SECURITIES AND EXCHANGE COMMISSION
Washington, D. C. 20549
___________________
FORM 10-Q
___________________
Quarterly Report Pursuant to Section 13 or 15(d)
of the
Securities Exchange Act of 1934
For the quarterly period ended July 31, 1995
Commission file no: 1-6458
______________________________
JOHN DEERE CAPITAL CORPORATION
Delaware 36-2386361
(State of incorporation) (IRS employer
identification no.)
Suite 600
First Interstate Bank Building
1 East First Street
Reno, Nevada 89501
(Address of principal executive offices)
Telephone Number: (702) 786-5527
______________________________
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 x No
At July 31, 1995, 2,500 shares of common stock, without par
value, of the
registrant were outstanding, all of which were owned by John
Deere Credit Company, a
wholly-owned subsidiary of Deere & Company.
The registrant meets the conditions set forth in General
Instruction H(1)(a) and (b)
of Form 10-Q and is therefore filing this Form with certain
reduced disclosures as
permitted by those instructions.
Page 1 of 216 Pages.
Index to Exhibits: Page 15.
PART I. FINANCIAL INFORMATION
Item 1. Financial Statements.
JOHN DEERE CAPITAL CORPORATION AND SUBSIDIARIES
Condensed Statement of Consolidated Income
(UNAUDITED)
(In millions of dollars)
Three Months Ended
July 31
1995 1994
Revenues:
Finance income earned on retail notes $ 78.6 $ 75.8
Revolving charge account income 22.2 18.1
Lease revenues 12.2 11.1
Finance income earned on wholesale notes 6.5 2.7
Net gain on retail notes sold .3 (.4)
Interest income from short-term investments 3.1 1.4
Securitization and servicing fee income 8.6 5.6
Other income 1.1 1.0
Total revenues 132.6 115.3
Expenses:
Interest expense 57.8 43.7
Administrative and operating expenses 18.3 17.9
Provision for credit losses 9.4 7.3
Fees paid to Deere & Company 1.0 1.6
Depreciation of equipment on
operating leases 5.6 5.2
Total expenses 92.1 75.7
Income before Income Taxes 40.5 39.6
Provision for Income Taxes 14.2 13.8
Net Income $ 26.3 $ 25.8
______________
See Notes to Interim Financial Statements
PART I. FINANCIAL INFORMATION
Item 1. Financial Statements.
JOHN DEERE CAPITAL CORPORATION AND SUBSIDIARIES
Condensed Statement of Consolidated Income
(UNAUDITED)
(In millions of dollars)
Nine Months Ended
July 31
1995 1994
Revenues:
Finance income earned on retail notes $245.2 $210.4
Revolving charge account income 59.1 45.7
Lease revenues 35.4 32.0
Finance income earned on wholesale notes 16.0 8.1
Net gain on retail notes sold 11.1 1.7
Interest income from short-term investments 8.4 4.2
Securitization and servicing fee income 25.1 22.3
Other income 2.7 2.8
Total revenues 403.0 327.2
Expenses:
Interest expense 173.5 116.0
Administrative and operating expenses 55.1 57.3
Provision for credit losses 20.9 18.8
Fees paid to Deere & Company 3.6 4.7
Depreciation of equipment on
operating leases 16.0 15.6
Total expenses 269.1 212.4
Income before Income Taxes 133.9 114.8
Provision for Income Taxes 46.9 40.1
Net Income $ 87.0 $ 74.7
______________
See Notes to Interim Financial Statements
JOHN DEERE CAPITAL CORPORATION AND SUBSIDIARIES
Condensed Consolidated Balance Sheet
(UNAUDITED)
(In millions of dollars)
Jul 31 Oct 31 Jul 31
1995 1994 1994
ASSETS
Cash and Cash Equivalents $ 153.5 $ 42.9 $ 164.0
Receivables and Leases:
Retail notes 3,411.0 3,289.2 3,468.0
Revolving charge accounts 482.9 437.3 401.0
Financing leases 143.9 117.7 103.0
Wholesale notes 251.1 142.2 112.7
Total receivables 4,288.9 3,986.4 4,084.7
Equipment on operating leases 132.1 125.2 128.5
Total receivables and leases 4,421.0 4,111.6 4,213.2
Allowance for credit losses (79.5) (80.1) (79.2)
Total receivables and
leases - net 4,341.5 4,031.5 4,134.0
Other Receivables 178.7 155.1 133.0
Other Assets 64.4 60.1 54.0
TOTAL $4,738.1 $4,289.6 $4,485.0
