Deere & Co. (DE) 10-K risk factor changes: FY2023 vs FY2022

The following risks are considered material to [removed: John Deere’s] [added: our] business based upon current knowledge, information, and assumptions.

This discussion of risk factors should be considered closely in conjunction with [removed: Management’s Discussion and Analysis of Financial Condition and Results of Operations,] [added: the MD&A,] including the risks and uncertainties described in the Forward-Looking Statements, and the Notes to Consolidated Financial Statements.

[removed: These risk factors and other forward-looking statements relate to future events, expectations, trends, and operating periods, and] [added: They] involve certain factors that are subject to change and important risks and uncertainties that could cause actual results to differ materially.

Some of these risks and uncertainties could affect particular lines of business, while others could affect all [removed: the Company’s] [added: our] businesses.

The risks described in this Annual Report on Form 10-K and the [removed: “Forward-Looking Statements”] [added: Forward-Looking Statements] in this report are not the only risks faced by [removed: the Company.][added: us.]

[removed: International,] [added: We may face risks associated with international,] national, and regional trade laws, regulations, and [removed: policies (particularly those related to or restricting global trade)] [added: policies,] and government farm programs and policies [added: which] could significantly impair [removed: John Deere’s] [added: 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 [removed: John Deere’s] [added: our] products, services, and technology, or those of our customers, [removed: including protectionist policies in particular jurisdictions,] or for the benefit of favored industries or sectors, could harm [removed: John Deere’s] [added: our] global business.

[added: | | ● |] Restricted access to global markets [removed: impairs John Deere’s] [added: could impair our] ability to export goods and services from [removed: its] various manufacturing locations around the [removed: world and limits] [added: world. Restricted access could limit] the ability to access raw materials and high-quality parts and components at competitive prices on a timely basis. [added: 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. |]

[added: | | ● |] Trade restrictions, [removed: including withdrawal from or modification of existing trade agreements,] 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 [removed: relations] [added: relations, export control] and sanctions against Russia, have limited, and could continue to limit, [removed: John Deere’s] [added: our] ability to capitalize on current and future growth opportunities in international [removed: markets] [added: markets. These trade restrictions,] and [removed: impair John Deere’s ability to expand the business.][added: changes in, or uncertainty surrounding global trade policies, may affect our competitive position. |]

[added: | | ● |] Policies impacting exchange rates and commodity [removed: prices] [added: prices,] or those limiting the export or import of [removed: commodities] [added: 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. [added: Our agricultural equipment sales could be harmed by such policies because farm income influences sales of agricultural equipment around the world. |]

[removed: Furthermore, trade] [added: | | ● | Trade] restrictions could impede those in developing countries from achieving a higher standard of living, which could negatively impact [removed: John Deere’s] [added: our] future growth opportunities arising from increasing global demand for food, fuel, and infrastructure. [added: |]

[removed: Additionally, changes] [added: | | ● | Changes] in government farm programs and [removed: policies, including direct payment and other subsidies,] [added: policies] can [removed: significantly] influence demand for agricultural equipment as well as create unequal competition for multinational companies relative to domestic companies. [added: |]

[removed: Greater] [added: We may be unable to manage increasing] political, economic, and social uncertainty [removed: and the evolving globalization] [added: in certain regions] of [removed: businesses] [added: the world, which] could significantly change the dynamics of [removed: John Deere’s] [added: our] competition, customer base, and product offerings [removed: and impact John Deere’s growth opportunities] globally.

[removed: John Deere’s efforts] [added: Efforts] to grow [removed: its] [added: our] businesses depend in part upon access [removed: to] [added: and developing market share and profitability in] additional geographic markets, including, but not limited to, Argentina, Brazil, China, India, and South [removed: Africa, and its success in developing market share and operating profitably in such markets.][added: Africa.]

[added: | | ● |] Having business operations in various regions and countries exposes [removed: John Deere] [added: us] to multiple and potentially conflicting business [removed: practices,] [added: practices] and legal and regulatory requirements that are subject to [removed: change] [added: change. These practices] and [added: legal requirements] are often complex and difficult to navigate, including those related to tariffs and trade regulations, investments, property ownership rights, taxation, repatriation of earnings, and advanced technologies. [added: |]

[added: | | ● |] Expanding business operations globally also increases exposure to currency fluctuations, which can materially affect [removed: the Company’s] [added: our] financial results. [added: |]

[added: | | ● |] While [removed: John Deere maintains] [added: we maintain] a positive corporate image and [removed: its] [added: our] brands are widely recognized and valued in [removed: its] [added: our] traditional markets, the brands are less known in some emerging markets, which could impede [removed: John Deere’s] [added: our] efforts to successfully compete in these markets. [added: |]

[removed: In addition, changing] [added: | | ● | Changing] U.S. export controls and sanctions on [removed: China, as well as other restrictions affecting transactions involving China] [added: various foreign countries] and [removed: Chinese parties,] [added: on various parties] could affect [removed: John Deere’s] [added: our] ability to collect receivables, provide aftermarket warranty support for [removed: John Deere] [added: our] equipment, sell products, and otherwise impact [removed: John Deere’s] [added: our] reputation and business. [added: |]

[removed: Negative] [added: We may be impacted by general negative] economic conditions and [removed: outlook can materially weaken] [added: outlook, causing weakened] demand for [removed: John Deere’s] [added: our] equipment and services, [removed: limit] [added: limiting] access to funding, and [removed: result] [added: resulting] in higher funding costs.

The demand for [removed: John Deere’s] [added: our] products and services [added: depends on the fundamentals in the markets in which we operate and] can be significantly reduced in an economic environment characterized by high unemployment, [removed: rising] [added: high] interest rates, cautious consumer spending, [removed: changes in consumer practices due to a possible recession,] [added: inflation,] lower corporate earnings, and lower business investment.

Negative or uncertain economic conditions that cause [removed: John Deere’s] [added: our] customers to lack confidence in the general economic outlook can significantly reduce their likelihood of purchasing [removed: John Deere’s] [added: our] equipment.

These [removed: adverse] economic events [removed: have] [added: adversely affected] and may continue to adversely affect [removed: John Deere’s] [added: our] operations.

Sustained [added: general] negative economic conditions and outlook also affect housing starts, energy prices and demand, and other construction, which dampens demand for certain construction equipment.

[removed: John Deere’s] [added: Our] turf operations and [removed: its] [added: our] construction and forestry segments are dependent on construction activity and have also been affected by recent adverse economic conditions.

Decreases in construction activity and housing starts could have a material adverse effect on [removed: John Deere’s results of operations.][added: our financial results.]

If negative economic conditions affect the overall farm economy, there could be a similar effect on [removed: John Deere’s] [added: our] agricultural equipment sales.

[removed: In addition, uncertain] [added: Uncertain] or negative outlook with respect to pervasive U.S. fiscal issues as well as general economic conditions and outlook, such as market volatility and [removed: continued] [added: continuing] interest rate increases by the Federal Reserve, have caused and could continue to cause significant changes in market liquidity conditions.

Such changes could impact access to funding and associated funding costs, which could reduce [removed: the Company’s] [added: our] earnings and cash flows.

Changing worldwide demand for farm outputs to meet the world’s growing food and [removed: bio-energy] [added: 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.

While higher commodity prices benefit [removed: John Deere’s] [added: our] crop-producing agricultural equipment customers, [removed: higher commodity prices also] [added: 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.

[removed: Furthermore,] [added: In addition,] changing [removed: bio-energy] [added: energy renewable] 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 bio-fuel utilization could affect commodity demand and commodity prices, demand for [removed: John Deere’s] [added: our] diesel-fueled equipment, and result in higher research and development costs related to equipment fuel standards.

[removed: John Deere] [added: We] may not realize the anticipated benefits of [removed: its] [added: our] Smart Industrial [removed: operating model] [added: Operating Model] and Leap Ambitions.

[removed: John Deere’s failure] [added: Failure] to realize the anticipated benefits of [removed: its] [added: our] Smart Industrial [removed: operating model] [added: Operating Model] and related business strategies in production systems, precision technologies, and aftermarket support could adversely affect [removed: the Company’s] results of [added: our] operations and financial condition.

Several factors could impact [removed: John Deere’s] [added: our] ability to successfully execute [removed: the] [added: our] Smart Industrial [removed: operating model,] [added: Operating Model,] including, among other [removed: things, failure to accurately assess market opportunity and the technology required to address such][added: things:]

[removed: opportunity; failure] [added: | | ● | Failure] to develop and introduce new technologies or lack of adoption of such technologies by [removed: John Deere’s] [added: our] customers; [removed: and failure to holistically execute lifecycle solutions.][added: |]

Similarly, [removed: John Deere] [added: we] may not realize the anticipated benefits of [removed: its] [added: our] Leap Ambitions and related goals [removed: in] [added: within] the expected [removed: timeline,] [added: timelines,] or at all.

