include connectivity hardware and software typically used for remote system updates. While we have implemented security measures intended to protect against unauthorized remote access to these products, malicious threat actors have attempted, and may attempt in the future, to gain unauthorized access to such products in order to gain control of the products, change the products’ functionality, user interface, or performance characteristics, interfere with the products’ operations, or gain access to data stored in or generated by the products or to systems to which they connect. In addition, reports of unauthorized access to our products, systems, and data, regardless of their reliability, may result in the perception that the products, systems, or data are vulnerable to malicious or unauthorized modifications. Any unauthorized access to or control of our products or systems, any loss of data, or any perception that products, systems, or data are vulnerable could result in loss of sales based on customers’ loss of confidence in our products, legal claims or proceedings against us, government investigation, liability, or regulatory penalties, which could adversely affect our business, results of operations, and financial condition.Technical or regulatory limitations may impact our ability to effectively implement automation, autonomy, and artificial intelligence solutions. We utilize automation and machine learning in some of our products, including consumer-facing features, and leverage generative artificial intelligence in our business processes. For example, the automation software, digital tools, applications, and analytics utilized in John Deere’s products are designed to improve customer decision-making, such as the automation package on the S7 Series Combines and the computer vision and machine learning technology that enables our See & Spray™ targeted spraying solution. While we believe the use of these emerging technologies can present significant benefits, it also creates risks and challenges as the use of artificial intelligence is a novel business model without an established track record. Data sourcing, technology, integration and process issues, programmed bias in decision-making algorithms, concerns over intellectual property, security concerns, and the protection of privacy could impair the adoption and acceptance of autonomous machine solutions. Furthermore, any confidential information that we input into a third-party generative artificial intelligence platform could be leaked or disclosed to others, including sensitive information that is used to train the third parties’ model. Additionally, if the data used to train the solution or the content, analyses, or recommendations that the machine learning and intelligence applications assist in producing is deemed to be inaccurate, incomplete, biased or questionable, our brand and reputation may be harmed and we may be subject to legal liability claims. The development of our own artificial intelligence applications may require additional investment in the development of proprietary systems, models, or datasets, which are often complex, may be costly and could impact the results of our operations. Developing, testing, and deploying these technologies may also increase the cost profile of our products due to the level of investment needed to enable such initiatives. Disruption of our technology systems or unexpected network interruption could disrupt our business.We are increasingly dependent on technology systems to operate on a day-to-day basis. The failure of our technology systems to operate properly or effectively, problems with transitioning to upgraded or replacement systems, or difficulty in integrating new systems, could adversely affect our business. These disruptions could result in delays, which could reduce demand for our products and cause our sales to decline. In addition, if changes in technology cause our information systems to become obsolete, or if our information systems are inadequate to handle our growth and new technologies, we could lose customers. Any significant disruption data centers, which are often owned by third parties and maintained on their information technology networks. The secure operation of these information technology networks, and the processing and maintenance of this information, are critical to our business operations and strategy.Despite security measures, including exercises, tests, incident simulations, and system assessments designed to discover and address potential vulnerabilities, our information technology networks and infrastructure have been and may be vulnerable to intrusion, damage, disruptions, or shutdowns due to attacks by cyber criminals, employees’, suppliers’, or dealers’ error or malfeasance, supply chain compromise, disruptions during the process of upgrading or replacing computer software or hardware, power outages, computer viruses, ransomware or other malware, telecommunication or utility failures, terrorist acts, natural disasters, or other events. Although we have not suffered any significant cyber incidents that resulted in material business impact, we have from time to time been, and expect to continue to be, the target of malicious cyber threat actors. The occurrence of any significant event could compromise our networks, and the information stored there could be accessed, obtained, publicly disclosed, lost, altered, misused, or stolen. Any such access, acquisition, disclosure, alteration, misuse, or other loss of information could result in legal claims or proceedings, government investigations, liability or regulatory penalties, disruption or shut down of our operations, disruption or shut down of our dealers’ and customers’ operations, and damage to our reputation, which could adversely affect our business, results of operations, and financial condition. Furthermore, as security threats continue to evolve and increase in frequency and sophistication, we may need to invest additional resources to enhance information security.Any unauthorized control or manipulation of our products’ systems could result in loss of confidence in us and our products. Some of our products include connectivity hardware and software typically used for remote system updates. While we have implemented security measures intended to protect against unauthorized remote access to these products, malicious threat actors have attempted, and may attempt in the future, to gain unauthorized access to such products in order to gain control of the products, change the products’ functionality, user interface, or performance characteristics, interfere with the products’ operations, or gain access to data stored in or generated by the products or to systems to which they connect. In addition, reports of unauthorized access to our products, systems, and data, regardless of their reliability, may result in the perception that the products, systems, or data are vulnerable to malicious or unauthorized modifications. Any unauthorized access to or control of our products or systems, any loss of data, or any perception that products, systems, or data are vulnerable could result in loss of sales based on customers’ loss of confidence in our products, legal claims or proceedings against us, government investigation, liability, or regulatory penalties, which could adversely affect our business, results of operations, and financial condition.Technical or regulatory limitations may impact our ability to effectively implement automation, autonomy, and artificial intelligence solutions. We utilize automation and machine learning in some of our products, including consumer-facing features, and leverage generative artificial intelligence in our business processes. For example, the automation software, digital tools, applications, and analytics utilized in John Deere’s products are designed to improve customer decision-making, such as the automation package on the S7 Series Combines and the computer vision and machine learning technology that enables our See & Spray™ targeted spraying solution. While we believe the use of these emerging technologies can present significant benefits, it also creates risks and challenges as the use of artificial intelligence is a novel business model without an established track record. Data sourcing, technology, integration and process issues, programmed bias in decision-making algorithms, concerns over intellectual property, security concerns, and the protection of privacy could impair the adoption and acceptance of autonomous machine solutions. Furthermore, any confidential information that we input into a third-party generative artificial intelligence platform could be leaked or disclosed to others, including sensitive information that is used to train the third parties’ model. Additionally, if the data used to train the solution or the content, analyses, or recommendations that the machine learning and intelligence applications assist in producing is deemed to be inaccurate, incomplete, biased or questionable, our brand and reputation may be harmed and we may be subject to legal liability claims. The development of our own artificial intelligence applications may require additional investment in the development of proprietary systems, models, or datasets, which are often complex, may be costly and could impact the results of our operations. Developing, testing, and deploying these technologies may also increase the cost profile of our products due to the level of investment needed to enable such initiatives. Disruption of our technology systems or unexpected network interruption could disrupt our business.We are increasingly dependent on technology systems to operate on a day-to-day basis. The failure of our technology systems to operate properly or effectively, problems with transitioning to upgraded or replacement systems, or difficulty in integrating new systems, could adversely affect our business. These disruptions could result in delays, which could reduce demand for our products and cause our sales to decline. In addition, if changes in technology cause our information systems to become obsolete, or if our information systems are inadequate to handle our growth and new technologies, we could lose customers. Any significant disruption data centers, which are often owned by third parties and maintained on their information technology networks. The secure operation of these information technology networks, and the processing and maintenance of this information, are critical to our business operations and strategy. Despite security measures, including exercises, tests, incident simulations, and system assessments designed to discover and address potential vulnerabilities, our information technology networks and infrastructure have been and may be vulnerable to intrusion, damage, disruptions, or shutdowns due to attacks by cyber criminals, employees’, suppliers’, or dealers’ error or malfeasance, supply chain compromise, disruptions during the process of upgrading or replacing computer software or hardware, power outages, computer viruses, ransomware or other malware, telecommunication or utility failures, terrorist acts, natural disasters, or other events. Although we have not suffered any significant cyber incidents that resulted in material business impact, we have from time to time been, and expect to continue to be, the target of malicious cyber threat actors. The occurrence of any significant event could compromise our networks, and the information stored there could be accessed, obtained, publicly disclosed, lost, altered, misused, or stolen. Any such access, acquisition, disclosure, alteration, misuse, or other loss of information could result in legal claims or proceedings, government investigations, liability or regulatory penalties, disruption or shut down of our operations, disruption or shut down of our dealers’ and customers’ operations, and damage to our reputation, which could adversely affect our business, results of operations, and financial condition. Furthermore, as security threats continue to evolve and increase in frequency and sophistication, we may need to invest additional resources to enhance information security."
    },
    {
      "status": "MODIFIED",
      "current_title": "We may not realize the anticipated benefits of acquisitions, joint ventures, and divestitures, or these benefits may take longer to realize than expected.",
      "prior_title": "We may not realize anticipated benefits of acquisitions, joint ventures, and divestitures, or these benefits may take longer to realize than expected.",
      "similarity_score": 0.872,
      "confidence": "high",
      "key_changes": [
        "Removed sentence: \"Other risks include: We may also decide to divest businesses and terminate joint ventures before their stated expiration.\"",
        "Removed sentence: \"Divestitures of businesses or dissolutions of joint ventures may involve significant challenges and risks, including failure to advance our business strategy, costs and disruptions to us, and negative effects on our product offerings, which may adversely affect our business, results of operations, and financial condition.\"",
        "Removed sentence: \"Divestitures of businesses and dissolutions of joint ventures may result in ongoing financial or legal involvement in the divested business through indemnifications or other financial arrangements, such as retained liabilities, which could affect our future financial results.\""
      ],
      "current_body": "From time to time, we make strategic acquisitions and divestitures and participate in joint ventures. Acquisitions and joint ventures we have entered into, or may enter into in the future, may involve significant challenges and risks, including that the acquisitions or joint ventures do not advance our business strategy, or fail to produce satisfactory returns on investment. Other risks include:",
      "prior_body": "From time to time, we make strategic acquisitions and divestitures and participate in joint ventures. Acquisitions and joint ventures we have entered into, or may enter into in the future, may involve significant challenges and risks, including that the acquisitions or joint ventures do not advance our business strategy, or fail to produce satisfactory returns on investment. Other risks include: We may also decide to divest businesses and terminate joint ventures before their stated expiration. Divestitures of businesses or dissolutions of joint ventures may involve significant challenges and risks, including failure to advance our business strategy, costs and disruptions to us, and negative effects on our product offerings, which may adversely affect our business, results of operations, and financial condition. Divestitures of businesses and dissolutions of joint ventures may result in ongoing financial or legal involvement in the divested business through indemnifications or other financial arrangements, such as retained liabilities, which could affect our future financial results."
    },
    {
      "status": "MODIFIED",
      "current_title": "2026 and Beyond",
      "prior_title": "2025 and Beyond",
      "similarity_score": 0.871,
      "confidence": "high",
      "key_changes": [
        "Reworded sentence: \"Our material cash requirements include the following: Borrowings – As of November 2, 2025, we had $17.2 billion of payments due on borrowings and securitization borrowings in the next year, along with interest payments of $2.3 billion.\"",
        "Reworded sentence: \"These payments will likely be replaced with new borrowings to finance the receivable and lease portfolio, which is expected to be lower in 2026.\"",
        "Reworded sentence: \"Other Cash Requirements – In addition to our contractual obligations, we have the following commitments: Share repurchases will be considered as a means of deploying excess cash to shareholders once the previously mentioned requirements are met.\""
      ],
      "current_body": "Our material cash requirements include the following: Borrowings – As of November 2, 2025, we had $17.2 billion of payments due on borrowings and securitization borrowings in the next year, along with interest payments of $2.3 billion. The securitization borrowing payments are based on the expected liquidation of the retail notes. See Notes 12 and 19 for additional borrowing details. These payments will likely be replaced with new borrowings to finance the receivable and lease portfolio, which is expected to be lower in 2026. Purchase Obligations – As of November 2, 2025, our outstanding purchase obligations were $6.1 billion, with $4.5 billion payable within one year. These purchase obligations are noncancelable. Other Cash Requirements – In addition to our contractual obligations, we have the following commitments: Share repurchases will be considered as a means of deploying excess cash to shareholders once the previously mentioned requirements are met. ​ ​ ​ ​ ​ ​",
      "prior_body": "Our material cash requirements include the following: Borrowings – As of October 27, 2024, we had $17.6 billion of payments due on borrowings and securitization borrowings in the next year, along with interest payments of $2.5 billion. The securitization borrowing payments are based on the expected liquidation of the retail notes. See Notes 12 and 19 for additional borrowing details. These payments will likely be replaced with new borrowings to finance the receivable and lease portfolio, which is expected to be lower in 2025. Purchase Obligations – As of October 27, 2024, our outstanding purchase obligations were $3.2 billion, with $2.8 billion payable within one year. These purchase obligations are noncancelable. Other Cash Requirements – In addition to our contractual obligations, we have the following commitments: Share repurchases will be considered as a means of deploying excess cash to shareholders, once the previously mentioned requirements are met. ​ ​ ​ ​ ​ ​"
    },
    {
      "status": "MODIFIED",
      "current_title": "Changing worldwide demand for food and different forms of renewable energy can impact the price of farm commodities and consequently the demand for our equipment. This could result in higher research and development costs related to changing machine fuel requirements.",
      "prior_title": "We may be affected by changing worldwide demand for food and different forms of renewable energy, which could impact the price of farm commodities and consequently the demand for our equipment. This could result in higher research and development costs related to changing machine fuel requirements.",
      "similarity_score": 0.854,
      "confidence": "high",
      "key_changes": [
        "Reworded sentence: \"Changing worldwide demand for farm outputs to meet the world’s growing food and renewable energy demands, driven in part by government policies, including those related to climate change, and a growing world population, is likely to result in fluctuating agricultural commodity prices, which directly affect sales of agricultural equipment.\"",
        "Reworded sentence: \"While higher commodity prices benefit our crop-producing agricultural equipment customers, they could result in greater feed costs for dairy and livestock producers, which in turn may result in lower levels of equipment purchased by those customers.\""
      ],
      "current_body": "Changing worldwide demand for farm outputs to meet the world’s growing food and renewable energy demands, driven in part by government policies, including those related to climate change, and a growing world population, is likely to result in fluctuating agricultural commodity prices, which directly affect sales of agricultural equipment. Lower agricultural commodity prices directly affect farm incomes, which negatively affect sales of agricultural equipment and result in higher credit losses. While higher commodity prices benefit our crop-producing agricultural equipment customers, they could result in greater feed costs for dairy and livestock producers, which in turn may result in lower levels of equipment purchased by those customers. International buyers can also change the source of imported agricultural products, such as corn and soy, from the U.S. to other countries, impacting the profitability of our customers and demand for our equipment. In addition, changing energy demand may cause farmers to change the types or quantities of the crops they raise, with corresponding changes in equipment demands. The growing demand for biofuels has led to a corresponding increased demand for agriculturally based feedstocks used in their production, such as corn in the U.S. and Europe and sugar cane in Brazil. This increased demand may increase the demand for agricultural equipment to be used in the production of such crops. However, the economic feasibility of biofuels can be impacted by the price of oil. As the price of oil falls, biofuels become a less attractive alternative energy source, and as a result, there is uncertainty with respect to any benefits we may realize with respect to our investments related to renewable energy. Furthermore, changes in governmental policies regulating fuel utilization, including biofuel, affect commodity demand and commodity prices, demand for our diesel-fueled equipment, and result in higher research and development costs related to equipment fuel standards.",
      "prior_body": "Changing worldwide demand for farm outputs to meet the world’s growing food and renewable energy demands, driven in part by government policies, including those related to climate change, and a growing world population, are likely to result in fluctuating agricultural commodity prices, which directly affect sales of agricultural equipment. Lower agricultural commodity prices directly affect farm incomes, which negatively affect sales of agricultural equipment and result in higher credit losses. While higher commodity prices benefit our crop-producing agricultural equipment customers, they could result in greater feed costs for livestock and poultry producers, which in turn may result in lower levels of equipment purchased by these customers. In addition, changing energy demands may cause farmers to change the types or quantities of the crops they raise, with corresponding changes in equipment demands. Finally, changes in governmental policies regulating fuel utilization, including biofuel, affect commodity demand and commodity prices, demand for our diesel-fueled equipment, and result in higher research and development costs related to equipment fuel standards."
    },
    {
      "status": "MODIFIED",
      "current_title": "Technical or regulatory limitations may impact our ability to effectively implement automation, autonomy, and artificial intelligence solutions.",
      "prior_title": "Technical or regulatory limitations may impact our ability to effectively implement automation, autonomy, and artificial intelligence solutions.",
      "similarity_score": 0.845,
      "confidence": "high",
      "key_changes": [
        "Reworded sentence: \"We utilize and intend to expand our use of automation and machine learning in many of our products, including consumer-facing features, and we leverage generative artificial intelligence in our business processes.\"",
        "Added sentence: \"In addition, there is no guarantee that we will be able to develop such applications and execute on the longer-term aspects of our business strategy.\""
      ],
      "current_body": "We utilize and intend to expand our use of automation and machine learning in many of our products, including consumer-facing features, and we leverage generative artificial intelligence in our business processes. For example, we use automation software, digital tools, applications, and analytics on the S7 Series Combines and our See & Spray™ targeted spraying solution. In addition, we maintain the John Deere Operations Center™, which stores substantial volumes of data with respect to our customers’ operations and that we use to support our customers and to develop or enhance our product offerings. While we believe the use of these emerging technologies can present significant benefits, they also create risks and challenges. Data sourcing, technology, integration and process issues, bias in decision-making algorithms, concerns over intellectual property, reputational implications if use becomes controversial, system security concerns, or the protection of privacy could impair the adoption and acceptance of autonomous machine solutions. Additionally, if we are unable to match or surpass the advances of artificial intelligence that our competitors implement for their products or for internal operations, our competitive position could be impacted. Furthermore, any confidential information that is disclosed to a third-party generative artificial intelligence platform could be leaked or disclosed to others, including sensitive information that is used to train the third parties’ model. Additionally, if the data used to train the solution or the content, analyses, or recommendations that the machine learning and intelligence applications assist in producing is deemed to be inaccurate, incomplete, biased or questionable, our brand and reputation may be harmed, and we may be subject to legal liability claims. The development of our own artificial intelligence applications will require additional investment in the development of proprietary systems, models, or datasets, which are complex, costly and could impact the results of our operations. Developing, testing, and deploying these technologies may also increase the cost profile of our products due to the level of investment needed to enable such initiatives. In addition, there is no guarantee that we will be able to develop such applications and execute on the longer-term aspects of our business strategy.",
      "prior_body": "We utilize automation and machine learning in some of our products, including consumer-facing features, and leverage generative artificial intelligence in our business processes. For example, the automation software, digital tools, applications, and analytics utilized in John Deere’s products are designed to improve customer decision-making, such as the automation package on the S7 Series Combines and the computer vision and machine learning technology that enables our See & Spray™ targeted spraying solution. While we believe the use of these emerging technologies can present significant benefits, it also creates risks and challenges as the use of artificial intelligence is a novel business model without an established track record. Data sourcing, technology, integration and process issues, programmed bias in decision-making algorithms, concerns over intellectual property, security concerns, and the protection of privacy could impair the adoption and acceptance of autonomous machine solutions. Furthermore, any confidential information that we input into a third-party generative artificial intelligence platform could be leaked or disclosed to others, including sensitive information that is used to train the third parties’ model. Additionally, if the data used to train the solution or the content, analyses, or recommendations that the machine learning and intelligence applications assist in producing is deemed to be inaccurate, incomplete, biased or questionable, our brand and reputation may be harmed and we may be subject to legal liability claims. The development of our own artificial intelligence applications may require additional investment in the development of proprietary systems, models, or datasets, which are often complex, may be costly and could impact the results of our operations. Developing, testing, and deploying these technologies may also increase the cost profile of our products due to the level of investment needed to enable such initiatives."
    },
    {
      "status": "MODIFIED",
      "current_title": "SUPPLEMENTAL CONSOLIDATING DATA (continued)",
      "prior_title": "SUPPLEMENTAL CONSOLIDATING DATA (continued)",
      "similarity_score": 0.84,
      "confidence": "high",
      "key_changes": [
        "Reworded sentence: \"​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ CONDENSED BALANCE SHEETS ​ ​ ​ As of November 2, 2025 and October 27, 2024 ​ ​ ​ Unaudited ​ ​ ​ ​ ​ EQUIPMENT ​ FINANCIAL ​ ​ ​ ​ ​ ​ ​ ​ ​ OPERATIONS ​ SERVICES ​\""
      ],
      "current_body": "​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ CONDENSED BALANCE SHEETS ​ ​ ​ As of November 2, 2025 and October 27, 2024 ​ ​ ​ Unaudited ​ ​ ​ ​ ​ EQUIPMENT ​ FINANCIAL ​ ​ ​ ​ ​ ​ ​ ​ ​ OPERATIONS ​ SERVICES ​",
      "prior_body": "​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​"
    },
    {
      "status": "MODIFIED",
      "current_title": "Legal proceedings, disputes and government inquiries and investigations could harm our business, financial condition, reputation, and brand.",
      "prior_title": "Legal proceedings, disputes and government inquiries and investigations could harm our business, financial condition, reputation, and brand.",
      "similarity_score": 0.827,
      "confidence": "high",
      "key_changes": [
        "Reworded sentence: \"We routinely are a party to claims and legal actions and the subject of government inquiries and investigations, the most prevalent of which relate to antitrust (including class action litigation), product liability (including asbestos-related liability), employment, patent, and trademark.\"",
        "Reworded sentence: \"In addition, the Federal Trade Commission (FTC) and the Attorneys General of the States of Arizona, Illinois, Michigan, Minnesota, and Wisconsin filed a lawsuit against us in the United States District Court for the Northern District of Illinois Western Division alleging similar claims.\"",
        "Reworded sentence: \"Regular exercises, tests, incident simulations, and system assessments are conducted to discover and address potential vulnerabilities and improve decision-making, prioritization, monitoring, and overall response effectiveness.\"",
        "Reworded sentence: \"Regular exercises, tests, incident simulations, and system assessments are conducted to discover and address potential vulnerabilities and improve decision-making, prioritization, monitoring, and overall response effectiveness.\""
      ],
      "current_body": "We routinely are a party to claims and legal actions and the subject of government inquiries and investigations, the most prevalent of which relate to antitrust (including class action litigation), product liability (including asbestos-related liability), employment, patent, and trademark. The defense of lawsuits and government inquiries and investigations have resulted and will continue to result in expenditures of significant financial resources and the diversion of management’s time and attention away from business operations. Adverse decisions in one or more of these claims, actions, inquiries, or investigations could require us to pay substantial damages, fines, or sanctions, undertake actions to modify our business model or services, initiate recall campaigns, or take other costly actions. It is therefore possible that legal judgments or investigations could give rise to expenses that are not covered, or not fully covered, by our insurance programs and could affect our financial position and results. We are currently subject to a consolidated multidistrict class action lawsuit in the Northern District of Illinois alleging that we have engaged in attempted monopolization, exclusionary conduct, and restraint of the market for repair services for John Deere brand agricultural equipment by limiting repair resources only to our authorized technicians or independent authorized John Deere dealers. In addition, the Federal Trade Commission (FTC) and the Attorneys General of the States of Arizona, Illinois, Michigan, Minnesota, and Wisconsin filed a lawsuit against us in the United States District Court for the Northern District of Illinois Western Division alleging similar claims. See Item 3 Legal Proceedings. The development and resolution of these matters could have a material adverse effect on our business, operations, and financial results. 24 24 24 Table of ContentsOur business could be adversely affected by the infringement or loss of intellectual property rights.We protect our intellectual property with a combination of patents, trademarks, copyrights, trade secret laws, and legal agreements. We heavily rely on certain trademarks to protect our identity and customer recognition of our products and services, including, but not limited to, the “John Deere” mark, the leaping deer logo, the “Nothing Runs Like a Deere” slogan, and the green and yellow color combination. These trademarks, as well as the many patents that protect innovations used in our products, are integral to our business, and their loss could have a material adverse effect on us. Additionally, from time to time, third parties initiate legal proceedings to challenge the validity of our intellectual property or allege that we infringe on their intellectual property. We may incur substantial costs related to such legal proceedings. If the outcome of any such legal proceedings is unfavorable to us, our business could be adversely affected.​ITEM 1B.UNRESOLVED STAFF COMMENTS.None.ITEM 1C.CYBERSECURITY.Cybersecurity is an integral part of our overall risk management program. We take a comprehensive approach by incorporating industry best practices to guide and evaluate our cybersecurity strategy and posture, involving key stakeholders in oversight and decision making, and assessing the program regularly within a dynamically changing environment. We leverage a multifaceted approach to cybersecurity including measures designed to prevent, detect, and respond to cyberthreats while monitoring and adapting to the evolving threat and technology landscapes. GovernanceAt the management level, we maintain a dedicated global team of cybersecurity professionals (Cybersecurity Team) led and managed by the Chief Information Security Officer (CISO). The Cybersecurity Team has members with experience in governance, risk management and compliance, threat monitoring, threat emulation, penetration testing, and cyber incident management. Our CISO holds a degree in Management Information Systems and has been with the Company for over ten years. He has over two decades of extensive experience in information technology and cybersecurity and reports directly to the Chief Information Officer. In addition, a cross-functional team of senior executives from across the enterprise known as the Digital Risk Governance Council (DRGC) provides oversight at the management level of the Company’s structures for managing digital risk, including the Cybersecurity Team. The Audit Review Committee (ARC) of the Board of Directors (Board) shares oversight responsibilities of our cybersecurity program, including oversight of related risks, with the full Board. Information on trends, strategic initiatives, and metrics is presented quarterly to the ARC by the CISO and/or members of the Cybersecurity Team. The ARC also receives periodic updates and information from subject matter experts in areas such as risk management, identity and access management, product security, and information technology.Risk Management and StrategyOur cybersecurity program is designed to identify, protect, detect, respond to, and recover from cybersecurity threats and incidents with the goal of protecting the confidentiality, integrity, and availability of our critical systems and information. We use a risk-based, multi-layered information security strategy to assess, identify, and manage risks from cybersecurity threats. Our Cybersecurity Team meets frequently to monitor, assess, and address cybersecurity threats and incidents. We also work with third parties to assess the maturity of our cybersecurity program, leveraging the National Institute of Standards and Technology (NIST) Cybersecurity Framework (CSF). We also utilize third-party service providers as a normal part of our business operations. We have established processes to support the Company in identifying and managing cybersecurity risks associated with the use of third parties, which include the completion of due diligence before engaging with a third-party, controls for response to mitigate any significant risks, and assessments and reviews throughout the relationship. Monitoring such risks and threats is integrated into our overall risk management program. Also, as part of the program, we periodically conduct cybersecurity awareness training including phishing simulations as well as e-learning for employees. We maintain cybersecurity policies, standards, and procedures, which include a cyber incident response plan. These policies and procedures are regularly evaluated and refined with strategies and protocols designed to adapt to changing regulations and emerging security risks. Regular exercises, tests, incident simulations, and system assessments are conducted to discover and address potential vulnerabilities and improve decision-making, prioritization, monitoring, and overall response effectiveness. As part of our incident response plan, the Cybersecurity Team uses an established protocol to assess the severity of cybersecurity incidents. In addition, a cross-functional Cybersecurity Incident Response Team is responsible for cybersecurity incident oversight and response, as needed, depending on incident severity. Our cyber incident response plan also includes an escalation process to relevant senior management and/or members of the Board if a cybersecurity incident meets specific rating criteria to prompt response to attempt to minimize potential disruptions and protect the integrity of our operations. 25 Table of Contents Table of Contents Table of Contents Our business could be adversely affected by the infringement or loss of intellectual property rights.We protect our intellectual property with a combination of patents, trademarks, copyrights, trade secret laws, and legal agreements. We heavily rely on certain trademarks to protect our identity and customer recognition of our products and services, including, but not limited to, the “John Deere” mark, the leaping deer logo, the “Nothing Runs Like a Deere” slogan, and the green and yellow color combination. These trademarks, as well as the many patents that protect innovations used in our products, are integral to our business, and their loss could have a material adverse effect on us. Additionally, from time to time, third parties initiate legal proceedings to challenge the validity of our intellectual property or allege that we infringe on their intellectual property. We may incur substantial costs related to such legal proceedings. If the outcome of any such legal proceedings is unfavorable to us, our business could be adversely affected.​ITEM 1B.UNRESOLVED STAFF COMMENTS.None.ITEM 1C.CYBERSECURITY.Cybersecurity is an integral part of our overall risk management program. We take a comprehensive approach by incorporating industry best practices to guide and evaluate our cybersecurity strategy and posture, involving key stakeholders in oversight and decision making, and assessing the program regularly within a dynamically changing environment. We leverage a multifaceted approach to cybersecurity including measures designed to prevent, detect, and respond to cyberthreats while monitoring and adapting to the evolving threat and technology landscapes. GovernanceAt the management level, we maintain a dedicated global team of cybersecurity professionals (Cybersecurity Team) led and managed by the Chief Information Security Officer (CISO). The Cybersecurity Team has members with experience in governance, risk management and compliance, threat monitoring, threat emulation, penetration testing, and cyber incident management. Our CISO holds a degree in Management Information Systems and has been with the Company for over ten years. He has over two decades of extensive experience in information technology and cybersecurity and reports directly to the Chief Information Officer. In addition, a cross-functional team of senior executives from across the enterprise known as the Digital Risk Governance Council (DRGC) provides oversight at the management level of the Company’s structures for managing digital risk, including the Cybersecurity Team. The Audit Review Committee (ARC) of the Board of Directors (Board) shares oversight responsibilities of our cybersecurity program, including oversight of related risks, with the full Board. Information on trends, strategic initiatives, and metrics is presented quarterly to the ARC by the CISO and/or members of the Cybersecurity Team. The ARC also receives periodic updates and information from subject matter experts in areas such as risk management, identity and access management, product security, and information technology.Risk Management and StrategyOur cybersecurity program is designed to identify, protect, detect, respond to, and recover from cybersecurity threats and incidents with the goal of protecting the confidentiality, integrity, and availability of our critical systems and information. We use a risk-based, multi-layered information security strategy to assess, identify, and manage risks from cybersecurity threats. Our Cybersecurity Team meets frequently to monitor, assess, and address cybersecurity threats and incidents. We also work with third parties to assess the maturity of our cybersecurity program, leveraging the National Institute of Standards and Technology (NIST) Cybersecurity Framework (CSF). We also utilize third-party service providers as a normal part of our business operations. We have established processes to support the Company in identifying and managing cybersecurity risks associated with the use of third parties, which include the completion of due diligence before engaging with a third-party, controls for response to mitigate any significant risks, and assessments and reviews throughout the relationship. Monitoring such risks and threats is integrated into our overall risk management program. Also, as part of the program, we periodically conduct cybersecurity awareness training including phishing simulations as well as e-learning for employees. We maintain cybersecurity policies, standards, and procedures, which include a cyber incident response plan. These policies and procedures are regularly evaluated and refined with strategies and protocols designed to adapt to changing regulations and emerging security risks. Regular exercises, tests, incident simulations, and system assessments are conducted to discover and address potential vulnerabilities and improve decision-making, prioritization, monitoring, and overall response effectiveness. As part of our incident response plan, the Cybersecurity Team uses an established protocol to assess the severity of cybersecurity incidents. In addition, a cross-functional Cybersecurity Incident Response Team is responsible for cybersecurity incident oversight and response, as needed, depending on incident severity. Our cyber incident response plan also includes an escalation process to relevant senior management and/or members of the Board if a cybersecurity incident meets specific rating criteria to prompt response to attempt to minimize potential disruptions and protect the integrity of our operations.",
      "prior_body": "We routinely are a party to claims and legal actions and the subject of government inquiries and investigations, the most prevalent of which relate to product liability (including asbestos related liability), employment, patent, trademark, and antitrust matters. The defense of lawsuits and government inquiries and investigations has resulted and may result in expenditures of significant financial resources and the diversion of management’s time and attention away from business operations. We are currently subject to a consolidated multidistrict class action lawsuit in the Northern District of Illinois alleging that we have engaged in attempted monopolization, exclusionary conduct, and restraint of the market for repair services for John Deere brand agricultural equipment by limiting repair resources only to our authorized technicians or independent authorized John Deere dealers. In addition, the Federal Trade Commission (FTC) is investigating whether we have violated laws in connection with the repair of 22 22 22 Table of ContentsJohn Deere brand agricultural equipment, as well as our information security practices and statements as they relate to the risk of unauthorized access to our computer systems, products, and services. We are fully cooperating with the FTC. We are currently unable to predict the outcome of these matters. The development and resolution of these matters could have a material adverse effect on our business, operations, and financial results.Our business may suffer if our equipment fails to perform as expected.If our equipment does not perform as expected, we may receive warranty claims and may have to perform post-sales repairs or recalls. We may also be subject to regulatory requirements and penalties that will impact our ability to develop, market, and sell equipment. This may result in product delivery delays. It could also lead to product liability, breach of warranty, and consumer protection claims. These claims and warranty expenses could be significant. As a manufacturer of equipment, we must manage the cost and risk associated with product warranties, post-sale repairs and recalls, regulatory penalties, and product liability, breach of warranty, and consumer protection claims with respect to our products. In addition to post-sale repairs or recalls initiated by us for various reasons, investigations into our products by government regulators may compel us to initiate product recalls or may result in negative public perceptions about the safety of our products, even if we disagree with the regulator’s determination. Such post-sale repairs or recalls, whether voluntary or involuntary, could result in significant expense, supply chain complications, and may harm our brand, business, prospects, financial condition, and operating results. ITEM 1B.UNRESOLVED STAFF COMMENTS.None.ITEM 1C.CYBERSECURITY.Cybersecurity is an integral part of our overall risk management program. We take a comprehensive approach by incorporating industry best practices to guide and evaluate our cybersecurity strategy and posture, involving key stakeholders in oversight and decision making, and assessing the program regularly within a dynamically changing environment. We leverage a multifaceted approach to cybersecurity including measures designed to prevent, detect, and respond to cyberthreats while monitoring and adapting to the evolving threat and technology landscapes. GovernanceAt the management level, we maintain a dedicated global team of cybersecurity professionals (Cybersecurity Team) led and managed by the Chief Information Security Officer (CISO). The Cybersecurity Team has members with experience in governance, risk management and compliance, threat monitoring, threat emulation, penetration testing, and cyber incident management. Our CISO holds a degree in Management Information Systems and has been with the Company for over ten years. He has over two decades of extensive experience in information technology and cybersecurity and reports directly to the Chief Information Officer. In addition, a cross-functional team of senior executives from across the enterprise known as the Digital Risk Governance Council (DRGC) provides oversight at the management level of the Company’s structures for managing digital risk, including the Cybersecurity Team. The Audit Review Committee (ARC) of the Board of Directors (Board) shares oversight responsibilities of our cybersecurity program, including oversight of related risks, with the full Board. Information on trends, strategic initiatives, and metrics is presented quarterly to the ARC by the CISO and/or members of the Cybersecurity Team. The ARC also receives periodic updates and information from subject matter experts in areas such as risk management, identity and access management, product security, and information technology.Risk Management and StrategyOur cybersecurity program is designed to identify, protect, detect, respond to, and recover from cybersecurity threats and incidents with the goal of protecting the confidentiality, integrity, and availability of our critical systems and information. We use a risk-based, multi-layered information security strategy to assess, identify, and manage risks from cybersecurity threats. Our Cybersecurity Team meets frequently to monitor, assess, and address cybersecurity threats and incidents. We also work with third parties to assess the maturity of our cybersecurity program, leveraging the National Institute of Standards and Technology (NIST) Cybersecurity Framework (CSF). We also utilize third-party service providers as a normal part of our business operations. We have established processes to support the Company in identifying and managing cybersecurity risks associated with the use of third parties, which include the completion of due diligence before engaging with a third-party, controls for response to mitigate any significant risks, and assessments and reviews throughout the relationship. Monitoring such risks and threats is integrated into our overall risk management program. Also, as part of the program, we periodically conduct cybersecurity awareness training including phishing simulations as well as e-learning for employees. We maintain cybersecurity policies, standards, and procedures, which include a cyber incident response plan. These policies and procedures are regularly evaluated and refined with strategies and protocols designed to adapt to changing regulations and emerging security risks. Regular exercises, tests, incident simulations, and system assessments are conducted to discover and address 23 Table of Contents Table of Contents Table of Contents John Deere brand agricultural equipment, as well as our information security practices and statements as they relate to the risk of unauthorized access to our computer systems, products, and services. We are fully cooperating with the FTC. We are currently unable to predict the outcome of these matters. The development and resolution of these matters could have a material adverse effect on our business, operations, and financial results.Our business may suffer if our equipment fails to perform as expected.If our equipment does not perform as expected, we may receive warranty claims and may have to perform post-sales repairs or recalls. We may also be subject to regulatory requirements and penalties that will impact our ability to develop, market, and sell equipment. This may result in product delivery delays. It could also lead to product liability, breach of warranty, and consumer protection claims. These claims and warranty expenses could be significant. As a manufacturer of equipment, we must manage the cost and risk associated with product warranties, post-sale repairs and recalls, regulatory penalties, and product liability, breach of warranty, and consumer protection claims with respect to our products. In addition to post-sale repairs or recalls initiated by us for various reasons, investigations into our products by government regulators may compel us to initiate product recalls or may result in negative public perceptions about the safety of our products, even if we disagree with the regulator’s determination. Such post-sale repairs or recalls, whether voluntary or involuntary, could result in significant expense, supply chain complications, and may harm our brand, business, prospects, financial condition, and operating results. ITEM 1B.UNRESOLVED STAFF COMMENTS.None.ITEM 1C.CYBERSECURITY.Cybersecurity is an integral part of our overall risk management program. We take a comprehensive approach by incorporating industry best practices to guide and evaluate our cybersecurity strategy and posture, involving key stakeholders in oversight and decision making, and assessing the program regularly within a dynamically changing environment. We leverage a multifaceted approach to cybersecurity including measures designed to prevent, detect, and respond to cyberthreats while monitoring and adapting to the evolving threat and technology landscapes. GovernanceAt the management level, we maintain a dedicated global team of cybersecurity professionals (Cybersecurity Team) led and managed by the Chief Information Security Officer (CISO). The Cybersecurity Team has members with experience in governance, risk management and compliance, threat monitoring, threat emulation, penetration testing, and cyber incident management. Our CISO holds a degree in Management Information Systems and has been with the Company for over ten years. He has over two decades of extensive experience in information technology and cybersecurity and reports directly to the Chief Information Officer. In addition, a cross-functional team of senior executives from across the enterprise known as the Digital Risk Governance Council (DRGC) provides oversight at the management level of the Company’s structures for managing digital risk, including the Cybersecurity Team. The Audit Review Committee (ARC) of the Board of Directors (Board) shares oversight responsibilities of our cybersecurity program, including oversight of related risks, with the full Board. Information on trends, strategic initiatives, and metrics is presented quarterly to the ARC by the CISO and/or members of the Cybersecurity Team. The ARC also receives periodic updates and information from subject matter experts in areas such as risk management, identity and access management, product security, and information technology.Risk Management and StrategyOur cybersecurity program is designed to identify, protect, detect, respond to, and recover from cybersecurity threats and incidents with the goal of protecting the confidentiality, integrity, and availability of our critical systems and information. We use a risk-based, multi-layered information security strategy to assess, identify, and manage risks from cybersecurity threats. Our Cybersecurity Team meets frequently to monitor, assess, and address cybersecurity threats and incidents. We also work with third parties to assess the maturity of our cybersecurity program, leveraging the National Institute of Standards and Technology (NIST) Cybersecurity Framework (CSF). We also utilize third-party service providers as a normal part of our business operations. We have established processes to support the Company in identifying and managing cybersecurity risks associated with the use of third parties, which include the completion of due diligence before engaging with a third-party, controls for response to mitigate any significant risks, and assessments and reviews throughout the relationship. Monitoring such risks and threats is integrated into our overall risk management program. Also, as part of the program, we periodically conduct cybersecurity awareness training including phishing simulations as well as e-learning for employees. We maintain cybersecurity policies, standards, and procedures, which include a cyber incident response plan. These policies and procedures are regularly evaluated and refined with strategies and protocols designed to adapt to changing regulations and emerging security risks. Regular exercises, tests, incident simulations, and system assessments are conducted to discover and address John Deere brand agricultural equipment, as well as our information security practices and statements as they relate to the risk of unauthorized access to our computer systems, products, and services. We are fully cooperating with the FTC. We are currently unable to predict the outcome of these matters. The development and resolution of these matters could have a material adverse effect on our business, operations, and financial results.Our business may suffer if our equipment fails to perform as expected.If our equipment does not perform as expected, we may receive warranty claims and may have to perform post-sales repairs or recalls. We may also be subject to regulatory requirements and penalties that will impact our ability to develop, market, and sell equipment. This may result in product delivery delays. It could also lead to product liability, breach of warranty, and consumer protection claims. These claims and warranty expenses could be significant. As a manufacturer of equipment, we must manage the cost and risk associated with product warranties, post-sale repairs and recalls, regulatory penalties, and product liability, breach of warranty, and consumer protection claims with respect to our products. In addition to post-sale repairs or recalls initiated by us for various reasons, investigations into our products by government regulators may compel us to initiate product recalls or may result in negative public perceptions about the safety of our products, even if we disagree with the regulator’s determination. Such post-sale repairs or recalls, whether voluntary or involuntary, could result in significant expense, supply chain complications, and may harm our brand, business, prospects, financial condition, and operating results. ITEM 1B.UNRESOLVED STAFF COMMENTS.None.ITEM 1C.CYBERSECURITY.Cybersecurity is an integral part of our overall risk management program. We take a comprehensive approach by incorporating industry best practices to guide and evaluate our cybersecurity strategy and posture, involving key stakeholders in oversight and decision making, and assessing the program regularly within a dynamically changing environment. We leverage a multifaceted approach to cybersecurity including measures designed to prevent, detect, and respond to cyberthreats while monitoring and adapting to the evolving threat and technology landscapes. GovernanceAt the management level, we maintain a dedicated global team of cybersecurity professionals (Cybersecurity Team) led and managed by the Chief Information Security Officer (CISO). The Cybersecurity Team has members with experience in governance, risk management and compliance, threat monitoring, threat emulation, penetration testing, and cyber incident management. Our CISO holds a degree in Management Information Systems and has been with the Company for over ten years. He has over two decades of extensive experience in information technology and cybersecurity and reports directly to the Chief Information Officer. In addition, a cross-functional team of senior executives from across the enterprise known as the Digital Risk Governance Council (DRGC) provides oversight at the management level of the Company’s structures for managing digital risk, including the Cybersecurity Team. The Audit Review Committee (ARC) of the Board of Directors (Board) shares oversight responsibilities of our cybersecurity program, including oversight of related risks, with the full Board. Information on trends, strategic initiatives, and metrics is presented quarterly to the ARC by the CISO and/or members of the Cybersecurity Team. The ARC also receives periodic updates and information from subject matter experts in areas such as risk management, identity and access management, product security, and information technology.Risk Management and StrategyOur cybersecurity program is designed to identify, protect, detect, respond to, and recover from cybersecurity threats and incidents with the goal of protecting the confidentiality, integrity, and availability of our critical systems and information. We use a risk-based, multi-layered information security strategy to assess, identify, and manage risks from cybersecurity threats. Our Cybersecurity Team meets frequently to monitor, assess, and address cybersecurity threats and incidents. We also work with third parties to assess the maturity of our cybersecurity program, leveraging the National Institute of Standards and Technology (NIST) Cybersecurity Framework (CSF). We also utilize third-party service providers as a normal part of our business operations. We have established processes to support the Company in identifying and managing cybersecurity risks associated with the use of third parties, which include the completion of due diligence before engaging with a third-party, controls for response to mitigate any significant risks, and assessments and reviews throughout the relationship. Monitoring such risks and threats is integrated into our overall risk management program. Also, as part of the program, we periodically conduct cybersecurity awareness training including phishing simulations as well as e-learning for employees. We maintain cybersecurity policies, standards, and procedures, which include a cyber incident response plan. These policies and procedures are regularly evaluated and refined with strategies and protocols designed to adapt to changing regulations and emerging security risks. Regular exercises, tests, incident simulations, and system assessments are conducted to discover and address John Deere brand agricultural equipment, as well as our information security practices and statements as they relate to the risk of unauthorized access to our computer systems, products, and services. We are fully cooperating with the FTC. We are currently unable to predict the outcome of these matters. The development and resolution of these matters could have a material adverse effect on our business, operations, and financial results."
    },
    {
      "status": "MODIFIED",
      "current_title": "CRITICAL ACCOUNTING ESTIMATES",
      "prior_title": "CRITICAL ACCOUNTING ESTIMATES",
      "similarity_score": 0.826,
      "confidence": "high",
      "key_changes": [
        "Reworded sentence: \"The following estimates are the most critical to our financial statements: These items require the most difficult, subjective, or complex judgments.\"",
        "Reworded sentence: \"The decrease in 2025 resulted from lower sales.\""
      ],
      "current_body": "​ ​ The timely preparation of financial statements requires management to make estimates and assumptions. Those estimates affect reported amounts in these financial statements. Changes in those estimates and assumptions could have a significant effect. The following estimates are the most critical to our financial statements: These items require the most difficult, subjective, or complex judgments. Our accounting policies are described primarily in Note 2 of our consolidated financial statements. Sales IncentivesWe provide sales incentives to dealers. These incentives are offered in two forms:●volume bonuses – awarded based on a dealer’s sales volume and performance●retail sales incentive programs – discounts or financing programs that are due when the dealer sells the equipment to a retail customerThe estimated cost of these programs is based on:●historical data●announced and expected incentive programs●field inventory levels●forecasted sales volumesAt the time a sale is recognized, we record an estimate of the sales incentive costs. The final cost is determined at the end of the volume bonus measurement period or at the time of the retail sale. There are numerous programs available at any time, and new programs may be announced after we record the equipment sale to the dealer. Changes in the mix and types of sales incentive programs affect these estimates, which are reviewed quarterly. Actual cost differences from the original cost estimate are recognized in “Net sales.”Sales Incentive AccrualsThe accruals recorded against receivables relate to programs where we have the contractual right and the intent to offset against existing receivables. The decrease in 2025 resulted from lower sales. A key assumption of the retail sales incentive accrual is the predictive value of the historical percentage of retail sales incentive costs to retail sales. Over the last five fiscal years, this percent has varied by an average of 1.0%. Holding other assumptions constant, a 1.0% change would have modified the sales incentive accrual by about $106.Product WarrantiesA standard warranty is provided as an assurance that our equipment will function as intended. The standard warranty period varies by product, region, and component. At the time a sale is recognized, we record an estimate of future warranty costs, based on the following calculation:●historical claims rate experience – multiplied by –●the estimated population The historical claims rate is determined by a review of five-year claims costs. The estimated population is based on dealer",
      "prior_body": "​ ​ The timely preparation of financial statements requires management to make estimates and assumptions. Those estimates affect reported amounts in these financial statements. Changes in those estimates and assumptions could have a significant effect. The following estimates are the most critical to our financial statements: 34 34 34 Table of Contents​●postretirement benefit obligations,●allowance for credit losses,●operating lease residual values, and●income taxes. These items require the most difficult, subjective, or complex judgments. Our accounting policies are described primarily in Note 2 of our consolidated financial statements.Sales IncentivesWe provide sales incentives to dealers. These incentives are offered in two forms:●volume bonuses – awarded based on a dealer’s sales volume and performance, and●retail sales incentive programs – discounts or financing programs that are due when the dealer sells the equipment to a retail customer. The estimated cost of these programs is based on:●historical data, ●announced and expected incentive programs, ●field inventory levels, and ●forecasted sales volumes. At the time a sale is recognized, we record an estimate of the sales incentive costs. The final cost is determined at the end of the volume bonus measurement period or at the time of the retail sale. There are numerous programs available at any time, and new programs may be announced after we record the equipment sale to the dealer. Changes in the mix and types of sales incentive programs affect these estimates, which are reviewed quarterly. Actual cost differences from the original cost estimate are recognized in “Net sales.”Sales Incentive AccrualsThe accruals recorded against receivables relate to programs where we have the contractual right and the intent to offset against existing receivables. The decrease in 2024 resulted from lower sales. A key assumption of the retail sales incentive accrual is the predictive value of the historical percent of retail sales incentive costs to retail sales. Over the last five fiscal years, this percent has varied by an average of 1.0 percent. Holding other assumptions constant, a 1.0 percent change would have modified the sales incentive accrual by about $135.​Product WarrantiesA standard warranty is provided as an assurance that our equipment will function as intended. The standard warranty period varies by product and region. At the time a sale is recognized, we record an estimate of future warranty costs, based on the following calculation:●historical claims rate experience – multiplied by –●the estimated population. The historical claims rate is determined by a review of five-year claims costs. The estimated population is based on dealer inventories and retail sales. These estimates are reviewed quarterly. Adjustments are also made for current quality developments. Product Warranty AccrualsThe decrease in 2024 is the result of lower sales volumes. Product warranty accrual estimates are affected by the historical percent of warranty claims costs as a percentage of gross sales. Over the last five fiscal years, the percent has varied plus or minus .09 percent. Holding all other assumptions constant, if this estimated cost experience percent would have increased or decreased .09 percent, the warranty accrual at October 27, 2024 would have changed by approximately $50.Postretirement Benefit ObligationsThe pension and OPEB plan obligations (defined benefit) and expenses require the use of estimates. The main estimate is the present value of the projected future benefit payments. These future benefit payments extend several decades.The estimates are based on existing retirement plan provisions. No assumption is made regarding any potential changes to benefit provisions beyond those to which we are presently committed (e.g., in existing labor contracts). The key assumptions used by our actuaries to calculate the estimates include:●discount rates, ●health care cost trend rates, ●expected long-term return on plan assets, ●compensation increases, ●retirement rates, ●mortality rates, and ●expected contributions. Assumptions are set each year-end. These assumptions are not changed during the year unless there is a significant plan event. Actual results that differ from the assumptions affect future expenses and obligations.35 Table of Contents​ Table of Contents Table of Contents ​ ●postretirement benefit obligations,●allowance for credit losses,●operating lease residual values, and●income taxes. These items require the most difficult, subjective, or complex judgments. Our accounting policies are described primarily in Note 2 of our consolidated financial statements.Sales IncentivesWe provide sales incentives to dealers. These incentives are offered in two forms:●volume bonuses – awarded based on a dealer’s sales volume and performance, and●retail sales incentive programs – discounts or financing programs that are due when the dealer sells the equipment to a retail customer. The estimated cost of these programs is based on:●historical data, ●announced and expected incentive programs, ●field inventory levels, and ●forecasted sales volumes. At the time a sale is recognized, we record an estimate of the sales incentive costs. The final cost is determined at the end of the volume bonus measurement period or at the time of the retail sale. There are numerous programs available at any time, and new programs may be announced after we record the equipment sale to the dealer. Changes in the mix and types of sales incentive programs affect these estimates, which are reviewed quarterly. Actual cost differences from the original cost estimate are recognized in “Net sales.”Sales Incentive AccrualsThe accruals recorded against receivables relate to programs where we have the contractual right and the intent to offset against existing receivables. The decrease in 2024 resulted from lower sales. A key assumption of the retail sales incentive accrual is the predictive value of the historical percent of retail sales incentive costs to retail sales. Over the last five fiscal years, this percent has varied by an average of 1.0 percent. Holding other assumptions constant, a 1.0 percent change would have modified the sales incentive accrual by about $135.​Product WarrantiesA standard warranty is provided as an assurance that our equipment will function as intended. The standard warranty period varies by product and region. At the time a sale is recognized, we record an estimate of future warranty costs, based on the following calculation:●historical claims rate experience – multiplied by –●the estimated population. The historical claims rate is determined by a review of five-year claims costs. The estimated population is based on dealer inventories and retail sales. These estimates are reviewed quarterly. Adjustments are also made for current quality developments. Product Warranty AccrualsThe decrease in 2024 is the result of lower sales volumes. Product warranty accrual estimates are affected by the historical percent of warranty claims costs as a percentage of gross sales. Over the last five fiscal years, the percent has varied plus or minus .09 percent. Holding all other assumptions constant, if this estimated cost experience percent would have increased or decreased .09 percent, the warranty accrual at October 27, 2024 would have changed by approximately $50.Postretirement Benefit ObligationsThe pension and OPEB plan obligations (defined benefit) and expenses require the use of estimates. The main estimate is the present value of the projected future benefit payments. These future benefit payments extend several decades.The estimates are based on existing retirement plan provisions. No assumption is made regarding any potential changes to benefit provisions beyond those to which we are presently committed (e.g., in existing labor contracts). The key assumptions used by our actuaries to calculate the estimates include:●discount rates, ●health care cost trend rates, ●expected long-term return on plan assets, ●compensation increases, ●retirement rates, ●mortality rates, and ●expected contributions. Assumptions are set each year-end. These assumptions are not changed during the year unless there is a significant plan event. Actual results that differ from the assumptions affect future expenses and obligations. ●postretirement benefit obligations,●allowance for credit losses,●operating lease residual values, and●income taxes. These items require the most difficult, subjective, or complex judgments. Our accounting policies are described primarily in Note 2 of our consolidated financial statements.Sales IncentivesWe provide sales incentives to dealers. These incentives are offered in two forms:●volume bonuses – awarded based on a dealer’s sales volume and performance, and●retail sales incentive programs – discounts or financing programs that are due when the dealer sells the equipment to a retail customer. The estimated cost of these programs is based on:●historical data, ●announced and expected incentive programs, ●field inventory levels, and ●forecasted sales volumes. At the time a sale is recognized, we record an estimate of the sales incentive costs. The final cost is determined at the end of the volume bonus measurement period or at the time of the retail sale. There are numerous programs available at any time, and new programs may be announced after we record the equipment sale to the dealer. Changes in the mix and types of sales incentive programs affect these estimates, which are reviewed quarterly. Actual cost differences from the original cost estimate are recognized in “Net sales.”Sales Incentive AccrualsThe accruals recorded against receivables relate to programs where we have the contractual right and the intent to offset against existing receivables. The decrease in 2024 resulted from lower sales. A key assumption of the retail sales incentive accrual is the predictive value of the historical percent of retail sales incentive costs to retail sales. Over the last five fiscal years, this percent has varied by an average of 1.0 percent. Holding other assumptions constant, a 1.0 percent change would have modified the sales incentive accrual by about $135.​Product WarrantiesA standard warranty is provided as an assurance that our equipment will function as intended. The standard warranty period varies by product and region. At the time a sale is recognized, we record an estimate of future warranty costs, based on the following calculation:●historical claims rate experience – multiplied by –●the estimated population. The historical claims rate is determined by a review of five-year claims costs. The estimated population is based on dealer inventories and retail sales. These estimates are reviewed quarterly. Adjustments are also made for current quality developments. Product Warranty AccrualsThe decrease in 2024 is the result of lower sales volumes. Product warranty accrual estimates are affected by the historical percent of warranty claims costs as a percentage of gross sales. Over the last five fiscal years, the percent has varied plus or minus .09 percent. Holding all other assumptions constant, if this estimated cost experience percent would have increased or decreased .09 percent, the warranty accrual at October 27, 2024 would have changed by approximately $50.Postretirement Benefit ObligationsThe pension and OPEB plan obligations (defined benefit) and expenses require the use of estimates. The main estimate is the present value of the projected future benefit payments. These future benefit payments extend several decades.The estimates are based on existing retirement plan provisions. No assumption is made regarding any potential changes to benefit provisions beyond those to which we are presently committed (e.g., in existing labor contracts). The key assumptions used by our actuaries to calculate the estimates include:●discount rates, ●health care cost trend rates, ●expected long-term return on plan assets, ●compensation increases, ●retirement rates, ●mortality rates, and ●expected contributions. Assumptions are set each year-end. These assumptions are not changed during the year unless there is a significant plan event. Actual results that differ from the assumptions affect future expenses and obligations. ●postretirement benefit obligations,●allowance for credit losses,●operating lease residual values, and●income taxes. These items require the most difficult, subjective, or complex judgments. Our accounting policies are described primarily in Note 2 of our consolidated financial statements.Sales IncentivesWe provide sales incentives to dealers. These incentives are offered in two forms:●volume bonuses – awarded based on a dealer’s sales volume and performance, and●retail sales incentive programs – discounts or financing programs that are due when the dealer sells the equipment to a retail customer. The estimated cost of these programs is based on:●historical data, ●announced and expected incentive programs, ●field inventory levels, and ●forecasted sales volumes. At the time a sale is recognized, we record an estimate of the sales incentive costs. The final cost is determined at the end of the volume bonus measurement period or at the time of the retail sale. There are numerous programs available at any time, and new programs may be announced after we record the equipment sale to the dealer. Changes in the mix and types of sales incentive programs affect these estimates, which are reviewed quarterly. Actual cost differences from the original cost estimate are recognized in “Net sales.”Sales Incentive AccrualsThe accruals recorded against receivables relate to programs where we have the contractual right and the intent to offset against existing receivables. The decrease in 2024 resulted from lower sales. A key assumption of the retail sales incentive accrual is the predictive value of the historical percent of retail sales incentive costs to retail sales. Over the last five fiscal years, this percent has varied by an average of 1.0 percent. Holding other assumptions constant, a 1.0 percent change would have modified the sales incentive accrual by about $135.​Product WarrantiesA standard warranty is provided as an assurance that our equipment will function as intended. The standard warranty period varies by product and region. At the time a sale is recognized, we record an estimate of future warranty costs, based on the following calculation:●historical claims rate experience – multiplied by –●the estimated population. The historical claims rate is determined by a review of five-year claims costs. The estimated population is based on dealer inventories and retail sales. These estimates are reviewed quarterly. Adjustments are also made for current quality developments. Product Warranty AccrualsThe decrease in 2024 is the result of lower sales volumes. Product warranty accrual estimates are affected by the historical percent of warranty claims costs as a percentage of gross sales. Over the last five fiscal years, the percent has varied plus or minus .09 percent. Holding all other assumptions constant, if this estimated cost experience percent would have increased or decreased .09 percent, the warranty accrual at October 27, 2024 would have changed by approximately $50.Postretirement Benefit ObligationsThe pension and OPEB plan obligations (defined benefit) and expenses require the use of estimates. The main estimate is the present value of the projected future benefit payments. These future benefit payments extend several decades.The estimates are based on existing retirement plan provisions. No assumption is made regarding any potential changes to benefit provisions beyond those to which we are presently committed (e.g., in existing labor contracts). The key assumptions used by our actuaries to calculate the estimates include:●discount rates, ●health care cost trend rates, ●expected long-term return on plan assets, ●compensation increases, ●retirement rates, ●mortality rates, and ●expected contributions. Assumptions are set each year-end. These assumptions are not changed during the year unless there is a significant plan event. Actual results that differ from the assumptions affect future expenses and obligations. ●postretirement benefit obligations,●allowance for credit losses,●operating lease residual values, and●income taxes. These items require the most difficult, subjective, or complex judgments. Our accounting policies are described primarily in Note 2 of our consolidated financial statements.Sales IncentivesWe provide sales incentives to dealers. These incentives are offered in two forms:●volume bonuses – awarded based on a dealer’s sales volume and performance, and●retail sales incentive programs – discounts or financing programs that are due when the dealer sells the equipment to a retail customer. The estimated cost of these programs is based on:●historical data, ●announced and expected incentive programs, ●field inventory levels, and ●forecasted sales volumes. At the time a sale is recognized, we record an estimate of the sales incentive costs. The final cost is determined at the end of the volume bonus measurement period or at the time of the retail sale. There are numerous programs available at any time, and new programs may be announced after we record the equipment sale to the dealer. Changes in the mix and types of sales incentive programs affect these estimates, which are reviewed quarterly. Actual cost differences from the original cost estimate are recognized in “Net sales.”Sales Incentive AccrualsThe accruals recorded against receivables relate to programs where we have the contractual right and the intent to offset against existing receivables. The decrease in 2024 resulted from lower sales. A key assumption of the retail sales incentive accrual is the predictive value of the historical percent of retail sales incentive costs to retail sales. Over the last five fiscal years, this percent has varied by an average of 1.0 percent. Holding other assumptions constant, a 1.0 percent change would have modified the sales incentive accrual by about $135. These items require the most difficult, subjective, or complex judgments. Our accounting policies are described primarily in Note 2 of our consolidated financial statements."
    },
    {
      "status": "MODIFIED",
      "current_title": "Sales Incentives",
      "prior_title": "Sales Incentives",
      "similarity_score": 0.813,
      "confidence": "high",
      "key_changes": [
        "Reworded sentence: \"Actual cost differences from the original cost estimate are recognized in “Net sales.” Sales Incentive Accruals The accruals recorded against receivables relate to programs where we have the contractual right and the intent to offset against existing receivables.\""
      ],
      "current_body": "We provide sales incentives to dealers. These incentives are offered in two forms: The estimated cost of these programs is based on: At the time a sale is recognized, we record an estimate of the sales incentive costs. The final cost is determined at the end of the volume bonus measurement period or at the time of the retail sale. There are numerous programs available at any time, and new programs may be announced after we record the equipment sale to the dealer. Changes in the mix and types of sales incentive programs affect these estimates, which are reviewed quarterly. Actual cost differences from the original cost estimate are recognized in “Net sales.” Sales Incentive Accruals The accruals recorded against receivables relate to programs where we have the contractual right and the intent to offset against existing receivables. The decrease in 2025 resulted from lower sales. A key assumption of the retail sales incentive accrual is the predictive value of the historical percentage of retail sales incentive costs to retail sales. Over the last five fiscal years, this percent has varied by an average of 1.0%. Holding other assumptions constant, a 1.0% change would have modified the sales incentive accrual by about $106.",
      "prior_body": "We provide sales incentives to dealers. These incentives are offered in two forms: The estimated cost of these programs is based on: At the time a sale is recognized, we record an estimate of the sales incentive costs. The final cost is determined at the end of the volume bonus measurement period or at the time of the retail sale. There are numerous programs available at any time, and new programs may be announced after we record the equipment sale to the dealer. Changes in the mix and types of sales incentive programs affect these estimates, which are reviewed quarterly. Actual cost differences from the original cost estimate are recognized in “Net sales.”"
