Use these links to rapidly review the document
TABLE OF CONTENTS
ITEM 15. EXHIBITS AND FINANCIAL STATEMENT SCHEDULES.

Table of Contents

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 10-K

FORM 10-K

(Mark one)

☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the fiscal year ended October 31, 2021

or

☐TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from ____ to ____

Commission file number 1-4121

DEERE & COMPANY

(Exact name of registrant as specified in its charter)

​

SECURITIES REGISTERED PURSUANT TO SECTION 12(b) OF THE ACT

​

SECURITIES REGISTERED PURSUANT TO SECTION 12(g) OF THE ACT:NONE

Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. Yes ý☒ No o☐

Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act.
Yes o☐ No ý☒

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.
Yes ý☒ No o☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).
Yes ý☒ No o☐

         Indicate by check mark if disclosure of delinquent filers pursuant to Item 405 of Regulation S-K (§229.405 of this chapter) is not contained herein, and will not be contained, to the best of registrant's knowledge, in definitive proxy or information statements incorporated by reference in Part III of this Form 10-K or any amendment to this Form 10-K. ý

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of "large“large accelerated filer," "accelerated” “accelerated filer," "smaller” “smaller reporting company,"” and "emerging“emerging growth company"company” in Rule 12b-2 of the Exchange Act. (Check one):

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. o☐

Indicate by check mark whether the registrant has filed a report on and attestation to its management’s assessment of the effectiveness of its internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public accounting firm that prepared or issued its audit report. ☒

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act). Yes o☐ No ý☒

The aggregate quoted market price of voting stock of the registrant held by non-affiliates at April 27, 201830, 2021 was $44,528,411,767.$115,521,151,966. At November 30, 2018, 318,570,7882021, 307,407,282 shares of common stock, $1 par value, of the registrant were outstanding.

Documents Incorporated by Reference.Reference. Portions of the proxy statement for the annual meeting of stockholders to be held on February 27, 201923, 2022 are incorporated by reference into Part III of this Form 10-K.

​

​

​

Table of Contents

This Annual Report on Form 10-K contains forward-looking statements that are subject to risks and uncertainties. All statements other than statements of historical fact included in this Annual Report on Form 10-K are forward-looking statements. Forward-looking statements giveprovide our current expectations and projections relating to our financial condition, results of operations, plans, objectives, future performance, and business. All forward-looking statements are subject to risks and uncertainties that may cause actual results to differ materially from those that we expected. 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"“Risk Factors” and Item 7, "Management's“Management’s Discussion and Analysis of Financial Condition and Results of Operations – Operations–Safe Harbor Statement"Statement” in this Annual Report on Form 10-K.

Products

In fiscal year 2021, Deere & Company (the Company) and its subsidiaries (collectively, John Deere) have operations that are categorized into three major business segments.

Theagricultureimplemented a new operating model and turf segment primarily manufactures and distributes a full line ofreporting structure. With this change, John Deere’s agriculture and turf operations were divided into two new segments: production and precision agriculture and small agriculture and turf. There were no reporting changes for the construction and forestry and financial services segments. As a result, John Deere’s operations are now categorized into four major business segments:

The production and precision agriculture segment defines, develops, and delivers global equipment and related service parts, including:technology solutions to unlock customer value for production-scale growers of large medium,grains, small grains, cotton, and utility tractors; tractor loaders;sugar. The segment’s main products include large and certain mid-size tractors, combines, cotton pickers, cotton strippers,sugarcane harvesters and sugarcane harvesters; harvesting front-end equipment; sugarcane loaders, and pull-behind scrapers; tillage, seeding and application equipment, including sprayers, nutrient management and soil preparation, machinery;seeding, application, and crop care equipment.

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’s primary products include certain mid-size and small tractors, as well as hay and forage equipment, including self-propelled forage harvestersriding and attachments, balers and mowers; turf and utility equipment, including ridingcommercial lawn equipment, and walk-behind mowers, golf course equipment, and utility vehicles, and commercial mowing equipment, along with a broad line of associated implements; integrated agricultural management systems technology and solutions; and other outdoor power products.vehicles.

Theconstruction and forestry segment primarily manufacturesdefines, develops, and distributesdelivers a broad range of machines and service parts used in construction,technology solutions organized along the earthmoving, road building, material handlingforestry, and timber harvesting, including: backhoe loaders;roadbuilding production systems. The segment’s primary products include crawler dozers and loaders;loaders, four-wheel-drive loaders; excavators; motor graders; articulated dump trucks; landscape loaders;loaders, excavators, skid-steer loaders;loaders, milling machines; recyclers; slipform pavers; surface miners; asphalt pavers; compactors; tandemmachines, and static rollers; mobile crushers and screens; mobile and stationary asphalt plants; log skidders; feller bunchers; log loaders; log forwarders; log harvesters and related logging attachments.harvesters.

The products and services produced by the segments above are marketed primarily through independent retail dealer networks and major retail outlets.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.

Thefinancial servicessegment primarily finances sales and leases by John Deere dealers of new and used production and precision agriculture, small agriculture and turf, equipment and construction and forestry equipment. 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.

John Deere'sDeere’s worldwide production and precision agriculture operations, small agriculture and turf operations, and construction and forestry operations are sometimes collectively referred to as the "equipment“equipment operations."” The financial services segment is sometimes referred to as the "financial“financial services operations."” The production and precision agriculture and small agriculture and turf segments are sometimes collectively referred to as “agriculture and turf” or the “agriculture and turf operations.”

Additional information is presented in the discussion of business segment and geographic area results on page 21.pages 28 – 30. The John Deere enterprise has manufactured agricultural machineryequipment since 1837. The present Company was incorporated under the laws of Delaware in 1958.

Available Information

The Company'sCompany’s internet address ishttp://www.JohnDeere.comwww.deere.com. Through that address, the Company'sCompany’s Annual Report on Form 10-K, quarterly reports on Form 10-Q, current reports on Form 8-K, and amendments to those reports are available free of charge as soon as reasonably practicable after they are filed with the United States Securities and Exchange Commission (Securities and Exchange Commission or Commission). The information contained on the Company'sCompany’s website is not included in, nor incorporated by reference into, this annual reportAnnual Report on Form 10-K.

Market Conditions

Agriculture and Outlook

The Company's equipment sales are projected to increase by about 7 percent for fiscal 2019 compared with 2018. Included will be a full year of Wirtgen sales in 2019 versus 10 months in 2018, adding about 2 percent to the company's sales in the year ahead. Foreign-currency rates are expected to have an unfavorable translation effect on equipment sales of about 2 percent for the year. Net sales and revenues are expected to increase by about 7 percent for fiscal 2019 with net income attributable to Deere & Company forecast to be about $3.6 billion.

Agriculture & Turf. The Company's worldwide sales of agriculture and turf equipment are forecast to be up about 3 percent for fiscal-year 2019, including a negative currency-translation effect of 2 percent. Industry sales of large agricultural equipmentmachinery in the U.S. and Canada are forecastforecasted to be about the sameincrease approximately 15 percent compared to up 5 percent, helped by replacement demand for large equipment and continued demand for small tractors. Full-year industry sales in the EU28 member nations are forecast to be about the same as a result of drought conditions in key markets. South American industry sales of tractors and combines are projected to be about the same to up 5 percent benefiting from strength in Brazil. Asian sales are forecast to be about the same to down slightly.2021. Industry sales of turfsmall agricultural and utilityturf equipment in the U.S. and Canada are expected to be about the same to up 5 percent for 2019.flat in

Table of Contents

Construction & Forestry. The Company's worldwide2022. Industry sales of construction and forestry equipmentagricultural machinery in Europe are anticipatedforecasted to be up about 15 percent for 2019, with foreign-currency rates having an unfavorable translation effect of 2 percent. The forecast includes a full year of Wirtgen sales, versus 10 months in fiscal 2018, with the two additional months adding about 5 percent higher, while South American industry sales of tractors and combines are forecasted to divisionbe roughly 5 percent higher in 2022. Asia industry sales forare forecasted to be nearly the year. The outlook reflects continued growthsame in U.S. housing demand2022 as well as transportation investmentin 2021.