As part of [removed: its] [added: our] Leap Ambitions [removed: framework, John Deere] [added: we] adopted various goals [removed: that it expects] [added: we expect] to achieve by 2026 or [removed: 2030, as applicable.][added: 2030.]

[removed: John Deere] [added: We] may not be able to achieve these goals for a [removed: number of] [added: variety] reasons, some of which may be [removed: out of its] [added: beyond our] control.

[removed: For example, John Deere’s 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; or] [added: | | ● | The] infrastructure required to achieve our goals, such as sufficient charging [removed: stations,] [added: stations or fuel availability,] may become too costly or may not [removed: occur] [added: be developed] on the expected [removed: timeline.][added: timeline; and |]

These risk factors and other forward-looking statements relate to future events, expectations, trends, and operating periods.

We are subject to various regulatory risks including, but not limited to, the following:

| --- | --- | --- |

| --- | --- | --- |

| --- | --- | --- |

| --- | --- | --- |

| --- | --- | --- |

There are various risks associated with our global footprint, including, but not limited to, the following:

| | ● | In some cases, these countries have greater political and economic volatility, greater vulnerability to infrastructure and labor disruptions, and differing customer product preferences and requirements than our other markets. In fiscal year 2023, as a result of the war in Ukraine, we suspended shipments of machines and service parts to Russia. The suspension of shipments to Russia reduced actual and forecasted revenue for the region and resulted in impairments of most long-lived assets, among other impacts. In addition, we initiated a voluntary separation program for employees in Russia in the third quarter of fiscal year 2022. |

| --- | --- | --- |

| --- | --- | --- |

| --- | --- | --- |

| --- | --- | --- |

| --- | --- | --- |

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.

| | ● | Failure to accurately assess market opportunities and the technology required to address such opportunities; |

| --- | --- | --- |

| --- | --- | --- |

| | ● | Failure to holistically provide lifecycle solutions; and |

| --- | --- | --- |

| | ● | Failure to optimize our capital allocation in connection with the Smart Industrial Operating Model. |

| --- | --- | --- |

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 and cameras, may become unavailable or too costly; |

| --- | --- | --- |

| --- | --- | --- |

| --- | --- | --- |

Other risks include:

| --- | --- | --- |

| | ● | We may choose not to fully integrate businesses and may face regulatory or compliance exposure until appropriate processes and controls are put in place; |

| --- | --- | --- |

| --- | --- | --- |

| --- | --- | --- |

| --- | --- | --- |

For example, in March and October 2023, we sold our financial services and roadbuilding businesses in Russia following the outbreak of the war in Ukraine.

Customers continue to adopt technology integrated in our portfolio of “smart” machines, systems, and solutions.

We expect this trend to persist for the foreseeable future.

| --- | --- |

​

John Deere’s profitability and growth prospects are tied directly to the global marketplace.

These trade restrictions, and changes in, or uncertainty surrounding, global trade policies, may affect John Deere’s competitive position.

John Deere’s agricultural equipment sales could be especially harmed by such policies because farm income strongly influences sales of agricultural equipment around the world.

In some cases, these countries have greater political and economic volatility, greater vulnerability to infrastructure and labor disruptions, and differing local customer product preferences and requirements than John Deere’s other markets.

The conflict between Russia and Ukraine could adversely impact our business and financial results.

On February 24, 2022, John Deere suspended shipments of machines and service parts to Russia and Belarus.

After assessing the impact of the Russia and Ukraine conflict on our operations within Russia, our senior management in the U.S. decided to initiate a

voluntary employee-separation program, which reduced overall headcount in Russia.

We may further reduce or discontinue operations in Russia depending on the continued evolution of the conflict, monetary, currency or payment controls, restrictions on access to financial institutions, supply and transportation challenges, sanctions and export controls and counter-sanctions, or other circumstances and considerations.

Our U.S. senior management continues to closely monitor all risks to John Deere operations in the region.

The broader consequences of the Russia and Ukraine conflict such as, embargoes, regional instability, geopolitical shift, access to natural gas, higher energy prices, potential retaliatory action by the Russian government, including nationalization of foreign businesses, increased tensions between the U.S. and countries in which we operate, and the extent of the conflict’s effect on the global economy, cannot be predicted, including the extent to which the conflict may heighten other risks disclosed herein.

Ultimately, these or other factors could result in further loss or write-downs of other operating assets and working capital.

The COVID pandemic, geopolitical instability, including the conflict between Russia and Ukraine, and other global events have significantly increased economic and demand uncertainty.

Some of the results of these events include supply chain challenges, inflation, high interest rates, foreign currency exchange volatility, and volatility in global capital markets.

Supply chain challenges, including delays caused by shortages of raw materials, shipping containers and labor, have increased production costs and reduced our profit margins.

Additionally, the cost of raw materials used in John Deere’s products and the cost of freight have increased due to heightened inflation.

In fiscal 2022, supply constraints, shortage of turf inventory, and softening customer demand have affected our production and sales of consumer products within these segments.

Additionally, the Company’s investment management activities could be adversely affected by changes in the equity and bond markets, including the recent volatility of the United Kingdom’s bond market, which would negatively affect earnings.

Changing worldwide demand for food and different forms of bio-energy could affect the price of farm commodities and consequently the demand for certain John Deere equipment and could also result in higher research and development costs related to changing machine fuel requirements.

In addition, if the Company is unable to optimize its capital allocation in connection with the operating model, it may not be able to realize the full benefits, which could have an adverse effect on the Company’s financial condition or results of operations.

In an effort to enhance its Smart Industrial operating model by adding technology and talent, during fiscal year 2022, the Company acquired majority ownership in Kreisel Electric Inc., which designs and manufactures high-durability battery packs and high-powered charging stations; a 40 percent equity method investment in GUSS Automation LLC, a producer of semi-autonomous orchard and vineyard sprayers; and LGT, LLC (Light), which specializes in depth sensing and camera-based perception for autonomous vehicles.

Ongoing social and regulatory focus on sustainability and the impact of policies and consumer preferences on the construction, forestry, and agriculture industries mean that change is imminent.

In response to recent supply chain constraints, John Deere has worked with suppliers to ensure optimum inventory levels.

John Deere operates in a variety of highly competitive global and regional markets.

John Deere relies on a network of independent dealers to manage the distribution of its products.

If John Deere’s dealers are not

The timing and quantity of rainfall are two of the most important factors in agricultural production.

Temperature affects the rate of growth, maturity, and quality of crops.

John Deere operates in many areas of the world, involving transactions denominated in a variety of currencies.

Because John Deere’s equipment operations and financial services segment are subject to interest rate risks, changes in interest rates can reduce demand for equipment, adversely affect interest margins, and limit access to capital markets while increasing borrowing costs.

In response to increasing inflation, the U.S. Federal Reserve began to raise interest rates in March 2022 for the first time in over three years, and has signaled it expects to make additional rate increases.

Further, due to the cessation of the London Interbank Offered Rate (“LIBOR”), the Company has entered into financial transactions such as credit agreements, receivables, derivatives, and notes that use the Secured Overnight Financing Rate (“SOFR”) or the Sterling Overnight Index Average (“SONIA”) as interest rate benchmarks.

SOFR and SONIA are calculated differently from LIBOR and have inherent differences, which could give rise to uncertainties, including the limited historical data and volatility in the benchmark rates.

The full effects of the transition to SOFR, SONIA, or other rates remain uncertain.

During fiscal 2022, the supply chain challenges in combination with demand for John Deere’s products resulted in a heavier back-end loaded year for industry retail orders.

As the result of the COVID pandemic, geopolitical instability, and other global events, John Deere has experienced changes in the availability and prices of these raw materials, components, whole goods, and freight.

In an effort to mitigate raw material shortages and supply chain constraints, John Deere has increased the list price of its products and worked with suppliers to ensure optimum inventory levels.

Continued or increased fluctuations in costs of materials or inflation generally and continued supply chain challenges could have a material adverse effect on the Company’s results of operations and financial condition.

[removed: The Company is] [added: We are] exposed to a variety of market risks, including interest rates and currency exchange rates.

[removed: The Company attempts] [added: We attempt] to actively manage these risks.

You can identify forward-looking statements as they do not relate to historical or current facts and by words such as “believe,” “expect,” “estimate,” “anticipate,” “will,” [added: “aim,”] “should,” “plan,” “forecast,” “target,” “guide,” “project,” “intend,” “could,” and similar words or expressions.

Important factors that could cause actual results to differ materially from our expectations, or cautionary statements, and other important information about forward-looking statements are disclosed under Item 1A, “Risk Factors,” and Item 7, “Management’s Discussion and Analysis of Financial Condition and Results of [removed: Operations (MD&A)–Forward-Looking] [added: Operations–Forward-Looking] Statements,” in this Annual Report on Form 10-K.