    },
    {
      "status": "MODIFIED",
      "current_title": "SUPPLEMENTAL CONSOLIDATING DATA (continued)",
      "prior_title": "SUPPLEMENTAL CONSOLIDATING DATA (continued)",
      "similarity_score": 0.812,
      "confidence": "high",
      "key_changes": [
        "Reworded sentence: \"​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ STATEMENTS OF CASH FLOWS ​ ​ ​ For the Years Ended November 2, 2025, October 27, 2024, and October 29, 2023 ​ ​ ​ Unaudited ​ ​ ​ ​ ​ EQUIPMENT ​ FINANCIAL ​ ​ ​ ​ ​ ​ ​ ​ ​ OPERATIONS ​ SERVICES ​\""
      ],
      "current_body": "​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ CONDENSED BALANCE SHEETS ​ ​ ​ As of November 2, 2025 and October 27, 2024 ​ ​ ​ Unaudited ​ ​ ​ ​ ​ EQUIPMENT ​ FINANCIAL ​ ​ ​ ​ ​ ​ ​ ​ ​ OPERATIONS ​ SERVICES ​",
      "prior_body": "​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​"
    },
    {
      "status": "MODIFIED",
      "current_title": "FORWARD-LOOKING STATEMENTS",
      "prior_title": "FORWARD-LOOKING STATEMENTS",
      "similarity_score": 0.809,
      "confidence": "high",
      "key_changes": [
        "Reworded sentence: \"Certain statements contained herein, including in the section entitled “Overview,” “Trends and Economic Conditions,” and “Notes to Consolidated Financial Statements” relating to future events, expectations, and trends constitute “forward-looking 40 40 40 Table of Contents​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.\"",
        "Reworded sentence: \"Among these factors are risks related to: for products and solutions, including delivery and utilization of precision technology●the ability to execute business strategies, including our Smart Industrial Operating Model and refined Leap Ambitions●dealer practices and their ability to manage new and used inventory, distribute our 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 our 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 our information technology infrastructure and products●leveraging artificial intelligence and machine learning within our business processes●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, foreign exchange controls and cash repatriation restrictions, foreign ownership and investment, health and safety, human rights, import / export and trade, labor and employment, product liability, tariffs, tax, telematics, and telecommunications●governmental and other actions designed to address climate change in connection with a transition to a lower-carbon economy●warranty claims, post-sales repairs or recalls, product liability litigation, and regulatory investigations because of the deficient operation of our products●investigations, claims, lawsuits, or other legal proceedings, including the lawsuit filed by the Federal Trade Commission (FTC) and the Attorneys General of the States of Arizona, Illinois, Michigan, Minnesota, and Wisconsin alleging that we unlawfully withheld self-repair capabilities from farmers and independent repair providers ●loss of or challenges to intellectual property rightsFurther information concerning us and our businesses, including factors that could materially affect our financial results, is included in our other filings with the SEC (including, but not limited to, the factors discussed in Item 1A.\"",
        "Reworded sentence: \"There also may be other factors that we cannot anticipate or that are not described herein because we do not currently perceive them to be material.​ Further information concerning us and our businesses, including factors that could materially affect our financial results, is included in our other filings with the SEC (including, but not limited to, the factors discussed in Item 1A.\"",
        "Reworded sentence: \"​ 41 41 41 Table of Contents​SUPPLEMENTAL CONSOLIDATING DATAThe supplemental consolidating data presented on the subsequent pages is presented for informational purposes.\"",
        "Reworded sentence: \"Financial Services finance sales and leases by dealers of new and used equipment that is largely manufactured by equipment operations.\""
      ],
      "current_body": "Certain statements contained herein, including in the section entitled “Overview,” “Trends and Economic Conditions,” and “Notes to Consolidated Financial Statements” relating to future events, expectations, and trends constitute “forward-looking 40 40 40 Table of Contents​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 our 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, we expressly disclaim any obligation to update or revise our 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 farm income, international trade, world grain stocks, crop yields, available farm acres, soil conditions, prices for commodities and livestock, input costs, government farm programs, 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 or a recession, and regional or global liquidity constraints●the uncertainty of government policies and actions with respect to the global trade environment including increased and proposed tariffs announced by the U.S. government and retaliatory trade regulations●political, economic, and social instability in the geographies in which we operate, including the ongoing war between Russia and Ukraine and the conflicts in the Middle East●worldwide demand for food and different forms of renewable energy impacting the price of farm commodities and consequently the demand for our equipment●rationalization, restructuring, relocation, expansion, and/or reconfiguration of manufacturing and warehouse facilities●accurately forecasting customer demand for products and services, and adequately managing inventory●uncertainty of our ability to sell products domestically or internationally, manage increased costs of production, absorb or pass on increased pricing, and accurately predict financial results and industry trends●availability and price of raw materials, components, and whole goods●delays or disruptions in our supply chain●changes in climate patterns, unfavorable weather events, and natural disasters●suppliers’ and manufacturers’ business practices and compliance with laws applicable to topics such as human rights, safety, environmental, and fair wages●higher interest rates and currency fluctuations which could adversely affect the U.S. dollar, customer confidence, access to capital, and demand for our products and solutions●ability to adapt in highly competitive markets, including understanding and meeting customers’ changing expectations for products and solutions, including delivery and utilization of precision technology●the ability to execute business strategies, including our Smart Industrial Operating Model and refined Leap Ambitions●dealer practices and their ability to manage new and used inventory, distribute our 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 our 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 our information technology infrastructure and products●leveraging artificial intelligence and machine learning within our business processes●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, foreign exchange controls and cash repatriation restrictions, foreign ownership and investment, health and safety, human rights, import / export and trade, labor and employment, product liability, tariffs, tax, telematics, and telecommunications●governmental and other actions designed to address climate change in connection with a transition to a lower-carbon economy●warranty claims, post-sales repairs or recalls, product liability litigation, and regulatory investigations because of the deficient operation of our products●investigations, claims, lawsuits, or other legal proceedings, including the lawsuit filed by the Federal Trade Commission (FTC) and the Attorneys General of the States of Arizona, Illinois, Michigan, Minnesota, and Wisconsin alleging that we unlawfully withheld self-repair capabilities from farmers and independent repair providers ●loss of or challenges to intellectual property rightsFurther information concerning us and our businesses, including factors that could materially affect our financial results, is included in our other filings with the SEC (including, but not limited to, the factors discussed in Item 1A. “Risk Factors” of this Annual Report on Form 10-K). There also may be other factors that we cannot anticipate or that are not described herein because we do not currently perceive them to be material.​41 Table of Contents​ Table of Contents Table of Contents ​ 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 our 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, we expressly disclaim any obligation to update or revise our 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 farm income, international trade, world grain stocks, crop yields, available farm acres, soil conditions, prices for commodities and livestock, input costs, government farm programs, 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 or a recession, and regional or global liquidity constraints●the uncertainty of government policies and actions with respect to the global trade environment including increased and proposed tariffs announced by the U.S. government and retaliatory trade regulations●political, economic, and social instability in the geographies in which we operate, including the ongoing war between Russia and Ukraine and the conflicts in the Middle East●worldwide demand for food and different forms of renewable energy impacting the price of farm commodities and consequently the demand for our equipment●rationalization, restructuring, relocation, expansion, and/or reconfiguration of manufacturing and warehouse facilities●accurately forecasting customer demand for products and services, and adequately managing inventory●uncertainty of our ability to sell products domestically or internationally, manage increased costs of production, absorb or pass on increased pricing, and accurately predict financial results and industry trends●availability and price of raw materials, components, and whole goods●delays or disruptions in our supply chain●changes in climate patterns, unfavorable weather events, and natural disasters●suppliers’ and manufacturers’ business practices and compliance with laws applicable to topics such as human rights, safety, environmental, and fair wages●higher interest rates and currency fluctuations which could adversely affect the U.S. dollar, customer confidence, access to capital, and demand for our products and solutions●ability to adapt in highly competitive markets, including understanding and meeting customers’ changing expectations for products and solutions, including delivery and utilization of precision technology●the ability to execute business strategies, including our Smart Industrial Operating Model and refined Leap Ambitions●dealer practices and their ability to manage new and used inventory, distribute our 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 our 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 our information technology infrastructure and products●leveraging artificial intelligence and machine learning within our business processes●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, foreign exchange controls and cash repatriation restrictions, foreign ownership and investment, health and safety, human rights, import / export and trade, labor and employment, product liability, tariffs, tax, telematics, and telecommunications●governmental and other actions designed to address climate change in connection with a transition to a lower-carbon economy●warranty claims, post-sales repairs or recalls, product liability litigation, and regulatory investigations because of the deficient operation of our products●investigations, claims, lawsuits, or other legal proceedings, including the lawsuit filed by the Federal Trade Commission (FTC) and the Attorneys General of the States of Arizona, Illinois, Michigan, Minnesota, and Wisconsin alleging that we unlawfully withheld self-repair capabilities from farmers and independent repair providers ●loss of or challenges to intellectual property rightsFurther information concerning us and our businesses, including factors that could materially affect our financial results, is included in our other filings with the SEC (including, but not limited to, the factors discussed in Item 1A. “Risk Factors” of this Annual Report on Form 10-K). There also may be other factors that we cannot anticipate or that are not described herein because we do not currently perceive them to be material.​ 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 our 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, we expressly disclaim any obligation to update or revise our 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 farm income, international trade, world grain stocks, crop yields, available farm acres, soil conditions, prices for commodities and livestock, input costs, government farm programs, 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 or a recession, and regional or global liquidity constraints●the uncertainty of government policies and actions with respect to the global trade environment including increased and proposed tariffs announced by the U.S. government and retaliatory trade regulations●political, economic, and social instability in the geographies in which we operate, including the ongoing war between Russia and Ukraine and the conflicts in the Middle East●worldwide demand for food and different forms of renewable energy impacting the price of farm commodities and consequently the demand for our equipment●rationalization, restructuring, relocation, expansion, and/or reconfiguration of manufacturing and warehouse facilities●accurately forecasting customer demand for products and services, and adequately managing inventory●uncertainty of our ability to sell products domestically or internationally, manage increased costs of production, absorb or pass on increased pricing, and accurately predict financial results and industry trends●availability and price of raw materials, components, and whole goods●delays or disruptions in our supply chain●changes in climate patterns, unfavorable weather events, and natural disasters●suppliers’ and manufacturers’ business practices and compliance with laws applicable to topics such as human rights, safety, environmental, and fair wages●higher interest rates and currency fluctuations which could adversely affect the U.S. dollar, customer confidence, access to capital, and demand for our products and solutions●ability to adapt in highly competitive markets, including understanding and meeting customers’ changing expectations for products and solutions, including delivery and utilization of precision technology●the ability to execute business strategies, including our Smart Industrial Operating Model and refined Leap Ambitions●dealer practices and their ability to manage new and used inventory, distribute our 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 our 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 our information technology infrastructure and products●leveraging artificial intelligence and machine learning within our business processes●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, foreign exchange controls and cash repatriation restrictions, foreign ownership and investment, health and safety, human rights, import / export and trade, labor and employment, product liability, tariffs, tax, telematics, and telecommunications●governmental and other actions designed to address climate change in connection with a transition to a lower-carbon economy●warranty claims, post-sales repairs or recalls, product liability litigation, and regulatory investigations because of the deficient operation of our products●investigations, claims, lawsuits, or other legal proceedings, including the lawsuit filed by the Federal Trade Commission (FTC) and the Attorneys General of the States of Arizona, Illinois, Michigan, Minnesota, and Wisconsin alleging that we unlawfully withheld self-repair capabilities from farmers and independent repair providers ●loss of or challenges to intellectual property rightsFurther information concerning us and our businesses, including factors that could materially affect our financial results, is included in our other filings with the SEC (including, but not limited to, the factors discussed in Item 1A. “Risk Factors” of this Annual Report on Form 10-K). There also may be other factors that we cannot anticipate or that are not described herein because we do not currently perceive them to be material.​ 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 our 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, we expressly disclaim any obligation to update or revise our 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 farm income, international trade, world grain stocks, crop yields, available farm acres, soil conditions, prices for commodities and livestock, input costs, government farm programs, 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 or a recession, and regional or global liquidity constraints●the uncertainty of government policies and actions with respect to the global trade environment including increased and proposed tariffs announced by the U.S. government and retaliatory trade regulations●political, economic, and social instability in the geographies in which we operate, including the ongoing war between Russia and Ukraine and the conflicts in the Middle East●worldwide demand for food and different forms of renewable energy impacting the price of farm commodities and consequently the demand for our equipment●rationalization, restructuring, relocation, expansion, and/or reconfiguration of manufacturing and warehouse facilities●accurately forecasting customer demand for products and services, and adequately managing inventory●uncertainty of our ability to sell products domestically or internationally, manage increased costs of production, absorb or pass on increased pricing, and accurately predict financial results and industry trends●availability and price of raw materials, components, and whole goods●delays or disruptions in our supply chain●changes in climate patterns, unfavorable weather events, and natural disasters●suppliers’ and manufacturers’ business practices and compliance with laws applicable to topics such as human rights, safety, environmental, and fair wages●higher interest rates and currency fluctuations which could adversely affect the U.S. dollar, customer confidence, access to capital, and demand for our products and solutions●ability to adapt in highly competitive markets, including understanding and meeting customers’ changing expectations 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 our 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, we expressly disclaim any obligation to update or revise our 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: for products and solutions, including delivery and utilization of precision technology●the ability to execute business strategies, including our Smart Industrial Operating Model and refined Leap Ambitions●dealer practices and their ability to manage new and used inventory, distribute our 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 our 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 our information technology infrastructure and products●leveraging artificial intelligence and machine learning within our business processes●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, foreign exchange controls and cash repatriation restrictions, foreign ownership and investment, health and safety, human rights, import / export and trade, labor and employment, product liability, tariffs, tax, telematics, and telecommunications●governmental and other actions designed to address climate change in connection with a transition to a lower-carbon economy●warranty claims, post-sales repairs or recalls, product liability litigation, and regulatory investigations because of the deficient operation of our products●investigations, claims, lawsuits, or other legal proceedings, including the lawsuit filed by the Federal Trade Commission (FTC) and the Attorneys General of the States of Arizona, Illinois, Michigan, Minnesota, and Wisconsin alleging that we unlawfully withheld self-repair capabilities from farmers and independent repair providers ●loss of or challenges to intellectual property rightsFurther information concerning us and our businesses, including factors that could materially affect our financial results, is included in our other filings with the SEC (including, but not limited to, the factors discussed in Item 1A. “Risk Factors” of this Annual Report on Form 10-K). There also may be other factors that we cannot anticipate or that are not described herein because we do not currently perceive them to be material.​ Further information concerning us and our businesses, including factors that could materially affect our financial results, is included in our other filings with the SEC (including, but not limited to, the factors discussed in Item 1A. “Risk Factors” of this Annual Report on Form 10-K). There also may be other factors that we cannot anticipate or that are not described herein because we do not currently perceive them to be material. ​ 41 41 41 Table of Contents​SUPPLEMENTAL CONSOLIDATING DATAThe supplemental consolidating data presented on the subsequent pages is presented for informational purposes. Equipment operations represent the enterprise without Financial Services. Equipment operations include 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.Equipment operations and Financial Services participate in different industries. Equipment operations primarily generate earnings and cash flows by manufacturing and selling equipment, service parts, and technology solutions to dealers and retail customers. Financial Services finance sales and leases by dealers of new and used equipment that is largely manufactured by equipment operations. Those earnings and cash flows generally are the difference between the finance income received from customer payments less interest expense, and depreciation on equipment subject to an operating lease. The two businesses are capitalized differently and have separate performance metrics. The supplemental consolidating data is also used by management due to these differences.​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​INCOME STATEMENTS​​​For the Years Ended November 2, 2025, October 27, 2024, and October 29, 2023​​​Unaudited​​​​​EQUIPMENT​FINANCIAL ​​​​​​​​​OPERATIONS​SERVICES​ELIMINATIONS​CONSOLIDATED​​​​​2025​2024​2023​2025​2024​2023​2025​2024​2023​2025​2024​2023​​​Net Sales and Revenues​​​ ​​ ​​ ​ ​​​ ​​ ​​ ​ ​​​ ​​ ​​ ​ ​​​ ​​ ​​​​​Net sales​$ 38,917​$ 44,759​$ 55,565​​​​​​​​​​​​​​​​​​​$ 38,917​$ 44,759​$ 55,565​​​Finance and interest income​​ 521​​ 596​​ 636​$ 5,768​$ 6,035​$ 5,055​$ (541)​$ (872)​$(1,008)​​ 5,748​​ 5,759​​ 4,683​ 1​​Other income​​ 821​​ 1,006​​ 858​​ 521​​ 458​​ 499​​ (323)​​ (266)​​ (354)​​ 1,019​​ 1,198​​ 1,003​2, 3, 4​​Total​​ 40,259​​ 46,361​​ 57,059​​6,289​​ 6,493​​ 5,554​​ (864)​​ (1,138)​​ (1,362)​​45,684​​ 51,716​​ 61,251​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​Costs and Expenses​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​Cost of sales​​ 28,190​​ 30,803​​ 37,739​​ ​​​​​​​​​ (31)​​ (28)​​ (24)​​ 28,159​​ 30,775​​ 37,715​ 4​​Research and development expenses​​ 2,311​​ 2,290​​ 2,177​​ ​​​​​​​​​ ​​​ ​​​​​​ 2,311​​ 2,290​​ 2,177​​​Selling, administrative and general expenses​​ 3,856​​ 3,791​​ 3,611​​ 815​​ 1,059​​ 994​​ (8)​​ (10)​​ (10)​​ 4,663​​ 4,840​​ 4,595​ 4​​Interest expense​​ 372​​ 396​​ 411​​ 2,923​​ 3,182​​ 2,362​​ (125)​​ (230)​​ (320)​​ 3,170​​ 3,348​​ 2,453​ 1​​Interest compensation to Financial Services​​ 414​​ 640​​ 687​​ ​​​ ​​​​​​ (414)​​ (640)​​ (687)​​ ​​​ ​​​ ​​ 1​​Other operating expenses​​ (29)​​ 133​​ 217​​ 1,439​​ 1,354​​ 1,396​​ (286)​​ (230)​​ (321)​​ 1,124​​ 1,257​​ 1,292​3, 4, 5​​Total​​ 35,114​​ 38,053​​ 44,842​​ 5,177​​ 5,595​​ 4,752​​ (864)​​ (1,138)​​ (1,362)​​ 39,427​​ 42,510​​ 48,232​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​Income before Income Taxes​​ 5,145​​ 8,308​​ 12,217​​ 1,112​​ 898​​ 802​​ ​​​ ​​​ ​​​ 6,257​​ 9,206​​ 13,019​​​Provision for income taxes​​ 1,020​​ 1,887​​ 2,685​​ 239​​ 207​​ 186​​ ​​​​​​​​​ 1,259​​ 2,094​​ 2,871​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​Income after Income Taxes​​ 4,125​​ 6,421​​ 9,532​​ 873​​ 691​​ 616​​ ​​​ ​​​ ​​​ 4,998​​ 7,112​​ 10,148​​​Equity in income (loss) of unconsolidated affiliates​​ (17)​​ (29)​​ 4​​ 17​​ 5​​ 3​​ ​​​​​​​​​ ​​​ (24)​​ 7​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​Net Income​​ 4,108​ ​ 6,392​​ 9,536​​ 890​​ 696​​ 619​​ ​​​ ​​​ ​​​ 4,998​​ 7,088​​ 10,155​​​Less: Net loss attributable to noncontrolling interests​​ (29)​​ (12)​​ (11)​​ ​​​​​​​​​ ​​​​​​​​​ (29)​​ (12)​​ (11)​​​Net Income Attributable to Deere & Company​$ 4,137​$ 6,404​$ 9,547​$ 890​$ 696​$ 619​​ ​​​ ​​​ ​​$ 5,027​$ 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 (see Note 6).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.​42 Table of Contents Table of Contents Table of Contents ​SUPPLEMENTAL CONSOLIDATING DATAThe supplemental consolidating data presented on the subsequent pages is presented for informational purposes. Equipment operations represent the enterprise without Financial Services. Equipment operations include 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.Equipment operations and Financial Services participate in different industries. Equipment operations primarily generate earnings and cash flows by manufacturing and selling equipment, service parts, and technology solutions to dealers and retail customers. Financial Services finance sales and leases by dealers of new and used equipment that is largely manufactured by equipment operations. Those earnings and cash flows generally are the difference between the finance income received from customer payments less interest expense, and depreciation on equipment subject to an operating lease. The two businesses are capitalized differently and have separate performance metrics. The supplemental consolidating data is also used by management due to these differences.​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​INCOME STATEMENTS​​​For the Years Ended November 2, 2025, October 27, 2024, and October 29, 2023​​​Unaudited​​​​​EQUIPMENT​FINANCIAL ​​​​​​​​​OPERATIONS​SERVICES​ELIMINATIONS​CONSOLIDATED​​​​​2025​2024​2023​2025​2024​2023​2025​2024​2023​2025​2024​2023​​​Net Sales and Revenues​​​ ​​ ​​ ​ ​​​ ​​ ​​ ​ ​​​ ​​ ​​ ​ ​​​ ​​ ​​​​​Net sales​$ 38,917​$ 44,759​$ 55,565​​​​​​​​​​​​​​​​​​​$ 38,917​$ 44,759​$ 55,565​​​Finance and interest income​​ 521​​ 596​​ 636​$ 5,768​$ 6,035​$ 5,055​$ (541)​$ (872)​$(1,008)​​ 5,748​​ 5,759​​ 4,683​ 1​​Other income​​ 821​​ 1,006​​ 858​​ 521​​ 458​​ 499​​ (323)​​ (266)​​ (354)​​ 1,019​​ 1,198​​ 1,003​2, 3, 4​​Total​​ 40,259​​ 46,361​​ 57,059​​6,289​​ 6,493​​ 5,554​​ (864)​​ (1,138)​​ (1,362)​​45,684​​ 51,716​​ 61,251​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​Costs and Expenses​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​Cost of sales​​ 28,190​​ 30,803​​ 37,739​​ ​​​​​​​​​ (31)​​ (28)​​ (24)​​ 28,159​​ 30,775​​ 37,715​ 4​​Research and development expenses​​ 2,311​​ 2,290​​ 2,177​​ ​​​​​​​​​ ​​​ ​​​​​​ 2,311​​ 2,290​​ 2,177​​​Selling, administrative and general expenses​​ 3,856​​ 3,791​​ 3,611​​ 815​​ 1,059​​ 994​​ (8)​​ (10)​​ (10)​​ 4,663​​ 4,840​​ 4,595​ 4​​Interest expense​​ 372​​ 396​​ 411​​ 2,923​​ 3,182​​ 2,362​​ (125)​​ (230)​​ (320)​​ 3,170​​ 3,348​​ 2,453​ 1​​Interest compensation to Financial Services​​ 414​​ 640​​ 687​​ ​​​ ​​​​​​ (414)​​ (640)​​ (687)​​ ​​​ ​​​ ​​ 1​​Other operating expenses​​ (29)​​ 133​​ 217​​ 1,439​​ 1,354​​ 1,396​​ (286)​​ (230)​​ (321)​​ 1,124​​ 1,257​​ 1,292​3, 4, 5​​Total​​ 35,114​​ 38,053​​ 44,842​​ 5,177​​ 5,595​​ 4,752​​ (864)​​ (1,138)​​ (1,362)​​ 39,427​​ 42,510​​ 48,232​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​Income before Income Taxes​​ 5,145​​ 8,308​​ 12,217​​ 1,112​​ 898​​ 802​​ ​​​ ​​​ ​​​ 6,257​​ 9,206​​ 13,019​​​Provision for income taxes​​ 1,020​​ 1,887​​ 2,685​​ 239​​ 207​​ 186​​ ​​​​​​​​​ 1,259​​ 2,094​​ 2,871​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​Income after Income Taxes​​ 4,125​​ 6,421​​ 9,532​​ 873​​ 691​​ 616​​ ​​​ ​​​ ​​​ 4,998​​ 7,112​​ 10,148​​​Equity in income (loss) of unconsolidated affiliates​​ (17)​​ (29)​​ 4​​ 17​​ 5​​ 3​​ ​​​​​​​​​ ​​​ (24)​​ 7​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​Net Income​​ 4,108​ ​ 6,392​​ 9,536​​ 890​​ 696​​ 619​​ ​​​ ​​​ ​​​ 4,998​​ 7,088​​ 10,155​​​Less: Net loss attributable to noncontrolling interests​​ (29)​​ (12)​​ (11)​​ ​​​​​​​​​ ​​​​​​​​​ (29)​​ (12)​​ (11)​​​Net Income Attributable to Deere & Company​$ 4,137​$ 6,404​$ 9,547​$ 890​$ 696​$ 619​​ ​​​ ​​​ ​​$ 5,027​$ 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 (see Note 6).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.​ ​",
      "prior_body": "Certain statements contained herein, including in the section entitled “Overview” 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 our 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, we expressly disclaim any obligation to update or revise our 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: 37 37 37 Table of Contents​●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 we operate, including the ongoing war between Russia and Ukraine and the conflict in the Middle East;●worldwide demand for food and different forms of renewable energy impacting the price of farm commodities and consequently the demand for our equipment;●availability and price of raw materials, components, and whole goods;●delays or disruptions in our 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 our Smart Industrial Operating Model and Leap Ambitions;●the ability to understand and meet customers’ changing expectations and demand for our 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 our 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 our 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 our information technology infrastructure and products; ●leveraging artificial intelligence and machine learning within our 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, tariffs, 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 our products.Further information concerning us and our businesses, including factors that could materially affect our financial results, is included in our other filings with the SEC (including, but not limited to, the factors discussed in Item 1A. “Risk Factors” of this Annual Report on Form 10-K). There also may be other factors that we cannot anticipate or that are not described herein because we do not currently perceive them to be material.​​38 Table of Contents​ Table of Contents Table of Contents ​ ●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 we operate, including the ongoing war between Russia and Ukraine and the conflict in the Middle East;●worldwide demand for food and different forms of renewable energy impacting the price of farm commodities and consequently the demand for our equipment;●availability and price of raw materials, components, and whole goods;●delays or disruptions in our 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 our Smart Industrial Operating Model and Leap Ambitions;●the ability to understand and meet customers’ changing expectations and demand for our 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 our 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 our 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 our information technology infrastructure and products; ●leveraging artificial intelligence and machine learning within our 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, tariffs, 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 our products.Further information concerning us and our businesses, including factors that could materially affect our financial results, is included in our other filings with the SEC (including, but not limited to, the factors discussed in Item 1A. “Risk Factors” of this Annual Report on Form 10-K). There also may be other factors that we cannot anticipate or that are not described herein because we do not currently perceive them to be material.​​ ●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 we operate, including the ongoing war between Russia and Ukraine and the conflict in the Middle East;●worldwide demand for food and different forms of renewable energy impacting the price of farm commodities and consequently the demand for our equipment;●availability and price of raw materials, components, and whole goods;●delays or disruptions in our 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 our Smart Industrial Operating Model and Leap Ambitions;●the ability to understand and meet customers’ changing expectations and demand for our 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 our 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 our 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 our information technology infrastructure and products; ●leveraging artificial intelligence and machine learning within our 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, tariffs, 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 our products.Further information concerning us and our businesses, including factors that could materially affect our financial results, is included in our other filings with the SEC (including, but not limited to, the factors discussed in Item 1A. “Risk Factors” of this Annual Report on Form 10-K). There also may be other factors that we cannot anticipate or that are not described herein because we do not currently perceive them to be material.​​ ●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 we operate, including the ongoing war between Russia and Ukraine and the conflict in the Middle East;●worldwide demand for food and different forms of renewable energy impacting the price of farm commodities and consequently the demand for our equipment;●availability and price of raw materials, components, and whole goods;●delays or disruptions in our 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 our Smart Industrial Operating Model and Leap Ambitions;●the ability to understand and meet customers’ changing expectations and demand for our 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 our 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 our 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 our information technology infrastructure and products; ●leveraging artificial intelligence and machine learning within our 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, tariffs, 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 our products.Further information concerning us and our businesses, including factors that could materially affect our financial results, is included in our other filings with the SEC (including, but not limited to, the factors discussed in Item 1A. “Risk Factors” of this Annual Report on Form 10-K). There also may be other factors that we cannot anticipate or that are not described herein because we do not currently perceive them to be material.​​ ●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 we operate, including the ongoing war between Russia and Ukraine and the conflict in the Middle East;●worldwide demand for food and different forms of renewable energy impacting the price of farm commodities and consequently the demand for our equipment;●availability and price of raw materials, components, and whole goods;●delays or disruptions in our 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 our Smart Industrial Operating Model and Leap Ambitions;●the ability to understand and meet customers’ changing expectations and demand for our 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 our 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 our 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 our information technology infrastructure and products; ●leveraging artificial intelligence and machine learning within our 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, tariffs, 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 our products.Further information concerning us and our businesses, including factors that could materially affect our financial results, is included in our other filings with the SEC (including, but not limited to, the factors discussed in Item 1A. “Risk Factors” of this Annual Report on Form 10-K). There also may be other factors that we cannot anticipate or that are not described herein because we do not currently perceive them to be material.​​ Further information concerning us and our businesses, including factors that could materially affect our financial results, is included in our other filings with the SEC (including, but not limited to, the factors discussed in Item 1A. “Risk Factors” of this Annual Report on Form 10-K). There also may be other factors that we cannot anticipate or that are not described herein because we do not currently perceive them to be material. ​ ​ 38 38 38 Table of Contents​SUPPLEMENTAL CONSOLIDATING DATAThe supplemental consolidating data presented on the subsequent pages is presented for informational purposes. Equipment operations represent the enterprise without financial services. Equipment operations include production and precision agriculture operations, small agriculture and turf operations, 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.Equipment operations and financial services participate in different industries. Equipment operations primarily generate earnings and cash flows by manufacturing and selling equipment, service parts, and technology solutions to dealers and retail customers. Financial services finance sales and leases by dealers of new and used equipment that is largely manufactured by equipment operations. Those earnings and cash flows generally are the difference between the finance income received from customer payments less interest expense, and depreciation on equipment subject to an operating lease. The two businesses are capitalized differently and have separate performance metrics. The supplemental consolidating data is also used by management due to these differences.​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​INCOME STATEMENTS​​​For the Years Ended October 27, 2024, October 29, 2023, and October 30, 2022​​​Unaudited​​​​​EQUIPMENT​FINANCIAL ​​​​​​​​​OPERATIONS​SERVICES​ELIMINATIONS​CONSOLIDATED​​​​​2024​2023​2022​2024​2023​2022​2024​2023​2022​2024​2023​2022​​​Net Sales and Revenues​​​ ​​ ​​ ​​ ​​ ​​ ​​ ​​ ​​ ​​ ​​ ​​​​​Net sales​$ 44,759​$ 55,565​$ 47,917​​​​​​​​​​​​​​​​​​​$ 44,759​$ 55,565​$ 47,917​​​Finance and interest income​​ 596​​ 636​​ 213​$ 6,035​$ 5,055​$ 3,583​$ (872)​$ (1,008)​$ (431)​​ 5,759​​ 4,683​​ 3,365​ 1​​Other income​​ 1,006​​ 858​​ 1,261​​ 458​​ 499​​ 502​​ (266)​​ (354)​​ (468)​​ 1,198​​ 1,003​​ 1,295​2, 3, 4​​Total​​ 46,361​​ 57,059​​ 49,391​​ 6,493​​ 5,554​​ 4,085​​ (1,138)​​ (1,362)​​ (899)​​ 51,716​​ 61,251​​ 52,577​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​Costs and Expenses​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​Cost of sales​​ 30,803​​ 37,739​​ 35,341​​ ​​​​​​​​​ (28)​​ (24)​​ (3)​​ 30,775​​ 37,715​​ 35,338​ 4​​Research and development expenses​​ 2,290​​ 2,177​​ 1,912​​ ​​​​​​​​​ ​​​ ​​​​​​ 2,290​​ 2,177​​ 1,912​​​Selling, administrative and general expenses​​ 3,791​​ 3,611​​ 3,137​​ 1,059​​ 994​​ 735​​ (10)​​ (10)​​ (9)​​ 4,840​​ 4,595​​ 3,863​ 4​​Interest expense​​ 396​​ 411​​ 390​​ 3,182​​ 2,362​​ 799​​ (230)​​ (320)​​ (127)​​ 3,348​​ 2,453​​ 1,062​ 1​​Interest compensation to Financial Services​​ 640​​ 687​​ 299​​ ​​​ ​​​​​​ (640)​​ (687)​​ (299)​​ ​​​ ​​​ ​​ 1​​Other operating expenses​​ 133​​ 217​​ 350​​ 1,354​​ 1,396​​ 1,386​​ (230)​​ (321)​​ (461)​​ 1,257​​ 1,292​​ 1,275​3, 4, 5​​Total​​ 38,053​​ 44,842​​ 41,429​​ 5,595​​ 4,752​​ 2,920​​ (1,138)​​ (1,362)​​ (899)​​ 42,510​​ 48,232​​ 43,450​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​Income before Income Taxes​​ 8,308​​ 12,217​​ 7,962​​ 898​​ 802​​ 1,165​​ ​​​ ​​​ ​​​ 9,206​​ 13,019​​ 9,127​​​Provision for income taxes​​ 1,887​​ 2,685​​ 1,718​​ 207​​ 186​​ 289​​ ​​​​​​​​​ 2,094​​ 2,871​​ 2,007​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​Income after Income Taxes​​ 6,421​​ 9,532​​ 6,244​​ 691​​ 616​​ 876​​ ​​​ ​​​ ​​​ 7,112​​ 10,148​​ 7,120​​​Equity in income (loss) of unconsolidated affiliates​​ (29)​​ 4​​ 6​​ 5​​ 3​​ 4​​ ​​​​​​​​​ (24)​​ 7​​ 10​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​Net Income​​ 6,392​ ​ 9,536​​ 6,250​​ 696​​ 619​​ 880​​ ​​​ ​​​ ​​​ 7,088​​ 10,155​​ 7,130​​​Less: Net loss attributable to noncontrolling interests​​ (12)​​ (11)​​ (1)​​ ​​​​​​​​​ ​​​​​​​​​ (12)​​ (11)​​ (1)​​​Net Income Attributable to Deere & Company​$ 6,404​$ 9,547​$ 6,251​$ 696​$ 619​$ 880​​ ​​​ ​​​ ​​$ 7,100​$ 10,166​$ 7,131​​​​​1 Elimination of intercompany interest income and expense. 2 Elimination of equipment operations’ margin from inventory transferred to equipment on operating leases (see Note 6).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.​39 Table of Contents Table of Contents Table of Contents ​SUPPLEMENTAL CONSOLIDATING DATAThe supplemental consolidating data presented on the subsequent pages is presented for informational purposes. Equipment operations represent the enterprise without financial services. Equipment operations include production and precision agriculture operations, small agriculture and turf operations, 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.Equipment operations and financial services participate in different industries. Equipment operations primarily generate earnings and cash flows by manufacturing and selling equipment, service parts, and technology solutions to dealers and retail customers. Financial services finance sales and leases by dealers of new and used equipment that is largely manufactured by equipment operations. Those earnings and cash flows generally are the difference between the finance income received from customer payments less interest expense, and depreciation on equipment subject to an operating lease. The two businesses are capitalized differently and have separate performance metrics. The supplemental consolidating data is also used by management due to these differences.​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​INCOME STATEMENTS​​​For the Years Ended October 27, 2024, October 29, 2023, and October 30, 2022​​​Unaudited​​​​​EQUIPMENT​FINANCIAL ​​​​​​​​​OPERATIONS​SERVICES​ELIMINATIONS​CONSOLIDATED​​​​​2024​2023​2022​2024​2023​2022​2024​2023​2022​2024​2023​2022​​​Net Sales and Revenues​​​ ​​ ​​ ​​ ​​ ​​ ​​ ​​ ​​ ​​ ​​ ​​​​​Net sales​$ 44,759​$ 55,565​$ 47,917​​​​​​​​​​​​​​​​​​​$ 44,759​$ 55,565​$ 47,917​​​Finance and interest income​​ 596​​ 636​​ 213​$ 6,035​$ 5,055​$ 3,583​$ (872)​$ (1,008)​$ (431)​​ 5,759​​ 4,683​​ 3,365​ 1​​Other income​​ 1,006​​ 858​​ 1,261​​ 458​​ 499​​ 502​​ (266)​​ (354)​​ (468)​​ 1,198​​ 1,003​​ 1,295​2, 3, 4​​Total​​ 46,361​​ 57,059​​ 49,391​​ 6,493​​ 5,554​​ 4,085​​ (1,138)​​ (1,362)​​ (899)​​ 51,716​​ 61,251​​ 52,577​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​Costs and Expenses​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​Cost of sales​​ 30,803​​ 37,739​​ 35,341​​ ​​​​​​​​​ (28)​​ (24)​​ (3)​​ 30,775​​ 37,715​​ 35,338​ 4​​Research and development expenses​​ 2,290​​ 2,177​​ 1,912​​ ​​​​​​​​​ ​​​ ​​​​​​ 2,290​​ 2,177​​ 1,912​​​Selling, administrative and general expenses​​ 3,791​​ 3,611​​ 3,137​​ 1,059​​ 994​​ 735​​ (10)​​ (10)​​ (9)​​ 4,840​​ 4,595​​ 3,863​ 4​​Interest expense​​ 396​​ 411​​ 390​​ 3,182​​ 2,362​​ 799​​ (230)​​ (320)​​ (127)​​ 3,348​​ 2,453​​ 1,062​ 1​​Interest compensation to Financial Services​​ 640​​ 687​​ 299​​ ​​​ ​​​​​​ (640)​​ (687)​​ (299)​​ ​​​ ​​​ ​​ 1​​Other operating expenses​​ 133​​ 217​​ 350​​ 1,354​​ 1,396​​ 1,386​​ (230)​​ (321)​​ (461)​​ 1,257​​ 1,292​​ 1,275​3, 4, 5​​Total​​ 38,053​​ 44,842​​ 41,429​​ 5,595​​ 4,752​​ 2,920​​ (1,138)​​ (1,362)​​ (899)​​ 42,510​​ 48,232​​ 43,450​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​Income before Income Taxes​​ 8,308​​ 12,217​​ 7,962​​ 898​​ 802​​ 1,165​​ ​​​ ​​​ ​​​ 9,206​​ 13,019​​ 9,127​​​Provision for income taxes​​ 1,887​​ 2,685​​ 1,718​​ 207​​ 186​​ 289​​ ​​​​​​​​​ 2,094​​ 2,871​​ 2,007​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​Income after Income Taxes​​ 6,421​​ 9,532​​ 6,244​​ 691​​ 616​​ 876​​ ​​​ ​​​ ​​​ 7,112​​ 10,148​​ 7,120​​​Equity in income (loss) of unconsolidated affiliates​​ (29)​​ 4​​ 6​​ 5​​ 3​​ 4​​ ​​​​​​​​​ (24)​​ 7​​ 10​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​Net Income​​ 6,392​ ​ 9,536​​ 6,250​​ 696​​ 619​​ 880​​ ​​​ ​​​ ​​​ 7,088​​ 10,155​​ 7,130​​​Less: Net loss attributable to noncontrolling interests​​ (12)​​ (11)​​ (1)​​ ​​​​​​​​​ ​​​​​​​​​ (12)​​ (11)​​ (1)​​​Net Income Attributable to Deere & Company​$ 6,404​$ 9,547​$ 6,251​$ 696​$ 619​$ 880​​ ​​​ ​​​ ​​$ 7,100​$ 10,166​$ 7,131​​​​​1 Elimination of intercompany interest income and expense. 2 Elimination of equipment operations’ margin from inventory transferred to equipment on operating leases (see Note 6).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.​ ​SUPPLEMENTAL CONSOLIDATING DATAThe supplemental consolidating data presented on the subsequent pages is presented for informational purposes. Equipment operations represent the enterprise without financial services. Equipment operations include production and precision agriculture operations, small agriculture and turf operations, 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.Equipment operations and financial services participate in different industries. Equipment operations primarily generate earnings and cash flows by manufacturing and selling equipment, service parts, and technology solutions to dealers and retail customers. Financial services finance sales and leases by dealers of new and used equipment that is largely manufactured by equipment operations. Those earnings and cash flows generally are the difference between the finance income received from customer payments less interest expense, and depreciation on equipment subject to an operating lease. The two businesses are capitalized differently and have separate performance metrics. The supplemental consolidating data is also used by management due to these differences.​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​INCOME STATEMENTS​​​For the Years Ended October 27, 2024, October 29, 2023, and October 30, 2022​​​Unaudited​​​​​EQUIPMENT​FINANCIAL ​​​​​​​​​OPERATIONS​SERVICES​ELIMINATIONS​CONSOLIDATED​​​​​2024​2023​2022​2024​2023​2022​2024​2023​2022​2024​2023​2022​​​Net Sales and Revenues​​​ ​​ ​​ ​​ ​​ ​​ ​​ ​​ ​​ ​​ ​​ ​​​​​Net sales​$ 44,759​$ 55,565​$ 47,917​​​​​​​​​​​​​​​​​​​$ 44,759​$ 55,565​$ 47,917​​​Finance and interest income​​ 596​​ 636​​ 213​$ 6,035​$ 5,055​$ 3,583​$ (872)​$ (1,008)​$ (431)​​ 5,759​​ 4,683​​ 3,365​ 1​​Other income​​ 1,006​​ 858​​ 1,261​​ 458​​ 499​​ 502​​ (266)​​ (354)​​ (468)​​ 1,198​​ 1,003​​ 1,295​2, 3, 4​​Total​​ 46,361​​ 57,059​​ 49,391​​ 6,493​​ 5,554​​ 4,085​​ (1,138)​​ (1,362)​​ (899)​​ 51,716​​ 61,251​​ 52,577​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​Costs and Expenses​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​Cost of sales​​ 30,803​​ 37,739​​ 35,341​​ ​​​​​​​​​ (28)​​ (24)​​ (3)​​ 30,775​​ 37,715​​ 35,338​ 4​​Research and development expenses​​ 2,290​​ 2,177​​ 1,912​​ ​​​​​​​​​ ​​​ ​​​​​​ 2,290​​ 2,177​​ 1,912​​​Selling, administrative and general expenses​​ 3,791​​ 3,611​​ 3,137​​ 1,059​​ 994​​ 735​​ (10)​​ (10)​​ (9)​​ 4,840​​ 4,595​​ 3,863​ 4​​Interest expense​​ 396​​ 411​​ 390​​ 3,182​​ 2,362​​ 799​​ (230)​​ (320)​​ (127)​​ 3,348​​ 2,453​​ 1,062​ 1​​Interest compensation to Financial Services​​ 640​​ 687​​ 299​​ ​​​ ​​​​​​ (640)​​ (687)​​ (299)​​ ​​​ ​​​ ​​ 1​​Other operating expenses​​ 133​​ 217​​ 350​​ 1,354​​ 1,396​​ 1,386​​ (230)​​ (321)​​ (461)​​ 1,257​​ 1,292​​ 1,275​3, 4, 5​​Total​​ 38,053​​ 44,842​​ 41,429​​ 5,595​​ 4,752​​ 2,920​​ (1,138)​​ (1,362)​​ (899)​​ 42,510​​ 48,232​​ 43,450​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​Income before Income Taxes​​ 8,308​​ 12,217​​ 7,962​​ 898​​ 802​​ 1,165​​ ​​​ ​​​ ​​​ 9,206​​ 13,019​​ 9,127​​​Provision for income taxes​​ 1,887​​ 2,685​​ 1,718​​ 207​​ 186​​ 289​​ ​​​​​​​​​ 2,094​​ 2,871​​ 2,007​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​Income after Income Taxes​​ 6,421​​ 9,532​​ 6,244​​ 691​​ 616​​ 876​​ ​​​ ​​​ ​​​ 7,112​​ 10,148​​ 7,120​​​Equity in income (loss) of unconsolidated affiliates​​ (29)​​ 4​​ 6​​ 5​​ 3​​ 4​​ ​​​​​​​​​ (24)​​ 7​​ 10​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​Net Income​​ 6,392​ ​ 9,536​​ 6,250​​ 696​​ 619​​ 880​​ ​​​ ​​​ ​​​ 7,088​​ 10,155​​ 7,130​​​Less: Net loss attributable to noncontrolling interests​​ (12)​​ (11)​​ (1)​​ ​​​​​​​​​ ​​​​​​​​​ (12)​​ (11)​​ (1)​​​Net Income Attributable to Deere & Company​$ 6,404​$ 9,547​$ 6,251​$ 696​$ 619​$ 880​​ ​​​ ​​​ ​​$ 7,100​$ 10,166​$ 7,131​​​​​1 Elimination of intercompany interest income and expense. 2 Elimination of equipment operations’ margin from inventory transferred to equipment on operating leases (see Note 6).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.​ ​"
    },
    {
      "status": "MODIFIED",
      "current_title": "Changes in the availability and price of certain raw materials, components, and whole goods have resulted and could result in disruptions to the supply chain causing production disruptions, increased costs, and lower profits from sales of our products.",
      "prior_title": "Changes in the availability and price of certain raw materials, components, and whole goods have resulted and could result in disruptions to the supply chain causing production disruptions, increased costs, and lower profits on sales of our products.",
      "similarity_score": 0.794,
      "confidence": "high",
      "key_changes": [
        "Reworded sentence: \"Our business relies on a complex global supply chain, and any disruptions can impact our operations.\"",
        "Reworded sentence: \"Examples of such disruptions include: Furthermore, if our customers are unwilling to accept price increases for our products, or if we are unable to offset the increases in costs, raw material costs or shortages could have a material adverse effect on our operational or financial results.\""
      ],
      "current_body": "Our business relies on a complex global supply chain, and any disruptions can impact our operations. We have experienced changes in the availability and prices of raw materials, components, whole goods, and freight over the past several years. Past global logistics network challenges have resulted in delays, shortages of key manufacturing components, increased order backlogs, increased transportation costs, and production inefficiencies from a higher number of partially completed machines in inventory, which in the past have increased our overall production and overhead costs. Increases in such costs have adversely affected our business operations. We anticipate fluctuations in our supply chain due to ongoing geopolitical and economic uncertainty, and regulatory and policy instability, including import tariffs and trade agreements. For example, certain of our products, including motors, batteries, and other components, rely on rare earth minerals for their manufacturing, of which a significant majority are sourced from China. The inability to obtain export permits for rare earth minerals could have a detrimental effect on our business. These complications have the potential to significantly increase production and logistics costs, including additional research and development costs for designing alternative solutions, and therefore would have a detrimental effect on the profitability of the business. Rapid changes and growing complexity in trade policies may also affect the ability of customs brokers and logistics providers to timely process imported products, which could result in delays, higher logistics costs, and production disruptions. The financial stability of our suppliers can also impact the continuity of our supply chain. A number of our suppliers are facing higher prices due to inflation, increased tariffs or otherwise. If one or more of our suppliers continue to encounter financial hardships, delivery setbacks, or other performance-related difficulties, we may be unable to fulfill our obligations to customers. Furthermore, if any of the raw materials critical to our manufacturing become unavailable to our suppliers, or are only accessible at significantly higher costs, including due to increased tariffs or trade restrictions, or are affected by quality problems or defects, our ability to deliver certain products on schedule or within budget could be compromised. Significant disruptions to the supply chain resulting from shortages of raw materials, components, and whole goods have and could continue to adversely affect our ability to meet commitments to our customers. Examples of such disruptions include: Furthermore, if our customers are unwilling to accept price increases for our products, or if we are unable to offset the increases in costs, raw material costs or shortages could have a material adverse effect on our operational or financial results.",
      "prior_body": "We require access to various raw materials, components, and whole goods at competitive prices to manufacture and distribute our products. We have experienced changes in the availability and prices of raw materials, components, whole goods, and freight over the past several years, especially in fiscal years 2021 and 2022. Global logistics network challenges resulted in delays, shortages of key manufacturing components, increased order backlogs, increased transportation costs, and production inefficiencies from a higher number of partially completed machines in inventory, which increased our overall production and overhead costs. Increases in such costs have had an adverse effect on our business operations. While we have seen stabilization in the supply chain and inflation, we anticipate potential future fluctuations due to continued geopolitical and economic uncertainty, and regulatory and policy instability, including import tariffs and trade agreements. The latter have the potential to significantly increase production and logistics costs and have a material negative effect on the profitability of the business, particularly if we are unable to recover the increased costs due to market considerations or other factors. We rely on our suppliers to acquire the raw materials, components, and whole goods required to manufacture their products. Significant disruptions to the supply chain resulting from shortages of raw materials, components, and whole goods have and could continue to adversely affect our ability to meet commitments to our customers. Work interruption or union strikes by employees of suppliers could also contribute to disruptions within our supply chain. In addition, certain materials and components used in our products are acquired from a single supplier or are proprietary in nature and cannot be alternatively sourced expeditiously. Furthermore, if our customers are unwilling to accept price increases for our products, or if we are unable to offset the increases in costs, raw material costs or shortages could have a material adverse effect on our operational or financial results."
    },
    {
      "status": "MODIFIED",
      "current_title": "Income Taxes",
      "prior_title": "Income Taxes",
      "similarity_score": 0.779,
      "confidence": "high",
      "key_changes": [
        "Reworded sentence: \"We are subject to federal, state, and foreign income taxes, which can be complex.\"",
        "Reworded sentence: \"The valuation allowance as of November 2, 2025, was $1.6 billion.\""
      ],
      "current_body": "We are subject to federal, state, and foreign income taxes, which can be complex. Implementing these tax laws requires significant judgment and interpretation. Changes in tax laws could materially affect our consolidated financial statements. We record our tax positions in the following categories: Deferred income taxes represent temporary differences between the tax and the financial reporting basis of assets and liabilities. This will result in taxable or deductible amounts in the future. Loss carryforwards and tax credits are significant components of deferred tax asset balances. These assets are reviewed regularly for the following: Valuation allowances are established when we determine that the deferred tax benefit may not be realized. The recoverability analysis requires significant judgment and relies on estimates. The valuation allowance as of November 2, 2025, was $1.6 billion. Changes in foreign income tax laws, income for certain jurisdictions, or our tax structure could impact the valuation allowance balance. Some tax positions contain significant uncertainties. These positions may be challenged or disallowed by taxing authorities. If it is likely the position will be disallowed, no tax benefit is recorded. If it is likely the position will be sustained, a tax benefit is recognized. The ultimate resolution could take many years. This may result in a payment that is significantly different from the original estimate. See Note 8 for further information on income taxes.",
      "prior_body": "We are subject to federal, state, and foreign income taxes. These tax laws can be complex. Significant judgment and interpretation is required to implement them. Changes in tax laws could materially affect our consolidated financial statements. We record our tax positions in the following categories: Deferred income taxes represent temporary differences between the tax and the financial reporting basis of assets and liabilities. This will result in taxable or deductible amounts in the future. Loss carryforwards and tax credits are significant components of deferred tax asset balances. These assets are reviewed regularly for the following: Valuation allowances are established when we determine that the deferred tax benefit may not be realized. The recoverability analysis requires significant judgment and relies on estimates. The valuation allowance as of October 27, 2024 was $1.6 billion. Changes in foreign income tax laws, income for certain jurisdictions, or our tax structure could impact the valuation allowance balance.Some tax positions contain significant uncertainties. These positions may be challenged or disallowed by taxing authorities. If it is likely the position will be disallowed, no tax benefit is recorded. If it is likely the position will be sustained, a tax benefit is recognized. The ultimate resolution could take many years. This may result in a payment that is significantly different from the original estimate.See Note 8 for further information on income taxes.FORWARD-LOOKING STATEMENTSCertain statements contained herein, including in the section entitled “Overview” 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 our 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, we expressly disclaim any obligation to update or revise our 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 energy, and the uncertainty of our ability to internationally sell products 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 our products and solutions;●our ability to adapt in highly competitive markets, including understanding and meeting customers’ changing expectations for products and solutions, including delivery and utilization of precision technology; analysis requires significant judgment and relies on estimates. The valuation allowance as of October 27, 2024 was $1.6 billion. Changes in foreign income tax laws, income for certain jurisdictions, or our tax structure could impact the valuation allowance balance. Some tax positions contain significant uncertainties. These positions may be challenged or disallowed by taxing authorities. If it is likely the position will be disallowed, no tax benefit is recorded. If it is likely the position will be sustained, a tax benefit is recognized. The ultimate resolution could take many years. This may result in a payment that is significantly different from the original estimate. See Note 8 for further information on income taxes."
    },
    {
      "status": "MODIFIED",
      "current_title": "Postretirement Benefit Obligations",
      "prior_title": "Postretirement Benefit Obligations",
      "similarity_score": 0.778,
      "confidence": "high",
      "key_changes": [
        "Reworded sentence: \"The pension and OPEB defined benefit plan obligations and expenses require the use of estimates.\"",
        "Reworded sentence: \"The key pension and OPEB amounts follow: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2025 2024 2023 Pension and OPEB net benefit ​ $ (153) ​ $ (86) ​ $ (13) ​ Long-term expected return on pension and OPEB plan assets (as a percent) ​ 6.9 ​ ​ 6.8 ​ ​ 6.2 ​ Long-term expected return on pension and OPEB plan assets ​ ​ 1,118 ​ ​ 1,075 ​ 995 ​ Actual return (loss) on pension and OPEB plan assets ​ ​ 1,052 ​ ​ 1,962 ​ ​ (395) ​ Pension assets, net of pension liabilities 2,362 ​ 2,003 ​ 2,076 ​ OPEB liabilities, net of OPEB assets 541 ​ 1,191 ​ 1,001 ​ ​ The increase in the 2025 pension and OPEB net benefit was due to an increase in the expected long-term rates of return on pension plan assets.The effect of hypothetical changes to selected assumptions on our major U.S.\"",
        "Reworded sentence: \"Risk characteristics include:●finance product category●market●geography●credit risk●remaining balanceWe utilize the following loss forecast models to estimate expected credit losses:●Linear regression models are used for large and complex retail customer receivable pools, which represent more than 90% of retail customer receivables.\"",
        "Reworded sentence: \"Independent variables include credit quality at time of application, remaining account balance, delinquency status, and various economic factors, such as commodity prices, employment levels, and housing data.\"",
        "Reworded sentence: \"The increase in the 2025 pension and OPEB net benefit was due to an increase in the expected long-term rates of return on pension plan assets.\""
      ],
      "current_body": "The pension and OPEB defined benefit plan obligations and expenses require the use of estimates. The main estimate is the present value of the projected future benefit payments. These future benefit payments extend several decades. The estimates are based on existing retirement plan provisions. No assumption is made regarding any potential changes to benefit provisions beyond those to which we are presently committed (e.g., in existing labor contracts). The key assumptions used by our actuaries to calculate the estimates include: Assumptions are set each year-end. These assumptions are not changed during the year unless there is a significant plan event. Actual results that differ from the assumptions affect future expenses and obligations. The key pension and OPEB amounts follow: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2025 2024 2023 Pension and OPEB net benefit ​ $ (153) ​ $ (86) ​ $ (13) ​ Long-term expected return on pension and OPEB plan assets (as a percent) ​ 6.9 ​ ​ 6.8 ​ ​ 6.2 ​ Long-term expected return on pension and OPEB plan assets ​ ​ 1,118 ​ ​ 1,075 ​ 995 ​ Actual return (loss) on pension and OPEB plan assets ​ ​ 1,052 ​ ​ 1,962 ​ ​ (395) ​ Pension assets, net of pension liabilities 2,362 ​ 2,003 ​ 2,076 ​ OPEB liabilities, net of OPEB assets 541 ​ 1,191 ​ 1,001 ​ ​ The increase in the 2025 pension and OPEB net benefit was due to an increase in the expected long-term rates of return on pension plan assets.The effect of hypothetical changes to selected assumptions on our major U.S. retirement benefit plans would be as follows:​​​​​​​​​​​​​​​November 2, 2025​2026​​​​​Increase​Increase​​​Percentage​(Decrease)​(Decrease)​Assumptions Change ​PBO/APBO* ​Expense Pensions:​​​​​​​​​Discount rate** +/-.5​$(474)/524​$8/20​Expected return on assets​+/-.5​​​​ (63)/63​OPEB:​​​​​​​​​Discount rate** +/-.5​ (134)/145​ (5)/1​Expected return on assets +/-.5​​​​ (14)/14​Health care cost trend rate** +/-1.0​ 255/(223)​ 31/(36)​* Projected benefit obligation (PBO) for pension plans and accumulated postretirement benefit obligation (APBO) for OPEB plans.** Pretax impact on service cost, interest cost, and amortization of gains or losses.​Allowance for Credit LossesThe allowance for credit losses is an estimate of the credit losses expected over the life of the receivable portfolio. The allowance is measured on a collective basis for receivables with similar risk characteristics. Receivables that do not share risk characteristics are evaluated on an individual basis. Risk characteristics include:●finance product category●market●geography●credit risk●remaining balanceWe utilize the following loss forecast models to estimate expected credit losses:●Linear regression models are used for large and complex retail customer receivable pools, which represent more than 90% of retail customer receivables. These statistical models utilize independent variables, or predictive features, to estimate lifetime default rates, which are subsequently adjusted for expected recoveries to arrive at lifetime credit loss estimates. Independent variables include credit quality at time of application, remaining account balance, delinquency status, and various economic factors, such as commodity prices, employment levels, and housing data. The economic factors include forward-looking conditions over our reasonable and supportable forecast period.●Weighted average remaining maturity (WARM) models are used for smaller and less complex retail customer receivable pools. ●Historical loss rate models are used on wholesale receivables, with consideration of current economic conditions and dealer financial risk. The increase in the 2025 pension and OPEB net benefit was due to an increase in the expected long-term rates of return on pension plan assets. The effect of hypothetical changes to selected assumptions on our major U.S. retirement benefit plans would be as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ November 2, 2025 ​ 2026 ​ ​ ​ ​ ​ Increase ​ Increase ​ ​ ​ Percentage ​ (Decrease) ​ (Decrease) ​ Assumptions Change ​ PBO/APBO* ​ Expense Pensions: ​ ​ ​ ​ ​ ​ ​ ​ ​ Discount rate** +/-.5 ​ $ (474)/524 ​ $ 8/20 ​ Expected return on assets ​ +/-.5 ​ ​ ​ ​ (63)/63 ​ OPEB: ​ ​ ​ ​ ​ ​ ​ ​ ​ Discount rate** +/-.5 ​ (134)/145 ​ (5)/1 ​ Expected return on assets +/-.5 ​ ​ ​ ​ (14)/14 ​ Health care cost trend rate** +/-1.0 ​ 255/(223) ​ 31/(36) ​ * Projected benefit obligation (PBO) for pension plans and accumulated postretirement benefit obligation (APBO) for OPEB plans. ** Pretax impact on service cost, interest cost, and amortization of gains or losses. ​",
      "prior_body": "The pension and OPEB plan obligations (defined benefit) and expenses require the use of estimates. The main estimate is the present value of the projected future benefit payments. These future benefit payments extend several decades. The estimates are based on existing retirement plan provisions. No assumption is made regarding any potential changes to benefit provisions beyond those to which we are presently committed (e.g., in existing labor contracts). The key assumptions used by our actuaries to calculate the estimates include: Assumptions are set each year-end. These assumptions are not changed during the year unless there is a significant plan event. Actual results that differ from the assumptions affect future expenses and obligations. 35 35 35 Table of Contents​The key pension and OPEB amounts follow:​​​​​​​​​​​​​ 2024 2023 2022 Pension and OPEB net (benefit) cost​$ (86)​$ (13)​$ 176​Long-term expected return on pension and OPEB plan assets (as a percent) ​6.8​​6.2​​5.0​Long-term expected return on pension and OPEB plan assets​​ 1,075​​ 995​ 836​Actual return (loss) on pension and OPEB plan assets​​ 1,962​​ (395)​​ (3,565)​Pension assets, net of pension liabilities 2,003​ 2,076​ 2,690​OPEB liabilities, net of OPEB assets 1,191​ 1,001​ 1,205​​​The increase in the 2024 pension and OPEB net benefit was due to an increase in the expected long-term rates of return on pension plan assets and the Canadian pension settlement charge recognized in 2023 (see Note 7).The effect of hypothetical changes to selected assumptions on our major U.S. retirement benefit plans would be as follows:​​​​​​​​​​​​​​​October 27, 2024​2025​​​​​Increase​Increase​​​Percentage​(Decrease)​(Decrease)​Assumptions Change PBO/APBO* Expense Pensions:​​​​​​​​​Discount rate** +/-.5​$(495)/550​$4/7​Expected return on assets​+/-.5​​​​ (63)/63​OPEB:​​​​​​​​​Discount rate** +/-.5​ (138)/149​ (3)/1​Expected return on assets +/-.5​​​​ (11)/11​Health care cost trend rate** +/-1.0​ 263/(230)​ 33/(35)​* Projected benefit obligation (PBO) for pension plans and accumulated postretirement benefit obligation (APBO) for OPEB plans.** Pretax impact on service cost, interest cost, and amortization of gains or losses.​Allowance for Credit LossesThe allowance for credit losses is an estimate of the credit losses expected over the life of the receivable portfolio. The allowance is measured on a collective basis for receivables with similar risk characteristics. Receivables that do not share risk characteristics are evaluated on an individual basis. Risk characteristics include:●finance product category, ●market, ●geography, ●credit risk, and ●remaining balance. We utilize the following loss forecast models to estimate expected credit losses:●Linear regression models are used for large and complex retail customer receivable pools, which represent more than 90 percent of retail customer receivables. These statistical models utilize independent variables, or predictive features, to estimate lifetime default rates, which are subsequently adjusted for expected recoveries to arrive at lifetime credit loss estimates. Independent variables include credit quality at time of application, remaining account balance, delinquency status, and various economic factors, such as commodity prices, employment levels, and housing data.●Weighted average remaining maturity (WARM) models are used for smaller and less complex retail customer receivable pools. ●Historical loss rate models are used on wholesale receivables, with consideration of current economic conditions and dealer financial risk. Management reviews each model’s output quarterly, and qualitative adjustments are incorporated as necessary to arrive at management’s best estimate of expected credit losses.Allowance for Credit LossesDuring 2024, we determined that the financial services business in Brazil met the held for sale criteria. The receivables in Brazil were reclassified to “Assets held for sale.” The associated allowance for credit losses was reversed and a valuation allowance for the assets held for sale was recorded (see Note 4). Excluding the business in Brazil, the allowance for credit losses increased, primarily due to higher expected losses as a result of elevated delinquencies and a decline in market conditions. This increase was partially offset by a decrease in the allowance on revolving charge accounts, driven by write-offs of seasonal financing program accounts and recoveries expected on those accounts in the future. While we believe our allowance is sufficient to provide for losses over the life of our existing receivable portfolio, different assumptions would result in changes to the allowance for credit losses. Within the retail customer receivable portfolio, credit loss estimates are dependent on a number of factors, including credit quality at time of application, remaining account balances, current delinquency levels, various economic factors, and estimated recoveries on defaulted accounts. Changes in any of these factors could impact our credit losses. Conversely, changes in economic conditions have historically had limited impact on credit losses within the wholesale receivable portfolio. Holding all other factors constant, a 10 percent increase in the linear regression models’ forecasted defaults and a simultaneous 10 percent decrease in recovery rates would have resulted in a $70 increase to the allowance for credit losses at October 27, 2024.Operating Lease Residual ValuesEquipment on operating leases is depreciated to the estimated residual value over the lease term. The residual values are based on several factors, including:●lease term, ●expected hours of usage, ●historical wholesale sales prices,36 Table of Contents​ Table of Contents Table of Contents ​ The key pension and OPEB amounts follow:​​​​​​​​​​​​​ 2024 2023 2022 Pension and OPEB net (benefit) cost​$ (86)​$ (13)​$ 176​Long-term expected return on pension and OPEB plan assets (as a percent) ​6.8​​6.2​​5.0​Long-term expected return on pension and OPEB plan assets​​ 1,075​​ 995​ 836​Actual return (loss) on pension and OPEB plan assets​​ 1,962​​ (395)​​ (3,565)​Pension assets, net of pension liabilities 2,003​ 2,076​ 2,690​OPEB liabilities, net of OPEB assets 1,191​ 1,001​ 1,205​​​The increase in the 2024 pension and OPEB net benefit was due to an increase in the expected long-term rates of return on pension plan assets and the Canadian pension settlement charge recognized in 2023 (see Note 7).The effect of hypothetical changes to selected assumptions on our major U.S. retirement benefit plans would be as follows:​​​​​​​​​​​​​​​October 27, 2024​2025​​​​​Increase​Increase​​​Percentage​(Decrease)​(Decrease)​Assumptions Change PBO/APBO* Expense Pensions:​​​​​​​​​Discount rate** +/-.5​$(495)/550​$4/7​Expected return on assets​+/-.5​​​​ (63)/63​OPEB:​​​​​​​​​Discount rate** +/-.5​ (138)/149​ (3)/1​Expected return on assets +/-.5​​​​ (11)/11​Health care cost trend rate** +/-1.0​ 263/(230)​ 33/(35)​* Projected benefit obligation (PBO) for pension plans and accumulated postretirement benefit obligation (APBO) for OPEB plans.** Pretax impact on service cost, interest cost, and amortization of gains or losses.​Allowance for Credit LossesThe allowance for credit losses is an estimate of the credit losses expected over the life of the receivable portfolio. The allowance is measured on a collective basis for receivables with similar risk characteristics. Receivables that do not share risk characteristics are evaluated on an individual basis. Risk characteristics include:●finance product category, ●market, ●geography, ●credit risk, and ●remaining balance. We utilize the following loss forecast models to estimate expected credit losses:●Linear regression models are used for large and complex retail customer receivable pools, which represent more than 90 percent of retail customer receivables. These statistical models utilize independent variables, or predictive features, to estimate lifetime default rates, which are subsequently adjusted for expected recoveries to arrive at lifetime credit loss estimates. Independent variables include credit quality at time of application, remaining account balance, delinquency status, and various economic factors, such as commodity prices, employment levels, and housing data.●Weighted average remaining maturity (WARM) models are used for smaller and less complex retail customer receivable pools. ●Historical loss rate models are used on wholesale receivables, with consideration of current economic conditions and dealer financial risk. Management reviews each model’s output quarterly, and qualitative adjustments are incorporated as necessary to arrive at management’s best estimate of expected credit losses.Allowance for Credit LossesDuring 2024, we determined that the financial services business in Brazil met the held for sale criteria. The receivables in Brazil were reclassified to “Assets held for sale.” The associated allowance for credit losses was reversed and a valuation allowance for the assets held for sale was recorded (see Note 4). Excluding the business in Brazil, the allowance for credit losses increased, primarily due to higher expected losses as a result of elevated delinquencies and a decline in market conditions. This increase was partially offset by a decrease in the allowance on revolving charge accounts, driven by write-offs of seasonal financing program accounts and recoveries expected on those accounts in the future. While we believe our allowance is sufficient to provide for losses over the life of our existing receivable portfolio, different assumptions would result in changes to the allowance for credit losses. Within the retail customer receivable portfolio, credit loss estimates are dependent on a number of factors, including credit quality at time of application, remaining account balances, current delinquency levels, various economic factors, and estimated recoveries on defaulted accounts. Changes in any of these factors could impact our credit losses. Conversely, changes in economic conditions have historically had limited impact on credit losses within the wholesale receivable portfolio. Holding all other factors constant, a 10 percent increase in the linear regression models’ forecasted defaults and a simultaneous 10 percent decrease in recovery rates would have resulted in a $70 increase to the allowance for credit losses at October 27, 2024.Operating Lease Residual ValuesEquipment on operating leases is depreciated to the estimated residual value over the lease term. The residual values are based on several factors, including:●lease term, ●expected hours of usage, ●historical wholesale sales prices, The key pension and OPEB amounts follow:​​​​​​​​​​​​​ 2024 2023 2022 Pension and OPEB net (benefit) cost​$ (86)​$ (13)​$ 176​Long-term expected return on pension and OPEB plan assets (as a percent) ​6.8​​6.2​​5.0​Long-term expected return on pension and OPEB plan assets​​ 1,075​​ 995​ 836​Actual return (loss) on pension and OPEB plan assets​​ 1,962​​ (395)​​ (3,565)​Pension assets, net of pension liabilities 2,003​ 2,076​ 2,690​OPEB liabilities, net of OPEB assets 1,191​ 1,001​ 1,205​​​The increase in the 2024 pension and OPEB net benefit was due to an increase in the expected long-term rates of return on pension plan assets and the Canadian pension settlement charge recognized in 2023 (see Note 7).The effect of hypothetical changes to selected assumptions on our major U.S. retirement benefit plans would be as follows:​​​​​​​​​​​​​​​October 27, 2024​2025​​​​​Increase​Increase​​​Percentage​(Decrease)​(Decrease)​Assumptions Change PBO/APBO* Expense Pensions:​​​​​​​​​Discount rate** +/-.5​$(495)/550​$4/7​Expected return on assets​+/-.5​​​​ (63)/63​OPEB:​​​​​​​​​Discount rate** +/-.5​ (138)/149​ (3)/1​Expected return on assets +/-.5​​​​ (11)/11​Health care cost trend rate** +/-1.0​ 263/(230)​ 33/(35)​* Projected benefit obligation (PBO) for pension plans and accumulated postretirement benefit obligation (APBO) for OPEB plans.** Pretax impact on service cost, interest cost, and amortization of gains or losses.​Allowance for Credit LossesThe allowance for credit losses is an estimate of the credit losses expected over the life of the receivable portfolio. The allowance is measured on a collective basis for receivables with similar risk characteristics. Receivables that do not share risk characteristics are evaluated on an individual basis. Risk characteristics include:●finance product category, ●market, ●geography, ●credit risk, and ●remaining balance. We utilize the following loss forecast models to estimate expected credit losses:●Linear regression models are used for large and complex retail customer receivable pools, which represent more than 90 percent of retail customer receivables. These statistical models utilize independent variables, or predictive features, to estimate lifetime default rates, which are subsequently adjusted for expected recoveries to arrive at lifetime credit loss estimates. Independent variables include credit quality at time of application, remaining account balance, delinquency status, and various economic factors, such as commodity prices, employment levels, and housing data.●Weighted average remaining maturity (WARM) models are used for smaller and less complex retail customer receivable pools. ●Historical loss rate models are used on wholesale receivables, with consideration of current economic conditions and dealer financial risk. Management reviews each model’s output quarterly, and qualitative adjustments are incorporated as necessary to arrive at management’s best estimate of expected credit losses.Allowance for Credit LossesDuring 2024, we determined that the financial services business in Brazil met the held for sale criteria. The receivables in Brazil were reclassified to “Assets held for sale.” The associated allowance for credit losses was reversed and a valuation allowance for the assets held for sale was recorded (see Note 4). Excluding the business in Brazil, the allowance for credit losses increased, primarily due to higher expected losses as a result of elevated delinquencies and a decline in market conditions. This increase was partially offset by a decrease in the allowance on revolving charge accounts, driven by write-offs of seasonal financing program accounts and recoveries expected on those accounts in the future. While we believe our allowance is sufficient to provide for losses over the life of our existing receivable portfolio, different assumptions would result in changes to the allowance for credit losses. Within the retail customer receivable portfolio, credit loss estimates are dependent on a number of factors, including credit quality at time of application, remaining account balances, current delinquency levels, various economic factors, and estimated recoveries on defaulted accounts. Changes in any of these factors could impact our credit losses. Conversely, changes in economic conditions have historically had limited impact on credit losses within the wholesale receivable portfolio. Holding all other factors constant, a 10 percent increase in the linear regression models’ forecasted defaults and a simultaneous 10 percent decrease in recovery rates would have resulted in a $70 increase to the allowance for credit losses at October 27, 2024.Operating Lease Residual ValuesEquipment on operating leases is depreciated to the estimated residual value over the lease term. The residual values are based on several factors, including:●lease term, ●expected hours of usage, ●historical wholesale sales prices, The key pension and OPEB amounts follow:​​​​​​​​​​​​​ 2024 2023 2022 Pension and OPEB net (benefit) cost​$ (86)​$ (13)​$ 176​Long-term expected return on pension and OPEB plan assets (as a percent) ​6.8​​6.2​​5.0​Long-term expected return on pension and OPEB plan assets​​ 1,075​​ 995​ 836​Actual return (loss) on pension and OPEB plan assets​​ 1,962​​ (395)​​ (3,565)​Pension assets, net of pension liabilities 2,003​ 2,076​ 2,690​OPEB liabilities, net of OPEB assets 1,191​ 1,001​ 1,205​​​The increase in the 2024 pension and OPEB net benefit was due to an increase in the expected long-term rates of return on pension plan assets and the Canadian pension settlement charge recognized in 2023 (see Note 7).The effect of hypothetical changes to selected assumptions on our major U.S. retirement benefit plans would be as follows:​​​​​​​​​​​​​​​October 27, 2024​2025​​​​​Increase​Increase​​​Percentage​(Decrease)​(Decrease)​Assumptions Change PBO/APBO* Expense Pensions:​​​​​​​​​Discount rate** +/-.5​$(495)/550​$4/7​Expected return on assets​+/-.5​​​​ (63)/63​OPEB:​​​​​​​​​Discount rate** +/-.5​ (138)/149​ (3)/1​Expected return on assets +/-.5​​​​ (11)/11​Health care cost trend rate** +/-1.0​ 263/(230)​ 33/(35)​* Projected benefit obligation (PBO) for pension plans and accumulated postretirement benefit obligation (APBO) for OPEB plans.** Pretax impact on service cost, interest cost, and amortization of gains or losses.​Allowance for Credit LossesThe allowance for credit losses is an estimate of the credit losses expected over the life of the receivable portfolio. The allowance is measured on a collective basis for receivables with similar risk characteristics. Receivables that do not share risk characteristics are evaluated on an individual basis. Risk characteristics include:●finance product category, ●market, ●geography, ●credit risk, and ●remaining balance. We utilize the following loss forecast models to estimate expected credit losses:●Linear regression models are used for large and complex retail customer receivable pools, which represent more than 90 percent of retail customer receivables. These statistical models utilize independent variables, or predictive features, to estimate lifetime default rates, which are subsequently adjusted for expected recoveries to arrive at lifetime credit loss estimates. Independent variables include credit quality at time of application, remaining account balance, delinquency status, and various economic factors, such as commodity prices, employment levels, and housing data.●Weighted average remaining maturity (WARM) models are used for smaller and less complex retail customer receivable pools. ●Historical loss rate models are used on wholesale receivables, with consideration of current economic conditions and dealer financial risk. Management reviews each model’s output quarterly, and qualitative adjustments are incorporated as necessary to arrive at management’s best estimate of expected credit losses.Allowance for Credit LossesDuring 2024, we determined that the financial services business in Brazil met the held for sale criteria. The receivables in Brazil were reclassified to “Assets held for sale.” The associated allowance for credit losses was reversed and a valuation allowance for the assets held for sale was recorded (see Note 4). Excluding the business in Brazil, the allowance for credit losses increased, primarily due to higher expected losses as a result of elevated delinquencies and a decline in market conditions. This increase was partially offset by a decrease in the allowance on revolving charge accounts, driven by write-offs of seasonal financing program accounts and recoveries expected on those accounts in the future. While we believe our allowance is sufficient to provide for losses over the life of our existing receivable portfolio, different assumptions would result in changes to the allowance for credit losses. Within the retail customer receivable portfolio, credit loss estimates are dependent on a number of factors, including credit quality at time of application, remaining account balances, current delinquency levels, various economic factors, and estimated recoveries on defaulted accounts. Changes in any of these factors could impact our credit losses. Conversely, changes in economic conditions have historically had limited impact on credit losses within the wholesale receivable portfolio. Holding all other factors constant, a 10 percent increase in the linear regression models’ forecasted defaults and a simultaneous 10 percent decrease in recovery rates would have resulted in a $70 increase to the allowance for credit losses at October 27, 2024.Operating Lease Residual ValuesEquipment on operating leases is depreciated to the estimated residual value over the lease term. The residual values are based on several factors, including:●lease term, ●expected hours of usage, ●historical wholesale sales prices, The key pension and OPEB amounts follow:​​​​​​​​​​​​​ 2024 2023 2022 Pension and OPEB net (benefit) cost​$ (86)​$ (13)​$ 176​Long-term expected return on pension and OPEB plan assets (as a percent) ​6.8​​6.2​​5.0​Long-term expected return on pension and OPEB plan assets​​ 1,075​​ 995​ 836​Actual return (loss) on pension and OPEB plan assets​​ 1,962​​ (395)​​ (3,565)​Pension assets, net of pension liabilities 2,003​ 2,076​ 2,690​OPEB liabilities, net of OPEB assets 1,191​ 1,001​ 1,205​​​The increase in the 2024 pension and OPEB net benefit was due to an increase in the expected long-term rates of return on pension plan assets and the Canadian pension settlement charge recognized in 2023 (see Note 7).The effect of hypothetical changes to selected assumptions on our major U.S. retirement benefit plans would be as follows:​​​​​​​​​​​​​​​October 27, 2024​2025​​​​​Increase​Increase​​​Percentage​(Decrease)​(Decrease)​Assumptions Change PBO/APBO* Expense Pensions:​​​​​​​​​Discount rate** +/-.5​$(495)/550​$4/7​Expected return on assets​+/-.5​​​​ (63)/63​OPEB:​​​​​​​​​Discount rate** +/-.5​ (138)/149​ (3)/1​Expected return on assets +/-.5​​​​ (11)/11​Health care cost trend rate** +/-1.0​ 263/(230)​ 33/(35)​* Projected benefit obligation (PBO) for pension plans and accumulated postretirement benefit obligation (APBO) for OPEB plans.** Pretax impact on service cost, interest cost, and amortization of gains or losses.​Allowance for Credit LossesThe allowance for credit losses is an estimate of the credit losses expected over the life of the receivable portfolio. The allowance is measured on a collective basis for receivables with similar risk characteristics. Receivables that do not share risk characteristics are evaluated on an individual basis. Risk characteristics include:●finance product category, ●market, ●geography, ●credit risk, and ●remaining balance. We utilize the following loss forecast models to estimate expected credit losses:●Linear regression models are used for large and complex retail customer receivable pools, which represent more than 90 percent of retail customer receivables. These statistical models utilize independent variables, or predictive features, to estimate lifetime default rates, which are subsequently adjusted for expected recoveries to arrive at lifetime credit loss The key pension and OPEB amounts follow: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2024 2023 2022 Pension and OPEB net (benefit) cost ​ $ (86) ​ $ (13) ​ $ 176 ​ Long-term expected return on pension and OPEB plan assets (as a percent) ​ 6.8 ​ ​ 6.2 ​ ​ 5.0 ​ Long-term expected return on pension and OPEB plan assets ​ ​ 1,075 ​ ​ 995 ​ 836 ​ Actual return (loss) on pension and OPEB plan assets ​ ​ 1,962 ​ ​ (395) ​ ​ (3,565) ​ Pension assets, net of pension liabilities 2,003 ​ 2,076 ​ 2,690 ​ OPEB liabilities, net of OPEB assets 1,191 ​ 1,001 ​ 1,205 ​ ​ ​ The increase in the 2024 pension and OPEB net benefit was due to an increase in the expected long-term rates of return on pension plan assets and the Canadian pension settlement charge recognized in 2023 (see Note 7). The effect of hypothetical changes to selected assumptions on our major U.S. retirement benefit plans would be as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​"
    },
    {
      "status": "MODIFIED",
      "current_title": "Operating Lease Residual Values",
      "prior_title": "Operating Lease Residual Values",
      "similarity_score": 0.775,
      "confidence": "high",
      "key_changes": [
        "Reworded sentence: \"The residual values are based on several factors, including: We review residual value estimates during the lease term.\"",
        "Reworded sentence: \"At the end of the majority of leases, the equipment is disposed in the following sequence: Operating Lease Residual ValuesHypothetically, if (a) future market values for this equipment were to decrease 10% from our present estimates, and (b) all the equipment on operating leases were returned to us for remarketing at the end of the lease term, the total unfavorable impact after consideration of dealer residual value guarantees would be approximately $65.\"",
        "Reworded sentence: \"We record our tax positions in the following categories:●current taxes●deferred taxes●uncertain tax positionsDeferred income taxes represent temporary differences between the tax and the financial reporting basis of assets and liabilities.\"",
        "Reworded sentence: \"These assets are reviewed regularly for the following: ●the likelihood of recoverability from future taxable income●reversal of deferred tax liabilities●tax planning strategiesValuation allowances are established when we determine that the deferred tax benefit may not be realized.\"",
        "Reworded sentence: \"The valuation allowance as of November 2, 2025, was $1.6 billion.\""
      ],
      "current_body": "Equipment on operating leases is depreciated to the estimated residual value over the lease term. The residual values are based on several factors, including: We review residual value estimates during the lease term. Depreciation is adjusted over the remaining lease term if residual estimates are revised. Impairments are recorded when events or circumstances necessitate. At the end of the majority of leases, the equipment is disposed in the following sequence: Operating Lease Residual ValuesHypothetically, if (a) future market values for this equipment were to decrease 10% from our present estimates, and (b) all the equipment on operating leases were returned to us for remarketing at the end of the lease term, the total unfavorable impact after consideration of dealer residual value guarantees would be approximately $65. This amount would be recognized as higher depreciation expense over the remaining term of the operating leases, or potentially as an impairment.Income TaxesWe are subject to federal, state, and foreign income taxes, which can be complex. Implementing these tax laws requires significant judgment and interpretation. Changes in tax laws could materially affect our consolidated financial statements. We record our tax positions in the following categories:●current taxes●deferred taxes●uncertain tax positionsDeferred income taxes represent temporary differences between the tax and the financial reporting basis of assets and liabilities. This will result in taxable or deductible amounts in the future. Loss carryforwards and tax credits are significant components of deferred tax asset balances. These assets are reviewed regularly for the following: ●the likelihood of recoverability from future taxable income●reversal of deferred tax liabilities●tax planning strategiesValuation allowances are established when we determine that the deferred tax benefit may not be realized. The recoverability analysis requires significant judgment and relies on estimates. The valuation allowance as of November 2, 2025, was $1.6 billion. Changes in foreign income tax laws, income for certain jurisdictions, or our tax structure could impact the valuation allowance balance.Some tax positions contain significant uncertainties. These positions may be challenged or disallowed by taxing authorities. If it is likely the position will be disallowed, no tax benefit is recorded. If it is likely the position will be sustained, a tax benefit is recognized. The ultimate resolution could take many years. This may result in a payment that is significantly different from the original estimate.See Note 8 for further information on income taxes.FORWARD-LOOKING STATEMENTSCertain statements contained herein, including in the section entitled “Overview,” “Trends and Economic Conditions,” and “Notes to Consolidated Financial Statements” relating to future events, expectations, and trends constitute “forward-looking Operating Lease Residual Values Hypothetically, if (a) future market values for this equipment were to decrease 10% from our present estimates, and (b) all the equipment on operating leases were returned to us for remarketing at the end of the lease term, the total unfavorable impact after consideration of dealer residual value guarantees would be approximately $65. This amount would be recognized as higher depreciation expense over the remaining term of the operating leases, or potentially as an impairment.",
      "prior_body": "Equipment on operating leases is depreciated to the estimated residual value over the lease term. The residual values are based on several factors, including: 36 36 36 Table of Contents​●return experience, ●intended equipment use, ●market dynamics and trends, and ●dealer residual value guarantees. We review residual value estimates during the lease term. Depreciation is adjusted over the remaining lease term if residual estimates are revised. Impairments are recorded when events or circumstances necessitate. At the end of the majority of leases, the equipment is disposed in the following sequence: ●The lessee has the option to purchase the equipment for the contractual residual value. ●The dealer has the option to purchase the equipment.●The equipment is sold to a third party at the equipment’s fair value. In this situation, we may record a gain or a loss for the difference between the residual value and the sale price. Operating Lease Residual ValuesHypothetically, if (a) future market values for this equipment were to decrease 10 percent from our present estimates, and (b) all the equipment on operating leases were returned to us for remarketing at the end of the lease term, the total unfavorable impact after consideration of dealer residual value guarantees would be approximately $75. This amount would be recognized as higher depreciation expense over the remaining term of the operating leases, or potentially as an impairment.Income TaxesWe are subject to federal, state, and foreign income taxes. These tax laws can be complex. Significant judgment and interpretation is required to implement them. Changes in tax laws could materially affect our consolidated financial statements. We record our tax positions in the following categories:●current taxes,●deferred taxes, and●uncertain tax positions.Deferred income taxes represent temporary differences between the tax and the financial reporting basis of assets and liabilities. This will result in taxable or deductible amounts in the future. Loss carryforwards and tax credits are significant components of deferred tax asset balances. These assets are reviewed regularly for the following: ●the likelihood of recoverability from future taxable income, ●reversal of deferred tax liabilities, and ●tax planning strategies. Valuation allowances are established when we determine that the deferred tax benefit may not be realized. The recoverability analysis requires significant judgment and relies on estimates. The valuation allowance as of October 27, 2024 was $1.6 billion. Changes in foreign income tax laws, income for certain jurisdictions, or our tax structure could impact the valuation allowance balance.Some tax positions contain significant uncertainties. These positions may be challenged or disallowed by taxing authorities. If it is likely the position will be disallowed, no tax benefit is recorded. If it is likely the position will be sustained, a tax benefit is recognized. The ultimate resolution could take many years. This may result in a payment that is significantly different from the original estimate.See Note 8 for further information on income taxes.FORWARD-LOOKING STATEMENTSCertain statements contained herein, including in the section entitled “Overview” 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 our 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, we expressly disclaim any obligation to update or revise our 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 energy, and the uncertainty of our ability to internationally sell products 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 our products and solutions;●our ability to adapt in highly competitive markets, including understanding and meeting customers’ changing expectations for products and solutions, including delivery and utilization of precision technology;37 Table of Contents​ Table of Contents Table of Contents ​ ●return experience, ●intended equipment use, ●market dynamics and trends, and ●dealer residual value guarantees. We review residual value estimates during the lease term. Depreciation is adjusted over the remaining lease term if residual estimates are revised. Impairments are recorded when events or circumstances necessitate. At the end of the majority of leases, the equipment is disposed in the following sequence: ●The lessee has the option to purchase the equipment for the contractual residual value. ●The dealer has the option to purchase the equipment.●The equipment is sold to a third party at the equipment’s fair value. In this situation, we may record a gain or a loss for the difference between the residual value and the sale price. Operating Lease Residual ValuesHypothetically, if (a) future market values for this equipment were to decrease 10 percent from our present estimates, and (b) all the equipment on operating leases were returned to us for remarketing at the end of the lease term, the total unfavorable impact after consideration of dealer residual value guarantees would be approximately $75. This amount would be recognized as higher depreciation expense over the remaining term of the operating leases, or potentially as an impairment.Income TaxesWe are subject to federal, state, and foreign income taxes. These tax laws can be complex. Significant judgment and interpretation is required to implement them. Changes in tax laws could materially affect our consolidated financial statements. We record our tax positions in the following categories:●current taxes,●deferred taxes, and●uncertain tax positions.Deferred income taxes represent temporary differences between the tax and the financial reporting basis of assets and liabilities. This will result in taxable or deductible amounts in the future. Loss carryforwards and tax credits are significant components of deferred tax asset balances. These assets are reviewed regularly for the following: ●the likelihood of recoverability from future taxable income, ●reversal of deferred tax liabilities, and ●tax planning strategies. Valuation allowances are established when we determine that the deferred tax benefit may not be realized. The recoverability analysis requires significant judgment and relies on estimates. The valuation allowance as of October 27, 2024 was $1.6 billion. Changes in foreign income tax laws, income for certain jurisdictions, or our tax structure could impact the valuation allowance balance.Some tax positions contain significant uncertainties. These positions may be challenged or disallowed by taxing authorities. If it is likely the position will be disallowed, no tax benefit is recorded. If it is likely the position will be sustained, a tax benefit is recognized. The ultimate resolution could take many years. This may result in a payment that is significantly different from the original estimate.See Note 8 for further information on income taxes.FORWARD-LOOKING STATEMENTSCertain statements contained herein, including in the section entitled “Overview” 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 our 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, we expressly disclaim any obligation to update or revise our 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 energy, and the uncertainty of our ability to internationally sell products 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 our products and solutions;●our ability to adapt in highly competitive markets, including understanding and meeting customers’ changing expectations for products and solutions, including delivery and utilization of precision technology; ●return experience, ●intended equipment use, ●market dynamics and trends, and ●dealer residual value guarantees. We review residual value estimates during the lease term. Depreciation is adjusted over the remaining lease term if residual estimates are revised. Impairments are recorded when events or circumstances necessitate. At the end of the majority of leases, the equipment is disposed in the following sequence: ●The lessee has the option to purchase the equipment for the contractual residual value. ●The dealer has the option to purchase the equipment.●The equipment is sold to a third party at the equipment’s fair value. In this situation, we may record a gain or a loss for the difference between the residual value and the sale price. Operating Lease Residual ValuesHypothetically, if (a) future market values for this equipment were to decrease 10 percent from our present estimates, and (b) all the equipment on operating leases were returned to us for remarketing at the end of the lease term, the total unfavorable impact after consideration of dealer residual value guarantees would be approximately $75. This amount would be recognized as higher depreciation expense over the remaining term of the operating leases, or potentially as an impairment.Income TaxesWe are subject to federal, state, and foreign income taxes. These tax laws can be complex. Significant judgment and interpretation is required to implement them. Changes in tax laws could materially affect our consolidated financial statements. We record our tax positions in the following categories:●current taxes,●deferred taxes, and●uncertain tax positions.Deferred income taxes represent temporary differences between the tax and the financial reporting basis of assets and liabilities. This will result in taxable or deductible amounts in the future. Loss carryforwards and tax credits are significant components of deferred tax asset balances. These assets are reviewed regularly for the following: ●the likelihood of recoverability from future taxable income, ●reversal of deferred tax liabilities, and ●tax planning strategies. Valuation allowances are established when we determine that the deferred tax benefit may not be realized. The recoverability analysis requires significant judgment and relies on estimates. The valuation allowance as of October 27, 2024 was $1.6 billion. Changes in foreign income tax laws, income for certain jurisdictions, or our tax structure could impact the valuation allowance balance.Some tax positions contain significant uncertainties. These positions may be challenged or disallowed by taxing authorities. If it is likely the position will be disallowed, no tax benefit is recorded. If it is likely the position will be sustained, a tax benefit is recognized. The ultimate resolution could take many years. This may result in a payment that is significantly different from the original estimate.See Note 8 for further information on income taxes.FORWARD-LOOKING STATEMENTSCertain statements contained herein, including in the section entitled “Overview” 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 our 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, we expressly disclaim any obligation to update or revise our 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 energy, and the uncertainty of our ability to internationally sell products 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 our products and solutions;●our ability to adapt in highly competitive markets, including understanding and meeting customers’ changing expectations for products and solutions, including delivery and utilization of precision technology; ●return experience, ●intended equipment use, ●market dynamics and trends, and ●dealer residual value guarantees. We review residual value estimates during the lease term. Depreciation is adjusted over the remaining lease term if residual estimates are revised. Impairments are recorded when events or circumstances necessitate. At the end of the majority of leases, the equipment is disposed in the following sequence: ●The lessee has the option to purchase the equipment for the contractual residual value. ●The dealer has the option to purchase the equipment.●The equipment is sold to a third party at the equipment’s fair value. In this situation, we may record a gain or a loss for the difference between the residual value and the sale price. Operating Lease Residual ValuesHypothetically, if (a) future market values for this equipment were to decrease 10 percent from our present estimates, and (b) all the equipment on operating leases were returned to us for remarketing at the end of the lease term, the total unfavorable impact after consideration of dealer residual value guarantees would be approximately $75. This amount would be recognized as higher depreciation expense over the remaining term of the operating leases, or potentially as an impairment.Income TaxesWe are subject to federal, state, and foreign income taxes. These tax laws can be complex. Significant judgment and interpretation is required to implement them. Changes in tax laws could materially affect our consolidated financial statements. We record our tax positions in the following categories:●current taxes,●deferred taxes, and●uncertain tax positions.Deferred income taxes represent temporary differences between the tax and the financial reporting basis of assets and liabilities. This will result in taxable or deductible amounts in the future. Loss carryforwards and tax credits are significant components of deferred tax asset balances. These assets are reviewed regularly for the following: ●the likelihood of recoverability from future taxable income, ●reversal of deferred tax liabilities, and ●tax planning strategies. Valuation allowances are established when we determine that the deferred tax benefit may not be realized. The recoverability analysis requires significant judgment and relies on estimates. The valuation allowance as of October 27, 2024 was $1.6 billion. Changes in foreign income tax laws, income for certain jurisdictions, or our tax structure could impact the valuation allowance balance.Some tax positions contain significant uncertainties. These positions may be challenged or disallowed by taxing authorities. If it is likely the position will be disallowed, no tax benefit is recorded. If it is likely the position will be sustained, a tax benefit is recognized. The ultimate resolution could take many years. This may result in a payment that is significantly different from the original estimate.See Note 8 for further information on income taxes.FORWARD-LOOKING STATEMENTSCertain statements contained herein, including in the section entitled “Overview” 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 our 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, we expressly disclaim any obligation to update or revise our 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 energy, and the uncertainty of our ability to internationally sell products 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 our products and solutions;●our ability to adapt in highly competitive markets, including understanding and meeting customers’ changing expectations for products and solutions, including delivery and utilization of precision technology; ●return experience, ●intended equipment use, ●market dynamics and trends, and ●dealer residual value guarantees. We review residual value estimates during the lease term. Depreciation is adjusted over the remaining lease term if residual estimates are revised. Impairments are recorded when events or circumstances necessitate. At the end of the majority of leases, the equipment is disposed in the following sequence: ●The lessee has the option to purchase the equipment for the contractual residual value. ●The dealer has the option to purchase the equipment.●The equipment is sold to a third party at the equipment’s fair value. In this situation, we may record a gain or a loss for the difference between the residual value and the sale price. Operating Lease Residual ValuesHypothetically, if (a) future market values for this equipment were to decrease 10 percent from our present estimates, and (b) all the equipment on operating leases were returned to us for remarketing at the end of the lease term, the total unfavorable impact after consideration of dealer residual value guarantees would be approximately $75. This amount would be recognized as higher depreciation expense over the remaining term of the operating leases, or potentially as an impairment.Income TaxesWe are subject to federal, state, and foreign income taxes. These tax laws can be complex. Significant judgment and interpretation is required to implement them. Changes in tax laws could materially affect our consolidated financial statements. We record our tax positions in the following categories:●current taxes,●deferred taxes, and●uncertain tax positions.Deferred income taxes represent temporary differences between the tax and the financial reporting basis of assets and liabilities. This will result in taxable or deductible amounts in the future. Loss carryforwards and tax credits are significant components of deferred tax asset balances. These assets are reviewed regularly for the following: ●the likelihood of recoverability from future taxable income, ●reversal of deferred tax liabilities, and ●tax planning strategies. Valuation allowances are established when we determine that the deferred tax benefit may not be realized. The recoverability We review residual value estimates during the lease term. Depreciation is adjusted over the remaining lease term if residual estimates are revised. Impairments are recorded when events or circumstances necessitate. At the end of the majority of leases, the equipment is disposed in the following sequence:"
    },
    {
      "status": "MODIFIED",
      "current_title": "Unexpected events have increased and may in the future increase our cost of doing business or disrupt our operations.",
      "prior_title": "Rationalization or restructuring of manufacturing facilities, and plant expansions and updates at our manufacturing facilities may cause capacity constraints, inventory fluctuations, and other issues.",
      "similarity_score": 0.76,
      "confidence": "high",
      "key_changes": [
        "Reworded sentence: \"The occurrence of one or more unexpected events, including war, lack of available natural resources, acts of terrorism, epidemics and pandemics, civil unrest, fires, tornadoes, tsunamis, hurricanes, earthquakes, temperatures outside of normal ranges, floods, and other forms of severe or unusual weather in countries in which we operate, or in which our suppliers are located, have adversely affected and could in the future adversely affect our operations and financial performance.\"",
        "Added sentence: \"The allowance for credit losses on retail notes and financing lease receivables increased in 2025 primarily due to higher expected losses on agriculture and turf customer accounts as a result of elevated delinquencies and a decline in market conditions.\"",
        "Added sentence: \"We occasionally grant contractual modifications to customers experiencing financial difficulties.\"",
        "Added sentence: \"There is no guarantee that customers experiencing financial difficulty will be able to satisfy their obligations in accordance with original or modified terms.\"",
        "Added sentence: \"As a result, our allowance for credit losses may continue to increase in future periods.\""
      ],
      "current_body": "The occurrence of one or more unexpected events, including war, lack of available natural resources, acts of terrorism, epidemics and pandemics, civil unrest, fires, tornadoes, tsunamis, hurricanes, earthquakes, temperatures outside of normal ranges, floods, and other forms of severe or unusual weather in countries in which we operate, or in which our suppliers are located, have adversely affected and could in the future adversely affect our operations and financial performance. Such events have caused and could cause complete or partial closure of one or more of our manufacturing facilities or distribution centers, temporary or long-term disruptions in the supply of component products from some local and international suppliers, and disruption and delay in the transport of products to dealers, 17 17 17 Table of Contentsend-users, and distribution centers. Existing insurance coverage may not provide protection from all the costs that may arise from such events.The potential physical impacts of weather conditions or climate change on our facilities, suppliers, and customers, and therefore on our business, are uncertain and will be specific to the circumstances developing in various geographic regions. These potential physical effects may adversely affect the demand for our products and the cost, production, sales, and financial performance of our operations. FINANCIAL RISKS Changes in interest rates or market liquidity conditions, as well as changes in government banking, monetary and fiscal policies, could adversely affect our financials and our earnings and/or cash flows. High interest rates can dampen overall economic activity and/or the financial condition of our customers, either or both of which can negatively affect customer demand for our equipment and our customers’ ability to repay us. High interest rates also increase the cost of carrying inventory for our dealers and the cost of financing for end customers. Interest rates in the U.S. have decreased and Brazil remained elevated in 2025. Higher rates and volatility in rates impact us in several ways, primarily affecting the demand for our products, financing spreads for the financial services operations, the value of our investments, and the financial health of our dealers. The markets for our agriculture, turf, and construction products were negatively impacted in 2025 by elevated interest rates and their effect on borrowing costs for our customers. While we strive to match the interest rate characteristics of our financial assets and liabilities, changing interest rates have affected our financing spreads—the difference between the yield we earn on our assets and the interest rates we pay for funding—which have affected our earnings. In addition, actions by credit rating agencies, such as downgrades or negative changes to ratings outlooks, can affect the availability and cost of funding for us and can increase our costs of capital and hurt our competitive position.Moreover, policies of the U.S. and other governments regarding banking, monetary, and fiscal policies intended to promote or maintain liquidity, stabilize financial markets, and/or address local deficit or structural economic issues have a material impact on our customers and markets. Our operations and results could also be affected by financial regulatory reform that could, among other things, have an adverse effect on the financial services segment and on our customers by limiting their ability to enter hedging transactions or to finance purchases of our products. Government policies on spending can also affect us, especially the CF segment, due to the impact of government spending on infrastructure development. Our operations, including those outside of the U.S., may also be affected by non-U.S. regulatory reforms being implemented to further regulate non-U.S. financial institutions and markets. Because the financial services segment provides financing for a significant portion of our sales worldwide, negative economic conditions in the financial industry could materially impact our operations and financial results.Negative economic conditions have an adverse effect on the financial industry in which the financial services segment operates. The financial services segment provides financing for a significant portion of our sales worldwide. The financial services segment is vulnerable to customers and others defaulting on contractual obligations, and has experienced, and may continue to experience write-offs and credit losses that, in some cases, exceed our expectations and adversely affect our financial condition and results of operations as a result of elevated delinquencies. The allowance for credit losses on retail notes and financing lease receivables increased in 2025 primarily due to higher expected losses on agriculture and turf customer accounts as a result of elevated delinquencies and a decline in market conditions. We occasionally grant contractual modifications to customers experiencing financial difficulties. There is no guarantee that customers experiencing financial difficulty will be able to satisfy their obligations in accordance with original or modified terms. As a result, our allowance for credit losses may continue to increase in future periods. The financial services segment’s inability to access funds at cost-effective rates to support our financing activities could have a material adverse effect on our business. The financial services segment’s liquidity and ongoing profitability depend largely on timely access to capital to meet future cash flow requirements and to fund operations and costs associated with engaging in diversified funding activities. The financial services segment may also experience residual value losses that exceed our expectations caused by lower pricing for used equipment and higher-than-expected equipment returns at lease maturity.Changes in tax rates, tax legislation, or exposure to additional tax liabilities could have a negative effect on our business.We are subject to income taxes in the U.S. and numerous foreign jurisdictions. Our domestic and international tax liabilities are dependent upon the location of earnings among these different jurisdictions. Tax rates in various jurisdictions may be subject to significant change. Our effective tax rates could be affected by changes in the mix of earnings in countries with differing statutory tax 18 Table of Contents Table of Contents Table of Contents end-users, and distribution centers. Existing insurance coverage may not provide protection from all the costs that may arise from such events.The potential physical impacts of weather conditions or climate change on our facilities, suppliers, and customers, and therefore on our business, are uncertain and will be specific to the circumstances developing in various geographic regions. These potential physical effects may adversely affect the demand for our products and the cost, production, sales, and financial performance of our operations. FINANCIAL RISKS Changes in interest rates or market liquidity conditions, as well as changes in government banking, monetary and fiscal policies, could adversely affect our financials and our earnings and/or cash flows. High interest rates can dampen overall economic activity and/or the financial condition of our customers, either or both of which can negatively affect customer demand for our equipment and our customers’ ability to repay us. High interest rates also increase the cost of carrying inventory for our dealers and the cost of financing for end customers. Interest rates in the U.S. have decreased and Brazil remained elevated in 2025. Higher rates and volatility in rates impact us in several ways, primarily affecting the demand for our products, financing spreads for the financial services operations, the value of our investments, and the financial health of our dealers. The markets for our agriculture, turf, and construction products were negatively impacted in 2025 by elevated interest rates and their effect on borrowing costs for our customers. While we strive to match the interest rate characteristics of our financial assets and liabilities, changing interest rates have affected our financing spreads—the difference between the yield we earn on our assets and the interest rates we pay for funding—which have affected our earnings. In addition, actions by credit rating agencies, such as downgrades or negative changes to ratings outlooks, can affect the availability and cost of funding for us and can increase our costs of capital and hurt our competitive position.Moreover, policies of the U.S. and other governments regarding banking, monetary, and fiscal policies intended to promote or maintain liquidity, stabilize financial markets, and/or address local deficit or structural economic issues have a material impact on our customers and markets. Our operations and results could also be affected by financial regulatory reform that could, among other things, have an adverse effect on the financial services segment and on our customers by limiting their ability to enter hedging transactions or to finance purchases of our products. Government policies on spending can also affect us, especially the CF segment, due to the impact of government spending on infrastructure development. Our operations, including those outside of the U.S., may also be affected by non-U.S. regulatory reforms being implemented to further regulate non-U.S. financial institutions and markets. Because the financial services segment provides financing for a significant portion of our sales worldwide, negative economic conditions in the financial industry could materially impact our operations and financial results.Negative economic conditions have an adverse effect on the financial industry in which the financial services segment operates. The financial services segment provides financing for a significant portion of our sales worldwide. The financial services segment is vulnerable to customers and others defaulting on contractual obligations, and has experienced, and may continue to experience write-offs and credit losses that, in some cases, exceed our expectations and adversely affect our financial condition and results of operations as a result of elevated delinquencies. The allowance for credit losses on retail notes and financing lease receivables increased in 2025 primarily due to higher expected losses on agriculture and turf customer accounts as a result of elevated delinquencies and a decline in market conditions. We occasionally grant contractual modifications to customers experiencing financial difficulties. There is no guarantee that customers experiencing financial difficulty will be able to satisfy their obligations in accordance with original or modified terms. As a result, our allowance for credit losses may continue to increase in future periods. The financial services segment’s inability to access funds at cost-effective rates to support our financing activities could have a material adverse effect on our business. The financial services segment’s liquidity and ongoing profitability depend largely on timely access to capital to meet future cash flow requirements and to fund operations and costs associated with engaging in diversified funding activities. The financial services segment may also experience residual value losses that exceed our expectations caused by lower pricing for used equipment and higher-than-expected equipment returns at lease maturity.Changes in tax rates, tax legislation, or exposure to additional tax liabilities could have a negative effect on our business.We are subject to income taxes in the U.S. and numerous foreign jurisdictions. Our domestic and international tax liabilities are dependent upon the location of earnings among these different jurisdictions. Tax rates in various jurisdictions may be subject to significant change. Our effective tax rates could be affected by changes in the mix of earnings in countries with differing statutory tax end-users, and distribution centers. Existing insurance coverage may not provide protection from all the costs that may arise from such events. The potential physical impacts of weather conditions or climate change on our facilities, suppliers, and customers, and therefore on our business, are uncertain and will be specific to the circumstances developing in various geographic regions. These potential physical effects may adversely affect the demand for our products and the cost, production, sales, and financial performance of our operations. FINANCIAL RISKS",
      "prior_body": "The rationalization or restructuring of our manufacturing facilities, including relocating production or closing facilities, may result in temporary constraints on our ability to produce the quantity of products necessary to fill orders and thereby complete sales in a timely manner. In addition, decisions regarding the rationalization, restructuring or relocation of facilities, such as the recently announced shifting of production of skid steer loaders and compact track loaders from our Dubuque, Iowa factory to Ramos, Mexico, and any similar actions we may undertake in the future, could also subject us to additional or new tariffs, other issues relating to the importation of products, fines, and reputational risks. Finally, the expansion and reconfiguration of existing manufacturing facilities, as well as new or expanded manufacturing operations in emerging markets, such as Brazil, could increase the risk of production delays, as well as require significant investments. 15 15 15 Table of ContentsChanges in tax rates, tax legislation, or exposure to additional tax liabilities could have a negative effect on our business.We are subject to income taxes in the U.S. and numerous foreign jurisdictions. Our domestic and international tax liabilities are dependent upon the location of earnings among these different jurisdictions. Tax rates in various jurisdictions may be subject to significant change. Our effective tax rates could be affected by changes in the mix of earnings in countries with differing statutory tax rates, changes in the valuation of deferred tax assets and liabilities, or changes in tax laws or their interpretations. If our effective tax rates were to increase, or if the ultimate determination of taxes owed is for an amount more than amounts previously accrued, our operating results, cash flows, and financial condition could be adversely affected. Our consolidated financial results are reported in U.S. dollars while certain assets and other reported items are denominated in foreign currencies, creating currency exchange and translation risk.We are a global company with transactions denominated in a variety of currencies. We are subject to currency exchange risk to the extent that our costs are denominated in currencies other than those in which we earn our revenues. Additionally, the reporting currency for our consolidated financial statements is the U.S. dollar. Certain of our assets, liabilities, expenses, and revenues are denominated in other countries’ currencies, which are then translated into U.S. dollars at the applicable exchange rates and reported in our consolidated financial statements. Therefore, fluctuations in foreign exchange rates affect the value of those items as reflected in our consolidated financial statements, even if their value remains unchanged in the original currencies. While the use of currency hedging instruments may provide us with some protection from adverse fluctuations in currency exchange rates, by utilizing these instruments we potentially forego any benefits that may result from favorable fluctuations in such rates. In Argentina, we have employed mechanisms to convert Argentine pesos into U.S. dollars to the extent possible. These mechanisms are short-term in nature, leaving us exposed to long-term currency fluctuations.Changes in interest rates or market liquidity conditions, as well as changes in government banking, monetary and fiscal policies, could adversely affect our financials and our earnings and/or cash flows. While central banks began cutting their policy interest rates in the latter part of fiscal year 2024, interest rates remain above recent norms. High interest rates can have a dampening effect on overall economic activity and/or the financial condition of our customers, either or both of which can negatively affect customer demand for our equipment and customers’ ability to repay their obligations to us. While we strive to match the interest rate characteristics of our financial assets and liabilities, changing interest rates have had an adverse effect on our financing spreads—the difference between the yield we earn on our assets and the interest rates we pay for funding—which has affected our earnings. In addition, actions by credit rating agencies, such as downgrades or negative changes to ratings outlooks, can affect the availability and cost of funding for us and can increase our costs of capital and hurt our competitive position.Moreover, policies of the U.S. and other governments regarding banking, monetary, and fiscal policies intended to promote or maintain liquidity, stabilize financial markets, and/or address local deficit or structural economic issues have a material impact on our customers and markets. Our operations and results could also be affected by financial regulatory reform that could, among other things, have an adverse effect on the financial services segment and on our customers by limiting their ability to enter hedging transactions or to finance purchases of our products. Government policies on spending can also affect us, especially the CF segment, due to the impact of government spending on infrastructure development. Our operations, including those outside of the U.S., may also be affected by non-U.S. regulatory reforms being implemented to further regulate non-U.S. financial institutions and markets. Because the financial services segment provides financing for a significant portion of our sales worldwide, negative economic conditions in the financial industry could materially impact our operations and financial results.Negative economic conditions have an adverse effect on the financial industry in which the financial services segment operates. The financial services segment provides financing for a significant portion of our sales worldwide. The financial services segment is vulnerable to customers and others defaulting on contractual obligations, and has experienced, and may continue to experience write-offs and credit losses that, in some cases, exceed our expectations and adversely affect our financial condition and results of operations as a result of elevated delinquencies. The financial services segment’s inability to access funds at cost-effective rates to support our financing activities could have a material adverse effect on our business. The financial services segment’s liquidity and ongoing profitability depend largely on timely access to capital to meet future cash flow requirements and to fund operations and costs associated with engaging in diversified funding activities. The financial services segment may also experience residual value losses that exceed our expectations caused by lower pricing for used equipment and higher-than-expected equipment returns at lease maturity.16 Table of Contents Table of Contents Table of Contents Changes in tax rates, tax legislation, or exposure to additional tax liabilities could have a negative effect on our business.We are subject to income taxes in the U.S. and numerous foreign jurisdictions. Our domestic and international tax liabilities are dependent upon the location of earnings among these different jurisdictions. Tax rates in various jurisdictions may be subject to significant change. Our effective tax rates could be affected by changes in the mix of earnings in countries with differing statutory tax rates, changes in the valuation of deferred tax assets and liabilities, or changes in tax laws or their interpretations. If our effective tax rates were to increase, or if the ultimate determination of taxes owed is for an amount more than amounts previously accrued, our operating results, cash flows, and financial condition could be adversely affected. Our consolidated financial results are reported in U.S. dollars while certain assets and other reported items are denominated in foreign currencies, creating currency exchange and translation risk.We are a global company with transactions denominated in a variety of currencies. We are subject to currency exchange risk to the extent that our costs are denominated in currencies other than those in which we earn our revenues. Additionally, the reporting currency for our consolidated financial statements is the U.S. dollar. Certain of our assets, liabilities, expenses, and revenues are denominated in other countries’ currencies, which are then translated into U.S. dollars at the applicable exchange rates and reported in our consolidated financial statements. Therefore, fluctuations in foreign exchange rates affect the value of those items as reflected in our consolidated financial statements, even if their value remains unchanged in the original currencies. While the use of currency hedging instruments may provide us with some protection from adverse fluctuations in currency exchange rates, by utilizing these instruments we potentially forego any benefits that may result from favorable fluctuations in such rates. In Argentina, we have employed mechanisms to convert Argentine pesos into U.S. dollars to the extent possible. These mechanisms are short-term in nature, leaving us exposed to long-term currency fluctuations.Changes in interest rates or market liquidity conditions, as well as changes in government banking, monetary and fiscal policies, could adversely affect our financials and our earnings and/or cash flows. While central banks began cutting their policy interest rates in the latter part of fiscal year 2024, interest rates remain above recent norms. High interest rates can have a dampening effect on overall economic activity and/or the financial condition of our customers, either or both of which can negatively affect customer demand for our equipment and customers’ ability to repay their obligations to us. While we strive to match the interest rate characteristics of our financial assets and liabilities, changing interest rates have had an adverse effect on our financing spreads—the difference between the yield we earn on our assets and the interest rates we pay for funding—which has affected our earnings. In addition, actions by credit rating agencies, such as downgrades or negative changes to ratings outlooks, can affect the availability and cost of funding for us and can increase our costs of capital and hurt our competitive position.Moreover, policies of the U.S. and other governments regarding banking, monetary, and fiscal policies intended to promote or maintain liquidity, stabilize financial markets, and/or address local deficit or structural economic issues have a material impact on our customers and markets. Our operations and results could also be affected by financial regulatory reform that could, among other things, have an adverse effect on the financial services segment and on our customers by limiting their ability to enter hedging transactions or to finance purchases of our products. Government policies on spending can also affect us, especially the CF segment, due to the impact of government spending on infrastructure development. Our operations, including those outside of the U.S., may also be affected by non-U.S. regulatory reforms being implemented to further regulate non-U.S. financial institutions and markets. Because the financial services segment provides financing for a significant portion of our sales worldwide, negative economic conditions in the financial industry could materially impact our operations and financial results.Negative economic conditions have an adverse effect on the financial industry in which the financial services segment operates. The financial services segment provides financing for a significant portion of our sales worldwide. The financial services segment is vulnerable to customers and others defaulting on contractual obligations, and has experienced, and may continue to experience write-offs and credit losses that, in some cases, exceed our expectations and adversely affect our financial condition and results of operations as a result of elevated delinquencies. The financial services segment’s inability to access funds at cost-effective rates to support our financing activities could have a material adverse effect on our business. The financial services segment’s liquidity and ongoing profitability depend largely on timely access to capital to meet future cash flow requirements and to fund operations and costs associated with engaging in diversified funding activities. The financial services segment may also experience residual value losses that exceed our expectations caused by lower pricing for used equipment and higher-than-expected equipment returns at lease maturity. Changes in tax rates, tax legislation, or exposure to additional tax liabilities could have a negative effect on our business.We are subject to income taxes in the U.S. and numerous foreign jurisdictions. Our domestic and international tax liabilities are dependent upon the location of earnings among these different jurisdictions. Tax rates in various jurisdictions may be subject to significant change. Our effective tax rates could be affected by changes in the mix of earnings in countries with differing statutory tax rates, changes in the valuation of deferred tax assets and liabilities, or changes in tax laws or their interpretations. If our effective tax rates were to increase, or if the ultimate determination of taxes owed is for an amount more than amounts previously accrued, our operating results, cash flows, and financial condition could be adversely affected. Our consolidated financial results are reported in U.S. dollars while certain assets and other reported items are denominated in foreign currencies, creating currency exchange and translation risk.We are a global company with transactions denominated in a variety of currencies. We are subject to currency exchange risk to the extent that our costs are denominated in currencies other than those in which we earn our revenues. Additionally, the reporting currency for our consolidated financial statements is the U.S. dollar. Certain of our assets, liabilities, expenses, and revenues are denominated in other countries’ currencies, which are then translated into U.S. dollars at the applicable exchange rates and reported in our consolidated financial statements. Therefore, fluctuations in foreign exchange rates affect the value of those items as reflected in our consolidated financial statements, even if their value remains unchanged in the original currencies. While the use of currency hedging instruments may provide us with some protection from adverse fluctuations in currency exchange rates, by utilizing these instruments we potentially forego any benefits that may result from favorable fluctuations in such rates. In Argentina, we have employed mechanisms to convert Argentine pesos into U.S. dollars to the extent possible. These mechanisms are short-term in nature, leaving us exposed to long-term currency fluctuations.Changes in interest rates or market liquidity conditions, as well as changes in government banking, monetary and fiscal policies, could adversely affect our financials and our earnings and/or cash flows. While central banks began cutting their policy interest rates in the latter part of fiscal year 2024, interest rates remain above recent norms. High interest rates can have a dampening effect on overall economic activity and/or the financial condition of our customers, either or both of which can negatively affect customer demand for our equipment and customers’ ability to repay their obligations to us. While we strive to match the interest rate characteristics of our financial assets and liabilities, changing interest rates have had an adverse effect on our financing spreads—the difference between the yield we earn on our assets and the interest rates we pay for funding—which has affected our earnings. In addition, actions by credit rating agencies, such as downgrades or negative changes to ratings outlooks, can affect the availability and cost of funding for us and can increase our costs of capital and hurt our competitive position.Moreover, policies of the U.S. and other governments regarding banking, monetary, and fiscal policies intended to promote or maintain liquidity, stabilize financial markets, and/or address local deficit or structural economic issues have a material impact on our customers and markets. Our operations and results could also be affected by financial regulatory reform that could, among other things, have an adverse effect on the financial services segment and on our customers by limiting their ability to enter hedging transactions or to finance purchases of our products. Government policies on spending can also affect us, especially the CF segment, due to the impact of government spending on infrastructure development. Our operations, including those outside of the U.S., may also be affected by non-U.S. regulatory reforms being implemented to further regulate non-U.S. financial institutions and markets. Because the financial services segment provides financing for a significant portion of our sales worldwide, negative economic conditions in the financial industry could materially impact our operations and financial results.Negative economic conditions have an adverse effect on the financial industry in which the financial services segment operates. The financial services segment provides financing for a significant portion of our sales worldwide. The financial services segment is vulnerable to customers and others defaulting on contractual obligations, and has experienced, and may continue to experience write-offs and credit losses that, in some cases, exceed our expectations and adversely affect our financial condition and results of operations as a result of elevated delinquencies. The financial services segment’s inability to access funds at cost-effective rates to support our financing activities could have a material adverse effect on our business. The financial services segment’s liquidity and ongoing profitability depend largely on timely access to capital to meet future cash flow requirements and to fund operations and costs associated with engaging in diversified funding activities. The financial services segment may also experience residual value losses that exceed our expectations caused by lower pricing for used equipment and higher-than-expected equipment returns at lease maturity."