LIABILITIES AND STOCKHOLDER'S EQUITY
Short-Term Borrowings:
Commercial paper $2,041.2 $1,580.7 $1,919.8
Deere & Company 100.2 102.7 189.4
Current maturities of long-term
borrowings 225.5 632.8 555.1
Total short-term borrowings 2,366.9 2,316.2 2,664.3
Accounts Payable and Accrued
Liabilities 136.6 180.2 129.8
Deposits Withheld from Dealers and
Merchants 120.1 111.4 106.3
Long-Term Borrowings:
Notes and debentures 1,113.8 734.5 645.3
Subordinated debt 300.0 300.0 300.0
Total long-term borrowings 1,413.8 1,034.5 945.3
Retirement Benefit Accruals &
Other Liabilities 14.7 13.3 15.5
Stockholder's Equity:
Common stock, without par value
(authorized, issued and
outstanding - 2,500 shares owned
by John Deere Credit Company) 112.8 112.8 112.8
Retained earnings 573.2 521.2 511.0
Total stockholder's equity 686.0 634.0 623.8
TOTAL $4,738.1 $4,289.6 $4,485.0
See Notes to Interim Financial Statements
JOHN DEERE CAPITAL CORPORATION AND SUBSIDIARIES
Condensed Statement of Consolidated Cash Flows
(UNAUDITED)
(In millions of dollars)
Nine Months Ended
July 31
1995 1994
Cash Flows from Operating Activities:
Net income $ 87.0 $ 74.7
Adjustments to reconcile net income
to net cash provided by
operating activities 24.8 45.4
Net cash provided by operating
activities 111.8 120.1
Cash Flows from Investing Activities:
Cost of receivables and leases
acquired (3,290.8) (2,798.6)
Collections of receivables 2,181.2 1,957.2
Proceeds from sales of
receivables 726.3 61.4
Other (12.6) 16.5
Net cash provided by (used for)
investing activities (395.9) (763.5)
Cash Flows from Financing Activities:
Increase in notes
payable to others 460.4) 1,465.7
Change in receivable/payable with
Deere & Company (2.4) (250.1)
Proceeds from the issuance of
long-term borrowings 515.0 10.0
Principal payment on long-term
borrowings (543.3) (393.4)
Dividends paid (35.0) (190.0)
Net cash provided by (used for)
financing activities 394.7 642.2
Net increase (decrease) in cash and
cash equivalents 110.6 (1.2)
Cash and cash equivalents at beginning
of period 42.9 165.2
Cash and cash equivalents at end
of period $ 153.5 $ 164.0
_______________
See Notes to Interim Financial Statements
Notes to Interim Financial Statements
(1) The consolidated financial statements of John Deere Capital
Corporation (Capital Corporation) and its wholly-owned
subsidiaries, Deere Credit, Inc. (DCI), Deere Credit
Services,
Inc. (DCS), Farm Plan Corporation (FPC) and John Deere
Receivables, Inc. (JDRI), (collectively referred to as the
Company) have been prepared by the Company, without audit,
pursuant to the rules and regulations of the Securities and
Exchange Commission. Certain information and footnote
disclosures normally included in annual financial statements
prepared in accordance with generally accepted accounting
principles have been condensed or omitted as permitted by
such
rules and regulations. All adjustments, consisting of
normal
recurring adjustments, have been included. Management
believes that the disclosures are adequate to present fairly
the financial position, results of operations and cash flows
at the dates and for the periods presented. It is suggested
that these interim financial statements be read in
conjunction
with the financial statements and the notes thereto included
in the Company s latest annual report on Form 10-K. Results
for interim periods are not necessarily indicative of those
to
be expected for the fiscal year.
(2) The principal business of the Company is providing and
administering financing for retail purchases of new and used
John Deere agricultural, industrial and lawn and grounds care
equipment. The Company purchases retail installment sales and
loan contracts (retail notes) from Deere & Company and its
wholly-owned subsidiaries (collectively called John Deere).