[removed: The _production and precision agriculture_] [added: This] segment defines, develops, and delivers global equipment and technology solutions [removed: to unlock customer value] for production-scale growers of [added: crops like] large [removed: grains,] [added: grains (such as corn and soy),] small [removed: grains,] [added: grains (such as wheat, oats, and barley),] cotton, and sugarcane.

[removed: The _small agriculture and turf_ segment defines, develops,] [added: SAT is committed to meeting the needs of our customers through defining, developing,] and [removed: delivers] [added: delivering] global equipment and technology solutions [added: designed] to unlock customer value [added: and sustainability] for dairy and livestock producers, high-value crop producers, and turf and utility customers.

[removed: The _financial services_ segment primarily finances sales and leases by John Deere dealers of new and used production and precision agriculture, small agriculture and turf, and construction and forestry equipment.][added: | BUSINESS SEGMENT | ​ | PRODUCTION AND PRECISION AGRICULTURE | ​ | SMALL AGRICULTURE AND TURF | ​ | CONSTRUCTION AND FORESTRY | ​ | FINANCIAL SERVICES |]

[removed: John Deere’s worldwide] [added: Our business is managed through the following four business segments:] production and precision agriculture [removed: operations,] [added: (PPA),] small agriculture and turf [removed: operations, and] [added: (SAT),] construction and forestry [removed: operations are sometimes collectively referred to as the “equipment operations.” The] [added: (CF), and] financial services [removed: segment is sometimes referred to as the “financial services operations.” The production and precision agriculture and small agriculture and turf segments are sometimes collectively referred to as “agriculture and turf”] [added: (John Deere Financial] or [removed: the “agriculture and turf operations.”][added: FS).]

Additional information [added: on the financial services operations] is [removed: presented] [added: provided] in the [removed: discussion] [added: “Management’s Discussion and Analysis] of [removed: business segment] [added: Financial Condition] and [removed: geographic area results within the MD&A] [added: Results of Operations” (MD&A) section] in this Annual Report on Form 10-K.

[removed: The present] [added: Deere &] Company was incorporated under the laws of Delaware in 1958.

| | 1. | Production Systems. A strategic alignment of products and solutions around [added: our customers’] production [removed: systems roadmaps.] [added: systems.] Production [removed: Systems] [added: systems] refer to the series of steps our customers take to execute different tasks, operations, and projects [removed: in order] to grow [added: an agricultural product or execute a project.] |

| | 2. | Technology Stack. Investments in technology, as well as research and development, that deliver intelligent solutions to [removed: John Deere’s] [added: our] customers through [removed: an intuitive technology stack consisting of the] hardware and devices, embedded software, connectivity, data platforms, and [removed: applications that build upon our machines to unlock economic value for our customers.] [added: applications.] The technology stack leverages the core technologies mentioned in the previous sentence across the enterprise, including digital capabilities, automation, autonomy, and alternative [removed: propulsion] [added: power] technologies. The stack has the potential to [removed: simplify] [added: unlock economic and sustainable value for customers by optimizing] jobs, [removed: strengthen] [added: strengthening] decision-making, and better [removed: connect] [added: connecting] the steps of a production system. |

| | 3. | Lifecycle Solutions. The enterprise integration of [removed: John Deere’s] [added: our] aftermarket and support capabilities to more effectively manage customer equipment, service, and technology needs across the full lifetime of a John Deere product, and with a specific lifecycle solution focus on the ownership experience. This integrated support seeks to enhance customer value through proactive and reactive [removed: support and] [added: support,] easy access to parts, value-add services, and [removed: performance] [added: precision] upgrades, regardless of when a customer purchases our equipment. |

Building upon the Smart Industrial [removed: operating model, John Deere] [added: Operating Model, we] announced [removed: its] [added: our] Leap Ambitions framework in fiscal year 2022.

The Leap Ambitions are [removed: focused goals] designed to boost economic value and sustainability for our customers.

The Leap Ambitions framework has three components: (i) size the incremental market opportunity, quantifying the value that can be created; (ii) identify the key actions required to guide investment in digitalization, autonomy, automation, and alternative [removed: propulsion] [added: power] technologies; and (iii) define the desired financial and sustainable outcomes we hope to achieve to help investors and stakeholders understand the opportunities that can be unlocked in the future [removed: by] [added: through] present investments.

Applying this framework, the Leap Ambitions set goals to measure the results under [removed: the Company’s operating model.][added: our Smart Industrial Operating Model.]

Current financial and sustainability goals for the Leap Ambitions relate to workforce safety, agriculture customer outcomes, product circularity, environmental footprint, [added: Solutions as a Service,] and equipment operations operating return on sales (OROS).

[removed: The Company’s] [added: Our] internet address is http://www.deere.com.

[removed: Through that address, the Company’s] [added: Our] Annual Report on Form 10-K, [removed: quarterly reports] [added: Quarterly Reports] on Form 10-Q, [removed: current reports] [added: Current Reports] on Form 8-K, and amendments to those reports are available [added: on our website] free of charge as soon as reasonably practicable after they are filed or furnished with the United States Securities and Exchange Commission (SEC or Commission).

The information contained on [removed: the Company’s] [added: our] website is not included in, nor incorporated by reference into, this Annual Report on Form 10-K.

Equipment manufactured and distributed by the segment includes large and certain mid-size tractors, combines, cotton pickers, cotton strippers, sugarcane harvesters, related harvesting front-end equipment, [removed: pull-behind scrapers,] and [removed: tillage, seeding, and application equipment, including sprayers and nutrient management and soil preparation machinery.][added: pull-behind scrapers.]

The segment [removed: also provides] [added: works to provide product leadership while extending] integrated agricultural solutions and precision technologies across its portfolio of [removed: large equipment.][added: equipment to unlock incremental value for customers.]

[removed: This approach includes] [added: Advancements such as] precise global navigation satellite systems technology, advanced connectivity and telematics, on-board sensors and computing power, automation software, digital tools, [removed: and applications] [added: applications,] and analytics [removed: that together enable] [added: provide] seamless integration of information designed to improve customer [removed: decision making] [added: decision-making] and job execution.

[removed: John Deere’s advanced telematics systems remotely connect equipment owners, business managers, and dealers to equipment in the field, providing] [added: This provides] real-time alerts and information about equipment location, utilization, performance, and maintenance to improve productivity and efficiency, as well as to monitor agronomic job execution.

[removed: The segment also sells sugarcane harvester aftermarket parts under the] [added: | Sugarcane Harvester Aftermarket Parts |] Unimil [removed: brand name.][added: |]

Equipment manufactured and distributed by the segment [removed: includes:] [added: includes] certain [removed: mid-size as well as] [added: mid-size,] small and utility [removed: tractors] [added: tractors,] and related loaders and attachments; turf and utility equipment, including riding lawn equipment, commercial mowing equipment, golf course equipment, utility vehicles, implements for mowing, tilling, snow and debris handling, aerating, and [removed: many] other residential, commercial, golf, and sports turf care [removed: applications, and other outdoor power products;] [added: applications;] and hay and forage equipment, including self-propelled forage harvesters and attachments, balers, and mowers.

[removed: John Deere’s small agriculture and turf] [added: SAT] equipment is sold primarily through independent retail dealer networks, although the segment also builds turf products for sale by mass retailers, including The Home Depot and Lowe’s.

[added: Smart Industrial] Operating Model.

[removed: John Deere’s production and precision agriculture and small agriculture] [added: Our PPA] and [removed: turf] [added: SAT] segments [removed: together] offer a full line of agriculture and turf equipment and related service parts.

As [removed: mentioned in the description] [added: part] of [removed: the] [added: our] Smart Industrial [removed: operating model,] [added: Operating Model,] the segments are aligned around production systems, enabling focus on delivering equipment, technology, and solutions across all the jobs customers execute during a season.

[added: Sales also are influenced by general economic conditions, farmland prices, farmers’] debt levels and access to financing, interest and exchange rates, agricultural trends, including the production of and demand for renewable fuels, labor availability and costs, energy costs, tax policies, and other input costs associated with farming.

Other key factors affecting new agricultural equipment sales are the [removed: value] [added: value, age,] and level of used equipment, including tractors, harvesting equipment, self-propelled sprayers, hay and forage equipment, and seeding equipment.

Weather and climatic conditions [removed: can] also [added: can] affect buying decisions of agricultural equipment purchasers.

Large, cost-efficient, [removed: highly-mechanized] [added: highly mechanized] agricultural operations account for an important share of worldwide farm output.

These customers are increasingly adopting and integrating precision agricultural technologies like guidance, telematics, [added: automation,] and data management in their operations.

The large-size agricultural equipment used on such farms has been particularly important to [removed: John Deere.][added: us.]