    },
    {
      "status": "MODIFIED",
      "current_title": "MANAGEMENT’S DISCUSSION AND ANALYSIS",
      "prior_title": "Management’s Discussion and Analysis of Financial Condition and Results of Operations (MD&A) is intended to promote understanding of our financial condition and results of operations. The MD&A is provided as a supplement to, and should be read in conjunction with, the consolidated financial statements and the accompanying Notes to Consolidated Financial Statements. All amounts are presented in millions of dollars, unless otherwise specified. For comparison of 2023 to 2022 results, refer to the “Management’s Discussion and Analysis” section of our 2023 Form 10-K.",
      "similarity_score": 0.752,
      "confidence": "high",
      "key_changes": [
        "Added sentence: \"Management’s Discussion and Analysis of Financial Condition and Results of Operations (MD&A) is intended to promote understanding of our financial condition and results of operations.\"",
        "Added sentence: \"The MD&A is provided as a supplement to, and should be read in conjunction with, the consolidated financial statements and the accompanying Notes to Consolidated Financial Statements.\"",
        "Added sentence: \"All amounts are presented in millions of U.S.\"",
        "Added sentence: \"dollars, unless otherwise specified.\"",
        "Added sentence: \"For comparison of 2024 to 2023 results, refer to the “Management’s Discussion and Analysis” section of our 2024 Form 10-K, which is hereby incorporated by reference.​​OVERVIEW​Deere & Company is a global leader in the production of agricultural, turf, construction, and forestry equipment and solutions.\""
      ],
      "current_body": "Management’s Discussion and Analysis of Financial Condition and Results of Operations (MD&A) is intended to promote understanding of our financial condition and results of operations. The MD&A is provided as a supplement to, and should be read in conjunction with, the consolidated financial statements and the accompanying Notes to Consolidated Financial Statements. All amounts are presented in millions of U.S. dollars, unless otherwise specified. For comparison of 2024 to 2023 results, refer to the “Management’s Discussion and Analysis” section of our 2024 Form 10-K, which is hereby incorporated by reference.​​OVERVIEW​Deere & Company is a global leader in the production of agricultural, turf, construction, and forestry equipment and solutions. John Deere Financial provides financing for John Deere equipment, parts, services, and other inputs customers need to run their operations. Our operations are managed through the Production & Precision Agriculture (PPA), Small Agriculture & Turf (SAT), Construction & Forestry (CF), and Financial Services (FS) operating segments. References to “equipment operations” include PPA, SAT, and CF, while references to “agriculture and turf” include both PPA and SAT.Net Sales and Revenues by Segment in 2025​​​TRENDS & ECONOMIC CONDITIONS​Industry Sales Outlook for Fiscal 2026Agriculture and Turf ​Construction and Forestry Company TrendsIn 2022, we introduced our Leap Ambitions, a set of focused goals designed to guide the implementation of our Smart Industrial Operating Model. These Ambitions are built upon a foundation of product quality and manufacturing excellence, supported by a best-in-class dealer channel, and enabled by employees dedicated to solving some of the world’s most important problems. To build on our accomplishments and lay the foundation for sustained growth as we move toward 2030, in December 2025 we refined our Ambitions. Our refined Ambitions feature multi-year financial and operational goals, emphasizing the use of our differentiated equipment and service solutions, including automation, autonomy, digitalization, lifecycle solutions, and Solutions as a Service (SaaS).Deeper integration of technology into equipment to enable customers to do more with less remains a persistent market trend. Customers seek to improve profitability, productivity, and sustainability by selecting our equipment and technology solutions. These technologies are incorporated into customer operations across the varied production systems in which we serve. While we continue to benefit from the adoption of these technologies, revenue from SaaS products did not represent a significant percentage of our revenues in 2025. Management’s Discussion and Analysis of Financial Condition and Results of Operations (MD&A) is intended to promote understanding of our financial condition and results of operations. The MD&A is provided as a supplement to, and should be read in conjunction with, the consolidated financial statements and the accompanying Notes to Consolidated Financial Statements. All amounts are presented in millions of U.S. dollars, unless otherwise specified. For comparison of 2024 to 2023 results, refer to the “Management’s Discussion and Analysis” section of our 2024 Form 10-K, which is hereby incorporated by reference.​​OVERVIEW​Deere & Company is a global leader in the production of agricultural, turf, construction, and forestry equipment and solutions. John Deere Financial provides financing for John Deere equipment, parts, services, and other inputs customers need to run their operations. Our operations are managed through the Production & Precision Agriculture (PPA), Small Agriculture & Turf (SAT), Construction & Forestry (CF), and Financial Services (FS) operating segments. References to “equipment operations” include PPA, SAT, and CF, while references to “agriculture and turf” include both PPA and SAT.Net Sales and Revenues by Segment in 2025​​​TRENDS & ECONOMIC CONDITIONS​Industry Sales Outlook for Fiscal 2026Agriculture and Turf ​Construction and Forestry Company TrendsIn 2022, we introduced our Leap Ambitions, a set of focused goals designed to guide the implementation of our Smart Industrial Operating Model. These Ambitions are built upon a foundation of product quality and manufacturing excellence, supported by a best-in-class dealer channel, and enabled by employees dedicated to solving some of the world’s most important problems. To build on our accomplishments and lay the foundation for sustained growth as we move toward 2030, in December 2025 we refined our Ambitions. Our refined Ambitions feature multi-year financial and operational goals, emphasizing the use of our differentiated equipment and service solutions, including automation, autonomy, digitalization, lifecycle solutions, and Solutions as a Service (SaaS).Deeper integration of technology into equipment to enable customers to do more with less remains a persistent market trend. Customers seek to improve profitability, productivity, and sustainability by selecting our equipment and technology solutions. These technologies are incorporated into customer operations across the varied production systems in which we serve. While we continue to benefit from the adoption of these technologies, revenue from SaaS products did not represent a significant percentage of our revenues in 2025. Management’s Discussion and Analysis of Financial Condition and Results of Operations (MD&A) is intended to promote understanding of our financial condition and results of operations. The MD&A is provided as a supplement to, and should be read in conjunction with, the consolidated financial statements and the accompanying Notes to Consolidated Financial Statements. All amounts are presented in millions of U.S. dollars, unless otherwise specified. For comparison of 2024 to 2023 results, refer to the “Management’s Discussion and Analysis” section of our 2024 Form 10-K, which is hereby incorporated by reference.​​OVERVIEW​Deere & Company is a global leader in the production of agricultural, turf, construction, and forestry equipment and solutions. John Deere Financial provides financing for John Deere equipment, parts, services, and other inputs customers need to run their operations. Our operations are managed through the Production & Precision Agriculture (PPA), Small Agriculture & Turf (SAT), Construction & Forestry (CF), and Financial Services (FS) operating segments. References to “equipment operations” include PPA, SAT, and CF, while references to “agriculture and turf” include both PPA and SAT.Net Sales and Revenues by Segment in 2025​​​TRENDS & ECONOMIC CONDITIONS​Industry Sales Outlook for Fiscal 2026Agriculture and Turf Management’s Discussion and Analysis of Financial Condition and Results of Operations (MD&A) is intended to promote understanding of our financial condition and results of operations. The MD&A is provided as a supplement to, and should be read in conjunction with, the consolidated financial statements and the accompanying Notes to Consolidated Financial Statements. All amounts are presented in millions of U.S. dollars, unless otherwise specified. For comparison of 2024 to 2023 results, refer to the “Management’s Discussion and Analysis” section of our 2024 Form 10-K, which is hereby incorporated by reference. ​ ​ ​ ​ ​ ​ OVERVIEW ​ Deere & Company is a global leader in the production of agricultural, turf, construction, and forestry equipment and solutions. John Deere Financial provides financing for John Deere equipment, parts, services, and other inputs customers need to run their operations. Our operations are managed through the Production & Precision Agriculture (PPA), Small Agriculture & Turf (SAT), Construction & Forestry (CF), and Financial Services (FS) operating segments. References to “equipment operations” include PPA, SAT, and CF, while references to “agriculture and turf” include both PPA and SAT.",
      "prior_body": "​ ​ ​ ​ ​ ​ OVERVIEW ​ Deere & Company is a global leader in the production of agricultural, turf, construction, and forestry equipment and solutions. John Deere Financial provides financing for John Deere equipment, parts, services, and other inputs customers need to run their operations. Our operations are managed through the production and precision agriculture (PPA), small agriculture and turf (SAT), construction and forestry (CF), and financial services operating segments. References to “equipment operations” include PPA, SAT, and CF, while references to “agriculture and turf” include both PPA and SAT."
    },
    {
      "status": "MODIFIED",
      "current_title": "STOCKHOLDERS’ EQUITY",
      "prior_title": "Total Liabilities and Stockholders’ Equity",
      "similarity_score": 0.732,
      "confidence": "medium",
      "key_changes": [
        "Reworded sentence: \"​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total Deere & Company stockholders’ equity ​ 25,950 ​ 22,836 ​ 7,069 ​ 7,454 ​ (7,069) ​ (7,454) ​ 25,950 ​ 22,836 ​ 10​ ​ Noncontrolling interests ​ 6 ​ 7 ​ ​ ​ ​ ​ ​ ​ ​ ​ 6 ​ 7 ​ ​ ​ Financial Services' equity ​ ​ (7,069) ​ ​ (7,454) ​ ​ ​ ​ ​ ​ ​ ​ 7,069 ​ ​ 7,454 ​ ​ ​ ​ ​ ​ ​ 10​ ​ Adjusted total stockholders' equity ​ 18,887 ​ 15,389 ​ 7,069 ​ 7,454 ​ ​ ​ ​ ​ 25,956 ​ 22,843 ​ ​ ​ Total Liabilities and Stockholders’ Equity ​ $ 42,859 ​ $ 39,205 ​ $ 70,021 ​ $ 73,612 ​ $ (6,884) ​ $ (5,497) ​ $ 105,996 ​ $ 107,320 ​ ​ ​ ​ ​ 6 Elimination of receivables / payables between equipment operations and Financial Services.\"",
        "Reworded sentence: \"10 Elimination of Financial Services’ equity.\""
      ],
      "current_body": "​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total Deere & Company stockholders’ equity ​ 25,950 ​ 22,836 ​ 7,069 ​ 7,454 ​ (7,069) ​ (7,454) ​ 25,950 ​ 22,836 ​ 10​ ​ Noncontrolling interests ​ 6 ​ 7 ​ ​ ​ ​ ​ ​ ​ ​ ​ 6 ​ 7 ​ ​ ​ Financial Services' equity ​ ​ (7,069) ​ ​ (7,454) ​ ​ ​ ​ ​ ​ ​ ​ 7,069 ​ ​ 7,454 ​ ​ ​ ​ ​ ​ ​ 10​ ​ Adjusted total stockholders' equity ​ 18,887 ​ 15,389 ​ 7,069 ​ 7,454 ​ ​ ​ ​ ​ 25,956 ​ 22,843 ​ ​ ​ Total Liabilities and Stockholders’ Equity ​ $ 42,859 ​ $ 39,205 ​ $ 70,021 ​ $ 73,612 ​ $ (6,884) ​ $ (5,497) ​ $ 105,996 ​ $ 107,320 ​ ​ ​ ​ ​ 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. ​ 43 43 43 Table of ContentsSUPPLEMENTAL CONSOLIDATING DATA (continued)​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​STATEMENTS OF CASH FLOWS​​​For the Years Ended November 2, 2025, October 27, 2024, and October 29, 2023​​​Unaudited​​​​​EQUIPMENT​FINANCIAL​​​​​​​​​OPERATIONS​SERVICES​ELIMINATIONS​CONSOLIDATED​​​​​2025​2024​2023​2025​2024​2023​2025​2024​2023​2025​2024​2023​​​Cash Flows from Operating Activities​​​ ​​ ​​ ​​​ ​​ ​​ ​​​ ​​ ​​ ​​​ ​​ ​​​​​Net income​$ 4,108​$ 6,392​$ 9,536​$ 890​$ 696​$ 619​​ ​​​ ​​​ ​​$ 4,998​$ 7,088​$ 10,155​​​Adjustments to reconcile net income to net cash provided by operating activities:​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​Provision (credit) for credit losses​​ 18​​ 14​​ 7​​ 278​​ 296​​ (23)​​ ​​​ ​​​ ​​​ 296​​ 310​​ (16)​​​Depreciation and amortization​​ 1,280​​ 1,220​​ 1,123​​ 1,082​​ 1,040​​ 1,016​$ (133)​$ (142)​$ (135)​​ 2,229​​ 2,118​​ 2,004​ 11​​Impairments and other adjustments​​ 73​​ 28​​ 18​​ (32)​​ 97​​ 173​​ ​​​ ​​​ ​​​ 41​​ 125​​ 191​​​Share-based compensation expense​​ ​​​ ​​​ ​​​ ​​​ ​​​ ​​​ 151​​ 208​​ 130​​ 151​​ 208​​ 130​ 12​​Distributed earnings of Financial Services​​ 1,368​​ 250​​ 215​​ ​​​ ​​​ ​​​(1,368)​​ (250)​​ (215)​​​​​​​​​​ 13​​Provision (credit) for deferred income taxes​​ (369)​​ (97)​​ (959)​​ 81​​ (197)​​ 169​​ ​​​ ​​​ ​​​ (288)​​ (294)​​ (790)​​​Changes in assets and liabilities:​​ ​​​ ​​​ ​​​ ​​​ ​​​ ​​​ ​​​ ​​​ ​​​​​​​​​​​​​Receivables related to sales ​​ (91)​​ (13)​​ (58)​​ ​​​ ​​​ ​​​ 1,175​​ 434​​ (4,195)​​ 1,084​​ 421​​ (4,253)​14, 16​​Inventories​​ (138)​​ 1,011​​ 474​​ ​​​ ​​​ ​​​ (137)​​ (223)​​ (195)​​ (275)​​ 788​​ 279​ 15​​Accounts payable and accrued expenses​​ (617)​​ (1,429)​​ 1,352​​ 109​​ 277​​ 449​​ 257​​ 112​​ (971)​​ (251)​​ (1,040)​​ 830​ 16​​Accrued income taxes payable/receivable​​ (112)​​ (218)​​ 8​​ (24)​​ 95​​ (31)​​ ​​​ ​​​ ​​​ (136)​​ (123)​​ (23)​​​Retirement benefits​​ (814)​​ (215)​​ (164)​​ (51)​​ (12)​​ (6)​​ ​​​ ​​​ ​​​ (865)​​ (227)​​ (170)​​​Other​​ 394​​ (38)​​ 367​​ 147​​ 40​​ (51)​​ (66)​​ (145)​​ (64)​​ 475​​ (143)​​ 252​11, 12, 15​​Net cash provided by operating activities​​ 5,100​​ 6,905​​ 11,919​​ 2,480​​ 2,332​​ 2,315​​ (121)​​ (6)​​ (5,645)​​ 7,459​​ 9,231​​ 8,589​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​Cash Flows from Investing Activities​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​Collections of receivables (excluding receivables related to sales)​​ ​​​ ​​​ ​​​ 27,037​​ 26,029​​ 24,128​​ (557)​​ (867)​​ (1,077)​​ 26,480​​ 25,162​​ 23,051​ 14​​Proceeds from maturities and sales of marketable securities​​ 46​​ 99​​ 59​​ 440​​ 733​​ 127​​ ​​​ ​​​​​​ 486​​ 832​​ 186​​​Proceeds from sales of equipment on operating leases​​ ​​​ ​​​ ​​​ 1,917​​ 1,929​​ 1,981​​ ​​​ ​​​ ​​​ 1,917​​ 1,929​​ 1,981​​​Cost of receivables acquired (excluding receivables related to sales) ​​ ​​​ ​​​ ​​​ (26,623)​​ (29,152)​​ (29,229)​​ 283​​ 336​​ 457​​ (26,340)​​ (28,816)​​ (28,772)​ 14​​Acquisitions of businesses, net of cash acquired​​ (101)​​ ​​​ (82)​​ ​​​ ​​​ ​​​ ​​​ ​​​ ​​​ (101)​​​​​ (82)​​​Purchases of marketable securities​​ (125)​​ (209)​​ (173)​​ (578)​​ (846)​​ (318)​​ ​​​ ​​​ ​​​ (703)​​ (1,055)​​ (491)​​​Purchases of property and equipment​​ (1,358)​​ (1,636)​​ (1,494)​​ (2)​​ (4)​​ (4)​​ ​​​ ​​​ ​​​ (1,360)​​ (1,640)​​ (1,498)​​​Cost of equipment on operating leases acquired​​ ​​​ ​​​ ​​​ (3,053)​​ (3,464)​​ (3,234)​​ 185​​ 302​​ 264​​ (2,868)​​ (3,162)​​ (2,970)​ 15​​Decrease (increase) in investment in Financial Services​​ (10)​​ 4​​ (870)​​ ​​​ ​​​ ​​​ 10​​ (4)​​ 870​​​​​​​​​​ 17​​Decrease (increase) in trade and wholesale receivables​​ ​​​ ​​​ ​​​ 1,161​​ 21​​ (5,783)​​ (1,161)​​ (21)​​ 5,783​​​​​​​​​​ 14​​Collections of receivables from unconsolidated affiliates​​ 190​​​​​​​​ 317​​​​​​​​ ​​​​​​​​​ 507​​​​​​​​​Loans to unconsolidated affiliates​​ ​​​​​​​​​ (109)​​​​​​​​ ​​​​​​​​​ (109)​​​​​​​​​Collateral on derivatives – net ​​ (1)​​ ​​​ (1)​​ 183​​ 413​​ (11)​​ ​​​ ​​​ ​​​ 182​​ 413​​ (12)​​​Other​​ (90)​​ (125)​​ (176)​​ (61)​​ (8)​​ 31​​ 3​​ 6​​ 3​​ (148)​​ (127)​​ (142)​​​Net cash provided by (used for) investing activities​​(1,449)​​ (1,867)​​ (2,737)​​ 629​​ (4,349)​​ (12,312)​​ (1,237)​​ (248)​​ 6,300​​ (2,057)​​ (6,464)​​ (8,749)​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​Cash Flows from Financing Activities​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​Net proceeds (payments) in short-term borrowings (original maturities three months or less)​​ 144​​ 28​​ (113)​​ (2,683)​​ (1,884)​​ 4,121​​ ​​​ ​​​ ​​​ (2,539)​​ (1,856)​​ 4,008​​​Change in intercompany receivables/payables​​(1,695)​​ 1,459​​2,090​​ 1,695​​ (1,459)​​ (2,090)​​ ​​​ ​​​ ​​​​​​​​​​​​​Proceeds from borrowings issued (original maturities greater than three months)​​ 2,369​​ 159​​ 342​​ 10,792​​ 17,937​​ 15,087​​ ​​​ ​​​ ​​​ 13,161​​ 18,096​​ 15,429​​​Payments of borrowings (original maturities greater than three months)​​ (923)​​ (1,123)​​ (901)​​ (11,341)​​ (12,109)​​ (7,012)​​ ​​​ ​​​ ​​​ (12,264)​​ (13,232)​​ (7,913)​​​Repurchases of common stock​​ (1,138)​​(4,007)​​ (7,216)​​ ​​​ ​​​ ​​​ ​​​ ​​​ ​​​ (1,138)​​ (4,007)​​ (7,216)​​​Capital investment from (returned to) Equipment Operations​​ ​​​ ​​​ ​​​ 10​​ (4)​​ 870​​ (10)​​ 4​​ (870)​​​​​​​​​​ 17​​Dividends paid​​ (1,720)​​ (1,605)​​ (1,427)​​ (1,368)​​ (250)​​ (215)​​ 1,368​​ 250​​ 215​​ (1,720)​​ (1,605)​​ (1,427)​ 13​​Other​​ (53)​​ (46)​​ (7)​​ (26)​​ (67)​​ (66)​​ ​​​ ​​​ ​​​ (79)​​ (113)​​ (73)​​​Net cash provided by (used for) financing activities​​ (3,016)​​ (5,135)​​ (7,232)​​ (2,921)​​ 2,164​​ 10,695​​ 1,358​​ 254​​ (655)​​ (4,579)​​ (2,717)​​ 2,808​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​Effect of Exchange Rate Changes on Cash, Cash Equivalents, and Restricted Cash​​ 86​​ (15)​​ 24​​ (9)​​ (22)​​ 7​​ ​​​ ​​​ ​​​ 77​​ (37)​​ 31​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​Net Increase (Decrease) in Cash, Cash Equivalents, and Restricted Cash​​ 721​​ (112)​​ 1,974​​ 179​​ 125​​ 705​​ ​​​ ​​​ ​​​ 900​​ 13​​ 2,679​​​Cash, Cash Equivalents, and Restricted Cash at Beginning of Year​​ 5,643​​ 5,755​​ 3,781​​ 1,990​​ 1,865​​ 1,160​​ ​​​ ​​​ ​​​ 7,633​​ 7,620​​ 4,941​​​Cash, Cash Equivalents, and Restricted Cash at End of Year​$ 6,364​$ 5,643​$ 5,755​$ 2,169​$ 1,990​$ 1,865​​ ​​​ ​​​ ​​$ 8,533​$ 7,633​$ 7,620​​​​​​11 Elimination of depreciation on leases related to inventory transferred to equipment on operating leases (see Note 6).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.44 Table of Contents Table of Contents Table of Contents SUPPLEMENTAL CONSOLIDATING DATA (continued)​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​STATEMENTS OF CASH FLOWS​​​For the Years Ended November 2, 2025, October 27, 2024, and October 29, 2023​​​Unaudited​​​​​EQUIPMENT​FINANCIAL​​​​​​​​​OPERATIONS​SERVICES​ELIMINATIONS​CONSOLIDATED​​​​​2025​2024​2023​2025​2024​2023​2025​2024​2023​2025​2024​2023​​​Cash Flows from Operating Activities​​​ ​​ ​​ ​​​ ​​ ​​ ​​​ ​​ ​​ ​​​ ​​ ​​​​​Net income​$ 4,108​$ 6,392​$ 9,536​$ 890​$ 696​$ 619​​ ​​​ ​​​ ​​$ 4,998​$ 7,088​$ 10,155​​​Adjustments to reconcile net income to net cash provided by operating activities:​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​Provision (credit) for credit losses​​ 18​​ 14​​ 7​​ 278​​ 296​​ (23)​​ ​​​ ​​​ ​​​ 296​​ 310​​ (16)​​​Depreciation and amortization​​ 1,280​​ 1,220​​ 1,123​​ 1,082​​ 1,040​​ 1,016​$ (133)​$ (142)​$ (135)​​ 2,229​​ 2,118​​ 2,004​ 11​​Impairments and other adjustments​​ 73​​ 28​​ 18​​ (32)​​ 97​​ 173​​ ​​​ ​​​ ​​​ 41​​ 125​​ 191​​​Share-based compensation expense​​ ​​​ ​​​ ​​​ ​​​ ​​​ ​​​ 151​​ 208​​ 130​​ 151​​ 208​​ 130​ 12​​Distributed earnings of Financial Services​​ 1,368​​ 250​​ 215​​ ​​​ ​​​ ​​​(1,368)​​ (250)​​ (215)​​​​​​​​​​ 13​​Provision (credit) for deferred income taxes​​ (369)​​ (97)​​ (959)​​ 81​​ (197)​​ 169​​ ​​​ ​​​ ​​​ (288)​​ (294)​​ (790)​​​Changes in assets and liabilities:​​ ​​​ ​​​ ​​​ ​​​ ​​​ ​​​ ​​​ ​​​ ​​​​​​​​​​​​​Receivables related to sales ​​ (91)​​ (13)​​ (58)​​ ​​​ ​​​ ​​​ 1,175​​ 434​​ (4,195)​​ 1,084​​ 421​​ (4,253)​14, 16​​Inventories​​ (138)​​ 1,011​​ 474​​ ​​​ ​​​ ​​​ (137)​​ (223)​​ (195)​​ (275)​​ 788​​ 279​ 15​​Accounts payable and accrued expenses​​ (617)​​ (1,429)​​ 1,352​​ 109​​ 277​​ 449​​ 257​​ 112​​ (971)​​ (251)​​ (1,040)​​ 830​ 16​​Accrued income taxes payable/receivable​​ (112)​​ (218)​​ 8​​ (24)​​ 95​​ (31)​​ ​​​ ​​​ ​​​ (136)​​ (123)​​ (23)​​​Retirement benefits​​ (814)​​ (215)​​ (164)​​ (51)​​ (12)​​ (6)​​ ​​​ ​​​ ​​​ (865)​​ (227)​​ (170)​​​Other​​ 394​​ (38)​​ 367​​ 147​​ 40​​ (51)​​ (66)​​ (145)​​ (64)​​ 475​​ (143)​​ 252​11, 12, 15​​Net cash provided by operating activities​​ 5,100​​ 6,905​​ 11,919​​ 2,480​​ 2,332​​ 2,315​​ (121)​​ (6)​​ (5,645)​​ 7,459​​ 9,231​​ 8,589​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​Cash Flows from Investing Activities​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​Collections of receivables (excluding receivables related to sales)​​ ​​​ ​​​ ​​​ 27,037​​ 26,029​​ 24,128​​ (557)​​ (867)​​ (1,077)​​ 26,480​​ 25,162​​ 23,051​ 14​​Proceeds from maturities and sales of marketable securities​​ 46​​ 99​​ 59​​ 440​​ 733​​ 127​​ ​​​ ​​​​​​ 486​​ 832​​ 186​​​Proceeds from sales of equipment on operating leases​​ ​​​ ​​​ ​​​ 1,917​​ 1,929​​ 1,981​​ ​​​ ​​​ ​​​ 1,917​​ 1,929​​ 1,981​​​Cost of receivables acquired (excluding receivables related to sales) ​​ ​​​ ​​​ ​​​ (26,623)​​ (29,152)​​ (29,229)​​ 283​​ 336​​ 457​​ (26,340)​​ (28,816)​​ (28,772)​ 14​​Acquisitions of businesses, net of cash acquired​​ (101)​​ ​​​ (82)​​ ​​​ ​​​ ​​​ ​​​ ​​​ ​​​ (101)​​​​​ (82)​​​Purchases of marketable securities​​ (125)​​ (209)​​ (173)​​ (578)​​ (846)​​ (318)​​ ​​​ ​​​ ​​​ (703)​​ (1,055)​​ (491)​​​Purchases of property and equipment​​ (1,358)​​ (1,636)​​ (1,494)​​ (2)​​ (4)​​ (4)​​ ​​​ ​​​ ​​​ (1,360)​​ (1,640)​​ (1,498)​​​Cost of equipment on operating leases acquired​​ ​​​ ​​​ ​​​ (3,053)​​ (3,464)​​ (3,234)​​ 185​​ 302​​ 264​​ (2,868)​​ (3,162)​​ (2,970)​ 15​​Decrease (increase) in investment in Financial Services​​ (10)​​ 4​​ (870)​​ ​​​ ​​​ ​​​ 10​​ (4)​​ 870​​​​​​​​​​ 17​​Decrease (increase) in trade and wholesale receivables​​ ​​​ ​​​ ​​​ 1,161​​ 21​​ (5,783)​​ (1,161)​​ (21)​​ 5,783​​​​​​​​​​ 14​​Collections of receivables from unconsolidated affiliates​​ 190​​​​​​​​ 317​​​​​​​​ ​​​​​​​​​ 507​​​​​​​​​Loans to unconsolidated affiliates​​ ​​​​​​​​​ (109)​​​​​​​​ ​​​​​​​​​ (109)​​​​​​​​​Collateral on derivatives – net ​​ (1)​​ ​​​ (1)​​ 183​​ 413​​ (11)​​ ​​​ ​​​ ​​​ 182​​ 413​​ (12)​​​Other​​ (90)​​ (125)​​ (176)​​ (61)​​ (8)​​ 31​​ 3​​ 6​​ 3​​ (148)​​ (127)​​ (142)​​​Net cash provided by (used for) investing activities​​(1,449)​​ (1,867)​​ (2,737)​​ 629​​ (4,349)​​ (12,312)​​ (1,237)​​ (248)​​ 6,300​​ (2,057)​​ (6,464)​​ (8,749)​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​Cash Flows from Financing Activities​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​Net proceeds (payments) in short-term borrowings (original maturities three months or less)​​ 144​​ 28​​ (113)​​ (2,683)​​ (1,884)​​ 4,121​​ ​​​ ​​​ ​​​ (2,539)​​ (1,856)​​ 4,008​​​Change in intercompany receivables/payables​​(1,695)​​ 1,459​​2,090​​ 1,695​​ (1,459)​​ (2,090)​​ ​​​ ​​​ ​​​​​​​​​​​​​Proceeds from borrowings issued (original maturities greater than three months)​​ 2,369​​ 159​​ 342​​ 10,792​​ 17,937​​ 15,087​​ ​​​ ​​​ ​​​ 13,161​​ 18,096​​ 15,429​​​Payments of borrowings (original maturities greater than three months)​​ (923)​​ (1,123)​​ (901)​​ (11,341)​​ (12,109)​​ (7,012)​​ ​​​ ​​​ ​​​ (12,264)​​ (13,232)​​ (7,913)​​​Repurchases of common stock​​ (1,138)​​(4,007)​​ (7,216)​​ ​​​ ​​​ ​​​ ​​​ ​​​ ​​​ (1,138)​​ (4,007)​​ (7,216)​​​Capital investment from (returned to) Equipment Operations​​ ​​​ ​​​ ​​​ 10​​ (4)​​ 870​​ (10)​​ 4​​ (870)​​​​​​​​​​ 17​​Dividends paid​​ (1,720)​​ (1,605)​​ (1,427)​​ (1,368)​​ (250)​​ (215)​​ 1,368​​ 250​​ 215​​ (1,720)​​ (1,605)​​ (1,427)​ 13​​Other​​ (53)​​ (46)​​ (7)​​ (26)​​ (67)​​ (66)​​ ​​​ ​​​ ​​​ (79)​​ (113)​​ (73)​​​Net cash provided by (used for) financing activities​​ (3,016)​​ (5,135)​​ (7,232)​​ (2,921)​​ 2,164​​ 10,695​​ 1,358​​ 254​​ (655)​​ (4,579)​​ (2,717)​​ 2,808​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​Effect of Exchange Rate Changes on Cash, Cash Equivalents, and Restricted Cash​​ 86​​ (15)​​ 24​​ (9)​​ (22)​​ 7​​ ​​​ ​​​ ​​​ 77​​ (37)​​ 31​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​Net Increase (Decrease) in Cash, Cash Equivalents, and Restricted Cash​​ 721​​ (112)​​ 1,974​​ 179​​ 125​​ 705​​ ​​​ ​​​ ​​​ 900​​ 13​​ 2,679​​​Cash, Cash Equivalents, and Restricted Cash at Beginning of Year​​ 5,643​​ 5,755​​ 3,781​​ 1,990​​ 1,865​​ 1,160​​ ​​​ ​​​ ​​​ 7,633​​ 7,620​​ 4,941​​​Cash, Cash Equivalents, and Restricted Cash at End of Year​$ 6,364​$ 5,643​$ 5,755​$ 2,169​$ 1,990​$ 1,865​​ ​​​ ​​​ ​​$ 8,533​$ 7,633​$ 7,620​​​​​​11 Elimination of depreciation on leases related to inventory transferred to equipment on operating leases (see Note 6).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.",
      "prior_body": "​ $ 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. ​ 40 40 40 Table of ContentsSUPPLEMENTAL CONSOLIDATING DATA (continued)​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​STATEMENTS OF CASH FLOWS​​​For the Years Ended October 27, 2024, October 29, 2023, and October 30, 2022​​​Unaudited​​​​​EQUIPMENT​FINANCIAL​​​​​​​​​OPERATIONS​SERVICES​ELIMINATIONS​CONSOLIDATED​​​​​2024​2023​2022​2024​2023​2022​2024​2023​2022​2024​2023​2022​​​Cash Flows from Operating Activities​​​ ​​ ​​ ​​ ​​ ​​ ​​ ​​ ​​ ​​ ​​ ​​​​​Net income​$ 6,392​$ 9,536​$ 6,250​$ 696​$ 619​$ 880​​ ​​​ ​​​ ​​$7,088​$ 10,155​$ 7,130​​​Adjustments to reconcile net income to net cash provided by operating activities:​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​Provision (credit) for credit losses​​ 14​​ 7​​ 3​​ 296​​ (23)​​ 189​​ ​​​ ​​​ ​​​ 310​​ (16)​​ 192​​​Provision for depreciation and amortization​​ 1,220​​ 1,123​​ 1,041​​ 1,040​​ 1,016​​ 1,050​$ (142)​$ (135)​$ (196)​​ 2,118​​ 2,004​​ 1,895​ 11​​Impairments and other adjustments​​ 28​​ 18​​ 88​​ 97​​ 173​​ ​​​ ​​​ ​​​ ​​​ 125​​ 191​​ 88​​​Share-based compensation expense​​ ​​​ ​​​ ​​​ ​​​ ​​​ ​​​ 208​​ 130​​ 85​​ 208​​ 130​​ 85​ 12​​Gain on remeasurement of previously held equity investment​​ ​​​ ​​​ (326)​​ ​​​ ​​​ ​​​ ​​​ ​​​ ​​​​​​​​​ (326)​​​Distributed earnings of Financial Services​​ 250​​ 215​​ 444​​ ​​​ ​​​ ​​​ (250)​​ (215)​​ (444)​​​​​​​​ ​​ 13​​Provision (credit) for deferred income taxes​​ (97)​​ (959)​​ 8​​ (197)​​ 169​​ (74)​​ ​​​ ​​​ ​​​ (294)​​ (790)​​ (66)​​​Changes in assets and liabilities:​​ ​​​ ​​​ ​​​ ​​​ ​​​ ​​​ ​​​ ​​​ ​​​​​​​​​​​​​Receivables related to sales ​​ (13)​​ (58)​​ (189)​​ ​​​ ​​​ ​​​ 434​​ (4,195)​​ (2,294)​​ 421​​ (4,253)​​ (2,483)​14, 16​​Inventories​​ 1,011​​ 474​​ (1,924)​​ ​​​ ​​​ ​​​ (223)​​ (195)​​ (167)​​ 788​​ 279​​ (2,091)​ 15​​Accounts payable and accrued expenses​​ (1,429)​​ 1,352​​ 1,444​​ 277​​ 449​​ 143​​ 112​​ (971)​​ (454)​​(1,040)​​ 830​​ 1,133​ 16​​Accrued income taxes payable/receivable​​ (218)​​ 8​​ 166​​ 95​​ (31)​​ (25)​​ ​​​ ​​​ ​​​ (123)​​ (23)​​ 141​​​Retirement benefits​​ (215)​​ (164)​​ (1,016)​​ (12)​​ (6)​​ 1​​ ​​​ ​​​ ​​​ (227)​​ (170)​​ (1,015)​​​Other​​ (38)​​ 367​​ 250​​ 40​​ (51)​​ (287)​​ (145)​​ (64)​​ 53​​ (143)​​ 252​​ 16​11, 12, 15​​Net cash provided by operating activities​​ 6,905​​ 11,919​​ 6,239​​ 2,332​​ 2,315​​ 1,877​​ (6)​​ (5,645)​​ (3,417)​​ 9,231​​ 8,589​​ 4,699​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​Cash Flows from Investing Activities​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​Collections of receivables (excluding receivables related to sales)​​ ​​​ ​​​ ​​​ 26,029​​ 24,128​​ 22,400​​ (867)​​ (1,077)​​ (1,493)​​ 25,162​​ 23,051​​ 20,907​ 14​​Proceeds from maturities and sales of marketable securities​​ 99​​ 59​​ ​​​ 733​​ 127​​ 79​​ ​​​​​​​​​ 832​​ 186​​ 79​​​Proceeds from sales of equipment on operating leases​​ ​​​ ​​​ ​​​ 1,929​​ 1,981​​ 2,093​​ ​​​ ​​​ ​​​ 1,929​​ 1,981​​ 2,093​​​Cost of receivables acquired (excluding receivables related to sales) ​​ ​​​ ​​​ ​​​ (29,152)​​ (29,229)​​ (26,903)​​ 336​​ 457​​ 603​​ (28,816)​​ (28,772)​​ (26,300)​ 14​​Acquisitions of businesses, net of cash acquired​​ ​​​ (82)​​ (498)​​ ​​​ ​​​ ​​​ ​​​ ​​​ ​​​​​​ (82)​​ (498)​​​Purchases of marketable securities​​ (209)​​ (173)​​ (76)​​ (846)​​ (318)​​ (174)​​ ​​​ ​​​ ​​​ (1,055)​​ (491)​​ (250)​​​Purchases of property and equipment​​ (1,636)​​ (1,494)​​ (1,131)​​ (4)​​ (4)​​ (3)​​ ​​​ ​​​ ​​​ (1,640)​​ (1,498)​​ (1,134)​​​Cost of equipment on operating leases acquired​​ ​​​ ​​​ ​​​ (3,464)​​ (3,234)​​ (2,879)​​ 302​​ 264​​ 225​​ (3,162)​​ (2,970)​​ (2,654)​ 15​​Decrease (increase) in investment in Financial Services​​ 4​​ (870)​​ 7​​ ​​​ ​​​ ​​​ (4)​​ 870​​ (7)​​​​​​​​ ​​ 17​​Decrease (increase) in trade and wholesale receivables​​ ​​​ ​​​ ​​​ 21​​ (5,783)​​ (3,601)​​ (21)​​ 5,783​​ 3,601​​​​​​​​ ​​ 14​​Collateral on derivatives – net ​​ ​​​ (1)​​ 5​​ 413​​ (11)​​ (647)​​ ​​​ ​​​ ​​​ 413​​ (12)​​ (642)​​​Other​​ (125)​​ (176)​​ (137)​​ (8)​​ 31​​ 14​​ 6​​ 3​​ 37​​ (127)​​ (142)​​ (86)​​​Net cash used for investing activities​​ (1,867)​​ (2,737)​​ (1,830)​​ (4,349)​​ (12,312)​​ (9,621)​​ (248)​​ 6,300​​ 2,966​​ (6,464)​​ (8,749)​​ (8,485)​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​Cash Flows from Financing Activities​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​Net proceeds (payments) in short-term borrowings (original maturities three months or less)​​ 28​​ (113)​​ 136​​ (1,884)​​ 4,121​​ 3,716​​ ​​​ ​​​​​​ (1,856)​​ 4,008​​ 3,852​​​Change in intercompany receivables/payables​​ 1,459​​ 2,090​​ (1,633)​​ (1,459)​​ (2,090)​​ 1,633​​ ​​​ ​​​​​​​​​​​​ ​​​​Proceeds from borrowings issued (original maturities greater than three months)​​ 159​​ 342​​ 138​​ 17,937​​ 15,087​​ 10,220​​ ​​​ ​​​​​​ 18,096​​ 15,429​​ 10,358​​​Payments of borrowings (original maturities greater than three months)​​ (1,123)​​ (901)​​ (1,356)​​ (12,109)​​ (7,012)​​ (7,089)​​ ​​​ ​​​​​​ (13,232)​​ (7,913)​​ (8,445)​​​Repurchases of common stock​​(4,007)​​ (7,216)​​ (3,597)​​ ​​​ ​​​ ​​​ ​​​ ​​​​​​ (4,007)​​ (7,216)​​ (3,597)​​​Capital investment from Equipment Operations​​ ​​​ ​​​ ​​​ (4)​​ 870​​ (7)​​ 4​​ (870)​​ 7​​​​​​​​ ​​ 17​​Dividends paid​​ (1,605)​​ (1,427)​​ (1,313)​​ (250)​​ (215)​​ (444)​​ 250​​ 215​​ 444​​ (1,605)​​ (1,427)​​ (1,313)​ 13​​Other​​ (46)​​ (7)​​ 6​​ (67)​​ (66)​​ (35)​​ ​​​ ​​​ ​​​ (113)​​ (73)​​ (29)​​​Net cash provided by (used for) financing activities​​ (5,135)​​ (7,232)​​ (7,619)​​ 2,164​​ 10,695​​ 7,994​​ 254​​ (655)​​ 451​​ (2,717)​​ 2,808​​ 826​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​Effect of Exchange Rate Changes on Cash, Cash Equivalents, and Restricted Cash​​ (15)​​ 24​​ (209)​​ (22)​​ 7​​ (15)​​ ​​​ ​​​​​​ (37)​​ 31​​ (224)​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​Net Increase (Decrease) in Cash, Cash Equivalents, and Restricted Cash​​ (112)​​ 1,974​​ (3,419)​​ 125​​ 705​​ 235​​ ​​​ ​​​ ​​​ 13​​ 2,679​​ (3,184)​​​Cash, Cash Equivalents, and Restricted Cash at Beginning of Year​​ 5,755​​ 3,781​​ 7,200​​ 1,865​​ 1,160​​ 925​​ ​​​ ​​​​​​ 7,620​​ 4,941​​ 8,125​​​Cash, Cash Equivalents, and Restricted Cash at End of Year​$ 5,643​$ 5,755​$ 3,781​$ 1,990​$ 1,865​$ 1,160​​ ​​​ ​​​ ​​$ 7,633​$ 7,620​$ 4,941​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​Components of Cash, Cash Equivalents, and Restricted Cash​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​Cash and cash equivalents​$ 5,615​$ 5,720​$ 3,767​$ 1,709​$ 1,738​$ 1,007​​​​​​​​​​$ 7,324​$ 7,458​$ 4,774​​​Cash, cash equivalents, and restricted cash (Assets held for sale)​​ ​​​​​​​​​ 116​​​​​​​​​​​​​​​​​ 116​​​​​​​​​Restricted cash (Other assets)​​ 28​​ 35​​ 14​​ 165​​ 127​​ 153​​​​​​​​​​​ 193​​ 162​​ 167​​​Total Cash, Cash Equivalents, and Restricted Cash​$ 5,643​$ 5,755​$ 3,781​$ 1,990​$ 1,865​$ 1,160​​ ​​​ ​​​ ​​$ 7,633​$ 7,620​$ 4,941​​​​​11 Elimination of depreciation on leases related to inventory transferred to equipment on operating leases (see Note 6).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.41 Table of Contents Table of Contents Table of Contents SUPPLEMENTAL CONSOLIDATING DATA (continued)​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​STATEMENTS OF CASH FLOWS​​​For the Years Ended October 27, 2024, October 29, 2023, and October 30, 2022​​​Unaudited​​​​​EQUIPMENT​FINANCIAL​​​​​​​​​OPERATIONS​SERVICES​ELIMINATIONS​CONSOLIDATED​​​​​2024​2023​2022​2024​2023​2022​2024​2023​2022​2024​2023​2022​​​Cash Flows from Operating Activities​​​ ​​ ​​ ​​ ​​ ​​ ​​ ​​ ​​ ​​ ​​ ​​​​​Net income​$ 6,392​$ 9,536​$ 6,250​$ 696​$ 619​$ 880​​ ​​​ ​​​ ​​$7,088​$ 10,155​$ 7,130​​​Adjustments to reconcile net income to net cash provided by operating activities:​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​Provision (credit) for credit losses​​ 14​​ 7​​ 3​​ 296​​ (23)​​ 189​​ ​​​ ​​​ ​​​ 310​​ (16)​​ 192​​​Provision for depreciation and amortization​​ 1,220​​ 1,123​​ 1,041​​ 1,040​​ 1,016​​ 1,050​$ (142)​$ (135)​$ (196)​​ 2,118​​ 2,004​​ 1,895​ 11​​Impairments and other adjustments​​ 28​​ 18​​ 88​​ 97​​ 173​​ ​​​ ​​​ ​​​ ​​​ 125​​ 191​​ 88​​​Share-based compensation expense​​ ​​​ ​​​ ​​​ ​​​ ​​​ ​​​ 208​​ 130​​ 85​​ 208​​ 130​​ 85​ 12​​Gain on remeasurement of previously held equity investment​​ ​​​ ​​​ (326)​​ ​​​ ​​​ ​​​ ​​​ ​​​ ​​​​​​​​​ (326)​​​Distributed earnings of Financial Services​​ 250​​ 215​​ 444​​ ​​​ ​​​ ​​​ (250)​​ (215)​​ (444)​​​​​​​​ ​​ 13​​Provision (credit) for deferred income taxes​​ (97)​​ (959)​​ 8​​ (197)​​ 169​​ (74)​​ ​​​ ​​​ ​​​ (294)​​ (790)​​ (66)​​​Changes in assets and liabilities:​​ ​​​ ​​​ ​​​ ​​​ ​​​ ​​​ ​​​ ​​​ ​​​​​​​​​​​​​Receivables related to sales ​​ (13)​​ (58)​​ (189)​​ ​​​ ​​​ ​​​ 434​​ (4,195)​​ (2,294)​​ 421​​ (4,253)​​ (2,483)​14, 16​​Inventories​​ 1,011​​ 474​​ (1,924)​​ ​​​ ​​​ ​​​ (223)​​ (195)​​ (167)​​ 788​​ 279​​ (2,091)​ 15​​Accounts payable and accrued expenses​​ (1,429)​​ 1,352​​ 1,444​​ 277​​ 449​​ 143​​ 112​​ (971)​​ (454)​​(1,040)​​ 830​​ 1,133​ 16​​Accrued income taxes payable/receivable​​ (218)​​ 8​​ 166​​ 95​​ (31)​​ (25)​​ ​​​ ​​​ ​​​ (123)​​ (23)​​ 141​​​Retirement benefits​​ (215)​​ (164)​​ (1,016)​​ (12)​​ (6)​​ 1​​ ​​​ ​​​ ​​​ (227)​​ (170)​​ (1,015)​​​Other​​ (38)​​ 367​​ 250​​ 40​​ (51)​​ (287)​​ (145)​​ (64)​​ 53​​ (143)​​ 252​​ 16​11, 12, 15​​Net cash provided by operating activities​​ 6,905​​ 11,919​​ 6,239​​ 2,332​​ 2,315​​ 1,877​​ (6)​​ (5,645)​​ (3,417)​​ 9,231​​ 8,589​​ 4,699​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​Cash Flows from Investing Activities​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​Collections of receivables (excluding receivables related to sales)​​ ​​​ ​​​ ​​​ 26,029​​ 24,128​​ 22,400​​ (867)​​ (1,077)​​ (1,493)​​ 25,162​​ 23,051​​ 20,907​ 14​​Proceeds from maturities and sales of marketable securities​​ 99​​ 59​​ ​​​ 733​​ 127​​ 79​​ ​​​​​​​​​ 832​​ 186​​ 79​​​Proceeds from sales of equipment on operating leases​​ ​​​ ​​​ ​​​ 1,929​​ 1,981​​ 2,093​​ ​​​ ​​​ ​​​ 1,929​​ 1,981​​ 2,093​​​Cost of receivables acquired (excluding receivables related to sales) ​​ ​​​ ​​​ ​​​ (29,152)​​ (29,229)​​ (26,903)​​ 336​​ 457​​ 603​​ (28,816)​​ (28,772)​​ (26,300)​ 14​​Acquisitions of businesses, net of cash acquired​​ ​​​ (82)​​ (498)​​ ​​​ ​​​ ​​​ ​​​ ​​​ ​​​​​​ (82)​​ (498)​​​Purchases of marketable securities​​ (209)​​ (173)​​ (76)​​ (846)​​ (318)​​ (174)​​ ​​​ ​​​ ​​​ (1,055)​​ (491)​​ (250)​​​Purchases of property and equipment​​ (1,636)​​ (1,494)​​ (1,131)​​ (4)​​ (4)​​ (3)​​ ​​​ ​​​ ​​​ (1,640)​​ (1,498)​​ (1,134)​​​Cost of equipment on operating leases acquired​​ ​​​ ​​​ ​​​ (3,464)​​ (3,234)​​ (2,879)​​ 302​​ 264​​ 225​​ (3,162)​​ (2,970)​​ (2,654)​ 15​​Decrease (increase) in investment in Financial Services​​ 4​​ (870)​​ 7​​ ​​​ ​​​ ​​​ (4)​​ 870​​ (7)​​​​​​​​ ​​ 17​​Decrease (increase) in trade and wholesale receivables​​ ​​​ ​​​ ​​​ 21​​ (5,783)​​ (3,601)​​ (21)​​ 5,783​​ 3,601​​​​​​​​ ​​ 14​​Collateral on derivatives – net ​​ ​​​ (1)​​ 5​​ 413​​ (11)​​ (647)​​ ​​​ ​​​ ​​​ 413​​ (12)​​ (642)​​​Other​​ (125)​​ (176)​​ (137)​​ (8)​​ 31​​ 14​​ 6​​ 3​​ 37​​ (127)​​ (142)​​ (86)​​​Net cash used for investing activities​​ (1,867)​​ (2,737)​​ (1,830)​​ (4,349)​​ (12,312)​​ (9,621)​​ (248)​​ 6,300​​ 2,966​​ (6,464)​​ (8,749)​​ (8,485)​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​Cash Flows from Financing Activities​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​Net proceeds (payments) in short-term borrowings (original maturities three months or less)​​ 28​​ (113)​​ 136​​ (1,884)​​ 4,121​​ 3,716​​ ​​​ ​​​​​​ (1,856)​​ 4,008​​ 3,852​​​Change in intercompany receivables/payables​​ 1,459​​ 2,090​​ (1,633)​​ (1,459)​​ (2,090)​​ 1,633​​ ​​​ ​​​​​​​​​​​​ ​​​​Proceeds from borrowings issued (original maturities greater than three months)​​ 159​​ 342​​ 138​​ 17,937​​ 15,087​​ 10,220​​ ​​​ ​​​​​​ 18,096​​ 15,429​​ 10,358​​​Payments of borrowings (original maturities greater than three months)​​ (1,123)​​ (901)​​ (1,356)​​ (12,109)​​ (7,012)​​ (7,089)​​ ​​​ ​​​​​​ (13,232)​​ (7,913)​​ (8,445)​​​Repurchases of common stock​​(4,007)​​ (7,216)​​ (3,597)​​ ​​​ ​​​ ​​​ ​​​ ​​​​​​ (4,007)​​ (7,216)​​ (3,597)​​​Capital investment from Equipment Operations​​ ​​​ ​​​ ​​​ (4)​​ 870​​ (7)​​ 4​​ (870)​​ 7​​​​​​​​ ​​ 17​​Dividends paid​​ (1,605)​​ (1,427)​​ (1,313)​​ (250)​​ (215)​​ (444)​​ 250​​ 215​​ 444​​ (1,605)​​ (1,427)​​ (1,313)​ 13​​Other​​ (46)​​ (7)​​ 6​​ (67)​​ (66)​​ (35)​​ ​​​ ​​​ ​​​ (113)​​ (73)​​ (29)​​​Net cash provided by (used for) financing activities​​ (5,135)​​ (7,232)​​ (7,619)​​ 2,164​​ 10,695​​ 7,994​​ 254​​ (655)​​ 451​​ (2,717)​​ 2,808​​ 826​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​Effect of Exchange Rate Changes on Cash, Cash Equivalents, and Restricted Cash​​ (15)​​ 24​​ (209)​​ (22)​​ 7​​ (15)​​ ​​​ ​​​​​​ (37)​​ 31​​ (224)​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​Net Increase (Decrease) in Cash, Cash Equivalents, and Restricted Cash​​ (112)​​ 1,974​​ (3,419)​​ 125​​ 705​​ 235​​ ​​​ ​​​ ​​​ 13​​ 2,679​​ (3,184)​​​Cash, Cash Equivalents, and Restricted Cash at Beginning of Year​​ 5,755​​ 3,781​​ 7,200​​ 1,865​​ 1,160​​ 925​​ ​​​ ​​​​​​ 7,620​​ 4,941​​ 8,125​​​Cash, Cash Equivalents, and Restricted Cash at End of Year​$ 5,643​$ 5,755​$ 3,781​$ 1,990​$ 1,865​$ 1,160​​ ​​​ ​​​ ​​$ 7,633​$ 7,620​$ 4,941​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​Components of Cash, Cash Equivalents, and Restricted Cash​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​Cash and cash equivalents​$ 5,615​$ 5,720​$ 3,767​$ 1,709​$ 1,738​$ 1,007​​​​​​​​​​$ 7,324​$ 7,458​$ 4,774​​​Cash, cash equivalents, and restricted cash (Assets held for sale)​​ ​​​​​​​​​ 116​​​​​​​​​​​​​​​​​ 116​​​​​​​​​Restricted cash (Other assets)​​ 28​​ 35​​ 14​​ 165​​ 127​​ 153​​​​​​​​​​​ 193​​ 162​​ 167​​​Total Cash, Cash Equivalents, and Restricted Cash​$ 5,643​$ 5,755​$ 3,781​$ 1,990​$ 1,865​$ 1,160​​ ​​​ ​​​ ​​$ 7,633​$ 7,620​$ 4,941​​​​​11 Elimination of depreciation on leases related to inventory transferred to equipment on operating leases (see Note 6).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. SUPPLEMENTAL CONSOLIDATING DATA (continued)​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​STATEMENTS OF CASH FLOWS​​​For the Years Ended October 27, 2024, October 29, 2023, and October 30, 2022​​​Unaudited​​​​​EQUIPMENT​FINANCIAL​​​​​​​​​OPERATIONS​SERVICES​ELIMINATIONS​CONSOLIDATED​​​​​2024​2023​2022​2024​2023​2022​2024​2023​2022​2024​2023​2022​​​Cash Flows from Operating Activities​​​ ​​ ​​ ​​ ​​ ​​ ​​ ​​ ​​ ​​ ​​ ​​​​​Net income​$ 6,392​$ 9,536​$ 6,250​$ 696​$ 619​$ 880​​ ​​​ ​​​ ​​$7,088​$ 10,155​$ 7,130​​​Adjustments to reconcile net income to net cash provided by operating activities:​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​Provision (credit) for credit losses​​ 14​​ 7​​ 3​​ 296​​ (23)​​ 189​​ ​​​ ​​​ ​​​ 310​​ (16)​​ 192​​​Provision for depreciation and amortization​​ 1,220​​ 1,123​​ 1,041​​ 1,040​​ 1,016​​ 1,050​$ (142)​$ (135)​$ (196)​​ 2,118​​ 2,004​​ 1,895​ 11​​Impairments and other adjustments​​ 28​​ 18​​ 88​​ 97​​ 173​​ ​​​ ​​​ ​​​ ​​​ 125​​ 191​​ 88​​​Share-based compensation expense​​ ​​​ ​​​ ​​​ ​​​ ​​​ ​​​ 208​​ 130​​ 85​​ 208​​ 130​​ 85​ 12​​Gain on remeasurement of previously held equity investment​​ ​​​ ​​​ (326)​​ ​​​ ​​​ ​​​ ​​​ ​​​ ​​​​​​​​​ (326)​​​Distributed earnings of Financial Services​​ 250​​ 215​​ 444​​ ​​​ ​​​ ​​​ (250)​​ (215)​​ (444)​​​​​​​​ ​​ 13​​Provision (credit) for deferred income taxes​​ (97)​​ (959)​​ 8​​ (197)​​ 169​​ (74)​​ ​​​ ​​​ ​​​ (294)​​ (790)​​ (66)​​​Changes in assets and liabilities:​​ ​​​ ​​​ ​​​ ​​​ ​​​ ​​​ ​​​ ​​​ ​​​​​​​​​​​​​Receivables related to sales ​​ (13)​​ (58)​​ (189)​​ ​​​ ​​​ ​​​ 434​​ (4,195)​​ (2,294)​​ 421​​ (4,253)​​ (2,483)​14, 16​​Inventories​​ 1,011​​ 474​​ (1,924)​​ ​​​ ​​​ ​​​ (223)​​ (195)​​ (167)​​ 788​​ 279​​ (2,091)​ 15​​Accounts payable and accrued expenses​​ (1,429)​​ 1,352​​ 1,444​​ 277​​ 449​​ 143​​ 112​​ (971)​​ (454)​​(1,040)​​ 830​​ 1,133​ 16​​Accrued income taxes payable/receivable​​ (218)​​ 8​​ 166​​ 95​​ (31)​​ (25)​​ ​​​ ​​​ ​​​ (123)​​ (23)​​ 141​​​Retirement benefits​​ (215)​​ (164)​​ (1,016)​​ (12)​​ (6)​​ 1​​ ​​​ ​​​ ​​​ (227)​​ (170)​​ (1,015)​​​Other​​ (38)​​ 367​​ 250​​ 40​​ (51)​​ (287)​​ (145)​​ (64)​​ 53​​ (143)​​ 252​​ 16​11, 12, 15​​Net cash provided by operating activities​​ 6,905​​ 11,919​​ 6,239​​ 2,332​​ 2,315​​ 1,877​​ (6)​​ (5,645)​​ (3,417)​​ 9,231​​ 8,589​​ 4,699​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​Cash Flows from Investing Activities​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​Collections of receivables (excluding receivables related to sales)​​ ​​​ ​​​ ​​​ 26,029​​ 24,128​​ 22,400​​ (867)​​ (1,077)​​ (1,493)​​ 25,162​​ 23,051​​ 20,907​ 14​​Proceeds from maturities and sales of marketable securities​​ 99​​ 59​​ ​​​ 733​​ 127​​ 79​​ ​​​​​​​​​ 832​​ 186​​ 79​​​Proceeds from sales of equipment on operating leases​​ ​​​ ​​​ ​​​ 1,929​​ 1,981​​ 2,093​​ ​​​ ​​​ ​​​ 1,929​​ 1,981​​ 2,093​​​Cost of receivables acquired (excluding receivables related to sales) ​​ ​​​ ​​​ ​​​ (29,152)​​ (29,229)​​ (26,903)​​ 336​​ 457​​ 603​​ (28,816)​​ (28,772)​​ (26,300)​ 14​​Acquisitions of businesses, net of cash acquired​​ ​​​ (82)​​ (498)​​ ​​​ ​​​ ​​​ ​​​ ​​​ ​​​​​​ (82)​​ (498)​​​Purchases of marketable securities​​ (209)​​ (173)​​ (76)​​ (846)​​ (318)​​ (174)​​ ​​​ ​​​ ​​​ (1,055)​​ (491)​​ (250)​​​Purchases of property and equipment​​ (1,636)​​ (1,494)​​ (1,131)​​ (4)​​ (4)​​ (3)​​ ​​​ ​​​ ​​​ (1,640)​​ (1,498)​​ (1,134)​​​Cost of equipment on operating leases acquired​​ ​​​ ​​​ ​​​ (3,464)​​ (3,234)​​ (2,879)​​ 302​​ 264​​ 225​​ (3,162)​​ (2,970)​​ (2,654)​ 15​​Decrease (increase) in investment in Financial Services​​ 4​​ (870)​​ 7​​ ​​​ ​​​ ​​​ (4)​​ 870​​ (7)​​​​​​​​ ​​ 17​​Decrease (increase) in trade and wholesale receivables​​ ​​​ ​​​ ​​​ 21​​ (5,783)​​ (3,601)​​ (21)​​ 5,783​​ 3,601​​​​​​​​ ​​ 14​​Collateral on derivatives – net ​​ ​​​ (1)​​ 5​​ 413​​ (11)​​ (647)​​ ​​​ ​​​ ​​​ 413​​ (12)​​ (642)​​​Other​​ (125)​​ (176)​​ (137)​​ (8)​​ 31​​ 14​​ 6​​ 3​​ 37​​ (127)​​ (142)​​ (86)​​​Net cash used for investing activities​​ (1,867)​​ (2,737)​​ (1,830)​​ (4,349)​​ (12,312)​​ (9,621)​​ (248)​​ 6,300​​ 2,966​​ (6,464)​​ (8,749)​​ (8,485)​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​Cash Flows from Financing Activities​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​Net proceeds (payments) in short-term borrowings (original maturities three months or less)​​ 28​​ (113)​​ 136​​ (1,884)​​ 4,121​​ 3,716​​ ​​​ ​​​​​​ (1,856)​​ 4,008​​ 3,852​​​Change in intercompany receivables/payables​​ 1,459​​ 2,090​​ (1,633)​​ (1,459)​​ (2,090)​​ 1,633​​ ​​​ ​​​​​​​​​​​​ ​​​​Proceeds from borrowings issued (original maturities greater than three months)​​ 159​​ 342​​ 138​​ 17,937​​ 15,087​​ 10,220​​ ​​​ ​​​​​​ 18,096​​ 15,429​​ 10,358​​​Payments of borrowings (original maturities greater than three months)​​ (1,123)​​ (901)​​ (1,356)​​ (12,109)​​ (7,012)​​ (7,089)​​ ​​​ ​​​​​​ (13,232)​​ (7,913)​​ (8,445)​​​Repurchases of common stock​​(4,007)​​ (7,216)​​ (3,597)​​ ​​​ ​​​ ​​​ ​​​ ​​​​​​ (4,007)​​ (7,216)​​ (3,597)​​​Capital investment from Equipment Operations​​ ​​​ ​​​ ​​​ (4)​​ 870​​ (7)​​ 4​​ (870)​​ 7​​​​​​​​ ​​ 17​​Dividends paid​​ (1,605)​​ (1,427)​​ (1,313)​​ (250)​​ (215)​​ (444)​​ 250​​ 215​​ 444​​ (1,605)​​ (1,427)​​ (1,313)​ 13​​Other​​ (46)​​ (7)​​ 6​​ (67)​​ (66)​​ (35)​​ ​​​ ​​​ ​​​ (113)​​ (73)​​ (29)​​​Net cash provided by (used for) financing activities​​ (5,135)​​ (7,232)​​ (7,619)​​ 2,164​​ 10,695​​ 7,994​​ 254​​ (655)​​ 451​​ (2,717)​​ 2,808​​ 826​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​Effect of Exchange Rate Changes on Cash, Cash Equivalents, and Restricted Cash​​ (15)​​ 24​​ (209)​​ (22)​​ 7​​ (15)​​ ​​​ ​​​​​​ (37)​​ 31​​ (224)​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​Net Increase (Decrease) in Cash, Cash Equivalents, and Restricted Cash​​ (112)​​ 1,974​​ (3,419)​​ 125​​ 705​​ 235​​ ​​​ ​​​ ​​​ 13​​ 2,679​​ (3,184)​​​Cash, Cash Equivalents, and Restricted Cash at Beginning of Year​​ 5,755​​ 3,781​​ 7,200​​ 1,865​​ 1,160​​ 925​​ ​​​ ​​​​​​ 7,620​​ 4,941​​ 8,125​​​Cash, Cash Equivalents, and Restricted Cash at End of Year​$ 5,643​$ 5,755​$ 3,781​$ 1,990​$ 1,865​$ 1,160​​ ​​​ ​​​ ​​$ 7,633​$ 7,620​$ 4,941​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​Components of Cash, Cash Equivalents, and Restricted Cash​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​Cash and cash equivalents​$ 5,615​$ 5,720​$ 3,767​$ 1,709​$ 1,738​$ 1,007​​​​​​​​​​$ 7,324​$ 7,458​$ 4,774​​​Cash, cash equivalents, and restricted cash (Assets held for sale)​​ ​​​​​​​​​ 116​​​​​​​​​​​​​​​​​ 116​​​​​​​​​Restricted cash (Other assets)​​ 28​​ 35​​ 14​​ 165​​ 127​​ 153​​​​​​​​​​​ 193​​ 162​​ 167​​​Total Cash, Cash Equivalents, and Restricted Cash​$ 5,643​$ 5,755​$ 3,781​$ 1,990​$ 1,865​$ 1,160​​ ​​​ ​​​ ​​$ 7,633​$ 7,620​$ 4,941​​​​​11 Elimination of depreciation on leases related to inventory transferred to equipment on operating leases (see Note 6).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."