These retail notes are acquired by John Deere through John
Deere retail dealers in the United States. The Company also
purchases and finances retail notes unrelated to John Deere,
representing primarily recreational vehicle and recreational
marine product notes acquired from independent dealers of
those products and from marine product mortgage service
companies (recreational product retail notes). The Company
also leases John Deere equipment to retail customers, finances
and services unsecured revolving charge accounts acquired from
and offered through merchants in the agricultural, lawn and
grounds care and marine retail markets (revolving charge
accounts), and provides financing for wholesale inventories of
recreational vehicles, manufactured housing units, yachts and
John Deere engines owned by dealers of those products
(wholesale notes). Retail notes, revolving charge accounts,
financing leases and wholesale notes receivable are
collectively called Receivables. Receivables and operating
leases are collectively called Receivables and Leases.
(3) The consolidated ratio of earnings to fixed charges was
1.76
to 1 during the first nine months of this year compared with
1.97 to 1 in the comparable period of 1994 and was 1.69 to 1
for the third quarter of 1995 compared with 1.89 to 1 in the
same period last year. Earnings consist of income before
income taxes and changes in accounting to which are added
fixed charges. Fixed charges consist of interest on
indebtedness, amortization of debt discount and expense, an
estimated amount of rental expense under capitalized leases
which is deemed to be representative of the interest factor
and rental expense under operating leases.
(4) The Company is subject to various unresolved legal actions
which arise in the normal course of its business, the most
prevalent of which relate to state and federal regulations
concerning retail credit. Although it is not possible to
predict with certainty the outcome of these unresolved legal
actions or the range of possible loss, the Company believes
these unresolved legal actions will not have a material effect
on its financial position or results of operations.
Item 2. Management s Discussion and Analysis of Financial
Condition and Results of Operations.
Results of Operations
Retail notes acquired by the Company during the first nine months
of 1995 totaled $2.036 billion, an increase of 14 percent,
compared
with acquisitions of $1.780 billion during the same period last
year. Retail note acquisitions from John Deere increased by $239
million, or 15 percent, for the nine months ended July 31, 1995
compared with the same period last year primarily due to higher
retail sales of John Deere equipment and an improvement in the
Company s market share for the financing of John Deere
agricultural
equipment. Acquisitions of recreational product retail notes
were
$17 million higher in the first nine months of 1995 as compared
to
the first nine months of 1994. The primary reason for this
increase was a higher level of recreational vehicle note
acquisitions compared with the same period last year.
During the third quarter of 1995, total retail note acquisitions
increased 13 percent to $621 million compared with $550 million
in
the same quarter of 1994. Retail note acquisitions from John
Deere
increased by $62 million in the third quarter of 1995 compared to
the third quarter last year. Acquisitions of recreational
product
retail notes increased by $9 million in the third quarter of 1995
as compared to the same period in 1994.
At July 31, 1995, the amount of retail notes held by the Company
was $3.411 billion compared with $3.289 billion at October 31,
1994
and $3.468 billion at July 31, 1994. Within this category,
recreational product notes totaled $863 million, $800 million and
$802 million, respectively. Retail notes increased during the
first nine months of 1995 due to the cost of retail notes
acquired
exceeding collections by $884 million, which was partially offset
by the securitization and sale of retail notes for proceeds of
$726
million.
The amount of retail notes administered by the Company, which
includes retail notes previously sold, totaled $4.713 billion at
July 31, 1995, $4.464 billion at October 31, 1994, and $4.241
billion at July 31, 1994. At July 31, 1995, the unpaid balance
of
retail notes previously sold was $1.302 billion compared with
$1.175 billion at October 31, 1994 and $773 million at July 31,
1994. The Company s maximum exposure under all retail note
recourse provisions at July 31, 1995 was $175 million.
Revolving charge accounts receivable totaled $483 million at July
31, 1995 compared with $437 million at October 31, 1994 and $401
million at July 31, 1994. Acquisitions increased ten percent in
the third quarter of 1995 and 11 percent in the first nine months
of 1995 compared with the same periods last year, reflecting the
increased retail sales of John Deere lawn and grounds care
equipment, as well as an increased volume of Farm Plan receivable
acquisitions. The balance of revolving charge accounts receivable
increased in the first nine months of 1995 due to the growth in
both Farm Plan and John Deere Credit Revolving Plan volumes.
Farm
Plan and John Deere Credit Revolving Plan receivables at July 31,
1995 were $245 million and $238 million, respectively, compared
to
$201 million and $200 million, respectively, a year ago.
The portfolio of financing leases totaled $144 million at July
31,
1995 compared with $118 million at October 31, 1994 and $103
million at July 31, 1994. The investment in operating leases was
$132 million, $125 million and $129 million at those dates,
respectively. The Company also administers municipal leases
owned
by Deere & Company which totaled $25 million at July 31, 1995,
$39
million at October 31, 1994 and $40 million at July 31, 1994.