[removed: A large proportion of the equipment] operations’ total agricultural equipment sales in the U.S. and Canada, [removed: and a large proportion of sales] [added: as well as] in many countries outside the U.S. and Canada, are comprised of tractors over 100 horsepower, self-propelled combines, self-propelled cotton pickers, self-propelled forage harvesters, self-propelled sprayers, and seeding equipment.

However, small tractors are [added: also] an important part of our global [removed: tractor] business.

Further, [removed: John Deere offers] [added: we offer] a number of harvesting solutions to support development of the mechanized harvesting of grain, oilseeds, cotton, sugarcane, [added: forage,] and biomass.

Retail sales of lawn and garden tractors, compact utility tractors, residential and commercial mowers, utility vehicles, and golf and turf equipment are influenced by [added: the housing market,] weather conditions, consumer spending patterns, and general economic [removed: conditions.][added: conditions like unemployment, interest, and inflation rates.]

For certain equipment, [removed: John Deere offers] [added: we offer] early order programs, which can include discounts to retail customers that place orders well in advance of the use season.

As used herein, the terms “John Deere,” “we,” “us,” “our,” or “the Company” refer to Deere & Company and its subsidiaries unless designated or identified otherwise.

All amounts are presented in millions of dollars, unless otherwise specified.

| ​ ​ ​ | ​ | | ​ | | ​ | | ​ | |

| ​ | ​ |  | ​ |  | ​ |  | ​ |  |

| PRODUCTS | ​ | ● Large and Certain Mid-Size Tractors ● Combines ● Cotton Pickers and Cotton Strippers ● Sugarcane Harvesters ● Sugarcane Loaders and Pull Behind Scrapers ● Soil Preparation, Seeding, Application, and Crop Care Equipment ● Tillage Equipment | ​ | ● Certain Mid-Size, Utility, and Compact Utility Tractors ● Self-Propelled Forage Harvesters ● Hay and Forage Equipment ● Rotary Mowers ● Utility Vehicles ● Riding Lawn Equipment and Commercial Mowing Equipment ● Golf Course Equipment | ​ | ● Backhoe Loaders ● Crawler Dozers and Loaders ● Four-Wheel-Drive Loaders and Compact Track Loaders ● Excavators and Compact Excavators ● Equipment used in Timber Harvesting ● Road Building and Road Rehabilitation Equipment ● Articulated Dump Trucks and Motor Graders | ​ | ● Retail Notes ● Revolving Charge Accounts ● Wholesale Receivables ● Leases ● Extended Warranties |

| ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ |

| | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ |

| ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ |

| ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | |

| ​ | ​ | | ​ | | ​ | | ​ | ​ |

| CROPS/FUNCTION | ​ | ● Corn and Soy ● Small Grain ● Cotton ● Sugarcane | ​ | ● Dairy and Livestock ● Lawn and Property Maintenance ● Golf Course Maintenance ● High-Value Crop Solutions | ​ | ● Earthmoving ● Forestry ● Roadbuilding | ​ | ● Financial Solutions |

| | ​ | ​ | ​ | ​ | ​ | ​ | ​ | |

| ​ | ​ | ​ | ​ | ​ | ​ | | ​ | ​ |

| ​ | ​ | | ​ | | ​ | ​ | ​ | ​ |

In fiscal year 2020, we announced our Smart Industrial Operating Model.

We aim to deliver ongoing value across our product lines by digitally connecting certain equipment we produce, enabling our customers to leverage technology for better economic and more sustainable outcomes in their businesses.

We are introducing viable alternative power technologies for various product families.

We also plan to enhance how we deliver value by introducing and scaling a Solutions as a Service business model.

We also aim to enable our agriculture customers to be more sustainable in their production steps by providing technology solutions that help to improve their nitrogen use efficiency, increase their crop protection efficiency, and reduce their CO2e emissions.

We believe we will deliver ongoing value to our SAT customers by increasing the connectivity of their equipment, offering electric options where feasible in our product families, and working toward production of a fully autonomous, battery powered electric agricultural tractor.

For our CF customers, we aim to deliver ongoing value by offering electric and hybrid-electric options where feasible in our product families and increasing the use of grade management control for earthmoving customers, intelligent boom control for forestry customers, and precision roadbuilding solutions for our roadbuilding customers.

We anticipate enabling sustainable outcomes for our customers.

Specifically, we aim to enable our agriculture customers to be more sustainable in their production steps by providing technology solutions that help to improve their nitrogen use efficiency, increase their crop protection efficiency, and reduce their CO2e emissions.

Our equipment operations consist of three of our business segments: PPA, SAT, and CF.

In fiscal year 2023, PPA generated $26,790 net sales and revenue, or 48 percent of equipment operations net sales and revenues; SAT generated $13,980 net sales and revenues, or 25 percent of equipment operations net sales and revenues; and CF generated $14,795 net sales and revenues, or 27 percent of equipment operations net sales.

As compared with fiscal year 2022, PPA net sales for fiscal year 2023 were:

| ​ | ​ | ​ | ​ |

| --- | --- | --- | --- |

| (In millions of dollars) | 2023 | 2022 | % Change |

| Net Sales | $26,790 | $22,002 | 22% |

The PPA segment is committed to meeting the fundamental needs of our customers through a combination of equipment and technology designed to enable our customers to overcome some of their biggest challenges: doing more with less, labor shortages, volatile input costs, and executing jobs in tighter timeframes.

In addition, the segment includes tillage, seeding, and application equipment, including sprayers and nutrient management and soil preparation machinery.

We have been bringing innovations to agriculture for nearly 200 years and continue to invest in the development and production of advanced technology through integrated agricultural solutions and precision technologies across our portfolio of equipment.

We have developed a differentiated, production system-level approach that helps us understand how customers operate, focusing on their costs, identifying the opportunities for them to reduce inputs, and increasing productivity, yield improvement, and sustainability.

This approach directs our work.

Our advanced telematics systems remotely connect equipment owners, business managers, and dealers to equipment in the field.

We aim to support our customers and their equipment throughout the entire equipment lifecycle.

To prevent downtime, we offer a wide variety of aftermarket and customer solutions to keep equipment running, including machine monitoring, remote diagnostics, predictive maintenance alerts, and e-commerce solutions.

Examples of recent developments to unlock customer value and address challenges in the field include ExactShot™ and FurrowVision, which help customers reduce inputs during planting applications, generating cost savings, and lowering their environmental footprint; our fully autonomous 8R tillage tractor with a GPS guidance system and stereo cameras to execute tillage work without an in-cab operator, which helps to address farmers’ labor challenges and time constraints; and See & Spray™ Ultimate, which targets the application of non-residual herbicides on weeds in corn, soybean, and cotton fields.

In addition to John Deere brand names, the table below provides a list of PPA products and their associated brand names:

Deere & Company’s (the Company) and its subsidiaries’ (collectively, John Deere) operations are categorized into four business segments:

The segment’s main products include large and certain mid-size tractors, combines, cotton pickers, sugarcane harvesters and loaders, and soil preparation, seeding, application, and crop care equipment.

The segment’s primary products include certain mid-size and small tractors, as well as hay and forage equipment, riding and commercial lawn equipment, golf course equipment, and utility vehicles.

The _construction and forestry_ segment defines, develops, and delivers a broad range of machines and technology solutions to unlock customer value on job sites, including earthmoving, forestry, and roadbuilding production systems.

The segment’s primary products include crawler dozers and loaders, four-wheel-drive loaders, excavators, skid-steer loaders, milling machines, and log harvesters.

The products and services produced by the segments above are marketed primarily through independent retail dealer networks and major retail outlets and, as it relates to roadbuilding products in certain markets outside the U.S. and Canada, primarily through Company-owned sales and service subsidiaries.

In addition, the financial services segment provides wholesale financing to dealers of the foregoing equipment, finances retail revolving charge accounts, and offers extended equipment warranties.

In fiscal year 2020, John Deere began implementing the Smart Industrial operating model, which focuses on delivering intelligent, connected machines and applications to transform production systems in agriculture and construction, unlocking customer economic value across the lifecycle of our products in more sustainable ways.

| | | an agricultural product. By dedicating our business to our customers’ production systems, we expect to be better positioned to identify opportunities to improve customer profitability, productivity, and sustainability. |

Market Conditions

_Agriculture and Turf._ Industry sales of large agricultural machinery in the U.S. and Canada are forecasted to increase 5 to 10 percent compared to 2022.

Industry sales of small agricultural and turf equipment in the U.S. and Canada are expected to be flat to down 5 percent in 2023.

Industry sales of agricultural machinery in Europe are forecasted to be flat to up 5 percent, while South American industry sales of tractors and combines are forecasted to be flat to up 5 percent in 2023.

Asia industry sales are forecasted to be down moderately in 2023 as the demand in India, the world’s largest tractor market by unit, stabilizes.

_Construction and Forestry._ On an industry basis, North American construction equipment and compact construction equipment sales are each expected to be flat to up 5 percent in 2023.

Global forestry and global roadbuilding industry sales are each expected to be flat.