    },
    {
      "status": "MODIFIED",
      "current_title": "Inventories",
      "prior_title": "Unused Credit Lines",
      "similarity_score": 0.731,
      "confidence": "medium",
      "key_changes": [
        "Reworded sentence: \"Property and Equipment Accounts Payable and Accrued Expenses Borrowings Unused Credit Lines Financial Services Ratio of Interest-Bearing Debt to Stockholder’s Equity ​ ​​​CASH FLOWS2025, 2024, and 2023​​​​​​​​​​​​​​2025​2024​2023​Net cash provided by operating activities​$ 7,459​$ 9,231​$ 8,589​Net cash used for investing activities​​ (2,057)​​ (6,464)​​ (8,749)​Net cash provided by (used for) financing activities​​ (4,579)​​ (2,717)​​ 2,808​Effect of exchange rate changes on cash, cash equivalents, and restricted cash​​ 77​​ (37)​​ 31​Net increase in cash, cash equivalents, and restricted cash​$ 900​$ 13​$ 2,679​​Cash inflows from operating activities were $7.5 billion in 2025, driven by net income adjusted for non-cash provisions and a decrease in receivables related to sales, partially offset by an other postretirement benefit (OPEB) contribution.Cash outflows from investing activities were $2.1 billion in 2025.\"",
        "Reworded sentence: \"Lower credit ratings generally result in higher borrowing costs, including costs of derivative transactions, reduced access to debt capital markets, and may adversely impact our liquidity.\""
      ],
      "current_body": "Property and Equipment Accounts Payable and Accrued Expenses Borrowings Unused Credit Lines Financial Services Ratio of Interest-Bearing Debt to Stockholder’s Equity ​ ​​​CASH FLOWS2025, 2024, and 2023​​​​​​​​​​​​​​2025​2024​2023​Net cash provided by operating activities​$ 7,459​$ 9,231​$ 8,589​Net cash used for investing activities​​ (2,057)​​ (6,464)​​ (8,749)​Net cash provided by (used for) financing activities​​ (4,579)​​ (2,717)​​ 2,808​Effect of exchange rate changes on cash, cash equivalents, and restricted cash​​ 77​​ (37)​​ 31​Net increase in cash, cash equivalents, and restricted cash​$ 900​$ 13​$ 2,679​​Cash inflows from operating activities were $7.5 billion in 2025, driven by net income adjusted for non-cash provisions and a decrease in receivables related to sales, partially offset by an other postretirement benefit (OPEB) contribution.Cash outflows from investing activities were $2.1 billion in 2025. The primary drivers were purchases of property and equipment and investments in equipment on operating leases, partially offset by collections of receivables from unconsolidated affiliates.Cash outflows from financing activities were $4.6 billion in 2025, due to dividends paid, lower borrowings, and repurchases of common stock.Cash Returned to ShareholdersCash returned to shareholders decreased $2.8 billion in 2025 as we managed cash flows through the declining business cycle in accordance with our use-of-cash priorities by decreasing share repurchases.​​DEBT RATINGS​To access public debt capital markets, we rely on credit rating agencies to assign short-term and long-term credit ratings to our debt securities as an indicator of credit quality for fixed income investors. A security rating is not a recommendation by the rating agency to buy, sell, or hold our securities. A credit rating agency may change or withdraw ratings based on its assessment of our current and future ability to meet interest and principal repayment obligations. Each agency’s rating should be evaluated independently of any other rating. Lower credit ratings generally result in higher borrowing costs, including costs of derivative transactions, reduced access to debt capital markets, and may adversely impact our liquidity. ​ ​ ​ ​ ​ ​ ​",
      "prior_body": "33 33 33 Table of Contents​Financial Services Ratio of Interest-Bearing Debt to Stockholder’s Equity​​​CASH FLOWS2024, 2023, and 2022​​​​​​​​​​​​​​2024​2023​2022​Net cash provided by operating activities​$ 9,231​$ 8,589​$ 4,699​Net cash used for investing activities​​ (6,464)​​ (8,749)​​ (8,485)​Net cash provided by (used for) financing activities​​ (2,717)​​ 2,808​​ 826​Effect of exchange rate changes on cash, cash equivalents, and restricted cash​​ (37)​​ 31​​ (224)​Net increase (decrease) in cash, cash equivalents, and restricted cash​$ 13​$ 2,679​$ (3,184)​​Cash inflows from operating activities were $9.2 billion in 2024, driven by net income adjusted for non-cash provisions and lower inventories and receivables from a decline in sales. These items were partially offset by a decrease in vendor payables and a reduction in dealer sales incentive accruals. Cash outflows from investing activities were $6.5 billion in 2024 due to growth in the financing receivable and lease portfolios and capital expenditures.Cash outflows from financing activities were $2.7 billion in 2024, as repurchases of common stock and dividends paid were partially offset by higher borrowings.Cash Returned to ShareholdersCash returned to shareholders decreased $3.0 billion in 2024 as we managed cash flows through the declining business cycle in accordance with our use-of-cash priorities.​​DEBT RATINGS​To access public debt capital markets, we rely on credit rating agencies to assign short-term and long-term credit ratings to our debt securities as an indicator of credit quality for fixed income investors. A security rating is not a recommendation by the rating agency to buy, sell, or hold our securities. A credit rating agency may change or withdraw ratings based on its assessment of our current and future ability to meet interest and principal repayment obligations. Each agency’s rating should be evaluated independently of any other rating. Lower credit ratings generally result in higher borrowing costs, including costs of derivative transactions, reduced access to debt capital markets, and may adversely impact our liquidity.The senior long-term and short-term debt ratings and outlook currently assigned to unsecured company securities by the rating agencies engaged by us are as follows:​​​​​​​​​ Senior ​ ​​Long-Term​Short-Term​Outlook​​​​​​​​​​​​​​Fitch Ratings​A+​F1​StableMoody’s Investors Service, Inc. A1 Prime-1 StableStandard & Poor’s A A-1 Stable​​​​CONTRACTUAL OBLIGATIONS AND CASH REQUIREMENTS2025 and BeyondOur material cash requirements include the following:Borrowings – As of October 27, 2024, we had $17.6 billion of payments due on borrowings and securitization borrowings in the next year, along with interest payments of $2.5 billion. The securitization borrowing payments are based on the expected liquidation of the retail notes. See Notes 12 and 19 for additional borrowing details. These payments will likely be replaced with new borrowings to finance the receivable and lease portfolio, which is expected to be lower in 2025.Purchase Obligations – As of October 27, 2024, our outstanding purchase obligations were $3.2 billion, with $2.8 billion payable within one year. These purchase obligations are noncancelable.Other Cash Requirements – In addition to our contractual obligations, we have the following commitments:●capital expenditures of $1.6 billion are planned for 2025,●expected quarterly cash dividend throughout 2025 (subject to change at the discretion of our Board of Directors), and●total pension and other postretirement benefit (OPEB) contributions in 2025 are expected to be approximately $760 including a voluntary OPEB contribution of up to $520 (see Note 7).Share repurchases will be considered as a means of deploying excess cash to shareholders, once the previously mentioned requirements are met. ​​CRITICAL ACCOUNTING ESTIMATES​​The timely preparation of financial statements requires management to make estimates and assumptions. Those estimates affect reported amounts in these financial statements. Changes in those estimates and assumptions could have a significant effect. The following estimates are the most critical to our financial statements: ●sales incentives,●product warranties,34 Table of Contents​ Table of Contents Table of Contents ​ Financial Services Ratio of Interest-Bearing Debt to Stockholder’s Equity​​​CASH FLOWS2024, 2023, and 2022​​​​​​​​​​​​​​2024​2023​2022​Net cash provided by operating activities​$ 9,231​$ 8,589​$ 4,699​Net cash used for investing activities​​ (6,464)​​ (8,749)​​ (8,485)​Net cash provided by (used for) financing activities​​ (2,717)​​ 2,808​​ 826​Effect of exchange rate changes on cash, cash equivalents, and restricted cash​​ (37)​​ 31​​ (224)​Net increase (decrease) in cash, cash equivalents, and restricted cash​$ 13​$ 2,679​$ (3,184)​​Cash inflows from operating activities were $9.2 billion in 2024, driven by net income adjusted for non-cash provisions and lower inventories and receivables from a decline in sales. These items were partially offset by a decrease in vendor payables and a reduction in dealer sales incentive accruals. Cash outflows from investing activities were $6.5 billion in 2024 due to growth in the financing receivable and lease portfolios and capital expenditures.Cash outflows from financing activities were $2.7 billion in 2024, as repurchases of common stock and dividends paid were partially offset by higher borrowings.Cash Returned to ShareholdersCash returned to shareholders decreased $3.0 billion in 2024 as we managed cash flows through the declining business cycle in accordance with our use-of-cash priorities.​​DEBT RATINGS​To access public debt capital markets, we rely on credit rating agencies to assign short-term and long-term credit ratings to our debt securities as an indicator of credit quality for fixed income investors. A security rating is not a recommendation by the rating agency to buy, sell, or hold our securities. A credit rating agency may change or withdraw ratings based on its assessment of our current and future ability to meet interest and principal repayment obligations. Each agency’s rating should be evaluated independently of any other rating. Lower credit ratings generally result in higher borrowing costs, including costs of derivative transactions, reduced access to debt capital markets, and may adversely impact our liquidity.The senior long-term and short-term debt ratings and outlook currently assigned to unsecured company securities by the rating agencies engaged by us are as follows:​​​​​​​​​ Senior ​ ​​Long-Term​Short-Term​Outlook​​​​​​​​​​​​​​Fitch Ratings​A+​F1​StableMoody’s Investors Service, Inc. A1 Prime-1 StableStandard & Poor’s A A-1 Stable​​​​CONTRACTUAL OBLIGATIONS AND CASH REQUIREMENTS2025 and BeyondOur material cash requirements include the following:Borrowings – As of October 27, 2024, we had $17.6 billion of payments due on borrowings and securitization borrowings in the next year, along with interest payments of $2.5 billion. The securitization borrowing payments are based on the expected liquidation of the retail notes. See Notes 12 and 19 for additional borrowing details. These payments will likely be replaced with new borrowings to finance the receivable and lease portfolio, which is expected to be lower in 2025.Purchase Obligations – As of October 27, 2024, our outstanding purchase obligations were $3.2 billion, with $2.8 billion payable within one year. These purchase obligations are noncancelable.Other Cash Requirements – In addition to our contractual obligations, we have the following commitments:●capital expenditures of $1.6 billion are planned for 2025,●expected quarterly cash dividend throughout 2025 (subject to change at the discretion of our Board of Directors), and●total pension and other postretirement benefit (OPEB) contributions in 2025 are expected to be approximately $760 including a voluntary OPEB contribution of up to $520 (see Note 7).Share repurchases will be considered as a means of deploying excess cash to shareholders, once the previously mentioned requirements are met. ​​CRITICAL ACCOUNTING ESTIMATES​​The timely preparation of financial statements requires management to make estimates and assumptions. Those estimates affect reported amounts in these financial statements. Changes in those estimates and assumptions could have a significant effect. The following estimates are the most critical to our financial statements: ●sales incentives,●product warranties, Financial Services Ratio of Interest-Bearing Debt to Stockholder’s Equity​​​CASH FLOWS2024, 2023, and 2022​​​​​​​​​​​​​​2024​2023​2022​Net cash provided by operating activities​$ 9,231​$ 8,589​$ 4,699​Net cash used for investing activities​​ (6,464)​​ (8,749)​​ (8,485)​Net cash provided by (used for) financing activities​​ (2,717)​​ 2,808​​ 826​Effect of exchange rate changes on cash, cash equivalents, and restricted cash​​ (37)​​ 31​​ (224)​Net increase (decrease) in cash, cash equivalents, and restricted cash​$ 13​$ 2,679​$ (3,184)​​Cash inflows from operating activities were $9.2 billion in 2024, driven by net income adjusted for non-cash provisions and lower inventories and receivables from a decline in sales. These items were partially offset by a decrease in vendor payables and a reduction in dealer sales incentive accruals. Cash outflows from investing activities were $6.5 billion in 2024 due to growth in the financing receivable and lease portfolios and capital expenditures.Cash outflows from financing activities were $2.7 billion in 2024, as repurchases of common stock and dividends paid were partially offset by higher borrowings.Cash Returned to ShareholdersCash returned to shareholders decreased $3.0 billion in 2024 as we managed cash flows through the declining business cycle in accordance with our use-of-cash priorities.​​DEBT RATINGS​To access public debt capital markets, we rely on credit rating agencies to assign short-term and long-term credit ratings to our debt securities as an indicator of credit quality for fixed income investors. A security rating is not a recommendation by the rating agency to buy, sell, or hold our securities. A credit rating agency may change or withdraw ratings based on its assessment of our current and future ability to meet interest and principal repayment obligations. Each agency’s rating should be evaluated independently of any other rating. Lower credit ratings generally result in higher borrowing costs, including costs of derivative transactions, reduced access to debt capital markets, and may adversely impact our liquidity.The senior long-term and short-term debt ratings and outlook currently assigned to unsecured company securities by the rating agencies engaged by us are as follows:​​​​​​​​​ Senior ​ ​​Long-Term​Short-Term​Outlook​​​​​​​​​​​​​​Fitch Ratings​A+​F1​StableMoody’s Investors Service, Inc. A1 Prime-1 StableStandard & Poor’s A A-1 Stable​​​​CONTRACTUAL OBLIGATIONS AND CASH REQUIREMENTS2025 and BeyondOur material cash requirements include the following:Borrowings – As of October 27, 2024, we had $17.6 billion of payments due on borrowings and securitization borrowings in the next year, along with interest payments of $2.5 billion. The securitization borrowing payments are based on the expected liquidation of the retail notes. See Notes 12 and 19 for additional borrowing details. These payments will likely be replaced with new borrowings to finance the receivable and lease portfolio, which is expected to be lower in 2025.Purchase Obligations – As of October 27, 2024, our outstanding purchase obligations were $3.2 billion, with $2.8 billion payable within one year. These purchase obligations are noncancelable.Other Cash Requirements – In addition to our contractual obligations, we have the following commitments:●capital expenditures of $1.6 billion are planned for 2025,●expected quarterly cash dividend throughout 2025 (subject to change at the discretion of our Board of Directors), and●total pension and other postretirement benefit (OPEB) contributions in 2025 are expected to be approximately $760 including a voluntary OPEB contribution of up to $520 (see Note 7).Share repurchases will be considered as a means of deploying excess cash to shareholders, once the previously mentioned requirements are met. ​​CRITICAL ACCOUNTING ESTIMATES​​The timely preparation of financial statements requires management to make estimates and assumptions. Those estimates affect reported amounts in these financial statements. Changes in those estimates and assumptions could have a significant effect. The following estimates are the most critical to our financial statements: ●sales incentives,●product warranties, Financial Services Ratio of Interest-Bearing Debt to Stockholder’s Equity​​​CASH FLOWS2024, 2023, and 2022​​​​​​​​​​​​​​2024​2023​2022​Net cash provided by operating activities​$ 9,231​$ 8,589​$ 4,699​Net cash used for investing activities​​ (6,464)​​ (8,749)​​ (8,485)​Net cash provided by (used for) financing activities​​ (2,717)​​ 2,808​​ 826​Effect of exchange rate changes on cash, cash equivalents, and restricted cash​​ (37)​​ 31​​ (224)​Net increase (decrease) in cash, cash equivalents, and restricted cash​$ 13​$ 2,679​$ (3,184)​​Cash inflows from operating activities were $9.2 billion in 2024, driven by net income adjusted for non-cash provisions and lower inventories and receivables from a decline in sales. These items were partially offset by a decrease in vendor payables and a reduction in dealer sales incentive accruals. Cash outflows from investing activities were $6.5 billion in 2024 due to growth in the financing receivable and lease portfolios and capital expenditures.Cash outflows from financing activities were $2.7 billion in 2024, as repurchases of common stock and dividends paid were partially offset by higher borrowings.Cash Returned to ShareholdersCash returned to shareholders decreased $3.0 billion in 2024 as we managed cash flows through the declining business cycle in accordance with our use-of-cash priorities.​​DEBT RATINGS​To access public debt capital markets, we rely on credit rating agencies to assign short-term and long-term credit ratings to our debt securities as an indicator of credit quality for fixed income investors. A security rating is not a recommendation by the rating agency to buy, sell, or hold our securities. A credit rating agency may change or withdraw ratings based on its assessment of our current and future ability to meet interest and principal repayment obligations. Each agency’s rating should be evaluated independently of any other rating. Lower credit ratings generally result in higher borrowing costs, including costs of derivative transactions, reduced access to debt capital markets, and may adversely impact our liquidity.The senior long-term and short-term debt ratings and outlook currently assigned to unsecured company securities by the rating agencies engaged by us are as follows:​​​​​​​​​ Senior ​ ​​Long-Term​Short-Term​Outlook​​​​​​​​​​​​​​Fitch Ratings​A+​F1​StableMoody’s Investors Service, Inc. A1 Prime-1 StableStandard & Poor’s A A-1 Stable​​​​CONTRACTUAL OBLIGATIONS AND CASH REQUIREMENTS2025 and BeyondOur material cash requirements include the following:Borrowings – As of October 27, 2024, we had $17.6 billion of payments due on borrowings and securitization borrowings in the next year, along with interest payments of $2.5 billion. The securitization borrowing payments are based on the expected liquidation of the retail notes. See Notes 12 and 19 for additional borrowing details. These payments will likely be replaced with new borrowings to finance the receivable and lease portfolio, which is expected to be lower in 2025.Purchase Obligations – As of October 27, 2024, our outstanding purchase obligations were $3.2 billion, with $2.8 billion payable within one year. These purchase obligations are noncancelable.Other Cash Requirements – In addition to our contractual obligations, we have the following commitments:●capital expenditures of $1.6 billion are planned for 2025,●expected quarterly cash dividend throughout 2025 (subject to change at the discretion of our Board of Directors), and●total pension and other postretirement benefit (OPEB) contributions in 2025 are expected to be approximately $760 including a voluntary OPEB contribution of up to $520 (see Note 7).Share repurchases will be considered as a means of deploying excess cash to shareholders, once the previously mentioned requirements are met. ​​CRITICAL ACCOUNTING ESTIMATES​​The timely preparation of financial statements requires management to make estimates and assumptions. Those estimates affect reported amounts in these financial statements. Changes in those estimates and assumptions could have a significant effect. The following estimates are the most critical to our financial statements: ●sales incentives,●product warranties, Financial Services Ratio of Interest-Bearing Debt to Stockholder’s Equity​​​CASH FLOWS2024, 2023, and 2022​​​​​​​​​​​​​​2024​2023​2022​Net cash provided by operating activities​$ 9,231​$ 8,589​$ 4,699​Net cash used for investing activities​​ (6,464)​​ (8,749)​​ (8,485)​Net cash provided by (used for) financing activities​​ (2,717)​​ 2,808​​ 826​Effect of exchange rate changes on cash, cash equivalents, and restricted cash​​ (37)​​ 31​​ (224)​Net increase (decrease) in cash, cash equivalents, and restricted cash​$ 13​$ 2,679​$ (3,184)​​Cash inflows from operating activities were $9.2 billion in 2024, driven by net income adjusted for non-cash provisions and lower inventories and receivables from a decline in sales. These items were partially offset by a decrease in vendor payables and a reduction in dealer sales incentive accruals. Cash outflows from investing activities were $6.5 billion in 2024 due to growth in the financing receivable and lease portfolios and capital expenditures.Cash outflows from financing activities were $2.7 billion in 2024, as repurchases of common stock and dividends paid were partially offset by higher borrowings.Cash Returned to ShareholdersCash returned to shareholders decreased $3.0 billion in 2024 as we managed cash flows through the declining business cycle in accordance with our use-of-cash priorities.​​DEBT RATINGS​To access public debt capital markets, we rely on credit rating agencies to assign short-term and long-term credit ratings to our debt securities as an indicator of credit quality for fixed income investors. A security rating is not a recommendation by the rating agency to buy, sell, or hold our securities. A credit rating agency may change or withdraw ratings based on its assessment of our current and future ability to meet interest and principal repayment obligations. Each agency’s rating should be evaluated independently of any other rating. Lower credit ratings generally"
    },
    {
      "status": "MODIFIED",
      "current_title": "2024 compared to 2023",
      "prior_title": "2024 compared to 2023",
      "similarity_score": 0.723,
      "confidence": "medium",
      "key_changes": [
        "Reworded sentence: \"Please refer to the “Management’s Discussion and Analysis” section of our 2024 Form 10-K.\"",
        "Reworded sentence: \"We are forecasting lower operating cash flows from equipment operations in 2026 compared with 2025, driven by a decrease in net income adjusted for non-cash provisions, partially offset by higher cash flows generated from inventory reductions.\"",
        "Reworded sentence: \"The financial services operations rely on their ability to raise substantial amounts of funds to finance their receivable and lease portfolios.\""
      ],
      "current_body": "Please refer to the “Management’s Discussion and Analysis” section of our 2024 Form 10-K. 2024 Form 10-K ​​CAPITAL RESOURCES AND LIQUIDITY2025 compared to 2024We have access to global markets at a reasonable cost. Sources of liquidity include: ●cash, cash equivalents, and marketable securities on hand ●funds from operations●the issuance of commercial paper and term debt●the securitization of retail notes●bank lines of creditWe closely monitor our cash requirements. Based on the available sources of liquidity, we expect to meet our funding needs in the short term (next 12 months) and long term (beyond 12 months). We are forecasting lower operating cash flows from equipment operations in 2026 compared with 2025, driven by a decrease in net income adjusted for non-cash provisions, partially offset by higher cash flows generated from inventory reductions. We operate in multiple industries, which have unique funding requirements. The equipment operations are capital intensive. Historically, these operations have been subject to seasonal variations in financing requirements for inventories and receivables from dealers. The financial services operations rely on their ability to raise substantial amounts of funds to finance their receivable and lease portfolios. Key Metrics and Balance Sheet ChangesCash, Cash Equivalents, and Marketable Securities ●Cash, cash equivalents, and marketable securities increased to maintain liquidity and improve leverage.●See the detailed cash flow discussion in the next section.Trade Accounts and Notes Receivable – Net●Receivables are generated from the sales of goods and services to customers. ●Limited change driven by flat sales in the second half of the year compared to prior period. ●3% of receivables were outstanding for periods exceeding 12 months, reflecting a decrease from the prior year.Financing Receivables and Equipment on Operating Leases●The decrease is primarily due to lower retail sales.●Acquisition volumes were down 13% compared to the prior period. ​ ​ ​ ​ ​ ​",
      "prior_body": "​ Each equipment operations segment experienced lower shipment volumes partially offset by price realization during 2024. Rising global grain stocks, lower commodity prices, elevated interest rates, and the effect of inventory management contributed to lower shipment volumes for large and small agriculture. Declines in housing starts, decreases in rental purchases, lower levels of commercial real estate construction, and the effect of inventory management contributed to lower shipment volumes for construction equipment. Production costs were favorable in 2024 due to lower material and employee profit-sharing incentives costs, partially offset by higher manufacturing overhead costs driven by lower volumes and production inefficiencies."
    },
    {
      "status": "MODIFIED",
      "current_title": "We rely on a network of independent dealers to manage the distribution of our products and services. If our dealers are unsuccessful with their sales and business operations, it could have an adverse effect on our overall sales and revenue.",
      "prior_title": "We may be unable to accurately forecast customer demand for products and services, and to adequately manage inventory, which could adversely affect our operating results.",
      "similarity_score": 0.72,
      "confidence": "medium",
      "key_changes": [
        "Reworded sentence: \"We rely on the capability of our dealers to develop and implement effective sales plans to create demand among purchasers for the equipment and related products and services they purchase from us.\"",
        "Reworded sentence: \"When the total inventory levels of our dealers are higher than they desire, dealers have postponed equipment purchases from us, and could continue to postpone purchases in the future, which could cause our sales to be lower and negatively impact our results.\"",
        "Reworded sentence: \"In addition, the dealer channel’s ability to support and service new technologies may affect customers’ acceptance and adoption rates of these products.\"",
        "Reworded sentence: \"20 20 20 Table of ContentsFurthermore, dealers may exit, or we may seek to terminate relationships with certain dealers if they are unable to meet customer needs.\"",
        "Reworded sentence: \"We may not realize the anticipated benefits of acquisitions, joint ventures, and divestitures, or these benefits may take longer to realize than expected.\""
      ],
      "current_body": "We rely on the capability of our dealers to develop and implement effective sales plans to create demand among purchasers for the equipment and related products and services they purchase from us. If our dealers are unsuccessful in these endeavors, we will be unable to increase our sales and revenue, which would have an adverse effect on our financial condition. Our dealers carry inventories of finished products as part of their operations and adjust those inventories based on future needs and market conditions, including the level of used equipment inventory. When the total inventory levels of our dealers are higher than they desire, dealers have postponed equipment purchases from us, and could continue to postpone purchases in the future, which could cause our sales to be lower and negatively impact our results. Similarly, our results could be negatively impacted through the loss of time-sensitive sales if our dealers do not maintain inventory levels sufficient to meet customer demand. In addition, the dealer channel’s ability to support and service new technologies may affect customers’ acceptance and adoption rates of these products. The unavailability of specialized technicians to service our equipment may result in overburdening dealers’ servicing capacity. 20 20 20 Table of ContentsFurthermore, dealers may exit, or we may seek to terminate relationships with certain dealers if they are unable to meet customer needs. The unplanned loss of any of our dealers could lead to inadequate market coverage or negative customer impressions and may adversely impact our ability to collect receivables and generate new sales that are associated with that dealer. Dealers could also have trouble funding their day-to-day cash flow needs and paying their obligations due to adverse business conditions resulting from negative economic effects or other factors. We may not realize the anticipated benefits of acquisitions, joint ventures, and divestitures, or these benefits may take longer to realize than expected. From time to time, we make strategic acquisitions and divestitures and participate in joint ventures. Acquisitions and joint ventures we have entered into, or may enter into in the future, may involve significant challenges and risks, including that the acquisitions or joint ventures do not advance our business strategy, or fail to produce satisfactory returns on investment. Other risks include:●difficulties integrating acquisitions with our operations, applying internal control processes to these acquisitions (including those related to cybersecurity), managing strategic investments, assimilating new capabilities to meet the future needs of our businesses, and/or combining business cultures;●regulatory or compliance exposure until appropriate processes and controls are implemented;●integration costs and significant attention from management and personnel; ●failing to realize the anticipated benefits of acquisitions or joint ventures, or realized benefits being significantly delayed, including because the technologies or products acquired may not be complementary or compatible with our business strategy or product portfolio, may not broaden our market position, product portfolio or footprint, or enhance our ability to deliver value to our customers; and ●due diligence evaluations of potential transactions not identifying all of the business, legal, compliance, and financial risks to accurately estimate the impact of a particular acquisition or joint venture, including potential exposure to regulatory sanctions resulting from an acquisition target’s previous activities or costs associated with any quality issues with an acquisition target’s products or services. Our reputation and brand could be damaged by negative publicity. Our brand has worldwide recognition and contributes to the success of our business. Our reputation is critical for growing our customer base. Our brand depends on the ability to maintain a positive customer perception of the business. Negative claims or publicity across media channels involving us, our products or services, our culture and values, our stance on environmental, social, and governance topics, customer data, or any of our key employees or suppliers, may damage our reputation and brand image, regardless of whether such claims are accurate. Furthermore, our shareholders, customers, and other stakeholders have evolving, varied and often conflicting expectations regarding our culture, values, and our business, which makes it difficult to achieve a uniform positive perception amongst all stakeholders. Additionally, negative or inaccurate postings, articles, or comments on social media, the internet, or the press about us have generated, and could continue to generate negative publicity that damages the reputation of our brand. For example, we have experienced negative social media campaigns related to our approach to diversity and inclusion, our customers’ right to maintain and safely repair their equipment, including with respect to our Memorandum of Understanding with the American Farm Bureau Federation, reductions in workforce, and production relocation. Further, adverse publicity about regulatory or legal action against us, or legal proceedings initiated by us, also damages our reputation and brand image, undermining customer confidence, and reducing long-term demand for equipment, even if the regulatory or legal action is unfounded or not material to our operations. If the reputation, culture, or image of our brands are damaged, or we receive negative publicity, then our sales and financial condition, and results of operations could be materially and adversely affected. TALENT RISKS Our ability to attract, develop, engage, and retain qualified employees could affect our ability to execute our strategy.Our continued success depends, in part, on our ability to identify and attract qualified candidates with the requisite education, background, and experience, as well as our ability to develop, engage, and retain qualified employees. Failure to attract, develop, engage, and retain qualified employees, difficulty in recruiting new employees, perceived or actual erosion of our culture, or inadequate resources to train, integrate, and retain qualified employees, could impair our ability to execute our business strategy and could adversely affect our business, results of operations, and financial condition. In addition, our culture and our values have been important contributors to our success to date and we believe promote a sense of pride and fulfillment in our employees. Failure to preserve our culture or focus on our values could negatively affect our ability to retain and recruit talent. 21 Table of Contents Table of Contents Table of Contents Furthermore, dealers may exit, or we may seek to terminate relationships with certain dealers if they are unable to meet customer needs. The unplanned loss of any of our dealers could lead to inadequate market coverage or negative customer impressions and may adversely impact our ability to collect receivables and generate new sales that are associated with that dealer. Dealers could also have trouble funding their day-to-day cash flow needs and paying their obligations due to adverse business conditions resulting from negative economic effects or other factors. We may not realize the anticipated benefits of acquisitions, joint ventures, and divestitures, or these benefits may take longer to realize than expected. From time to time, we make strategic acquisitions and divestitures and participate in joint ventures. Acquisitions and joint ventures we have entered into, or may enter into in the future, may involve significant challenges and risks, including that the acquisitions or joint ventures do not advance our business strategy, or fail to produce satisfactory returns on investment. Other risks include:●difficulties integrating acquisitions with our operations, applying internal control processes to these acquisitions (including those related to cybersecurity), managing strategic investments, assimilating new capabilities to meet the future needs of our businesses, and/or combining business cultures;●regulatory or compliance exposure until appropriate processes and controls are implemented;●integration costs and significant attention from management and personnel; ●failing to realize the anticipated benefits of acquisitions or joint ventures, or realized benefits being significantly delayed, including because the technologies or products acquired may not be complementary or compatible with our business strategy or product portfolio, may not broaden our market position, product portfolio or footprint, or enhance our ability to deliver value to our customers; and ●due diligence evaluations of potential transactions not identifying all of the business, legal, compliance, and financial risks to accurately estimate the impact of a particular acquisition or joint venture, including potential exposure to regulatory sanctions resulting from an acquisition target’s previous activities or costs associated with any quality issues with an acquisition target’s products or services. Our reputation and brand could be damaged by negative publicity. Our brand has worldwide recognition and contributes to the success of our business. Our reputation is critical for growing our customer base. Our brand depends on the ability to maintain a positive customer perception of the business. Negative claims or publicity across media channels involving us, our products or services, our culture and values, our stance on environmental, social, and governance topics, customer data, or any of our key employees or suppliers, may damage our reputation and brand image, regardless of whether such claims are accurate. Furthermore, our shareholders, customers, and other stakeholders have evolving, varied and often conflicting expectations regarding our culture, values, and our business, which makes it difficult to achieve a uniform positive perception amongst all stakeholders. Additionally, negative or inaccurate postings, articles, or comments on social media, the internet, or the press about us have generated, and could continue to generate negative publicity that damages the reputation of our brand. For example, we have experienced negative social media campaigns related to our approach to diversity and inclusion, our customers’ right to maintain and safely repair their equipment, including with respect to our Memorandum of Understanding with the American Farm Bureau Federation, reductions in workforce, and production relocation. Further, adverse publicity about regulatory or legal action against us, or legal proceedings initiated by us, also damages our reputation and brand image, undermining customer confidence, and reducing long-term demand for equipment, even if the regulatory or legal action is unfounded or not material to our operations. If the reputation, culture, or image of our brands are damaged, or we receive negative publicity, then our sales and financial condition, and results of operations could be materially and adversely affected. TALENT RISKS Our ability to attract, develop, engage, and retain qualified employees could affect our ability to execute our strategy.Our continued success depends, in part, on our ability to identify and attract qualified candidates with the requisite education, background, and experience, as well as our ability to develop, engage, and retain qualified employees. Failure to attract, develop, engage, and retain qualified employees, difficulty in recruiting new employees, perceived or actual erosion of our culture, or inadequate resources to train, integrate, and retain qualified employees, could impair our ability to execute our business strategy and could adversely affect our business, results of operations, and financial condition. In addition, our culture and our values have been important contributors to our success to date and we believe promote a sense of pride and fulfillment in our employees. Failure to preserve our culture or focus on our values could negatively affect our ability to retain and recruit talent. Furthermore, dealers may exit, or we may seek to terminate relationships with certain dealers if they are unable to meet customer needs. The unplanned loss of any of our dealers could lead to inadequate market coverage or negative customer impressions and may adversely impact our ability to collect receivables and generate new sales that are associated with that dealer. Dealers could also have trouble funding their day-to-day cash flow needs and paying their obligations due to adverse business conditions resulting from negative economic effects or other factors.",
      "prior_body": "To ensure adequate inventory supply, we must forecast inventory needs and expenses and place orders sufficiently in advance with suppliers and contract manufacturers. These forecasts are based on estimates of future demand for products and services. Failure to accurately forecast our needs may result in unmet market demand, parts shortages, manufacturing delays or inefficiencies, increased costs, or excess inventory, such as what we experienced in fiscal year 2022 due to supply chain disruptions. Our ability to accurately forecast demand could be affected by many factors, including changes in customer demand for our products and services, changes in 17 17 17 Table of Contentsdemand for the products and services of competitors, unanticipated changes in general market conditions, and the weakening of economic conditions or customer confidence in future economic conditions. If the forecasts used to manage inventory are not accurate, we may experience excess inventory levels, shortage of available products, or reduced manufacturing efficiencies.We rely on a network of independent dealers to manage the distribution of our products and services. If our dealers are unsuccessful with their sales and business operations, it could have an adverse effect on our overall sales and revenue. We rely on the capability of our dealers to develop and implement effective sales plans to create demand among purchasers for the equipment and related products and services that dealers purchase from us. If our dealers are unsuccessful in these endeavors, we will be unable to grow our sales and revenue, which would have an adverse effect on our financial condition. Our dealers carry inventories of finished products as part of their operations and adjust those inventories based on future needs and market conditions, including the level of used equipment inventory. If the inventory levels of our dealers are higher than they desire, they may postpone equipment purchases from us, which could cause our sales to be lower and negatively impact our results. Similarly, our results could be negatively impacted through the loss of time-sensitive sales if our dealers do not maintain inventory levels sufficient to meet customer demand. In addition, the dealer channel’s ability to support and service precision technology solutions and emerging power solutions may affect customers’ acceptance and adoption rates of these products. The unavailability of specialized technicians to service our equipment may result in overburdening dealers’ servicing capacity. Dealers may exit or we may seek to terminate relationships with certain dealers if they are unable to meet customer needs. The unplanned loss of any of our dealers could lead to inadequate market coverage or negative customer impressions, and may adversely impact our ability to collect receivables that are associated with that dealer. Dealers could also have trouble funding their day-to-day cash flow needs and paying their obligations due to adverse business conditions resulting from negative economic effects or other factors. We may not realize anticipated benefits of acquisitions, joint ventures, and divestitures, or these benefits may take longer to realize than expected. From time to time, we make strategic acquisitions and divestitures and participate in joint ventures. Acquisitions and joint ventures we have entered into, or may enter into in the future, may involve significant challenges and risks, including that the acquisitions or joint ventures do not advance our business strategy, or fail to produce satisfactory returns on investment. Other risks include:●We may encounter difficulties integrating acquisitions with our operations, applying internal control processes to these acquisitions, including those related to cybersecurity, managing strategic investments, assimilating new capabilities to meet the future needs of our businesses, and/or combining business cultures;●We face regulatory or compliance exposure until appropriate processes and controls are put in place;●Integrating acquisitions is often costly and may require significant attention from management and personnel; ●We may not realize all the anticipated benefits of acquisitions or joint ventures, or the realized benefits may be significantly delayed; for example, our joint venture with Bradesco in Brazil with respect to Banco John Deere S.A. may not have the expected result of reducing our incremental risk as we aim to grow in the Brazilian market; and●Due diligence evaluations of potential transactions include business, legal, compliance, and financial reviews with the goal of identifying and evaluating the material risks involved. These due diligence reviews may not identify all of the issues necessary to accurately estimate the cost and potential risks of a particular acquisition or joint venture, including potential exposure to regulatory sanctions resulting from an acquisition target’s or joint venture partner’s previous activities or costs associated with any quality issues with an acquisition target’s or joint venture’s products or services. We may also decide to divest businesses and terminate joint ventures before their stated expiration. Divestitures of businesses or dissolutions of joint ventures may involve significant challenges and risks, including failure to advance our business strategy, costs and disruptions to us, and negative effects on our product offerings, which may adversely affect our business, results of operations, and financial condition. Divestitures of businesses and dissolutions of joint ventures may result in ongoing financial or legal involvement in the divested business through indemnifications or other financial arrangements, such as retained liabilities, which could affect our future financial results. Our reputation and brand could be damaged by negative publicity. Our brand has worldwide recognition and contributes to the success of our business. Our reputation is critical to growing our customer base. Our brand depends on the ability to maintain a positive customer perception of the business. Negative claims or publicity 18 Table of Contents Table of Contents Table of Contents demand for the products and services of competitors, unanticipated changes in general market conditions, and the weakening of economic conditions or customer confidence in future economic conditions. If the forecasts used to manage inventory are not accurate, we may experience excess inventory levels, shortage of available products, or reduced manufacturing efficiencies.We rely on a network of independent dealers to manage the distribution of our products and services. If our dealers are unsuccessful with their sales and business operations, it could have an adverse effect on our overall sales and revenue. We rely on the capability of our dealers to develop and implement effective sales plans to create demand among purchasers for the equipment and related products and services that dealers purchase from us. If our dealers are unsuccessful in these endeavors, we will be unable to grow our sales and revenue, which would have an adverse effect on our financial condition. Our dealers carry inventories of finished products as part of their operations and adjust those inventories based on future needs and market conditions, including the level of used equipment inventory. If the inventory levels of our dealers are higher than they desire, they may postpone equipment purchases from us, which could cause our sales to be lower and negatively impact our results. Similarly, our results could be negatively impacted through the loss of time-sensitive sales if our dealers do not maintain inventory levels sufficient to meet customer demand. In addition, the dealer channel’s ability to support and service precision technology solutions and emerging power solutions may affect customers’ acceptance and adoption rates of these products. The unavailability of specialized technicians to service our equipment may result in overburdening dealers’ servicing capacity. Dealers may exit or we may seek to terminate relationships with certain dealers if they are unable to meet customer needs. The unplanned loss of any of our dealers could lead to inadequate market coverage or negative customer impressions, and may adversely impact our ability to collect receivables that are associated with that dealer. Dealers could also have trouble funding their day-to-day cash flow needs and paying their obligations due to adverse business conditions resulting from negative economic effects or other factors. We may not realize anticipated benefits of acquisitions, joint ventures, and divestitures, or these benefits may take longer to realize than expected. From time to time, we make strategic acquisitions and divestitures and participate in joint ventures. Acquisitions and joint ventures we have entered into, or may enter into in the future, may involve significant challenges and risks, including that the acquisitions or joint ventures do not advance our business strategy, or fail to produce satisfactory returns on investment. Other risks include:●We may encounter difficulties integrating acquisitions with our operations, applying internal control processes to these acquisitions, including those related to cybersecurity, managing strategic investments, assimilating new capabilities to meet the future needs of our businesses, and/or combining business cultures;●We face regulatory or compliance exposure until appropriate processes and controls are put in place;●Integrating acquisitions is often costly and may require significant attention from management and personnel; ●We may not realize all the anticipated benefits of acquisitions or joint ventures, or the realized benefits may be significantly delayed; for example, our joint venture with Bradesco in Brazil with respect to Banco John Deere S.A. may not have the expected result of reducing our incremental risk as we aim to grow in the Brazilian market; and●Due diligence evaluations of potential transactions include business, legal, compliance, and financial reviews with the goal of identifying and evaluating the material risks involved. These due diligence reviews may not identify all of the issues necessary to accurately estimate the cost and potential risks of a particular acquisition or joint venture, including potential exposure to regulatory sanctions resulting from an acquisition target’s or joint venture partner’s previous activities or costs associated with any quality issues with an acquisition target’s or joint venture’s products or services. We may also decide to divest businesses and terminate joint ventures before their stated expiration. Divestitures of businesses or dissolutions of joint ventures may involve significant challenges and risks, including failure to advance our business strategy, costs and disruptions to us, and negative effects on our product offerings, which may adversely affect our business, results of operations, and financial condition. Divestitures of businesses and dissolutions of joint ventures may result in ongoing financial or legal involvement in the divested business through indemnifications or other financial arrangements, such as retained liabilities, which could affect our future financial results. Our reputation and brand could be damaged by negative publicity. Our brand has worldwide recognition and contributes to the success of our business. Our reputation is critical to growing our customer base. Our brand depends on the ability to maintain a positive customer perception of the business. Negative claims or publicity demand for the products and services of competitors, unanticipated changes in general market conditions, and the weakening of economic conditions or customer confidence in future economic conditions. If the forecasts used to manage inventory are not accurate, we may experience excess inventory levels, shortage of available products, or reduced manufacturing efficiencies.We rely on a network of independent dealers to manage the distribution of our products and services. If our dealers are unsuccessful with their sales and business operations, it could have an adverse effect on our overall sales and revenue. We rely on the capability of our dealers to develop and implement effective sales plans to create demand among purchasers for the equipment and related products and services that dealers purchase from us. If our dealers are unsuccessful in these endeavors, we will be unable to grow our sales and revenue, which would have an adverse effect on our financial condition. Our dealers carry inventories of finished products as part of their operations and adjust those inventories based on future needs and market conditions, including the level of used equipment inventory. If the inventory levels of our dealers are higher than they desire, they may postpone equipment purchases from us, which could cause our sales to be lower and negatively impact our results. Similarly, our results could be negatively impacted through the loss of time-sensitive sales if our dealers do not maintain inventory levels sufficient to meet customer demand. In addition, the dealer channel’s ability to support and service precision technology solutions and emerging power solutions may affect customers’ acceptance and adoption rates of these products. The unavailability of specialized technicians to service our equipment may result in overburdening dealers’ servicing capacity. Dealers may exit or we may seek to terminate relationships with certain dealers if they are unable to meet customer needs. The unplanned loss of any of our dealers could lead to inadequate market coverage or negative customer impressions, and may adversely impact our ability to collect receivables that are associated with that dealer. Dealers could also have trouble funding their day-to-day cash flow needs and paying their obligations due to adverse business conditions resulting from negative economic effects or other factors. We may not realize anticipated benefits of acquisitions, joint ventures, and divestitures, or these benefits may take longer to realize than expected. From time to time, we make strategic acquisitions and divestitures and participate in joint ventures. Acquisitions and joint ventures we have entered into, or may enter into in the future, may involve significant challenges and risks, including that the acquisitions or joint ventures do not advance our business strategy, or fail to produce satisfactory returns on investment. Other risks include:●We may encounter difficulties integrating acquisitions with our operations, applying internal control processes to these acquisitions, including those related to cybersecurity, managing strategic investments, assimilating new capabilities to meet the future needs of our businesses, and/or combining business cultures;●We face regulatory or compliance exposure until appropriate processes and controls are put in place;●Integrating acquisitions is often costly and may require significant attention from management and personnel; ●We may not realize all the anticipated benefits of acquisitions or joint ventures, or the realized benefits may be significantly delayed; for example, our joint venture with Bradesco in Brazil with respect to Banco John Deere S.A. may not have the expected result of reducing our incremental risk as we aim to grow in the Brazilian market; and●Due diligence evaluations of potential transactions include business, legal, compliance, and financial reviews with the goal of identifying and evaluating the material risks involved. These due diligence reviews may not identify all of the issues necessary to accurately estimate the cost and potential risks of a particular acquisition or joint venture, including potential exposure to regulatory sanctions resulting from an acquisition target’s or joint venture partner’s previous activities or costs associated with any quality issues with an acquisition target’s or joint venture’s products or services. We may also decide to divest businesses and terminate joint ventures before their stated expiration. Divestitures of businesses or dissolutions of joint ventures may involve significant challenges and risks, including failure to advance our business strategy, costs and disruptions to us, and negative effects on our product offerings, which may adversely affect our business, results of operations, and financial condition. Divestitures of businesses and dissolutions of joint ventures may result in ongoing financial or legal involvement in the divested business through indemnifications or other financial arrangements, such as retained liabilities, which could affect our future financial results. Our reputation and brand could be damaged by negative publicity. Our brand has worldwide recognition and contributes to the success of our business. Our reputation is critical to growing our customer base. Our brand depends on the ability to maintain a positive customer perception of the business. Negative claims or publicity demand for the products and services of competitors, unanticipated changes in general market conditions, and the weakening of economic conditions or customer confidence in future economic conditions. If the forecasts used to manage inventory are not accurate, we may experience excess inventory levels, shortage of available products, or reduced manufacturing efficiencies."
    },
    {
      "status": "MODIFIED",
      "current_title": "Our ability to attract, develop, engage, and retain qualified employees could affect our ability to execute our strategy.",
      "prior_title": "Our reputation and brand could be damaged by negative publicity.",
      "similarity_score": 0.698,
      "confidence": "medium",
      "key_changes": [
        "Reworded sentence: \"Our continued success depends, in part, on our ability to identify and attract qualified candidates with the requisite education, background, and experience, as well as our ability to develop, engage, and retain qualified employees.\"",
        "Reworded sentence: \"21 21 21 Table of ContentsWhile we strive to reduce the impact of the departure of employees, our operations or ability to execute our business strategy may be affected by the loss of employees, including in connection with reductions in workforce.\"",
        "Reworded sentence: \"Additionally, we collect and store confidential data, including intellectual property, proprietary business information, and the proprietary business information of our customers, suppliers, and dealers, as well as personal data of our customers and employees in data centers, which are often owned by third parties and maintained on their information technology networks.\"",
        "Reworded sentence: \"Additionally, we collect and store confidential data, including intellectual property, proprietary business information, and the proprietary business information of our customers, suppliers, and dealers, as well as personal data of our customers and employees in data centers, which are often owned by third parties and maintained on their information technology networks.\""
      ],
      "current_body": "Our continued success depends, in part, on our ability to identify and attract qualified candidates with the requisite education, background, and experience, as well as our ability to develop, engage, and retain qualified employees. Failure to attract, develop, engage, and retain qualified employees, difficulty in recruiting new employees, perceived or actual erosion of our culture, or inadequate resources to train, integrate, and retain qualified employees, could impair our ability to execute our business strategy and could adversely affect our business, results of operations, and financial condition. In addition, our culture and our values have been important contributors to our success to date and we believe promote a sense of pride and fulfillment in our employees. Failure to preserve our culture or focus on our values could negatively affect our ability to retain and recruit talent. 21 21 21 Table of ContentsWhile we strive to reduce the impact of the departure of employees, our operations or ability to execute our business strategy may be affected by the loss of employees, including in connection with reductions in workforce. Reductions may adversely affect us as a result of decreased employee morale, the loss of institutional knowledge, the allocation of resources to reorganize and reassign job roles and responsibilities, and the increased risk of litigation from former employees.Our business may be adversely affected by any disruptions caused by union activities.Many of our production and maintenance employees are represented by labor unions under various collective bargaining agreements with different expiration dates. There is no certainty that we will successfully negotiate new agreements with these unions that extend beyond the current expiration dates, or that these new agreements will be on terms that will allow us to be competitive. Our failure to successfully renegotiate labor agreements as they expire has, from time to time led, and could in the future lead, to work stoppages or other disputes with labor unions. Any strike, work stoppage, or other dispute with a labor union distracts management from operating the business, may displace employees from ordinary job positions to fill in vacant positions, may affect our reputation, and could adversely affect our business, results of operations, and financial condition. In addition, additional employees may choose to join or seek recognition for forming a labor union. If additional employees organize in the future, such employees may threaten and/or engage in work stoppages or organize campaigns. The outcomes from such actions may affect our reputation, and could adversely affect our business, results of operations, and financial condition. CYBERSECURITY AND DIGITAL RISKS Security breaches and other disruptions to our information technology infrastructure could interfere with our operations and could compromise our information as well as information about our employees, customers, suppliers, and/or dealers, exposing us to liability that could cause our business and reputation to suffer.We rely upon information technology networks and systems, some of which are managed by third parties, to process, transmit, and store electronic information and to manage or support a variety of products within our portfolio, business processes and activities, including supporting our customers’ operations, products and solutions, supply chain, manufacturing, distribution, invoicing, and collection of payments from customers and dealers. We use information technology systems to record, process, and summarize financial information and results of operations for internal reporting purposes and to comply with regulatory financial reporting, legal, and tax requirements. Additionally, we collect and store confidential data, including intellectual property, proprietary business information, and the proprietary business information of our customers, suppliers, and dealers, as well as personal data of our customers and employees in data centers, which are often owned by third parties and maintained on their information technology networks. In particular, the John Deere Operations Center™, our digital management system that allows customers to access farm and jobsite information through their devices, stores substantial volumes of data at the edge and within cloud environments. This data is used to assist and support our customers’ operations and machines, and to enhance and develop our product offerings, including the development of machine learning, large language models and SaaS products. The secure operation of these information technology networks, and the processing and maintenance of this information, are critical to our business operations and strategy.Despite security measures designed to discover and address potential vulnerabilities, our information technology networks and infrastructure have been and may continue to be vulnerable to: (i) intrusion, (ii) exfiltration of data, (iii) damage, (iv) disruptions or shutdowns due to attacks by cyber criminals or foreign state actors, (v) employees’, suppliers’, or dealers’ error or malfeasance, (vi) supply chain compromise, (vii) disruptions during the process of upgrading or replacing computer software or hardware, (viii) power and systems outages, (ix) computer viruses, (x) ransomware or other malware, (xi) telecommunication or utility failures, (xii) terrorist acts, (xiii) natural disasters, (xiv) and other events. Our reliance on cloud-based systems owned by third parties creates particular risks. Because we do not control the underlying infrastructure, we depend on the security and reliability of third-party providers, and any outage, misconfiguration, or loss of data could compromise the integrity of our and our customers’ operations and impair the execution of our business strategy and the achievement of our goals.Although we have not suffered any significant cyber incidents that have resulted in material business impact, we have from time to time been, and expect to continue to be, the target of malicious cyber threat actors. The occurrence of any significant event could compromise our networks, and the information stored there could be accessed, obtained, publicly disclosed, lost, altered, misused, or stolen. Any such access, acquisition, disclosure, alteration, misuse, or other loss of information could result in legal claims or proceedings, government investigations, liability or regulatory penalties, disruption or shut down of our operations, disruption or shut down of our dealers’ and customers’ operations, and damage to our reputation, which could adversely affect our business, results of 22 Table of Contents Table of Contents Table of Contents While we strive to reduce the impact of the departure of employees, our operations or ability to execute our business strategy may be affected by the loss of employees, including in connection with reductions in workforce. Reductions may adversely affect us as a result of decreased employee morale, the loss of institutional knowledge, the allocation of resources to reorganize and reassign job roles and responsibilities, and the increased risk of litigation from former employees.Our business may be adversely affected by any disruptions caused by union activities.Many of our production and maintenance employees are represented by labor unions under various collective bargaining agreements with different expiration dates. There is no certainty that we will successfully negotiate new agreements with these unions that extend beyond the current expiration dates, or that these new agreements will be on terms that will allow us to be competitive. Our failure to successfully renegotiate labor agreements as they expire has, from time to time led, and could in the future lead, to work stoppages or other disputes with labor unions. Any strike, work stoppage, or other dispute with a labor union distracts management from operating the business, may displace employees from ordinary job positions to fill in vacant positions, may affect our reputation, and could adversely affect our business, results of operations, and financial condition. In addition, additional employees may choose to join or seek recognition for forming a labor union. If additional employees organize in the future, such employees may threaten and/or engage in work stoppages or organize campaigns. The outcomes from such actions may affect our reputation, and could adversely affect our business, results of operations, and financial condition. CYBERSECURITY AND DIGITAL RISKS Security breaches and other disruptions to our information technology infrastructure could interfere with our operations and could compromise our information as well as information about our employees, customers, suppliers, and/or dealers, exposing us to liability that could cause our business and reputation to suffer.We rely upon information technology networks and systems, some of which are managed by third parties, to process, transmit, and store electronic information and to manage or support a variety of products within our portfolio, business processes and activities, including supporting our customers’ operations, products and solutions, supply chain, manufacturing, distribution, invoicing, and collection of payments from customers and dealers. We use information technology systems to record, process, and summarize financial information and results of operations for internal reporting purposes and to comply with regulatory financial reporting, legal, and tax requirements. Additionally, we collect and store confidential data, including intellectual property, proprietary business information, and the proprietary business information of our customers, suppliers, and dealers, as well as personal data of our customers and employees in data centers, which are often owned by third parties and maintained on their information technology networks. In particular, the John Deere Operations Center™, our digital management system that allows customers to access farm and jobsite information through their devices, stores substantial volumes of data at the edge and within cloud environments. This data is used to assist and support our customers’ operations and machines, and to enhance and develop our product offerings, including the development of machine learning, large language models and SaaS products. The secure operation of these information technology networks, and the processing and maintenance of this information, are critical to our business operations and strategy.Despite security measures designed to discover and address potential vulnerabilities, our information technology networks and infrastructure have been and may continue to be vulnerable to: (i) intrusion, (ii) exfiltration of data, (iii) damage, (iv) disruptions or shutdowns due to attacks by cyber criminals or foreign state actors, (v) employees’, suppliers’, or dealers’ error or malfeasance, (vi) supply chain compromise, (vii) disruptions during the process of upgrading or replacing computer software or hardware, (viii) power and systems outages, (ix) computer viruses, (x) ransomware or other malware, (xi) telecommunication or utility failures, (xii) terrorist acts, (xiii) natural disasters, (xiv) and other events. Our reliance on cloud-based systems owned by third parties creates particular risks. Because we do not control the underlying infrastructure, we depend on the security and reliability of third-party providers, and any outage, misconfiguration, or loss of data could compromise the integrity of our and our customers’ operations and impair the execution of our business strategy and the achievement of our goals.Although we have not suffered any significant cyber incidents that have resulted in material business impact, we have from time to time been, and expect to continue to be, the target of malicious cyber threat actors. The occurrence of any significant event could compromise our networks, and the information stored there could be accessed, obtained, publicly disclosed, lost, altered, misused, or stolen. Any such access, acquisition, disclosure, alteration, misuse, or other loss of information could result in legal claims or proceedings, government investigations, liability or regulatory penalties, disruption or shut down of our operations, disruption or shut down of our dealers’ and customers’ operations, and damage to our reputation, which could adversely affect our business, results of While we strive to reduce the impact of the departure of employees, our operations or ability to execute our business strategy may be affected by the loss of employees, including in connection with reductions in workforce. Reductions may adversely affect us as a result of decreased employee morale, the loss of institutional knowledge, the allocation of resources to reorganize and reassign job roles and responsibilities, and the increased risk of litigation from former employees.",
      "prior_body": "Our brand has worldwide recognition and contributes to the success of our business. Our reputation is critical to growing our customer base. Our brand depends on the ability to maintain a positive customer perception of the business. Negative claims or publicity 18 18 18 Table of Contentsinvolving us, our products or services, our culture and values, our stance on environmental, social, and governance topics, customer data, or any of our key employees or suppliers, damages our reputation and brand image, regardless of whether such claims are accurate. Furthermore, our shareholders, customers, and other stakeholders have evolving, varied and often times conflicting expectations regarding our culture, values, and our business, which makes it difficult to achieve a uniform positive perception amongst all stakeholders. Additionally, negative or inaccurate postings, articles, or comments on social media, the internet, or the press about us have generated negative publicity that damages the reputation of our brand. For example, in fiscal year 2024, we experienced negative social media campaigns related to our approach to diversity and inclusion, our customers’ right to maintain and safely repair their equipment, including with respect to our Memorandum of Understanding with American Farm Bureau Federation, reductions in workforce, and production relocation. Further, adverse publicity about regulatory or legal action against us, or legal proceedings initiated by us, also damages our reputation and brand image, undermining customer confidence, and reducing long-term demand for equipment, even if the regulatory or legal action is unfounded or not material to our operations. If the reputation, culture, or image of our brands are damaged, or we receive negative publicity, then our sales, financial condition, and results of operations could be materially and adversely affected.TALENT RISKS Our ability to attract, develop, engage, and retain qualified employees could affect our ability to execute our strategy.Our continued success depends, in part, on our ability to identify and attract qualified candidates with the requisite education, background, and experience, as well as our ability to develop, engage, and retain qualified employees. Failure to attract, develop, engage, and retain qualified employees, whether as a result of an insufficient number of qualified applicants, difficulty in recruiting new employees, or inadequate resources to train, integrate, and retain qualified employees, could impair our ability to execute our business strategy and could adversely affect our business, results of operations, and financial condition. In addition, our culture and our values have been important contributors to our success to date and promote a sense of pride and fulfillment in our employees. Failure to preserve our culture or focus on our values could negatively affect our ability to retain and recruit talent. While we strive to reduce the impact of the departure of employees, our operations or ability to execute our business strategy may be affected by the loss of employees, such as in connection with the reduction in workforce we conducted in fiscal year 2024. This reduction may adversely affect us as a result of decreased employee morale, the loss of institutional knowledge held by departing employees, the allocation of resources to reorganize and reassign job roles and responsibilities, and the increased risk of litigation from former employees. In addition, we may not realize the expected cost savings from the reduction in workforce. We may also conduct other workforce reductions in the future, if deemed appropriate for our business.Disputes with labor unions may adversely affect our ability to operate in our facilities as well as impact our financial results. Many of our production and maintenance employees are represented by labor unions under various collective bargaining agreements with different expiration dates. Our failure to successfully renegotiate labor agreements as they expire has from time to time led, and could in the future lead, to work stoppages or other disputes with labor unions. Certain of our labor agreements expire as early as 2025. Disruptions to our manufacturing and parts-distribution facilities through various forms of labor disputes could adversely affect us. Any strike, work stoppage, or other dispute with a labor union distracts management from operating the business, may displace employees from ordinary job positions to fill in vacant positions, may affect our reputation, and could materially adversely affect our business, results of operations, and financial condition. DIGITAL RISKS Security breaches and other disruptions to our information technology infrastructure could interfere with our operations and could compromise our information as well as information of our employees, customers, suppliers, and/or dealers, exposing us to liability that could cause our business and reputation to suffer.In the ordinary course of business, we rely upon information technology networks and systems, some of which are managed by third parties, to process, transmit, and store electronic information and to manage or support a variety of business processes and activities, including supply chain, manufacturing, distribution, invoicing, and collection of payments from dealers and other purchasers of our equipment and from customers of the financial services segment. We use information technology systems to record, process, and summarize financial information and results of operations for internal reporting purposes and to comply with regulatory financial reporting, legal, and tax requirements. Additionally, we collect and store confidential data, including intellectual property, proprietary business information, and the proprietary business information of our customers, suppliers, and dealers, as well as personal data of our customers and employees in 19 Table of Contents Table of Contents Table of Contents involving us, our products or services, our culture and values, our stance on environmental, social, and governance topics, customer data, or any of our key employees or suppliers, damages our reputation and brand image, regardless of whether such claims are accurate. Furthermore, our shareholders, customers, and other stakeholders have evolving, varied and often times conflicting expectations regarding our culture, values, and our business, which makes it difficult to achieve a uniform positive perception amongst all stakeholders. Additionally, negative or inaccurate postings, articles, or comments on social media, the internet, or the press about us have generated negative publicity that damages the reputation of our brand. For example, in fiscal year 2024, we experienced negative social media campaigns related to our approach to diversity and inclusion, our customers’ right to maintain and safely repair their equipment, including with respect to our Memorandum of Understanding with American Farm Bureau Federation, reductions in workforce, and production relocation. Further, adverse publicity about regulatory or legal action against us, or legal proceedings initiated by us, also damages our reputation and brand image, undermining customer confidence, and reducing long-term demand for equipment, even if the regulatory or legal action is unfounded or not material to our operations. If the reputation, culture, or image of our brands are damaged, or we receive negative publicity, then our sales, financial condition, and results of operations could be materially and adversely affected.TALENT RISKS Our ability to attract, develop, engage, and retain qualified employees could affect our ability to execute our strategy.Our continued success depends, in part, on our ability to identify and attract qualified candidates with the requisite education, background, and experience, as well as our ability to develop, engage, and retain qualified employees. Failure to attract, develop, engage, and retain qualified employees, whether as a result of an insufficient number of qualified applicants, difficulty in recruiting new employees, or inadequate resources to train, integrate, and retain qualified employees, could impair our ability to execute our business strategy and could adversely affect our business, results of operations, and financial condition. In addition, our culture and our values have been important contributors to our success to date and promote a sense of pride and fulfillment in our employees. Failure to preserve our culture or focus on our values could negatively affect our ability to retain and recruit talent. While we strive to reduce the impact of the departure of employees, our operations or ability to execute our business strategy may be affected by the loss of employees, such as in connection with the reduction in workforce we conducted in fiscal year 2024. This reduction may adversely affect us as a result of decreased employee morale, the loss of institutional knowledge held by departing employees, the allocation of resources to reorganize and reassign job roles and responsibilities, and the increased risk of litigation from former employees. In addition, we may not realize the expected cost savings from the reduction in workforce. We may also conduct other workforce reductions in the future, if deemed appropriate for our business.Disputes with labor unions may adversely affect our ability to operate in our facilities as well as impact our financial results. Many of our production and maintenance employees are represented by labor unions under various collective bargaining agreements with different expiration dates. Our failure to successfully renegotiate labor agreements as they expire has from time to time led, and could in the future lead, to work stoppages or other disputes with labor unions. Certain of our labor agreements expire as early as 2025. Disruptions to our manufacturing and parts-distribution facilities through various forms of labor disputes could adversely affect us. Any strike, work stoppage, or other dispute with a labor union distracts management from operating the business, may displace employees from ordinary job positions to fill in vacant positions, may affect our reputation, and could materially adversely affect our business, results of operations, and financial condition. DIGITAL RISKS Security breaches and other disruptions to our information technology infrastructure could interfere with our operations and could compromise our information as well as information of our employees, customers, suppliers, and/or dealers, exposing us to liability that could cause our business and reputation to suffer.In the ordinary course of business, we rely upon information technology networks and systems, some of which are managed by third parties, to process, transmit, and store electronic information and to manage or support a variety of business processes and activities, including supply chain, manufacturing, distribution, invoicing, and collection of payments from dealers and other purchasers of our equipment and from customers of the financial services segment. We use information technology systems to record, process, and summarize financial information and results of operations for internal reporting purposes and to comply with regulatory financial reporting, legal, and tax requirements. Additionally, we collect and store confidential data, including intellectual property, proprietary business information, and the proprietary business information of our customers, suppliers, and dealers, as well as personal data of our customers and employees in involving us, our products or services, our culture and values, our stance on environmental, social, and governance topics, customer data, or any of our key employees or suppliers, damages our reputation and brand image, regardless of whether such claims are accurate. Furthermore, our shareholders, customers, and other stakeholders have evolving, varied and often times conflicting expectations regarding our culture, values, and our business, which makes it difficult to achieve a uniform positive perception amongst all stakeholders. Additionally, negative or inaccurate postings, articles, or comments on social media, the internet, or the press about us have generated negative publicity that damages the reputation of our brand. For example, in fiscal year 2024, we experienced negative social media campaigns related to our approach to diversity and inclusion, our customers’ right to maintain and safely repair their equipment, including with respect to our Memorandum of Understanding with American Farm Bureau Federation, reductions in workforce, and production relocation. Further, adverse publicity about regulatory or legal action against us, or legal proceedings initiated by us, also damages our reputation and brand image, undermining customer confidence, and reducing long-term demand for equipment, even if the regulatory or legal action is unfounded or not material to our operations. If the reputation, culture, or image of our brands are damaged, or we receive negative publicity, then our sales, financial condition, and results of operations could be materially and adversely affected.TALENT RISKS Our ability to attract, develop, engage, and retain qualified employees could affect our ability to execute our strategy.Our continued success depends, in part, on our ability to identify and attract qualified candidates with the requisite education, background, and experience, as well as our ability to develop, engage, and retain qualified employees. Failure to attract, develop, engage, and retain qualified employees, whether as a result of an insufficient number of qualified applicants, difficulty in recruiting new employees, or inadequate resources to train, integrate, and retain qualified employees, could impair our ability to execute our business strategy and could adversely affect our business, results of operations, and financial condition. In addition, our culture and our values have been important contributors to our success to date and promote a sense of pride and fulfillment in our employees. Failure to preserve our culture or focus on our values could negatively affect our ability to retain and recruit talent. While we strive to reduce the impact of the departure of employees, our operations or ability to execute our business strategy may be affected by the loss of employees, such as in connection with the reduction in workforce we conducted in fiscal year 2024. This reduction may adversely affect us as a result of decreased employee morale, the loss of institutional knowledge held by departing employees, the allocation of resources to reorganize and reassign job roles and responsibilities, and the increased risk of litigation from former employees. In addition, we may not realize the expected cost savings from the reduction in workforce. We may also conduct other workforce reductions in the future, if deemed appropriate for our business.Disputes with labor unions may adversely affect our ability to operate in our facilities as well as impact our financial results. Many of our production and maintenance employees are represented by labor unions under various collective bargaining agreements with different expiration dates. Our failure to successfully renegotiate labor agreements as they expire has from time to time led, and could in the future lead, to work stoppages or other disputes with labor unions. Certain of our labor agreements expire as early as 2025. Disruptions to our manufacturing and parts-distribution facilities through various forms of labor disputes could adversely affect us. Any strike, work stoppage, or other dispute with a labor union distracts management from operating the business, may displace employees from ordinary job positions to fill in vacant positions, may affect our reputation, and could materially adversely affect our business, results of operations, and financial condition. DIGITAL RISKS Security breaches and other disruptions to our information technology infrastructure could interfere with our operations and could compromise our information as well as information of our employees, customers, suppliers, and/or dealers, exposing us to liability that could cause our business and reputation to suffer.In the ordinary course of business, we rely upon information technology networks and systems, some of which are managed by third parties, to process, transmit, and store electronic information and to manage or support a variety of business processes and activities, including supply chain, manufacturing, distribution, invoicing, and collection of payments from dealers and other purchasers of our equipment and from customers of the financial services segment. We use information technology systems to record, process, and summarize financial information and results of operations for internal reporting purposes and to comply with regulatory financial reporting, legal, and tax requirements. Additionally, we collect and store confidential data, including intellectual property, proprietary business information, and the proprietary business information of our customers, suppliers, and dealers, as well as personal data of our customers and employees in involving us, our products or services, our culture and values, our stance on environmental, social, and governance topics, customer data, or any of our key employees or suppliers, damages our reputation and brand image, regardless of whether such claims are accurate. Furthermore, our shareholders, customers, and other stakeholders have evolving, varied and often times conflicting expectations regarding our culture, values, and our business, which makes it difficult to achieve a uniform positive perception amongst all stakeholders. Additionally, negative or inaccurate postings, articles, or comments on social media, the internet, or the press about us have generated negative publicity that damages the reputation of our brand. For example, in fiscal year 2024, we experienced negative social media campaigns related to our approach to diversity and inclusion, our customers’ right to maintain and safely repair their equipment, including with respect to our Memorandum of Understanding with American Farm Bureau Federation, reductions in workforce, and production relocation. Further, adverse publicity about regulatory or legal action against us, or legal proceedings initiated by us, also damages our reputation and brand image, undermining customer confidence, and reducing long-term demand for equipment, even if the regulatory or legal action is unfounded or not material to our operations. If the reputation, culture, or image of our brands are damaged, or we receive negative publicity, then our sales, financial condition, and results of operations could be materially and adversely affected."