The
Company sold $15 million of municipal leases to Deere & Company
in
the first nine months of 1994. During the first nine months of
1995, the Company did not sell municipal leases to Deere &
Company.
Wholesale notes receivable on recreational vehicle, manufactured
housing, yacht and John Deere engine inventories totaled $251
million at July 31, 1995, $142 million at October 31, 1994 and
$113
million at July 31, 1994. Wholesale note acquisitions continue
to
be favorably impacted by the Company s growth in both the
manufactured housing and yacht markets.
Receivables and Leases acquired totaled $3.291 billion during the
first nine months of 1995, an 18 percent increase compared with
acquisitions of $2.799 billion during the same period of 1994.
Receivables and Leases financed by the Company were $4.421
billion
at July 31, 1995, $4.112 billion at October 31, 1994 and $4.213
billion at July 31, 1994. Total Receivables and Leases
administered by the Company on those same dates were $5.748
billion, $5.326 billion and $5.027 billion, respectively.
The balance (principal plus accrued interest) of retail notes
held
with any installment 60 days or more past due was $31 million at
July 31, 1995 compared with $24 million at October 31, 1994 and
$23
million at July 31, 1994. The amount of retail note installments
60 days or more past due was $6.2 million at July 31, 1995, $5.5
million at October 31, 1994 and $6.0 million at July 31, 1994.
These past-due installments represented .18 percent of the unpaid
balance of retail notes held at July 31, 1995, and .17 percent at
both July 31, 1994 and October 31, 1994.
The balance of revolving charge accounts past due 60 days or more
was $5.6 million at both July 31, 1995 and October 31, 1994, and
$4.9 million at July 31, 1994. These past-due amounts
represented
1.14 percent, 1.28 percent and 1.22 percent of the revolving
charge
accounts receivable held at those respective dates.
The balance of financing and operating lease payments 60 days or
more past due was $1.1 million at July 31, 1995, and $.6 million
at
both October 31, 1994 and July 31, 1994. These past-due
installments represented .42 percent, .24 percent and .26 percent
of the investment in financing and operating leases at those
respective dates.
Receivable and Lease amounts 60 days or more past due were $13.1
million at July 31, 1995, $11.7 million at October 31, 1994 and
$11.6 million at July 31,1994. These past-due amounts represent
.30 percent at July 31, 1995, and .28 percent at both October 31,
1994 and July 31, 1994 of the total Receivables and Leases held
at
those dates.
Deposits withheld from dealers and merchants, representing mainly
the aggregate dealer retail note and lease withholding accounts
from individual John Deere dealers to which losses from retail
notes and leases originating from the respective dealers can be
charged, amounted to $120 million at July 31, 1995 compared with
$111 million at October 31, 1994 and $106 million at July 31,
1994.
The Company s allowance for credit losses on all Receivables and
Leases financed totaled $80 million at both July 31, 1995 and
October 31, 1994, and $79 million at July 31, 1994. This
allowance
for credit losses represented 1.8 percent of the unpaid balance
of
Receivables and Leases financed at July 31, 1995 and 1.9 percent
at
both October 31, 1994 and July 31, 1994.
Net income was $26.3 million for the third quarter of 1995 and
$87.0 million for the first nine months of 1995 compared with
$25.8
million and $74.7 million, respectively, in the same periods
last
year. Net income for both the third quarter and the first nine
months continued to reflect higher earnings from a larger average
portfolio, offset by lower financing margins. In addition, year
to
date operations benefited from higher gains from note sales in
1995
compared with the same period a year ago. The average balance of
Receivables and Leases financed was three percent higher in the
third quarter and 13 percent higher in the first nine months of
1995 compared with the same periods last year.
Revenues totaled $132.6 million for the third quarter and $403.0
million for the first nine months of 1995 compared to $115.3
million and $327.2 million for the same periods a year ago.
Revenues increased due to a higher overall yield on the
receivables
held, a larger average portfolio financed and increased gains on
the sale of retail notes. The ratio of earnings to fixed charges
was 1.76 to 1 for the first nine months of 1995 compared with
1.97
to 1 in the same period of 1994 and was 1.69 to 1 for the third
quarter of 1995 compared with 1.89 to 1 in the same period last
year.
