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DEERE & CO Annual Report (Amendment), Year Ended Oct 31, 1993

Filing Date
Filed April 27, 1994
Period End
October 31, 1993
Security
DE
In the record · 2016–202610-K1110-Q348-K164

DE filed 11 annual reports (10-K), 34 quarterly reports (10-Q) and 164 current reports (8-K) between 2016 and 2026.

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01—Abstract

Summary

Summary of the 10-K/A filed April 27, 1994. Cited figures are marked; the original filing is the authoritative source.

This is Amendment No. 1 (Form 10-K/A) to Deere & Company's annual report for the fiscal year ended October 31, 1993.

It was filed under Rule 15d-21 to add Form 11-K information for two employee savings plans: the John Deere Savings and Investment Plan and the John Deere Tax Deferred Savings Plan for Hourly and Incentive Paid Employees. The filing contains no consolidated company financial statements, revenue, earnings, or segment data, so it does not describe Deere's operating performance. Those figures would be in the original 10-K for the same fiscal year.

The cover page reports 85,605,030 common shares outstanding at December 31, 1993, and an aggregate market value of $6.32 billiona held by nonaffiliates. The exhibit index adds consents from Deloitte & Touche (Exhibits 23.2 and 23.3) and the audited plan statements (Exhibits 99.3 and 99.4). Deloitte's reports, dated April 1, 1994, are unqualified, though both note a 1993 change in how benefits payable to withdrawn participants are accounted for, with prior periods restated.

For investors, the most relevant data is employee-benefit activity. The Savings and Investment Plan had net assets of $579.4 millionb at October 31, 1993, up from $461.9 million a year earlier, and its Deere common stock fund held about $32.6 million in stock. The Tax Deferred Savings Plan had net assets of $112.8 million.

Employer matching in the larger plan fell from 75% for calendar 1991 to 30% for 1993, which reflects the company's lower profitability. Employees were net sellers of Deere stock in the Savings Plan during 1993, with $44.1 millionc in sales against $31.7 million in purchases.

02—Key points

Key Highlights

  1. Scope is narrow: this 10-K/A only adds Form 11-K employee plan financial statements and consents. It contains no consolidated Deere & Company income statement, balance sheet, or cash flow data.
  2. Savings and Investment Plan net assets reached $579.4 million at October 31, 1993, up 25% from $461.9 million in 1992, driven by $117.5 million in excess additions over deductions.
  3. Employer matching contributions in the Savings Plan dropped to $7.3 million in 1993 from $9.3 million in 1992 and $18.6 million in 1991, with the match percentage falling from 75% (1991) to 30% (1993) based on the prior fiscal year's profitability.
  4. The Deere & Company Common Stock Fund in the Savings Plan held 421,970 shares valued at $32.6 million, down from 610,842 shares at October 31, 1992, reflecting net selling by participants during 1993.
  5. Tax Deferred Savings Plan net assets rose to $112.8 million at October 31, 1993, from $77.3 million in 1992, with the Deere stock fund holding 218,660 shares valued at $16.9 million.
  6. Deloitte & Touche issued unqualified opinions on both plans. Both plans changed how they account for benefits payable to withdrawn participants, and the 1991 and 1992 statements were restated.
  7. The company had 85,605,030 common shares outstanding at December 31, 1993, with nonaffiliate market value of $6.32 billion.

03—Questions

Frequently Asked Questions

  1. Does this filing contain Deere & Company's full-year financial results for fiscal 1993?

    No. The filing is an amendment limited to Form 11-K information for the company's two employee savings plans. Consolidated revenue, net income, and balance sheet data would appear in the original 10-K for the fiscal year ended October 31, 1993, which is not part of this document.

  2. What do the plan financials suggest about employee participation in Deere stock?

    Participants reduced their Deere common stock holdings in 1993. In the Savings Plan, the company stock fund held 421,970 shares at October 31, 1993, versus 610,842 a year earlier, and 1993 sales of $44.1 million exceeded purchases of $31.7 million. The Common Stock Fund participant count also fell, from 4,149 to 3,703.

  3. Why did the company's matching contributions decline?

    The Savings Plan's match is a percentage of employee deferrals, up to 6% of pay, and that percentage depends on the company's profitability in the preceding fiscal year. The match fell from 75% for calendar 1991 to 30% for 1993, and employer contributions dropped from $18.6 million in 1991 to $7.3 million in 1993. This tracks the company's weaker earnings in the early 1990s.

  4. Were there any accounting issues with the plan financial statements?

    Both plans changed their accounting for benefits payable to participants who had left employment, to follow the 1993 AICPA Audit and Accounting Guide for defined contribution plans. As a result, $192,035 (Savings Plan) and $154,755 (Tax Deferred Plan) as of October 31, 1993, along with prior-year amounts, were reclassified back into net assets available for benefits. Deloitte & Touche's opinions note this change and the restatement of 1991 and 1992 figures, but the opinions are otherwise unqualified.

04—Continue

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