    },
    {
      "status": "MODIFIED",
      "current_title": "Our global operations are subject to complex and changing laws and regulations, the violation of which could expose us to potential liabilities, increased costs, and other adverse effects.",
      "prior_title": "Our global operations are subject to complex and changing laws and regulations, the violation of which could expose us to potential liabilities, increased costs, and other adverse effects.",
      "similarity_score": 0.687,
      "confidence": "medium",
      "key_changes": [
        "Reworded sentence: \"We are subject to numerous international, federal, state, and local laws, regulations, and executive orders; many of which are complex, frequently changing, and subject to varying interpretations.\"",
        "Reworded sentence: \"Violations of these laws and regulations have resulted, and could result in the future, in criminal or civil sanctions and may have a material adverse effect on our reputation, business, results of operations, and financial condition.\"",
        "Reworded sentence: \"Climate change considerations have led to new international, national, regional, and local legislative and regulatory responses.\"",
        "Reworded sentence: \"These results would increase our operating costs through higher utility, transportation, and material costs and could prevent us from selling products into certain markets.\"",
        "Reworded sentence: \"On the other hand, conflicting views on environmental topics, including GHG emissions reduction goals or other commitments addressing certain climate issues, are becoming increasingly subject to scrutiny from private sectors and governmental authorities.\""
      ],
      "current_body": "We are subject to numerous international, federal, state, and local laws, regulations, and executive orders; many of which are complex, frequently changing, and subject to varying interpretations. 23 23 23 Table of ContentsThese laws, regulations, and executive orders cover a variety of subjects, including advertising, anti-money laundering, antitrust, autonomy systems, consumer finance, environmental, climate-related, health and safety, foreign exchange controls and cash repatriation restrictions, foreign ownership and investment, import/export and trade, human rights, labor and employment, product liability reporting, cybersecurity, data privacy, encryption, artificial intelligence, telecommunications, and drones. Changes to existing laws, regulations, executive orders, and enforcement priorities, changes to how they are interpreted, or the implementation of new, more stringent laws, regulations, and executive orders, could adversely affect our business by increasing compliance costs, limiting our ability to offer a product or service, requiring changes to our business practices, or otherwise making our products and services less attractive to customers. Failure to comply with these laws, regulations, and executive orders could result in fines and penalties. For example, in the U.S., we could lose government contracts and be subject to penalties if we fail to comply with executive orders. In addition, we must comply with the U.S. Foreign Corrupt Practices Act (FCPA) and all applicable foreign anti-bribery and anti-corruption laws. These laws generally prohibit companies and their intermediaries from making improper payments or providing anything of value to improperly influence government officials or private individuals for the purpose of obtaining or retaining a business advantage, regardless of whether those practices are culturally expected in a particular jurisdiction. Although we have a compliance program in place designed to reduce the likelihood of potential violations of these laws and regulations, our employees, contractors, or agents have violated, and in the future could violate such laws and regulations or our policies and procedures. Violations of these laws and regulations have resulted, and could result in the future, in criminal or civil sanctions and may have a material adverse effect on our reputation, business, results of operations, and financial condition. Governmental actions designed to address climate change based on the emergence of new technologies and business models in connection with the transition to a lower-carbon economy could adversely affect John Deere and our customers. Climate change considerations have led to new international, national, regional, and local legislative and regulatory responses. Various stakeholders, including legislators and regulators, shareholders, and non-governmental organizations, as well as companies in many business sectors, including us, are continuing to look for ways to reduce greenhouse gas (GHG) emissions. The regulation of GHG emissions from certain stationary or mobile sources or the imposition of carbon pricing mechanisms could result in additional costs to us in the form of taxes or emission allowances, required facilities improvements, research and development investments, and increased energy costs. These results would increase our operating costs through higher utility, transportation, and material costs and could prevent us from selling products into certain markets. Increased input costs, such as fuel and fertilizer, and compliance-related costs could also affect customer operations and demand for our equipment. Regulators in Europe and the U.S. have also focused efforts on increasing disclosures by companies related to climate change and mitigation efforts. These disclosure rules increase compliance burdens and associated regulatory costs. On the other hand, conflicting views on environmental topics, including GHG emissions reduction goals or other commitments addressing certain climate issues, are becoming increasingly subject to scrutiny from private sectors and governmental authorities. These conflicting views may impact our business and reputation. Further, our financial services segment is subject to additional international and national regulations relating to climate and environmental risk, which are continually evolving and could affect the financing operations and climate-risk processes developed by the segment.Legal proceedings, disputes and government inquiries and investigations could harm our business, financial condition, reputation, and brand.We routinely are a party to claims and legal actions and the subject of government inquiries and investigations, the most prevalent of which relate to antitrust (including class action litigation), product liability (including asbestos-related liability), employment, patent, and trademark. The defense of lawsuits and government inquiries and investigations have resulted and will continue to result in expenditures of significant financial resources and the diversion of management’s time and attention away from business operations. Adverse decisions in one or more of these claims, actions, inquiries, or investigations could require us to pay substantial damages, fines, or sanctions, undertake actions to modify our business model or services, initiate recall campaigns, or take other costly actions. It is therefore possible that legal judgments or investigations could give rise to expenses that are not covered, or not fully covered, by our insurance programs and could affect our financial position and results.We are currently subject to a consolidated multidistrict class action lawsuit in the Northern District of Illinois alleging that we have engaged in attempted monopolization, exclusionary conduct, and restraint of the market for repair services for John Deere brand agricultural equipment by limiting repair resources only to our authorized technicians or independent authorized John Deere dealers. In addition, the Federal Trade Commission (FTC) and the Attorneys General of the States of Arizona, Illinois, Michigan, Minnesota, and Wisconsin filed a lawsuit against us in the United States District Court for the Northern District of Illinois Western Division alleging similar claims. See Item 3 Legal Proceedings. The development and resolution of these matters could have a material adverse effect on our business, operations, and financial results.24 Table of Contents Table of Contents Table of Contents These laws, regulations, and executive orders cover a variety of subjects, including advertising, anti-money laundering, antitrust, autonomy systems, consumer finance, environmental, climate-related, health and safety, foreign exchange controls and cash repatriation restrictions, foreign ownership and investment, import/export and trade, human rights, labor and employment, product liability reporting, cybersecurity, data privacy, encryption, artificial intelligence, telecommunications, and drones. Changes to existing laws, regulations, executive orders, and enforcement priorities, changes to how they are interpreted, or the implementation of new, more stringent laws, regulations, and executive orders, could adversely affect our business by increasing compliance costs, limiting our ability to offer a product or service, requiring changes to our business practices, or otherwise making our products and services less attractive to customers. Failure to comply with these laws, regulations, and executive orders could result in fines and penalties. For example, in the U.S., we could lose government contracts and be subject to penalties if we fail to comply with executive orders. In addition, we must comply with the U.S. Foreign Corrupt Practices Act (FCPA) and all applicable foreign anti-bribery and anti-corruption laws. These laws generally prohibit companies and their intermediaries from making improper payments or providing anything of value to improperly influence government officials or private individuals for the purpose of obtaining or retaining a business advantage, regardless of whether those practices are culturally expected in a particular jurisdiction. Although we have a compliance program in place designed to reduce the likelihood of potential violations of these laws and regulations, our employees, contractors, or agents have violated, and in the future could violate such laws and regulations or our policies and procedures. Violations of these laws and regulations have resulted, and could result in the future, in criminal or civil sanctions and may have a material adverse effect on our reputation, business, results of operations, and financial condition. Governmental actions designed to address climate change based on the emergence of new technologies and business models in connection with the transition to a lower-carbon economy could adversely affect John Deere and our customers. Climate change considerations have led to new international, national, regional, and local legislative and regulatory responses. Various stakeholders, including legislators and regulators, shareholders, and non-governmental organizations, as well as companies in many business sectors, including us, are continuing to look for ways to reduce greenhouse gas (GHG) emissions. The regulation of GHG emissions from certain stationary or mobile sources or the imposition of carbon pricing mechanisms could result in additional costs to us in the form of taxes or emission allowances, required facilities improvements, research and development investments, and increased energy costs. These results would increase our operating costs through higher utility, transportation, and material costs and could prevent us from selling products into certain markets. Increased input costs, such as fuel and fertilizer, and compliance-related costs could also affect customer operations and demand for our equipment. Regulators in Europe and the U.S. have also focused efforts on increasing disclosures by companies related to climate change and mitigation efforts. These disclosure rules increase compliance burdens and associated regulatory costs. On the other hand, conflicting views on environmental topics, including GHG emissions reduction goals or other commitments addressing certain climate issues, are becoming increasingly subject to scrutiny from private sectors and governmental authorities. These conflicting views may impact our business and reputation. Further, our financial services segment is subject to additional international and national regulations relating to climate and environmental risk, which are continually evolving and could affect the financing operations and climate-risk processes developed by the segment.Legal proceedings, disputes and government inquiries and investigations could harm our business, financial condition, reputation, and brand.We routinely are a party to claims and legal actions and the subject of government inquiries and investigations, the most prevalent of which relate to antitrust (including class action litigation), product liability (including asbestos-related liability), employment, patent, and trademark. The defense of lawsuits and government inquiries and investigations have resulted and will continue to result in expenditures of significant financial resources and the diversion of management’s time and attention away from business operations. Adverse decisions in one or more of these claims, actions, inquiries, or investigations could require us to pay substantial damages, fines, or sanctions, undertake actions to modify our business model or services, initiate recall campaigns, or take other costly actions. It is therefore possible that legal judgments or investigations could give rise to expenses that are not covered, or not fully covered, by our insurance programs and could affect our financial position and results.We are currently subject to a consolidated multidistrict class action lawsuit in the Northern District of Illinois alleging that we have engaged in attempted monopolization, exclusionary conduct, and restraint of the market for repair services for John Deere brand agricultural equipment by limiting repair resources only to our authorized technicians or independent authorized John Deere dealers. In addition, the Federal Trade Commission (FTC) and the Attorneys General of the States of Arizona, Illinois, Michigan, Minnesota, and Wisconsin filed a lawsuit against us in the United States District Court for the Northern District of Illinois Western Division alleging similar claims. See Item 3 Legal Proceedings. The development and resolution of these matters could have a material adverse effect on our business, operations, and financial results. These laws, regulations, and executive orders cover a variety of subjects, including advertising, anti-money laundering, antitrust, autonomy systems, consumer finance, environmental, climate-related, health and safety, foreign exchange controls and cash repatriation restrictions, foreign ownership and investment, import/export and trade, human rights, labor and employment, product liability reporting, cybersecurity, data privacy, encryption, artificial intelligence, telecommunications, and drones. Changes to existing laws, regulations, executive orders, and enforcement priorities, changes to how they are interpreted, or the implementation of new, more stringent laws, regulations, and executive orders, could adversely affect our business by increasing compliance costs, limiting our ability to offer a product or service, requiring changes to our business practices, or otherwise making our products and services less attractive to customers. Failure to comply with these laws, regulations, and executive orders could result in fines and penalties. For example, in the U.S., we could lose government contracts and be subject to penalties if we fail to comply with executive orders. In addition, we must comply with the U.S. Foreign Corrupt Practices Act (FCPA) and all applicable foreign anti-bribery and anti-corruption laws. These laws generally prohibit companies and their intermediaries from making improper payments or providing anything of value to improperly influence government officials or private individuals for the purpose of obtaining or retaining a business advantage, regardless of whether those practices are culturally expected in a particular jurisdiction. Although we have a compliance program in place designed to reduce the likelihood of potential violations of these laws and regulations, our employees, contractors, or agents have violated, and in the future could violate such laws and regulations or our policies and procedures. Violations of these laws and regulations have resulted, and could result in the future, in criminal or civil sanctions and may have a material adverse effect on our reputation, business, results of operations, and financial condition.",
      "prior_body": "We are subject to numerous international, federal, state, and local laws and regulations, many of which are complex, frequently changing, and subject to varying interpretations. These laws and regulations cover a variety of subjects, including advertising, anti-money laundering, antitrust, consumer finance, environmental, climate-related, health and safety, foreign exchange controls and cash repatriation restrictions, foreign ownership and investment, import/export and trade, human rights, labor and employment, product liability reporting, cybersecurity, data privacy, telematics, encryption, and telecommunications. Changes to existing laws and regulations, or changes to how they are interpreted, or the implementation of new, more stringent laws or regulations, could adversely affect our business by increasing compliance costs, limiting our ability to offer a product or service, requiring changes to our business practices, or otherwise making our products and services less attractive to customers. Failure to comply with these laws and regulations could result in fines and penalties. In addition, we must comply with the U.S. Foreign Corrupt Practices Act (FCPA) and all applicable foreign anti-bribery and anti-corruption laws. These laws generally prohibit companies and their intermediaries from making improper payments or providing anything of value to improperly influence government officials or private individuals for the purpose of obtaining or retaining a business advantage, regardless of whether those practices are culturally expected in a particular jurisdiction. Although we have a compliance program in place designed to reduce the likelihood of potential violations of these laws and regulations, our employees, contractors, or agents have violated, and in the future could violate such laws and regulations or our policies and procedures. Violations of these laws and regulations have resulted in, and could result in the future, in criminal or civil sanctions and may have a material adverse effect on our reputation, business, results of operations, and financial condition. In fiscal year 2024, we agreed to pay approximately $10.0 million to the Commission to resolve charges that the Company violated the FCPA arising out of improper payments by our wholly-owned subsidiary, Wirtgen Thailand. 21 21 21 Table of ContentsWe may face risks associated with international, national, and regional trade laws, regulations, and policies, and government farm programs and policies which could significantly impair our profitability and growth prospects. International, national, and regional laws, regulations, and policies directly or indirectly related to or restricting the import and export of our products, services, and technology, or those of our customers, or for the benefit of favored industries or sectors, could harm our global business. We are subject to various regulatory risks including, but not limited to, the following: ●Restricted access to global markets could impair our ability to export goods and services from various manufacturing locations around the world. Restricted access could limit the ability to access raw materials and high-quality parts and components at competitive prices on a timely basis. For example, expanding export controls or limits on foreign investment can impact global supply of key materials and components, and actions taken within the US-China trade conflict can impact business in China, as well as sales, import/exports, and/or business engagement with Chinese entities globally.●Trade restrictions, negotiation of new trade agreements, non-tariff trade barriers, local content requirements, and imposition of new or retaliatory tariffs against certain countries or covering certain products, including developments in U.S.-China trade relations, have limited, and could continue to limit, our ability to capitalize on current and future growth opportunities in international markets. These trade restrictions, and changes in, or uncertainty surrounding global trade policies, may affect our competitive position. ●Trade restrictions could impede those in developing countries from achieving a higher standard of living, which could negatively impact our future growth opportunities arising from increasing global demand for food, fuel, and infrastructure. ●Policies impacting exchange rates and commodity prices, or those limiting the export or import of commodities, could have a material adverse effect on the international flow of agricultural and other commodities that may result in a corresponding negative effect on the demand for agricultural and forestry equipment in many areas of the world. Our agricultural equipment sales could be harmed by such policies because farm income influences sales of agricultural equipment around the world. ●Changes in government farm programs and policies can influence demand for agricultural equipment as well as create unequal competition for multinational companies relative to domestic companies. Governmental actions designed to address climate change based on the emergence of new technologies and business models in connection with the transition to a lower-carbon economy could adversely affect John Deere and our customers. There is global scientific consensus that greenhouse gas (GHG) emissions continue to alter the composition of Earth’s atmosphere in ways that are affecting and are expected to continue to affect the global climate. These considerations have led to new international, national, regional, and local legislative and regulatory responses. Various stakeholders, including legislators and regulators, shareholders, and non-governmental organizations, as well as companies in many business sectors, including us, are continuing to look for ways to reduce GHG emissions. The regulation of GHG emissions from certain stationary or mobile sources or the imposition of carbon pricing mechanisms could result in additional costs to us in the form of taxes or emission allowances, required facilities improvements, research and development investments, and increased energy costs. These results would increase our operating costs through higher utility, transportation, and materials cost and could prevent us from selling products into certain markets. Increased input costs, such as fuel and fertilizer, and compliance-related costs could also affect customer operations and demand for our equipment. Regulators in Europe and the U.S. have also focused efforts on increasing disclosures by companies related to climate change and mitigation efforts. These disclosure rules increase compliance burdens and associated regulatory costs. Further, our financial services segment is subject to additional international and national regulations relating to climate and environmental risk, which are continually evolving and could affect the financing operations and climate-risk processes developed by the segment.Legal proceedings, disputes and government inquiries and investigations could harm our business, financial condition, reputation, and brand.We routinely are a party to claims and legal actions and the subject of government inquiries and investigations, the most prevalent of which relate to product liability (including asbestos related liability), employment, patent, trademark, and antitrust matters. The defense of lawsuits and government inquiries and investigations has resulted and may result in expenditures of significant financial resources and the diversion of management’s time and attention away from business operations. We are currently subject to a consolidated multidistrict class action lawsuit in the Northern District of Illinois alleging that we have engaged in attempted monopolization, exclusionary conduct, and restraint of the market for repair services for John Deere brand agricultural equipment by limiting repair resources only to our authorized technicians or independent authorized John Deere dealers. In addition, the Federal Trade Commission (FTC) is investigating whether we have violated laws in connection with the repair of 22 Table of Contents Table of Contents Table of Contents We may face risks associated with international, national, and regional trade laws, regulations, and policies, and government farm programs and policies which could significantly impair our profitability and growth prospects. International, national, and regional laws, regulations, and policies directly or indirectly related to or restricting the import and export of our products, services, and technology, or those of our customers, or for the benefit of favored industries or sectors, could harm our global business. We are subject to various regulatory risks including, but not limited to, the following: ●Restricted access to global markets could impair our ability to export goods and services from various manufacturing locations around the world. Restricted access could limit the ability to access raw materials and high-quality parts and components at competitive prices on a timely basis. For example, expanding export controls or limits on foreign investment can impact global supply of key materials and components, and actions taken within the US-China trade conflict can impact business in China, as well as sales, import/exports, and/or business engagement with Chinese entities globally.●Trade restrictions, negotiation of new trade agreements, non-tariff trade barriers, local content requirements, and imposition of new or retaliatory tariffs against certain countries or covering certain products, including developments in U.S.-China trade relations, have limited, and could continue to limit, our ability to capitalize on current and future growth opportunities in international markets. These trade restrictions, and changes in, or uncertainty surrounding global trade policies, may affect our competitive position. ●Trade restrictions could impede those in developing countries from achieving a higher standard of living, which could negatively impact our future growth opportunities arising from increasing global demand for food, fuel, and infrastructure. ●Policies impacting exchange rates and commodity prices, or those limiting the export or import of commodities, could have a material adverse effect on the international flow of agricultural and other commodities that may result in a corresponding negative effect on the demand for agricultural and forestry equipment in many areas of the world. Our agricultural equipment sales could be harmed by such policies because farm income influences sales of agricultural equipment around the world. ●Changes in government farm programs and policies can influence demand for agricultural equipment as well as create unequal competition for multinational companies relative to domestic companies. Governmental actions designed to address climate change based on the emergence of new technologies and business models in connection with the transition to a lower-carbon economy could adversely affect John Deere and our customers. There is global scientific consensus that greenhouse gas (GHG) emissions continue to alter the composition of Earth’s atmosphere in ways that are affecting and are expected to continue to affect the global climate. These considerations have led to new international, national, regional, and local legislative and regulatory responses. Various stakeholders, including legislators and regulators, shareholders, and non-governmental organizations, as well as companies in many business sectors, including us, are continuing to look for ways to reduce GHG emissions. The regulation of GHG emissions from certain stationary or mobile sources or the imposition of carbon pricing mechanisms could result in additional costs to us in the form of taxes or emission allowances, required facilities improvements, research and development investments, and increased energy costs. These results would increase our operating costs through higher utility, transportation, and materials cost and could prevent us from selling products into certain markets. Increased input costs, such as fuel and fertilizer, and compliance-related costs could also affect customer operations and demand for our equipment. Regulators in Europe and the U.S. have also focused efforts on increasing disclosures by companies related to climate change and mitigation efforts. These disclosure rules increase compliance burdens and associated regulatory costs. Further, our financial services segment is subject to additional international and national regulations relating to climate and environmental risk, which are continually evolving and could affect the financing operations and climate-risk processes developed by the segment.Legal proceedings, disputes and government inquiries and investigations could harm our business, financial condition, reputation, and brand.We routinely are a party to claims and legal actions and the subject of government inquiries and investigations, the most prevalent of which relate to product liability (including asbestos related liability), employment, patent, trademark, and antitrust matters. The defense of lawsuits and government inquiries and investigations has resulted and may result in expenditures of significant financial resources and the diversion of management’s time and attention away from business operations. We are currently subject to a consolidated multidistrict class action lawsuit in the Northern District of Illinois alleging that we have engaged in attempted monopolization, exclusionary conduct, and restraint of the market for repair services for John Deere brand agricultural equipment by limiting repair resources only to our authorized technicians or independent authorized John Deere dealers. In addition, the Federal Trade Commission (FTC) is investigating whether we have violated laws in connection with the repair of We may face risks associated with international, national, and regional trade laws, regulations, and policies, and government farm programs and policies which could significantly impair our profitability and growth prospects. International, national, and regional laws, regulations, and policies directly or indirectly related to or restricting the import and export of our products, services, and technology, or those of our customers, or for the benefit of favored industries or sectors, could harm our global business. We are subject to various regulatory risks including, but not limited to, the following: ●Restricted access to global markets could impair our ability to export goods and services from various manufacturing locations around the world. Restricted access could limit the ability to access raw materials and high-quality parts and components at competitive prices on a timely basis. For example, expanding export controls or limits on foreign investment can impact global supply of key materials and components, and actions taken within the US-China trade conflict can impact business in China, as well as sales, import/exports, and/or business engagement with Chinese entities globally.●Trade restrictions, negotiation of new trade agreements, non-tariff trade barriers, local content requirements, and imposition of new or retaliatory tariffs against certain countries or covering certain products, including developments in U.S.-China trade relations, have limited, and could continue to limit, our ability to capitalize on current and future growth opportunities in international markets. These trade restrictions, and changes in, or uncertainty surrounding global trade policies, may affect our competitive position. ●Trade restrictions could impede those in developing countries from achieving a higher standard of living, which could negatively impact our future growth opportunities arising from increasing global demand for food, fuel, and infrastructure. ●Policies impacting exchange rates and commodity prices, or those limiting the export or import of commodities, could have a material adverse effect on the international flow of agricultural and other commodities that may result in a corresponding negative effect on the demand for agricultural and forestry equipment in many areas of the world. Our agricultural equipment sales could be harmed by such policies because farm income influences sales of agricultural equipment around the world. ●Changes in government farm programs and policies can influence demand for agricultural equipment as well as create unequal competition for multinational companies relative to domestic companies. Governmental actions designed to address climate change based on the emergence of new technologies and business models in connection with the transition to a lower-carbon economy could adversely affect John Deere and our customers. There is global scientific consensus that greenhouse gas (GHG) emissions continue to alter the composition of Earth’s atmosphere in ways that are affecting and are expected to continue to affect the global climate. These considerations have led to new international, national, regional, and local legislative and regulatory responses. Various stakeholders, including legislators and regulators, shareholders, and non-governmental organizations, as well as companies in many business sectors, including us, are continuing to look for ways to reduce GHG emissions. The regulation of GHG emissions from certain stationary or mobile sources or the imposition of carbon pricing mechanisms could result in additional costs to us in the form of taxes or emission allowances, required facilities improvements, research and development investments, and increased energy costs. These results would increase our operating costs through higher utility, transportation, and materials cost and could prevent us from selling products into certain markets. Increased input costs, such as fuel and fertilizer, and compliance-related costs could also affect customer operations and demand for our equipment. Regulators in Europe and the U.S. have also focused efforts on increasing disclosures by companies related to climate change and mitigation efforts. These disclosure rules increase compliance burdens and associated regulatory costs. Further, our financial services segment is subject to additional international and national regulations relating to climate and environmental risk, which are continually evolving and could affect the financing operations and climate-risk processes developed by the segment.Legal proceedings, disputes and government inquiries and investigations could harm our business, financial condition, reputation, and brand.We routinely are a party to claims and legal actions and the subject of government inquiries and investigations, the most prevalent of which relate to product liability (including asbestos related liability), employment, patent, trademark, and antitrust matters. The defense of lawsuits and government inquiries and investigations has resulted and may result in expenditures of significant financial resources and the diversion of management’s time and attention away from business operations. We are currently subject to a consolidated multidistrict class action lawsuit in the Northern District of Illinois alleging that we have engaged in attempted monopolization, exclusionary conduct, and restraint of the market for repair services for John Deere brand agricultural equipment by limiting repair resources only to our authorized technicians or independent authorized John Deere dealers. In addition, the Federal Trade Commission (FTC) is investigating whether we have violated laws in connection with the repair of"
    },
    {
      "status": "MODIFIED",
      "current_title": "DEBT RATINGS",
      "prior_title": "DEBT RATINGS",
      "similarity_score": 0.679,
      "confidence": "medium",
      "key_changes": [
        "Reworded sentence: \"Lower credit ratings generally result in higher borrowing costs, including costs of derivative transactions, reduced access to debt capital markets, and may adversely impact our liquidity.\"",
        "Reworded sentence: \"These payments will likely be replaced with new borrowings to finance the receivable and lease portfolio, which is expected to be lower in 2026.Purchase Obligations – As of November 2, 2025, our outstanding purchase obligations were $6.1 billion, with $4.5 billion payable within one year.\"",
        "Reworded sentence: \"The following estimates are the most critical to our financial statements: ●sales incentives●product warranties●postretirement benefit obligations●allowance for credit losses●operating lease residual values●income taxesThese items require the most difficult, subjective, or complex judgments.\""
      ],
      "current_body": "​ To access public debt capital markets, we rely on credit rating agencies to assign short-term and long-term credit ratings to our debt securities as an indicator of credit quality for fixed income investors. A security rating is not a recommendation by the rating agency to buy, sell, or hold our securities. A credit rating agency may change or withdraw ratings based on its assessment of our current and future ability to meet interest and principal repayment obligations. Each agency’s rating should be evaluated independently of any other rating. Lower credit ratings generally result in higher borrowing costs, including costs of derivative transactions, reduced access to debt capital markets, and may adversely impact our liquidity. 37 37 37 Table of Contents​The senior long-term and short-term debt ratings and outlook currently assigned to unsecured company securities by the rating agencies engaged by us are as follows:​​​​​​​​​ ​ ​Senior ​ ​​ ​ ​ ​ ​​Long-Term​Short-Term​Outlook​​​​​​​​​​​​​​Fitch Ratings​A+​F1​StableMoody’s Investors Service, Inc. A1 Prime-1 StableStandard & Poor’s A A-1 Stable​​​​CONTRACTUAL OBLIGATIONS AND CASH REQUIREMENTS2026 and BeyondOur material cash requirements include the following:Borrowings – As of November 2, 2025, we had $17.2 billion of payments due on borrowings and securitization borrowings in the next year, along with interest payments of $2.3 billion. The securitization borrowing payments are based on the expected liquidation of the retail notes. See Notes 12 and 19 for additional borrowing details. These payments will likely be replaced with new borrowings to finance the receivable and lease portfolio, which is expected to be lower in 2026.Purchase Obligations – As of November 2, 2025, our outstanding purchase obligations were $6.1 billion, with $4.5 billion payable within one year. These purchase obligations are noncancelable.Other Cash Requirements – In addition to our contractual obligations, we have the following commitments:●capital expenditures of $1.4 billion are planned for 2026●expected quarterly cash dividends throughout 2026 (subject to change at the discretion of our Board of Directors)●total pension and OPEB contributions in 2026 are expected to be approximately $250Share repurchases will be considered as a means of deploying excess cash to shareholders once the previously mentioned requirements are met. ​​CRITICAL ACCOUNTING ESTIMATES​​The timely preparation of financial statements requires management to make estimates and assumptions. Those estimates affect reported amounts in these financial statements. Changes in those estimates and assumptions could have a significant effect. The following estimates are the most critical to our financial statements: ●sales incentives●product warranties●postretirement benefit obligations●allowance for credit losses●operating lease residual values●income taxesThese items require the most difficult, subjective, or complex judgments. Our accounting policies are described primarily in Note 2 of our consolidated financial statements.Sales IncentivesWe provide sales incentives to dealers. These incentives are offered in two forms:●volume bonuses – awarded based on a dealer’s sales volume and performance●retail sales incentive programs – discounts or financing programs that are due when the dealer sells the equipment to a retail customerThe estimated cost of these programs is based on:●historical data●announced and expected incentive programs●field inventory levels●forecasted sales volumesAt the time a sale is recognized, we record an estimate of the sales incentive costs. The final cost is determined at the end of the volume bonus measurement period or at the time of the retail sale. There are numerous programs available at any time, and new programs may be announced after we record the equipment sale to the dealer. Changes in the mix and types of sales incentive programs affect these estimates, which are reviewed quarterly. Actual cost differences from the original cost estimate are recognized in “Net sales.”Sales Incentive AccrualsThe accruals recorded against receivables relate to programs where we have the contractual right and the intent to offset against existing receivables. The decrease in 2025 resulted from lower sales. A key assumption of the retail sales incentive accrual is the predictive value of the historical percentage of retail sales incentive costs to retail sales. Over the last five fiscal years, this percent has varied by an average of 1.0%. Holding other assumptions constant, a 1.0% change would have modified the sales incentive accrual by about $106.Product WarrantiesA standard warranty is provided as an assurance that our equipment will function as intended. The standard warranty period varies by product, region, and component. At the time a sale is recognized, we record an estimate of future warranty costs, based on the following calculation:●historical claims rate experience – multiplied by –●the estimated population The historical claims rate is determined by a review of five-year claims costs. The estimated population is based on dealer 38 Table of Contents​ Table of Contents Table of Contents ​ The senior long-term and short-term debt ratings and outlook currently assigned to unsecured company securities by the rating agencies engaged by us are as follows:​​​​​​​​​ ​ ​Senior ​ ​​ ​ ​ ​ ​​Long-Term​Short-Term​Outlook​​​​​​​​​​​​​​Fitch Ratings​A+​F1​StableMoody’s Investors Service, Inc. A1 Prime-1 StableStandard & Poor’s A A-1 Stable​​​​CONTRACTUAL OBLIGATIONS AND CASH REQUIREMENTS2026 and BeyondOur material cash requirements include the following:Borrowings – As of November 2, 2025, we had $17.2 billion of payments due on borrowings and securitization borrowings in the next year, along with interest payments of $2.3 billion. The securitization borrowing payments are based on the expected liquidation of the retail notes. See Notes 12 and 19 for additional borrowing details. These payments will likely be replaced with new borrowings to finance the receivable and lease portfolio, which is expected to be lower in 2026.Purchase Obligations – As of November 2, 2025, our outstanding purchase obligations were $6.1 billion, with $4.5 billion payable within one year. These purchase obligations are noncancelable.Other Cash Requirements – In addition to our contractual obligations, we have the following commitments:●capital expenditures of $1.4 billion are planned for 2026●expected quarterly cash dividends throughout 2026 (subject to change at the discretion of our Board of Directors)●total pension and OPEB contributions in 2026 are expected to be approximately $250Share repurchases will be considered as a means of deploying excess cash to shareholders once the previously mentioned requirements are met. ​​CRITICAL ACCOUNTING ESTIMATES​​The timely preparation of financial statements requires management to make estimates and assumptions. Those estimates affect reported amounts in these financial statements. Changes in those estimates and assumptions could have a significant effect. The following estimates are the most critical to our financial statements: ●sales incentives●product warranties●postretirement benefit obligations●allowance for credit losses●operating lease residual values●income taxesThese items require the most difficult, subjective, or complex judgments. Our accounting policies are described primarily in Note 2 of our consolidated financial statements.Sales IncentivesWe provide sales incentives to dealers. These incentives are offered in two forms:●volume bonuses – awarded based on a dealer’s sales volume and performance●retail sales incentive programs – discounts or financing programs that are due when the dealer sells the equipment to a retail customerThe estimated cost of these programs is based on:●historical data●announced and expected incentive programs●field inventory levels●forecasted sales volumesAt the time a sale is recognized, we record an estimate of the sales incentive costs. The final cost is determined at the end of the volume bonus measurement period or at the time of the retail sale. There are numerous programs available at any time, and new programs may be announced after we record the equipment sale to the dealer. Changes in the mix and types of sales incentive programs affect these estimates, which are reviewed quarterly. Actual cost differences from the original cost estimate are recognized in “Net sales.”Sales Incentive AccrualsThe accruals recorded against receivables relate to programs where we have the contractual right and the intent to offset against existing receivables. The decrease in 2025 resulted from lower sales. A key assumption of the retail sales incentive accrual is the predictive value of the historical percentage of retail sales incentive costs to retail sales. Over the last five fiscal years, this percent has varied by an average of 1.0%. Holding other assumptions constant, a 1.0% change would have modified the sales incentive accrual by about $106.Product WarrantiesA standard warranty is provided as an assurance that our equipment will function as intended. The standard warranty period varies by product, region, and component. At the time a sale is recognized, we record an estimate of future warranty costs, based on the following calculation:●historical claims rate experience – multiplied by –●the estimated population The historical claims rate is determined by a review of five-year claims costs. The estimated population is based on dealer The senior long-term and short-term debt ratings and outlook currently assigned to unsecured company securities by the rating agencies engaged by us are as follows:​​​​​​​​​ ​ ​Senior ​ ​​ ​ ​ ​ ​​Long-Term​Short-Term​Outlook​​​​​​​​​​​​​​Fitch Ratings​A+​F1​StableMoody’s Investors Service, Inc. A1 Prime-1 StableStandard & Poor’s A A-1 Stable​​​​CONTRACTUAL OBLIGATIONS AND CASH REQUIREMENTS2026 and BeyondOur material cash requirements include the following:Borrowings – As of November 2, 2025, we had $17.2 billion of payments due on borrowings and securitization borrowings in the next year, along with interest payments of $2.3 billion. The securitization borrowing payments are based on the expected liquidation of the retail notes. See Notes 12 and 19 for additional borrowing details. These payments will likely be replaced with new borrowings to finance the receivable and lease portfolio, which is expected to be lower in 2026.Purchase Obligations – As of November 2, 2025, our outstanding purchase obligations were $6.1 billion, with $4.5 billion payable within one year. These purchase obligations are noncancelable.Other Cash Requirements – In addition to our contractual obligations, we have the following commitments:●capital expenditures of $1.4 billion are planned for 2026●expected quarterly cash dividends throughout 2026 (subject to change at the discretion of our Board of Directors)●total pension and OPEB contributions in 2026 are expected to be approximately $250Share repurchases will be considered as a means of deploying excess cash to shareholders once the previously mentioned requirements are met. ​​CRITICAL ACCOUNTING ESTIMATES​​The timely preparation of financial statements requires management to make estimates and assumptions. Those estimates affect reported amounts in these financial statements. Changes in those estimates and assumptions could have a significant effect. The following estimates are the most critical to our financial statements: ●sales incentives●product warranties●postretirement benefit obligations●allowance for credit losses●operating lease residual values●income taxesThese items require the most difficult, subjective, or complex judgments. Our accounting policies are described primarily in Note 2 of our consolidated financial statements.Sales IncentivesWe provide sales incentives to dealers. These incentives are offered in two forms:●volume bonuses – awarded based on a dealer’s sales volume and performance●retail sales incentive programs – discounts or financing programs that are due when the dealer sells the equipment to a retail customerThe estimated cost of these programs is based on:●historical data●announced and expected incentive programs●field inventory levels●forecasted sales volumesAt the time a sale is recognized, we record an estimate of the sales incentive costs. The final cost is determined at the end of the volume bonus measurement period or at the time of the retail sale. There are numerous programs available at any time, and new programs may be announced after we record the equipment sale to the dealer. Changes in the mix and types of sales incentive programs affect these estimates, which are reviewed quarterly. Actual cost differences from the original cost estimate are recognized in “Net sales.”Sales Incentive AccrualsThe accruals recorded against receivables relate to programs where we have the contractual right and the intent to offset against existing receivables. The decrease in 2025 resulted from lower sales. A key assumption of the retail sales incentive accrual is the predictive value of the historical percentage of retail sales incentive costs to retail sales. Over the last five fiscal years, this percent has varied by an average of 1.0%. Holding other assumptions constant, a 1.0% change would have modified the sales incentive accrual by about $106.Product WarrantiesA standard warranty is provided as an assurance that our equipment will function as intended. The standard warranty period varies by product, region, and component. At the time a sale is recognized, we record an estimate of future warranty costs, based on the following calculation:●historical claims rate experience – multiplied by –●the estimated population The historical claims rate is determined by a review of five-year claims costs. The estimated population is based on dealer The senior long-term and short-term debt ratings and outlook currently assigned to unsecured company securities by the rating agencies engaged by us are as follows:​​​​​​​​​ ​ ​Senior ​ ​​ ​ ​ ​ ​​Long-Term​Short-Term​Outlook​​​​​​​​​​​​​​Fitch Ratings​A+​F1​StableMoody’s Investors Service, Inc. A1 Prime-1 StableStandard & Poor’s A A-1 Stable​​​​CONTRACTUAL OBLIGATIONS AND CASH REQUIREMENTS2026 and BeyondOur material cash requirements include the following:Borrowings – As of November 2, 2025, we had $17.2 billion of payments due on borrowings and securitization borrowings in the next year, along with interest payments of $2.3 billion. The securitization borrowing payments are based on the expected liquidation of the retail notes. See Notes 12 and 19 for additional borrowing details. These payments will likely be replaced with new borrowings to finance the receivable and lease portfolio, which is expected to be lower in 2026.Purchase Obligations – As of November 2, 2025, our outstanding purchase obligations were $6.1 billion, with $4.5 billion payable within one year. These purchase obligations are noncancelable.Other Cash Requirements – In addition to our contractual obligations, we have the following commitments:●capital expenditures of $1.4 billion are planned for 2026●expected quarterly cash dividends throughout 2026 (subject to change at the discretion of our Board of Directors)●total pension and OPEB contributions in 2026 are expected to be approximately $250Share repurchases will be considered as a means of deploying excess cash to shareholders once the previously mentioned requirements are met. ​​CRITICAL ACCOUNTING ESTIMATES​​The timely preparation of financial statements requires management to make estimates and assumptions. Those estimates affect reported amounts in these financial statements. Changes in those estimates and assumptions could have a significant effect. The following estimates are the most critical to our financial statements: ●sales incentives●product warranties●postretirement benefit obligations●allowance for credit losses●operating lease residual values●income taxesThese items require the most difficult, subjective, or complex judgments. Our accounting policies are described primarily in Note 2 of our consolidated financial statements. The senior long-term and short-term debt ratings and outlook currently assigned to unsecured company securities by the rating agencies engaged by us are as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Senior ​ ​ ​ ​ ​ ​ ​ ​ Long-Term ​ Short-Term ​ Outlook ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Fitch Ratings ​ A+ ​ F1 ​ Stable Moody’s Investors Service, Inc. A1 Prime-1 Stable Standard & Poor’s A A-1 Stable ​ ​ ​ ​ ​ ​ ​ ​",
      "prior_body": "​ To access public debt capital markets, we rely on credit rating agencies to assign short-term and long-term credit ratings to our debt securities as an indicator of credit quality for fixed income investors. A security rating is not a recommendation by the rating agency to buy, sell, or hold our securities. A credit rating agency may change or withdraw ratings based on its assessment of our current and future ability to meet interest and principal repayment obligations. Each agency’s rating should be evaluated independently of any other rating. Lower credit ratings generally result in higher borrowing costs, including costs of derivative transactions, reduced access to debt capital markets, and may adversely impact our liquidity.The senior long-term and short-term debt ratings and outlook currently assigned to unsecured company securities by the rating agencies engaged by us are as follows:​​​​​​​​​ Senior ​ ​​Long-Term​Short-Term​Outlook​​​​​​​​​​​​​​Fitch Ratings​A+​F1​StableMoody’s Investors Service, Inc. A1 Prime-1 StableStandard & Poor’s A A-1 Stable​​​​CONTRACTUAL OBLIGATIONS AND CASH REQUIREMENTS2025 and BeyondOur material cash requirements include the following:Borrowings – As of October 27, 2024, we had $17.6 billion of payments due on borrowings and securitization borrowings in the next year, along with interest payments of $2.5 billion. The securitization borrowing payments are based on the expected liquidation of the retail notes. See Notes 12 and 19 for additional borrowing details. These payments will likely be replaced with new borrowings to finance the receivable and lease portfolio, which is expected to be lower in 2025.Purchase Obligations – As of October 27, 2024, our outstanding purchase obligations were $3.2 billion, with $2.8 billion payable within one year. These purchase obligations are noncancelable.Other Cash Requirements – In addition to our contractual obligations, we have the following commitments:●capital expenditures of $1.6 billion are planned for 2025,●expected quarterly cash dividend throughout 2025 (subject to change at the discretion of our Board of Directors), and●total pension and other postretirement benefit (OPEB) contributions in 2025 are expected to be approximately $760 including a voluntary OPEB contribution of up to $520 (see Note 7).Share repurchases will be considered as a means of deploying excess cash to shareholders, once the previously mentioned requirements are met. ​​CRITICAL ACCOUNTING ESTIMATES​​The timely preparation of financial statements requires management to make estimates and assumptions. Those estimates affect reported amounts in these financial statements. Changes in those estimates and assumptions could have a significant effect. The following estimates are the most critical to our financial statements: ●sales incentives,●product warranties, result in higher borrowing costs, including costs of derivative transactions, reduced access to debt capital markets, and may adversely impact our liquidity. The senior long-term and short-term debt ratings and outlook currently assigned to unsecured company securities by the rating agencies engaged by us are as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Senior ​ ​ ​ Long-Term ​ Short-Term ​ Outlook ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Fitch Ratings ​ A+ ​ F1 ​ Stable Moody’s Investors Service, Inc. A1 Prime-1 Stable Standard & Poor’s A A-1 Stable ​ ​ ​ ​ ​ ​ ​ ​"
    },
    {
      "status": "MODIFIED",
      "current_title": "Allowance for Credit Losses",
      "prior_title": "Allowance for Credit Losses",
      "similarity_score": 0.665,
      "confidence": "medium",
      "key_changes": [
        "Reworded sentence: \"Risk characteristics include: We utilize the following loss forecast models to estimate expected credit losses: 39 39 39 Table of Contents​Management reviews each model’s output quarterly, and qualitative adjustments are incorporated as necessary to arrive at management’s best estimate of expected credit losses.Allowance for Credit LossesDuring 2025, the allowance for credit losses increased, primarily due to higher expected losses on agriculture and turf customer accounts as a result of elevated delinquencies and a decline in market conditions.\"",
        "Reworded sentence: \"Conversely, within the wholesale receivable portfolio, changes in economic conditions have historically had limited impact on credit losses.\""
      ],
      "current_body": "The allowance for credit losses is an estimate of the credit losses expected over the life of the receivable portfolio. The allowance is measured on a collective basis for receivables with similar risk characteristics. Receivables that do not share risk characteristics are evaluated on an individual basis. Risk characteristics include: We utilize the following loss forecast models to estimate expected credit losses: 39 39 39 Table of Contents​Management reviews each model’s output quarterly, and qualitative adjustments are incorporated as necessary to arrive at management’s best estimate of expected credit losses.Allowance for Credit LossesDuring 2025, the allowance for credit losses increased, primarily due to higher expected losses on agriculture and turf customer accounts as a result of elevated delinquencies and a decline in market conditions. While we believe our allowance is sufficient to provide for losses over the life of our existing receivable portfolio, different assumptions would result in changes to the allowance for credit losses. Within the retail customer receivable portfolio, credit loss estimates are dependent on a number of factors, including credit quality at time of application, remaining account balances, current delinquency levels, various economic factors, and estimated recoveries on defaulted accounts. Changes in any of these factors could impact our credit losses. Conversely, within the wholesale receivable portfolio, changes in economic conditions have historically had limited impact on credit losses. Holding all other factors constant, a 10% increase in the linear regression models’ forecasted defaults and a simultaneous 10% decrease in recovery rates would have resulted in a $60 increase to the allowance for credit losses at November 2, 2025.Operating Lease Residual ValuesEquipment on operating leases is depreciated to the estimated residual value over the lease term. The residual values are based on several factors, including:●lease term●expected hours of usage●historical wholesale sales prices●return experience●intended equipment use●market dynamics and trends●dealer residual value guaranteesWe review residual value estimates during the lease term. Depreciation is adjusted over the remaining lease term if residual estimates are revised. Impairments are recorded when events or circumstances necessitate. At the end of the majority of leases, the equipment is disposed in the following sequence: ●The lessee has the option to purchase the equipment for the contractual residual value. ●The dealer has the option to purchase the equipment.●The equipment is sold to a third party at the equipment’s fair value. In this situation, we may record a gain or a loss for the difference between the residual value and the sale price. Operating Lease Residual ValuesHypothetically, if (a) future market values for this equipment were to decrease 10% from our present estimates, and (b) all the equipment on operating leases were returned to us for remarketing at the end of the lease term, the total unfavorable impact after consideration of dealer residual value guarantees would be approximately $65. This amount would be recognized as higher depreciation expense over the remaining term of the operating leases, or potentially as an impairment.Income TaxesWe are subject to federal, state, and foreign income taxes, which can be complex. Implementing these tax laws requires significant judgment and interpretation. Changes in tax laws could materially affect our consolidated financial statements. We record our tax positions in the following categories:●current taxes●deferred taxes●uncertain tax positionsDeferred income taxes represent temporary differences between the tax and the financial reporting basis of assets and liabilities. This will result in taxable or deductible amounts in the future. Loss carryforwards and tax credits are significant components of deferred tax asset balances. These assets are reviewed regularly for the following: ●the likelihood of recoverability from future taxable income●reversal of deferred tax liabilities●tax planning strategiesValuation allowances are established when we determine that the deferred tax benefit may not be realized. The recoverability analysis requires significant judgment and relies on estimates. The valuation allowance as of November 2, 2025, was $1.6 billion. Changes in foreign income tax laws, income for certain jurisdictions, or our tax structure could impact the valuation allowance balance.Some tax positions contain significant uncertainties. These positions may be challenged or disallowed by taxing authorities. If it is likely the position will be disallowed, no tax benefit is recorded. If it is likely the position will be sustained, a tax benefit is recognized. The ultimate resolution could take many years. This may result in a payment that is significantly different from the original estimate.See Note 8 for further information on income taxes.FORWARD-LOOKING STATEMENTSCertain statements contained herein, including in the section entitled “Overview,” “Trends and Economic Conditions,” and “Notes to Consolidated Financial Statements” relating to future events, expectations, and trends constitute “forward-looking 40 Table of Contents​ Table of Contents Table of Contents ​ Management reviews each model’s output quarterly, and qualitative adjustments are incorporated as necessary to arrive at management’s best estimate of expected credit losses.Allowance for Credit LossesDuring 2025, the allowance for credit losses increased, primarily due to higher expected losses on agriculture and turf customer accounts as a result of elevated delinquencies and a decline in market conditions. While we believe our allowance is sufficient to provide for losses over the life of our existing receivable portfolio, different assumptions would result in changes to the allowance for credit losses. Within the retail customer receivable portfolio, credit loss estimates are dependent on a number of factors, including credit quality at time of application, remaining account balances, current delinquency levels, various economic factors, and estimated recoveries on defaulted accounts. Changes in any of these factors could impact our credit losses. Conversely, within the wholesale receivable portfolio, changes in economic conditions have historically had limited impact on credit losses. Holding all other factors constant, a 10% increase in the linear regression models’ forecasted defaults and a simultaneous 10% decrease in recovery rates would have resulted in a $60 increase to the allowance for credit losses at November 2, 2025.Operating Lease Residual ValuesEquipment on operating leases is depreciated to the estimated residual value over the lease term. The residual values are based on several factors, including:●lease term●expected hours of usage●historical wholesale sales prices●return experience●intended equipment use●market dynamics and trends●dealer residual value guaranteesWe review residual value estimates during the lease term. Depreciation is adjusted over the remaining lease term if residual estimates are revised. Impairments are recorded when events or circumstances necessitate. At the end of the majority of leases, the equipment is disposed in the following sequence: ●The lessee has the option to purchase the equipment for the contractual residual value. ●The dealer has the option to purchase the equipment.●The equipment is sold to a third party at the equipment’s fair value. In this situation, we may record a gain or a loss for the difference between the residual value and the sale price. Operating Lease Residual ValuesHypothetically, if (a) future market values for this equipment were to decrease 10% from our present estimates, and (b) all the equipment on operating leases were returned to us for remarketing at the end of the lease term, the total unfavorable impact after consideration of dealer residual value guarantees would be approximately $65. This amount would be recognized as higher depreciation expense over the remaining term of the operating leases, or potentially as an impairment.Income TaxesWe are subject to federal, state, and foreign income taxes, which can be complex. Implementing these tax laws requires significant judgment and interpretation. Changes in tax laws could materially affect our consolidated financial statements. We record our tax positions in the following categories:●current taxes●deferred taxes●uncertain tax positionsDeferred income taxes represent temporary differences between the tax and the financial reporting basis of assets and liabilities. This will result in taxable or deductible amounts in the future. Loss carryforwards and tax credits are significant components of deferred tax asset balances. These assets are reviewed regularly for the following: ●the likelihood of recoverability from future taxable income●reversal of deferred tax liabilities●tax planning strategiesValuation allowances are established when we determine that the deferred tax benefit may not be realized. The recoverability analysis requires significant judgment and relies on estimates. The valuation allowance as of November 2, 2025, was $1.6 billion. Changes in foreign income tax laws, income for certain jurisdictions, or our tax structure could impact the valuation allowance balance.Some tax positions contain significant uncertainties. These positions may be challenged or disallowed by taxing authorities. If it is likely the position will be disallowed, no tax benefit is recorded. If it is likely the position will be sustained, a tax benefit is recognized. The ultimate resolution could take many years. This may result in a payment that is significantly different from the original estimate.See Note 8 for further information on income taxes.FORWARD-LOOKING STATEMENTSCertain statements contained herein, including in the section entitled “Overview,” “Trends and Economic Conditions,” and “Notes to Consolidated Financial Statements” relating to future events, expectations, and trends constitute “forward-looking Management reviews each model’s output quarterly, and qualitative adjustments are incorporated as necessary to arrive at management’s best estimate of expected credit losses.Allowance for Credit LossesDuring 2025, the allowance for credit losses increased, primarily due to higher expected losses on agriculture and turf customer accounts as a result of elevated delinquencies and a decline in market conditions. While we believe our allowance is sufficient to provide for losses over the life of our existing receivable portfolio, different assumptions would result in changes to the allowance for credit losses. Within the retail customer receivable portfolio, credit loss estimates are dependent on a number of factors, including credit quality at time of application, remaining account balances, current delinquency levels, various economic factors, and estimated recoveries on defaulted accounts. Changes in any of these factors could impact our credit losses. Conversely, within the wholesale receivable portfolio, changes in economic conditions have historically had limited impact on credit losses. Holding all other factors constant, a 10% increase in the linear regression models’ forecasted defaults and a simultaneous 10% decrease in recovery rates would have resulted in a $60 increase to the allowance for credit losses at November 2, 2025.Operating Lease Residual ValuesEquipment on operating leases is depreciated to the estimated residual value over the lease term. The residual values are based on several factors, including:●lease term●expected hours of usage●historical wholesale sales prices●return experience●intended equipment use●market dynamics and trends●dealer residual value guaranteesWe review residual value estimates during the lease term. Depreciation is adjusted over the remaining lease term if residual estimates are revised. Impairments are recorded when events or circumstances necessitate. At the end of the majority of leases, the equipment is disposed in the following sequence: ●The lessee has the option to purchase the equipment for the contractual residual value. ●The dealer has the option to purchase the equipment.●The equipment is sold to a third party at the equipment’s fair value. In this situation, we may record a gain or a loss for the difference between the residual value and the sale price. Operating Lease Residual ValuesHypothetically, if (a) future market values for this equipment were to decrease 10% from our present estimates, and (b) all the equipment on operating leases were returned to us for remarketing at the end of the lease term, the total unfavorable impact after consideration of dealer residual value guarantees would be approximately $65. This amount would be recognized as higher depreciation expense over the remaining term of the operating leases, or potentially as an impairment.Income TaxesWe are subject to federal, state, and foreign income taxes, which can be complex. Implementing these tax laws requires significant judgment and interpretation. Changes in tax laws could materially affect our consolidated financial statements. We record our tax positions in the following categories:●current taxes●deferred taxes●uncertain tax positionsDeferred income taxes represent temporary differences between the tax and the financial reporting basis of assets and liabilities. This will result in taxable or deductible amounts in the future. Loss carryforwards and tax credits are significant components of deferred tax asset balances. These assets are reviewed regularly for the following: ●the likelihood of recoverability from future taxable income●reversal of deferred tax liabilities●tax planning strategiesValuation allowances are established when we determine that the deferred tax benefit may not be realized. The recoverability analysis requires significant judgment and relies on estimates. The valuation allowance as of November 2, 2025, was $1.6 billion. Changes in foreign income tax laws, income for certain jurisdictions, or our tax structure could impact the valuation allowance balance.Some tax positions contain significant uncertainties. These positions may be challenged or disallowed by taxing authorities. If it is likely the position will be disallowed, no tax benefit is recorded. If it is likely the position will be sustained, a tax benefit is recognized. The ultimate resolution could take many years. This may result in a payment that is significantly different from the original estimate.See Note 8 for further information on income taxes.FORWARD-LOOKING STATEMENTSCertain statements contained herein, including in the section entitled “Overview,” “Trends and Economic Conditions,” and “Notes to Consolidated Financial Statements” relating to future events, expectations, and trends constitute “forward-looking Management reviews each model’s output quarterly, and qualitative adjustments are incorporated as necessary to arrive at management’s best estimate of expected credit losses.Allowance for Credit LossesDuring 2025, the allowance for credit losses increased, primarily due to higher expected losses on agriculture and turf customer accounts as a result of elevated delinquencies and a decline in market conditions. While we believe our allowance is sufficient to provide for losses over the life of our existing receivable portfolio, different assumptions would result in changes to the allowance for credit losses. Within the retail customer receivable portfolio, credit loss estimates are dependent on a number of factors, including credit quality at time of application, remaining account balances, current delinquency levels, various economic factors, and estimated recoveries on defaulted accounts. Changes in any of these factors could impact our credit losses. Conversely, within the wholesale receivable portfolio, changes in economic conditions have historically had limited impact on credit losses. Holding all other factors constant, a 10% increase in the linear regression models’ forecasted defaults and a simultaneous 10% decrease in recovery rates would have resulted in a $60 increase to the allowance for credit losses at November 2, 2025.Operating Lease Residual ValuesEquipment on operating leases is depreciated to the estimated residual value over the lease term. The residual values are based on several factors, including:●lease term●expected hours of usage●historical wholesale sales prices●return experience●intended equipment use●market dynamics and trends●dealer residual value guaranteesWe review residual value estimates during the lease term. Depreciation is adjusted over the remaining lease term if residual estimates are revised. Impairments are recorded when events or circumstances necessitate. At the end of the majority of leases, the equipment is disposed in the following sequence: ●The lessee has the option to purchase the equipment for the contractual residual value. ●The dealer has the option to purchase the equipment.●The equipment is sold to a third party at the equipment’s fair value. In this situation, we may record a gain or a loss for the difference between the residual value and the sale price. Management reviews each model’s output quarterly, and qualitative adjustments are incorporated as necessary to arrive at management’s best estimate of expected credit losses. Allowance for Credit Losses During 2025, the allowance for credit losses increased, primarily due to higher expected losses on agriculture and turf customer accounts as a result of elevated delinquencies and a decline in market conditions. While we believe our allowance is sufficient to provide for losses over the life of our existing receivable portfolio, different assumptions would result in changes to the allowance for credit losses. Within the retail customer receivable portfolio, credit loss estimates are dependent on a number of factors, including credit quality at time of application, remaining account balances, current delinquency levels, various economic factors, and estimated recoveries on defaulted accounts. Changes in any of these factors could impact our credit losses. Conversely, within the wholesale receivable portfolio, changes in economic conditions have historically had limited impact on credit losses. Holding all other factors constant, a 10% increase in the linear regression models’ forecasted defaults and a simultaneous 10% decrease in recovery rates would have resulted in a $60 increase to the allowance for credit losses at November 2, 2025.",
      "prior_body": "The allowance for credit losses is an estimate of the credit losses expected over the life of the receivable portfolio. The allowance is measured on a collective basis for receivables with similar risk characteristics. Receivables that do not share risk characteristics are evaluated on an individual basis. Risk characteristics include: We utilize the following loss forecast models to estimate expected credit losses: estimates. Independent variables include credit quality at time of application, remaining account balance, delinquency status, and various economic factors, such as commodity prices, employment levels, and housing data.●Weighted average remaining maturity (WARM) models are used for smaller and less complex retail customer receivable pools. ●Historical loss rate models are used on wholesale receivables, with consideration of current economic conditions and dealer financial risk. Management reviews each model’s output quarterly, and qualitative adjustments are incorporated as necessary to arrive at management’s best estimate of expected credit losses.Allowance for Credit LossesDuring 2024, we determined that the financial services business in Brazil met the held for sale criteria. The receivables in Brazil were reclassified to “Assets held for sale.” The associated allowance for credit losses was reversed and a valuation allowance for the assets held for sale was recorded (see Note 4). Excluding the business in Brazil, the allowance for credit losses increased, primarily due to higher expected losses as a result of elevated delinquencies and a decline in market conditions. This increase was partially offset by a decrease in the allowance on revolving charge accounts, driven by write-offs of seasonal financing program accounts and recoveries expected on those accounts in the future. While we believe our allowance is sufficient to provide for losses over the life of our existing receivable portfolio, different assumptions would result in changes to the allowance for credit losses. Within the retail customer receivable portfolio, credit loss estimates are dependent on a number of factors, including credit quality at time of application, remaining account balances, current delinquency levels, various economic factors, and estimated recoveries on defaulted accounts. Changes in any of these factors could impact our credit losses. Conversely, changes in economic conditions have historically had limited impact on credit losses within the wholesale receivable portfolio. Holding all other factors constant, a 10 percent increase in the linear regression models’ forecasted defaults and a simultaneous 10 percent decrease in recovery rates would have resulted in a $70 increase to the allowance for credit losses at October 27, 2024.Operating Lease Residual ValuesEquipment on operating leases is depreciated to the estimated residual value over the lease term. The residual values are based on several factors, including:●lease term, ●expected hours of usage, ●historical wholesale sales prices, Management reviews each model’s output quarterly, and qualitative adjustments are incorporated as necessary to arrive at management’s best estimate of expected credit losses."
    },
    {
      "status": "MODIFIED",
      "current_title": "2025, 2024, and 2023",
      "prior_title": "2024, 2023, and 2022",
      "similarity_score": 0.627,
      "confidence": "medium",
      "key_changes": [
        "Reworded sentence: \"​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2025 ​ 2024 ​ 2023 ​ Net cash provided by operating activities ​ $ 7,459 ​ $ 9,231 ​ $ 8,589 ​ Net cash used for investing activities ​ ​ (2,057) ​ ​ (6,464) ​ ​ (8,749) ​ Net cash provided by (used for) financing activities ​ ​ (4,579) ​ ​ (2,717) ​ ​ 2,808 ​ Effect of exchange rate changes on cash, cash equivalents, and restricted cash ​ ​ 77 ​ ​ (37) ​ ​ 31 ​ Net increase in cash, cash equivalents, and restricted cash ​ $ 900 ​ $ 13 ​ $ 2,679 ​ ​ Cash inflows from operating activities were $7.5 billion in 2025, driven by net income adjusted for non-cash provisions and a decrease in receivables related to sales, partially offset by an other postretirement benefit (OPEB) contribution.\""
      ],
      "current_body": "​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2025 ​ 2024 ​ 2023 ​ Net cash provided by operating activities ​ $ 7,459 ​ $ 9,231 ​ $ 8,589 ​ Net cash used for investing activities ​ ​ (2,057) ​ ​ (6,464) ​ ​ (8,749) ​ Net cash provided by (used for) financing activities ​ ​ (4,579) ​ ​ (2,717) ​ ​ 2,808 ​ Effect of exchange rate changes on cash, cash equivalents, and restricted cash ​ ​ 77 ​ ​ (37) ​ ​ 31 ​ Net increase in cash, cash equivalents, and restricted cash ​ $ 900 ​ $ 13 ​ $ 2,679 ​ ​ Cash inflows from operating activities were $7.5 billion in 2025, driven by net income adjusted for non-cash provisions and a decrease in receivables related to sales, partially offset by an other postretirement benefit (OPEB) contribution. Cash outflows from investing activities were $2.1 billion in 2025. The primary drivers were purchases of property and equipment and investments in equipment on operating leases, partially offset by collections of receivables from unconsolidated affiliates. Cash outflows from financing activities were $4.6 billion in 2025, due to dividends paid, lower borrowings, and repurchases of common stock. Cash Returned to Shareholders Cash returned to shareholders decreased $2.8 billion in 2025 as we managed cash flows through the declining business cycle in accordance with our use-of-cash priorities by decreasing share repurchases. ​ ​ ​ ​ ​ ​",
      "prior_body": "​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2024 ​ 2023 ​ 2022 ​ Net cash provided by operating activities ​ $ 9,231 ​ $ 8,589 ​ $ 4,699 ​ Net cash used for investing activities ​ ​ (6,464) ​ ​ (8,749) ​ ​ (8,485) ​ Net cash provided by (used for) financing activities ​ ​ (2,717) ​ ​ 2,808 ​ ​ 826 ​ Effect of exchange rate changes on cash, cash equivalents, and restricted cash ​ ​ (37) ​ ​ 31 ​ ​ (224) ​ Net increase (decrease) in cash, cash equivalents, and restricted cash ​ $ 13 ​ $ 2,679 ​ $ (3,184) ​ ​ Cash inflows from operating activities were $9.2 billion in 2024, driven by net income adjusted for non-cash provisions and lower inventories and receivables from a decline in sales. These items were partially offset by a decrease in vendor payables and a reduction in dealer sales incentive accruals. Cash outflows from investing activities were $6.5 billion in 2024 due to growth in the financing receivable and lease portfolios and capital expenditures. Cash outflows from financing activities were $2.7 billion in 2024, as repurchases of common stock and dividends paid were partially offset by higher borrowings."