_Financial Services._ The Company’s financial services results for full-year fiscal 2023 are expected to be slightly higher in fiscal 2023 due to income earned on a higher average portfolio, partially offset by less-favorable financing spreads and lower gains on operating-lease residual values.

Excluding the portfolio in Russia, a higher provision for credit losses is forecasted for 2023.

2022 Consolidated Results Compared with 2021

Worldwide net sales and revenues increased 19 percent to $52.577 billion in 2022, compared with $44.024 billion in 2021.

Net sales increased 21 percent in fiscal 2022 to $47.917 billion, compared with $39.737 billion last year, due to higher shipment volumes and price realization, partially offset by the negative effects of currency translation.

For fiscal 2022, worldwide net income attributable to the Company was $7.131 billion, or $23.28 per share, compared with $5.963 billion, or $18.99 per share, in fiscal 2021.

Net income increased due to price realization, higher shipment volumes / more favorable sales mix, and income earned on a higher average portfolio.

These items were partially offset by higher production costs, higher research and development expenses and selling, administrative, and general expenses, spread compression on the financial services’ portfolio, and a higher provision for credit losses.

The 2022 results included a non-cash gain on the remeasurement of the previously held equity investment in the Deere-Hitachi joint venture, partially offset by the impact of higher reserves and impairments related to

events in Russia / Ukraine.

Notes 3 and 4 to the Consolidated Financial Statements included in this Annual Report on Form 10-K contain a complete list of special items impacting net income in 2022 and 2021.

The cost of sales to net sales ratio for 2022 was 73.7 percent, compared with 73.3 percent for 2021.

The cost of sales to net sales ratio increased compared to 2021 mainly due to higher production costs partially offset by price realization.

Additional information on fiscal 2022 results is provided in the MD&A.

The production and precision agriculture segment defines, develops, and delivers global equipment and technology solutions to unlock customer value for production-scale growers of crops like large grains (such as corn and soy), small grains (such as wheat, oats, and barley), cotton, and sugarcane.

John Deere has developed a unique, production system-level approach designed to improve customer profitability, productivity, and sustainability.

In addition to the John Deere brand, the production and precision agriculture segment manufactures and sells sprayers under the Hagie and Mazzotti brand names, planters and cultivators under the Monosem brand name, sprayers and planters under the PLA brand name, and carbon fiber sprayer booms under the King Agro brand name.

Aftermarket parts for production and precision agriculture products are also sold under the Vapormatic and A&I brand names.

John Deere manufactures its production and precision agriculture equipment for sale primarily through independent retail dealer networks.

The small agriculture and turf segment defines, develops, and delivers global equipment and technology solutions to unlock customer value for dairy and livestock producers, high-value crop producers, and turf and utility customers.

The segment works to leverage integrated agricultural solutions and precision technologies across its portfolio of equipment.

John Deere also purchases certain products from other manufacturers for resale.

In addition to the John Deere brand, the small agriculture and turf segment purchases and sells a variety of equipment attachments under the Frontier, Kemper, and GreenSystem brand names.

Aftermarket parts for small agriculture and turf products are sold under the Vapormatic, A&I, and Sunbelt brand names.

[removed: The Company is] [added: We are] subject to various unresolved legal actions that arise in the normal course of [removed: its] business, the most prevalent of which relate to product liability (including asbestos related liability), retail credit, employment, patent, trademark, and antitrust matters.

[removed: The Company believes] [added: Currently we believe] the reasonably possible range of losses for [removed: these] [added: other] unresolved legal actions would not have a material effect on [removed: its] [added: our] financial [removed: statements.][added: 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 judgements 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.

For the fiscal year ended October [removed: 30, 2022][added: 29, 2023]

The aggregate quoted market price of voting stock of the registrant held by non-affiliates at April [removed: 29, 2022] [added: 28, 2023] was [removed: $115,295,045,197.][added: $110,752,079,592.]

At November 30, [removed: 2022, 298,237,257] [added: 2023, 280,255,442] shares of common stock, $1 par value, of the registrant were outstanding.

Portions of the proxy statement for the annual meeting of stockholders to be held on February [removed: 22, 2023] [added: 28, 2024] are incorporated by reference into Part III of this Form 10-K.

[removed: TABLE] [added: TABLE] OF [removed: CONTENTS][added: CONTENTS]

| [ITEM [removed: 1.](#Item1_Business__194146)] [added: 1.](#Item1_Business)] | [removed: [BUSINESS](#Item1_Business__194146)] [added: [BUSINESS](#Item1_Business)] | 2 |

| [ITEM [removed: 2.](#Item2_Properties__194819)] [added: 2.](#Item2_Properties)] | [removed: [PROPERTIES](#Item2_Properties__194819)] [added: [PROPERTIES](#Item2_Properties)] | 24 |

| [ITEM 5.](#Item5_MarketForRegistrantsCommonE_194831) | [MARKET FOR REGISTRANT’S COMMON EQUITY, RELATED STOCKHOLDER MATTERS AND ISSUER PURCHASES OF EQUITY SECURITIES](#Item5_MarketForRegistrantsCommonE_194831) | [removed: 24] [added: 25] |

| [ITEM 6.](#Item6_SelectedFinancialData__200525) | [\[RESERVED\]](#Item6_SelectedFinancialData__200525) | [removed: 25] [added: 26] |

| [ITEM 7.](#Item7_ManagementsDiscussionAndAna_200608) | [MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS](#Item7_ManagementsDiscussionAndAna_200608) | [removed: 25] [added: 26] |

| [ITEM 7A.](#Item7a_QuantitativeAndQualitative_200609) | [QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK](#Item7a_QuantitativeAndQualitative_200609) | [removed: 25] [added: 26] |

| [ITEM 8.](#Item8_FinancialStatementsAndSuppl_200627) | [FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA](#Item8_FinancialStatementsAndSuppl_200627) | [removed: 25] [added: 26] |

| [ITEM 9.](#Item9_ChangesInAndDisagreementsWi_200628) | [CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL DISCLOSURE](#Item9_ChangesInAndDisagreementsWi_200628) | [removed: 25] [added: 26] |

| [ITEM 9A.](#Item9a_ControlsAndProcedures__200629) | [CONTROLS AND PROCEDURES](#Item9a_ControlsAndProcedures__200629) | [removed: 25] [added: 26] |

| [ITEM 9B.](#Item9b_OtherInformation__200633) | [OTHER INFORMATION](#Item9b_OtherInformation__200633) | [removed: 26] [added: 27] |

| [ITEM 9C.](#Item9c_ForeignJurisdicitons) | [DISCLOSURE REGARDING FOREIGN JURISDICTIONS THAT PREVENT INSPECTIONS](#Item9c_ForeignJurisdicitons) | [removed: 26] [added: 27] |

| [ITEM 10.](#Item10_DirectorsExecutiveOfficers_200634) | [DIRECTORS, EXECUTIVE OFFICERS AND CORPORATE GOVERNANCE](#Item10_DirectorsExecutiveOfficers_200634) | [removed: 26] [added: 27] |

| [ITEM 11.](#Item11_ExecutiveCompensation__200641) | [EXECUTIVE COMPENSATION](#Item11_ExecutiveCompensation__200641) | [removed: 26] [added: 27] |

| [ITEM 12.](#Item12_SecurityOwnershipOfCertain_200642) | [SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND RELATED STOCKHOLDER MATTERS](#Item12_SecurityOwnershipOfCertain_200642) | [removed: ​ 26] [added: 27] |

| [ITEM 13.](#Item13_CertainRelationshipsAndRel_200647) | [CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS, AND DIRECTOR INDEPENDENCE](#Item13_CertainRelationshipsAndRel_200647) | [removed: 26] [added: 27] |

| [ITEM 14.](#Item14_PrincipalAccountantFeesAnd_200653) | [PRINCIPAL ACCOUNTANT FEES AND SERVICES](#Item14_PrincipalAccountantFeesAnd_200653) | [removed: 26] [added: 27] |

| [ITEM 15.](#Partiv_200742) | [EXHIBITS AND FINANCIAL STATEMENT SCHEDULES](#Partiv_200742) | [removed: 27] [added: 28] |

| [ITEM 16.](#Item16_Form_10K_Summary) | [FORM 10-K SUMMARY](#Item16_Form_10K_Summary) | [removed: 27] [added: 28] |

If securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of the registrant included in the filing reflect the correction of an error to previously issued financial statements.

Indicate by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive-based compensation received by any of the registrant’s executive officers during the relevant recovery period pursuant to §240.10D-1(b).

[removed: The] [added: In addition, the] equipment operations own or lease [removed: 11] [added: 12] facilities comprised of [removed: two] [added: 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 [removed: 12] [added: 11 total facilities with] centralized parts distribution centers in Brazil, Germany, [removed: India,] and [removed: Russia] [added: India] and regional parts depots and distribution centers in Argentina, Australia, China, [added: India,] Mexico, South Africa, Sweden, and the United Kingdom.