Construction and economic growth worldwide. InForestry. On an industry basis, North American construction equipment and compact construction equipment sales are both expected to be 5 to 10 percent higher in 2022. Global forestry global industry sales are expected to be up aboutincrease 10 percent mainly as a result of improved demand throughout the world, led by the U.S.to 15 percent.

Financial Services. Fiscal-year 2019 net income attributable to the Company for the The Company’s financial services operations is projected to be approximately $630 million. Excluding the 2018 benefit of tax reform, resultsfor full-year fiscal 2022 are expected to benefit from a higher average portfolio, partially offset by higher selling and administrative expenses,experience slightly lower results due to a higher provision for credit losses, lower gains on operating lease residual values, and less-favorable financing spreads. Financial services nethigher selling, administrative, and general expenses. These factors are expected to be partially offset by income for 2018 of $942 million includedearned on a tax benefit related to tax reform of $341 million. Excluding the tax benefit, net income for 2018 would have been $601 million.higher average portfolio.

20182021 Consolidated Results Compared with 20172020

For fiscal 2018,2021, worldwide net income attributable to the Company was $2.368$5.963 billion, or $7.24$18.99 per share, compared with $2.159$2.751 billion, or $6.68$8.69 per share, in 2017. Affecting 2018 net income were increases to the provision for income taxes of $704 million due to the enactment of U.S. tax reform legislation on December 22, 2017 (tax reform).fiscal 2020. Worldwide net sales and revenues increased 2624 percent to $37.358$44.024 billion in 2018,2021, compared with $29.738$35.540 billion in 2017.2020. Net income in 2020 was negatively affected by impairment charges and employee-separation costs of $458 million after-tax (see Notes 4 and 5 to the Consolidated Financial Statements). In addition, net income in 2020 was unfavorably affected by discrete adjustments to the provision for income taxes. Net sales of the worldwide equipment operations increased 29 percent in fiscal 20182021 to $33.351$39.737 billion, compared with $25.885$31.272 billion last year. The Company's acquisition of the Wirtgen Group (see Note 4) in December 2017 added 12 percentProduction and precision agriculture, small agriculture and turf, and construction and forestry sales increased during 2021 due to net sales for the year. Sales includedhigher shipment volumes and price realization of 1 percent, while currency translation did not have a material effect for the year. Equipment net sales in the United States and Canada increased by 25 percent for fiscal 2018, with Wirtgen adding 4 percent. Outside of the U.S. and Canada, net sales rose 34 percent for the year, with Wirtgen adding 22 percent. Currency translation had no material effect for the year.realization.

Worldwide equipment operations had an operating profit of $3.684$6.868 billion in fiscal 2018,2021, compared with $2.859$3.559 billion in fiscal 2017. The Wirtgen Group, whose results are included in these amounts, had operating2020. Operating profit of $116 million for fiscal 2018. Excluding the Wirtgen Group results, the increase was primarily driven byproduction and precision agriculture increased due to price realization, higher shipment volumes price realization,/ sales mix, and lower warranty costs,a favorable indirect tax ruling in Brazil. These items were partially offset by higher production costscosts. The prior year was also impacted by voluntary employee-separation program expenses. Operating profit for small agriculture and researchturf increased largely as a result of higher shipment volumes/sales mix and development expenses. Additionally, fiscal 2017 included an impairment chargeprice realization. Partially offsetting these factors were higher production costs. Results for international construction and forestry operations andthe current year were positively impacted by a gain on the sale of SiteOne Landscapes Supply, Inc. (SiteOne).a factory in China, while results for the prior year were affected by impairments, closure costs, and voluntary employee-separation program expenses. Construction and forestry’s operating profit increased mainly due to higher shipment volumes/sales mix and price realization, partially offset by higher production costs. The prior year was also impacted by employee-separation program expenses and impairments in certain fixed assets and unconsolidated affiliates.

Net income of the Company'sCompany’s equipment operations was $1.404$5.082 billion for fiscal 2018,2021, compared with $1.707$2.185 billion in fiscal 2017. In addition to the operating factors mentioned above,2020. The equipment operations’ provision for income tax adjustments related to tax reform had an unfavorable impact of $1.045 billion for fiscal 2018.taxes and net income in 2020 were adversely affected by non-deductible impairments and charges.

The financial services operations reported net income attributable to the Company of $942.0$881 million for fiscal 20182021 compared with $476.9$566 million in fiscal 2017.2020. The increase was largelymainly due to a higher average portfolio,improvement on operating lease residual values, a lower provision for credit losses, more favorable financing spreads, and lower lossesincome earned on lease residual values, partially offset by less-favorable financing spreads. Additionally, income tax adjustments related to tax reform had a favorable effect of $341.2 million for fiscal 2018.higher average portfolio.

The cost of sales to net sales ratio for 2018 and 20172021 was 76.7 percent. Price73.3 percent, compared with 75.7 percent for 2020. The cost of sales to net sales ratio decreased compared to 2020 mainly due to price realization and lower warranty claims were offset by higher production costs.the impact of impairments and employee-separation expenses recorded in 2020 (see Note 5).

Additional information on fiscal 20182021 results is presented on pages 20–22.27 – 30.

EQUIPMENT OPERATIONS

AgricultureProduction and TurfPrecision Agriculture

The John Deereproduction and precision agriculture segment defines, develops, and turf segment manufactures and distributes a full line of agriculture and turfdelivers global equipment and related service parts. Thetechnology solutions to unlock customer value for production-scale growers of large grains (such as corn and soy), small grains (such as wheat, oats, and barley), cotton, and sugar. Equipment manufactured and distributed by the segment consolidates all markets into four geographical customer focus areas to facilitate deep customer understandingincludes large and deliver world-class customer service. The segment's operations are consolidated into five product platforms – crop harvesting (combines,certain mid-size tractors, combines, cotton pickers, cotton strippers, and sugarcane harvesters, related harvesting front-end equipment, sugarcane loaders, pull-behind scrapers, and pull-behind scrapers); turf and utility (utility vehicles, riding lawn equipment, walk-behind mowers, commercial mowing equipment, golf course equipment, implements for mowing, tilling, snow and debris handling, aerating and many other residential, commercial, golf and sports turf care applications and other outdoor power products); hay and forage (self-propelled forage harvesters and attachments, balers and mowers); crop care (tillage,tillage, seeding, and application equipment, including sprayers and nutrient management and soil preparation machinery); and tractors (loaders and large, medium and utility tractors and related attachments). John Deere also purchases certain products from other manufacturers for resale.machinery.

The segment also provides integrated agricultural solutions and precision agriculture technologies across its portfolio of large equipment. John Deere has developed a leadingunique, production system-level approach designed to precision agriculture technology through advanced communicationsimprove customer profitability, productivity, and telematics, on board sensors and computers, andsustainability. This approach includes precise global navigation satellite systems technology, advanced connectivity and telematics, on-board sensors and computing power, automation software, digital tools, and applications and analytics that together enable seamless integration of information designed to enable farmers to better control input costsimprove customer decision making and yields, improve soil conservation, minimize chemical use, and to gather information.job execution. John Deere'sDeere’s advanced telematics systems remotely connect agricultural equipment owners, business managers, and dealers to agricultural equipment in the field, providing real-time

Table of Contents

alerts and information about equipment location, utilization, performance, and maintenance to improve productivity and efficiency.

Table of Contents

manufactured in anticipation of such demand in order to achieve efficient utilization of manpowerpersonnel and facilities throughout the year. For certain equipment, John Deere offers early order programs, which include discounts to retail customers.customers that place orders well in advance of the use season. Production schedules are based, in part, on these early order programs. The segment incursproduction and precision agriculture and small agriculture and turf segments incur substantial seasonal variationvariations in cash flows to finance production and inventory of agricultural and turf equipment. The segmentsegments also incursincur costs to finance sales to dealers in advance of seasonal demand. New combine and cotton harvesting equipment has been sold under early order programs with waivers of retail finance charges available to customers who take delivery of machines during off-season periods.non-use seasons. In Australia, Canada, and the U.S., there are typically several used equipment trade-in transactions as part ofthat take place in connection with most new agricultural equipment sales. To provide support to its dealers in these countries for thesecarrying and ultimately selling this used equipment trade-ins,inventory to retail customers, John Deere provides dealers in these countriesdealers with pools of funds awarded to dealers as a percentage of the dealer cost for eligible new equipment sales. Dealers can use these funds to defraysales at the coststime of carrying or marketing usedthe new equipment inventory or to provide financing incentives to customers purchasing the used equipment.settlement.