    },
    {
      "status": "MODIFIED",
      "current_title": "Our business could be adversely affected by the infringement or loss of intellectual property rights.",
      "prior_title": "Risk Management and Strategy",
      "similarity_score": 0.617,
      "confidence": "medium",
      "key_changes": [
        "Reworded sentence: \"We protect our intellectual property with a combination of patents, trademarks, copyrights, trade secret laws, and legal agreements.\"",
        "Reworded sentence: \"work with third parties We also utilize third-party service providers as a normal part of our business operations.\"",
        "Reworded sentence: \"Regular exercises, tests, incident simulations, and system assessments are conducted to discover and address potential vulnerabilities and improve decision-making, prioritization, monitoring, and overall response effectiveness.\"",
        "Reworded sentence: \"In addition, a cross-functional Cybersecurity Incident Response Team is responsible for cybersecurity incident oversight and response, as needed, depending on incident severity.\"",
        "Reworded sentence: \"It is therefore possible that legal judgments or investigations could give rise to expenses that are not covered or not fully covered by our insurance programs and could affect our financial position and results.ITEM 4.MINE SAFETY DISCLOSURES.Not applicable.PART IIITEM 5.MARKET FOR REGISTRANT’S COMMON EQUITY, RELATED STOCKHOLDER MATTERS AND ISSUER PURCHASES OF EQUITY SECURITIES.Market InformationOur common stock is listed on the New York Stock Exchange (NYSE) under the symbol “DE.” Number of ShareholdersAt November 28, 2025, we had 15,503 holders of record of our common stock.DividendsWe have a history of paying quarterly cash dividends.\""
      ],
      "current_body": "We protect our intellectual property with a combination of patents, trademarks, copyrights, trade secret laws, and legal agreements. We heavily rely on certain trademarks to protect our identity and customer recognition of our products and services, including, but not limited to, the “John Deere” mark, the leaping deer logo, the “Nothing Runs Like a Deere” slogan, and the green and yellow color combination. These trademarks, as well as the many patents that protect innovations used in our products, are integral to our business, and their loss could have a material adverse effect on us. Additionally, from time to time, third parties initiate legal proceedings to challenge the validity of our intellectual property or allege that we infringe on their intellectual property. We may incur substantial costs related to such legal proceedings. If the outcome of any such legal proceedings is unfavorable to us, our business could be adversely affected. ​ ITEM 1B. UNRESOLVED STAFF COMMENTS. None. ITEM 1C. CYBERSECURITY. Cybersecurity is an integral part of our overall risk management program. We take a comprehensive approach by incorporating industry best practices to guide and evaluate our cybersecurity strategy and posture, involving key stakeholders in oversight and decision making, and assessing the program regularly within a dynamically changing environment. We leverage a multifaceted approach to cybersecurity including measures designed to prevent, detect, and respond to cyberthreats while monitoring and adapting to the evolving threat and technology landscapes. Cybersecurity is an integral part of our overall risk management program. We take a comprehensive approach by incorporating industry best practices to guide and evaluate our cybersecurity strategy and posture, involving key stakeholders in oversight and decision making, and assessing the program regularly within a dynamically changing environment. We leverage a multifaceted approach to cybersecurity including measures designed to prevent, detect, and respond to cyberthreats while monitoring and adapting to the evolving threat and technology landscapes. Governance At the management level, we maintain a dedicated global team of cybersecurity professionals (Cybersecurity Team) led and managed by the Chief Information Security Officer (CISO). The Cybersecurity Team has members with experience in governance, risk management and compliance, threat monitoring, threat emulation, penetration testing, and cyber incident management. Our CISO holds a degree in Management Information Systems and has been with the Company for over ten years. He has over two decades of extensive experience in information technology and cybersecurity and reports directly to the Chief Information Officer. At the management level, we maintain a dedicated global team of cybersecurity professionals (Cybersecurity Team) led and managed by the Chief Information Security Officer (CISO) . The Cybersecurity Team has members with experience in governance, risk management and compliance, threat monitoring, threat emulation, penetration testing, and cyber incident management. Our CISO holds a degree in Management Information Systems and has been with the Company for over ten years. He has over two decades of extensive experience in information technology and cybersecurity and reports directly to the Chief Information Officer. In addition, a cross-functional team of senior executives from across the enterprise known as the Digital Risk Governance Council (DRGC) provides oversight at the management level of the Company’s structures for managing digital risk, including the Cybersecurity Team. The Audit Review Committee (ARC) of the Board of Directors (Board) shares oversight responsibilities of our cybersecurity program, including oversight of related risks, with the full Board. Information on trends, strategic initiatives, and metrics is presented quarterly to the ARC by the CISO and/or members of the Cybersecurity Team. The ARC also receives periodic updates and information from subject matter experts in areas such as risk management, identity and access management, product security, and information technology. In addition, a cross-functional team of senior executives from across the enterprise known as the Digital Risk Governance Council (DRGC) provides oversight at the management level of the Company’s structures for managing digital risk, including the Cybersecurity Team. The Audit Review Committee (ARC) of the Board of Directors (Board) shares oversight responsibilities of our cybersecurity program, including oversight of related risks, with the full Board . Information on trends, strategic initiatives, and metrics is presented quarterly to the ARC by the CISO and/or members of the Cybersecurity Team. The ARC also receives periodic updates and information from subject matter experts in areas such as risk management, identity and access management, product security, and information technology. Risk Management and Strategy Our cybersecurity program is designed to identify, protect, detect, respond to, and recover from cybersecurity threats and incidents with the goal of protecting the confidentiality, integrity, and availability of our critical systems and information. We use a risk-based, multi-layered information security strategy to assess, identify, and manage risks from cybersecurity threats. Our Cybersecurity Team meets frequently to monitor, assess, and address cybersecurity threats and incidents. We also work with third parties to assess the maturity of our cybersecurity program, leveraging the National Institute of Standards and Technology (NIST) Cybersecurity Framework (CSF). work with third parties We also utilize third-party service providers as a normal part of our business operations. We have established processes to support the Company in identifying and managing cybersecurity risks associated with the use of third parties, which include the completion of due diligence before engaging with a third-party, controls for response to mitigate any significant risks, and assessments and reviews throughout the relationship. Monitoring such risks and threats is integrated into our overall risk management program. We have established processes to support the Company in identifying and managing cybersecurity risks associated with the use of third parties, which include the completion of due diligence before engaging with a third-party, controls for response to mitigate any significant risks, and assessments and reviews throughout the relationship. Monitoring such risks and threats is integrated into our overall risk management program. Also, as part of the program, we periodically conduct cybersecurity awareness training including phishing simulations as well as e-learning for employees. We maintain cybersecurity policies, standards, and procedures, which include a cyber incident response plan. These policies and procedures are regularly evaluated and refined with strategies and protocols designed to adapt to changing regulations and emerging security risks. Regular exercises, tests, incident simulations, and system assessments are conducted to discover and address potential vulnerabilities and improve decision-making, prioritization, monitoring, and overall response effectiveness. As part of our incident response plan, the Cybersecurity Team uses an established protocol to assess the severity of cybersecurity incidents. In addition, a cross-functional Cybersecurity Incident Response Team is responsible for cybersecurity incident oversight and response, as needed, depending on incident severity. Our cyber incident response plan also includes an escalation process to relevant senior management and/or members of the Board if a cybersecurity incident meets specific rating criteria to prompt response to attempt to minimize potential disruptions and protect the integrity of our operations. In addition, a cross-functional Cybersecurity Incident Response Team is responsible for cybersecurity incident oversight and response, as needed, depending on incident severity. Our cyber incident response plan also includes an escalation process to relevant senior management and/or members of the Board if a cybersecurity incident meets specific rating criteria to prompt response to attempt to minimize potential disruptions and protect the integrity of our operations. 25 25 25 Table of ContentsBased on the information available as of the date of this Annual Report on Form 10-K, cybersecurity risks, including as a result of any previous cybersecurity incident, have not materially affected, and are not reasonably likely to materially affect, our business strategy, results of operations, or financial condition. However, we have seen an increase in cyberattack volume, frequency, and sophistication in the digital environment and future incidents could have a material impact on our business, operations, or financial condition.ITEM 2.PROPERTIES.We own and lease properties throughout the world. Our properties are primarily used for manufacturing, marketing, parts distribution and warehousing, research and development, and administration. We consider each of our properties to be in good condition and adequate for its present use. We believe that we have sufficient capacity to meet our current and anticipated manufacturing requirements. In the U.S. and Canada, the equipment operations own and operate 23 factory locations and lease and operate four locations for manufacturing purposes, as well as own and lease 12 facilities for distribution purposes. Outside the U.S. and Canada, the equipment operations own or lease and operate 45 factory locations for manufacturing purposes and 13 facilities for distribution purposes in various countries. Certain manufacturing facilities focus on manufacturing for one business segment and others for multiple business segments. We have parts distribution depots in our four geographic regions with the largest distribution depots located in the U.S. The following table provides an overview of our significant manufacturing properties and the related business segment as of November 2, 2025. ​​Location​Facility​Business SegmentAugusta, Georgia ​John Deere Augusta Works Factory ​SATCatalão, Brazil ​John Deere Brasil Ltda (Catalão) Factory​PPADavenport, Iowa ​John Deere Davenport Works Factory​CFDes Moines, Iowa ​John Deere Des Moines Works Factory​PPA Dubuque, Iowa ​John Deere Dubuque Works Factory ​CFEast Moline, Illinois​John Deere Harvester Works Factory​PPAJoensuu, Finland​Finland Forestry Factory ​CFFuquay, North Carolina ​John Deere Turf Care Factory​SAT Getafae, Spain​John Deere Iberica, S.A.​PPA, CF, SATGöppingen, Germany​Kleemann GmbH​CFGreeneville, Tennessee​John Deere Greeneville Factory ​SATHoricon, Wisconsin ​John Deere Horicon Works Factory ​SAT Horizontina, Brazil​John Deere Brazil SA Factory​PPA Indaiatuba, Brazil ​Brazil Construction Factory​CFKernersville, North Carolina ​John Deere Kernersville Factory​CFLudwigshafen am Rhein, Germany​Vögele AG​CFMannheim, Germany ​John Deere Werke Mannheim Factory ​SAT, PPAMontenegro, Brazil ​John Deere Brazil Ltda Factory ​PPA 26 Table of Contents Table of Contents Table of Contents Based on the information available as of the date of this Annual Report on Form 10-K, cybersecurity risks, including as a result of any previous cybersecurity incident, have not materially affected, and are not reasonably likely to materially affect, our business strategy, results of operations, or financial condition. However, we have seen an increase in cyberattack volume, frequency, and sophistication in the digital environment and future incidents could have a material impact on our business, operations, or financial condition.ITEM 2.PROPERTIES.We own and lease properties throughout the world. Our properties are primarily used for manufacturing, marketing, parts distribution and warehousing, research and development, and administration. We consider each of our properties to be in good condition and adequate for its present use. We believe that we have sufficient capacity to meet our current and anticipated manufacturing requirements. In the U.S. and Canada, the equipment operations own and operate 23 factory locations and lease and operate four locations for manufacturing purposes, as well as own and lease 12 facilities for distribution purposes. Outside the U.S. and Canada, the equipment operations own or lease and operate 45 factory locations for manufacturing purposes and 13 facilities for distribution purposes in various countries. Certain manufacturing facilities focus on manufacturing for one business segment and others for multiple business segments. We have parts distribution depots in our four geographic regions with the largest distribution depots located in the U.S. The following table provides an overview of our significant manufacturing properties and the related business segment as of November 2, 2025. ​​Location​Facility​Business SegmentAugusta, Georgia ​John Deere Augusta Works Factory ​SATCatalão, Brazil ​John Deere Brasil Ltda (Catalão) Factory​PPADavenport, Iowa ​John Deere Davenport Works Factory​CFDes Moines, Iowa ​John Deere Des Moines Works Factory​PPA Dubuque, Iowa ​John Deere Dubuque Works Factory ​CFEast Moline, Illinois​John Deere Harvester Works Factory​PPAJoensuu, Finland​Finland Forestry Factory ​CFFuquay, North Carolina ​John Deere Turf Care Factory​SAT Getafae, Spain​John Deere Iberica, S.A.​PPA, CF, SATGöppingen, Germany​Kleemann GmbH​CFGreeneville, Tennessee​John Deere Greeneville Factory ​SATHoricon, Wisconsin ​John Deere Horicon Works Factory ​SAT Horizontina, Brazil​John Deere Brazil SA Factory​PPA Indaiatuba, Brazil ​Brazil Construction Factory​CFKernersville, North Carolina ​John Deere Kernersville Factory​CFLudwigshafen am Rhein, Germany​Vögele AG​CFMannheim, Germany ​John Deere Werke Mannheim Factory ​SAT, PPAMontenegro, Brazil ​John Deere Brazil Ltda Factory ​PPA Based on the information available as of the date of this Annual Report on Form 10-K, cybersecurity risks, including as a result of any previous cybersecurity incident, have not materially affected, and are not reasonably likely to materially affect, our business strategy, results of operations, or financial condition. However, we have seen an increase in cyberattack volume, frequency, and sophistication in the digital environment and future incidents could have a material impact on our business, operations, or financial condition. not materially affected, and are not reasonably likely to materially affect ITEM 2. PROPERTIES. We own and lease properties throughout the world. Our properties are primarily used for manufacturing, marketing, parts distribution and warehousing, research and development, and administration. We consider each of our properties to be in good condition and adequate for its present use. We believe that we have sufficient capacity to meet our current and anticipated manufacturing requirements. In the U.S. and Canada, the equipment operations own and operate 23 factory locations and lease and operate four locations for manufacturing purposes, as well as own and lease 12 facilities for distribution purposes. Outside the U.S. and Canada, the equipment operations own or lease and operate 45 factory locations for manufacturing purposes and 13 facilities for distribution purposes in various countries. Certain manufacturing facilities focus on manufacturing for one business segment and others for multiple business segments. We have parts distribution depots in our four geographic regions with the largest distribution depots located in the U.S. The following table provides an overview of our significant manufacturing properties and the related business segment as of November 2, 2025. ​ ​ ​ ​ ​ ​ Location ​ Facility ​ Business Segment Augusta, Georgia ​ John Deere Augusta Works Factory ​ SAT Catalão, Brazil ​ John Deere Brasil Ltda (Catalão) Factory ​ PPA Davenport, Iowa ​ John Deere Davenport Works Factory ​ CF Des Moines, Iowa ​ John Deere Des Moines Works Factory ​ PPA Dubuque, Iowa ​ John Deere Dubuque Works Factory ​ CF East Moline, Illinois ​ John Deere Harvester Works Factory ​ PPA Joensuu, Finland ​ Finland Forestry Factory ​ CF Fuquay, North Carolina ​ John Deere Turf Care Factory ​ SAT Getafae, Spain ​ John Deere Iberica, S.A. ​ PPA, CF, SAT Göppingen, Germany ​ Kleemann GmbH ​ CF Greeneville, Tennessee ​ John Deere Greeneville Factory ​ SAT Horicon, Wisconsin ​ John Deere Horicon Works Factory ​ SAT Horizontina, Brazil ​ John Deere Brazil SA Factory ​ PPA Indaiatuba, Brazil ​ Brazil Construction Factory ​ CF Kernersville, North Carolina ​ John Deere Kernersville Factory ​ CF Ludwigshafen am Rhein, Germany ​ Vögele AG ​ CF Mannheim, Germany ​ John Deere Werke Mannheim Factory ​ SAT, PPA Montenegro, Brazil ​ John Deere Brazil Ltda Factory ​ PPA 26 26 26 Table of ContentsMonterrey, Mexico ​Industrias John Deere SA de CV Factory ​SAT, PPA, CFPune, India​John Deere Pune Works Factory ​SATSaran, France ​Saran Engine Factory ​SAT, PPA, CF Tirschenreuth, Germany ​Hamm AG ​CF Torréon, Mexico ​Torréon Engine Factory​PPA, SAT, CFWaterloo, Iowa​John Deere Engine Works John Deere Waterloo FoundryJohn Deere Waterloo Works​PPA, CFWindhagen, Germany​Wirtgen GmbH​CFZweibrücken, Germany​John Deere Werke Zweibrücken Factory ​PPA, SAT​ITEM 3.LEGAL PROCEEDINGS.On January 15, 2025, the Federal Trade Commission (FTC), along with the Attorneys General of the States of Illinois and Minnesota, filed a lawsuit against us in the United States District Court for the Northern District of Illinois Western Division. The Attorneys General of the States of Arizona, Michigan, and Wisconsin then joined the lawsuit. The lawsuit alleges monopolization and unfair competition in violation of federal and state antitrust laws. Plaintiffs seek a permanent injunction and other equitable relief to allow owners of our equipment, as well as independent repair providers, access to our repair tools and any other repair resources available to authorized John Deere dealers. On March 17, 2025, we filed a motion to dismiss the lawsuit, the FTC filed a response on April 28, 2025, and we filed a reply on May 28, 2025. A hearing was held on the motion to dismiss, and the court denied the motion. We are in preliminary discussions with the FTC with respect to a potential resolution. At this stage we are unable to predict the outcome or impact of this matter on our business.In addition to the above, we are subject to various unresolved legal actions and investigations, the most prevalent of which relate to product liability (including asbestos related liability), employment, patent, trademark, and antitrust matters (including class action litigation). Currently we believe the reasonably possible range of losses for unresolved legal actions would not have a material effect on our financial statements; however, the outcome of any current or future proceedings, claims, or investigations cannot be predicted with certainty. Adverse decisions in one or more of these proceedings, claims, or investigations could require us to pay substantial damages or fines, undertake service actions, initiate recall campaigns, or take other costly actions. It is therefore possible that legal judgments or investigations could give rise to expenses that are not covered or not fully covered by our insurance programs and could affect our financial position and results.ITEM 4.MINE SAFETY DISCLOSURES.Not applicable.PART IIITEM 5.MARKET FOR REGISTRANT’S COMMON EQUITY, RELATED STOCKHOLDER MATTERS AND ISSUER PURCHASES OF EQUITY SECURITIES.Market InformationOur common stock is listed on the New York Stock Exchange (NYSE) under the symbol “DE.” Number of ShareholdersAt November 28, 2025, we had 15,503 holders of record of our common stock.DividendsWe have a history of paying quarterly cash dividends. While we currently expect a cash dividend to be paid in the future, future dividend payments will depend on our earnings, capital requirements, financial condition, and other factors considered relevant by our Board.27 Table of Contents Table of Contents Table of Contents Monterrey, Mexico ​Industrias John Deere SA de CV Factory ​SAT, PPA, CFPune, India​John Deere Pune Works Factory ​SATSaran, France ​Saran Engine Factory ​SAT, PPA, CF Tirschenreuth, Germany ​Hamm AG ​CF Torréon, Mexico ​Torréon Engine Factory​PPA, SAT, CFWaterloo, Iowa​John Deere Engine Works John Deere Waterloo FoundryJohn Deere Waterloo Works​PPA, CFWindhagen, Germany​Wirtgen GmbH​CFZweibrücken, Germany​John Deere Werke Zweibrücken Factory ​PPA, SAT​ITEM 3.LEGAL PROCEEDINGS.On January 15, 2025, the Federal Trade Commission (FTC), along with the Attorneys General of the States of Illinois and Minnesota, filed a lawsuit against us in the United States District Court for the Northern District of Illinois Western Division. The Attorneys General of the States of Arizona, Michigan, and Wisconsin then joined the lawsuit. The lawsuit alleges monopolization and unfair competition in violation of federal and state antitrust laws. Plaintiffs seek a permanent injunction and other equitable relief to allow owners of our equipment, as well as independent repair providers, access to our repair tools and any other repair resources available to authorized John Deere dealers. On March 17, 2025, we filed a motion to dismiss the lawsuit, the FTC filed a response on April 28, 2025, and we filed a reply on May 28, 2025. A hearing was held on the motion to dismiss, and the court denied the motion. We are in preliminary discussions with the FTC with respect to a potential resolution. At this stage we are unable to predict the outcome or impact of this matter on our business.In addition to the above, we are subject to various unresolved legal actions and investigations, the most prevalent of which relate to product liability (including asbestos related liability), employment, patent, trademark, and antitrust matters (including class action litigation). Currently we believe the reasonably possible range of losses for unresolved legal actions would not have a material effect on our financial statements; however, the outcome of any current or future proceedings, claims, or investigations cannot be predicted with certainty. Adverse decisions in one or more of these proceedings, claims, or investigations could require us to pay substantial damages or fines, undertake service actions, initiate recall campaigns, or take other costly actions. It is therefore possible that legal judgments or investigations could give rise to expenses that are not covered or not fully covered by our insurance programs and could affect our financial position and results.ITEM 4.MINE SAFETY DISCLOSURES.Not applicable.PART IIITEM 5.MARKET FOR REGISTRANT’S COMMON EQUITY, RELATED STOCKHOLDER MATTERS AND ISSUER PURCHASES OF EQUITY SECURITIES.Market InformationOur common stock is listed on the New York Stock Exchange (NYSE) under the symbol “DE.” Number of ShareholdersAt November 28, 2025, we had 15,503 holders of record of our common stock.DividendsWe have a history of paying quarterly cash dividends. While we currently expect a cash dividend to be paid in the future, future dividend payments will depend on our earnings, capital requirements, financial condition, and other factors considered relevant by our Board. Monterrey, Mexico ​ Industrias John Deere SA de CV Factory ​ SAT, PPA, CF Pune, India ​ John Deere Pune Works Factory ​ SAT Saran, France ​ Saran Engine Factory ​ SAT, PPA, CF Tirschenreuth, Germany ​ Hamm AG ​ CF Torréon, Mexico ​ Torréon Engine Factory ​ PPA, SAT, CF Waterloo, Iowa ​ John Deere Engine Works John Deere Waterloo FoundryJohn Deere Waterloo Works ​ PPA, CF Windhagen, Germany ​ Wirtgen GmbH ​ CF Zweibrücken, Germany ​ John Deere Werke Zweibrücken Factory ​ PPA, SAT ​ ITEM 3. LEGAL PROCEEDINGS. On January 15, 2025, the Federal Trade Commission (FTC), along with the Attorneys General of the States of Illinois and Minnesota, filed a lawsuit against us in the United States District Court for the Northern District of Illinois Western Division. The Attorneys General of the States of Arizona, Michigan, and Wisconsin then joined the lawsuit. The lawsuit alleges monopolization and unfair competition in violation of federal and state antitrust laws. Plaintiffs seek a permanent injunction and other equitable relief to allow owners of our equipment, as well as independent repair providers, access to our repair tools and any other repair resources available to authorized John Deere dealers. On March 17, 2025, we filed a motion to dismiss the lawsuit, the FTC filed a response on April 28, 2025, and we filed a reply on May 28, 2025. A hearing was held on the motion to dismiss, and the court denied the motion. We are in preliminary discussions with the FTC with respect to a potential resolution. At this stage we are unable to predict the outcome or impact of this matter on our business. In addition to the above, we are subject to various unresolved legal actions and investigations, the most prevalent of which relate to product liability (including asbestos related liability), employment, patent, trademark, and antitrust matters (including class action litigation). Currently we believe the reasonably possible range of losses for unresolved legal actions would not have a material effect on our financial statements; however, the outcome of any current or future proceedings, claims, or investigations cannot be predicted with certainty. Adverse decisions in one or more of these proceedings, claims, or investigations could require us to pay substantial damages or fines, undertake service actions, initiate recall campaigns, or take other costly actions. It is therefore possible that legal judgments or investigations could give rise to expenses that are not covered or not fully covered by our insurance programs and could affect our financial position and results. ITEM 4. MINE SAFETY DISCLOSURES. Not applicable. PART II ITEM 5. MARKET FOR REGISTRANT’S COMMON EQUITY, RELATED STOCKHOLDER MATTERS AND ISSUER PURCHASES OF EQUITY SECURITIES. Market Information Our common stock is listed on the New York Stock Exchange (NYSE) under the symbol “DE.” Number of Shareholders At November 28, 2025, we had 15,503 holders of record of our common stock. Dividends We have a history of paying quarterly cash dividends. While we currently expect a cash dividend to be paid in the future, future dividend payments will depend on our earnings, capital requirements, financial condition, and other factors considered relevant by our Board. 27 27 27 Table of ContentsIssuer Purchases of Equity SecuritiesWe have a share repurchase plan that was announced in December 2022 to purchase up to $18.0 billion of shares of our common stock. Shares may be repurchased through various means, including on the open market or in private transactions, under accelerated share repurchase programs, or under plans complying with rules 10b5-1 and 10b-18 under the Securities Exchange Act of 1934. The maximum number of shares that may yet be repurchased under this plan was 17.1 million based on the closing price of our common stock on the NYSE as of the end of the fourth quarter of 2025 of $461.63 per share. At the end of the fourth quarter of 2025, $7.9 billion of common stock remained to be purchased under this plan. There were no repurchases made during the three months ended November 2, 2025, pursuant to the share repurchase plan. In the fourth quarter of 2025, four thousand shares were acquired from plan participants at a weighted-average market price of $469.58 to pay payroll taxes on the vesting of a restricted stock award. Sale of Unregistered Equity SecuritiesOn August 5, 2025, we distributed 13,656 shares of common stock under the Deere & Company Nonemployee Director Stock Ownership Plan (“NEDSOP”). Under the terms of the NEDSOP, deferred stock units issued to nonemployee directors convert to shares of common stock on a one-for-one basis. Common stock issued under the NEDSOP are exempt from registration pursuant to Section 4(a)(2) of the Securities Act of 1933, as amended, and Rule 506 of the SEC’s Regulation D thereunder.Stock Performance GraphThe following graph compares the yearly percentage change of Deere & Company’s cumulative total shareholder returns (TSR) for the last five years to that of the S&P 500 Index and the S&P 500 Industrials Index. The S&P 500 Industrials Index represents a focus group of companies across major industrial manufacturing categories that carry similar operational characteristics to us. The graph assumes $100 was invested on October 30, 2020, and that dividends were reinvested. The stock performance shown in the graph is not intended to forecast and does not necessarily indicate future price performance.Comparison of 5 Year Total Cumulative Return*Total Shareholder Returns (TSR) Performance​​​​​​​​​​​​​​​​​​​​​​​2020​2021​2022​2023​2024​2025​Company / Index​​​​​​​​​​​​​​​​​​​Deere & Company​$ 100.00​$ 153.27​$ 179.84​$ 165.72​$ 189.96​$ 217.99​S&P 500​​ 100.00​​ 142.91​​ 122.94​​ 131.94​​ 188.83​​ 225.31​S&P 500 Industrials​​ 100.00​​ 139.83​​ 128.81​​ 133.62​​ 190.66​​ 221.76​​​​​28 Table of Contents Table of Contents Table of Contents Issuer Purchases of Equity SecuritiesWe have a share repurchase plan that was announced in December 2022 to purchase up to $18.0 billion of shares of our common stock. Shares may be repurchased through various means, including on the open market or in private transactions, under accelerated share repurchase programs, or under plans complying with rules 10b5-1 and 10b-18 under the Securities Exchange Act of 1934. The maximum number of shares that may yet be repurchased under this plan was 17.1 million based on the closing price of our common stock on the NYSE as of the end of the fourth quarter of 2025 of $461.63 per share. At the end of the fourth quarter of 2025, $7.9 billion of common stock remained to be purchased under this plan. There were no repurchases made during the three months ended November 2, 2025, pursuant to the share repurchase plan. In the fourth quarter of 2025, four thousand shares were acquired from plan participants at a weighted-average market price of $469.58 to pay payroll taxes on the vesting of a restricted stock award. Sale of Unregistered Equity SecuritiesOn August 5, 2025, we distributed 13,656 shares of common stock under the Deere & Company Nonemployee Director Stock Ownership Plan (“NEDSOP”). Under the terms of the NEDSOP, deferred stock units issued to nonemployee directors convert to shares of common stock on a one-for-one basis. Common stock issued under the NEDSOP are exempt from registration pursuant to Section 4(a)(2) of the Securities Act of 1933, as amended, and Rule 506 of the SEC’s Regulation D thereunder.Stock Performance GraphThe following graph compares the yearly percentage change of Deere & Company’s cumulative total shareholder returns (TSR) for the last five years to that of the S&P 500 Index and the S&P 500 Industrials Index. The S&P 500 Industrials Index represents a focus group of companies across major industrial manufacturing categories that carry similar operational characteristics to us. The graph assumes $100 was invested on October 30, 2020, and that dividends were reinvested. The stock performance shown in the graph is not intended to forecast and does not necessarily indicate future price performance.Comparison of 5 Year Total Cumulative Return*Total Shareholder Returns (TSR) Performance​​​​​​​​​​​​​​​​​​​​​​​2020​2021​2022​2023​2024​2025​Company / Index​​​​​​​​​​​​​​​​​​​Deere & Company​$ 100.00​$ 153.27​$ 179.84​$ 165.72​$ 189.96​$ 217.99​S&P 500​​ 100.00​​ 142.91​​ 122.94​​ 131.94​​ 188.83​​ 225.31​S&P 500 Industrials​​ 100.00​​ 139.83​​ 128.81​​ 133.62​​ 190.66​​ 221.76​​​​​ Issuer Purchases of Equity Securities We have a share repurchase plan that was announced in December 2022 to purchase up to $18.0 billion of shares of our common stock. Shares may be repurchased through various means, including on the open market or in private transactions, under accelerated share repurchase programs, or under plans complying with rules 10b5-1 and 10b-18 under the Securities Exchange Act of 1934. The maximum number of shares that may yet be repurchased under this plan was 17.1 million based on the closing price of our common stock on the NYSE as of the end of the fourth quarter of 2025 of $461.63 per share. At the end of the fourth quarter of 2025, $7.9 billion of common stock remained to be purchased under this plan. There were no repurchases made during the three months ended November 2, 2025, pursuant to the share repurchase plan. In the fourth quarter of 2025, four thousand shares were acquired from plan participants at a weighted-average market price of $469.58 to pay payroll taxes on the vesting of a restricted stock award. Sale of Unregistered Equity Securities On August 5, 2025, we distributed 13,656 shares of common stock under the Deere & Company Nonemployee Director Stock Ownership Plan (“NEDSOP”). Under the terms of the NEDSOP, deferred stock units issued to nonemployee directors convert to shares of common stock on a one-for-one basis. Common stock issued under the NEDSOP are exempt from registration pursuant to Section 4(a)(2) of the Securities Act of 1933, as amended, and Rule 506 of the SEC’s Regulation D thereunder. Stock Performance Graph The following graph compares the yearly percentage change of Deere & Company’s cumulative total shareholder returns (TSR) for the last five years to that of the S&P 500 Index and the S&P 500 Industrials Index. The S&P 500 Industrials Index represents a focus group of companies across major industrial manufacturing categories that carry similar operational characteristics to us. The graph assumes $100 was invested on October 30, 2020, and that dividends were reinvested. The stock performance shown in the graph is not intended to forecast and does not necessarily indicate future price performance. Comparison of 5 Year Total Cumulative Return* Total Shareholder Returns (TSR) Performance ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2020 ​ 2021 ​ 2022 ​ 2023 ​ 2024 ​ 2025 ​ Company / Index ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Deere & Company ​ $ 100.00 ​ $ 153.27 ​ $ 179.84 ​ $ 165.72 ​ $ 189.96 ​ $ 217.99 ​ S&P 500 ​ ​ 100.00 ​ ​ 142.91 ​ ​ 122.94 ​ ​ 131.94 ​ ​ 188.83 ​ ​ 225.31 ​ S&P 500 Industrials ​ ​ 100.00 ​ ​ 139.83 ​ ​ 128.81 ​ ​ 133.62 ​ ​ 190.66 ​ ​ 221.76 ​ ​ ​ ​ ​ 28 28 28 Table of ContentsITEM 6.[RESERVED]​ITEM 7.MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS.See the information under the caption “Management’s Discussion and Analysis.”ITEM 7A.QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK.We are exposed to a variety of market risks, including interest rates and currency exchange rates. We attempt to actively manage these risks. See the information under “Management’s Discussion and Analysis,” under “Financial Instrument Market Risk Information” and in Note 26 to the Consolidated Financial Statements.ITEM 8.FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA.See the Consolidated Financial Statements and notes thereto and supplementary data.ITEM 9.CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL DISCLOSURE.Not applicable.ITEM 9A.CONTROLS AND PROCEDURES.Disclosure Controls and ProceduresOur principal executive officer and our principal financial officer have concluded that our disclosure controls and procedures (as defined in Rules 13a-15(e) and 15d-15(e) of the Securities Exchange Act of 1934, as amended (the Exchange Act)) were effective as of November 2, 2025, based on the evaluation of these controls and procedures required by Rule 13a-15(b) or 15d-15(b) of the Exchange Act.Management’s Report on Internal Control Over Financial ReportingManagement is responsible for establishing and maintaining adequate internal control over financial reporting. Our internal control system was designed to provide reasonable assurance regarding the preparation and fair presentation of published financial statements in accordance with U.S. generally accepted accounting principles.All internal control systems, no matter how well designed, have inherent limitations. Therefore, even those systems determined to be effective can provide only reasonable assurance with respect to financial statement preparation and presentation in accordance with generally accepted accounting principles.Management assessed the effectiveness of our internal control over financial reporting as of November 2, 2025, using the criteria set forth in Internal Control – Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission. Based on that assessment, management concluded that, as of November 2, 2025, our internal control over financial reporting was effective.Our independent registered public accounting firm has issued an audit report on the effectiveness of our internal control over financial reporting. That report is included herein.Changes in Internal Control Over Financial ReportingDuring the fourth quarter of 2025, there were no changes that have materially affected or are reasonably likely to materially affect our internal control over financial reporting.ITEM 9B.OTHER INFORMATION.Director and Executive Officer Trading ArrangementsNone.ITEM 9C. DISCLOSURE REGARDING FOREIGN JURISDICTIONS THAT PREVENT INSPECTIONS.Not applicable.29 Table of Contents Table of Contents Table of Contents ITEM 6.[RESERVED]​ITEM 7.MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS.See the information under the caption “Management’s Discussion and Analysis.”ITEM 7A.QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK.We are exposed to a variety of market risks, including interest rates and currency exchange rates. We attempt to actively manage these risks. See the information under “Management’s Discussion and Analysis,” under “Financial Instrument Market Risk Information” and in Note 26 to the Consolidated Financial Statements.ITEM 8.FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA.See the Consolidated Financial Statements and notes thereto and supplementary data.ITEM 9.CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL DISCLOSURE.Not applicable.ITEM 9A.CONTROLS AND PROCEDURES.Disclosure Controls and ProceduresOur principal executive officer and our principal financial officer have concluded that our disclosure controls and procedures (as defined in Rules 13a-15(e) and 15d-15(e) of the Securities Exchange Act of 1934, as amended (the Exchange Act)) were effective as of November 2, 2025, based on the evaluation of these controls and procedures required by Rule 13a-15(b) or 15d-15(b) of the Exchange Act.Management’s Report on Internal Control Over Financial ReportingManagement is responsible for establishing and maintaining adequate internal control over financial reporting. Our internal control system was designed to provide reasonable assurance regarding the preparation and fair presentation of published financial statements in accordance with U.S. generally accepted accounting principles.All internal control systems, no matter how well designed, have inherent limitations. Therefore, even those systems determined to be effective can provide only reasonable assurance with respect to financial statement preparation and presentation in accordance with generally accepted accounting principles.Management assessed the effectiveness of our internal control over financial reporting as of November 2, 2025, using the criteria set forth in Internal Control – Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission. Based on that assessment, management concluded that, as of November 2, 2025, our internal control over financial reporting was effective.Our independent registered public accounting firm has issued an audit report on the effectiveness of our internal control over financial reporting. That report is included herein.Changes in Internal Control Over Financial ReportingDuring the fourth quarter of 2025, there were no changes that have materially affected or are reasonably likely to materially affect our internal control over financial reporting.ITEM 9B.OTHER INFORMATION.Director and Executive Officer Trading ArrangementsNone.ITEM 9C. DISCLOSURE REGARDING FOREIGN JURISDICTIONS THAT PREVENT INSPECTIONS.Not applicable. ITEM 6. [RESERVED] ​ ITEM 7. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS. See the information under the caption “Management’s Discussion and Analysis.” ITEM 7A. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK. We are exposed to a variety of market risks, including interest rates and currency exchange rates. We attempt to actively manage these risks. See the information under “Management’s Discussion and Analysis,” under “Financial Instrument Market Risk Information” and in Note 26 to the Consolidated Financial Statements. ITEM 8. FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA. See the Consolidated Financial Statements and notes thereto and supplementary data. ITEM 9. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL DISCLOSURE. Not applicable. ITEM 9A. CONTROLS AND PROCEDURES.",
      "prior_body": "Our cybersecurity program is designed to identify, protect, detect, respond to, and recover from cybersecurity threats and incidents with the goal of protecting the confidentiality, integrity, and availability of our critical systems and information. We use a risk-based, multi-layered information security strategy to assess, identify, and manage risks from cybersecurity threats. Our Cybersecurity Team meets frequently to monitor, assess, and address cybersecurity threats and incidents. We also work with third parties to assess the maturity of our cybersecurity program, leveraging the National Institute of Standards and Technology (NIST) Cybersecurity Framework (CSF). We also utilize third-party service providers as a normal part of our business operations. We have established processes to support the Company in identifying and managing cybersecurity risks associated with the use of third parties, which include the completion of due diligence before engaging with a third-party, controls for response to mitigate any significant risks, and assessments and reviews throughout the relationship. Monitoring such risks and threats is integrated into our overall risk management program. Also, as part of the program, we periodically conduct cybersecurity awareness training including phishing simulations as well as e-learning for employees. We maintain cybersecurity policies, standards, and procedures, which include a cyber incident response plan. These policies and procedures are regularly evaluated and refined with strategies and protocols designed to adapt to changing regulations and emerging security risks. Regular exercises, tests, incident simulations, and system assessments are conducted to discover and address 23 23 23 Table of Contentspotential vulnerabilities and improve decision-making, prioritization, monitoring, and overall response effectiveness. As part of our incident response plan, the Cybersecurity Team uses an established protocol to assess the severity of cybersecurity incidents. In addition, a cross-functional Cybersecurity Incident Response Team is responsible for cybersecurity incident oversight and response, as needed, depending on incident severity. Our cyber incident response plan also includes an escalation process to relevant senior management and/or members of the Board if a cybersecurity incident meets specific rating criteria to prompt response to attempt to minimize potential disruptions and protect the integrity of our operations. Based on the information available as of the date of this Annual Report on Form 10-K, cybersecurity risks, including as a result of any previous cybersecurity incident, have not materially affected, and are not reasonably likely to materially affect, our business strategy, results of operations, or financial condition. However, we have seen an increase in cyberattack volume, frequency, and sophistication in the digital environment.ITEM 2.PROPERTIES.In the U.S. and Canada, the equipment operations own and operate 23 factory locations and lease and operate another three locations. Outside of the U.S. and Canada, the equipment operations own or lease and operate 45 factory locations in Argentina, Austria, Brazil, China, Finland, France, Germany, India, Israel, Italy, Mexico, the Netherlands, New Zealand, and Spain. In addition, the equipment operations own or lease 12 facilities comprised of three locations supporting centralized parts distribution and nine regional parts depots and distribution centers throughout the U.S. and Canada. Outside the U.S. and Canada, the equipment operations also own or lease and occupy 11 total facilities with centralized parts distribution centers in Brazil, Germany, and India and regional parts depots and distribution centers in Argentina, Australia, China, India, Mexico, South Africa, Sweden, and the United Kingdom. We also own or lease eight facilities for the manufacture and distribution of other brands of replacement parts.We own or lease 53 administrative offices and research facilities globally as well as many other smaller, miscellaneous facilities.Overall, we own approximately 70.0 million square feet of facilities and lease approximately 13.1 million additional square feet in various locations. These properties are adequate and suitable for our business as presently conducted and are well maintained.ITEM 3.LEGAL PROCEEDINGS.We are subject to various unresolved legal actions and investigations, the most prevalent of which relate to product liability (including asbestos related liability), employment, patent, trademark, and antitrust matters (including class action litigation). Currently we believe the reasonably possible range of losses for unresolved legal actions would not have a material effect on our financial statements; however, the outcome of any current or future proceedings, claims, or investigations cannot be predicted with certainty. Adverse decisions in one or more of these proceedings, claims, or investigations could require us to pay substantial damages or fines, undertake service actions, initiate recall campaigns, or take other costly actions. It is therefore possible that legal judgments or investigations could give rise to expenses that are not covered, or not fully covered by our insurance programs and could affect our financial position and results.ITEM 4.MINE SAFETY DISCLOSURES.Not applicable.PART IIITEM 5.MARKET FOR REGISTRANT’S COMMON EQUITY, RELATED STOCKHOLDER MATTERS AND ISSUER PURCHASES OF EQUITY SECURITIES.(a)Our common stock is listed on the New York Stock Exchange (NYSE) under the symbol “DE.” We have a history of paying quarterly cash dividends. While we currently expect a cash dividend to be paid in the future, future dividend payments will depend on our earnings, capital requirements, financial condition, and other factors considered relevant by our Board. See the information concerning the number of stockholders in Note 21 to the Consolidated Financial Statements.(b)Not applicable.24 Table of Contents Table of Contents Table of Contents potential vulnerabilities and improve decision-making, prioritization, monitoring, and overall response effectiveness. As part of our incident response plan, the Cybersecurity Team uses an established protocol to assess the severity of cybersecurity incidents. In addition, a cross-functional Cybersecurity Incident Response Team is responsible for cybersecurity incident oversight and response, as needed, depending on incident severity. Our cyber incident response plan also includes an escalation process to relevant senior management and/or members of the Board if a cybersecurity incident meets specific rating criteria to prompt response to attempt to minimize potential disruptions and protect the integrity of our operations. Based on the information available as of the date of this Annual Report on Form 10-K, cybersecurity risks, including as a result of any previous cybersecurity incident, have not materially affected, and are not reasonably likely to materially affect, our business strategy, results of operations, or financial condition. However, we have seen an increase in cyberattack volume, frequency, and sophistication in the digital environment.ITEM 2.PROPERTIES.In the U.S. and Canada, the equipment operations own and operate 23 factory locations and lease and operate another three locations. Outside of the U.S. and Canada, the equipment operations own or lease and operate 45 factory locations in Argentina, Austria, Brazil, China, Finland, France, Germany, India, Israel, Italy, Mexico, the Netherlands, New Zealand, and Spain. In addition, the equipment operations own or lease 12 facilities comprised of three locations supporting centralized parts distribution and nine regional parts depots and distribution centers throughout the U.S. and Canada. Outside the U.S. and Canada, the equipment operations also own or lease and occupy 11 total facilities with centralized parts distribution centers in Brazil, Germany, and India and regional parts depots and distribution centers in Argentina, Australia, China, India, Mexico, South Africa, Sweden, and the United Kingdom. We also own or lease eight facilities for the manufacture and distribution of other brands of replacement parts.We own or lease 53 administrative offices and research facilities globally as well as many other smaller, miscellaneous facilities.Overall, we own approximately 70.0 million square feet of facilities and lease approximately 13.1 million additional square feet in various locations. These properties are adequate and suitable for our business as presently conducted and are well maintained.ITEM 3.LEGAL PROCEEDINGS.We are subject to various unresolved legal actions and investigations, the most prevalent of which relate to product liability (including asbestos related liability), employment, patent, trademark, and antitrust matters (including class action litigation). Currently we believe the reasonably possible range of losses for unresolved legal actions would not have a material effect on our financial statements; however, the outcome of any current or future proceedings, claims, or investigations cannot be predicted with certainty. Adverse decisions in one or more of these proceedings, claims, or investigations could require us to pay substantial damages or fines, undertake service actions, initiate recall campaigns, or take other costly actions. It is therefore possible that legal judgments or investigations could give rise to expenses that are not covered, or not fully covered by our insurance programs and could affect our financial position and results.ITEM 4.MINE SAFETY DISCLOSURES.Not applicable.PART IIITEM 5.MARKET FOR REGISTRANT’S COMMON EQUITY, RELATED STOCKHOLDER MATTERS AND ISSUER PURCHASES OF EQUITY SECURITIES.(a)Our common stock is listed on the New York Stock Exchange (NYSE) under the symbol “DE.” We have a history of paying quarterly cash dividends. While we currently expect a cash dividend to be paid in the future, future dividend payments will depend on our earnings, capital requirements, financial condition, and other factors considered relevant by our Board. See the information concerning the number of stockholders in Note 21 to the Consolidated Financial Statements.(b)Not applicable. potential vulnerabilities and improve decision-making, prioritization, monitoring, and overall response effectiveness. As part of our incident response plan, the Cybersecurity Team uses an established protocol to assess the severity of cybersecurity incidents. In addition, a cross-functional Cybersecurity Incident Response Team is responsible for cybersecurity incident oversight and response, as needed, depending on incident severity. Our cyber incident response plan also includes an escalation process to relevant senior management and/or members of the Board if a cybersecurity incident meets specific rating criteria to prompt response to attempt to minimize potential disruptions and protect the integrity of our operations. Based on the information available as of the date of this Annual Report on Form 10-K, cybersecurity risks, including as a result of any previous cybersecurity incident, have not materially affected, and are not reasonably likely to materially affect, our business strategy, results of operations, or financial condition. However, we have seen an increase in cyberattack volume, frequency, and sophistication in the digital environment.ITEM 2.PROPERTIES.In the U.S. and Canada, the equipment operations own and operate 23 factory locations and lease and operate another three locations. Outside of the U.S. and Canada, the equipment operations own or lease and operate 45 factory locations in Argentina, Austria, Brazil, China, Finland, France, Germany, India, Israel, Italy, Mexico, the Netherlands, New Zealand, and Spain. In addition, the equipment operations own or lease 12 facilities comprised of three locations supporting centralized parts distribution and nine regional parts depots and distribution centers throughout the U.S. and Canada. Outside the U.S. and Canada, the equipment operations also own or lease and occupy 11 total facilities with centralized parts distribution centers in Brazil, Germany, and India and regional parts depots and distribution centers in Argentina, Australia, China, India, Mexico, South Africa, Sweden, and the United Kingdom. We also own or lease eight facilities for the manufacture and distribution of other brands of replacement parts.We own or lease 53 administrative offices and research facilities globally as well as many other smaller, miscellaneous facilities.Overall, we own approximately 70.0 million square feet of facilities and lease approximately 13.1 million additional square feet in various locations. These properties are adequate and suitable for our business as presently conducted and are well maintained.ITEM 3.LEGAL PROCEEDINGS.We are subject to various unresolved legal actions and investigations, the most prevalent of which relate to product liability (including asbestos related liability), employment, patent, trademark, and antitrust matters (including class action litigation). Currently we believe the reasonably possible range of losses for unresolved legal actions would not have a material effect on our financial statements; however, the outcome of any current or future proceedings, claims, or investigations cannot be predicted with certainty. Adverse decisions in one or more of these proceedings, claims, or investigations could require us to pay substantial damages or fines, undertake service actions, initiate recall campaigns, or take other costly actions. It is therefore possible that legal judgments or investigations could give rise to expenses that are not covered, or not fully covered by our insurance programs and could affect our financial position and results.ITEM 4.MINE SAFETY DISCLOSURES.Not applicable.PART IIITEM 5.MARKET FOR REGISTRANT’S COMMON EQUITY, RELATED STOCKHOLDER MATTERS AND ISSUER PURCHASES OF EQUITY SECURITIES.(a)Our common stock is listed on the New York Stock Exchange (NYSE) under the symbol “DE.” We have a history of paying quarterly cash dividends. While we currently expect a cash dividend to be paid in the future, future dividend payments will depend on our earnings, capital requirements, financial condition, and other factors considered relevant by our Board. See the information concerning the number of stockholders in Note 21 to the Consolidated Financial Statements.(b)Not applicable. potential vulnerabilities and improve decision-making, prioritization, monitoring, and overall response effectiveness. As part of our incident response plan, the Cybersecurity Team uses an established protocol to assess the severity of cybersecurity incidents. In addition, a cross-functional Cybersecurity Incident Response Team is responsible for cybersecurity incident oversight and response, as needed, depending on incident severity. Our cyber incident response plan also includes an escalation process to relevant senior management and/or members of the Board if a cybersecurity incident meets specific rating criteria to prompt response to attempt to minimize potential disruptions and protect the integrity of our operations. Based on the information available as of the date of this Annual Report on Form 10-K, cybersecurity risks, including as a result of any previous cybersecurity incident, have not materially affected, and are not reasonably likely to materially affect, our business strategy, results of operations, or financial condition. However, we have seen an increase in cyberattack volume, frequency, and sophistication in the digital environment. ITEM 2. PROPERTIES. In the U.S. and Canada, the equipment operations own and operate 23 factory locations and lease and operate another three locations. Outside of the U.S. and Canada, the equipment operations own or lease and operate 45 factory locations in Argentina, Austria, Brazil, China, Finland, France, Germany, India, Israel, Italy, Mexico, the Netherlands, New Zealand, and Spain. In addition, the equipment operations own or lease 12 facilities comprised of three locations supporting centralized parts distribution and nine regional parts depots and distribution centers throughout the U.S. and Canada. Outside the U.S. and Canada, the equipment operations also own or lease and occupy 11 total facilities with centralized parts distribution centers in Brazil, Germany, and India and regional parts depots and distribution centers in Argentina, Australia, China, India, Mexico, South Africa, Sweden, and the United Kingdom. We also own or lease eight facilities for the manufacture and distribution of other brands of replacement parts. We own or lease 53 administrative offices and research facilities globally as well as many other smaller, miscellaneous facilities. Overall, we own approximately 70.0 million square feet of facilities and lease approximately 13.1 million additional square feet in various locations. These properties are adequate and suitable for our business as presently conducted and are well maintained. ITEM 3. LEGAL PROCEEDINGS. We are subject to various unresolved legal actions and investigations, the most prevalent of which relate to product liability (including asbestos related liability), employment, patent, trademark, and antitrust matters (including class action litigation). Currently we believe the reasonably possible range of losses for unresolved legal actions would not have a material effect on our financial statements; however, the outcome of any current or future proceedings, claims, or investigations cannot be predicted with certainty. Adverse decisions in one or more of these proceedings, claims, or investigations could require us to pay substantial damages or fines, undertake service actions, initiate recall campaigns, or take other costly actions. It is therefore possible that legal judgments or investigations could give rise to expenses that are not covered, or not fully covered by our insurance programs and could affect our financial position and results. ITEM 4. MINE SAFETY DISCLOSURES. Not applicable. PART II ITEM 5. MARKET FOR REGISTRANT’S COMMON EQUITY, RELATED STOCKHOLDER MATTERS AND ISSUER PURCHASES OF EQUITY SECURITIES. 24 24 24 Table of Contents(c)Purchases of our common stock during the fourth quarter of 2024 were as follows:ISSUER PURCHASES OF EQUITY SECURITIES​​​​​​​​​​​​​ ​ ​​ ​ Maximum ​​​​​​​Total Number of​Number of Shares ​​​​​​​Shares Purchased​that May Yet Be ​​Total Number of​​​​as Part of Publicly​Purchased under ​​Shares​​​Announced Plans​the Plans or ​​Purchased (2)​Average Price​or Programs (1)​Programs (1) Period​(thousands)​Per Share​(thousands)​(millions) Jul 29 to Aug 25 877 ​$362.97 876 23.1 ​Aug 26 to Sept 22 515 ​​390.00 515 22.6 ​Sept 23 to Oct 27 651 ​ 412.74 651 21.9 ​Total 2,043 ​​​ 2,042 ​​​​​(1)We have a share repurchase plan that was announced in December 2022 to purchase up to $18.0 billion of shares of our common stock. The maximum number of shares that may yet be repurchased under this plan was 21.9 million based on the closing price of our common stock on the NYSE as of the end of the fourth quarter of 2024 of $407.93 per share. At the end of the fourth quarter of 2024, $8.9 billion of common stock remained to be purchased under this plan.(2)In the fourth quarter of 2024, 1 thousand shares were acquired from a plan participant at a market price of $373.26 to pay payroll taxes on the vesting of a restricted stock award. STOCK PERFORMANCE GRAPHThe following graph compares the yearly percentage change of Deere & Company’s cumulative total shareholder returns (TSR) for the last five years to that of the S&P 500 Index and the S&P 500 Industrials Index. The S&P 500 Industrials Index represents a focus group of companies across major industrial manufacturing categories that carry similar operational characteristics to us. The graph assumes $100 was invested on November 1, 2019, and that dividends were reinvested. The stock performance shown in the graph is not intended to forecast and does not necessarily indicate future price performance.​​25 Table of Contents Table of Contents Table of Contents (c)Purchases of our common stock during the fourth quarter of 2024 were as follows:ISSUER PURCHASES OF EQUITY SECURITIES​​​​​​​​​​​​​ ​ ​​ ​ Maximum ​​​​​​​Total Number of​Number of Shares ​​​​​​​Shares Purchased​that May Yet Be ​​Total Number of​​​​as Part of Publicly​Purchased under ​​Shares​​​Announced Plans​the Plans or ​​Purchased (2)​Average Price​or Programs (1)​Programs (1) Period​(thousands)​Per Share​(thousands)​(millions) Jul 29 to Aug 25 877 ​$362.97 876 23.1 ​Aug 26 to Sept 22 515 ​​390.00 515 22.6 ​Sept 23 to Oct 27 651 ​ 412.74 651 21.9 ​Total 2,043 ​​​ 2,042 ​​​​​(1)We have a share repurchase plan that was announced in December 2022 to purchase up to $18.0 billion of shares of our common stock. The maximum number of shares that may yet be repurchased under this plan was 21.9 million based on the closing price of our common stock on the NYSE as of the end of the fourth quarter of 2024 of $407.93 per share. At the end of the fourth quarter of 2024, $8.9 billion of common stock remained to be purchased under this plan.(2)In the fourth quarter of 2024, 1 thousand shares were acquired from a plan participant at a market price of $373.26 to pay payroll taxes on the vesting of a restricted stock award. STOCK PERFORMANCE GRAPHThe following graph compares the yearly percentage change of Deere & Company’s cumulative total shareholder returns (TSR) for the last five years to that of the S&P 500 Index and the S&P 500 Industrials Index. The S&P 500 Industrials Index represents a focus group of companies across major industrial manufacturing categories that carry similar operational characteristics to us. The graph assumes $100 was invested on November 1, 2019, and that dividends were reinvested. The stock performance shown in the graph is not intended to forecast and does not necessarily indicate future price performance.​​ (c)Purchases of our common stock during the fourth quarter of 2024 were as follows:ISSUER PURCHASES OF EQUITY SECURITIES​​​​​​​​​​​​​ ​ ​​ ​ Maximum ​​​​​​​Total Number of​Number of Shares ​​​​​​​Shares Purchased​that May Yet Be ​​Total Number of​​​​as Part of Publicly​Purchased under ​​Shares​​​Announced Plans​the Plans or ​​Purchased (2)​Average Price​or Programs (1)​Programs (1) Period​(thousands)​Per Share​(thousands)​(millions) Jul 29 to Aug 25 877 ​$362.97 876 23.1 ​Aug 26 to Sept 22 515 ​​390.00 515 22.6 ​Sept 23 to Oct 27 651 ​ 412.74 651 21.9 ​Total 2,043 ​​​ 2,042 ​​​​​(1)We have a share repurchase plan that was announced in December 2022 to purchase up to $18.0 billion of shares of our common stock. The maximum number of shares that may yet be repurchased under this plan was 21.9 million based on the closing price of our common stock on the NYSE as of the end of the fourth quarter of 2024 of $407.93 per share. At the end of the fourth quarter of 2024, $8.9 billion of common stock remained to be purchased under this plan.(2)In the fourth quarter of 2024, 1 thousand shares were acquired from a plan participant at a market price of $373.26 to pay payroll taxes on the vesting of a restricted stock award. STOCK PERFORMANCE GRAPHThe following graph compares the yearly percentage change of Deere & Company’s cumulative total shareholder returns (TSR) for the last five years to that of the S&P 500 Index and the S&P 500 Industrials Index. The S&P 500 Industrials Index represents a focus group of companies across major industrial manufacturing categories that carry similar operational characteristics to us. The graph assumes $100 was invested on November 1, 2019, and that dividends were reinvested. The stock performance shown in the graph is not intended to forecast and does not necessarily indicate future price performance.​​"
    },
    {
      "status": "MODIFIED",
      "current_title": "Changes in tax rates, tax legislation, or exposure to additional tax liabilities could have a negative effect on our business.",
      "prior_title": "Because the financial services segment provides financing for a significant portion of our sales worldwide, negative economic conditions in the financial industry could materially impact our operations and financial results.",
      "similarity_score": 0.598,
      "confidence": "low",
      "key_changes": [
        "Reworded sentence: \"We are subject to income taxes in the U.S.\"",
        "Reworded sentence: \"As part of our Leap Ambitions, we adopted certain financial and operational goals, which were refined in December 2025.\"",
        "Reworded sentence: \"As part of our Leap Ambitions, we adopted certain financial and operational goals, which were refined in December 2025.\""
      ],
      "current_body": "We are subject to income taxes in the U.S. and numerous foreign jurisdictions. Our domestic and international tax liabilities are dependent upon the location of earnings among these different jurisdictions. Tax rates in various jurisdictions may be subject to significant change. Our effective tax rates could be affected by changes in the mix of earnings in countries with differing statutory tax 18 18 18 Table of Contentsrates, changes in the valuation of deferred tax assets and liabilities, or changes in tax laws or their interpretations. If our effective tax rates were to increase, or if the ultimate determination of taxes owed is for an amount more than amounts previously accrued, our operating results, cash flows, and financial condition could be adversely affected. STRATEGIC RISKSWe may not realize the anticipated benefits of our Smart Industrial Operating Model and Leap Ambitions.Failure to realize the anticipated benefits of our Smart Industrial Operating Model and related business strategies in production systems, precision technologies, and aftermarket support, as well as failure to have selected a business strategy that aligns with our customers’ needs and market trends, could have an adverse effect on our operational and financial results. Several factors could impact our ability to successfully execute, and to benefit from, our Smart Industrial Operating Model, including, among other things: ●our inability to accurately assess market opportunities and the technology required to address such opportunities,●falling behind in developing and introducing new technologies, ●customers not seeing the value proposition of the technologies and deciding not to adopt them, ●our inability to holistically provide lifecycle solutions,●inability to fully monetize technology-based solutions,●being unable to optimize our capital allocation in connection with the Smart Industrial Operating Model, and●the adoption of new regulations or policies supporting and/or subsidizing outputs that are inconsistent with our strategy, such as policies that have the effect of encouraging or supporting the use of conventional sources of energy. Similarly, we may not realize the anticipated benefits of our Leap Ambitions and related goals within the expected timelines, or at all. As part of our Leap Ambitions, we adopted certain financial and operational goals, which were refined in December 2025. In the future, we may again modify these goals, abandon them or be unable to achieve them for a variety of reasons, some of which may be beyond our control. Examples of such reasons include:●the evolution of our business strategy, our business model, and our business needs;●our estimates and assumptions related to efficiency of our products and the adoption of precision technology may not be accurate; in particular, we have experienced slower than expected customer adoption of some of our precision technology solutions, and SaaS subscription services; ●customers may not understand the value proposition of the various SaaS subscription models;●the time required to build the capabilities and infrastructure to support our SaaS business, which has delayed the timing of realization of the expected benefits; and ●dealers may not be able to effectively establish relationships with customers, maintain those customer relationships, and provide SaaS solutions and support to our customers.The introduction of new products and technologies involves risk, and, from time to time, we may fail to realize their anticipated benefits.We design and manufacture products that incorporate advanced technologies. Many of our products and services are highly engineered and involve sophisticated technologies with related complex manufacturing and systems integration processes. We invest substantial amounts in research and development efforts to pursue advancements in a wide range of technologies, products, and services aimed at meeting the ever-evolving product, and service needs of our customers. Our ability to realize the anticipated benefits of our investments in technology and product design depends on a variety of factors, including:●the usefulness and competitiveness of our offerings relative to our peers,●access to radio frequency (RF) spectrum and satellite functionality which enables connectivity for equipment, operations, owners, dealers, and technicians,●meeting development, production, certification, and regulatory approval schedules, ●adequate intellectual property protections in relevant jurisdictions and our ability to protect our intellectual property, ●achieving cost and production efficiencies, ●availability and quality of product parts and materials, both from our suppliers and internally produced,19 Table of Contents Table of Contents Table of Contents rates, changes in the valuation of deferred tax assets and liabilities, or changes in tax laws or their interpretations. If our effective tax rates were to increase, or if the ultimate determination of taxes owed is for an amount more than amounts previously accrued, our operating results, cash flows, and financial condition could be adversely affected. STRATEGIC RISKSWe may not realize the anticipated benefits of our Smart Industrial Operating Model and Leap Ambitions.Failure to realize the anticipated benefits of our Smart Industrial Operating Model and related business strategies in production systems, precision technologies, and aftermarket support, as well as failure to have selected a business strategy that aligns with our customers’ needs and market trends, could have an adverse effect on our operational and financial results. Several factors could impact our ability to successfully execute, and to benefit from, our Smart Industrial Operating Model, including, among other things: ●our inability to accurately assess market opportunities and the technology required to address such opportunities,●falling behind in developing and introducing new technologies, ●customers not seeing the value proposition of the technologies and deciding not to adopt them, ●our inability to holistically provide lifecycle solutions,●inability to fully monetize technology-based solutions,●being unable to optimize our capital allocation in connection with the Smart Industrial Operating Model, and●the adoption of new regulations or policies supporting and/or subsidizing outputs that are inconsistent with our strategy, such as policies that have the effect of encouraging or supporting the use of conventional sources of energy. Similarly, we may not realize the anticipated benefits of our Leap Ambitions and related goals within the expected timelines, or at all. As part of our Leap Ambitions, we adopted certain financial and operational goals, which were refined in December 2025. In the future, we may again modify these goals, abandon them or be unable to achieve them for a variety of reasons, some of which may be beyond our control. Examples of such reasons include:●the evolution of our business strategy, our business model, and our business needs;●our estimates and assumptions related to efficiency of our products and the adoption of precision technology may not be accurate; in particular, we have experienced slower than expected customer adoption of some of our precision technology solutions, and SaaS subscription services; ●customers may not understand the value proposition of the various SaaS subscription models;●the time required to build the capabilities and infrastructure to support our SaaS business, which has delayed the timing of realization of the expected benefits; and ●dealers may not be able to effectively establish relationships with customers, maintain those customer relationships, and provide SaaS solutions and support to our customers.The introduction of new products and technologies involves risk, and, from time to time, we may fail to realize their anticipated benefits.We design and manufacture products that incorporate advanced technologies. Many of our products and services are highly engineered and involve sophisticated technologies with related complex manufacturing and systems integration processes. We invest substantial amounts in research and development efforts to pursue advancements in a wide range of technologies, products, and services aimed at meeting the ever-evolving product, and service needs of our customers. Our ability to realize the anticipated benefits of our investments in technology and product design depends on a variety of factors, including:●the usefulness and competitiveness of our offerings relative to our peers,●access to radio frequency (RF) spectrum and satellite functionality which enables connectivity for equipment, operations, owners, dealers, and technicians,●meeting development, production, certification, and regulatory approval schedules, ●adequate intellectual property protections in relevant jurisdictions and our ability to protect our intellectual property, ●achieving cost and production efficiencies, ●availability and quality of product parts and materials, both from our suppliers and internally produced, rates, changes in the valuation of deferred tax assets and liabilities, or changes in tax laws or their interpretations. If our effective tax rates were to increase, or if the ultimate determination of taxes owed is for an amount more than amounts previously accrued, our operating results, cash flows, and financial condition could be adversely affected. STRATEGIC RISKS",
      "prior_body": "Negative economic conditions have an adverse effect on the financial industry in which the financial services segment operates. The financial services segment provides financing for a significant portion of our sales worldwide. The financial services segment is vulnerable to customers and others defaulting on contractual obligations, and has experienced, and may continue to experience write-offs and credit losses that, in some cases, exceed our expectations and adversely affect our financial condition and results of operations as a result of elevated delinquencies. The financial services segment’s inability to access funds at cost-effective rates to support our financing activities could have a material adverse effect on our business. The financial services segment’s liquidity and ongoing profitability depend largely on timely access to capital to meet future cash flow requirements and to fund operations and costs associated with engaging in diversified funding activities. The financial services segment may also experience residual value losses that exceed our expectations caused by lower pricing for used equipment and higher-than-expected equipment returns at lease maturity. 16 16 16 Table of ContentsSTRATEGY RISKSWe may not realize the anticipated benefits of our Smart Industrial Operating Model and Leap Ambitions.Failure to realize the anticipated benefits of our Smart Industrial Operating Model and related business strategies in production systems, precision technologies, and aftermarket support, as well as failure to have selected a business strategy that aligns with our customer needs and market trends, could have an adverse effect on our operational and financial results. Several factors could impact our ability to successfully execute our Smart Industrial Operating Model, including, among other things: ●Failure to accurately assess market opportunities and the technology required to address such opportunities; ●Failure to develop and introduce new technologies or lack of adoption of such technologies by our customers; ●Failure to holistically provide lifecycle solutions;●Failure to optimize our capital allocation in connection with the Smart Industrial Operating Model; and●The adoption of new regulations or policies supporting and/or subsidizing outputs that are inconsistent with our strategy, such as policies that have the effect of encouraging or supporting the use of conventional sources of energy. Similarly, we may not realize the anticipated benefits of our Leap Ambitions and related goals within the expected timelines, or at all. As part of our Leap Ambitions, we adopted various goals we expect to achieve by 2026 or 2030, but these goals and their timelines might be modified or updated. We may modify or not be able to achieve these goals for a variety of reasons, some of which may be beyond our control. Examples include:●Our estimates and assumptions related to efficiency of our products and the adoption of precision technology may not be accurate; ●Certain materials, such as quality battery cells, may become unavailable or too costly;●Customers may not embrace the value proposition of the Solutions as a Service license model; and●The infrastructure required to achieve our goals, such as sufficient charging stations or fuel availability, may become too costly or may not be developed on the expected timelines.If we are unable to remain competitive and relevant, including by delivering precision technology solutions to our customers, our business, results of operations, and financial condition could be adversely affected. We compete on product performance, innovation and quality, distribution, sustainability, customer service, and price. Aggressive pricing or other strategies of competitors, unanticipated product or manufacturing delays, our failure to deliver quality products that meet customer needs, or our failure to price products competitively adversely affects our business, results of operations, and financial condition. To remain competitive, we need to have a thorough understanding of our existing and potential customers on a global basis, particularly in growth markets such as Argentina and Brazil.In addition, if we are unable to remain relevant and effectively develop and deliver technology that customers can easily adopt and utilize, customer adoption rates could reduce, adversely impacting our business operations and future financial performance. Therefore, our ability to deliver precision technology and expand value-driven solutions is critical to our business success. If we fail to stay ahead of both traditional and non-traditional competitors in the technology space, it may hinder our ability to adapt or identify strategic partnerships within our industries in a timely manner. This could result in increased costs and delays in delivering value to our customers, ultimately affecting our competitive position and financial condition. Furthermore, our approach to precision technology involves hardware and software, guidance, connectivity and digital solutions, automation and machine intelligence, and autonomy. We may make significant investments in research and development, connectivity solutions, digital security for precision technology solutions, and conduct dealer and employee training. These investments may not produce solutions that provide the desired results for customers’ profitability or sustainability outcomes, impacting our competitive position.We may be unable to accurately forecast customer demand for products and services, and to adequately manage inventory, which could adversely affect our operating results.To ensure adequate inventory supply, we must forecast inventory needs and expenses and place orders sufficiently in advance with suppliers and contract manufacturers. These forecasts are based on estimates of future demand for products and services. Failure to accurately forecast our needs may result in unmet market demand, parts shortages, manufacturing delays or inefficiencies, increased costs, or excess inventory, such as what we experienced in fiscal year 2022 due to supply chain disruptions. Our ability to accurately forecast demand could be affected by many factors, including changes in customer demand for our products and services, changes in 17 Table of Contents Table of Contents Table of Contents STRATEGY RISKSWe may not realize the anticipated benefits of our Smart Industrial Operating Model and Leap Ambitions.Failure to realize the anticipated benefits of our Smart Industrial Operating Model and related business strategies in production systems, precision technologies, and aftermarket support, as well as failure to have selected a business strategy that aligns with our customer needs and market trends, could have an adverse effect on our operational and financial results. Several factors could impact our ability to successfully execute our Smart Industrial Operating Model, including, among other things: ●Failure to accurately assess market opportunities and the technology required to address such opportunities; ●Failure to develop and introduce new technologies or lack of adoption of such technologies by our customers; ●Failure to holistically provide lifecycle solutions;●Failure to optimize our capital allocation in connection with the Smart Industrial Operating Model; and●The adoption of new regulations or policies supporting and/or subsidizing outputs that are inconsistent with our strategy, such as policies that have the effect of encouraging or supporting the use of conventional sources of energy. Similarly, we may not realize the anticipated benefits of our Leap Ambitions and related goals within the expected timelines, or at all. As part of our Leap Ambitions, we adopted various goals we expect to achieve by 2026 or 2030, but these goals and their timelines might be modified or updated. We may modify or not be able to achieve these goals for a variety of reasons, some of which may be beyond our control. Examples include:●Our estimates and assumptions related to efficiency of our products and the adoption of precision technology may not be accurate; ●Certain materials, such as quality battery cells, may become unavailable or too costly;●Customers may not embrace the value proposition of the Solutions as a Service license model; and●The infrastructure required to achieve our goals, such as sufficient charging stations or fuel availability, may become too costly or may not be developed on the expected timelines.If we are unable to remain competitive and relevant, including by delivering precision technology solutions to our customers, our business, results of operations, and financial condition could be adversely affected. We compete on product performance, innovation and quality, distribution, sustainability, customer service, and price. Aggressive pricing or other strategies of competitors, unanticipated product or manufacturing delays, our failure to deliver quality products that meet customer needs, or our failure to price products competitively adversely affects our business, results of operations, and financial condition. To remain competitive, we need to have a thorough understanding of our existing and potential customers on a global basis, particularly in growth markets such as Argentina and Brazil.In addition, if we are unable to remain relevant and effectively develop and deliver technology that customers can easily adopt and utilize, customer adoption rates could reduce, adversely impacting our business operations and future financial performance. Therefore, our ability to deliver precision technology and expand value-driven solutions is critical to our business success. If we fail to stay ahead of both traditional and non-traditional competitors in the technology space, it may hinder our ability to adapt or identify strategic partnerships within our industries in a timely manner. This could result in increased costs and delays in delivering value to our customers, ultimately affecting our competitive position and financial condition. Furthermore, our approach to precision technology involves hardware and software, guidance, connectivity and digital solutions, automation and machine intelligence, and autonomy. We may make significant investments in research and development, connectivity solutions, digital security for precision technology solutions, and conduct dealer and employee training. These investments may not produce solutions that provide the desired results for customers’ profitability or sustainability outcomes, impacting our competitive position.We may be unable to accurately forecast customer demand for products and services, and to adequately manage inventory, which could adversely affect our operating results.To ensure adequate inventory supply, we must forecast inventory needs and expenses and place orders sufficiently in advance with suppliers and contract manufacturers. These forecasts are based on estimates of future demand for products and services. Failure to accurately forecast our needs may result in unmet market demand, parts shortages, manufacturing delays or inefficiencies, increased costs, or excess inventory, such as what we experienced in fiscal year 2022 due to supply chain disruptions. Our ability to accurately forecast demand could be affected by many factors, including changes in customer demand for our products and services, changes in STRATEGY RISKSWe may not realize the anticipated benefits of our Smart Industrial Operating Model and Leap Ambitions.Failure to realize the anticipated benefits of our Smart Industrial Operating Model and related business strategies in production systems, precision technologies, and aftermarket support, as well as failure to have selected a business strategy that aligns with our customer needs and market trends, could have an adverse effect on our operational and financial results. Several factors could impact our ability to successfully execute our Smart Industrial Operating Model, including, among other things: ●Failure to accurately assess market opportunities and the technology required to address such opportunities; ●Failure to develop and introduce new technologies or lack of adoption of such technologies by our customers; ●Failure to holistically provide lifecycle solutions;●Failure to optimize our capital allocation in connection with the Smart Industrial Operating Model; and●The adoption of new regulations or policies supporting and/or subsidizing outputs that are inconsistent with our strategy, such as policies that have the effect of encouraging or supporting the use of conventional sources of energy. Similarly, we may not realize the anticipated benefits of our Leap Ambitions and related goals within the expected timelines, or at all. As part of our Leap Ambitions, we adopted various goals we expect to achieve by 2026 or 2030, but these goals and their timelines might be modified or updated. We may modify or not be able to achieve these goals for a variety of reasons, some of which may be beyond our control. Examples include:●Our estimates and assumptions related to efficiency of our products and the adoption of precision technology may not be accurate; ●Certain materials, such as quality battery cells, may become unavailable or too costly;●Customers may not embrace the value proposition of the Solutions as a Service license model; and●The infrastructure required to achieve our goals, such as sufficient charging stations or fuel availability, may become too costly or may not be developed on the expected timelines.If we are unable to remain competitive and relevant, including by delivering precision technology solutions to our customers, our business, results of operations, and financial condition could be adversely affected. We compete on product performance, innovation and quality, distribution, sustainability, customer service, and price. Aggressive pricing or other strategies of competitors, unanticipated product or manufacturing delays, our failure to deliver quality products that meet customer needs, or our failure to price products competitively adversely affects our business, results of operations, and financial condition. To remain competitive, we need to have a thorough understanding of our existing and potential customers on a global basis, particularly in growth markets such as Argentina and Brazil.In addition, if we are unable to remain relevant and effectively develop and deliver technology that customers can easily adopt and utilize, customer adoption rates could reduce, adversely impacting our business operations and future financial performance. Therefore, our ability to deliver precision technology and expand value-driven solutions is critical to our business success. If we fail to stay ahead of both traditional and non-traditional competitors in the technology space, it may hinder our ability to adapt or identify strategic partnerships within our industries in a timely manner. This could result in increased costs and delays in delivering value to our customers, ultimately affecting our competitive position and financial condition. Furthermore, our approach to precision technology involves hardware and software, guidance, connectivity and digital solutions, automation and machine intelligence, and autonomy. We may make significant investments in research and development, connectivity solutions, digital security for precision technology solutions, and conduct dealer and employee training. These investments may not produce solutions that provide the desired results for customers’ profitability or sustainability outcomes, impacting our competitive position.We may be unable to accurately forecast customer demand for products and services, and to adequately manage inventory, which could adversely affect our operating results.To ensure adequate inventory supply, we must forecast inventory needs and expenses and place orders sufficiently in advance with suppliers and contract manufacturers. These forecasts are based on estimates of future demand for products and services. Failure to accurately forecast our needs may result in unmet market demand, parts shortages, manufacturing delays or inefficiencies, increased costs, or excess inventory, such as what we experienced in fiscal year 2022 due to supply chain disruptions. Our ability to accurately forecast demand could be affected by many factors, including changes in customer demand for our products and services, changes in"
    },
    {
      "status": "MODIFIED",
      "current_title": "Net Income (Attributable to Deere & Company)",
      "prior_title": "Other Items of Concern and Uncertainties – Other items that could impact our results are:",
      "similarity_score": 0.586,
      "confidence": "low",
      "key_changes": [
        "Reworded sentence: \"Diluted Earnings Per Share (EPS) ($ per share)●Net income and diluted EPS decreased driven by lower sales.Other Significant Statement of Consolidated Income Changes An explanation of the cost of sales to net sales ratio and other significant statements of consolidated income changes follows:​​​​​​​​​​​​Deere & Company​2025​2024​% Change​Cost of sales to net sales​​72.4%​​68.8%​+5​(-) Tariffs​Unfavorable​(-) Lower volumes​Unfavorable​+ Material costs​Favorable​Increased due to higher tariffs and higher overhead costs from production inefficiencies associated with lower volumes, partially offset by reduced material costs and lower employee profit-sharing incentives.​​​​​​​​​​​Other income​​ 1,019​​ 1,198​-15​Lower due to a decrease in revenues from certain licenses, reduced investment income, and prior year legal settlements (see Note 4).\""
      ],
      "current_body": "Diluted Earnings Per Share (EPS) ($ per share)●Net income and diluted EPS decreased driven by lower sales.Other Significant Statement of Consolidated Income Changes An explanation of the cost of sales to net sales ratio and other significant statements of consolidated income changes follows:​​​​​​​​​​​​Deere & Company​2025​2024​% Change​Cost of sales to net sales​​72.4%​​68.8%​+5​(-) Tariffs​Unfavorable​(-) Lower volumes​Unfavorable​+ Material costs​Favorable​Increased due to higher tariffs and higher overhead costs from production inefficiencies associated with lower volumes, partially offset by reduced material costs and lower employee profit-sharing incentives.​​​​​​​​​​​Other income​​ 1,019​​ 1,198​-15​Lower due to a decrease in revenues from certain licenses, reduced investment income, and prior year legal settlements (see Note 4). These items were partially offset by increased extended warranty premiums earned.​​​​​​​​​​​Selling, administrative and general expenses​​ 4,663​​ 4,840​-4​Decreased due to lower employee profit-sharing incentives, the favorable impact from Banco John Deere S.A. (BJD) deconsolidation (see Note 4), and prior year employee separation programs' expenses (see Note 4). These items were partially offset by an increase in accrued losses on unresolved legal matters (see Note 4).​​​​​​​​​​​Interest expense​​ 3,170​​ 3,348​-5​Decreased due to lower average borrowing rates and lower average borrowings.​​​​​​​​​​​Other operating expenses​​ 1,124​​ 1,257​-11​Lower due to higher pension benefits (see Note 9) and foreign exchange gains, partially offset by increased depreciation of equipment on operating leases.​​​​​​​​​​​Provision for income taxes​​ 1,259​​ 2,094​-40​Decreased as a result of lower pretax income and the favorable impact of tax special items (see Note 4).​​​BUSINESS SEGMENT RESULTS2025 compared to 2024The equipment operations segment results were impacted by incremental tariffs in 2025. The cost of additional tariffs was included in the “Production Costs” and “Other” categories. Each equipment operations segment experienced lower shipment volumes during 2025. Economic uncertainty, low commodity prices, elevated interest rates in the first half of the year, and higher used inventory levels contributed to lower shipment volumes for large and small agriculture. Decreases in rental purchases, lower levels of multi-family and commercial real estate construction, trade uncertainty, and elevated interest rates in the first half of the year",