[removed: John Deere] [added: We] also [removed: owns] [added: own] or [removed: leases] [added: lease] eight facilities for the manufacture and distribution of other brands of replacement parts.

[removed: The Company owns] [added: We own] or [removed: leases 47] [added: lease 53] administrative offices and research facilities globally as well as many other smaller, miscellaneous facilities.

Overall, [removed: John Deere owns] [added: we own] approximately [removed: 68.1] [added: 70.0] million square feet of facilities and [removed: leases] [added: lease] approximately [removed: 12.8] [added: 13.1] million additional square feet in various locations.

These properties are adequate and suitable for [removed: John Deere’s] [added: our] business as presently conducted and are well maintained.

In the U.S. and Canada, the equipment operations own and operate 23 factory locations and lease and operate another 3 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.

Our manufacturing facility in Russia was shut down in 2022.

Our Eurasian parts distribution center in Russia was also closed, and the leased premises were returned to the landlord in the second quarter of fiscal year 2023.

Premises owned by Wirtgen in Russia operating in the roadbuilding business were sold in the fourth quarter of fiscal year 2023.

See “Manufacturing” in Item 1.

[removed: PART II][added: PART II]

| (a) | [removed: The Company’s] [added: Our] common stock is listed on the New York Stock Exchange [added: (NYSE)] under the symbol “DE.” [removed: The Company has] [added: We have] a history of paying quarterly cash dividends. While [removed: the Company] [added: we] currently [removed: expects] [added: expect] a cash dividend to be paid in the future, future dividend payments will depend on [removed: the Company’s] [added: our] earnings, capital requirements, financial condition, and other factors considered relevant by [removed: the Company’s] [added: our] Board of Directors. See the information concerning the number of stockholders in Note 21 to the Consolidated Financial Statements. |

| (c) | [removed: The Company’s purchases] [added: Purchases] of [removed: its] [added: our] common stock during the fourth quarter of [removed: 2022] [added: 2023] were as follows: |

| ​ | ​ | Shares | ​ | [removed: Average Price] [added: ​] | | ​ | Announced Plans | ​ | the Plans or | |

| Period | ​ | (thousands) | ​ | [removed: Share] [added: Per Share] | | ​ | (thousands) | ​ | (millions) | |

| (1) | [removed: The Company announced] [added: We have] a share repurchase plan [added: that was announced] in December [removed: 2019] [added: 2022] to purchase up to [removed: $8,000 million] [added: $18.0 billion] of shares of [removed: the Company’s] [added: our] common stock. The maximum number of shares that may yet be [removed: purchased] [added: repurchased] under this plan was [added: 35.9 million] based on the closing [removed: share] price [added: of our common stock on the NYSE] as [removed: at] [added: of the] end of the fourth quarter of [removed: $396.85] [added: $361.15] per share. At the end of the fourth quarter of [removed: 2022, $2,228 million] [added: 2023, $13.0 billion] of common stock [removed: remained] [added: remains] to be [removed: purchased] [added: repurchased] under this plan. |

| ​ | ​ | Purchased (2) | ​ | Average Price | | ​ | or Programs (1) | ​ | Programs (1) | |

| Jul 31 to Aug 27 | | 682 | ​ | $ | 424.30 | | 681 | | 42.3 | ​ |

| Aug 28 to Sept 24 | | 2,204 | ​ | ​ | 410.43 | | 2,204 | | 39.8 | ​ |

| Sept 25 to Oct 29 | | 3,593 | ​ | | 384.94 | | 3,593 | | 35.9 | ​ |

| Total | | 6,479 | ​ | ​ | ​ | | 6,478 | ​ | ​ | ​ |

| (2) | In the fourth quarter of 2023, 1 thousand shares were acquired from a plan participant at a market price of $431.68 to pay payroll taxes on the vesting of a restricted stock award. |

STOCK PERFORMANCE GRAPH

The graph compares the total shareholder returns (TSR) of Deere & Company, the Standard & Poor’s (S&P) 500 Construction Machinery & Heavy Transportation Equipment Index, the S&P 500 Industrials, and the S&P 500 Stock Index over a five-year period.

It assumes $100 was invested on October 26, 2018 and that dividends were reinvested.

Our stock price at October 27, 2023, was $361.15.

Going forward, we intend to use the S&P 500 Industrials to replace the S&P 500 Construction Machinery & Heavy Transportation Equipment.

We believe the S&P 500 Industrials provides a better benchmark to compare our cumulative total returns against the industry because it comprises those companies included in the S&P 500 that are classified as members of the GICS industrials sector, and therefore, have many characteristics similar to us, regardless of the specific types of products they offer.

In contrast, the S&P’s 500 Construction Machinery & Heavy Transportation Equipment Index is made up of only four companies (Caterpillar (CAT), Cummins (CMI), Paccar (PCAR), and Wabtec (WAB)).

The stock performance shown in the graph is not intended to forecast and does not necessarily indicate future price performance.



| ​ | ​ | Purchased | ​ | Paid Per | | ​ | or Programs (1) | ​ | Programs (1) (2) | |

| Aug 1 to Aug 28 | | 996 | ​ | $ | 354.90 | | 996 | | 7.5 | ​ |

| Aug 29 to Sept 25 | | 888 | ​ | ​ | 366.56 | | 888 | | 6.7 | ​ |

| Sept 26 to Oct 30 | | 1,242 | ​ | | 355.43 | | 1,242 | | 5.6 | ​ |

| Total | | 3,126 | ​ | ​ | ​ | | 3,126 | ​ | ​ | ​ |

| (2) | In December 2022, the Board of Directors authorized the repurchase of up to $18,000 million of additional common stock. This additional repurchase amount may be repurchased after October 30, 2022 and is not included in the amounts above (see Note 28). |

[removed: Disclosure] [added: Disclosure] Controls and [removed: Procedures][added: Procedures]

[removed: The Company’s] [added: Our] principal executive officer and [removed: its] [added: our] principal financial officer have concluded that [removed: the Company’s] [added: 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 [removed: 30, 2022,] [added: 29, 2023,] based on the evaluation of these controls and procedures required by Rule 13a-15(b) or 15d-15(b) of the Exchange Act.

[removed: Management’s] [added: Management’s] Report on Internal Control Over Financial [removed: Reporting][added: Reporting]

[removed: The Company’s management] [added: Management] is responsible for establishing and maintaining adequate internal control over financial reporting.

[removed: The Company’s] [added: 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 accounting principles.

Management assessed the effectiveness of [removed: the Company’s] [added: our] internal control over financial reporting as of October [removed: 30, 2022,] [added: 29, 2023,] 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 [removed: believes] [added: concluded] that, as of October [removed: 30, 2022, the Company’s] [added: 29, 2023, our] internal control over financial reporting was effective.

[removed: The Company’s] [added: Our] independent registered public accounting firm has issued an audit report on the effectiveness of [removed: the Company’s] [added: our] internal control over financial reporting.

[removed: Changes] [added: Changes] in Internal Control Over Financial [removed: Reporting][added: Reporting]

During the fourth quarter, there were no changes that have materially affected or are reasonably likely to materially affect [removed: the Company’s] [added: our] internal control over financial reporting.

_Director and Executive Officer Trading Arrangements_

None.

_Disclosure Pursuant to Section 13(r) of the Exchange Act._

Under Section 13(r) of the Exchange Act, the Company is required to disclose in its periodic reports if it or any of its affiliates knowingly conducted transactions or dealing with entities or individuals designated pursuant to certain executive orders issued by the U.S. government.

On March 2, 2021, the U.S. Secretary of State designated the Russian Federal Security Service (FSB) as a blocked party under Executive Order 13382.

On that same day, the U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) updated General License No. 1B to authorize certain transactions and activities with the FSB related to the importation, distribution, or use of certain information technology products in the Russian Federation.

In the ordinary course of business, during the six-month period ended May 1, 2022, certain of the Company’s subsidiaries requested and/or received legally required administrative notifications with the FSB in connection with the importation and/or use of certain of the Company’s products in the Russian Federation, as authorized by General License No. 1B.

Neither the Company nor its subsidiaries made any payments, nor did they receive gross revenues or net profits, in connection with these activities.

The Company expects that in the future certain of its subsidiaries may continue to engage with the FSB in activities necessary to conduct business in the Russian Federation in accordance with applicable U.S. laws and regulations so long as it remains lawful to do so.

However, no such activities have been conducted after May 1, 2022.

[removed: PART III][added: PART III]

The information regarding directors required by this Item 10 will be set forth in the definitive proxy statement for [removed: the Company’s 2023] [added: our 2024] annual meeting of stockholders (proxy statement) to be filed with the Commission in advance of such meeting.