Retail demand for turf and utility equipment is normally higher in the second and third fiscal quarters. John Deere has pursued a strategy of building and shipping such equipment as close to retail demand as possible. Consequently, to increase asset turnover and reduce the average level of field inventories throughthroughout the year, production and shipment schedules of these product lines are normally proportionately higher in the second and third fiscal quarters of each year, corresponding closely to the seasonal pattern of retail sales.

Construction and Forestry

John Deere'sDeere’s construction and forestry equipment includessegment defines, develops, and delivers a broad range of machines and technology solutions organized along the earthmoving, forestry, and roadbuilding production systems. The segment’s primary products include a broad range of backhoe loaders, crawler dozers and loaders, four-wheel-drive loaders, excavators, motor graders, articulated dump trucks, landscape loaders, skid-steer loaders, milling machines, pavers, compactors, rollers, crushers, screens, asphalt plants, log skidders, log feller bunchers, log loaders, log forwarders, log harvesters, and a variety of attachments. John Deere provides a broad line of construction equipment and the most complete line of forestry machines and attachments available in the world. John Deere also manufactures and distributes road buildingroadbuilding equipment through its wholly-owned subsidiaries of the Wirtgen Group.

The construction and forestry machinessegment’s products are distributed under the John Deere brand name, except for the Wirtgen Group products, which are manufactured and distributed under six brand names: Wirtgen, Vögele, Hamm, Kleeman,Kleemann, Benninghoven, and Ciber. Forestry attachments are distributed under the John Deere and Waratah brand names. In addition to the equipment manufactured by the construction and forestry segment, John Deere purchases certain products from other manufacturers for resale. The segment also provides comprehensive fleet managementadvanced connectivity and telematics solutions designed to improve customer productivity, efficiency, and efficiencyworksite management through access to fleet location, utilization, performance, and maintenance information.

The prevailing levels of residential, commercial, and public construction, investment in infrastructure, and the condition of the forestry products industry influence retail sales of John Deere construction, earthmoving, road building,roadbuilding, material handling, and forestry equipment. General economic conditions, the level of interest rates,rate levels, the availability of credit, and certain commodity prices, such as oil and gas and those applicable to pulp, paper, and saw logs, also influence sales.

Table of Contents

Competition

Competition

The equipment operations sell products and services into a variety of highly competitive global and regional markets. The principal competitive factors in all markets include product performance, innovation and quality, distribution, customer service, and price. In North America and many other parts of the world, John Deere'sDeere’s brand recognition is a competitive factor.

The agricultural equipment industry continues to undergo significant changes and is becoming even more competitive through the emergence and expanding global capability of many competitors. The competitive environment for the agriculture and turf segmentoperations includes some global competitors, including AGCO Corporation, CLAAS KGaA mbH, CNH GlobalIndustrial N.V., Kubota Tractor Corporation, Mahindra, and The Toro Company, andas well as many regional and local competitors. These competitors have varying numbers of product lines competing with the segment'sJohn Deere’s products and each has varying degrees of regional focus. An important part of theAdditional competition within the agricultural equipment industry during the past decade has come from a variety of short-line and specialty manufacturers, as well as indigenous regional competitors, with differing manufacturing and marketing methods. Because ofAs technology increasingly enables enhanced productivity in agriculture, the industry conditions,is also attracting non-traditional competitors, including the merger of certain large integrated competitorstechnology-focused companies and the emergence and expanding global capability of many competitors, particularly in emerging and high potential markets such as Brazil, China and India wherestart-up ventures. John Deere seeks to increase market share, the agricultural equipment business continues to undergo significant change and is becoming even more competitive. The segment'sDeere’s turf equipment is sold primarily in the highly competitive North American, and Western European, and Australian markets.

Global competitors of the construction and forestry segment include Caterpillar Inc., CNH GlobalIndustrial N.V., Doosan Infracore Co., Ltd. and its subsidiary Doosan Bobcat Inc., Fayat Group, Komatsu Ltd., Kubota Tractor Corporation, Ponsse Plc, SANY Group Co., Ltd., Terex, Tigercat Industries Inc., Volvo Construction Equipment (part of Volvo Group AB), and XCMG. The construction business operates in highly competitive markets in North and South America andas well as other global markets, including China and Russia.markets. The forestry and road constructionroadbuilding businesses operate globally. The segment manufactures over 90 percent of the types of construction equipment used in the U.S. and Canada, including construction, forestry, earthmoving, road building,roadbuilding, and material handling equipment.

Manufacturing

Manufacturing Plants.Plants. In the U.S. and Canada, the equipment operations own and operate 21 factory locations and lease and operate another two locations, which contain approximately 29.1 million square feet of floor space.locations. Of these 23 factories, 13eight are devoted primarily to production and precision agriculture equipment, five to small agriculture and turf equipment, four to construction and forestry equipment, one to engines, two to engine and component remanufacturing, two to hydraulic and power train components, and one to electronic components. Outside the U.S. and Canada, the equipment operations own or lease and operate:operate 44 factories, including: agriculture and turf equipment factories in Argentina, Brazil, China, France, Germany, India, Israel, Italy, Mexico, the Netherlands, Russia, and Spain; constructionearthmoving equipment factories in Brazil China and Germany;China; engine, engine/power train, hydraulic, or electronic component factories in Argentina, China, France, India, and Mexico; road buildingroadbuilding equipment factories in Brazil, China, Germany, and India; and forestry equipment factories in Finland and New Zealand. These factories and manufacturing operations outside the U.S. and Canada contain approximately 27 million square feet of floor space. The engine factories referred to above manufacture non-road, heavy duty diesel engines.

The equipment operations also have financial interests in other manufacturing organizations, which include agricultural equipment manufacturers in the U.S., Bell in South Africa, the Hitachi joint venture that builds hydraulic excavators and tracked forestry equipment in the U.S., Canada, and Brazil, and ventures that manufacture transaxles and transmissions used in certain agriculture and turf segment products. Following the expected closing of the termination of the Hitachi joint venture in the first half of fiscal 2022, John Deere will fully own and operate the factories formerly owned by the joint venture.

John Deere'sDeere’s facilities are well maintained, in good operating condition, and suitable for their present purposes. These facilities, together with both short-term and long-term planned capital expenditures, are expected to meet John Deere'sDeere’s manufacturing needs in the foreseeable future.

Existing capacity is sufficient to satisfy John Deere'sDeere’s current expectations for retail market demand. The equipment operations'operations’ manufacturing strategy involves the implementation of appropriate levels of technology and automation to allow manufacturing processes to remain profitable at varying production levels. Operations are also designed to be flexible enough to accommodate the product design changes required to meet market conditions and changing customer requirements. Common manufacturing facilities

Table of Contents

Company’s operating results. The equipment operations also pursue external sales of selected parts and components that can be manufactured and supplied to third parties on a competitive basis, including engines, power train components, and electronic components.

Table of Contents

John Deere maintains strategic sourcing models to meet its production needs and build upon long-term supplier relationships. John Deere uses a variety of agreements with suppliers intended to drive innovation, ensure availability and delivery of industry-leading quality raw materials and components, manage costs on a globally competitive basis, protect John Deere'sDeere’s intellectual property, and minimize other supply-related risks. Supply chain risks monitored by John Deere to minimize the likelihood of the supply base causing business disruption include supplier financial viability, capacity, business continuity, labor availability, quality, delivery, cybersecurity, and weather-related events, including natural disasters. In fiscal 2018, no significant work stoppages occurred due2021, some of John Deere’s operations were affected by certain material or component shortages related to shortagesthe COVID-19 pandemic (COVID) and associated challenges, including those caused by industry capacity constraints, material availability, global logistics delays and constraints arising from, among other things, the transportation capacity of raw materials or other commodities, but John Deere experienced an increasing number of supply chain disruptions linked to supplier materialocean shipping containers, and labor shortages.availability constraints. These challenges are expected to persist into at least the early part of fiscal year 2022.

Backlog Orders

Table of Contents

reduced on certain John Deere products sold or leased in advance of the season of use or in other sales promotions. The financial services operations generally receive compensation from the sales companies at approximate market interest rates for periods during which finance charges are waived or reduced on the retail notes or leases. The cost is accounted for as a deduction in arriving at net sales by the equipment operations.