      "prior_body": "​ 30 30 30 Table of Contents​​​CONSOLIDATED RESULTS2024 compared to 2023Highlights●Net income declined in 2024 compared to 2023, driven by declining market conditions.●We continue to focus on structural profitability and strategically investing in solutions that deliver value to our customers.Net Sales and RevenuesNet Sales (Equipment Operations) ●Net sales decreased in 2024 primarily due to lower sales volumes driven by declining market conditions (see Business Segment Results).Net Income (Attributable to Deere & Company)Diluted Earnings Per Share (EPS) ($ per share)●Net income and diluted EPS decreased driven by lower sales.Other Significant Statement of Consolidated Income Changes An explanation of the cost of sales to net sales ratio and other significant statement of consolidated income changes follows:​​​​​​​​​​​​Deere & Company​2024​2023​% Change​Cost of sales to net sales​​68.8%​​67.9%​+1​(-) Overhead Costs​Unfavorable​+ Price realization​Favorable​+ Material costs​Favorable​Increased mostly due to higher overhead costs from reduced volumes resulting in production inefficiencies partially offset by sales price realization, lower material costs, and lower employee profit-sharing incentives.​​​​​​​​​​​Finance and interest income​$ 5,759​$ 4,683​+23​Increased primarily due to higher average financing receivable portfolios and higher average financing rates.​​​​​​​​​​​Other income​​ 1,198​​ 1,003​+19​Higher primarily due to investment income earned on international marketable securities, legal settlements (see Note 4), and increased revenues from services.​​​​​​​​​​​Deere & Company​2024​2023​% Change​Research and development expenses​$ 2,290​$ 2,177​+5​Higher due to continued focus on developing new technology solutions and product introductions.​​​​​​​​​​​Selling, administrative and general expenses​​ 4,840​​ 4,595​+5​Increased mostly due to higher provision for credit losses, employee separation programs' expenses, and higher employee pay driven by merit increases, partially offset by the effect of a prior year accounting treatment correction (see Note 4).​​​​​​​​​​​Interest expense​​ 3,348​​ 2,453​+36​Increased due to higher average borrowing rates and higher average borrowings.​​​​​​​​​​​Other operating expenses​​ 1,257​​ 1,292​-3​Lower due to foreign exchange, higher pension benefits (see Note 9), and a settlement of an insurance claim recovery at an international location.​​​​​​​​​​​Provision for income taxes​​ 2,094​​ 2,871​-27​Decreased as a result of lower pretax income, adjustments to valuation allowance on deferred tax, and the favorable impact of discrete tax benefits. These items were partially offset by prior years' favorable income tax ruling in Brazil.​​​BUSINESS SEGMENT RESULTS2024 compared to 2023​Each equipment operations segment experienced lower shipment volumes partially offset by price realization during 2024. Rising global grain stocks, lower commodity prices, elevated interest rates, and the effect of inventory management contributed to lower shipment volumes for large and small agriculture. Declines in housing starts, decreases in rental purchases, lower levels of commercial real estate construction, and the effect of inventory management contributed to lower shipment volumes for construction equipment. Production costs were favorable in 2024 due to lower material and employee profit-sharing incentives costs, partially offset by higher manufacturing overhead costs driven by lower volumes and production inefficiencies.Production and Precision Agriculture Operations​​​​​​​​​​​​​​2024​2023​% Change​Net sales​$ 20,834​$ 26,790​-22​Sales volume and other​​​​​​​-24​Price realization​​​​​​​+2​Currency translation​​​​​​​​​Operating profit​​ 4,514​​ 6,996​-35​Operating margin​​21.7%​​26.1%​​​​​Sales volumes decreased 17 percent in the U.S. and Canada, 40 percent in Brazil, and 30 percent in Europe. Price realization in the U.S. and Canada was 3 percent driven by inflation, which was partially offset by an increase in retail and pool funds sales incentives. Price realization was flat outside the U.S. and Canada 31 Table of Contents​ Table of Contents Table of Contents ​ ​​CONSOLIDATED RESULTS2024 compared to 2023Highlights●Net income declined in 2024 compared to 2023, driven by declining market conditions.●We continue to focus on structural profitability and strategically investing in solutions that deliver value to our customers.Net Sales and RevenuesNet Sales (Equipment Operations) ●Net sales decreased in 2024 primarily due to lower sales volumes driven by declining market conditions (see Business Segment Results).Net Income (Attributable to Deere & Company)Diluted Earnings Per Share (EPS) ($ per share)●Net income and diluted EPS decreased driven by lower sales.Other Significant Statement of Consolidated Income Changes An explanation of the cost of sales to net sales ratio and other significant statement of consolidated income changes follows:​​​​​​​​​​​​Deere & Company​2024​2023​% Change​Cost of sales to net sales​​68.8%​​67.9%​+1​(-) Overhead Costs​Unfavorable​+ Price realization​Favorable​+ Material costs​Favorable​Increased mostly due to higher overhead costs from reduced volumes resulting in production inefficiencies partially offset by sales price realization, lower material costs, and lower employee profit-sharing incentives.​​​​​​​​​​​Finance and interest income​$ 5,759​$ 4,683​+23​Increased primarily due to higher average financing receivable portfolios and higher average financing rates.​​​​​​​​​​​Other income​​ 1,198​​ 1,003​+19​Higher primarily due to investment income earned on international marketable securities, legal settlements (see Note 4), and increased revenues from services.​​​​​​​​​​​Deere & Company​2024​2023​% Change​Research and development expenses​$ 2,290​$ 2,177​+5​Higher due to continued focus on developing new technology solutions and product introductions.​​​​​​​​​​​Selling, administrative and general expenses​​ 4,840​​ 4,595​+5​Increased mostly due to higher provision for credit losses, employee separation programs' expenses, and higher employee pay driven by merit increases, partially offset by the effect of a prior year accounting treatment correction (see Note 4).​​​​​​​​​​​Interest expense​​ 3,348​​ 2,453​+36​Increased due to higher average borrowing rates and higher average borrowings.​​​​​​​​​​​Other operating expenses​​ 1,257​​ 1,292​-3​Lower due to foreign exchange, higher pension benefits (see Note 9), and a settlement of an insurance claim recovery at an international location.​​​​​​​​​​​Provision for income taxes​​ 2,094​​ 2,871​-27​Decreased as a result of lower pretax income, adjustments to valuation allowance on deferred tax, and the favorable impact of discrete tax benefits. These items were partially offset by prior years' favorable income tax ruling in Brazil.​​​BUSINESS SEGMENT RESULTS2024 compared to 2023​Each equipment operations segment experienced lower shipment volumes partially offset by price realization during 2024. Rising global grain stocks, lower commodity prices, elevated interest rates, and the effect of inventory management contributed to lower shipment volumes for large and small agriculture. Declines in housing starts, decreases in rental purchases, lower levels of commercial real estate construction, and the effect of inventory management contributed to lower shipment volumes for construction equipment. Production costs were favorable in 2024 due to lower material and employee profit-sharing incentives costs, partially offset by higher manufacturing overhead costs driven by lower volumes and production inefficiencies.Production and Precision Agriculture Operations​​​​​​​​​​​​​​2024​2023​% Change​Net sales​$ 20,834​$ 26,790​-22​Sales volume and other​​​​​​​-24​Price realization​​​​​​​+2​Currency translation​​​​​​​​​Operating profit​​ 4,514​​ 6,996​-35​Operating margin​​21.7%​​26.1%​​​​​Sales volumes decreased 17 percent in the U.S. and Canada, 40 percent in Brazil, and 30 percent in Europe. Price realization in the U.S. and Canada was 3 percent driven by inflation, which was partially offset by an increase in retail and pool funds sales incentives. Price realization was flat outside the U.S. and Canada ​​CONSOLIDATED RESULTS2024 compared to 2023Highlights●Net income declined in 2024 compared to 2023, driven by declining market conditions.●We continue to focus on structural profitability and strategically investing in solutions that deliver value to our customers.Net Sales and RevenuesNet Sales (Equipment Operations) ●Net sales decreased in 2024 primarily due to lower sales volumes driven by declining market conditions (see Business Segment Results).Net Income (Attributable to Deere & Company)Diluted Earnings Per Share (EPS) ($ per share)●Net income and diluted EPS decreased driven by lower sales.Other Significant Statement of Consolidated Income Changes An explanation of the cost of sales to net sales ratio and other significant statement of consolidated income changes follows:​​​​​​​​​​​​Deere & Company​2024​2023​% Change​Cost of sales to net sales​​68.8%​​67.9%​+1​(-) Overhead Costs​Unfavorable​+ Price realization​Favorable​+ Material costs​Favorable​Increased mostly due to higher overhead costs from reduced volumes resulting in production inefficiencies partially offset by sales price realization, lower material costs, and lower employee profit-sharing incentives.​​​​​​​​​​​Finance and interest income​$ 5,759​$ 4,683​+23​Increased primarily due to higher average financing receivable portfolios and higher average financing rates.​​​​​​​​​​​Other income​​ 1,198​​ 1,003​+19​Higher primarily due to investment income earned on international marketable securities, legal settlements (see Note 4), and increased revenues from services.​​​​​​​​​​​Deere & Company​2024​2023​% Change​Research and development expenses​$ 2,290​$ 2,177​+5​Higher due to continued focus on developing new technology solutions and product introductions.​​​​​​​​​​​Selling, administrative and general expenses​​ 4,840​​ 4,595​+5​Increased mostly due to higher provision for credit losses, employee separation programs' expenses, and higher employee pay driven by merit increases, partially offset by the effect of a prior year accounting treatment correction (see Note 4).​​​​​​​​​​​Interest expense​​ 3,348​​ 2,453​+36​Increased due to higher average borrowing rates and higher average borrowings.​​​​​​​​​​​Other operating expenses​​ 1,257​​ 1,292​-3​Lower due to foreign exchange, higher pension benefits (see Note 9), and a settlement of an insurance claim recovery at an international location.​​​​​​​​​​​Provision for income taxes​​ 2,094​​ 2,871​-27​Decreased as a result of lower pretax income, adjustments to valuation allowance on deferred tax, and the favorable impact of discrete tax benefits. These items were partially offset by prior years' favorable income tax ruling in Brazil.​​​BUSINESS SEGMENT RESULTS2024 compared to 2023​Each equipment operations segment experienced lower shipment volumes partially offset by price realization during 2024. Rising global grain stocks, lower commodity prices, elevated interest rates, and the effect of inventory management contributed to lower shipment volumes for large and small agriculture. Declines in housing starts, decreases in rental purchases, lower levels of commercial real estate construction, and the effect of inventory management contributed to lower shipment volumes for construction equipment. Production costs were favorable in 2024 due to lower material and employee profit-sharing incentives costs, partially offset by higher manufacturing overhead costs driven by lower volumes and production inefficiencies.Production and Precision Agriculture Operations​​​​​​​​​​​​​​2024​2023​% Change​Net sales​$ 20,834​$ 26,790​-22​Sales volume and other​​​​​​​-24​Price realization​​​​​​​+2​Currency translation​​​​​​​​​Operating profit​​ 4,514​​ 6,996​-35​Operating margin​​21.7%​​26.1%​​​​​Sales volumes decreased 17 percent in the U.S. and Canada, 40 percent in Brazil, and 30 percent in Europe. Price realization in the U.S. and Canada was 3 percent driven by inflation, which was partially offset by an increase in retail and pool funds sales incentives. Price realization was flat outside the U.S. and Canada ​​CONSOLIDATED RESULTS2024 compared to 2023Highlights●Net income declined in 2024 compared to 2023, driven by declining market conditions.●We continue to focus on structural profitability and strategically investing in solutions that deliver value to our customers.Net Sales and RevenuesNet Sales (Equipment Operations) ●Net sales decreased in 2024 primarily due to lower sales volumes driven by declining market conditions (see Business Segment Results).Net Income (Attributable to Deere & Company)Diluted Earnings Per Share (EPS) ($ per share)●Net income and diluted EPS decreased driven by lower sales.Other Significant Statement of Consolidated Income Changes An explanation of the cost of sales to net sales ratio and other significant statement of consolidated income changes follows:​​​​​​​​​​​​Deere & Company​2024​2023​% Change​Cost of sales to net sales​​68.8%​​67.9%​+1​(-) Overhead Costs​Unfavorable​+ Price realization​Favorable​+ Material costs​Favorable​Increased mostly due to higher overhead costs from reduced volumes resulting in production inefficiencies partially offset by sales price realization, lower material costs, and lower employee profit-sharing incentives.​​​​​​​​​​​Finance and interest income​$ 5,759​$ 4,683​+23​Increased primarily due to higher average financing receivable portfolios and higher average financing rates.​​​​​​​​​​​Other income​​ 1,198​​ 1,003​+19​Higher primarily due to investment income earned on international marketable securities, legal settlements (see Note 4), and increased revenues from services.​​​​​​​​​​​Deere & Company​2024​2023​% Change​Research and development expenses​$ 2,290​$ 2,177​+5​Higher due to continued focus on developing new technology solutions and product introductions.​​​​​​​​​​​Selling, administrative and general expenses​​ 4,840​​ 4,595​+5​Increased mostly due to higher provision for credit losses, employee separation programs' expenses, and higher employee pay driven by merit increases, partially offset by the effect of a prior year accounting treatment correction (see Note 4).​​​​​​​​​​​Interest expense​​ 3,348​​ 2,453​+36​Increased due to higher average borrowing rates and higher average borrowings.​​​​​​​​​​​Other operating expenses​​ 1,257​​ 1,292​-3​Lower due to foreign exchange, higher pension benefits (see Note 9), and a settlement of an insurance claim recovery at an international location.​​​​​​​​​​​Provision for income taxes​​ 2,094​​ 2,871​-27​Decreased as a result of lower pretax income, adjustments to valuation allowance on deferred tax, and the favorable impact of discrete tax benefits. These items were partially offset by prior years' favorable income tax ruling in Brazil.​​​BUSINESS SEGMENT RESULTS2024 compared to 2023​Each equipment operations segment experienced lower shipment volumes partially offset by price realization during 2024. Rising global grain stocks, lower commodity prices, elevated interest rates, and the effect of inventory management contributed to lower shipment volumes for large and small agriculture. Declines in housing starts, decreases in rental purchases, lower levels of commercial real estate construction, and the effect of inventory management contributed to lower shipment volumes for construction equipment. Production costs were favorable in 2024 due to lower material and employee profit-sharing incentives costs, partially offset by higher manufacturing overhead costs driven by lower volumes and production inefficiencies.Production and Precision Agriculture Operations​​​​​​​​​​​​​​2024​2023​% Change​Net sales​$ 20,834​$ 26,790​-22​Sales volume and other​​​​​​​-24​Price realization​​​​​​​+2​Currency translation​​​​​​​​​Operating profit​​ 4,514​​ 6,996​-35​Operating margin​​21.7%​​26.1%​​​​​Sales volumes decreased 17 percent in the U.S. and Canada, 40 percent in Brazil, and 30 percent in Europe. Price realization in the U.S. and Canada was 3 percent driven by inflation, which was partially offset by an increase in retail and pool funds sales incentives. Price realization was flat outside the U.S. and Canada ​​CONSOLIDATED RESULTS2024 compared to 2023Highlights●Net income declined in 2024 compared to 2023, driven by declining market conditions.●We continue to focus on structural profitability and strategically investing in solutions that deliver value to our customers.Net Sales and RevenuesNet Sales (Equipment Operations) ●Net sales decreased in 2024 primarily due to lower sales volumes driven by declining market conditions (see Business Segment Results).Net Income (Attributable to Deere & Company)Diluted Earnings Per Share (EPS) ($ per share)●Net income and diluted EPS decreased driven by lower sales.Other Significant Statement of Consolidated Income Changes An explanation of the cost of sales to net sales ratio and other significant statement of consolidated income changes follows:​​​​​​​​​​​​Deere & Company​2024​2023​% Change​Cost of sales to net sales​​68.8%​​67.9%​+1​(-) Overhead Costs​Unfavorable​+ Price realization​Favorable​+ Material costs​Favorable​Increased mostly due to higher overhead costs from reduced volumes resulting in production inefficiencies partially offset by sales price realization, lower material costs, and lower employee profit-sharing incentives.​​​​​​​​​​​Finance and interest income​$ 5,759​$ 4,683​+23​Increased primarily due to higher average financing receivable portfolios and higher average financing rates.​​​​​​​​​​​Other income​​ 1,198​​ 1,003​+19​Higher primarily due to investment income earned on international marketable securities, legal settlements (see Note 4), and increased revenues from services.​​​​​​​​​​​ ​ ​ ​ ​ ​ ​"
    },
    {
      "status": "MODIFIED",
      "current_title": "Product Warranties",
      "prior_title": "Sales Incentive Accruals",
      "similarity_score": 0.576,
      "confidence": "low",
      "key_changes": [
        "Reworded sentence: \"A standard warranty is provided as an assurance that our equipment will function as intended.\"",
        "Reworded sentence: \"Product Warranty AccrualsThe decrease in 2025 is the result of lower sales volumes.\"",
        "Reworded sentence: \"Over the last five fiscal years, the percent has varied plus or minus 0.14%.\"",
        "Reworded sentence: \"The key assumptions used by our actuaries to calculate the estimates include:●discount rates●health care cost trend rates●expected long-term return on plan assets●compensation increases●retirement rates●mortality rates●expected contributionsAssumptions are set each year-end.\"",
        "Reworded sentence: \"Actual results that differ from the assumptions affect future expenses and obligations.The key pension and OPEB amounts follow:​​​​​​​​​​​​​ 2025 2024 2023 Pension and OPEB net benefit​$ (153)​$ (86)​$ (13)​Long-term expected return on pension and OPEB plan assets (as a percent) ​6.9​​6.8​​6.2​Long-term expected return on pension and OPEB plan assets​​ 1,118​​ 1,075​ 995​Actual return (loss) on pension and OPEB plan assets​​ 1,052​​ 1,962​​ (395)​Pension assets, net of pension liabilities 2,362​ 2,003​ 2,076​OPEB liabilities, net of OPEB assets 541​ 1,191​ 1,001​​The increase in the 2025 pension and OPEB net benefit was due to an increase in the expected long-term rates of return on pension plan assets.The effect of hypothetical changes to selected assumptions on our major U.S.\""
      ],
      "current_body": "A standard warranty is provided as an assurance that our equipment will function as intended. The standard warranty period varies by product, region, and component. At the time a sale is recognized, we record an estimate of future warranty costs, based on the following calculation: The historical claims rate is determined by a review of five-year claims costs. The estimated population is based on dealer 38 38 38 Table of Contents​inventories and retail sales. These estimates are reviewed quarterly. Adjustments are also made for current quality developments. Product Warranty AccrualsThe decrease in 2025 is the result of lower sales volumes. Product warranty accrual estimates are affected by the historical percent of warranty claims costs as a percentage of gross sales. Over the last five fiscal years, the percent has varied plus or minus 0.14%. Holding all other assumptions constant, if this estimated cost experience percent would have increased or decreased 0.14%, the warranty accrual at November 2, 2025, would have changed by approximately $70.Postretirement Benefit ObligationsThe pension and OPEB defined benefit plan obligations and expenses require the use of estimates. The main estimate is the present value of the projected future benefit payments. These future benefit payments extend several decades.The estimates are based on existing retirement plan provisions. No assumption is made regarding any potential changes to benefit provisions beyond those to which we are presently committed (e.g., in existing labor contracts). The key assumptions used by our actuaries to calculate the estimates include:●discount rates●health care cost trend rates●expected long-term return on plan assets●compensation increases●retirement rates●mortality rates●expected contributionsAssumptions are set each year-end. These assumptions are not changed during the year unless there is a significant plan event. Actual results that differ from the assumptions affect future expenses and obligations.The key pension and OPEB amounts follow:​​​​​​​​​​​​​ 2025 2024 2023 Pension and OPEB net benefit​$ (153)​$ (86)​$ (13)​Long-term expected return on pension and OPEB plan assets (as a percent) ​6.9​​6.8​​6.2​Long-term expected return on pension and OPEB plan assets​​ 1,118​​ 1,075​ 995​Actual return (loss) on pension and OPEB plan assets​​ 1,052​​ 1,962​​ (395)​Pension assets, net of pension liabilities 2,362​ 2,003​ 2,076​OPEB liabilities, net of OPEB assets 541​ 1,191​ 1,001​​The increase in the 2025 pension and OPEB net benefit was due to an increase in the expected long-term rates of return on pension plan assets.The effect of hypothetical changes to selected assumptions on our major U.S. retirement benefit plans would be as follows:​​​​​​​​​​​​​​​November 2, 2025​2026​​​​​Increase​Increase​​​Percentage​(Decrease)​(Decrease)​Assumptions Change ​PBO/APBO* ​Expense Pensions:​​​​​​​​​Discount rate** +/-.5​$(474)/524​$8/20​Expected return on assets​+/-.5​​​​ (63)/63​OPEB:​​​​​​​​​Discount rate** +/-.5​ (134)/145​ (5)/1​Expected return on assets +/-.5​​​​ (14)/14​Health care cost trend rate** +/-1.0​ 255/(223)​ 31/(36)​* Projected benefit obligation (PBO) for pension plans and accumulated postretirement benefit obligation (APBO) for OPEB plans.** Pretax impact on service cost, interest cost, and amortization of gains or losses.​Allowance for Credit LossesThe allowance for credit losses is an estimate of the credit losses expected over the life of the receivable portfolio. The allowance is measured on a collective basis for receivables with similar risk characteristics. Receivables that do not share risk characteristics are evaluated on an individual basis. Risk characteristics include:●finance product category●market●geography●credit risk●remaining balanceWe utilize the following loss forecast models to estimate expected credit losses:●Linear regression models are used for large and complex retail customer receivable pools, which represent more than 90% of retail customer receivables. These statistical models utilize independent variables, or predictive features, to estimate lifetime default rates, which are subsequently adjusted for expected recoveries to arrive at lifetime credit loss estimates. Independent variables include credit quality at time of application, remaining account balance, delinquency status, and various economic factors, such as commodity prices, employment levels, and housing data. The economic factors include forward-looking conditions over our reasonable and supportable forecast period.●Weighted average remaining maturity (WARM) models are used for smaller and less complex retail customer receivable pools. ●Historical loss rate models are used on wholesale receivables, with consideration of current economic conditions and dealer financial risk. 39 Table of Contents​ Table of Contents Table of Contents ​ inventories and retail sales. These estimates are reviewed quarterly. Adjustments are also made for current quality developments. Product Warranty AccrualsThe decrease in 2025 is the result of lower sales volumes. Product warranty accrual estimates are affected by the historical percent of warranty claims costs as a percentage of gross sales. Over the last five fiscal years, the percent has varied plus or minus 0.14%. Holding all other assumptions constant, if this estimated cost experience percent would have increased or decreased 0.14%, the warranty accrual at November 2, 2025, would have changed by approximately $70.Postretirement Benefit ObligationsThe pension and OPEB defined benefit plan obligations and expenses require the use of estimates. The main estimate is the present value of the projected future benefit payments. These future benefit payments extend several decades.The estimates are based on existing retirement plan provisions. No assumption is made regarding any potential changes to benefit provisions beyond those to which we are presently committed (e.g., in existing labor contracts). The key assumptions used by our actuaries to calculate the estimates include:●discount rates●health care cost trend rates●expected long-term return on plan assets●compensation increases●retirement rates●mortality rates●expected contributionsAssumptions are set each year-end. These assumptions are not changed during the year unless there is a significant plan event. Actual results that differ from the assumptions affect future expenses and obligations.The key pension and OPEB amounts follow:​​​​​​​​​​​​​ 2025 2024 2023 Pension and OPEB net benefit​$ (153)​$ (86)​$ (13)​Long-term expected return on pension and OPEB plan assets (as a percent) ​6.9​​6.8​​6.2​Long-term expected return on pension and OPEB plan assets​​ 1,118​​ 1,075​ 995​Actual return (loss) on pension and OPEB plan assets​​ 1,052​​ 1,962​​ (395)​Pension assets, net of pension liabilities 2,362​ 2,003​ 2,076​OPEB liabilities, net of OPEB assets 541​ 1,191​ 1,001​​The increase in the 2025 pension and OPEB net benefit was due to an increase in the expected long-term rates of return on pension plan assets.The effect of hypothetical changes to selected assumptions on our major U.S. retirement benefit plans would be as follows:​​​​​​​​​​​​​​​November 2, 2025​2026​​​​​Increase​Increase​​​Percentage​(Decrease)​(Decrease)​Assumptions Change ​PBO/APBO* ​Expense Pensions:​​​​​​​​​Discount rate** +/-.5​$(474)/524​$8/20​Expected return on assets​+/-.5​​​​ (63)/63​OPEB:​​​​​​​​​Discount rate** +/-.5​ (134)/145​ (5)/1​Expected return on assets +/-.5​​​​ (14)/14​Health care cost trend rate** +/-1.0​ 255/(223)​ 31/(36)​* Projected benefit obligation (PBO) for pension plans and accumulated postretirement benefit obligation (APBO) for OPEB plans.** Pretax impact on service cost, interest cost, and amortization of gains or losses.​Allowance for Credit LossesThe allowance for credit losses is an estimate of the credit losses expected over the life of the receivable portfolio. The allowance is measured on a collective basis for receivables with similar risk characteristics. Receivables that do not share risk characteristics are evaluated on an individual basis. Risk characteristics include:●finance product category●market●geography●credit risk●remaining balanceWe utilize the following loss forecast models to estimate expected credit losses:●Linear regression models are used for large and complex retail customer receivable pools, which represent more than 90% of retail customer receivables. These statistical models utilize independent variables, or predictive features, to estimate lifetime default rates, which are subsequently adjusted for expected recoveries to arrive at lifetime credit loss estimates. Independent variables include credit quality at time of application, remaining account balance, delinquency status, and various economic factors, such as commodity prices, employment levels, and housing data. The economic factors include forward-looking conditions over our reasonable and supportable forecast period.●Weighted average remaining maturity (WARM) models are used for smaller and less complex retail customer receivable pools. ●Historical loss rate models are used on wholesale receivables, with consideration of current economic conditions and dealer financial risk. inventories and retail sales. These estimates are reviewed quarterly. Adjustments are also made for current quality developments. Product Warranty AccrualsThe decrease in 2025 is the result of lower sales volumes. Product warranty accrual estimates are affected by the historical percent of warranty claims costs as a percentage of gross sales. Over the last five fiscal years, the percent has varied plus or minus 0.14%. Holding all other assumptions constant, if this estimated cost experience percent would have increased or decreased 0.14%, the warranty accrual at November 2, 2025, would have changed by approximately $70.Postretirement Benefit ObligationsThe pension and OPEB defined benefit plan obligations and expenses require the use of estimates. The main estimate is the present value of the projected future benefit payments. These future benefit payments extend several decades.The estimates are based on existing retirement plan provisions. No assumption is made regarding any potential changes to benefit provisions beyond those to which we are presently committed (e.g., in existing labor contracts). The key assumptions used by our actuaries to calculate the estimates include:●discount rates●health care cost trend rates●expected long-term return on plan assets●compensation increases●retirement rates●mortality rates●expected contributionsAssumptions are set each year-end. These assumptions are not changed during the year unless there is a significant plan event. Actual results that differ from the assumptions affect future expenses and obligations.The key pension and OPEB amounts follow:​​​​​​​​​​​​​ 2025 2024 2023 Pension and OPEB net benefit​$ (153)​$ (86)​$ (13)​Long-term expected return on pension and OPEB plan assets (as a percent) ​6.9​​6.8​​6.2​Long-term expected return on pension and OPEB plan assets​​ 1,118​​ 1,075​ 995​Actual return (loss) on pension and OPEB plan assets​​ 1,052​​ 1,962​​ (395)​Pension assets, net of pension liabilities 2,362​ 2,003​ 2,076​OPEB liabilities, net of OPEB assets 541​ 1,191​ 1,001​​The increase in the 2025 pension and OPEB net benefit was due to an increase in the expected long-term rates of return on pension plan assets.The effect of hypothetical changes to selected assumptions on our major U.S. retirement benefit plans would be as follows:​​​​​​​​​​​​​​​November 2, 2025​2026​​​​​Increase​Increase​​​Percentage​(Decrease)​(Decrease)​Assumptions Change ​PBO/APBO* ​Expense Pensions:​​​​​​​​​Discount rate** +/-.5​$(474)/524​$8/20​Expected return on assets​+/-.5​​​​ (63)/63​OPEB:​​​​​​​​​Discount rate** +/-.5​ (134)/145​ (5)/1​Expected return on assets +/-.5​​​​ (14)/14​Health care cost trend rate** +/-1.0​ 255/(223)​ 31/(36)​* Projected benefit obligation (PBO) for pension plans and accumulated postretirement benefit obligation (APBO) for OPEB plans.** Pretax impact on service cost, interest cost, and amortization of gains or losses.​Allowance for Credit LossesThe allowance for credit losses is an estimate of the credit losses expected over the life of the receivable portfolio. The allowance is measured on a collective basis for receivables with similar risk characteristics. Receivables that do not share risk characteristics are evaluated on an individual basis. Risk characteristics include:●finance product category●market●geography●credit risk●remaining balanceWe utilize the following loss forecast models to estimate expected credit losses:●Linear regression models are used for large and complex retail customer receivable pools, which represent more than 90% of retail customer receivables. These statistical models utilize independent variables, or predictive features, to estimate lifetime default rates, which are subsequently adjusted for expected recoveries to arrive at lifetime credit loss estimates. Independent variables include credit quality at time of application, remaining account balance, delinquency status, and various economic factors, such as commodity prices, employment levels, and housing data. The economic factors include forward-looking conditions over our reasonable and supportable forecast period.●Weighted average remaining maturity (WARM) models are used for smaller and less complex retail customer receivable pools. ●Historical loss rate models are used on wholesale receivables, with consideration of current economic conditions and dealer financial risk. inventories and retail sales. These estimates are reviewed quarterly. Adjustments are also made for current quality developments. Product Warranty AccrualsThe decrease in 2025 is the result of lower sales volumes. Product warranty accrual estimates are affected by the historical percent of warranty claims costs as a percentage of gross sales. Over the last five fiscal years, the percent has varied plus or minus 0.14%. Holding all other assumptions constant, if this estimated cost experience percent would have increased or decreased 0.14%, the warranty accrual at November 2, 2025, would have changed by approximately $70.Postretirement Benefit ObligationsThe pension and OPEB defined benefit plan obligations and expenses require the use of estimates. The main estimate is the present value of the projected future benefit payments. These future benefit payments extend several decades.The estimates are based on existing retirement plan provisions. No assumption is made regarding any potential changes to benefit provisions beyond those to which we are presently committed (e.g., in existing labor contracts). The key assumptions used by our actuaries to calculate the estimates include:●discount rates●health care cost trend rates●expected long-term return on plan assets●compensation increases●retirement rates●mortality rates●expected contributionsAssumptions are set each year-end. These assumptions are not changed during the year unless there is a significant plan event. Actual results that differ from the assumptions affect future expenses and obligations.The key pension and OPEB amounts follow:​​​​​​​​​​​​​ 2025 2024 2023 Pension and OPEB net benefit​$ (153)​$ (86)​$ (13)​Long-term expected return on pension and OPEB plan assets (as a percent) ​6.9​​6.8​​6.2​Long-term expected return on pension and OPEB plan assets​​ 1,118​​ 1,075​ 995​Actual return (loss) on pension and OPEB plan assets​​ 1,052​​ 1,962​​ (395)​Pension assets, net of pension liabilities 2,362​ 2,003​ 2,076​OPEB liabilities, net of OPEB assets 541​ 1,191​ 1,001​​ inventories and retail sales. These estimates are reviewed quarterly. Adjustments are also made for current quality developments. Product Warranty Accruals The decrease in 2025 is the result of lower sales volumes.",
      "prior_body": "The accruals recorded against receivables relate to programs where we have the contractual right and the intent to offset against existing receivables. The decrease in 2024 resulted from lower sales. A key assumption of the retail sales incentive accrual is the predictive value of the historical percent of retail sales incentive costs to retail sales. Over the last five fiscal years, this percent has varied by an average of 1.0 percent. Holding other assumptions constant, a 1.0 percent change would have modified the sales incentive accrual by about $135. ​Product WarrantiesA standard warranty is provided as an assurance that our equipment will function as intended. The standard warranty period varies by product and region. At the time a sale is recognized, we record an estimate of future warranty costs, based on the following calculation:●historical claims rate experience – multiplied by –●the estimated population. The historical claims rate is determined by a review of five-year claims costs. The estimated population is based on dealer inventories and retail sales. These estimates are reviewed quarterly. Adjustments are also made for current quality developments. Product Warranty AccrualsThe decrease in 2024 is the result of lower sales volumes. Product warranty accrual estimates are affected by the historical percent of warranty claims costs as a percentage of gross sales. Over the last five fiscal years, the percent has varied plus or minus .09 percent. Holding all other assumptions constant, if this estimated cost experience percent would have increased or decreased .09 percent, the warranty accrual at October 27, 2024 would have changed by approximately $50.Postretirement Benefit ObligationsThe pension and OPEB plan obligations (defined benefit) and expenses require the use of estimates. The main estimate is the present value of the projected future benefit payments. These future benefit payments extend several decades.The estimates are based on existing retirement plan provisions. No assumption is made regarding any potential changes to benefit provisions beyond those to which we are presently committed (e.g., in existing labor contracts). The key assumptions used by our actuaries to calculate the estimates include:●discount rates, ●health care cost trend rates, ●expected long-term return on plan assets, ●compensation increases, ●retirement rates, ●mortality rates, and ●expected contributions. Assumptions are set each year-end. These assumptions are not changed during the year unless there is a significant plan event. Actual results that differ from the assumptions affect future expenses and obligations. ​"
    },
    {
      "status": "MODIFIED",
      "current_title": "The introduction of new products and technologies involves risk, and, from time to time, we may fail to realize their anticipated benefits.",
      "prior_title": "We rely on a network of independent dealers to manage the distribution of our products and services. If our dealers are unsuccessful with their sales and business operations, it could have an adverse effect on our overall sales and revenue.",
      "similarity_score": 0.558,
      "confidence": "low",
      "key_changes": [
        "Reworded sentence: \"We design and manufacture products that incorporate advanced technologies.\"",
        "Reworded sentence: \"When the total inventory levels of our dealers are higher than they desire, dealers have postponed equipment purchases from us, and could continue to postpone purchases in the future, which could cause our sales to be lower and negatively impact our results.\"",
        "Reworded sentence: \"In addition, the dealer channel’s ability to support and service new technologies may affect customers’ acceptance and adoption rates of these products.\"",
        "Reworded sentence: \"20 Table of Contents Table of Contents Table of Contents ●availability of test equipment, ●development of complex software,●hiring and training of qualified personnel,●training our dealers and their technicians, ●identification of emerging technological trends, ●compliance requirements regarding data privacy and artificial intelligence, and ●customer acceptance and the pace of adoption of our products and technologies, which with respect to some of our solutions and subscription models, has been slower than we expected.\""
      ],
      "current_body": "We design and manufacture products that incorporate advanced technologies. Many of our products and services are highly engineered and involve sophisticated technologies with related complex manufacturing and systems integration processes. We invest substantial amounts in research and development efforts to pursue advancements in a wide range of technologies, products, and services aimed at meeting the ever-evolving product, and service needs of our customers. Our ability to realize the anticipated benefits of our investments in technology and product design depends on a variety of factors, including: 19 19 19 Table of Contents●availability of test equipment, ●development of complex software,●hiring and training of qualified personnel,●training our dealers and their technicians, ●identification of emerging technological trends, ●compliance requirements regarding data privacy and artificial intelligence, and ●customer acceptance and the pace of adoption of our products and technologies, which with respect to some of our solutions and subscription models, has been slower than we expected. We compete on product performance, innovation, quality, distribution, sustainability, customer service, and price. Aggressive pricing or other strategies of competitors, unanticipated product or manufacturing delays, our failure to deliver quality products that meet customer needs, or our failure to price products competitively, adversely affect our business, results of operations, and financial condition. To remain competitive, we need to have a thorough understanding of our existing and potential customers on a global basis, particularly in growth markets such as Argentina and Brazil. If we are unable to effectively develop and deliver technology that customers can easily adopt and utilize, customers may not adopt our technology which would adversely impact our business operations and future financial performance. Therefore, our ability to deliver precision technology and expand value-driven solutions is critical to our business success. In addition, artificial intelligence technologies have rapidly developed, and our business may be adversely affected if we cannot successfully integrate the technology into our internal business processes, products, and services in a timely, cost-effective, compliant, and responsible manner.These investments may not produce solutions that provide the desired results for customers’ profitability or sustainability outcomes, impacting our competitive position.From time to time our equipment fails to perform as expected and we have experienced, and may in the future experience, warranty claims, post-sale repairs and recalls, and other consequences.From time to time, we have received warranty claims and have had to perform post-sales repairs or recalls due to our equipment not performing as expected. In such cases, we may also face regulatory requirements and penalties that can impact our ability to develop, market, and sell equipment. These circumstances may result in product delivery delays and claims related to product liability, breach of warranty, and consumer protection. The costs associated with these claims and warranty expenses could be significant. We must manage the cost and risk associated with product warranties, post-sale repairs and recalls, regulatory penalties, and product liability, breach of warranty, and consumer protection claims with respect to our products. We may also be subject to investigations relating to our products by government regulators which may compel us to initiate product recalls or may result in negative public perceptions about the safety of our products, even if we disagree with the regulator’s determination. Such post-sale repairs or recalls, whether voluntary or involuntary, could result in significant expense, supply chain complications, and may harm our brand, business, prospects, financial condition, and operating results. We rely on a network of independent dealers to manage the distribution of our products and services. If our dealers are unsuccessful with their sales and business operations, it could have an adverse effect on our overall sales and revenue. We rely on the capability of our dealers to develop and implement effective sales plans to create demand among purchasers for the equipment and related products and services they purchase from us. If our dealers are unsuccessful in these endeavors, we will be unable to increase our sales and revenue, which would have an adverse effect on our financial condition. Our dealers carry inventories of finished products as part of their operations and adjust those inventories based on future needs and market conditions, including the level of used equipment inventory. When the total inventory levels of our dealers are higher than they desire, dealers have postponed equipment purchases from us, and could continue to postpone purchases in the future, which could cause our sales to be lower and negatively impact our results. Similarly, our results could be negatively impacted through the loss of time-sensitive sales if our dealers do not maintain inventory levels sufficient to meet customer demand. In addition, the dealer channel’s ability to support and service new technologies may affect customers’ acceptance and adoption rates of these products. The unavailability of specialized technicians to service our equipment may result in overburdening dealers’ servicing capacity. 20 Table of Contents Table of Contents Table of Contents ●availability of test equipment, ●development of complex software,●hiring and training of qualified personnel,●training our dealers and their technicians, ●identification of emerging technological trends, ●compliance requirements regarding data privacy and artificial intelligence, and ●customer acceptance and the pace of adoption of our products and technologies, which with respect to some of our solutions and subscription models, has been slower than we expected. We compete on product performance, innovation, quality, distribution, sustainability, customer service, and price. Aggressive pricing or other strategies of competitors, unanticipated product or manufacturing delays, our failure to deliver quality products that meet customer needs, or our failure to price products competitively, adversely affect our business, results of operations, and financial condition. To remain competitive, we need to have a thorough understanding of our existing and potential customers on a global basis, particularly in growth markets such as Argentina and Brazil. If we are unable to effectively develop and deliver technology that customers can easily adopt and utilize, customers may not adopt our technology which would adversely impact our business operations and future financial performance. Therefore, our ability to deliver precision technology and expand value-driven solutions is critical to our business success. In addition, artificial intelligence technologies have rapidly developed, and our business may be adversely affected if we cannot successfully integrate the technology into our internal business processes, products, and services in a timely, cost-effective, compliant, and responsible manner.These investments may not produce solutions that provide the desired results for customers’ profitability or sustainability outcomes, impacting our competitive position.From time to time our equipment fails to perform as expected and we have experienced, and may in the future experience, warranty claims, post-sale repairs and recalls, and other consequences.From time to time, we have received warranty claims and have had to perform post-sales repairs or recalls due to our equipment not performing as expected. In such cases, we may also face regulatory requirements and penalties that can impact our ability to develop, market, and sell equipment. These circumstances may result in product delivery delays and claims related to product liability, breach of warranty, and consumer protection. The costs associated with these claims and warranty expenses could be significant. We must manage the cost and risk associated with product warranties, post-sale repairs and recalls, regulatory penalties, and product liability, breach of warranty, and consumer protection claims with respect to our products. We may also be subject to investigations relating to our products by government regulators which may compel us to initiate product recalls or may result in negative public perceptions about the safety of our products, even if we disagree with the regulator’s determination. Such post-sale repairs or recalls, whether voluntary or involuntary, could result in significant expense, supply chain complications, and may harm our brand, business, prospects, financial condition, and operating results. We rely on a network of independent dealers to manage the distribution of our products and services. If our dealers are unsuccessful with their sales and business operations, it could have an adverse effect on our overall sales and revenue. We rely on the capability of our dealers to develop and implement effective sales plans to create demand among purchasers for the equipment and related products and services they purchase from us. If our dealers are unsuccessful in these endeavors, we will be unable to increase our sales and revenue, which would have an adverse effect on our financial condition. Our dealers carry inventories of finished products as part of their operations and adjust those inventories based on future needs and market conditions, including the level of used equipment inventory. When the total inventory levels of our dealers are higher than they desire, dealers have postponed equipment purchases from us, and could continue to postpone purchases in the future, which could cause our sales to be lower and negatively impact our results. Similarly, our results could be negatively impacted through the loss of time-sensitive sales if our dealers do not maintain inventory levels sufficient to meet customer demand. In addition, the dealer channel’s ability to support and service new technologies may affect customers’ acceptance and adoption rates of these products. The unavailability of specialized technicians to service our equipment may result in overburdening dealers’ servicing capacity. We compete on product performance, innovation, quality, distribution, sustainability, customer service, and price. Aggressive pricing or other strategies of competitors, unanticipated product or manufacturing delays, our failure to deliver quality products that meet customer needs, or our failure to price products competitively, adversely affect our business, results of operations, and financial condition. To remain competitive, we need to have a thorough understanding of our existing and potential customers on a global basis, particularly in growth markets such as Argentina and Brazil. If we are unable to effectively develop and deliver technology that customers can easily adopt and utilize, customers may not adopt our technology which would adversely impact our business operations and future financial performance. Therefore, our ability to deliver precision technology and expand value-driven solutions is critical to our business success. In addition, artificial intelligence technologies have rapidly developed, and our business may be adversely affected if we cannot successfully integrate the technology into our internal business processes, products, and services in a timely, cost-effective, compliant, and responsible manner. These investments may not produce solutions that provide the desired results for customers’ profitability or sustainability outcomes, impacting our competitive position.",
      "prior_body": "We rely on the capability of our dealers to develop and implement effective sales plans to create demand among purchasers for the equipment and related products and services that dealers purchase from us. If our dealers are unsuccessful in these endeavors, we will be unable to grow our sales and revenue, which would have an adverse effect on our financial condition. Our dealers carry inventories of finished products as part of their operations and adjust those inventories based on future needs and market conditions, including the level of used equipment inventory. If the inventory levels of our dealers are higher than they desire, they may postpone equipment purchases from us, which could cause our sales to be lower and negatively impact our results. Similarly, our results could be negatively impacted through the loss of time-sensitive sales if our dealers do not maintain inventory levels sufficient to meet customer demand. In addition, the dealer channel’s ability to support and service precision technology solutions and emerging power solutions may affect customers’ acceptance and adoption rates of these products. The unavailability of specialized technicians to service our equipment may result in overburdening dealers’ servicing capacity. Dealers may exit or we may seek to terminate relationships with certain dealers if they are unable to meet customer needs. The unplanned loss of any of our dealers could lead to inadequate market coverage or negative customer impressions, and may adversely impact our ability to collect receivables that are associated with that dealer. Dealers could also have trouble funding their day-to-day cash flow needs and paying their obligations due to adverse business conditions resulting from negative economic effects or other factors."
    },
    {
      "status": "MODIFIED",
      "current_title": "2025 compared to 2024",
      "prior_title": "Production and Precision Agriculture Operations",
      "similarity_score": 0.547,
      "confidence": "low",
      "key_changes": [
        "Reworded sentence: \"The equipment operations segment results were impacted by incremental tariffs in 2025.\"",
        "Reworded sentence: \"Production & Precision Agriculture Operations ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2025 ​ 2024 ​ % Change ​ Net sales ​ $ 17,311 ​ $ 20,834 ​ -17 ​ Sales volume and other ​ ​ ​ ​ ​ ​ ​ -17 ​ Price realization ​ ​ ​ ​ ​ ​ ​ +1 ​ Currency translation ​ ​ ​ ​ ​ ​ ​ -1 ​ Operating profit ​ ​ 2,671 ​ ​ 4,514 ​ -41 ​ Operating margin ​ ​ 15.4% ​ ​ 21.7% ​ ​ ​ ​ ​ Sales volumes decreased 30% in the U.S.\""
      ],
      "current_body": "The equipment operations segment results were impacted by incremental tariffs in 2025. The cost of additional tariffs was included in the “Production Costs” and “Other” categories. Each equipment operations segment experienced lower shipment volumes during 2025. Economic uncertainty, low commodity prices, elevated interest rates in the first half of the year, and higher used inventory levels contributed to lower shipment volumes for large and small agriculture. Decreases in rental purchases, lower levels of multi-family and commercial real estate construction, trade uncertainty, and elevated interest rates in the first half of the year 34 34 34 Table of Contents​contributed to lower shipment volumes for construction equipment. Current period results were impacted by special items (see Note 4).Production & Precision Agriculture Operations​​​​​​​​​​​​​​2025​2024​% Change​Net sales​$ 17,311​$ 20,834​-17​Sales volume and other​​​​​​​-17​Price realization​​​​​​​+1​Currency translation​​​​​​​-1​Operating profit​​ 2,671​​ 4,514​-41​Operating margin​​15.4%​​21.7%​​​​​Sales volumes decreased 30% in the U.S. and Canada, partially offset by an increase of 22% in Brazil. Price realization was up 1% in the U.S. and Canada. In Brazil, price realization was up 4% as demand was strong due to higher grower production. Price realization in the rest of the world was down slightly due to moderating market conditions. Operating profit decreased primarily due to lower sales volumes/ sales mix, partially offset by price realization. Production & Precision Agriculture Operating Profit2025 compared to 2024Small Agriculture & Turf Operations​​​​​​​​​​​​​2025​2024​% Change​Net sales​$ 10,224​$ 10,969​-7​Sales volume and other​​​​​​​-8​Price realization​​​​​​​+1​Currency translation​​​​​​​​​Operating profit​​ 1,207​​ 1,627​-26​Operating margin​​11.8%​​14.8%​​​​Sales volumes decreased 17% in the U.S. and Canada, partially offset by an increase of 26% in India and 5% in Europe. Price realization was 1% in the U.S. and Canada and roughly flat outside the U.S. and Canada driven by moderating market conditions. Operating profit decreased primarily due to lower sales volumes/ sales mix and higher tariffs, partially offset by price realization.Small Agriculture & Turf Operating Profit2025 compared to 2024Construction & Forestry Operations​​​​​​​​​​​​​2025​2024​% Change​Net sales​$ 11,382​$ 12,956​-12​Sales volume and other​​​​​​​-10​Price realization​​​​​​​-2​Currency translation​​​​​​​​​Operating profit​​ 1,028​​ 2,009​-49​Operating margin​​9.0%​​15.5%​​​​Sales volumes decreased 15% in the U.S. and Canada and were roughly flat outside the U.S. and Canada. Price realization decreased 3% in the U.S. and Canada due to incremental incentive programs deployed to address pressures from the competitive environment and was flat outside the U.S. and Canada.Operating profit decreased primarily due to lower sales volumes/ sales mix, unfavorable price realization, and higher tariffs. Construction & Forestry Operating Profit2025 compared to 202435 Table of Contents​ Table of Contents Table of Contents ​ contributed to lower shipment volumes for construction equipment. Current period results were impacted by special items (see Note 4).Production & Precision Agriculture Operations​​​​​​​​​​​​​​2025​2024​% Change​Net sales​$ 17,311​$ 20,834​-17​Sales volume and other​​​​​​​-17​Price realization​​​​​​​+1​Currency translation​​​​​​​-1​Operating profit​​ 2,671​​ 4,514​-41​Operating margin​​15.4%​​21.7%​​​​​Sales volumes decreased 30% in the U.S. and Canada, partially offset by an increase of 22% in Brazil. Price realization was up 1% in the U.S. and Canada. In Brazil, price realization was up 4% as demand was strong due to higher grower production. Price realization in the rest of the world was down slightly due to moderating market conditions. Operating profit decreased primarily due to lower sales volumes/ sales mix, partially offset by price realization. Production & Precision Agriculture Operating Profit2025 compared to 2024Small Agriculture & Turf Operations​​​​​​​​​​​​​2025​2024​% Change​Net sales​$ 10,224​$ 10,969​-7​Sales volume and other​​​​​​​-8​Price realization​​​​​​​+1​Currency translation​​​​​​​​​Operating profit​​ 1,207​​ 1,627​-26​Operating margin​​11.8%​​14.8%​​​​Sales volumes decreased 17% in the U.S. and Canada, partially offset by an increase of 26% in India and 5% in Europe. Price realization was 1% in the U.S. and Canada and roughly flat outside the U.S. and Canada driven by moderating market conditions. Operating profit decreased primarily due to lower sales volumes/ sales mix and higher tariffs, partially offset by price realization.Small Agriculture & Turf Operating Profit2025 compared to 2024Construction & Forestry Operations​​​​​​​​​​​​​2025​2024​% Change​Net sales​$ 11,382​$ 12,956​-12​Sales volume and other​​​​​​​-10​Price realization​​​​​​​-2​Currency translation​​​​​​​​​Operating profit​​ 1,028​​ 2,009​-49​Operating margin​​9.0%​​15.5%​​​​Sales volumes decreased 15% in the U.S. and Canada and were roughly flat outside the U.S. and Canada. Price realization decreased 3% in the U.S. and Canada due to incremental incentive programs deployed to address pressures from the competitive environment and was flat outside the U.S. and Canada.Operating profit decreased primarily due to lower sales volumes/ sales mix, unfavorable price realization, and higher tariffs. Construction & Forestry Operating Profit2025 compared to 2024 contributed to lower shipment volumes for construction equipment. Current period results were impacted by special items (see Note 4).Production & Precision Agriculture Operations​​​​​​​​​​​​​​2025​2024​% Change​Net sales​$ 17,311​$ 20,834​-17​Sales volume and other​​​​​​​-17​Price realization​​​​​​​+1​Currency translation​​​​​​​-1​Operating profit​​ 2,671​​ 4,514​-41​Operating margin​​15.4%​​21.7%​​​​​Sales volumes decreased 30% in the U.S. and Canada, partially offset by an increase of 22% in Brazil. Price realization was up 1% in the U.S. and Canada. In Brazil, price realization was up 4% as demand was strong due to higher grower production. Price realization in the rest of the world was down slightly due to moderating market conditions. Operating profit decreased primarily due to lower sales volumes/ sales mix, partially offset by price realization. Production & Precision Agriculture Operating Profit2025 compared to 2024Small Agriculture & Turf Operations​​​​​​​​​​​​​2025​2024​% Change​Net sales​$ 10,224​$ 10,969​-7​Sales volume and other​​​​​​​-8​Price realization​​​​​​​+1​Currency translation​​​​​​​​​Operating profit​​ 1,207​​ 1,627​-26​Operating margin​​11.8%​​14.8%​​​​Sales volumes decreased 17% in the U.S. and Canada, partially offset by an increase of 26% in India and 5% in Europe. Price realization was 1% in the U.S. and Canada and roughly flat outside the U.S. and Canada driven by moderating market conditions. Operating profit decreased primarily due to lower sales volumes/ sales mix and higher tariffs, partially offset by price realization.Small Agriculture & Turf Operating Profit2025 compared to 2024Construction & Forestry Operations​​​​​​​​​​​​​2025​2024​% Change​Net sales​$ 11,382​$ 12,956​-12​Sales volume and other​​​​​​​-10​Price realization​​​​​​​-2​Currency translation​​​​​​​​​Operating profit​​ 1,028​​ 2,009​-49​Operating margin​​9.0%​​15.5%​​​​Sales volumes decreased 15% in the U.S. and Canada and were roughly flat outside the U.S. and Canada. Price realization decreased 3% in the U.S. and Canada due to incremental incentive programs deployed to address pressures from the competitive environment and was flat outside the U.S. and Canada.Operating profit decreased primarily due to lower sales volumes/ sales mix, unfavorable price realization, and higher tariffs. Construction & Forestry Operating Profit2025 compared to 2024 contributed to lower shipment volumes for construction equipment. Current period results were impacted by special items (see Note 4).Production & Precision Agriculture Operations​​​​​​​​​​​​​​2025​2024​% Change​Net sales​$ 17,311​$ 20,834​-17​Sales volume and other​​​​​​​-17​Price realization​​​​​​​+1​Currency translation​​​​​​​-1​Operating profit​​ 2,671​​ 4,514​-41​Operating margin​​15.4%​​21.7%​​​​​Sales volumes decreased 30% in the U.S. and Canada, partially offset by an increase of 22% in Brazil. Price realization was up 1% in the U.S. and Canada. In Brazil, price realization was up 4% as demand was strong due to higher grower production. Price realization in the rest of the world was down slightly due to moderating market conditions. Operating profit decreased primarily due to lower sales volumes/ sales mix, partially offset by price realization. Production & Precision Agriculture Operating Profit2025 compared to 2024Small Agriculture & Turf Operations​​​​​​​​​​​​​2025​2024​% Change​Net sales​$ 10,224​$ 10,969​-7​Sales volume and other​​​​​​​-8​Price realization​​​​​​​+1​Currency translation​​​​​​​​​Operating profit​​ 1,207​​ 1,627​-26​Operating margin​​11.8%​​14.8%​​​​Sales volumes decreased 17% in the U.S. and Canada, partially offset by an increase of 26% in India and 5% in Europe. Price realization was 1% in the U.S. and Canada and roughly flat outside the U.S. and Canada driven by moderating market conditions. Operating profit decreased primarily due to lower sales volumes/ sales mix and higher tariffs, partially offset by price realization. contributed to lower shipment volumes for construction equipment. Current period results were impacted by special items (see Note 4). Production & Precision Agriculture Operations ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2025 ​ 2024 ​ % Change ​ Net sales ​ $ 17,311 ​ $ 20,834 ​ -17 ​ Sales volume and other ​ ​ ​ ​ ​ ​ ​ -17 ​ Price realization ​ ​ ​ ​ ​ ​ ​ +1 ​ Currency translation ​ ​ ​ ​ ​ ​ ​ -1 ​ Operating profit ​ ​ 2,671 ​ ​ 4,514 ​ -41 ​ Operating margin ​ ​ 15.4% ​ ​ 21.7% ​ ​ ​ ​ ​ Sales volumes decreased 30% in the U.S. and Canada, partially offset by an increase of 22% in Brazil. Price realization was up 1% in the U.S. and Canada. In Brazil, price realization was up 4% as demand was strong due to higher grower production. Price realization in the rest of the world was down slightly due to moderating market conditions. Operating profit decreased primarily due to lower sales volumes/ sales mix, partially offset by price realization. Production & Precision Agriculture Operating Profit 2025 compared to 2024",
      "prior_body": "​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2024 ​ 2023 ​ % Change ​ Net sales ​ $ 20,834 ​ $ 26,790 ​ -22 ​ Sales volume and other ​ ​ ​ ​ ​ ​ ​ -24 ​ Price realization ​ ​ ​ ​ ​ ​ ​ +2 ​ Currency translation ​ ​ ​ ​ ​ ​ ​ ​ ​ Operating profit ​ ​ 4,514 ​ ​ 6,996 ​ -35 ​ Operating margin ​ ​ 21.7% ​ ​ 26.1% ​ ​ ​ ​ ​ Sales volumes decreased 17 percent in the U.S. and Canada, 40 percent in Brazil, and 30 percent in Europe. Price realization in the U.S. and Canada was 3 percent driven by inflation, which was partially offset by an increase in retail and pool funds sales incentives. Price realization was flat outside the U.S. and Canada 31 31 31 Table of Contents​due to moderating market conditions. Current period results were impacted by special items (see Note 4). Production & Precision Agriculture Operating Profit2024 compared to 2023Small Agriculture and Turf Operations​​​​​​​​​​​​​2024​2023​% Change​Net sales​$ 10,969​$ 13,980​-22​Sales volume and other​​​​​​​-24​Price realization​​​​​​​+2​Currency translation​​​​​​​​​Operating profit​​ 1,627​​ 2,472​-34​Operating margin​​14.8%​​17.7%​​​​Sales volumes decreased 22 percent in the U.S. and Canada, 28 percent in Europe, and 45 percent in Mexico. Price realization was 3 percent in the U.S. and Canada and 1 percent outside the U.S. and Canada driven by inflation. Current period results were impacted by special items (see Note 4).Small Agriculture & Turf Operating Profit2024 compared to 2023Construction and Forestry Operations​​​​​​​​​​​​​2024​2023​% Change​Net sales​$ 12,956​$ 14,795​-12​Sales volume and other​​​​​​​-12​Price realization​​​​​​​​​Currency translation​​​​​​​​​Operating profit​​ 2,009​​ 2,695​-25​Operating margin​​15.5%​​18.2%​​​​Sales volumes decreased 15 percent in the U.S. and Canada and 8 percent outside the U.S. and Canada. Price realization was about flat in the U.S. and Canada driven by moderating market conditions and 1 percent outside the U.S. and Canada. Current and prior period results were impacted by special items (see Note 4). Construction & Forestry Operating Profit2024 compared to 2023Financial Services Operations​​​​​​​​​​​​​2024​2023​% Change​Revenue (including intercompany)​$ 6,493​$ 5,554​+17​Average balance of receivables and leases​​​​​​​+12​Interest expense​​ 3,182​​ 2,362​+35​Average borrowing rates​​​​​​​+20​Average borrowings​​​​​​​+12​Net income​​ 696​​ 619​+12​​Average wholesale receivables increased 26 percent driven by higher dealer used inventory levels. While new retail note volumes moderated due to reduced retail demand, average retail portfolio levels grew due to higher volumes in recent years resulting in a 9 percent increase. Revenue also increased due to higher average financing rates. Excluding the impact of a one-time correction of the accounting treatment for financing incentives offered to John Deere dealers in 2023 (see Note 4), net income declined as a result of a higher provision for credit losses and less-favorable financing spreads driven primarily by the receivable portfolio mix. These factors were partially offset by income earned on higher average portfolio balances. Financial Services Net Income2024 compared to 2023​​32 Table of Contents​ Table of Contents Table of Contents ​ due to moderating market conditions. Current period results were impacted by special items (see Note 4). Production & Precision Agriculture Operating Profit2024 compared to 2023Small Agriculture and Turf Operations​​​​​​​​​​​​​2024​2023​% Change​Net sales​$ 10,969​$ 13,980​-22​Sales volume and other​​​​​​​-24​Price realization​​​​​​​+2​Currency translation​​​​​​​​​Operating profit​​ 1,627​​ 2,472​-34​Operating margin​​14.8%​​17.7%​​​​Sales volumes decreased 22 percent in the U.S. and Canada, 28 percent in Europe, and 45 percent in Mexico. Price realization was 3 percent in the U.S. and Canada and 1 percent outside the U.S. and Canada driven by inflation. Current period results were impacted by special items (see Note 4).Small Agriculture & Turf Operating Profit2024 compared to 2023Construction and Forestry Operations​​​​​​​​​​​​​2024​2023​% Change​Net sales​$ 12,956​$ 14,795​-12​Sales volume and other​​​​​​​-12​Price realization​​​​​​​​​Currency translation​​​​​​​​​Operating profit​​ 2,009​​ 2,695​-25​Operating margin​​15.5%​​18.2%​​​​Sales volumes decreased 15 percent in the U.S. and Canada and 8 percent outside the U.S. and Canada. Price realization was about flat in the U.S. and Canada driven by moderating market conditions and 1 percent outside the U.S. and Canada. Current and prior period results were impacted by special items (see Note 4). Construction & Forestry Operating Profit2024 compared to 2023Financial Services Operations​​​​​​​​​​​​​2024​2023​% Change​Revenue (including intercompany)​$ 6,493​$ 5,554​+17​Average balance of receivables and leases​​​​​​​+12​Interest expense​​ 3,182​​ 2,362​+35​Average borrowing rates​​​​​​​+20​Average borrowings​​​​​​​+12​Net income​​ 696​​ 619​+12​​Average wholesale receivables increased 26 percent driven by higher dealer used inventory levels. While new retail note volumes moderated due to reduced retail demand, average retail portfolio levels grew due to higher volumes in recent years resulting in a 9 percent increase. Revenue also increased due to higher average financing rates. Excluding the impact of a one-time correction of the accounting treatment for financing incentives offered to John Deere dealers in 2023 (see Note 4), net income declined as a result of a higher provision for credit losses and less-favorable financing spreads driven primarily by the receivable portfolio mix. These factors were partially offset by income earned on higher average portfolio balances. Financial Services Net Income2024 compared to 2023​​ due to moderating market conditions. Current period results were impacted by special items (see Note 4). Production & Precision Agriculture Operating Profit2024 compared to 2023Small Agriculture and Turf Operations​​​​​​​​​​​​​2024​2023​% Change​Net sales​$ 10,969​$ 13,980​-22​Sales volume and other​​​​​​​-24​Price realization​​​​​​​+2​Currency translation​​​​​​​​​Operating profit​​ 1,627​​ 2,472​-34​Operating margin​​14.8%​​17.7%​​​​Sales volumes decreased 22 percent in the U.S. and Canada, 28 percent in Europe, and 45 percent in Mexico. Price realization was 3 percent in the U.S. and Canada and 1 percent outside the U.S. and Canada driven by inflation. Current period results were impacted by special items (see Note 4).Small Agriculture & Turf Operating Profit2024 compared to 2023Construction and Forestry Operations​​​​​​​​​​​​​2024​2023​% Change​Net sales​$ 12,956​$ 14,795​-12​Sales volume and other​​​​​​​-12​Price realization​​​​​​​​​Currency translation​​​​​​​​​Operating profit​​ 2,009​​ 2,695​-25​Operating margin​​15.5%​​18.2%​​​​Sales volumes decreased 15 percent in the U.S. and Canada and 8 percent outside the U.S. and Canada. Price realization was about flat in the U.S. and Canada driven by moderating market conditions and 1 percent outside the U.S. and Canada. Current and prior period results were impacted by special items (see Note 4). Construction & Forestry Operating Profit2024 compared to 2023Financial Services Operations​​​​​​​​​​​​​2024​2023​% Change​Revenue (including intercompany)​$ 6,493​$ 5,554​+17​Average balance of receivables and leases​​​​​​​+12​Interest expense​​ 3,182​​ 2,362​+35​Average borrowing rates​​​​​​​+20​Average borrowings​​​​​​​+12​Net income​​ 696​​ 619​+12​​Average wholesale receivables increased 26 percent driven by higher dealer used inventory levels. While new retail note volumes moderated due to reduced retail demand, average retail portfolio levels grew due to higher volumes in recent years resulting in a 9 percent increase. Revenue also increased due to higher average financing rates. Excluding the impact of a one-time correction of the accounting treatment for financing incentives offered to John Deere dealers in 2023 (see Note 4), net income declined as a result of a higher provision for credit losses and less-favorable financing spreads driven primarily by the receivable portfolio mix. These factors were partially offset by income earned on higher average portfolio balances. Financial Services Net Income2024 compared to 2023​​ due to moderating market conditions. Current period results were impacted by special items (see Note 4). Production & Precision Agriculture Operating Profit2024 compared to 2023Small Agriculture and Turf Operations​​​​​​​​​​​​​2024​2023​% Change​Net sales​$ 10,969​$ 13,980​-22​Sales volume and other​​​​​​​-24​Price realization​​​​​​​+2​Currency translation​​​​​​​​​Operating profit​​ 1,627​​ 2,472​-34​Operating margin​​14.8%​​17.7%​​​​Sales volumes decreased 22 percent in the U.S. and Canada, 28 percent in Europe, and 45 percent in Mexico. Price realization was 3 percent in the U.S. and Canada and 1 percent outside the U.S. and Canada driven by inflation. Current period results were impacted by special items (see Note 4).Small Agriculture & Turf Operating Profit2024 compared to 2023Construction and Forestry Operations​​​​​​​​​​​​​2024​2023​% Change​Net sales​$ 12,956​$ 14,795​-12​Sales volume and other​​​​​​​-12​Price realization​​​​​​​​​Currency translation​​​​​​​​​Operating profit​​ 2,009​​ 2,695​-25​Operating margin​​15.5%​​18.2%​​​​Sales volumes decreased 15 percent in the U.S. and Canada and 8 percent outside the U.S. and Canada. Price realization was about flat in the U.S. and Canada driven by moderating market conditions and 1 percent outside the U.S. and Canada. Current and prior period results were impacted by special items (see Note 4). Construction & Forestry Operating Profit2024 compared to 2023Financial Services Operations​​​​​​​​​​​​​2024​2023​% Change​Revenue (including intercompany)​$ 6,493​$ 5,554​+17​Average balance of receivables and leases​​​​​​​+12​Interest expense​​ 3,182​​ 2,362​+35​Average borrowing rates​​​​​​​+20​Average borrowings​​​​​​​+12​Net income​​ 696​​ 619​+12​​Average wholesale receivables increased 26 percent driven by higher dealer used inventory levels. While new retail note volumes moderated due to reduced retail demand, average retail portfolio levels grew due to higher volumes in recent years resulting in a 9 percent increase. Revenue also increased due to higher average financing rates. Excluding the impact of a one-time correction of the accounting treatment for financing incentives offered to John Deere dealers in 2023 (see Note 4), net income declined as a result of a higher provision for credit losses and less-favorable financing spreads driven primarily by the receivable portfolio mix. These factors were partially offset by income earned on higher average portfolio balances. Financial Services Net Income2024 compared to 2023​​ due to moderating market conditions. Current period results were impacted by special items (see Note 4). Production & Precision Agriculture Operating Profit2024 compared to 2023Small Agriculture and Turf Operations​​​​​​​​​​​​​2024​2023​% Change​Net sales​$ 10,969​$ 13,980​-22​Sales volume and other​​​​​​​-24​Price realization​​​​​​​+2​Currency translation​​​​​​​​​Operating profit​​ 1,627​​ 2,472​-34​Operating margin​​14.8%​​17.7%​​​​Sales volumes decreased 22 percent in the U.S. and Canada, 28 percent in Europe, and 45 percent in Mexico. Price realization was 3 percent in the U.S. and Canada and 1 percent outside the U.S. and Canada driven by inflation. Current period results were impacted by special items (see Note 4).Small Agriculture & Turf Operating Profit2024 compared to 2023Construction and Forestry Operations​​​​​​​​​​​​​2024​2023​% Change​Net sales​$ 12,956​$ 14,795​-12​Sales volume and other​​​​​​​-12​Price realization​​​​​​​​​Currency translation​​​​​​​​​Operating profit​​ 2,009​​ 2,695​-25​Operating margin​​15.5%​​18.2%​​​​Sales volumes decreased 15 percent in the U.S. and Canada and 8 percent outside the U.S. and Canada. Price realization was about flat in the U.S. and Canada driven by moderating market conditions due to moderating market conditions. Current period results were impacted by special items (see Note 4)."
    },
    {
      "status": "MODIFIED",
      "current_title": "Inability to accurately forecast customer demand for products and services, and to adequately manage inventory, could adversely affect our operating results.",
      "prior_title": "Failure by our supply base to use ethical business practices and comply with applicable laws and regulations may adversely affect our business, financial condition, and operational results.",
      "similarity_score": 0.53,
      "confidence": "low",
      "key_changes": [
        "Reworded sentence: \"To ensure adequate inventory supply, we must forecast inventory needs and expenses and place orders sufficiently in advance with suppliers and contract manufacturers.\"",
        "Reworded sentence: \"Failure to comply could lead us to seek alternative suppliers, which could increase our costs and result in delayed delivery of our products, product shortages, or other disruptions in operations.\""
      ],
      "current_body": "To ensure adequate inventory supply, we must forecast inventory needs and expenses and place orders sufficiently in advance with suppliers and contract manufacturers. These forecasts are based on estimates of future demand for products and services. Failure to accurately forecast our needs results in unmet market demand, parts shortages, manufacturing delays or inefficiencies, increased costs, or excess inventory. Our ability to accurately forecast demand could be affected by many factors, including changes in customer demand for our products and services, used equipment inventory outstanding, changes in demand for the products and services of competitors, unanticipated changes in agricultural and general market conditions, and the weakening of economic conditions or customer confidence in future economic conditions. In 2025, elevated used inventory levels in late model-year machines impacted demand for our products in North America resulting in lower price realization and actions to reduce our inventory level. If the forecasts used to manage inventory are not accurate, we may experience excess inventory levels, shortage of available products, or reduced manufacturing efficiencies. 16 16 16 Table of ContentsChanges in the availability and price of certain raw materials, components, and whole goods have resulted and could result in disruptions to the supply chain causing production disruptions, increased costs, and lower profits from sales of our products.Our business relies on a complex global supply chain, and any disruptions can impact our operations. We have experienced changes in the availability and prices of raw materials, components, whole goods, and freight over the past several years. Past global logistics network challenges have resulted in delays, shortages of key manufacturing components, increased order backlogs, increased transportation costs, and production inefficiencies from a higher number of partially completed machines in inventory, which in the past have increased our overall production and overhead costs. Increases in such costs have adversely affected our business operations. We anticipate fluctuations in our supply chain due to ongoing geopolitical and economic uncertainty, and regulatory and policy instability, including import tariffs and trade agreements. For example, certain of our products, including motors, batteries, and other components, rely on rare earth minerals for their manufacturing, of which a significant majority are sourced from China. The inability to obtain export permits for rare earth minerals could have a detrimental effect on our business. These complications have the potential to significantly increase production and logistics costs, including additional research and development costs for designing alternative solutions, and therefore would have a detrimental effect on the profitability of the business. Rapid changes and growing complexity in trade policies may also affect the ability of customs brokers and logistics providers to timely process imported products, which could result in delays, higher logistics costs, and production disruptions.The financial stability of our suppliers can also impact the continuity of our supply chain. A number of our suppliers are facing higher prices due to inflation, increased tariffs or otherwise. If one or more of our suppliers continue to encounter financial hardships, delivery setbacks, or other performance-related difficulties, we may be unable to fulfill our obligations to customers. Furthermore, if any of the raw materials critical to our manufacturing become unavailable to our suppliers, or are only accessible at significantly higher costs, including due to increased tariffs or trade restrictions, or are affected by quality problems or defects, our ability to deliver certain products on schedule or within budget could be compromised. Significant disruptions to the supply chain resulting from shortages of raw materials, components, and whole goods have and could continue to adversely affect our ability to meet commitments to our customers. Examples of such disruptions include:●work interruption or union strikes by employees of suppliers,●reliance on single source suppliers, or suppliers that are proprietary in nature that cannot be replaced expeditiously, and ●natural disasters, pandemics, or other unforeseen events can disrupt the flow of materials. Furthermore, if our customers are unwilling to accept price increases for our products, or if we are unable to offset the increases in costs, raw material costs or shortages could have a material adverse effect on our operational or financial results.Failure by our supply base to use ethical business practices and comply with applicable laws and regulations may adversely affect our business, financial condition, and operational results.While we conduct due diligence on our suppliers and require their compliance with various policies and contractual covenants, we do not control our suppliers’ business practices. Accordingly, we cannot guarantee that our due diligence efforts will reveal that they follow ethical business practices such as fair wage practices and compliance with environmental, safety, labor, human rights, material sourcing, and other laws. Failure to comply could lead us to seek alternative suppliers, which could increase our costs and result in delayed delivery of our products, product shortages, or other disruptions in operations. If our suppliers fail to comply with ethical standards and applicable laws, regulations, safety codes, employment practices, human rights standards, quality standards, environmental standards, production practices, or other obligations, norms, identification and reporting requirements, our reputation and brand could be harmed, and we could be exposed to litigation, investigations, enforcement actions, monetary liability and additional costs that could have a material adverse effect on our business, financial condition, and results of operations.Unexpected events have increased and may in the future increase our cost of doing business or disrupt our operations.The occurrence of one or more unexpected events, including war, lack of available natural resources, acts of terrorism, epidemics and pandemics, civil unrest, fires, tornadoes, tsunamis, hurricanes, earthquakes, temperatures outside of normal ranges, floods, and other forms of severe or unusual weather in countries in which we operate, or in which our suppliers are located, have adversely affected and could in the future adversely affect our operations and financial performance. Such events have caused and could cause complete or partial closure of one or more of our manufacturing facilities or distribution centers, temporary or long-term disruptions in the supply of component products from some local and international suppliers, and disruption and delay in the transport of products to dealers, 17 Table of Contents Table of Contents Table of Contents Changes in the availability and price of certain raw materials, components, and whole goods have resulted and could result in disruptions to the supply chain causing production disruptions, increased costs, and lower profits from sales of our products.Our business relies on a complex global supply chain, and any disruptions can impact our operations. We have experienced changes in the availability and prices of raw materials, components, whole goods, and freight over the past several years. Past global logistics network challenges have resulted in delays, shortages of key manufacturing components, increased order backlogs, increased transportation costs, and production inefficiencies from a higher number of partially completed machines in inventory, which in the past have increased our overall production and overhead costs. Increases in such costs have adversely affected our business operations. We anticipate fluctuations in our supply chain due to ongoing geopolitical and economic uncertainty, and regulatory and policy instability, including import tariffs and trade agreements. For example, certain of our products, including motors, batteries, and other components, rely on rare earth minerals for their manufacturing, of which a significant majority are sourced from China. The inability to obtain export permits for rare earth minerals could have a detrimental effect on our business. These complications have the potential to significantly increase production and logistics costs, including additional research and development costs for designing alternative solutions, and therefore would have a detrimental effect on the profitability of the business. Rapid changes and growing complexity in trade policies may also affect the ability of customs brokers and logistics providers to timely process imported products, which could result in delays, higher logistics costs, and production disruptions.The financial stability of our suppliers can also impact the continuity of our supply chain. A number of our suppliers are facing higher prices due to inflation, increased tariffs or otherwise. If one or more of our suppliers continue to encounter financial hardships, delivery setbacks, or other performance-related difficulties, we may be unable to fulfill our obligations to customers. Furthermore, if any of the raw materials critical to our manufacturing become unavailable to our suppliers, or are only accessible at significantly higher costs, including due to increased tariffs or trade restrictions, or are affected by quality problems or defects, our ability to deliver certain products on schedule or within budget could be compromised. Significant disruptions to the supply chain resulting from shortages of raw materials, components, and whole goods have and could continue to adversely affect our ability to meet commitments to our customers. Examples of such disruptions include:●work interruption or union strikes by employees of suppliers,●reliance on single source suppliers, or suppliers that are proprietary in nature that cannot be replaced expeditiously, and ●natural disasters, pandemics, or other unforeseen events can disrupt the flow of materials. Furthermore, if our customers are unwilling to accept price increases for our products, or if we are unable to offset the increases in costs, raw material costs or shortages could have a material adverse effect on our operational or financial results.Failure by our supply base to use ethical business practices and comply with applicable laws and regulations may adversely affect our business, financial condition, and operational results.While we conduct due diligence on our suppliers and require their compliance with various policies and contractual covenants, we do not control our suppliers’ business practices. Accordingly, we cannot guarantee that our due diligence efforts will reveal that they follow ethical business practices such as fair wage practices and compliance with environmental, safety, labor, human rights, material sourcing, and other laws. Failure to comply could lead us to seek alternative suppliers, which could increase our costs and result in delayed delivery of our products, product shortages, or other disruptions in operations. If our suppliers fail to comply with ethical standards and applicable laws, regulations, safety codes, employment practices, human rights standards, quality standards, environmental standards, production practices, or other obligations, norms, identification and reporting requirements, our reputation and brand could be harmed, and we could be exposed to litigation, investigations, enforcement actions, monetary liability and additional costs that could have a material adverse effect on our business, financial condition, and results of operations.Unexpected events have increased and may in the future increase our cost of doing business or disrupt our operations.The occurrence of one or more unexpected events, including war, lack of available natural resources, acts of terrorism, epidemics and pandemics, civil unrest, fires, tornadoes, tsunamis, hurricanes, earthquakes, temperatures outside of normal ranges, floods, and other forms of severe or unusual weather in countries in which we operate, or in which our suppliers are located, have adversely affected and could in the future adversely affect our operations and financial performance. Such events have caused and could cause complete or partial closure of one or more of our manufacturing facilities or distribution centers, temporary or long-term disruptions in the supply of component products from some local and international suppliers, and disruption and delay in the transport of products to dealers,",
      "prior_body": "While we conduct due diligence on our suppliers and require their compliance with various policies and contractual covenants, we do not control our suppliers’ business practices. Accordingly, we cannot guarantee that our due diligence efforts will reveal that they follow ethical business practices such as fair wage practices and compliance with environmental, safety, labor, human rights, material sourcing, and other laws. A lack of compliance could lead us to seek alternative suppliers, which could increase our costs and result in delayed delivery of our products, product shortages, or other disruptions of our operations. If our suppliers or retail partners fail to comply with applicable laws, regulations, safety codes, employment practices, human rights standards, quality standards, environmental standards, production practices, or other obligations, norms, identification and reporting requirements, or ethical standards, our reputation and brand could be harmed, and we could be exposed to litigation, investigations, enforcement actions, monetary liability and additional costs that could have a material adverse effect on our business, financial condition, and results of operations. 14 14 14 Table of ContentsUnfavorable weather conditions or natural catastrophes that reduce agricultural production and demand for agriculture and turf equipment could directly and indirectly affect our business. The purchasing decisions of our customers, particularly the purchasers of agriculture and turf equipment, can be significantly affected by poor or unusual weather conditions. Such conditions include: ●Insufficient levels of rain, which prevent farmers from planting new crops and may cause growing crops to die or result in lower yields; ●Excessive rain or flooding can prevent planting from occurring at optimal times and may cause crop loss through increased disease or mold growth; ●Temperatures outside normal ranges, which can cause crop failure or decreased yields and may also affect disease incidence; ●Natural disasters such as regional floods, hurricanes or other storms, droughts, diseases, wildfires, and pests, either as a physical effect of climate change or otherwise, which have had, and could in the future have, significant negative effects on agricultural and livestock production;●Adverse weather conditions in a particular geographic region, particularly during the important spring selling season; and●Drought conditions can adversely affect sales of certain mowing equipment and can similarly cause lower sales volume.Each of these conditions could negatively affect demand for agricultural and turf equipment and the financial condition and credit risk of our dealers and customers. Unexpected events have increased and may in the future increase our cost of doing business or disrupt our operations.The occurrence of one or more unexpected events, including war, acts of terrorism, epidemics and pandemics (such as the COVID pandemic), civil unrest, fires, tornadoes, tsunamis, hurricanes, earthquakes, floods, and other forms of severe weather in the United States or in other countries in which we operate, or in which our suppliers are located, have adversely affected and could in the future adversely affect our operations and financial performance. Such events have caused and could cause complete or partial closure of one or more of our manufacturing facilities or distribution centers, temporary or long-term disruptions in the supply of component products from some local and international suppliers, and disruption and delay in the transport of products to dealers, end-users, and distribution centers. Most recently, Hurricane Helene in the U.S. closed operations at our Augusta, Georgia and Greenville, Tennessee facilities temporarily. Existing insurance coverage may not provide protection from all the costs that may arise from such events.The potential physical impacts of climate change on our facilities, suppliers, and customers, and therefore on our operations, are highly uncertain and will be particular to the circumstances developing in various geographic regions. These potential physical effects may adversely affect the demand for our products and the cost, production, sales, and financial performance of our operations. Our business could be adversely affected by the infringement or loss of intellectual property rights.We protect our intellectual property with a combination of patents, trademarks, copyrights, trade secret laws, and legal agreements. We heavily rely on certain trademarks to protect our identity and customer recognition of our products and services, including, but not limited to, the “John Deere” mark, the leaping deer logo, the “Nothing Runs Like a Deere” slogan, and the green and yellow color combination. These trademarks, as well as the many patents that protect innovations used in our products, are integral to our business, and their loss could have a material adverse effect on us. Additionally, third parties may initiate legal proceedings to challenge the validity of our intellectual property or allege that we infringe on their intellectual property. We may incur substantial costs if third parties initiate such legal proceedings, or if we initiate legal proceedings to protect or enforce our intellectual property. If the outcome of any such legal proceedings is unfavorable to us, our business could be adversely affected. Rationalization or restructuring of manufacturing facilities, and plant expansions and updates at our manufacturing facilities may cause capacity constraints, inventory fluctuations, and other issues. The rationalization or restructuring of our manufacturing facilities, including relocating production or closing facilities, may result in temporary constraints on our ability to produce the quantity of products necessary to fill orders and thereby complete sales in a timely manner. In addition, decisions regarding the rationalization, restructuring or relocation of facilities, such as the recently announced shifting of production of skid steer loaders and compact track loaders from our Dubuque, Iowa factory to Ramos, Mexico, and any similar actions we may undertake in the future, could also subject us to additional or new tariffs, other issues relating to the importation of products, fines, and reputational risks. Finally, the expansion and reconfiguration of existing manufacturing facilities, as well as new or expanded manufacturing operations in emerging markets, such as Brazil, could increase the risk of production delays, as well as require significant investments. 15 Table of Contents Table of Contents Table of Contents Unfavorable weather conditions or natural catastrophes that reduce agricultural production and demand for agriculture and turf equipment could directly and indirectly affect our business. The purchasing decisions of our customers, particularly the purchasers of agriculture and turf equipment, can be significantly affected by poor or unusual weather conditions. Such conditions include: ●Insufficient levels of rain, which prevent farmers from planting new crops and may cause growing crops to die or result in lower yields; ●Excessive rain or flooding can prevent planting from occurring at optimal times and may cause crop loss through increased disease or mold growth; ●Temperatures outside normal ranges, which can cause crop failure or decreased yields and may also affect disease incidence; ●Natural disasters such as regional floods, hurricanes or other storms, droughts, diseases, wildfires, and pests, either as a physical effect of climate change or otherwise, which have had, and could in the future have, significant negative effects on agricultural and livestock production;●Adverse weather conditions in a particular geographic region, particularly during the important spring selling season; and●Drought conditions can adversely affect sales of certain mowing equipment and can similarly cause lower sales volume.Each of these conditions could negatively affect demand for agricultural and turf equipment and the financial condition and credit risk of our dealers and customers. Unexpected events have increased and may in the future increase our cost of doing business or disrupt our operations.The occurrence of one or more unexpected events, including war, acts of terrorism, epidemics and pandemics (such as the COVID pandemic), civil unrest, fires, tornadoes, tsunamis, hurricanes, earthquakes, floods, and other forms of severe weather in the United States or in other countries in which we operate, or in which our suppliers are located, have adversely affected and could in the future adversely affect our operations and financial performance. Such events have caused and could cause complete or partial closure of one or more of our manufacturing facilities or distribution centers, temporary or long-term disruptions in the supply of component products from some local and international suppliers, and disruption and delay in the transport of products to dealers, end-users, and distribution centers. Most recently, Hurricane Helene in the U.S. closed operations at our Augusta, Georgia and Greenville, Tennessee facilities temporarily. Existing insurance coverage may not provide protection from all the costs that may arise from such events.The potential physical impacts of climate change on our facilities, suppliers, and customers, and therefore on our operations, are highly uncertain and will be particular to the circumstances developing in various geographic regions. These potential physical effects may adversely affect the demand for our products and the cost, production, sales, and financial performance of our operations. Our business could be adversely affected by the infringement or loss of intellectual property rights.We protect our intellectual property with a combination of patents, trademarks, copyrights, trade secret laws, and legal agreements. We heavily rely on certain trademarks to protect our identity and customer recognition of our products and services, including, but not limited to, the “John Deere” mark, the leaping deer logo, the “Nothing Runs Like a Deere” slogan, and the green and yellow color combination. These trademarks, as well as the many patents that protect innovations used in our products, are integral to our business, and their loss could have a material adverse effect on us. Additionally, third parties may initiate legal proceedings to challenge the validity of our intellectual property or allege that we infringe on their intellectual property. We may incur substantial costs if third parties initiate such legal proceedings, or if we initiate legal proceedings to protect or enforce our intellectual property. If the outcome of any such legal proceedings is unfavorable to us, our business could be adversely affected. Rationalization or restructuring of manufacturing facilities, and plant expansions and updates at our manufacturing facilities may cause capacity constraints, inventory fluctuations, and other issues. The rationalization or restructuring of our manufacturing facilities, including relocating production or closing facilities, may result in temporary constraints on our ability to produce the quantity of products necessary to fill orders and thereby complete sales in a timely manner. In addition, decisions regarding the rationalization, restructuring or relocation of facilities, such as the recently announced shifting of production of skid steer loaders and compact track loaders from our Dubuque, Iowa factory to Ramos, Mexico, and any similar actions we may undertake in the future, could also subject us to additional or new tariffs, other issues relating to the importation of products, fines, and reputational risks. Finally, the expansion and reconfiguration of existing manufacturing facilities, as well as new or expanded manufacturing operations in emerging markets, such as Brazil, could increase the risk of production delays, as well as require significant investments. Unfavorable weather conditions or natural catastrophes that reduce agricultural production and demand for agriculture and turf equipment could directly and indirectly affect our business. The purchasing decisions of our customers, particularly the purchasers of agriculture and turf equipment, can be significantly affected by poor or unusual weather conditions. Such conditions include: ●Insufficient levels of rain, which prevent farmers from planting new crops and may cause growing crops to die or result in lower yields; ●Excessive rain or flooding can prevent planting from occurring at optimal times and may cause crop loss through increased disease or mold growth; ●Temperatures outside normal ranges, which can cause crop failure or decreased yields and may also affect disease incidence; ●Natural disasters such as regional floods, hurricanes or other storms, droughts, diseases, wildfires, and pests, either as a physical effect of climate change or otherwise, which have had, and could in the future have, significant negative effects on agricultural and livestock production;●Adverse weather conditions in a particular geographic region, particularly during the important spring selling season; and●Drought conditions can adversely affect sales of certain mowing equipment and can similarly cause lower sales volume.Each of these conditions could negatively affect demand for agricultural and turf equipment and the financial condition and credit risk of our dealers and customers. Unexpected events have increased and may in the future increase our cost of doing business or disrupt our operations.The occurrence of one or more unexpected events, including war, acts of terrorism, epidemics and pandemics (such as the COVID pandemic), civil unrest, fires, tornadoes, tsunamis, hurricanes, earthquakes, floods, and other forms of severe weather in the United States or in other countries in which we operate, or in which our suppliers are located, have adversely affected and could in the future adversely affect our operations and financial performance. Such events have caused and could cause complete or partial closure of one or more of our manufacturing facilities or distribution centers, temporary or long-term disruptions in the supply of component products from some local and international suppliers, and disruption and delay in the transport of products to dealers, end-users, and distribution centers. Most recently, Hurricane Helene in the U.S. closed operations at our Augusta, Georgia and Greenville, Tennessee facilities temporarily. Existing insurance coverage may not provide protection from all the costs that may arise from such events.The potential physical impacts of climate change on our facilities, suppliers, and customers, and therefore on our operations, are highly uncertain and will be particular to the circumstances developing in various geographic regions. These potential physical effects may adversely affect the demand for our products and the cost, production, sales, and financial performance of our operations. Our business could be adversely affected by the infringement or loss of intellectual property rights.We protect our intellectual property with a combination of patents, trademarks, copyrights, trade secret laws, and legal agreements. We heavily rely on certain trademarks to protect our identity and customer recognition of our products and services, including, but not limited to, the “John Deere” mark, the leaping deer logo, the “Nothing Runs Like a Deere” slogan, and the green and yellow color combination. These trademarks, as well as the many patents that protect innovations used in our products, are integral to our business, and their loss could have a material adverse effect on us. Additionally, third parties may initiate legal proceedings to challenge the validity of our intellectual property or allege that we infringe on their intellectual property. We may incur substantial costs if third parties initiate such legal proceedings, or if we initiate legal proceedings to protect or enforce our intellectual property. If the outcome of any such legal proceedings is unfavorable to us, our business could be adversely affected. Rationalization or restructuring of manufacturing facilities, and plant expansions and updates at our manufacturing facilities may cause capacity constraints, inventory fluctuations, and other issues. The rationalization or restructuring of our manufacturing facilities, including relocating production or closing facilities, may result in temporary constraints on our ability to produce the quantity of products necessary to fill orders and thereby complete sales in a timely manner. In addition, decisions regarding the rationalization, restructuring or relocation of facilities, such as the recently announced shifting of production of skid steer loaders and compact track loaders from our Dubuque, Iowa factory to Ramos, Mexico, and any similar actions we may undertake in the future, could also subject us to additional or new tariffs, other issues relating to the importation of products, fines, and reputational risks. Finally, the expansion and reconfiguration of existing manufacturing facilities, as well as new or expanded manufacturing operations in emerging markets, such as Brazil, could increase the risk of production delays, as well as require significant investments."
    },
    {
      "status": "MODIFIED",
      "current_title": "From time to time our equipment fails to perform as expected and we have experienced, and may in the future experience, warranty claims, post-sale repairs and recalls, and other consequences.",
      "prior_title": "Our business may suffer if our equipment fails to perform as expected.",
      "similarity_score": 0.528,
      "confidence": "low",
      "key_changes": [
        "Reworded sentence: \"From time to time, we have received warranty claims and have had to perform post-sales repairs or recalls due to our equipment not performing as expected.\"",
        "Removed sentence: \"UNRESOLVED STAFF COMMENTS.\"",
        "Removed sentence: \"Cybersecurity is an integral part of our overall risk management program.\"",
        "Removed sentence: \"We take a comprehensive approach by incorporating industry best practices to guide and evaluate our cybersecurity strategy and posture, involving key stakeholders in oversight and decision making, and assessing the program regularly within a dynamically changing environment.\"",
        "Removed sentence: \"We leverage a multifaceted approach to cybersecurity including measures designed to prevent, detect, and respond to cyberthreats while monitoring and adapting to the evolving threat and technology landscapes.\""
      ],
      "current_body": "From time to time, we have received warranty claims and have had to perform post-sales repairs or recalls due to our equipment not performing as expected. In such cases, we may also face regulatory requirements and penalties that can impact our ability to develop, market, and sell equipment. These circumstances may result in product delivery delays and claims related to product liability, breach of warranty, and consumer protection. The costs associated with these claims and warranty expenses could be significant. We must manage the cost and risk associated with product warranties, post-sale repairs and recalls, regulatory penalties, and product liability, breach of warranty, and consumer protection claims with respect to our products. We may also be subject to investigations relating to our products by government regulators which may compel us to initiate product recalls or may result in negative public perceptions about the safety of our products, even if we disagree with the regulator’s determination. Such post-sale repairs or recalls, whether voluntary or involuntary, could result in significant expense, supply chain complications, and may harm our brand, business, prospects, financial condition, and operating results.",
      "prior_body": "If our equipment does not perform as expected, we may receive warranty claims and may have to perform post-sales repairs or recalls. We may also be subject to regulatory requirements and penalties that will impact our ability to develop, market, and sell equipment. This may result in product delivery delays. It could also lead to product liability, breach of warranty, and consumer protection claims. These claims and warranty expenses could be significant. As a manufacturer of equipment, we must manage the cost and risk associated with product warranties, post-sale repairs and recalls, regulatory penalties, and product liability, breach of warranty, and consumer protection claims with respect to our products. In addition to post-sale repairs or recalls initiated by us for various reasons, investigations into our products by government regulators may compel us to initiate product recalls or may result in negative public perceptions about the safety of our products, even if we disagree with the regulator’s determination. Such post-sale repairs or recalls, whether voluntary or involuntary, could result in significant expense, supply chain complications, and may harm our brand, business, prospects, financial condition, and operating results. ITEM 1B. UNRESOLVED STAFF COMMENTS. None. ITEM 1C. CYBERSECURITY. Cybersecurity is an integral part of our overall risk management program. We take a comprehensive approach by incorporating industry best practices to guide and evaluate our cybersecurity strategy and posture, involving key stakeholders in oversight and decision making, and assessing the program regularly within a dynamically changing environment. We leverage a multifaceted approach to cybersecurity including measures designed to prevent, detect, and respond to cyberthreats while monitoring and adapting to the evolving threat and technology landscapes. Governance At the management level, we maintain a dedicated global team of cybersecurity professionals (Cybersecurity Team) led and managed by the Chief Information Security Officer (CISO). The Cybersecurity Team has members with experience in governance, risk management and compliance, threat monitoring, threat emulation, penetration testing, and cyber incident management. Our CISO holds a degree in Management Information Systems and has been with the Company for over ten years. He has over two decades of extensive experience in information technology and cybersecurity and reports directly to the Chief Information Officer. In addition, a cross-functional team of senior executives from across the enterprise known as the Digital Risk Governance Council (DRGC) provides oversight at the management level of the Company’s structures for managing digital risk, including the Cybersecurity Team. The Audit Review Committee (ARC) of the Board of Directors (Board) shares oversight responsibilities of our cybersecurity program, including oversight of related risks, with the full Board. Information on trends, strategic initiatives, and metrics is presented quarterly to the ARC by the CISO and/or members of the Cybersecurity Team. The ARC also receives periodic updates and information from subject matter experts in areas such as risk management, identity and access management, product security, and information technology."
