Deere John Capital (DE22B) 8-K Results of Operations and Financial Condition

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section13 OR 15(d) of the Securities Exchange Act of 1934

Date of Report: November 24, 2021

(Date of earliest event reported)

JOHN DEERE CAPITAL CORPORATION

(Exact name of registrant as specified in its charter)

Delaware	1-6458	36-2386361
(State or other jurisdiction of incorporation)	(Commission File Number)	(IRS Employer Identification No.)

10587 Double R Boulevard, Suite 100

Reno, Nevada 89521

(Address of principal executive offices and zip code)

(775) 786-5527

(Registrant’s telephone number, including area code)

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

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

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

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

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

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

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

Title of each class	Trading symbol	Name of each exchange on which registered
2.75% Senior Notes Due 2022	JDCC/22	New York Stock Exchange
2.00% Senior Notes Due 2031	JDCC 31	New York Stock Exchange

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

Emerging growth company ☐

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

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Items 2.02 and 8.01	Results of Operations and Financial Condition and Other Events.
	John Deere Capital Corporation’s revenue, net income, and ending portfolio balance for the fourth quarter of fiscal 2021 and full-year fiscal 2021 are set forth below:
			Fourth Quarter					Full Year
	$ in millions		2021		2020		% Change	2021		2020		% Change
	Revenue		$	673	$	693	-3%	$	2,688	$	2,808	-4%
	Net income		$	181	$	154	18%	$	711	$	425	67%
	Ending portfolio balance							$	41,488	$	38,726	7%
	Net income for the fourth quarter of fiscal 2021 was higher than in the fourth quarter of 2020 primarily due to income earned on higher average portfolio balances and improvements on operating-lease residual values. These factors were partially offset by a higher provision for credit losses. Fourth-quarter 2020 results were also negatively impacted by employee-separation expenses. Full-year 2021 net income was higher than in 2020 due to improvements on operating-lease residual values, a lower provision for credit losses, favorable financing spreads, and income earned on a higher average portfolio. Full-year 2020 results also included impairments on lease residual values.
Items 2.02 and 7.01	Results of Operations and Financial Condition and Regulation FD Disclosure (Furnished herewith).
	Deere & Company’s press release dated November 24, 2021 concerning Fourth Quarter of Fiscal 2021 financial results and supplemental financial information (Exhibit 99.1), the schedules of Deere & Company Other Financial Information (Exhibit 99.2), and Fourth Quarter 2021 Earnings Conference Call Information (Exhibit 99.3) are furnished under Form 8-K Items 2.02 and 7.01 (incorporated by reference from Items 2.02 and 7.01 of Deere & Company’s Current Report on Form 8-K dated November 24, 2021, file number (1-4121)). The information is not filed for purposes of the Securities Exchange Act of 1934 and is not deemed incorporated by reference by any general statements incorporating by reference this report or future filings into any filings under the Securities Act of 1933 or the Securities Exchange Act of 1934, except to the extent John Deere Capital Corporation specifically incorporates the information by reference.
Item 9.01	Financial Statements and Exhibits
	(d)	Exhibits
	Number	Description of Exhibit
	99.1	Press release and supplemental financial information of Deere & Company (Incorporated by reference from Exhibit 99.1 of Deere & Company’s Current Report on Form 8-K dated November 24, 2021, file number (1-4121)). (Furnished herewith)
	99.2	Other Financial Information of Deere & Company (Incorporated by reference from Exhibit 99.2 of Deere & Company’s Current Report on Form 8-K dated November 24, 2021, file number (1-4121)). (Furnished herewith)
	99.3	Fourth Quarter 2021 Earnings Conference Call Information of Deere & Company (Incorporated by reference from Exhibit 99.3 of Deere & Company’s Current Report on Form 8-K dated November 24, 2021, file number (1-4121)). (Furnished herewith)
	104	Cover Page Interactive Data File (the cover page XBRL tags are imbedded in the Inline XBRL document)

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Signature

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

	JOHN DEERE CAPITAL CORPORATION
	By:	/s/ Todd E. Davies
		Todd E. Davies Secretary
Dated:  November 24, 2021

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