Table of Contents

compliance with regulations during fiscal year 2022. Additional information about the impact of government regulations on John Deere’s business is included in Item 1A, “Risk Factors” under the headings Geopolitical Uncertainties; Data Security and Privacy Risks; Environmental, Climate, and Weather Risks; and Legal and Regulatory Risks.

HUMAN CAPITAL

Higher Purpose

John Deere’s employees, its human capital, are guided by the Company’s higher purpose: We run so life can leap forward. Employees are further guided by the Company’s code of business conduct (Code), which helps them to uphold and strengthen the standards of honor and integrity that have defined John Deere since its founding. Our world and business may change, but our core values—integrity, quality, commitment, and innovation—are a constant in everything we do. Our values have shaped and guided our vision since 1837.

Employees

At October 28, 2018,31, 2021, John Deere had approximately 74,00075,600 employees, including approximately 31,00029,000 employees in the U.S. and Canada. John Deere also retains consultants, independent contractors, and temporary and part-time workers. Unions are certified as bargaining agents for approximately 8583 percent of John Deere'sDeere’s U.S. production and maintenance employees. Approximately 9,60010,500 of John Deere'sDeere’s active U.S. production and maintenance workers are covered by a collective bargaining agreement with the International Union, United AutoAutomobile, Aerospace and Agricultural Implement Workers of America (UAW), with an expiration date of OctoberNovember 1, 2021.

2027. A small number of U.S. production employees are represented by the International Association of Machinists and Aerospace Workers (IAM). Collective bargaining agreements covering John Deere’s employees in the U.S., other than the agreement with the UAW, expire between 2022 and 2027. Unions also represent the majority of employees at John Deere manufacturing facilities outside the U.S. There is no guarantee that John Deere will be able to renew collective bargaining agreements or whether such agreements will be on terms satisfactory to John Deere. For further discussion, see Risk Factors-Human Capital Risks-Disputes with labor unions have adversely affected John Deere’s ability to operate its facilities as well as its financial results.

Code of Business Conduct

John Deere is committed to conducting business in accordance with the highest ethical standards. This means how we conduct ourselves and our global work is more than just a matter of policy and law; it's a reflection of our core values. The Code, refreshed in 2021, provides specific guidance to all John Deere employees, outlining how they can and must uphold and strengthen the integrity that has defined John Deere since its founding. All employees must complete Code training and, where permitted by law, must also certify each year that they will comply with the Code. The Company maintains a global compliance hotline to allow for concerns to be brought forward.

Health and Safety

John Deere strives to achieve safety excellence through increased focus on leading indicators, risk reduction, health and safety management systems, and prevention. John Deere utilizes a safety balanced scorecard, which includes leading and lagging indicators and is designed to enable continuous measurement of safety performance and drive continuous improvement. Leading indicators include injury/illness corrective action closure rates, near-miss corrective action closure rates, and risk reduction from safety and ergonomic risk assessment projects. Lagging indicators include total recordable incident rate, ergonomic recordable case rate, and near-miss rate. Leading indicators are tracked by most of John Deere’s manufacturing facilities and internally reported. John Deere reported a total recordable incident rate of 1.99 and a lost time frequency rate of .78 in fiscal 2021.

John Deere has taken and continues to take extraordinary measures to protect its workforce in response to COVID. Safety protocols continue to be in place for employees who are required to work onsite, including divider screens and enhanced cleaning and sanitation. Where possible, John Deere has supported flexible work arrangements for employees throughout the pandemic, including by deploying new technologies to strengthen virtual connectivity. John Deere also provided financial support for employees who struggled to provide childcare during the pandemic. John Deere continues to strive to be agile in addressing employee needs in the quickly evolving environment while also being transparent across the workforce.

Diversity, Equity, and Inclusion (DEI)

In order to ensure that each of our employees can bring their full selves to work, John Deere strives to foster a diverse, equitable, and inclusive workplace where all voices are heard and included. John Deere continues to champion policies, practices, and behaviors that amplify innovation on behalf of people, community, and planet. Diversity, equity, and inclusion are critical to John Deere’s success as an organization. Incorporating DEI into our business practices enhances innovation and enables our best talent to thrive in an environment where diverse perspectives are celebrated. This requires deliberate intention and action on the part of every employee

Table of Contents

and leader. We will continue to push forward on the path to a more diverse, equitable, and inclusive culture with our colleagues, customers, suppliers, and distribution channels. In doing so, experience tells us we will be more engaged, innovative, and successful.

John Deere leadership sets a consistent and transparent tone on diversity and inclusion. Leadership training focuses on building an inclusive environment and driving positive behavioral change. To help managers with development and team building, we measure inclusiveness as part of our employee experience survey. We are working to further weave DEI into all aspects of how we lead and do business. In addition to regional councils, we have formed a global diversity and inclusion council with senior leaders who own our DEI journey. This journey is a collective effort that involves every level of our organization. As part of the annual sustainability report available on our website, John Deere has publicly disclosed the number of women and minorities in leadership positions and continues to launch initiatives to increase representation of minorities in the workforce.

John Deere proudly partners with several professional organizations to support our diversity recruitment strategy, including the National Black MBA Association, Inc., the Society of Women Engineers, the Thurgood Marshall College Fund Leadership Institute, the Society of Hispanic Professional Engineers, and Minorities in Agriculture, Natural Resources, and Related Sciences.

Our Company-sponsored employee resource groups (ERGs) are employee-run organizations formed around a common dimension of diversity, interest, or experience that affects the workplace. ERGs bring together individuals with shared interests while serving as resources to our business. The efforts of our ERGs address three key focus areas – employee development, community involvement, and business alignment. John Deere has 12 ERGs with more than 7,500 employees engaged globally.

Compensation & Benefits

To attract and retain talent, John Deere offers competitive compensation and non-financial benefits everywhere we operate. These benefits are tailored to the markets in which our employees are located. The non-compensation benefits we offer focus on all aspects of employee well-being, including physical, social, community, and career. We conduct regular surveys of the market rates for jobs to ensure our compensation is competitive. We offer a variety of working arrangements, including flexible schedules, telecommuting, and job sharing, to help employees manage home and work-life situations.

Training and Development

John Deere provides training and development opportunities for employees at all stages of their careers to empower them to reach their full potential. Employees are critical to the long-term success of John Deere’s business. We encourage employees to identify the paths that can build the skills, experience, knowledge, and competencies needed for career advancement. John Deere supports employees by creating purpose-driven work opportunities, comprehensive performance reviews and development plans, mentoring opportunities, and professional and personal development opportunities. John Deere provided approximately 19.5 training hours per full time equivalent administrative/professional employee globally in fiscal 2021. John Deere’s training programs, which are tailored to different geographic regions and job functions, include among other topics technical operation of equipment, equipment assembly, relationships with customers and dealers, John Deere’s culture and values, compliance with the Code, compliance with anti-bribery/corruption laws and policies, compliance with management of private data and cybersecurity, conflicts of interest, discrimination and workplace harassment policies, and sexual harassment policies.

Human Rights

John Deere honors human rights and respects the individual dignity of all persons globally. Our commitment to human rights requires that we understand and carry out our responsibilities consistent with Company values and practices. We strive to ensure that human rights are upheld for our employees and all workers in our supply chain. Our commitment to human rights is defined in the Code, our supplier code of conduct, our dealer code of conduct, and related policies and practices, which establish clear guidelines for our employees, suppliers, and dealers while helping to inform our business decisions. We do not tolerate human rights abuses, such as forced labor, unlawful child labor, or human trafficking. We are proud to contribute to the places where we work and support the residents of these places.

​

Table of Contents

INFORMATION ABOUT OUR EXECUTIVE OFFICERS OF THE REGISTRANT

Following are the names and ages of the executive officers of the Company, their positions with the Company, and summaries of their backgrounds and business experience.experiences. All executive officers are elected or appointed by the Board of Directors and hold office until the annual meeting of the Board of Directors following the annual meeting of stockholders in each year.

​

Table of Contents

Geopolitical Uncertainties

International, national, and regional trade laws, regulations, and policies (particularly those related to or restricting global trade) and government farm programs and policies could significantly impair John Deere'sDeere’s profitability and growth prospects.