[removed: The Company has] [added: We have] adopted a code of ethics that applies to [removed: its] [added: our] executives, including [removed: its] [added: our] principal executive officer, principal financial officer, and principal accounting officer.

This code of ethics and [removed: the Company's] [added: our] corporate governance policies are posted on [removed: the Company's] [added: our] website at http://www.deere.com/governance.

[removed: The Company intends] [added: We intend] to satisfy disclosure requirements regarding amendments to or waivers from [removed: its] [added: our] code of ethics by posting such information on this website.

The charters of the Audit Review, Corporate Governance, Compensation, and Finance committees of [removed: the Company's] [added: our] Board of Directors are available on [removed: the Company's] [added: our] website as well.

Information required by this Item 14, including aggregate fees billed to us by [removed: the Company’s] [added: our] principal accountant, Deloitte & Touche LLP (PCAOB ID No. 34), will be set forth in the proxy statement to be filed with the Commission.

[removed: PART IV][added: PART IV]

| ​ | [Statements of Consolidated Income for the years ended October [added: 29, 2023, October] 30, 2022, [added: and] October 31, [removed: 2021, and November 1, 2020](#StatementOfConsolidatedIncom_162154)] [added: 2021](#StatementOfConsolidatedIncom_162154)] | [removed: 43] [added: 44] |

| ​ | [Statements of Consolidated Comprehensive Income for the years ended October [added: 29, 2023, October] 30, 2022, [added: and] October 31, [removed: 2021, and November 1, 2020](#StatementOfConsolidatedComprehens_162202)] [added: 2021](#StatementOfConsolidatedComprehens_162202)] | [removed: 44] [added: 45] |

| ​ | [Consolidated Balance Sheets as of October [removed: 30, 2022] [added: 29, 2023] and October [removed: 31, 2021](#ConsolidatedBalanceSheet)] [added: 30, 2022](#ConsolidatedBalanceSheet)] | [removed: 45] [added: 46] |

| ​ | [Statements of Consolidated Cash Flows for the years ended October [added: 29, 2023, October] 30, 2022, [added: and] October 31, [removed: 2021, and November 1, 2020](#StatementOfConsolidatedCashF_162215)] [added: 2021](#StatementOfConsolidatedCashF_162215)] | [removed: 46] [added: 47] |

| ​ | [Statements of Changes in Consolidated Stockholders’ Equity for the years ended [removed: November 1, 2020,] October 31, 2021, [removed: and] October 30, [removed: 2022](#StatementOfChangesInConsolidatedS_162223)] [added: 2022, and October 29, 2023](#StatementOfChangesInConsolidatedS_162223)] | [removed: 47] [added: 48] |

| ​ | [Notes to Consolidated Financial [removed: Statements](#Item15_ExhibitsAndFinancialStatementSche)] [added: Statements](#Note_Listing)] | [removed: 48] [added: 49] |

| ​ | See the “[Index to Exhibits](#IndexToExhibits_072013)” on [removed: pages 86 – 89 of] [added: pages 83 – 86 of] this report | ​ |

[removed: The following Management's] [added: Management’s] Discussion and Analysis of Financial Condition and Results of Operations (MD&A) is intended to promote understanding of [removed: the] [added: 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 [removed: Statements (Part II, Item 8 of this Form 10-K).][added: Statements.]

[removed: OCTOBER] [added: | As of October 29, 2023 and October] 30, [removed: 2022, OCTOBER 31, 2021, AND NOVEMBER 1, 2020][added: 2022 | | | | | | | | | | | | | | | | | | | | | | | | | ​ | ​ | ​ |]

[added: |] OVERVIEW [added: | ​ |]

[removed: These] [added: Our] operations [removed: (collectively known as the “equipment operations”)] are managed through the production and precision [removed: agriculture,] [added: agriculture (PPA),] small agriculture and [removed: turf, and] [added: turf (SAT),] construction and forestry [added: (CF), and financial services] operating segments.

[removed: The company’s Leap Ambitions] [added: These ambitions] are [removed: goals] designed to boost economic value and sustainability for [removed: the company’s] [added: our] customers.

[removed: Trends and Economic Conditions][added: | TRENDS & ECONOMIC CONDITIONS | ​ |]

[removed: Asia industry] [added: | ● | Industry] sales [removed: are forecasted to be down moderately] in [removed: 2023 as the] [added: Asia are impacted by moderating] demand in India, the world’s largest tractor market by [removed: unit, stabilizes.][added: number of units. |]

[added: Company Trends –] Customers [removed: have sought] [added: seek] to improve profitability, productivity, and sustainability through technology.

[removed: This technology is] [added: These technologies are] incorporated into products within each of [removed: the company’s] [added: our] operating segments.

[removed: The company expects] [added: We expect] this trend to persist for the foreseeable future.

[removed: The company expects to sell more] [added: | ● | We expect] large agricultural equipment [added: sales to decline] in [removed: 2023 than 2022] [added: 2024] in North America, Europe, and South America. [added: |]

[removed: Demand for small agricultural equipment remains stable, while turf] [added: | ● | Turf] and utility equipment product sales are expected to be lower due to the overall U.S. economic [removed: conditions.][added: condition and elevated interest rates. |]

[removed: Rental fleets] [added: | ● | Benefits from rental fleet] replenishment, the energy industry, and U.S. infrastructure [removed: spend will] [added: spending are expected to partially] offset moderation in residential [removed: home] [added: home, office, and retail] construction. [added: |]

[added: | ● |] Roadbuilding demand remains [removed: strongest] [added: strong, similar to 2023] in the U.S., largely offset by softening demand in [removed: Europe and sluggish demand in Asia.][added: Europe. |]

[removed: _Additional Trends_] [added: Additional Trends] – [removed: The company] [added: We] experienced supply chain disruptions and inflationary pressures in 2022.

[removed: Supply] [added: In 2022, supply] chain disruptions impacted many aspects of [removed: the] [added: our] business, including [added: receiving past due deliveries from suppliers,] parts availability, increased production costs, and [removed: more partially completed machines in inventory.][added: higher inventory levels.]

[removed: Interest] [added: Central bank policy interest] rates [removed: rose] [added: increased] in 2022 and [removed: further central bank policy rate increases are projected in] 2023.

Most retail customer receivables are fixed [removed: rate, while wholesale financing receivables are floating] rate.

[removed: Accordingly, the company enters] [added: From time to time, we enter] into interest rate swap agreements to manage [removed: its] [added: our] interest rate exposure.

Rising interest rates have historically impacted [removed: the company’s] [added: our] borrowings sooner than the benefit is realized from the financing receivable and equipment on operating lease portfolios.

As a result, [removed: the company’s] [added: our] financial services operations experienced spread compression in [removed: 2022.][added: 2023.]

If interest rates continue to rise, [removed: the company expects] [added: we expect] to continue experiencing spread compression in [removed: 2023.][added: 2024.]

[removed: Supply chain disruptions, inflationary pressures, and rising] [added: Rising] interest rates are driven by factors outside of [removed: the company’s] [added: our] control, and as a result, [removed: the company] [added: we] cannot reasonably foresee when [removed: these conditions] [added: this condition] will subside.

[added: | BUSINESS SEGMENT RESULTS |] 2022 [removed: COMPARED WITH] [added: compared to] 2021 [added: |]

[added: |] CONSOLIDATED RESULTS [added: | 2023 compared to 2022 |]

[removed: | Deere] [added: Net Income (Attributable to Deere] & [removed: Company | ​ | ​ | ​ | ​ | ​ | ​ | ​ |][added: Company)]

[removed: | Net sales] [added: Net Sales] and [removed: revenues | ​ | $ | 52,577 | ​ | $ | 44,024 | ​ |][added: Revenues]

| [removed: Net income attributable] [added: Net Income Attributable] to Deere & [removed: Company] [added: Company] | [removed: ​] [added: ​] | [added: $ | 10,166 |] ​ | [added: $ |] 7,131 | ​ | [removed: ​] [added: $] | 5,963 | ​ |

| [removed: Diluted earnings] [added: Diluted] per [removed: share] [added: share] | [removed: ​] | [removed: ​] [added: $] | [added: 34.63 | | $ |] 23.28 | [removed: ​] | [removed: ​] [added: $] | 18.99 | ​ |

| Deere & Company | ​ | [removed: ​] [added: 2023] | [removed: ​] | ​ | [removed: ​] [added: 2022] | [removed: ​] | ​ | [removed: ​] [added: % Change] | ​ |

| Cost of sales to net sales | ​ | ​ | [removed: 73.7%] [added: 67.9%] | ​ | ​ | [removed: 73.3%] [added: 73.7%] | ​ | [removed: ​] [added: \-8] | ​ |

| Other income | ​ | [removed: $] | [removed: 1,295] [added: 1,003] | ​ | [removed: $] | [removed: 991] [added: 1,295] | ​ | [removed: +31] | [added: 991 |] ​ |

| Research and development expenses | ​ | ​ | [added: 2,177 | ​ | ​ |] 1,912 | ​ | ​ | 1,587 | ​ | [removed: +20] [added: ​] | ​ | [added: ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | 2,177 | ​ | ​ | 1,912 | ​ | ​ | 1,587 | ​ | ​ | ​ |]

| Selling, administrative and general expenses | ​ | [removed: ​] | [removed: 3,863] [added: 4,595] | ​ | [removed: ​] | [removed: 3,383] [added: 3,863] | ​ | [removed: +14] | [added: 3,383 |] ​ |

| Interest expense | ​ | [removed: ​] | [removed: 1,062] [added: 2,453] | ​ | [removed: ​] | [removed: 993] [added: 1,062] | ​ | [removed: +7] | [added: 993 |] ​ |

| Other operating expenses | ​ | [removed: ​] | [removed: 1,275] [added: 1,292] | ​ | [removed: ​] | [removed: 1,343] [added: 1,275] | ​ | [removed: \-5] | [added: 1,343 |] ​ |

| Provision for income taxes | ​ | [removed: ​] | [removed: 2,007] [added: 2,871] | ​ | [removed: ​] | [removed: 1,658] [added: 2,007] | ​ | [removed: +21] | [added: 1,658 |] ​ |