Revolving charge account income and lease revenues were higher in
the first nine months of 1995 and for the third quarter compared
with the same periods in 1994, due primarily to the higher
average
revolving charge and lease portfolios financed this year. Finance
income earned on wholesale notes was up $3.8 million in the third
quarter and $7.9 million during the first nine months of 1995
compared to the same periods one year ago.
Interest expense for the third quarter was up from $43.7 million
last year to $57.8 million in 1995. Interest expense for the
first
nine months of 1995 was $173.5 million compared with $116.0
million
during the first nine months of 1994. The increases in interest
expense during the third quarter and the first nine months of
1995
were the result of increased borrowings required to finance the
higher average Receivable and Lease portfolios and increased
interest rates. Total average borrowings during the third
quarter
and the first nine months of 1995 were $3.614 billion and $3.606
billion, respectively, a five percent increase from last year s
third quarter average borrowings of $3.449 billion and a 15
percent
increase compared to the average borrowings of $3.128 billion
during the first nine months of 1994. The weighted average
interest rate incurred on all interest-bearing borrowings for the
third quarter and the first nine months of this year was 6.5
percent and 6.3 percent, respectively, compared to 5.0 percent
and
4.8 percent, respectively, during the same periods last year.
Administrative and operating expenses increased by two percent
during the third quarter yet decreased four percent in the first
nine months of 1995 in comparison to the same periods last year.
The current quarter expenses were affected by increased
advertising
costs. The year-to-date decline was primarily related to reduced
legal expenses compared to last year.
The provision for credit losses totaled $9.4 million and $20.9
million for the third quarter and for the first nine months of
1995, respectively, compared to $7.3 million and $18.8 million
for
the same periods in 1994, primarily reflecting growth in the
portfolio. The increases in the provision were partially offset
by
a favorable adjustment of $2.4 million during the third quarter
of
1995 related to current and expected losses on revolving charge
receivables and a favorable adjustment of $6.7 million during the
first nine months of 1995 related to current and expected losses
on
both revolving charge and industrial equipment retail notes.
Write-offs of Receivables and Leases financed were $4.3 million
during the third quarter of 1995 compared with $3.1 million last
year and were $16.9 million during the first nine months of 1995
compared with $17.1 million last year. Write-offs of John Deere
retail notes totaled $.5 million during the third quarter of 1995
compared to a negligible amount during the third quarter of 1994,
and totaled $2.4 million during the first nine months of 1995
compared with $2.0 million during the first nine months of 1994.
Write-offs of recreational product retail notes totaled $8.5
million in the first nine months of 1995 compared with $10.7
million for the same period last year.
Capital Resources and Liquidity
The Company relies on its ability to raise substantial amounts of
funds to finance its Receivable and Lease portfolios. The
Company s primary sources of funds for this purpose are a
combination of borrowings and equity capital. Additionally, the
Company periodically sells substantial amounts of retail notes in
the public market. The Company s ability to obtain funds is
affected by its debt ratings, which are closely related to the
outlook for and the financial condition of Deere & Company, and
the
nature and availability of support facilities, such as its lines
of
credit. For information regarding Deere & Company and its
business, see Exhibit 99.
The Company s ability to meet its debt obligations is supported
in
a number of ways as described below. All commercial paper issued
is backed by bank credit lines. The assets of the Company are
self-liquidating in nature. A strong equity position is
available
to absorb unusual losses on these assets. Liquidity is also
provided by the Company s ability to sell or securitize these
assets. Asset-liability risk is also actively managed to
minimize
exposure to interest rate fluctuations.
The Company s business is somewhat seasonal, with overall
acquisitions of Receivables and Leases traditionally higher in
the
second half of the fiscal year than in the first half, and
overall
collections of Receivables and Leases traditionally somewhat
higher
in the first six months than in the last half of the fiscal year.
During the first nine months of 1995, the aggregate cash provided
by operating and financing activities was used primarily to
increase credit receivables and cash and cash equivalents. Cash
provided by operating activities was $112 million in the first
nine
months of 1995. Financing activities provided $395 million
during
the same period, resulting from a $432 million increase in
outside
borrowings which was partially offset by dividend payments
totaling
$35 million and a $2 million decrease in payables to Deere &
Company. Cash used for investing activities totaled $396 million
in the first nine months of 1995, primarily due to acquisitions
of
Receivables and Leases exceeding collections by $1.110 billion
which was partially offset by the $726 million of proceeds from
the
sale of retail notes. Cash and cash equivalents increased $111
million during the first nine months of 1995.