International, national, and regional laws, regulations, and policies directly or indirectly related to or restricting the import and export of John Deere'sDeere’s products, services, and technology, or those of our customers, including protectionist policies in particular jurisdictions or for the benefit of favored industries or sectors, could harm John Deere's multinational business and subjectDeere’s global business. John Deere to civil and criminal sanctions for violations. John Deere'sDeere’s profitability and growth prospects are tied directly to the global marketplace. Restricted access to global markets impairs John Deere'sDeere’s ability to export goods and services from its various manufacturing locations around the world and limits the ability to access raw materials and high qualityhigh-quality parts and components at competitive prices on a timely basis. Trade restrictions, 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 (and retaliatory)or retaliatory tariffs against certain countries or covering certain products, including developments in U.S.-China trade relations, could limit John Deere'sDeere’s ability to capitalize on current and future growth opportunities in international markets and impair John Deere'sDeere’s ability to expand the business by offering new technologies, products, and services. These trade restrictions, and changes in – in–or uncertainty surrounding – surrounding–global trade policies, may affect John Deere'sDeere’s competitive position. Furthermore, market access and the ability to export agricultural and forestry commodities is critical to John Deere'sDeere’s agricultural and forestry customers. Policies impacting exchange rates and commodity prices or those limiting

Table of Contents

Uncertain Economic Conditions

John Deere operates in highly competitive markets.

John Deere operates in a variety of highly competitive global and regional markets. John Deere competes worldwide with a number of other manufacturers and distributors that produce and sell similar products. John Deere competes on the basis of product performance, innovation and quality, distribution, customer service and price. Aggressive pricing or other strategies pursued by competitors, unanticipated product or manufacturing delays or John Deere's failure to price its products competitively could adversely affect John Deere's business, results of operations and financial condition.

John Deere's business results depend largely on its ability to understand its customers' specific preferences and requirements, and to develop, manufacture and market products that meet customer demand.

John Deere's ability to match new product offerings to diverse global customers' anticipated preferences for different types and sizes of equipment and various equipment features and functionality, at affordable prices, is critical to its success. This requires a thorough understanding of John Deere's existing and potential customers on a global basis, particularly in potentially high-growth and emerging markets, including Brazil, China, India and Russia. Failure to deliver quality products that meet customer needs at competitive prices ahead of competitors could have a significant adverse effect on John Deere's business.

Negative economic conditions and outlook can materially weaken demand for John Deere'sDeere’s equipment and services, limit access to funding, and result in higher funding costs.

The demand for John Deere'sDeere’s products and services can be significantly reduced in an economic environment characterized by high unemployment, cautious consumer spending, lower corporate earnings, U.S. budget issues, and lower business investment. Negative or uncertain economic conditions causingthat cause John Deere'sDeere’s customers to lack confidence in the general economic outlook can significantly reduce their likelihood of purchasing John Deere'sDeere’s equipment. As discussed under Risks Related to the COVID Pandemic–The COVID pandemic resulted in additional risks that could materially adversely affect John Deere’s business, financial condition, results of operations, and/or cash flows, the COVID pandemic caused a global recession and significantly increased economic and demand uncertainty. Sustained negative economic conditions and outlook affect housing starts, energy demand, and other construction, which dampens demand for certain construction equipment. John Deere'sDeere’s turf operations and its construction and forestry business are dependent on construction activity and general economic conditions. Decreases in construction activity and housing starts could have a material adverse effect on John Deere'sDeere’s results of operations. If negative economic conditions affect the overall farm economy, there could be a similar effect on John Deere'sDeere’s agricultural equipment sales. In addition, uncertain or negative outlook with respect to ongoingpervasive U.S. budgetfiscal issues as well as general economic conditions and outlook can cause significant changes in market liquidity conditions. Such changes could impact access to funding and associated funding costs, which could reduce the Company'sCompany’s earnings and cash flows. Additionally, the Company'sCompany’s investment management activities could be adversely affected by changes in the equity and bond markets, which would negatively affect earnings.

In addition, demand for John Deere'sDeere’s products and services can be significantly reduced by concerns regarding the diverse economic and political circumstances of the individual countries in the eurozone, the debt burden of certain eurozone countries and their ability to meet future financial obligations, uncertainty related to the anticipated withdrawal of the United Kingdom from the European Union, the risk that one or more other European Union countries could come under increasing pressure to leave the European Union, or the long term stability of the euro as a single common currency. Persistent disparity with respect to the widely varying economic conditions within the individual countries in the eurozone, and its implications for the euro as well as market perceptions concerning these and related issues, could adversely affect the value of the Company'sJohn Deere’s euro-denominated assets and obligations, have an adverse effect on demand for John Deere'sDeere’s products and services in the eurozone, and have an adverse effect on financial markets in Europe and globally. More specifically, it could affect the ability of John Deere'sDeere’s customers, suppliers, and lenders to finance their respective businesses toand access liquidity at acceptable financing costs, if at all, andas well as the availability of supplies and materials and on the demand for John Deere'sDeere’s products.

Financial Risks

Changes in government banking, monetary, and fiscal policies could have a negative effect on John Deere.

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 may not be effective and could have a material impact on John Deere’s customers and markets. Failure of the U.S. federal government to pass a 2022 budget resolution could lead to a U.S. default under its sovereign debt, the consequences of which could have significant and unpredictable effects on global financial markets, which could in turn negatively affect John Deere’s operating results, cash flows, and financial condition. John Deere’s operations and results could also be affected by financial regulatory reform that could have an adverse effect on the financial services segment and on John Deere’s customers by limiting their ability to enter into hedging transactions or to finance purchases of John Deere products. Government policies on spending can also affect John Deere, especially the construction and forestry segment, due to the impact of government spending on infrastructure development. John Deere’s operations, including those outside of the United States, may also be affected by non-U.S. regulatory reforms being implemented to further regulate non-U.S. financial institutions and markets.

Changes in tax rates, tax legislation, or exposure to additional tax liabilities could have a negative effect on John Deere.

John Deere is subject to income taxes in the U.S. and numerous foreign jurisdictions. John Deere’s 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. John Deere’s 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 John Deere’s effective tax rates were to increase, or if the ultimate determination of its taxes owed is for an amount in excess of amounts previously accrued, John Deere’s operating results, cash flows, and financial condition could be adversely affected.

Table of Contents

The Company'sCompany’s consolidated financial results are reported in U.S. dollars while certain assets and other reported items are denominated in the currencies of other countries, creating currency exchange and translation risk.

John Deere operates in many areas of the world, involving transactions denominated in a variety of currencies. John Deere is subject to currency exchange risk to the extent that its costs are denominated in currencies other than those in which John Deere earns revenues.

Additionally, the reporting currency for the Company'sCompany’s consolidated financial statements is the U.S. dollar. Certain of John Deere'sDeere’s assets, liabilities, expenses, and revenues are denominated in other countries'countries’ currencies. Those assets, liabilities, expenses, and revenues are translated into U.S. dollars at the applicable exchange rates to prepare the Company'sCompany’s consolidated financial statements. Therefore, increases or decreases in exchange rates between the U.S. dollar and those other currencies affect the value of those items as reflected in the Company'sCompany’s consolidated financial statements, even if their value remains unchanged in their original currency.currencies. Substantial fluctuations in the value of the U.S. dollar could have a significant impact on John Deere'sDeere’s results.

Table of Contents

LIBOR exactly, which could affect John Deere’s contracts that mature after a LIBOR cessation date. In addition, there is uncertainty about how applicable laws, the courts, or John Deere will address the replacement of LIBOR with alternative rates on variable rate contracts that do not include, or contain unclear, alternative rate fallback provisions. A failure to properly transition away from LIBOR could expose John Deere to various financial, operational, and regulatory risks, which could affect its results of operations and cash flows. Uncertainty as to the nature of such potential changes may also adversely affect the trading market for the Company’s securities.

Sustained increases in funding obligations under the Company’s pension plans may impair the Company’s liquidity or financial condition.

The Company maintains certain defined benefit pension plans for certain employees, which impose funding obligations. The Company uses many assumptions in calculating its future payment obligations under these plans. Significant adverse changes in credit or market conditions could result in actual rates of return on pension investments being lower than expected. The Company may be required to make significant contributions to its pension plans in the future. These factors could significantly increase the Company’s payment obligations under the plans and adversely affect its business, results of operations, and financial condition.