    },
    {
      "status": "MODIFIED",
      "current_title": "CONSOLIDATED",
      "prior_title": "Net Income Attributable to Deere & Company",
      "similarity_score": 0.521,
      "confidence": "low",
      "key_changes": [
        "Reworded sentence: \"​ ​ ​ ​ ​ 2025 ​ 2024 ​ 2023 ​ 2025 ​ 2024 ​ 2023 ​ 2025 ​ 2024 ​ 2023 ​ 2025 ​ 2024 ​ 2023 ​ ​ ​ Net Sales and Revenues ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net sales ​ $ 38,917 ​ $ 44,759 ​ $ 55,565 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ $ 38,917 ​ $ 44,759 ​ $ 55,565 ​ ​ ​ Finance and interest income ​ ​ 521 ​ ​ 596 ​ ​ 636 ​ $ 5,768 ​ $ 6,035 ​ $ 5,055 ​ $ (541) ​ $ (872) ​ $ (1,008) ​ ​ 5,748 ​ ​ 5,759 ​ ​ 4,683 ​ 1​ ​ Other income ​ ​ 821 ​ ​ 1,006 ​ ​ 858 ​ ​ 521 ​ ​ 458 ​ ​ 499 ​ ​ (323) ​ ​ (266) ​ ​ (354) ​ ​ 1,019 ​ ​ 1,198 ​ ​ 1,003 ​ 2, 3, 4​ ​ Total ​ ​ 40,259 ​ ​ 46,361 ​ ​ 57,059 ​ ​ 6,289 ​ ​ 6,493 ​ ​ 5,554 ​ ​ (864) ​ ​ (1,138) ​ ​ (1,362) ​ ​ 45,684 ​ ​ 51,716 ​ ​ 61,251 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Costs and Expenses ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Cost of sales ​ ​ 28,190 ​ ​ 30,803 ​ ​ 37,739 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (31) ​ ​ (28) ​ ​ (24) ​ ​ 28,159 ​ ​ 30,775 ​ ​ 37,715 ​ 4​ ​ Research and development expenses ​ ​ 2,311 ​ ​ 2,290 ​ ​ 2,177 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2,311 ​ ​ 2,290 ​ ​ 2,177 ​ ​ ​ Selling, administrative and general expenses ​ ​ 3,856 ​ ​ 3,791 ​ ​ 3,611 ​ ​ 815 ​ ​ 1,059 ​ ​ 994 ​ ​ (8) ​ ​ (10) ​ ​ (10) ​ ​ 4,663 ​ ​ 4,840 ​ ​ 4,595 ​ 4​ ​ Interest expense ​ ​ 372 ​ ​ 396 ​ ​ 411 ​ ​ 2,923 ​ ​ 3,182 ​ ​ 2,362 ​ ​ (125) ​ ​ (230) ​ ​ (320) ​ ​ 3,170 ​ ​ 3,348 ​ ​ 2,453 ​ 1​ ​ Interest compensation to Financial Services ​ ​ 414 ​ ​ 640 ​ ​ 687 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (414) ​ ​ (640) ​ ​ (687) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 1​ ​ Other operating expenses ​ ​ (29) ​ ​ 133 ​ ​ 217 ​ ​ 1,439 ​ ​ 1,354 ​ ​ 1,396 ​ ​ (286) ​ ​ (230) ​ ​ (321) ​ ​ 1,124 ​ ​ 1,257 ​ ​ 1,292 ​ 3, 4, 5​ ​ Total ​ ​ 35,114 ​ ​ 38,053 ​ ​ 44,842 ​ ​ 5,177 ​ ​ 5,595 ​ ​ 4,752 ​ ​ (864) ​ ​ (1,138) ​ ​ (1,362) ​ ​ 39,427 ​ ​ 42,510 ​ ​ 48,232 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Income before Income Taxes ​ ​ 5,145 ​ ​ 8,308 ​ ​ 12,217 ​ ​ 1,112 ​ ​ 898 ​ ​ 802 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 6,257 ​ ​ 9,206 ​ ​ 13,019 ​ ​ ​ Provision for income taxes ​ ​ 1,020 ​ ​ 1,887 ​ ​ 2,685 ​ ​ 239 ​ ​ 207 ​ ​ 186 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 1,259 ​ ​ 2,094 ​ ​ 2,871 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Income after Income Taxes ​ ​ 4,125 ​ ​ 6,421 ​ ​ 9,532 ​ ​ 873 ​ ​ 691 ​ ​ 616 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 4,998 ​ ​ 7,112 ​ ​ 10,148 ​ ​ ​ Equity in income (loss) of unconsolidated affiliates ​ ​ (17) ​ ​ (29) ​ ​ 4 ​ ​ 17 ​ ​ 5 ​ ​ 3 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (24) ​ ​ 7 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net Income ​ ​ 4,108 ​ ​ 6,392 ​ ​ 9,536 ​ ​ 890 ​ ​ 696 ​ ​ 619 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 4,998 ​ ​ 7,088 ​ ​ 10,155 ​ ​ ​ Less: Net loss attributable to noncontrolling interests ​ ​ (29) ​ ​ (12) ​ ​ (11) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (29) ​ ​ (12) ​ ​ (11) ​ ​ ​ Net Income Attributable to Deere & Company ​ $ 4,137 ​ $ 6,404 ​ $ 9,547 ​ $ 890 ​ $ 696 ​ $ 619 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ $ 5,027 ​ $ 7,100 ​ $ 10,166 ​ ​ ​ ​ ​ 1 Elimination of intercompany interest income and expense.\"",
        "Reworded sentence: \"3 Elimination of income and expenses between equipment operations and Financial Services related to intercompany guarantees of investments in certain international markets.\"",
        "Reworded sentence: \"5 Elimination of Financial Services’ lease depreciation expense related to inventory transferred to equipment on operating leases.\""
      ],
      "current_body": "​ ​ ​ ​ ​ 2025 ​ 2024 ​ 2023 ​ 2025 ​ 2024 ​ 2023 ​ 2025 ​ 2024 ​ 2023 ​ 2025 ​ 2024 ​ 2023 ​ ​ ​ Net Sales and Revenues ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net sales ​ $ 38,917 ​ $ 44,759 ​ $ 55,565 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ $ 38,917 ​ $ 44,759 ​ $ 55,565 ​ ​ ​ Finance and interest income ​ ​ 521 ​ ​ 596 ​ ​ 636 ​ $ 5,768 ​ $ 6,035 ​ $ 5,055 ​ $ (541) ​ $ (872) ​ $ (1,008) ​ ​ 5,748 ​ ​ 5,759 ​ ​ 4,683 ​ 1​ ​ Other income ​ ​ 821 ​ ​ 1,006 ​ ​ 858 ​ ​ 521 ​ ​ 458 ​ ​ 499 ​ ​ (323) ​ ​ (266) ​ ​ (354) ​ ​ 1,019 ​ ​ 1,198 ​ ​ 1,003 ​ 2, 3, 4​ ​ Total ​ ​ 40,259 ​ ​ 46,361 ​ ​ 57,059 ​ ​ 6,289 ​ ​ 6,493 ​ ​ 5,554 ​ ​ (864) ​ ​ (1,138) ​ ​ (1,362) ​ ​ 45,684 ​ ​ 51,716 ​ ​ 61,251 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Costs and Expenses ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Cost of sales ​ ​ 28,190 ​ ​ 30,803 ​ ​ 37,739 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (31) ​ ​ (28) ​ ​ (24) ​ ​ 28,159 ​ ​ 30,775 ​ ​ 37,715 ​ 4​ ​ Research and development expenses ​ ​ 2,311 ​ ​ 2,290 ​ ​ 2,177 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2,311 ​ ​ 2,290 ​ ​ 2,177 ​ ​ ​ Selling, administrative and general expenses ​ ​ 3,856 ​ ​ 3,791 ​ ​ 3,611 ​ ​ 815 ​ ​ 1,059 ​ ​ 994 ​ ​ (8) ​ ​ (10) ​ ​ (10) ​ ​ 4,663 ​ ​ 4,840 ​ ​ 4,595 ​ 4​ ​ Interest expense ​ ​ 372 ​ ​ 396 ​ ​ 411 ​ ​ 2,923 ​ ​ 3,182 ​ ​ 2,362 ​ ​ (125) ​ ​ (230) ​ ​ (320) ​ ​ 3,170 ​ ​ 3,348 ​ ​ 2,453 ​ 1​ ​ Interest compensation to Financial Services ​ ​ 414 ​ ​ 640 ​ ​ 687 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (414) ​ ​ (640) ​ ​ (687) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 1​ ​ Other operating expenses ​ ​ (29) ​ ​ 133 ​ ​ 217 ​ ​ 1,439 ​ ​ 1,354 ​ ​ 1,396 ​ ​ (286) ​ ​ (230) ​ ​ (321) ​ ​ 1,124 ​ ​ 1,257 ​ ​ 1,292 ​ 3, 4, 5​ ​ Total ​ ​ 35,114 ​ ​ 38,053 ​ ​ 44,842 ​ ​ 5,177 ​ ​ 5,595 ​ ​ 4,752 ​ ​ (864) ​ ​ (1,138) ​ ​ (1,362) ​ ​ 39,427 ​ ​ 42,510 ​ ​ 48,232 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Income before Income Taxes ​ ​ 5,145 ​ ​ 8,308 ​ ​ 12,217 ​ ​ 1,112 ​ ​ 898 ​ ​ 802 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 6,257 ​ ​ 9,206 ​ ​ 13,019 ​ ​ ​ Provision for income taxes ​ ​ 1,020 ​ ​ 1,887 ​ ​ 2,685 ​ ​ 239 ​ ​ 207 ​ ​ 186 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 1,259 ​ ​ 2,094 ​ ​ 2,871 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Income after Income Taxes ​ ​ 4,125 ​ ​ 6,421 ​ ​ 9,532 ​ ​ 873 ​ ​ 691 ​ ​ 616 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 4,998 ​ ​ 7,112 ​ ​ 10,148 ​ ​ ​ Equity in income (loss) of unconsolidated affiliates ​ ​ (17) ​ ​ (29) ​ ​ 4 ​ ​ 17 ​ ​ 5 ​ ​ 3 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (24) ​ ​ 7 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net Income ​ ​ 4,108 ​ ​ 6,392 ​ ​ 9,536 ​ ​ 890 ​ ​ 696 ​ ​ 619 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 4,998 ​ ​ 7,088 ​ ​ 10,155 ​ ​ ​ Less: Net loss attributable to noncontrolling interests ​ ​ (29) ​ ​ (12) ​ ​ (11) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (29) ​ ​ (12) ​ ​ (11) ​ ​ ​ Net Income Attributable to Deere & Company ​ $ 4,137 ​ $ 6,404 ​ $ 9,547 ​ $ 890 ​ $ 696 ​ $ 619 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ $ 5,027 ​ $ 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 (see Note 6). 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. ​ 42 42 42 Table of ContentsSUPPLEMENTAL CONSOLIDATING DATA (continued)​​​​​​​​​​​​​​​​​​​​​​​​​​​​​CONDENSED BALANCE SHEETS​​​As of November 2, 2025 and October 27, 2024​​​Unaudited​​​​​EQUIPMENT​FINANCIAL​​​​​​​​​OPERATIONS​SERVICES​ELIMINATIONS​CONSOLIDATED​​​​ ​ ​ ​2025 ​ ​ ​2024​2025 ​ ​ ​2024​2025 ​ ​ ​2024​2025 ​ ​ ​2024​​​ASSETS​​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​​​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​​​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​​​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​​​​​​​​​​​​​​​​Cash and cash equivalents ​$ 6,340​$ 5,615​$ 1,936​$ 1,709​​ ​​​ ​​$ 8,276​$ 7,324​​​Marketable securities ​ 217​ 125​ 1,194​ 1,029​ ​​ ​​ 1,411​ 1,154​​​Receivables from Financial Services ​ 4,649​ 3,043​ ​​ ​​$ (4,649)​$ (3,043)​ ​​ ​​ 6​​Trade accounts and notes receivable – net ​ 1,316​ 1,257​ 5,900​ 6,225​ (1,899)​ (2,156)​ 5,317​ 5,326​ 7​​Financing receivables – net ​ 88​ 78​ 44,487​ 44,231​ ​​ ​​ 44,575​ 44,309​​​Financing receivables securitized – net ​​ 1​​ 2​​ 6,830​​ 8,721​​ ​​​ ​​​ 6,831​​ 8,723​​​Other receivables ​ 1,809​ 2,193​ 658​ 427​ (64)​ (75)​ 2,403​ 2,545​ 7​​Equipment on operating leases – net ​​ ​​​ ​​​ 7,600​​ 7,451​​ ​​​ ​​​ 7,600​​ 7,451​​​Inventories ​ 7,406​ 7,093​ ​​ ​​ ​​ ​​ 7,406​ 7,093​​​Property and equipment – net ​ 8,047​ 7,546​ 32​ 34​ ​​ ​​ 8,079​ 7,580​​​Goodwill ​ 4,188​ 3,959​ ​​ ​​ ​​ ​​ 4,188​ 3,959​​​Other intangible assets – net ​ 892​ 999​ ​​ ​​ ​​ ​​ 892​ 999​​​Retirement benefits ​ 3,181​ 2,839​ 94​ 83​ (2)​ (1)​ 3,273​ 2,921​ 8​​Deferred income taxes ​ 2,507​ 2,262​ 46​ 43​ (269)​ (219)​ 2,284​ 2,086​ 9​​Other assets ​ 2,218​ 2,194​ 1,244​ 715​ (1)​ (3)​ 3,461​ 2,906​​​Assets held for sale​ ​​ ​​ ​​ 2,944​ ​​ ​​ ​​ 2,944​​​Total Assets ​$ 42,859​$ 39,205​$ 70,021​$ 73,612​$ (6,884)​$ (5,497)​$ 105,996​$ 107,320​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​LIABILITIES AND STOCKHOLDERS’ EQUITY​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​LIABILITIES​​​​​​​​​​​​​​​​​​​​​​​​​​​Short-term borrowings ​$ 414​$ 911​$ 13,382​$ 12,622​​ ​​​ ​​$ 13,796​$ 13,533​​​Short-term securitization borrowings ​​ 1​​ 2​​ 6,595​​ 8,429​​ ​​​ ​​​ 6,596​​ 8,431​​​Payables to Equipment Operations ​ ​​ ​​ 4,649​ 3,043​$ (4,649)​$ (3,043)​ ​​ ​​ 6​​Accounts payable and accrued expenses ​ 12,757​ 13,534​ 3,116​ 3,243​ (1,964)​ (2,234)​ 13,909​ 14,543​ 7​​Deferred income taxes ​ 347​ 434​ 356​ 263​ (269)​ (219)​ 434​ 478​ 9​​Long-term borrowings ​ 8,756​ 6,603​ 34,788​ 36,626​ ​​ ​​ 43,544​ 43,229​​​Retirement benefits and other liabilities ​ 1,646​ 2,250​ 66​ 105​ (2)​ (1)​ 1,710​ 2,354​ 8​​Liabilities held for sale​ ​​ ​​ ​​ 1,827​ ​​ ​​ ​​ 1,827​​​Total liabilities ​ 23,921​ 23,734​ 62,952​ 66,158​ (6,884)​ (5,497)​ 79,989​ 84,395​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​Commitments and contingencies (Note 20)​​​​​​​​​​​​​​​​​​​​​​​​​​​Redeemable noncontrolling interest (Note 2)​​ 51​​ 82​​ ​​​ ​​​ ​​​ ​​​ 51​​ 82​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​STOCKHOLDERS’ EQUITY​​​​​​​​​​​​​​​​​​​​​​​​​​​Total Deere & Company stockholders’ equity ​ 25,950​ 22,836​ 7,069​ 7,454​ (7,069)​ (7,454)​ 25,950​ 22,836​10​​Noncontrolling interests ​ 6​ 7​ ​​ ​​ ​​ ​​ 6​ 7​​​Financial Services' equity​​ (7,069)​​ (7,454)​​ ​​​ ​​​ 7,069​​ 7,454​​ ​​​ ​​10​​Adjusted total stockholders' equity​ 18,887​ 15,389​ 7,069​ 7,454​ ​​ ​​ 25,956​ 22,843​​​Total Liabilities and Stockholders’ Equity ​$ 42,859​$ 39,205​$ 70,021​$ 73,612​$ (6,884)​$ (5,497)​$ 105,996​$ 107,320​​​​​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.​43 Table of Contents Table of Contents Table of Contents SUPPLEMENTAL CONSOLIDATING DATA (continued)​​​​​​​​​​​​​​​​​​​​​​​​​​​​​CONDENSED BALANCE SHEETS​​​As of November 2, 2025 and October 27, 2024​​​Unaudited​​​​​EQUIPMENT​FINANCIAL​​​​​​​​​OPERATIONS​SERVICES​ELIMINATIONS​CONSOLIDATED​​​​ ​ ​ ​2025 ​ ​ ​2024​2025 ​ ​ ​2024​2025 ​ ​ ​2024​2025 ​ ​ ​2024​​​ASSETS​​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​​​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​​​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​​​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​​​​​​​​​​​​​​​​Cash and cash equivalents ​$ 6,340​$ 5,615​$ 1,936​$ 1,709​​ ​​​ ​​$ 8,276​$ 7,324​​​Marketable securities ​ 217​ 125​ 1,194​ 1,029​ ​​ ​​ 1,411​ 1,154​​​Receivables from Financial Services ​ 4,649​ 3,043​ ​​ ​​$ (4,649)​$ (3,043)​ ​​ ​​ 6​​Trade accounts and notes receivable – net ​ 1,316​ 1,257​ 5,900​ 6,225​ (1,899)​ (2,156)​ 5,317​ 5,326​ 7​​Financing receivables – net ​ 88​ 78​ 44,487​ 44,231​ ​​ ​​ 44,575​ 44,309​​​Financing receivables securitized – net ​​ 1​​ 2​​ 6,830​​ 8,721​​ ​​​ ​​​ 6,831​​ 8,723​​​Other receivables ​ 1,809​ 2,193​ 658​ 427​ (64)​ (75)​ 2,403​ 2,545​ 7​​Equipment on operating leases – net ​​ ​​​ ​​​ 7,600​​ 7,451​​ ​​​ ​​​ 7,600​​ 7,451​​​Inventories ​ 7,406​ 7,093​ ​​ ​​ ​​ ​​ 7,406​ 7,093​​​Property and equipment – net ​ 8,047​ 7,546​ 32​ 34​ ​​ ​​ 8,079​ 7,580​​​Goodwill ​ 4,188​ 3,959​ ​​ ​​ ​​ ​​ 4,188​ 3,959​​​Other intangible assets – net ​ 892​ 999​ ​​ ​​ ​​ ​​ 892​ 999​​​Retirement benefits ​ 3,181​ 2,839​ 94​ 83​ (2)​ (1)​ 3,273​ 2,921​ 8​​Deferred income taxes ​ 2,507​ 2,262​ 46​ 43​ (269)​ (219)​ 2,284​ 2,086​ 9​​Other assets ​ 2,218​ 2,194​ 1,244​ 715​ (1)​ (3)​ 3,461​ 2,906​​​Assets held for sale​ ​​ ​​ ​​ 2,944​ ​​ ​​ ​​ 2,944​​​Total Assets ​$ 42,859​$ 39,205​$ 70,021​$ 73,612​$ (6,884)​$ (5,497)​$ 105,996​$ 107,320​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​LIABILITIES AND STOCKHOLDERS’ EQUITY​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​LIABILITIES​​​​​​​​​​​​​​​​​​​​​​​​​​​Short-term borrowings ​$ 414​$ 911​$ 13,382​$ 12,622​​ ​​​ ​​$ 13,796​$ 13,533​​​Short-term securitization borrowings ​​ 1​​ 2​​ 6,595​​ 8,429​​ ​​​ ​​​ 6,596​​ 8,431​​​Payables to Equipment Operations ​ ​​ ​​ 4,649​ 3,043​$ (4,649)​$ (3,043)​ ​​ ​​ 6​​Accounts payable and accrued expenses ​ 12,757​ 13,534​ 3,116​ 3,243​ (1,964)​ (2,234)​ 13,909​ 14,543​ 7​​Deferred income taxes ​ 347​ 434​ 356​ 263​ (269)​ (219)​ 434​ 478​ 9​​Long-term borrowings ​ 8,756​ 6,603​ 34,788​ 36,626​ ​​ ​​ 43,544​ 43,229​​​Retirement benefits and other liabilities ​ 1,646​ 2,250​ 66​ 105​ (2)​ (1)​ 1,710​ 2,354​ 8​​Liabilities held for sale​ ​​ ​​ ​​ 1,827​ ​​ ​​ ​​ 1,827​​​Total liabilities ​ 23,921​ 23,734​ 62,952​ 66,158​ (6,884)​ (5,497)​ 79,989​ 84,395​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​Commitments and contingencies (Note 20)​​​​​​​​​​​​​​​​​​​​​​​​​​​Redeemable noncontrolling interest (Note 2)​​ 51​​ 82​​ ​​​ ​​​ ​​​ ​​​ 51​​ 82​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​STOCKHOLDERS’ EQUITY​​​​​​​​​​​​​​​​​​​​​​​​​​​Total Deere & Company stockholders’ equity ​ 25,950​ 22,836​ 7,069​ 7,454​ (7,069)​ (7,454)​ 25,950​ 22,836​10​​Noncontrolling interests ​ 6​ 7​ ​​ ​​ ​​ ​​ 6​ 7​​​Financial Services' equity​​ (7,069)​​ (7,454)​​ ​​​ ​​​ 7,069​​ 7,454​​ ​​​ ​​10​​Adjusted total stockholders' equity​ 18,887​ 15,389​ 7,069​ 7,454​ ​​ ​​ 25,956​ 22,843​​​Total Liabilities and Stockholders’ Equity ​$ 42,859​$ 39,205​$ 70,021​$ 73,612​$ (6,884)​$ (5,497)​$ 105,996​$ 107,320​​​​​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.​",
      "prior_body": "​ $ 6,404 ​ $ 9,547 ​ $ 6,251 ​ $ 696 ​ $ 619 ​ $ 880 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ $ 7,100 ​ $ 10,166 ​ $ 7,131 ​ ​ ​ ​ ​ 1 Elimination of intercompany interest income and expense. 2 Elimination of equipment operations’ margin from inventory transferred to equipment on operating leases (see Note 6). 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. ​ 39 39 39 Table of ContentsSUPPLEMENTAL CONSOLIDATING DATA (continued)​​​​​​​​​​​​​​​​​​​​​​​​​​​​​CONDENSED BALANCE SHEETS​​​As of October 27, 2024 and October 29, 2023​​​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​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​Commitments and contingencies (Note 20)​​​​​​​​​​​​​​​​​​​​​​​​​​​Redeemable noncontrolling interest (Note 3)​​ 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.​40 Table of Contents Table of Contents Table of Contents SUPPLEMENTAL CONSOLIDATING DATA (continued)​​​​​​​​​​​​​​​​​​​​​​​​​​​​​CONDENSED BALANCE SHEETS​​​As of October 27, 2024 and October 29, 2023​​​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​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​Commitments and contingencies (Note 20)​​​​​​​​​​​​​​​​​​​​​​​​​​​Redeemable noncontrolling interest (Note 3)​​ 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.​ SUPPLEMENTAL CONSOLIDATING DATA (continued)​​​​​​​​​​​​​​​​​​​​​​​​​​​​​CONDENSED BALANCE SHEETS​​​As of October 27, 2024 and October 29, 2023​​​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​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​Commitments and contingencies (Note 20)​​​​​​​​​​​​​​​​​​​​​​​​​​​Redeemable noncontrolling interest (Note 3)​​ 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.​"
    },
    {
      "status": "MODIFIED",
      "current_title": "Our business may be adversely affected by any disruptions caused by union activities.",
      "prior_title": "Disputes with labor unions may adversely affect our ability to operate in our facilities as well as impact our financial results.",
      "similarity_score": 0.52,
      "confidence": "low",
      "key_changes": [
        "Reworded sentence: \"There is no certainty that we will successfully negotiate new agreements with these unions that extend beyond the current expiration dates, or that these new agreements will be on terms that will allow us to be competitive.\""
      ],
      "current_body": "Many of our production and maintenance employees are represented by labor unions under various collective bargaining agreements with different expiration dates. There is no certainty that we will successfully negotiate new agreements with these unions that extend beyond the current expiration dates, or that these new agreements will be on terms that will allow us to be competitive. Our failure to successfully renegotiate labor agreements as they expire has, from time to time led, and could in the future lead, to work stoppages or other disputes with labor unions. Any strike, work stoppage, or other dispute with a labor union distracts management from operating the business, may displace employees from ordinary job positions to fill in vacant positions, may affect our reputation, and could adversely affect our business, results of operations, and financial condition. In addition, additional employees may choose to join or seek recognition for forming a labor union. If additional employees organize in the future, such employees may threaten and/or engage in work stoppages or organize campaigns. The outcomes from such actions may affect our reputation, and could adversely affect our business, results of operations, and financial condition.",
      "prior_body": "Many of our production and maintenance employees are represented by labor unions under various collective bargaining agreements with different expiration dates. Our failure to successfully renegotiate labor agreements as they expire has from time to time led, and could in the future lead, to work stoppages or other disputes with labor unions. Certain of our labor agreements expire as early as 2025. Disruptions to our manufacturing and parts-distribution facilities through various forms of labor disputes could adversely affect us. Any strike, work stoppage, or other dispute with a labor union distracts management from operating the business, may displace employees from ordinary job positions to fill in vacant positions, may affect our reputation, and could materially adversely affect our business, results of operations, and financial condition."
    },
    {
      "status": "MODIFIED",
      "current_title": "Construction and Forestry",
      "prior_title": "Agriculture and Turf Outlook for 2025",
      "similarity_score": 0.498,
      "confidence": "low",
      "key_changes": [
        "Reworded sentence: \"Company Trends In 2022, we introduced our Leap Ambitions, a set of focused goals designed to guide the implementation of our Smart Industrial Operating Model.\""
      ],
      "current_body": "Company Trends In 2022, we introduced our Leap Ambitions, a set of focused goals designed to guide the implementation of our Smart Industrial Operating Model. These Ambitions are built upon a foundation of product quality and manufacturing excellence, supported by a best-in-class dealer channel, and enabled by employees dedicated to solving some of the world’s most important problems. To build on our accomplishments and lay the foundation for sustained growth as we move toward 2030, in December 2025 we refined our Ambitions. Our refined Ambitions feature multi-year financial and operational goals, emphasizing the use of our differentiated equipment and service solutions, including automation, autonomy, digitalization, lifecycle solutions, and Solutions as a Service (SaaS). Deeper integration of technology into equipment to enable customers to do more with less remains a persistent market trend. Customers seek to improve profitability, productivity, and sustainability by selecting our equipment and technology solutions. These technologies are incorporated into customer operations across the varied production systems in which we serve. While we continue to benefit from the adoption of these technologies, revenue from SaaS products did not represent a significant percentage of our revenues in 2025. 32 32 32 Table of Contents​Company Outlook for 2026●Large agriculture sales in North America are expected to remain subdued.●Small agriculture & turf and construction & forestry sales are expected to improve in 2026.Agriculture and Turf Outlook for 2026●Demand in the U.S. and Canada for large agriculture equipment is expected to decrease further amidst challenging farm fundamentals for row crop farmers, which pressures short-term liquidity. Although the used equipment market is improving, it continues to constrain investments in new machines. These factors are partially offset by strong crop yields and consumption, recent U.S. trade agreements, growing demand for biofuels, and supportive government subsidies.●We expect small agricultural and turf equipment sales to be flat to up slightly from 2025 levels in the U.S. and Canada. The dairy and livestock segment continues to generate profits driven by solid beef prices. A modest recovery is anticipated in the turf sector following an inflection in the housing market and growth in the overall economy. ●In Europe, the industry is forecasted to be flat to up slightly supported by strong dairy margins, a stabilizing interest rate environment, and improving crop yields.●Demand in South America is expected to be flat. In Brazil, while soybean and corn acreage is expected to grow, demand is projected to be tempered by high interest rates, strong global crop yields weighing on prices, and uncertainty over global trade policies. In Argentina, equipment demand is anticipated to moderate after robust growth in 2025.●Industry sales in Asia are forecasted to be down slightly.Construction and Forestry Outlook for 2026●Industry sales in the U.S. and Canada for earthmoving and compact construction equipment are projected to remain flat to slightly higher, supported by modest growth in construction markets. Record employment levels, strong construction backlogs, and U.S. government infrastructure spending continue to provide a solid foundation for the industry. Moreover, declining interest rates, increased investment in rental fleets, and surging data center construction starts are adding further momentum. These positive drivers are expected to be partially tempered by restrained investments in the private commercial sector.●Global forestry markets are expected to be flat.●Global roadbuilding markets are forecasted to remain flat at strong levels. Financial Services Outlook for 2026​​​​​​​​Net Income​Down​(-) Average portfolio​Unfavorable​(-) Prior period special items​Unfavorable​ + Financing spreads​Favorable​​Additional TrendsAgricultural Market Business Cycle – The agricultural market is affected by various factors including commodity prices, acreage planted, crop yields, government policies, and uncertainty in macroeconomic trends. These factors affect farmers’ income and sentiment which may result in varying demand for our equipment. In 2025, we experienced the following effects due to unfavorable market conditions: lower sales volumes, greater reliance on sales incentives, and elevated receivable write-offs.Global Trade Policies – During 2025, new tariffs were imposed in the U.S. for imports from a broad range of countries and on certain materials. Several countries also implemented or proposed retaliatory tariffs on imports from the U.S. and introduced additional trade barriers. Trade policies impact us in various ways. We are a net exporter of agriculture and turf equipment from the U.S. Nearly 80% of our domestic sales are assembled in the U.S., with the remaining products imported primarily from Europe, Mexico, India, and Japan. During 2025, incremental import tariffs adversely affected the cost of our products and components and may continue to do so in 2026. In addition, retaliatory tariffs by regions outside the U.S., currently in effect or adopted in the future, may impact the prices and profitability of our exported products. In 2025, the direct impact of incremental tariffs incurred by us was approximately $600, excluding the impact of tariffs on our suppliers and market demand. Trade policies are evolving, causing uncertainty in the agriculture and construction industries. We are actively taking steps to mitigate potential impacts on our business, to the extent possible.On November 5, 2025, the United States Supreme Court heard oral arguments on tariffs imposed under the International Emergency Economic Powers Act (IEEPA). The court may provide tariff relief and the potential recovery of amounts previously paid. We are monitoring developments in this case and its impact on our future financial statements and business.Changes in the agricultural market business cycle and global trade policies are driven by factors outside of our control, and as a result we cannot reasonably foresee when these conditions will fully subside.Legal Proceeding – On January 15, 2025, the Federal Trade Commission (FTC), along with the Attorneys General of the States of Illinois and Minnesota filed a lawsuit against us in the United States District Court for the Northern District of Illinois Western Division. The Attorneys General of the States of Arizona, Michigan, and Wisconsin joined the lawsuit. The lawsuit alleges monopolization and unfair competition in violation of the federal and state antitrust laws. Plaintiffs seek a permanent injunction and other equitable relief to allow owners of our equipment, as 33 Table of Contents​ Table of Contents Table of Contents ​ Company Outlook for 2026●Large agriculture sales in North America are expected to remain subdued.●Small agriculture & turf and construction & forestry sales are expected to improve in 2026.Agriculture and Turf Outlook for 2026●Demand in the U.S. and Canada for large agriculture equipment is expected to decrease further amidst challenging farm fundamentals for row crop farmers, which pressures short-term liquidity. Although the used equipment market is improving, it continues to constrain investments in new machines. These factors are partially offset by strong crop yields and consumption, recent U.S. trade agreements, growing demand for biofuels, and supportive government subsidies.●We expect small agricultural and turf equipment sales to be flat to up slightly from 2025 levels in the U.S. and Canada. The dairy and livestock segment continues to generate profits driven by solid beef prices. A modest recovery is anticipated in the turf sector following an inflection in the housing market and growth in the overall economy. ●In Europe, the industry is forecasted to be flat to up slightly supported by strong dairy margins, a stabilizing interest rate environment, and improving crop yields.●Demand in South America is expected to be flat. In Brazil, while soybean and corn acreage is expected to grow, demand is projected to be tempered by high interest rates, strong global crop yields weighing on prices, and uncertainty over global trade policies. In Argentina, equipment demand is anticipated to moderate after robust growth in 2025.●Industry sales in Asia are forecasted to be down slightly.Construction and Forestry Outlook for 2026●Industry sales in the U.S. and Canada for earthmoving and compact construction equipment are projected to remain flat to slightly higher, supported by modest growth in construction markets. Record employment levels, strong construction backlogs, and U.S. government infrastructure spending continue to provide a solid foundation for the industry. Moreover, declining interest rates, increased investment in rental fleets, and surging data center construction starts are adding further momentum. These positive drivers are expected to be partially tempered by restrained investments in the private commercial sector.●Global forestry markets are expected to be flat.●Global roadbuilding markets are forecasted to remain flat at strong levels. Financial Services Outlook for 2026​​​​​​​​Net Income​Down​(-) Average portfolio​Unfavorable​(-) Prior period special items​Unfavorable​ + Financing spreads​Favorable​​Additional TrendsAgricultural Market Business Cycle – The agricultural market is affected by various factors including commodity prices, acreage planted, crop yields, government policies, and uncertainty in macroeconomic trends. These factors affect farmers’ income and sentiment which may result in varying demand for our equipment. In 2025, we experienced the following effects due to unfavorable market conditions: lower sales volumes, greater reliance on sales incentives, and elevated receivable write-offs.Global Trade Policies – During 2025, new tariffs were imposed in the U.S. for imports from a broad range of countries and on certain materials. Several countries also implemented or proposed retaliatory tariffs on imports from the U.S. and introduced additional trade barriers. Trade policies impact us in various ways. We are a net exporter of agriculture and turf equipment from the U.S. Nearly 80% of our domestic sales are assembled in the U.S., with the remaining products imported primarily from Europe, Mexico, India, and Japan. During 2025, incremental import tariffs adversely affected the cost of our products and components and may continue to do so in 2026. In addition, retaliatory tariffs by regions outside the U.S., currently in effect or adopted in the future, may impact the prices and profitability of our exported products. In 2025, the direct impact of incremental tariffs incurred by us was approximately $600, excluding the impact of tariffs on our suppliers and market demand. Trade policies are evolving, causing uncertainty in the agriculture and construction industries. We are actively taking steps to mitigate potential impacts on our business, to the extent possible.On November 5, 2025, the United States Supreme Court heard oral arguments on tariffs imposed under the International Emergency Economic Powers Act (IEEPA). The court may provide tariff relief and the potential recovery of amounts previously paid. We are monitoring developments in this case and its impact on our future financial statements and business.Changes in the agricultural market business cycle and global trade policies are driven by factors outside of our control, and as a result we cannot reasonably foresee when these conditions will fully subside.Legal Proceeding – On January 15, 2025, the Federal Trade Commission (FTC), along with the Attorneys General of the States of Illinois and Minnesota filed a lawsuit against us in the United States District Court for the Northern District of Illinois Western Division. The Attorneys General of the States of Arizona, Michigan, and Wisconsin joined the lawsuit. The lawsuit alleges monopolization and unfair competition in violation of the federal and state antitrust laws. Plaintiffs seek a permanent injunction and other equitable relief to allow owners of our equipment, as Company Outlook for 2026●Large agriculture sales in North America are expected to remain subdued.●Small agriculture & turf and construction & forestry sales are expected to improve in 2026.Agriculture and Turf Outlook for 2026●Demand in the U.S. and Canada for large agriculture equipment is expected to decrease further amidst challenging farm fundamentals for row crop farmers, which pressures short-term liquidity. Although the used equipment market is improving, it continues to constrain investments in new machines. These factors are partially offset by strong crop yields and consumption, recent U.S. trade agreements, growing demand for biofuels, and supportive government subsidies.●We expect small agricultural and turf equipment sales to be flat to up slightly from 2025 levels in the U.S. and Canada. The dairy and livestock segment continues to generate profits driven by solid beef prices. A modest recovery is anticipated in the turf sector following an inflection in the housing market and growth in the overall economy. ●In Europe, the industry is forecasted to be flat to up slightly supported by strong dairy margins, a stabilizing interest rate environment, and improving crop yields.●Demand in South America is expected to be flat. In Brazil, while soybean and corn acreage is expected to grow, demand is projected to be tempered by high interest rates, strong global crop yields weighing on prices, and uncertainty over global trade policies. In Argentina, equipment demand is anticipated to moderate after robust growth in 2025.●Industry sales in Asia are forecasted to be down slightly.Construction and Forestry Outlook for 2026●Industry sales in the U.S. and Canada for earthmoving and compact construction equipment are projected to remain flat to slightly higher, supported by modest growth in construction markets. Record employment levels, strong construction backlogs, and U.S. government infrastructure spending continue to provide a solid foundation for the industry. Moreover, declining interest rates, increased investment in rental fleets, and surging data center construction starts are adding further momentum. These positive drivers are expected to be partially tempered by restrained investments in the private commercial sector.●Global forestry markets are expected to be flat.●Global roadbuilding markets are forecasted to remain flat at strong levels. Financial Services Outlook for 2026​​​​​​​​Net Income​Down​(-) Average portfolio​Unfavorable​(-) Prior period special items​Unfavorable​ + Financing spreads​Favorable​​Additional TrendsAgricultural Market Business Cycle – The agricultural market is affected by various factors including commodity prices, acreage planted, crop yields, government policies, and uncertainty in macroeconomic trends. These factors affect farmers’ income and sentiment which may result in varying demand for our equipment. In 2025, we experienced the following effects due to unfavorable market conditions: lower sales volumes, greater reliance on sales incentives, and elevated receivable write-offs.Global Trade Policies – During 2025, new tariffs were imposed in the U.S. for imports from a broad range of countries and on certain materials. Several countries also implemented or proposed retaliatory tariffs on imports from the U.S. and introduced additional trade barriers. Trade policies impact us in various ways. We are a net exporter of agriculture and turf equipment from the U.S. Nearly 80% of our domestic sales are assembled in the U.S., with the remaining products imported primarily from Europe, Mexico, India, and Japan. During 2025, incremental import tariffs adversely affected the cost of our products and components and may continue to do so in 2026. In addition, retaliatory tariffs by regions outside the U.S., currently in effect or adopted in the future, may impact the prices and profitability of our exported products. In 2025, the direct impact of incremental tariffs incurred by us was approximately $600, excluding the impact of tariffs on our suppliers and market demand. Trade policies are evolving, causing uncertainty in the agriculture and construction industries. We are actively taking steps to mitigate potential impacts on our business, to the extent possible.On November 5, 2025, the United States Supreme Court heard oral arguments on tariffs imposed under the International Emergency Economic Powers Act (IEEPA). The court may provide tariff relief and the potential recovery of amounts previously paid. We are monitoring developments in this case and its impact on our future financial statements and business.Changes in the agricultural market business cycle and global trade policies are driven by factors outside of our control, and as a result we cannot reasonably foresee when these conditions will fully subside.Legal Proceeding – On January 15, 2025, the Federal Trade Commission (FTC), along with the Attorneys General of the States of Illinois and Minnesota filed a lawsuit against us in the United States District Court for the Northern District of Illinois Western Division. The Attorneys General of the States of Arizona, Michigan, and Wisconsin joined the lawsuit. The lawsuit alleges monopolization and unfair competition in violation of the federal and state antitrust laws. Plaintiffs seek a permanent injunction and other equitable relief to allow owners of our equipment, as Company Outlook for 2026●Large agriculture sales in North America are expected to remain subdued.●Small agriculture & turf and construction & forestry sales are expected to improve in 2026.Agriculture and Turf Outlook for 2026●Demand in the U.S. and Canada for large agriculture equipment is expected to decrease further amidst challenging farm fundamentals for row crop farmers, which pressures short-term liquidity. Although the used equipment market is improving, it continues to constrain investments in new machines. These factors are partially offset by strong crop yields and consumption, recent U.S. trade agreements, growing demand for biofuels, and supportive government subsidies.●We expect small agricultural and turf equipment sales to be flat to up slightly from 2025 levels in the U.S. and Canada. The dairy and livestock segment continues to generate profits driven by solid beef prices. A modest recovery is anticipated in the turf sector following an inflection in the housing market and growth in the overall economy. ●In Europe, the industry is forecasted to be flat to up slightly supported by strong dairy margins, a stabilizing interest rate environment, and improving crop yields.●Demand in South America is expected to be flat. In Brazil, while soybean and corn acreage is expected to grow, demand is projected to be tempered by high interest rates, strong global crop yields weighing on prices, and uncertainty over global trade policies. In Argentina, equipment demand is anticipated to moderate after robust growth in 2025.●Industry sales in Asia are forecasted to be down slightly.Construction and Forestry Outlook for 2026●Industry sales in the U.S. and Canada for earthmoving and compact construction equipment are projected to remain flat to slightly higher, supported by modest growth in construction markets. Record employment levels, strong construction backlogs, and U.S. government infrastructure spending continue to provide a solid foundation for the industry. Moreover, declining interest rates, increased investment in rental fleets, and surging data center construction starts are adding further momentum. These positive drivers are expected to be partially tempered by restrained investments in the private commercial sector.●Global forestry markets are expected to be flat.●Global roadbuilding markets are forecasted to remain flat at strong levels. Company Outlook for 2026",
      "prior_body": "29 29 29 Table of Contents​levels are expected to keep industry equipment demand at low levels throughout 2025.●Demand in South America is expected to be flat. In Brazil, we expect crop prices to decline in 2025 offset by decreasing input costs and improving yields as drought concerns abate. These factors coupled with continued acreage expansion and recent appreciation of the U.S. dollar against the Brazilian real will offer further profitability tailwinds to farmers. Across the rest of South America, strong yields are expected to be offset by low commodity prices and elevated interest rates. Argentina industry sales are forecasted to improve as the currency stabilizes amid agricultural industry recovery.●Industry sales in Asia are forecasted to be down slightly, as foundational technology adoption and improving agriculture fundamentals in India provide moderate demand.Construction and Forestry Outlook for 2025●Construction equipment industry sales are forecasted to be down in the U.S. and Canada from 2024 levels. The decline is due to projected modest growth in single family housing starts and U.S. government infrastructure spending, which is expected to be more than offset by further slowdowns in multi-family housing developments, non-residential buildings, and reduced spending in oil and gas. Historically low levels of earthmoving rental purchases and rising used inventories are expected to further pressure equipment sales as market uncertainty persists. ●Global forestry markets are expected to be flat to down as challenged global markets stabilize at low demand levels.●Global roadbuilding markets are forecasted to be generally flat, as a modest recovery in Europe is expected to compensate for a slight slowdown in other geographies. Financial Services Outlook for 2025​​​​​​​​Net Income​Up​+ Provision for credit losses​Favorable​+ Prior period special items​Favorable​(-) Financing spreads​Unfavorable​Additional TrendsInterest Rates – While interest rates in the U.S. began to decrease in the fourth quarter of 2024, they remained elevated. Increased rates impacted us in several ways, primarily affecting the demand for our products and financing spreads for the financial services operations.The markets for our agriculture, turf, and construction products were negatively impacted in 2024 by elevated interest rates and their effect on borrowing costs for our customers.Rising interest rates have historically impacted our borrowing costs sooner than the benefit is realized from receivable and lease portfolios.Agricultural Market Business Cycle – The agricultural market is affected by various factors including commodity prices, acreage planted, crop yields, and government policies. These factors affect farmers’ income and may result in varying demand for our equipment. In 2024, we experienced unfavorable market conditions which resulted in lower sales volumes, higher sales incentives, higher receivable write-offs, and an increase in expected credit losses.We introduced cost reduction measures to manage our profitability and inventory levels. In the third quarter of 2024, we implemented employee-separation programs for our salaried workforce to help meet our strategic priorities while reducing overlap and redundancy in roles and responsibilities. The programs’ total pretax expenses are estimated to be approximately $165, of which $157 was recorded in 2024 (see Note 4). Annual pretax savings from these programs are estimated to be about $220. Approximately $100 of savings was realized in 2024.Changes in interest rates and the agricultural market business cycle are driven by factors outside of our control, and as a result we cannot reasonably foresee when these conditions will fully subside.Other Items of Concern and Uncertainties – Other items that could impact our results are:●global and regional political conditions, including the ongoing war between Russia and Ukraine and the conflict in the Middle East, ●shifts in energy, economic, tax, and trade policies following the 2024 U.S. presidential and congressional elections, ●new or retaliatory tariffs,●capital market disruptions, ●foreign currency and capital control policies, ●regulations and legislation regarding right to repair or right to modify,●weather conditions,●marketplace adoption and monetization of technologies we have invested in,●our ability to strengthen our digital capabilities, automation, autonomy, and alternative power technologies,●workforce reductions’ impact on employee retention, morale, and institutional knowledge,●changes in demand and pricing for new and used equipment,●delays or disruptions in our supply chain, ●significant fluctuations in foreign currency exchange rates, ●volatility in the prices of many commodities, and ●slower economic growth.​30 Table of Contents​ Table of Contents Table of Contents ​ levels are expected to keep industry equipment demand at low levels throughout 2025.●Demand in South America is expected to be flat. In Brazil, we expect crop prices to decline in 2025 offset by decreasing input costs and improving yields as drought concerns abate. These factors coupled with continued acreage expansion and recent appreciation of the U.S. dollar against the Brazilian real will offer further profitability tailwinds to farmers. Across the rest of South America, strong yields are expected to be offset by low commodity prices and elevated interest rates. Argentina industry sales are forecasted to improve as the currency stabilizes amid agricultural industry recovery.●Industry sales in Asia are forecasted to be down slightly, as foundational technology adoption and improving agriculture fundamentals in India provide moderate demand.Construction and Forestry Outlook for 2025●Construction equipment industry sales are forecasted to be down in the U.S. and Canada from 2024 levels. The decline is due to projected modest growth in single family housing starts and U.S. government infrastructure spending, which is expected to be more than offset by further slowdowns in multi-family housing developments, non-residential buildings, and reduced spending in oil and gas. Historically low levels of earthmoving rental purchases and rising used inventories are expected to further pressure equipment sales as market uncertainty persists. ●Global forestry markets are expected to be flat to down as challenged global markets stabilize at low demand levels.●Global roadbuilding markets are forecasted to be generally flat, as a modest recovery in Europe is expected to compensate for a slight slowdown in other geographies. Financial Services Outlook for 2025​​​​​​​​Net Income​Up​+ Provision for credit losses​Favorable​+ Prior period special items​Favorable​(-) Financing spreads​Unfavorable​Additional TrendsInterest Rates – While interest rates in the U.S. began to decrease in the fourth quarter of 2024, they remained elevated. Increased rates impacted us in several ways, primarily affecting the demand for our products and financing spreads for the financial services operations.The markets for our agriculture, turf, and construction products were negatively impacted in 2024 by elevated interest rates and their effect on borrowing costs for our customers.Rising interest rates have historically impacted our borrowing costs sooner than the benefit is realized from receivable and lease portfolios.Agricultural Market Business Cycle – The agricultural market is affected by various factors including commodity prices, acreage planted, crop yields, and government policies. These factors affect farmers’ income and may result in varying demand for our equipment. In 2024, we experienced unfavorable market conditions which resulted in lower sales volumes, higher sales incentives, higher receivable write-offs, and an increase in expected credit losses.We introduced cost reduction measures to manage our profitability and inventory levels. In the third quarter of 2024, we implemented employee-separation programs for our salaried workforce to help meet our strategic priorities while reducing overlap and redundancy in roles and responsibilities. The programs’ total pretax expenses are estimated to be approximately $165, of which $157 was recorded in 2024 (see Note 4). Annual pretax savings from these programs are estimated to be about $220. Approximately $100 of savings was realized in 2024.Changes in interest rates and the agricultural market business cycle are driven by factors outside of our control, and as a result we cannot reasonably foresee when these conditions will fully subside.Other Items of Concern and Uncertainties – Other items that could impact our results are:●global and regional political conditions, including the ongoing war between Russia and Ukraine and the conflict in the Middle East, ●shifts in energy, economic, tax, and trade policies following the 2024 U.S. presidential and congressional elections, ●new or retaliatory tariffs,●capital market disruptions, ●foreign currency and capital control policies, ●regulations and legislation regarding right to repair or right to modify,●weather conditions,●marketplace adoption and monetization of technologies we have invested in,●our ability to strengthen our digital capabilities, automation, autonomy, and alternative power technologies,●workforce reductions’ impact on employee retention, morale, and institutional knowledge,●changes in demand and pricing for new and used equipment,●delays or disruptions in our supply chain, ●significant fluctuations in foreign currency exchange rates, ●volatility in the prices of many commodities, and ●slower economic growth.​ levels are expected to keep industry equipment demand at low levels throughout 2025.●Demand in South America is expected to be flat. In Brazil, we expect crop prices to decline in 2025 offset by decreasing input costs and improving yields as drought concerns abate. These factors coupled with continued acreage expansion and recent appreciation of the U.S. dollar against the Brazilian real will offer further profitability tailwinds to farmers. Across the rest of South America, strong yields are expected to be offset by low commodity prices and elevated interest rates. Argentina industry sales are forecasted to improve as the currency stabilizes amid agricultural industry recovery.●Industry sales in Asia are forecasted to be down slightly, as foundational technology adoption and improving agriculture fundamentals in India provide moderate demand.Construction and Forestry Outlook for 2025●Construction equipment industry sales are forecasted to be down in the U.S. and Canada from 2024 levels. The decline is due to projected modest growth in single family housing starts and U.S. government infrastructure spending, which is expected to be more than offset by further slowdowns in multi-family housing developments, non-residential buildings, and reduced spending in oil and gas. Historically low levels of earthmoving rental purchases and rising used inventories are expected to further pressure equipment sales as market uncertainty persists. ●Global forestry markets are expected to be flat to down as challenged global markets stabilize at low demand levels.●Global roadbuilding markets are forecasted to be generally flat, as a modest recovery in Europe is expected to compensate for a slight slowdown in other geographies. Financial Services Outlook for 2025​​​​​​​​Net Income​Up​+ Provision for credit losses​Favorable​+ Prior period special items​Favorable​(-) Financing spreads​Unfavorable​Additional TrendsInterest Rates – While interest rates in the U.S. began to decrease in the fourth quarter of 2024, they remained elevated. Increased rates impacted us in several ways, primarily affecting the demand for our products and financing spreads for the financial services operations.The markets for our agriculture, turf, and construction products were negatively impacted in 2024 by elevated interest rates and their effect on borrowing costs for our customers.Rising interest rates have historically impacted our borrowing costs sooner than the benefit is realized from receivable and lease portfolios.Agricultural Market Business Cycle – The agricultural market is affected by various factors including commodity prices, acreage planted, crop yields, and government policies. These factors affect farmers’ income and may result in varying demand for our equipment. In 2024, we experienced unfavorable market conditions which resulted in lower sales volumes, higher sales incentives, higher receivable write-offs, and an increase in expected credit losses.We introduced cost reduction measures to manage our profitability and inventory levels. In the third quarter of 2024, we implemented employee-separation programs for our salaried workforce to help meet our strategic priorities while reducing overlap and redundancy in roles and responsibilities. The programs’ total pretax expenses are estimated to be approximately $165, of which $157 was recorded in 2024 (see Note 4). Annual pretax savings from these programs are estimated to be about $220. Approximately $100 of savings was realized in 2024.Changes in interest rates and the agricultural market business cycle are driven by factors outside of our control, and as a result we cannot reasonably foresee when these conditions will fully subside.Other Items of Concern and Uncertainties – Other items that could impact our results are:●global and regional political conditions, including the ongoing war between Russia and Ukraine and the conflict in the Middle East, ●shifts in energy, economic, tax, and trade policies following the 2024 U.S. presidential and congressional elections, ●new or retaliatory tariffs,●capital market disruptions, ●foreign currency and capital control policies, ●regulations and legislation regarding right to repair or right to modify,●weather conditions,●marketplace adoption and monetization of technologies we have invested in,●our ability to strengthen our digital capabilities, automation, autonomy, and alternative power technologies,●workforce reductions’ impact on employee retention, morale, and institutional knowledge,●changes in demand and pricing for new and used equipment,●delays or disruptions in our supply chain, ●significant fluctuations in foreign currency exchange rates, ●volatility in the prices of many commodities, and ●slower economic growth.​ levels are expected to keep industry equipment demand at low levels throughout 2025.●Demand in South America is expected to be flat. In Brazil, we expect crop prices to decline in 2025 offset by decreasing input costs and improving yields as drought concerns abate. These factors coupled with continued acreage expansion and recent appreciation of the U.S. dollar against the Brazilian real will offer further profitability tailwinds to farmers. Across the rest of South America, strong yields are expected to be offset by low commodity prices and elevated interest rates. Argentina industry sales are forecasted to improve as the currency stabilizes amid agricultural industry recovery.●Industry sales in Asia are forecasted to be down slightly, as foundational technology adoption and improving agriculture fundamentals in India provide moderate demand.Construction and Forestry Outlook for 2025●Construction equipment industry sales are forecasted to be down in the U.S. and Canada from 2024 levels. The decline is due to projected modest growth in single family housing starts and U.S. government infrastructure spending, which is expected to be more than offset by further slowdowns in multi-family housing developments, non-residential buildings, and reduced spending in oil and gas. Historically low levels of earthmoving rental purchases and rising used inventories are expected to further pressure equipment sales as market uncertainty persists. ●Global forestry markets are expected to be flat to down as challenged global markets stabilize at low demand levels.●Global roadbuilding markets are forecasted to be generally flat, as a modest recovery in Europe is expected to compensate for a slight slowdown in other geographies. Financial Services Outlook for 2025​​​​​​​​Net Income​Up​+ Provision for credit losses​Favorable​+ Prior period special items​Favorable​(-) Financing spreads​Unfavorable​Additional TrendsInterest Rates – While interest rates in the U.S. began to decrease in the fourth quarter of 2024, they remained elevated. Increased rates impacted us in several ways, primarily affecting the demand for our products and financing spreads for the financial services operations.The markets for our agriculture, turf, and construction products were negatively impacted in 2024 by elevated interest rates and their effect on borrowing costs for our customers.Rising interest rates have historically impacted our borrowing costs sooner than the benefit is realized from receivable and lease portfolios.Agricultural Market Business Cycle – The agricultural market is affected by various factors including commodity prices, acreage planted, crop yields, and government policies. These factors affect farmers’ income and may result in varying demand for our equipment. In 2024, we experienced unfavorable market conditions which resulted in lower sales volumes, higher sales incentives, higher receivable write-offs, and an increase in expected credit losses.We introduced cost reduction measures to manage our profitability and inventory levels. In the third quarter of 2024, we implemented employee-separation programs for our salaried workforce to help meet our strategic priorities while reducing overlap and redundancy in roles and responsibilities. The programs’ total pretax expenses are estimated to be approximately $165, of which $157 was recorded in 2024 (see Note 4). Annual pretax savings from these programs are estimated to be about $220. Approximately $100 of savings was realized in 2024.Changes in interest rates and the agricultural market business cycle are driven by factors outside of our control, and as a result we cannot reasonably foresee when these conditions will fully subside.Other Items of Concern and Uncertainties – Other items that could impact our results are:●global and regional political conditions, including the ongoing war between Russia and Ukraine and the conflict in the Middle East, ●shifts in energy, economic, tax, and trade policies following the 2024 U.S. presidential and congressional elections, ●new or retaliatory tariffs,●capital market disruptions, ●foreign currency and capital control policies, ●regulations and legislation regarding right to repair or right to modify,●weather conditions,●marketplace adoption and monetization of technologies we have invested in,●our ability to strengthen our digital capabilities, automation, autonomy, and alternative power technologies,●workforce reductions’ impact on employee retention, morale, and institutional knowledge,●changes in demand and pricing for new and used equipment,●delays or disruptions in our supply chain, ●significant fluctuations in foreign currency exchange rates, ●volatility in the prices of many commodities, and ●slower economic growth.​ levels are expected to keep industry equipment demand at low levels throughout 2025.●Demand in South America is expected to be flat. In Brazil, we expect crop prices to decline in 2025 offset by decreasing input costs and improving yields as drought concerns abate. These factors coupled with continued acreage expansion and recent appreciation of the U.S. dollar against the Brazilian real will offer further profitability tailwinds to farmers. Across the rest of South America, strong yields are expected to be offset by low commodity prices and elevated interest rates. Argentina industry sales are forecasted to improve as the currency stabilizes amid agricultural industry recovery.●Industry sales in Asia are forecasted to be down slightly, as foundational technology adoption and improving agriculture fundamentals in India provide moderate demand.Construction and Forestry Outlook for 2025●Construction equipment industry sales are forecasted to be down in the U.S. and Canada from 2024 levels. The decline is due to projected modest growth in single family housing starts and U.S. government infrastructure spending, which is expected to be more than offset by further slowdowns in multi-family housing developments, non-residential buildings, and reduced spending in oil and gas. Historically low levels of earthmoving rental purchases and rising used inventories are expected to further pressure equipment sales as market uncertainty persists. ●Global forestry markets are expected to be flat to down as challenged global markets stabilize at low demand levels.●Global roadbuilding markets are forecasted to be generally flat, as a modest recovery in Europe is expected to compensate for a slight slowdown in other geographies. Financial Services Outlook for 2025​​​​​​​​Net Income​Up​+ Provision for credit losses​Favorable​+ Prior period special items​Favorable​(-) Financing spreads​Unfavorable​Additional TrendsInterest Rates – While interest rates in the U.S. began to decrease in the fourth quarter of 2024, they remained elevated. Increased rates impacted us in several ways, primarily affecting the demand for our products and financing spreads for the financial services operations.The markets for our agriculture, turf, and construction products were negatively impacted in 2024 by elevated interest rates and their effect on borrowing costs for our customers.Rising interest rates have historically impacted our borrowing costs sooner than the benefit is realized from receivable and lease portfolios.Agricultural Market Business Cycle – The agricultural market is affected by various factors including commodity prices, acreage planted, crop yields, and government policies. These factors affect farmers’ income and may result in varying demand for our equipment. In 2024, we experienced unfavorable market levels are expected to keep industry equipment demand at low levels throughout 2025."
    },
    {
      "status": "MODIFIED",
      "current_title": "Small Agriculture & Turf Operations",
      "prior_title": "Small Agriculture and Turf Operations",
      "similarity_score": 0.489,
      "confidence": "low",
      "key_changes": [
        "Reworded sentence: \"​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2025 ​ 2024 ​ % Change ​ Net sales ​ $ 10,224 ​ $ 10,969 ​ -7 ​ Sales volume and other ​ ​ ​ ​ ​ ​ ​ -8 ​ Price realization ​ ​ ​ ​ ​ ​ ​ +1 ​ Currency translation ​ ​ ​ ​ ​ ​ ​ ​ ​ Operating profit ​ ​ 1,207 ​ ​ 1,627 ​ -26 ​ Operating margin ​ ​ 11.8% ​ ​ 14.8% ​ ​ ​ ​ Sales volumes decreased 17% in the U.S.\""
      ],
      "current_body": "​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2025 ​ 2024 ​ % Change ​ Net sales ​ $ 10,224 ​ $ 10,969 ​ -7 ​ Sales volume and other ​ ​ ​ ​ ​ ​ ​ -8 ​ Price realization ​ ​ ​ ​ ​ ​ ​ +1 ​ Currency translation ​ ​ ​ ​ ​ ​ ​ ​ ​ Operating profit ​ ​ 1,207 ​ ​ 1,627 ​ -26 ​ Operating margin ​ ​ 11.8% ​ ​ 14.8% ​ ​ ​ ​ Sales volumes decreased 17% in the U.S. and Canada, partially offset by an increase of 26% in India and 5% in Europe. Price realization was 1% in the U.S. and Canada and roughly flat outside the U.S. and Canada driven by moderating market conditions. Operating profit decreased primarily due to lower sales volumes/ sales mix and higher tariffs, partially offset by price realization. Small Agriculture & Turf Operating Profit2025 compared to 2024Construction & Forestry Operations​​​​​​​​​​​​​2025​2024​% Change​Net sales​$ 11,382​$ 12,956​-12​Sales volume and other​​​​​​​-10​Price realization​​​​​​​-2​Currency translation​​​​​​​​​Operating profit​​ 1,028​​ 2,009​-49​Operating margin​​9.0%​​15.5%​​​​Sales volumes decreased 15% in the U.S. and Canada and were roughly flat outside the U.S. and Canada. Price realization decreased 3% in the U.S. and Canada due to incremental incentive programs deployed to address pressures from the competitive environment and was flat outside the U.S. and Canada.Operating profit decreased primarily due to lower sales volumes/ sales mix, unfavorable price realization, and higher tariffs. Construction & Forestry Operating Profit2025 compared to 2024 Small Agriculture & Turf Operating Profit 2025 compared to 2024",
      "prior_body": "​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2024 ​ 2023 ​ % Change ​ Net sales ​ $ 10,969 ​ $ 13,980 ​ -22 ​ Sales volume and other ​ ​ ​ ​ ​ ​ ​ -24 ​ Price realization ​ ​ ​ ​ ​ ​ ​ +2 ​ Currency translation ​ ​ ​ ​ ​ ​ ​ ​ ​ Operating profit ​ ​ 1,627 ​ ​ 2,472 ​ -34 ​ Operating margin ​ ​ 14.8% ​ ​ 17.7% ​ ​ ​ ​ Sales volumes decreased 22 percent in the U.S. and Canada, 28 percent in Europe, and 45 percent in Mexico. Price realization was 3 percent in the U.S. and Canada and 1 percent outside the U.S. and Canada driven by inflation. Current period results were impacted by special items (see Note 4)."
    },
    {
      "status": "MODIFIED",
      "current_title": "LIABILITIES",
      "prior_title": "LIABILITIES",
      "similarity_score": 0.473,
      "confidence": "low",
      "key_changes": [
        "Reworded sentence: \"​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Short-term borrowings ​ $ 414 ​ $ 911 ​ $ 13,382 ​ $ 12,622 ​ ​ ​ ​ ​ ​ ​ $ 13,796 ​ $ 13,533 ​ ​ ​ Short-term securitization borrowings ​ ​ 1 ​ ​ 2 ​ ​ 6,595 ​ ​ 8,429 ​ ​ ​ ​ ​ ​ ​ ​ 6,596 ​ ​ 8,431 ​ ​ ​ Payables to Equipment Operations ​ ​ ​ ​ ​ 4,649 ​ 3,043 ​ $ (4,649) ​ $ (3,043) ​ ​ ​ ​ ​ 6​ ​ Accounts payable and accrued expenses ​ 12,757 ​ 13,534 ​ 3,116 ​ 3,243 ​ (1,964) ​ (2,234) ​ 13,909 ​ 14,543 ​ 7​ ​ Deferred income taxes ​ 347 ​ 434 ​ 356 ​ 263 ​ (269) ​ (219) ​ 434 ​ 478 ​ 9​ ​ Long-term borrowings ​ 8,756 ​ 6,603 ​ 34,788 ​ 36,626 ​ ​ ​ ​ ​ 43,544 ​ 43,229 ​ ​ ​ Retirement benefits and other liabilities ​ 1,646 ​ 2,250 ​ 66 ​ 105 ​ (2) ​ (1) ​ 1,710 ​ 2,354 ​ 8​ ​ Liabilities held for sale ​ ​ ​ ​ ​ ​ ​ 1,827 ​ ​ ​ ​ ​ ​ ​ 1,827 ​ ​ ​ Total liabilities ​ 23,921 ​ 23,734 ​ 62,952 ​ 66,158 ​ (6,884) ​ (5,497) ​ 79,989 ​ 84,395 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Commitments and contingencies (Note 20) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Redeemable noncontrolling interest (Note 2) ​ ​ 51 ​ ​ 82 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 51 ​ ​ 82 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​\""
      ],
      "current_body": "​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Short-term borrowings ​ $ 414 ​ $ 911 ​ $ 13,382 ​ $ 12,622 ​ ​ ​ ​ ​ ​ ​ $ 13,796 ​ $ 13,533 ​ ​ ​ Short-term securitization borrowings ​ ​ 1 ​ ​ 2 ​ ​ 6,595 ​ ​ 8,429 ​ ​ ​ ​ ​ ​ ​ ​ 6,596 ​ ​ 8,431 ​ ​ ​ Payables to Equipment Operations ​ ​ ​ ​ ​ 4,649 ​ 3,043 ​ $ (4,649) ​ $ (3,043) ​ ​ ​ ​ ​ 6​ ​ Accounts payable and accrued expenses ​ 12,757 ​ 13,534 ​ 3,116 ​ 3,243 ​ (1,964) ​ (2,234) ​ 13,909 ​ 14,543 ​ 7​ ​ Deferred income taxes ​ 347 ​ 434 ​ 356 ​ 263 ​ (269) ​ (219) ​ 434 ​ 478 ​ 9​ ​ Long-term borrowings ​ 8,756 ​ 6,603 ​ 34,788 ​ 36,626 ​ ​ ​ ​ ​ 43,544 ​ 43,229 ​ ​ ​ Retirement benefits and other liabilities ​ 1,646 ​ 2,250 ​ 66 ​ 105 ​ (2) ​ (1) ​ 1,710 ​ 2,354 ​ 8​ ​ Liabilities held for sale ​ ​ ​ ​ ​ ​ ​ 1,827 ​ ​ ​ ​ ​ ​ ​ 1,827 ​ ​ ​ Total liabilities ​ 23,921 ​ 23,734 ​ 62,952 ​ 66,158 ​ (6,884) ​ (5,497) ​ 79,989 ​ 84,395 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Commitments and contingencies (Note 20) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Redeemable noncontrolling interest (Note 2) ​ ​ 51 ​ ​ 82 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 51 ​ ​ 82 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​",
      "prior_body": "​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 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 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Commitments and contingencies (Note 20) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Redeemable noncontrolling interest (Note 3) ​ ​ 82 ​ ​ 97 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 82 ​ ​ 97 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​"
    },
    {
      "status": "UNCHANGED",
      "current_title": "LIABILITIES AND STOCKHOLDERS’ EQUITY",
      "prior_title": "LIABILITIES AND STOCKHOLDERS’ EQUITY",
      "current_body": "​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​"
    },
    {
      "status": "UNCHANGED",
      "current_title": "Any unauthorized control or manipulation of our products’ systems could result in a loss of confidence in us and our products.",
      "prior_title": "Any unauthorized control or manipulation of our products’ systems could result in loss of confidence in us and our products.",
      "current_body": "Some of our products include connectivity hardware and software typically used for remote system updates. While we have implemented security measures intended to protect against unauthorized remote access to these products, malicious threat actors have attempted, and may attempt in the future, to gain unauthorized access to such products in order to gain control of the products, change the products’ functionality, user interface, or performance characteristics, interfere with the products’ operations, or gain access to data stored in or generated by the products or to systems to which they connect. In addition, reports of unauthorized access to our products, systems, and data, regardless of their accuracy or reliability, have resulted, and may in the future result, in the perception that the products, systems, or data are vulnerable to malicious or unauthorized modifications. Any unauthorized access to or control of our products or systems, any loss of data, or any perception that products, systems, or data are vulnerable could result in loss of sales based on customers’ loss of confidence in our products, legal claims or proceedings against us, government investigation, liability, or regulatory penalties, which could adversely affect our business, results of operations, and financial condition."
    },
    {
      "status": "UNCHANGED",
      "current_title": "Disclosure Controls and Procedures",
      "prior_title": "Disclosure Controls and Procedures",
      "current_body": "Our principal executive officer and our principal financial officer have concluded that our disclosure controls and procedures (as defined in Rules 13a-15(e) and 15d-15(e) of the Securities Exchange Act of 1934, as amended (the Exchange Act)) were effective as of November 2, 2025, based on the evaluation of these controls and procedures required by Rule 13a-15(b) or 15d-15(b) of the Exchange Act."
    },
    {
      "status": "UNCHANGED",
      "current_title": "Management’s Report on Internal Control Over Financial Reporting",
      "prior_title": "Management’s Report on Internal Control Over Financial Reporting",
      "current_body": "Management is responsible for establishing and maintaining adequate internal control over financial reporting. Our internal control system was designed to provide reasonable assurance regarding the preparation and fair presentation of published financial statements in accordance with U.S. generally accepted accounting principles. All internal control systems, no matter how well designed, have inherent limitations. Therefore, even those systems determined to be effective can provide only reasonable assurance with respect to financial statement preparation and presentation in accordance with generally accepted accounting principles. Management assessed the effectiveness of our internal control over financial reporting as of November 2, 2025, using the criteria set forth in Internal Control – Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission. Based on that assessment, management concluded that, as of November 2, 2025, our internal control over financial reporting was effective. Our independent registered public accounting firm has issued an audit report on the effectiveness of our internal control over financial reporting. That report is included herein."
    },
    {
      "status": "UNCHANGED",
      "current_title": "SUPPLEMENTAL CONSOLIDATING DATA",
      "prior_title": "SUPPLEMENTAL CONSOLIDATING DATA",
      "current_body": "The supplemental consolidating data presented on the subsequent pages is presented for informational purposes. Equipment operations represent the enterprise without Financial Services. Equipment operations include 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. Equipment operations and Financial Services participate in different industries. Equipment operations primarily generate earnings and cash flows by manufacturing and selling equipment, service parts, and technology solutions to dealers and retail customers. Financial Services finance sales and leases by dealers of new and used equipment that is largely manufactured by equipment operations. Those earnings and cash flows generally are the difference between the finance income received from customer payments less interest expense, and depreciation on equipment subject to an operating lease. The two businesses are capitalized differently and have separate performance metrics. The supplemental consolidating data is also used by management due to these differences. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ INCOME STATEMENTS ​ ​ ​ For the Years Ended November 2, 2025, October 27, 2024, and October 29, 2023 ​ ​ ​ Unaudited ​ ​ ​ ​ ​ EQUIPMENT ​ FINANCIAL ​ ​ ​ ​ ​ ​ ​ ​ ​ OPERATIONS ​ SERVICES ​"
    },
    {
      "status": "UNCHANGED",
      "current_title": "Changes in Internal Control Over Financial Reporting",
      "prior_title": "Director and Executive Officer Trading Arrangements",
      "current_body": "During the fourth quarter of 2025, there were no changes that have materially affected or are reasonably likely to materially affect our internal control over financial reporting. ITEM 9B. OTHER INFORMATION. Director and Executive Officer Trading Arrangements None. ITEM 9C. DISCLOSURE REGARDING FOREIGN JURISDICTIONS THAT PREVENT INSPECTIONS. Not applicable. 29 29 29 Table of ContentsPART IIIITEM 10.DIRECTORS, EXECUTIVE OFFICERS AND CORPORATE GOVERNANCE.The information regarding directors required by this Item 10 will be set forth in the definitive proxy statement for our 2026 annual meeting of stockholders (proxy statement) to be filed with the Commission in advance of such meeting. Information regarding executive officers is presented in Item 1 of this report under the caption \"Information about our Executive Officers.\"We have adopted a code of ethics that applies to our executives, including our principal executive officer, principal financial officer, and principal accounting officer. This code of ethics and our corporate governance policies are posted on our website at http://www.deere.com/governance. We intend to satisfy disclosure requirements regarding amendments to or waivers from our code of ethics by posting such information on this website. The charters of the Audit Review, Corporate Governance, Compensation, and Finance committees of our Board are available on our website as well. This information is also available in print free of charge to any person who requests it.ITEM 11.EXECUTIVE COMPENSATION.The information required by this Item 11 will be set forth in the proxy statement to be filed with the Commission.ITEM 12.SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND RELATED STOCKHOLDER MATTERS.The information required by this Item 12 will be set forth in the proxy statement to be filed with the Commission.ITEM 13.CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS, AND DIRECTOR INDEPENDENCE.The information required by this Item 13 will be set forth in the proxy statement to be filed with the Commission.ITEM 14.PRINCIPAL ACCOUNTANT FEES AND SERVICES.Information required by this Item 14, including aggregate fees billed to us by our principal accountant, Deloitte & Touche LLP (PCAOB ID No. 34), will be set forth in the proxy statement to be filed with the Commission.​30 Table of Contents Table of Contents Table of Contents PART IIIITEM 10.DIRECTORS, EXECUTIVE OFFICERS AND CORPORATE GOVERNANCE.The information regarding directors required by this Item 10 will be set forth in the definitive proxy statement for our 2026 annual meeting of stockholders (proxy statement) to be filed with the Commission in advance of such meeting. Information regarding executive officers is presented in Item 1 of this report under the caption \"Information about our Executive Officers.\"We have adopted a code of ethics that applies to our executives, including our principal executive officer, principal financial officer, and principal accounting officer. This code of ethics and our corporate governance policies are posted on our website at http://www.deere.com/governance. We intend to satisfy disclosure requirements regarding amendments to or waivers from our code of ethics by posting such information on this website. The charters of the Audit Review, Corporate Governance, Compensation, and Finance committees of our Board are available on our website as well. This information is also available in print free of charge to any person who requests it.ITEM 11.EXECUTIVE COMPENSATION.The information required by this Item 11 will be set forth in the proxy statement to be filed with the Commission.ITEM 12.SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND RELATED STOCKHOLDER MATTERS.The information required by this Item 12 will be set forth in the proxy statement to be filed with the Commission.ITEM 13.CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS, AND DIRECTOR INDEPENDENCE.The information required by this Item 13 will be set forth in the proxy statement to be filed with the Commission.ITEM 14.PRINCIPAL ACCOUNTANT FEES AND SERVICES.Information required by this Item 14, including aggregate fees billed to us by our principal accountant, Deloitte & Touche LLP (PCAOB ID No. 34), will be set forth in the proxy statement to be filed with the Commission.​ PART III ITEM 10. DIRECTORS, EXECUTIVE OFFICERS AND CORPORATE GOVERNANCE. The information regarding directors required by this Item 10 will be set forth in the definitive proxy statement for our 2026 annual meeting of stockholders (proxy statement) to be filed with the Commission in advance of such meeting. Information regarding executive officers is presented in Item 1 of this report under the caption \"Information about our Executive Officers.\" We have adopted a code of ethics that applies to our executives, including our principal executive officer, principal financial officer, and principal accounting officer. This code of ethics and our corporate governance policies are posted on our website at http://www.deere.com/governance. We intend to satisfy disclosure requirements regarding amendments to or waivers from our code of ethics by posting such information on this website. The charters of the Audit Review, Corporate Governance, Compensation, and Finance committees of our Board are available on our website as well. This information is also available in print free of charge to any person who requests it. ITEM 11. EXECUTIVE COMPENSATION. The information required by this Item 11 will be set forth in the proxy statement to be filed with the Commission. ITEM 12. SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND RELATED STOCKHOLDER MATTERS. The information required by this Item 12 will be set forth in the proxy statement to be filed with the Commission. ITEM 13. CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS, AND DIRECTOR INDEPENDENCE. The information required by this Item 13 will be set forth in the proxy statement to be filed with the Commission. ITEM 14. PRINCIPAL ACCOUNTANT FEES AND SERVICES. Information required by this Item 14, including aggregate fees billed to us by our principal accountant, Deloitte & Touche LLP (PCAOB ID No. 34), will be set forth in the proxy statement to be filed with the Commission. ​ 30 30 30 Table of ContentsPART IVITEM 15.EXHIBITS AND FINANCIAL STATEMENT SCHEDULES.​​​​​Page(1) Financial Statements​​​​​Statements of Consolidated Income for the years ended November 2, 2025, October 27, 2024, and October 29, 202347​​​​Statements of Consolidated Comprehensive Income for the years ended November 2, 2025, October 27, 2024, and October 29, 202348​​​​Consolidated Balance Sheets as of November 2, 2025 and October 27, 202449​​​​Statements of Consolidated Cash Flows for the years ended November 2, 2025, October 27, 2024, and October 29, 202350​​​​Statements of Changes in Consolidated Stockholders’ Equity for the years ended October 29, 2023, October 27, 2024, and November 2, 202551​​​​Notes to Consolidated Financial Statements52​​​(2) Exhibits​​​​​See the “Index to Exhibits” on pages 87 – 89 of this report​​​​​Certain instruments relating to long-term borrowings constituting less than 10% of registrant’s total assets are not filed as exhibits herewith pursuant to Item 601(b)4(iii)(A) of Regulation S-K. The registrant agrees to file copies of such instruments upon request of the Commission.​​​​​Financial Statement Schedules Omitted​​​​​The following schedules for the Company and consolidated subsidiaries are omitted because of the absence of the conditions under which they are required: I, II, III, IV, and V.​​​​​ITEM 16.FORM 10-K SUMMARY.None.​​​​31 Table of Contents Table of Contents Table of Contents PART IVITEM 15.EXHIBITS AND FINANCIAL STATEMENT SCHEDULES.​​​​​Page(1) Financial Statements​​​​​Statements of Consolidated Income for the years ended November 2, 2025, October 27, 2024, and October 29, 202347​​​​Statements of Consolidated Comprehensive Income for the years ended November 2, 2025, October 27, 2024, and October 29, 202348​​​​Consolidated Balance Sheets as of November 2, 2025 and October 27, 202449​​​​Statements of Consolidated Cash Flows for the years ended November 2, 2025, October 27, 2024, and October 29, 202350​​​​Statements of Changes in Consolidated Stockholders’ Equity for the years ended October 29, 2023, October 27, 2024, and November 2, 202551​​​​Notes to Consolidated Financial Statements52​​​(2) Exhibits​​​​​See the “Index to Exhibits” on pages 87 – 89 of this report​​​​​Certain instruments relating to long-term borrowings constituting less than 10% of registrant’s total assets are not filed as exhibits herewith pursuant to Item 601(b)4(iii)(A) of Regulation S-K. The registrant agrees to file copies of such instruments upon request of the Commission.​​​​​Financial Statement Schedules Omitted​​​​​The following schedules for the Company and consolidated subsidiaries are omitted because of the absence of the conditions under which they are required: I, II, III, IV, and V.​​​​​ITEM 16.FORM 10-K SUMMARY.None.​​​​ PART IV ITEM 15. EXHIBITS AND FINANCIAL STATEMENT SCHEDULES. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Page (1) Financial Statements ​ ​ ​ ​ ​ Statements of Consolidated Income for the years ended November 2, 2025, October 27, 2024, and October 29, 2023 Statements of Consolidated Income for the years ended November 2, 2025, October 27, 2024, and October 29, 2023 47 ​ ​ ​ ​ Statements of Consolidated Comprehensive Income for the years ended November 2, 2025, October 27, 2024, and October 29, 2023 Statements of Consolidated Comprehensive Income for the years ended November 2, 2025, October 27, 2024, and October 29, 2023 48 ​ ​ ​ ​ Consolidated Balance Sheets as of November 2, 2025 and October 27, 2024 Consolidated Balance Sheets as of November 2, 2025 and October 27, 2024 49 ​ ​ ​ ​ Statements of Consolidated Cash Flows for the years ended November 2, 2025, October 27, 2024, and October 29, 2023 Statements of Consolidated Cash Flows for the years ended November 2, 2025, October 27, 2024, and October 29, 2023 50 ​ ​ ​ ​ Statements of Changes in Consolidated Stockholders’ Equity for the years ended October 29, 2023, October 27, 2024, and November 2, 2025 Statements of Changes in Consolidated Stockholders’ Equity for the years ended October 29, 2023, October 27, 2024, and November 2, 2025 51 ​ ​ ​ ​ Notes to Consolidated Financial Statements Notes to Consolidated Financial Statements 52 ​ ​ ​ (2) Exhibits ​ ​ ​ ​ ​ See the “Index to Exhibits” on pages 87 – 89 of this report ​ ​ ​ ​ ​ Certain instruments relating to long-term borrowings constituting less than 10% of registrant’s total assets are not filed as exhibits herewith pursuant to Item 601(b)4(iii)(A) of Regulation S-K. The registrant agrees to file copies of such instruments upon request of the Commission. ​ ​ ​ ​ ​ Financial Statement Schedules Omitted ​ ​ ​ ​ ​ The following schedules for the Company and consolidated subsidiaries are omitted because of the absence of the conditions under which they are required: I, II, III, IV, and V. ​ ​ ​ ​ ​ ITEM 16.FORM 10-K SUMMARY. ITEM 16. None. ​ ​ ​ ​ 31 31 31 Table of ContentsMANAGEMENT’S DISCUSSION AND ANALYSISManagement’s Discussion and Analysis of Financial Condition and Results of Operations (MD&A) is intended to promote understanding of our financial condition and results of operations. The MD&A is provided as a supplement to, and should be read in conjunction with, the consolidated financial statements and the accompanying Notes to Consolidated Financial Statements. All amounts are presented in millions of U.S. dollars, unless otherwise specified. For comparison of 2024 to 2023 results, refer to the “Management’s Discussion and Analysis” section of our 2024 Form 10-K, which is hereby incorporated by reference.​​OVERVIEW​Deere & Company is a global leader in the production of agricultural, turf, construction, and forestry equipment and solutions. John Deere Financial provides financing for John Deere equipment, parts, services, and other inputs customers need to run their operations. Our operations are managed through the Production & Precision Agriculture (PPA), Small Agriculture & Turf (SAT), Construction & Forestry (CF), and Financial Services (FS) operating segments. References to “equipment operations” include PPA, SAT, and CF, while references to “agriculture and turf” include both PPA and SAT.Net Sales and Revenues by Segment in 2025​​​TRENDS & ECONOMIC CONDITIONS​Industry Sales Outlook for Fiscal 2026Agriculture and Turf ​Construction and Forestry Company TrendsIn 2022, we introduced our Leap Ambitions, a set of focused goals designed to guide the implementation of our Smart Industrial Operating Model. These Ambitions are built upon a foundation of product quality and manufacturing excellence, supported by a best-in-class dealer channel, and enabled by employees dedicated to solving some of the world’s most important problems. To build on our accomplishments and lay the foundation for sustained growth as we move toward 2030, in December 2025 we refined our Ambitions. Our refined Ambitions feature multi-year financial and operational goals, emphasizing the use of our differentiated equipment and service solutions, including automation, autonomy, digitalization, lifecycle solutions, and Solutions as a Service (SaaS).Deeper integration of technology into equipment to enable customers to do more with less remains a persistent market trend. Customers seek to improve profitability, productivity, and sustainability by selecting our equipment and technology solutions. These technologies are incorporated into customer operations across the varied production systems in which we serve. While we continue to benefit from the adoption of these technologies, revenue from SaaS products did not represent a significant percentage of our revenues in 2025.32 Table of ContentsMANAGEMENT’S DISCUSSION AND ANALYSIS Table of Contents Table of Contents"
    }
  ]
}