[added: |] Other income [removed: increased] [added: was lower] due to a non-cash gain on the remeasurement of the previously held equity investment in the Deere-Hitachi joint [removed: venture.][added: venture in 2022. | | | | | | | | | ​ |]

[added: |] Research and development [removed: expenses] [added: expenditures] were higher [removed: in 2022 largely] due to continued focus on developing [removed: and incorporating] [added: new] technology [removed: solutions.][added: solutions and new product introductions. | | | | | | | | | ​ |]

All amounts are presented in millions of dollars, unless otherwise specified.

For comparison of 2022 to 2021 results, refer to the “Management’s Discussion and Analysis” section of our 2022 Form 10-K.

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, service, and other input costs customers need to run their operations.

Net Sales and Revenues by Segment in 2023

We announced the Smart Industrial Operating Model in 2020.

This operating model is based on three focus areas:

| (a) | Production systems: A strategic alignment of products and solutions around our customers’ operations. |

| (b) | Technology stack: Investments in technology, as well as research and development, that deliver intelligent solutions to our customers through digital capabilities, automation, autonomy, and alternative power technologies. |

| (c) | Lifecycle solutions: The integration of our aftermarket and support capabilities to more effectively manage customer equipment, service, and technology needs across the full lifetime of a John Deere product. |

Our Leap Ambitions were launched in 2022.

The ambitions align across our customers’ production systems seeking to optimize their operations to deliver better outcomes with fewer resources.

| ​ | ​ |

Industry Sales Outlook for Fiscal 2024

Integration of technology into equipment is a persistent market trend.

Our Smart Industrial Operating Model and Leap Ambitions are intended to capitalize on this market trend.

The investments in these technologies and in establishing a Solutions as a Service business model might increase our operating costs and may decrease operating margins during the transition period.

Most notably in 2023, we introduced See & Spray™ Ultimate and a new model of See & Spray™ Premium.

These technologies were introduced on a limited basis and did not represent a significant percentage of our sales in 2023.

Company Outlook for 2024

| ● | Demand is expected to decline in 2024. |

| ● | Production volumes will decline to more normal levels in 2024. |

Agriculture and Turf Outlook for 2024

| ● | Demand for small agricultural equipment is expected to moderate in Europe. |

Market Conditions:

| ● | Agricultural fundamentals are expected to moderate in 2024 due to lower commodity prices and elevated interest rates, offset by declining input costs and improved customer financials. |

| ● | The dairy and livestock sector continues to benefit from elevated protein and hay prices. |

| ● | Farm input costs in Europe are declining. Grain prices vary from favorable in Western Europe to depressed in Eastern Europe due to the Russia/Ukraine war. |

| ● | Dealer inventories are elevated in Brazil due to inventory oversupply driven by weakening demand in the second half of 2023. |

| ● | The fleet average age is older than in prior business cycles. Combines are in line with the historical average age, while tractors are slightly older than historical averages. |

Construction and Forestry Outlook for 2024

Market Conditions:

| ● | Construction equipment industry sales are forecasted to be down from 2023 levels. |

| \+ Nonrecurring prior period special items | | | ​ | Favorable | | | ​ |

| \+ Higher average portfolio | | | ​ | Favorable | | | ​ |

| (-) Financing spreads | | | ​ | Unfavorable | | | ​ |

| (-) Recoveries on operating lease dispositions | | | ​ | Unfavorable | | | ​ |

While these issues moderated in 2023, the effect on production schedules and central bank policy interest rates continued in 2023.

These changes are discussed below.

Supply Chain Impact on Production Schedules. We experienced supply chain improvements compared to 2022, with a return to normal in 2023.

RESULTS OF OPERATIONS FOR THE YEARS ENDED

Organization

The company generates net sales from the sale of equipment to John Deere dealers and distributors.

The company manufactures and distributes a full line of agricultural equipment; a variety of commercial and consumer equipment; and a broad range of equipment for construction, roadbuilding, and forestry.

The company’s financial services segment provides credit services, which finance sales and leases of equipment by John Deere dealers.

In addition, the financial services segment provides wholesale financing to dealers of the foregoing equipment, finances retail revolving charge accounts, and offers extended equipment warranties.

The company’s Smart Industrial operating model is focused on making significant investments, strengthening the company’s capabilities in digital, automation, autonomy, and alternative propulsion technologies.

These technologies are intended to increase worksite efficiency, improve yields, lower input costs, and ease labor constraints.

The company anticipates opportunities in this area, as the company and its customers have a vested interest in sustainable practices.

_Industry Trends for Fiscal Year 2023_ – Industry sales of large agricultural machinery in the U.S. and Canada for 2023 are forecasted to increase 5 to 10 percent compared to 2022.

Industry sales of small agricultural and turf equipment in the U.S. and Canada are expected to be flat to down 5 percent in 2023.

Industry sales of agricultural machinery in Europe are forecasted to be flat to up 5 percent, while South American industry sales of tractors and combines are expected to be flat to up 5 percent in 2023.

On an industry basis, North American construction equipment and compact construction equipment sales are both expected to be flat to up 5 percent in 2023.

Global forestry and global roadbuilding industry sales are each expected to be flat.

_Company Trends_ – Customers’ demand for integration of technology into equipment is a market trend underlying the company’s Smart Industrial operating model and Leap Ambitions framework.

The company’s approach to technology involves hardware and software, guidance, connectivity and digital solutions, automation and machine intelligence, autonomy, and electrification.

Customers continue to adopt technology integrated in the John Deere portfolio of “smart” machines, systems, and solutions.

Demand for the company’s equipment remains strong, as order books are full through a majority of 2023.

Agricultural fundamentals are expected to remain solid into 2023, and retail demand will comprise most of 2023 sales.

The company expects dealer stock inventory replenishment to occur in 2024.

The North American retail customer fleet age remains above average, and dealer inventories are historically low due to the manufacturing and supply chain constraints over the past few years.

Crop prices remain favorable to our customers in part due to low stock-to-use ratios for key grains and lower exports from the Black Sea region.

Construction equipment markets are forecasted to be steady.

Net income for the company’s financial services operations is expected to be slightly higher than fiscal year 2022 due to a higher average portfolio, partially offset by less-favorable financing spreads and lower gains on operating leases.

Excluding the portfolio in Russia, a higher provision for credit losses is forecasted for 2023.

While these are two distinct issues and discussed separately below, their impact may be intertwined.

Past due deliveries from suppliers were at elevated levels.

Late part deliveries incurred expedited freight charges and rework of partially built machines, contributing to production inefficiencies and higher overhead costs.

The company implemented the following mitigation efforts to minimize the impact of supply chain disruptions on its ability to meet customer demand:

| • | Worked with the supply base to obtain allocations and improve on-time deliveries of parts. |

| • | Multi-sourced some parts and materials. |

| • | Provided resources to suppliers to address constraints. |

| • | Entered into long-term contracts for some critical components. |

| • | Utilized alternative freight carriers to expedite delivery. |

While supply chain disruptions are expected to persist into 2023, the company is working diligently to secure the parts and components that customers need to deliver essential food and infrastructure more profitably and sustainably.

Inflation was a pervasive feature throughout 2022, increasing the cost of material, freight, energy, salaries, and wages.

Higher costs due to general business inflation were offset by price realization, which mitigated the impact of inflation on the company’s operating results.

The company expects inflation to continue in 2023 resulting in higher costs.

If customers are unwilling to accept increases in cost of John Deere products, or the company is otherwise unable to offset increases in production costs, inflation could have an adverse effect on the company’s operations and financial condition.

The company has both fixed and floating rate borrowings.