Market Conditions

John Deere’s ability to adapt in highly competitive markets could affect its business, results of operations, and financial condition.

John Deere operates in a variety of highly competitive global and regional markets. John Deere competes worldwide with a number of other manufacturers and distributors that produce and sell similar products. John Deere competes on the basis of product performance, innovation and quality, distribution, customer service, and price. Aggressive pricing or other strategies pursued by competitors, unanticipated product or manufacturing delays, or John Deere’s failure to price its products competitively could adversely affect its business, results of operations, and financial condition.

John Deere’s ability to understand its customers’ specific preferences and requirements, and to develop, manufacture, and market products that meet customer demand, could significantly affect its business results.

John Deere’s ability to match new product offerings to diverse global customers’ anticipated preferences for different types and sizes of equipment and various equipment features and functionality, at affordable prices, is critical to its success. This requires a thorough understanding of John Deere’s existing and potential customers on a global basis, particularly in growth markets such as Argentina, Brazil, and India. Failure to deliver quality products that meet customer needs at competitive prices ahead of competitors could have a significant adverse effect on John Deere’s business.

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.

Changing worldwide demand for farm outputs to meet the world’s growing food and bio-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 could negatively affect sales of agricultural equipment and result in higher credit losses. While higher commodity prices benefit John Deere’s crop-producing agricultural equipment customers, higher commodity prices also 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. Furthermore, changing bio-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 bio-fuel utilization could affect commodity demand and commodity prices, demand for John Deere’s diesel-fueled equipment, and result in higher research and development costs related to equipment fuel standards.

Manufacturing and Operations

Changes in the availability and price of certain raw materials, components, and whole goods could result in significant disruptions to the supply chain, production disruptions, and increased costs and lower profits on sales of John Deere products.

John Deere requires access to various raw materials, components, and whole goods at competitive prices to manufacture and distribute its products. Changes in the availability and prices of these raw materials, components, and whole goods, which have fluctuated significantly in the past and are more likely to fluctuate during times of economic volatility, regulatory instability, or change in import tariffs or trade agreements, can significantly increase the costs of production, which could have a material negative effect on the profitability of the business, particularly if John Deere, due to pricing considerations or other factors, is unable to recover the increased costs from its customers. Significant disruptions to the supply chain resulting from shortages of raw materials, components,

Table of Contents

and whole goods can adversely affect John Deere’s ability to meet commitments to customers. John Deere relies on suppliers to acquire raw materials, components, and whole goods required to manufacture its products.

Certain components and parts used in John Deere’s products are available from a single supplier and cannot be alternatively sourced quickly. As discussed under Item 1, “Construction and Forestry,” the Company agreed to voluntarily terminate its joint venture agreement with Hitachi in a transaction that is expected to close in the first half of fiscal 2022. In connection with this termination, John Deere Construction & Forestry Company, a wholly-owned subsidiary of the Company, has entered into a supply agreement with Hitachi pursuant to which Hitachi will continue to provide John Deere-branded excavators, components, and service parts. Any delay or failure by Hitachi to deliver these supplies, or failure by Hitachi to produce such supplies in a manner that meets John Deere’s quality and quantity requirements, could adversely affect John Deere’s business, results of operations, cash flow, and financial condition or its ability to meet commitments to its customers.

In 2020, the COVID pandemic caused a significant reduction in global demand for goods, resulting in widespread cuts in manufacturing capacity and the displacement of workers. As economies around the world have reopened in 2021, sharp increases in demand have created significant disruptions to the global supply chain, which have affected John Deere’s ability to receive goods on a timely basis and at anticipated costs. These supply chain disruptions have been caused and compounded by many factors, including changes in supply and demand, industry capacity constraints, weather conditions, natural disasters, business continuity, labor shortages, the COVID pandemic, geopolitical tensions, and trade conflicts. Global logistics network challenges include shortages of shipping containers, ocean freight capacity constraints, international port delays, trucking and chassis shortages, railway and air freight capacity, and labor availability constraints, which have resulted in delays, shortages of key manufacturing components, increased order backlogs, and increased transportation costs. John Deere actively monitors and mitigates supply chain risk, but there can be no assurance that our mitigation plans will be effective to prevent disruptions that may arise from shortages of materials that we use in the production of our products. Uncertainties related to the magnitude and duration of global supply chain disruptions have adversely affected, and may continue to adversely affect, John Deere’s business and outlook.

Supply chain disruptions due to pandemic events, including the COVID pandemic, supplier financial distress, capacity constraints, trade barriers, labor shortages, business continuity, quality, cyberattacks, energy supply, delivery issues, or disruptions due to weather-related events or natural disasters could affect John Deere’s operations and profitability.

Data Security and Privacy Risks

Security breaches and other disruptions to John Deere’s information technology infrastructure could interfere with John Deere’s operations and could compromise the information of John Deere as well as its customers, suppliers, and/or dealers, exposing John Deere to liability that could cause John Deere’s business and reputation to suffer.

In the ordinary course of business, John Deere relies 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 John Deere equipment and from customers of the financial services segment. John Deere uses 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, John Deere collects and stores sensitive data, including intellectual property, proprietary business information, and the proprietary business information of John Deere’s customers, suppliers, and dealers, as well as personally identifiable information of John Deere’s customers and employees, in data centers, which are often owned by third parties, and on information technology networks. The secure operation of these information technology networks and the processing and maintenance of this information is critical to John Deere’s business operations and strategy. Despite security measures, including a vulnerability disclosure program, and business continuity plans, John Deere’s information technology networks and infrastructure have been and may be vulnerable to damage, disruptions, or shutdowns due to attacks by cyber criminals or breaches due to employee, supplier, or dealer error or malfeasance or other disruptions during the process of upgrading or replacing computer software or hardware, power outages, computer viruses, telecommunication or utility failures, terrorist acts, natural disasters, or other catastrophic events. Although John Deere has not suffered any significant cyber incidents that resulted in material business impact, we have from time to time been the target of malicious cyber threat actors. The occurrence of any significant event could compromise John Deere’s networks, and the information stored there could be accessed, publicly disclosed, lost, or stolen. Any such access, disclosure, or other loss of information could result in legal claims or proceedings, liability or regulatory penalties under laws protecting the privacy of personal information, disruption to John Deere’s operations, and damage John Deere’s reputation, which could adversely affect John Deere’s business, results of operations, and financial condition. In addition, as security threats continue to evolve and increase in frequency and sophistication, John Deere may need to invest additional resources to protect the security of its systems.

Table of Contents

John Deere is subject to governmental laws, regulations, and other legal obligations related to privacy and data protection and any inability or perceived inability of John Deere to address these requirements could adversely affect our business.

The legislative and regulatory framework for privacy and data protection issues worldwide is rapidly evolving and is likely to remain uncertain for the foreseeable future. John Deere collects personal information and other data as integral parts of its business processes and activities. This data is subject to a variety of U.S. and foreign laws and regulations, including oversight by various regulatory and other governmental bodies. Many foreign countries and governmental bodies, including the European Union, China, Canada, and other relevant jurisdictions where John Deere conducts business, have laws and regulations concerning the collection and use of personal information and other data obtained from their residents or by businesses operating within their jurisdictions. The European Union General Data Protection Regulation, the California Consumer Privacy Act, and the China Personal Information Protection Law, among others, impose stringent data protection requirements and provide significant penalties for noncompliance. New privacy laws will continue to come into effect around the world in the future. Any inability or perceived inability to adequately address privacy and data protection concerns, even if unfounded, or comply with applicable laws, regulations, policies, industry standards, contractual obligations, or other legal obligations (including at newly acquired companies) could result in additional cost and liability to the Company or Company officials, damage our reputation, inhibit sales, and otherwise adversely affect our business.

Security breaches with respect to John Deere’s products could interfere with the business of John Deere, its dealers, and/or customers, exposing John Deere to liability that would cause its business and reputation to suffer.