During the first nine months of 1994, the aggregate cash provided
by operating and financing activities was used primarily to
acquire
Receivables and Leases. Cash provided by the Company s operating
activities was $120 million during the first nine months of 1994.
Financing activities provided $642 million during the same
period,
resulting from a $1.082 billion increase in outside borrowings
which was partially offset by a $250 million decrease in payables
to Deere & Company and dividend payments totaling $190 million.
Cash used for investing activities totaled $764 million in the
first nine months of 1994, primarily due to the cost of
Receivables
and Leases acquired exceeding collections. Other cash flows from
investing activities increased in the first nine months of 1994
mainly due to cash collections on receivables previously sold
that
were being held for payment to the trusts. Cash and cash
equivalents decreased $1 million in the first nine months of
1994.
Total interest-bearing indebtedness amounted to $3.781 billion at
July 31, 1995 compared with $3.350 billion at October 31, 1994
and
$3.610 billion at July 31, 1994, generally corresponding with the
level of Receivables and Leases financed and the level of cash
and
cash equivalents. The ratio of total interest-bearing debt to
stockholder s equity was 5.5 to 1, 5.3 to 1 and 5.8 to 1 at
July
31, 1995, October 31, 1994 and July 31, 1994, respectively.
During the first nine months of 1995, the Company issued $150
million in floating rate notes due in 1998 and retired $150
million
of 5% debentures, $150 million of 11-5/8% debentures and $100
million of 6% debentures, all due in 1995. During the first nine
months of this year, the Company issued $365 million and retired
$143 million of medium-term notes.
At July 31, 1995, the Capital Corporation, Deere & Company, John
Deere Limited (Canada) and John Deere Finance Limited (Canada),
jointly, maintained $4.008 billion of unsecured lines of credit
with various banks in North America and overseas, $1.080 billion
of
which were unused. For the purpose of computing unused credit
lines, the total short-term borrowings, excluding the current
portion of long-term borrowings, of the Capital Corporation,
Deere
& Company, John Deere Limited (Canada) and John Deere Finance
Limited (Canada) were considered to constitute utilization.
Included in the total credit lines is a long-term credit
agreement
commitment for $3.500 billion. An annual facility fee on the
credit agreement is charged to the Capital Corporation based on
utilization.
On September 1, 1995 the Company declared a dividend of $20
million
to John Deere Credit Company, which, in turn, declared a dividend
of $20 million to Deere & Company, each payable on September 12,
1995.
PART II. OTHER INFORMATION
Item 1. Legal Proceedings.
See Note (4) to the Interim Financial Statements.
Item 2. Changes in Securities.
Omitted pursuant to instruction H(2).
Item 3. Defaults upon Senior Securities.
Omitted pursuant to instruction H(2).
Item 4. Submission of Matters to a Vote of Security Holders.
Omitted pursuant to instruction H(2).
Item 5. Other Information.
None.
Item 6. Exhibits and Reports on Form 8-K.
(a) Exhibits.
See the index to exhibits immediately preceding
the
exhibits filed with this report.
Certain instruments relating to long-term debt,
constituting less than 10% of the registrant s
total assets, are not filed as exhibits herewith
pursuant to Item 601(b)(4)(iii)(A) of Regulation
S-
K. The registrant will file copies of such
instruments upon request of the Commission.
(b) Reports on Form 8-K.
Current report on Form 8-K dated May 23, 1995
(items 5 and 7).
Current report on Form 8-K dated July 13, 1995
(item 7).
SIGNATURES
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 thereunto duly authorized.
JOHN DEERE CAPITAL CORPORATION
Date: 11 September 1995 By: /s/ Pierre E. Leroy
Pierre E. Leroy
Vice President and
(Principal Financial Officer)
INDEX TO EXHIBITS
Exhibit Page No.
(4.1) Senior Indenture between the registrant
and the Chase Manhattan Bank (National
Association). 16
(4.2) Subordinated Indenture between the registrant
and The First National Bank of Chicago. 114
(12) Computation of ratio of earnings to fixed
charges. 215
(27) Financial data schedule. 216
(99) Part I of Deere & Company Form 10-Q for
the quarter ended July 31, 1995
(Securities and Exchange Commission file
number 1-4121).*
__________________________
*Incorporated by reference. Copies of these exhibits are
available
from the Company upon request.