Some of John Deere’s products include connectivity hardware typically used for remote system updates. While John Deere has implemented security measures intended to prevent unauthorized access to its products, malicious actors have reportedly attempted, and may attempt in the future, to gain unauthorized access to such products through such connectivity hardware in order to gain control of the products, change the products’ functionality, user interface, or performance characteristics, or gain access to data stored in or generated by the products. Any unauthorized access to or control of John Deere products or systems or any loss of data could result in legal claims against John Deere or government investigations. In addition, reports of unauthorized access to John Deere’s products, systems, and data, regardless of their veracity, may result in the perception that the products, systems, or data are capable of being hacked, which could harm John Deere’s brand, prospects, and operating results. John Deere has been the subject of such reports in the past.

Intellectual Property Risks

The potential loss of John Deere intellectual property through trade secret theft, infringement of patents, trademark counterfeiting, or other loss of rights to exclusive use of John Deere intellectual property maycould have a material adverse effect on the Company. Infringement of the intellectual property rights of others by John Deere maycould also have a material adverse effect on the Company.

John Deere relies on a combination of patents, trademarks, copyrights, trade secret laws, and confidentiality agreements to protect ourits intellectual property rights. In particular, weJohn Deere heavily relyrelies on certain John Deere trademarks whichthat contribute to John Deere'sDeere’s identity and the recognition of its products and services, including but not limited to the "John Deere"“John Deere” mark, the leaping deer logo, the "Nothing“Nothing Runs Like a Deere"Deere” slogan, the prefix "JD"“JD” associated with many products, and the green and yellow equipment colors. These trademarks, as well as the many patents used in our products, are integral to the John Deere business, and their loss could have a material adverse effect on the Company.

Additionally, third parties may initiate litigation to challenge the validity of ourJohn Deere’s patents or allege that we infringeJohn Deere infringes their patents. WeJohn Deere may incur substantial costs if ourits competitors or other third parties initiate such litigation, or if we initiateJohn Deere initiates any proceedings to protect ourits proprietary rights. If the outcome of any such litigation is unfavorable to us,John Deere, our business could be adversely affected. Similarly, disputes may arise regarding whether ourJohn Deere’s products or technologies infringe the proprietary rights of others. Any such infringement could cause third parties, including our competitors, to bring claims against us,John Deere, resulting in significant costs, possible damages, and substantial uncertainty.

Human Capital Risks

John Deere’s ability to attract, develop, engage, and retain qualified employees could affect its ability to execute its strategy.

John Deere’s continued success depends, in part, on its ability to identify and attract qualified candidates with the requisite education, background, and experience as well as its 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 John Deere’s ability to execute its business strategy, and could adversely affect John Deere’s business. In addition, while John Deere is subject to extensive anti-corruption laws and regulations.

John Deere's global operations must comply with all applicable anti-corruption laws, including the U.S. Foreign Corrupt Practices Act and the UK Bribery Act. These anti-corruption 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 legal or culturally expected in a particular jurisdiction. Although John Deere has a compliance program in place designedstrives to reduce the likelihoodimpact of potential violationsthe departure of employees, John Deere’s operations or ability to execute its business strategy and meet its business objectives may be affected by the loss of employees, particularly when departures involve larger numbers of employees, such laws, violationsas those John Deere could experience if a surge occurs in the number of these lawsemployees voluntarily leaving their jobs similar to that experienced by

Table of Contents

other employers and industries since 2020. Higher rates of employee separations may adversely affect John Deere through decreased employee morale, the loss of knowledge of departing employees, and the devotion of resources to recruiting and onboarding new employees.

Disputes with labor unions have adversely affected John Deere’s ability to operate its facilities as well as its financial results.

Many of John Deere’s production and maintenance employees are represented by labor unions under various collective bargaining agreements with different expiration dates. The failure of John Deere to successfully renegotiate labor agreements as they expire has from time to time led, and could result in criminalthe future lead, to work stoppages or civil sanctionsother disputes with labor unions. Disruptions to John Deere’s manufacturing and parts-distribution facilities, through various forms of labor disputes, adversely affect the Company. On October 14, 2021, after employees represented by the UAW failed to approve a new collective bargaining agreement between John Deere and the UAW, the UAW initiated a labor strike affecting more than 10,000 workers at 14 John Deere facilities across the U.S., which adversely affected John Deere’s operations in the fourth quarter of fiscal 2021. The strike ended after a new collective bargaining agreement was approved on November 17, 2021. The UAW strike is expected to have an adverse effect on John Deere'sDeere’s results of operations for the three months ending January 30, 2022 as a result of reduced production and shipments. 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 John Deere’s reputation, and could materially adversely affect the Company’s business, and results of operations, and financial condition.

John Deere's business may be directlyEnvironmental, Climate, and indirectly affected by unfavorableWeather Risks

Unfavorable weather conditions or natural disasterscalamities that reduce agricultural production and demand for agriculture and turf equipment.equipment could directly and indirectly affect John Deere’s business.

Poor or unusual weather conditions, particularly during the planting and early growing season, can significantly affect the purchasing decisions of John Deere'sDeere’s customers, particularly the purchasers of agriculture and turf equipment. The timing and quantity of rainfall are two of the most important factors in agricultural production. Insufficient levels of rain 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 can also cause crop failure or decreased yields and may also affect disease incidence. Temperature affects the rate of growth, crop maturity, and crop quality.quality of crops. Natural calamities such as regional floods, hurricanes or other storms, droughts, diseases, and droughtspests can have significant negative effects on

Table of Contents

engines, which could negatively impact business results.

Additionally, in certain locations governments have banned or may in the future ban internal combustion engines for some types of products completely. To the extent these bans affect products manufactured and sold by John Deere, may incur increased costs due to new or more stringent greenhouse gas emission standardsour business, results of operations, and financial condition could be negatively affected.

Governmental actions designed to address climate change and the emergence of new technologies and business models in connection with the transition to a lower-carbon economy could be further impacted byadversely affect John Deere and its customers. The physical effects attributed to climate change on itscould further impact John Deere’s facilities, suppliers, and customers.

There is global scientific consensus that emissions of greenhouse gases (GHG) continue to alter the composition of Earth'sEarth’s atmosphere in ways that are affecting and are expected to continue to affect the global climate. These considerations may lead to new international, national, regional, or local legislative or regulatory responses in the future.responses. Various stakeholders, including legislators and regulators, shareholders, and non-governmental organizations, as well as companies in many business sectors, including John Deere, are consideringcontinuing 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 John Deere in the form of taxes or emission allowances, facilities improvements, and energy costs, which would increase John Deere'sDeere’s operating costs through higher utility, transportation, and materials costs. Increased input costs, such as fuel and fertilizer, and compliance-related costs could also impactaffect customer operations and demand for John Deere equipment. Because the impact of any future GHGclimate change-related legislative, regulatory, or product standard requirements on John Deere'sDeere’s global businesses and products is dependent on the timing and design of mandates or standards, John Deere is unable to predict itstheir potential impact at this time.

Furthermore,Customer preferences in the markets served by John Deere could change as these markets transition to less carbon-intensive business models. Demand for electric agricultural, turf, and construction equipment could rise. The development of alternative farming techniques, carbon sequestration technologies, and new low-carbon biofuels could change farmers’ business models and equipment needs. If John Deere fails to properly develop or invest in new technologies to meet changing customer demands, John Deere will be at risk of losing potential sources of revenue, which could affect the Company’s future financial results.

The potential physical impacts of climate change on John Deere'sDeere’s facilities, suppliers, and customers and therefore on John Deere'sDeere’s operations are highly uncertain and will be particular to the circumstances developing in various geographicalgeographic regions. These may include extreme weather events and long-term changes in temperature levels and water availability. These potential physical effects may adversely impactaffect the demand for John Deere'sDeere’s products and the cost, production, sales, and financial performance of John Deere'sDeere’s operations.

TableLegal and Regulatory Risks

John Deere’s global operations are subject to complex and changing laws and regulations, the violation of Contents

Security breaches and other disruptions to John Deere's information technology infrastructurewhich could interfere with John Deere's operations and could compromise John Deere's and its customers' and suppliers' information, exposingexpose John Deere to liability that would cause potential liabilities, increased costs, and other adverse effects.

John Deere's businessDeere’s global operations are subject to numerous international, federal, state, and reputation to suffer.

In the ordinary course of business, John Deere relies upon information technology networkslocal laws and systems, someregulations, many of which are managed by third parties,complex, frequently changing, and subject to process, transmitvarying interpretations. These laws and storeregulations cover a broad spectrum of subject areas, including advertising; anti–money laundering; antitrust; consumer finance; environmental, health, and safety, including proper handling of electronic information,waste, recycling, and to manage or support a variety of business processesclimate change; foreign exchange controls and activities, including supply chain, manufacturing, distribution, invoicingcash repatriation restrictions; foreign ownership and collection of payments from dealers or other purchasers ofinvestment; import/export and trade; human rights, labor, and employment; product liability; and telematics and data privacy and connectivity. These laws may vary substantially within the different markets in which John Deere equipmentoperates. Compliance with these laws and from customersregulations is costly and may further increase the cost of conducting John Deere's financial servicesDeere’s global operations. In addition, John Deere uses information technology systems to record, process and summarize financial information and results of operations for internal reporting purposes and tomust comply with regulatory financial reporting,the U.S. Foreign Corrupt Practices Act and all applicable foreign anti-corruption laws, including the U.K. Bribery Act, which 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 legal and tax requirements. Additionally,or culturally expected in a particular jurisdiction. Although John Deere collectshas a compliance program in place designed to reduce the likelihood of potential violations of such laws and stores sensitive data, including intellectual property, proprietary business informationregulations, there can be no assurance that John Deere’s employees, contractors, or agents will not violate such laws and the proprietary business information ofregulations or John Deere's customersDeere’s policies and suppliers, as well as personally identifiable information of John Deere's customers and employees, in data centers and on information technology networks. The secure operationprocedures. Violations of these information technology networkslaws and the processing and maintenance of this information is critical to John Deere's business operations and strategy. Despite security measures and business continuity plans, John Deere's information technology networks and infrastructure may be vulnerable to damage, disruptions or shutdowns due to attacks by cyber criminals or breaches due to employee error or malfeasance or other disruptions during the process of upgrading or replacing computer software or hardware, power outages, computer viruses, telecommunication or utility failures, terrorist acts, natural disasters or other catastrophic events. The occurrence of any of these events could compromise John Deere's networks, and the information stored there could be accessed, publicly disclosed, lost or stolen. Any such access, disclosure or other loss of informationregulations could result in legal claimscriminal or proceedings, liability or regulatory penalties under laws protecting the privacy of personal information, disrupt operations,civil sanctions and damagehave a materially adverse effect on John Deere'sDeere’s reputation, which could adversely affect John Deere's business, results of operations, and financial condition. In addition, as security threats continue

Changes to evolve and increase in frequency and sophistication, we may need to invest additional resources to protect the security of our systems.

John Deere is subject to governmental laws, regulations and other legal obligations related to privacy and data protection.

The legislative and regulatory framework for privacy and data protection issues worldwide is rapidly evolving and is likely to remain uncertain for the foreseeable future. John Deere collects personally identifiable information (PII) and other data as integral parts of its business processes and activities. This data is subject to a variety of U.S. and internationalexisting laws and regulations including oversight by various regulatory or other governmental bodies. Many foreign countries and governmental bodies, includingchanges to how they are interpreted or the European Union, Canada, and other relevant jurisdictions where we conduct business, have laws and regulations concerning the collection and useimplementation of PII and other data obtained from their residents or by businesses operating within their jurisdiction that are more restrictive than those in the U.S. Additionally, in May 2016, the European Union adopted the General Data Protection Regulation that imposesnew, more stringent data protection requirements and provides for greater penalties for noncompliance. Any inability,laws or perceived inability, to adequately address privacy and data protection concerns, even if unfounded, or comply with applicable laws, regulations policies, industry standards, contractual obligations, or other legal obligations (including at newly acquired companies) could result in additional cost and liability to us or company officials, damage our reputation, inhibit sales, and otherwise adversely affect our business.

John Deere's ability to execute its strategy is dependent upon the ability to attract, train and retain qualified personnel.

John Deere's continued success depends, in part, on its ability to identify, attract, motivate, train and retain qualified personnel in key functions. In particular, John Deere is dependent on its ability to identify, attract, motivate, train and retain qualified personnel with the requisite education, background and industry experience. Failure to attract, train and retain qualified personnel, whether as a result of an insufficient number of qualified applicants, difficulty in recruiting new personnel, or the allocation of inadequate resources to training, integration and retention of qualified personnel, could impair John Deere's ability to execute its business strategy and could adversely affect John Deere's business. In addition, whileDeere’s business by increasing compliance costs, limiting John Deere’s ability to offer a product or service, requiring changes to John Deere’s business practices, or otherwise making John Deere’s products and services less attractive to customers. For example, so-called “right to repair” legislation proposals in certain states and at the federal level in the U.S. could require John Deere strives to reduceprovide access to the impact of the departure of employees, John Deere's operations or ability to executesoftware code embedded in its business strategy may be impacted by the loss of personnel.

Sustained increases in funding obligations under the Company's pension plans may impair the Company's liquidity or financial condition.

The Company maintains certain defined benefit pension plans for certain employees,products, which, impose funding obligations. The Company uses many assumptions in calculating its future payment obligations under the plans. Significant adverse changes in credit or market conditionsamong other harmful consequences, could result in actual ratesproduct safety issues, compromise engine emissions and performance controls, adversely affect the protection of returns on pensionJohn Deere’s intellectual property rights, and discourage innovation and investments being lower than expected. The Companyin research and development.

Table of Contents

Legislative and regulatory changes and other actions that could potentially affect John Deere’s business may be requiredannounced with little or no advance notice and John Deere may not be able to make significant contributions to its pension plans in the future. These factors could significantly increase the Company's payment obligations under the plans and adversely affect its business, results of operations and financial condition.effectively mitigate all adverse effects from such measures.

Strategic Performance Risks

John Deere may not realize all of the anticipated benefits of ourits business strategies, including acquisitions, joint ventures, orand divestitures, or these benefits may take longer to realize than expected.

From time to time, the CompanyJohn Deere makes strategic acquisitions and divestitures – such as its acquisition of the Wirtgen Group – orand participates in joint ventures. TransactionsAcquisitions and joint ventures that the CompanyJohn Deere has entered into, or may enter into in the future, may involve significant challenges and risks, including that the transactionsacquisitions or joint ventures do not advance ourJohn Deere’s business strategy or fail to produce satisfactory returns on our investment. The CompanyJohn Deere may encounter difficulties in integrating acquisitions with its operations, in applying internal control processes to these acquisitions, in managing strategic investments, and in assimilating new capabilities to meet the future needs of the Company's business.John Deere’s businesses. Integrating acquisitions is often costly and may require significant attention from management. Furthermore,

Table of Contents

and band spectrum sharing, or other modifications concerning the regulation of frequency bands, could significantly disrupt or degrade the utility and reliability of John Deere'sDeere’s GPS-based products, which could negatively affect John Deere'sDeere’s ability to develop and market GPS-based technology solutions. For John Deere'sDeere’s agricultural customers, the inability to use high-precision augmented GPS signals or other RF signals could result in lower crop yields and higher equipment maintenance, seed, fertilizer, fuel, and wage costs. For construction customers, disrupting GPS or RF applications 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'customers’ profitability and demand for John Deere products.

ITEM 1B.        UNRESOLVED STAFF COMMENTS.

ITEM 1B.

UNRESOLVED STAFF COMMENTS.

None.

None.

ITEM 2.        PROPERTIES.

See "Manufacturing"“Manufacturing” in Item 1.

Table of Contents

PART II

ITEM 5.        MARKET FOR REGISTRANT'S COMMON EQUITY, RELATED STOCKHOLDER MATTERS AND ISSUER PURCHASES OF EQUITY SECURITIES.

(a)

The Company's common stock is listed on the New York Stock Exchange under the symbol "DE". See the information concerning the number of stockholders and the data on dividends declared and paid per share in Notes 29 and 30 to the Consolidated Financial Statements.

(b)

Not applicable.

(c)

The Company's purchases of its common stock during the fourth quarter of 2018 were as follows:

ISSUER PURCHASES OF EQUITY SECURITIES

ITEM 6.        SELECTED FINANCIAL DATA.
​

Table of Contents

The Company'sCompany’s independent registered public accounting firm has issued an audit report on the effectiveness of the Company'sCompany’s internal control over financial reporting. That report is included herein.

Changes in Internal Control Over Financial Reporting

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

Table of Contents

Table of Contents

​