Summary
Deere & Company (DE) filed an 8-K report on March 14, 2005, to announce a revision in the classification of certain information within its Statement of Consolidated Cash Flows for the fiscal years 2004, 2003, and 2002. This adjustment was made in response to comments from the U.S. Securities and Exchange Commission (SEC) and aligns with the SEC staff's guidance published on February 14, 2005. Importantly, the company stated that this reclassification had no effect on its net income, overall cash flows, or its liquidity position. Investors should note that while the presentation of cash flow activities has been changed, the underlying financial performance and cash generation capabilities of Deere & Company remain unaffected by this reporting adjustment. The company has also advised that its 2004 Form 10-K should be read in conjunction with the revised Statement of Consolidated Cash Flows and related disclosures provided in the first quarter 10-Q filing.
Key Highlights
- 1Deere & Company is revising the classification of certain data in its Statement of Consolidated Cash Flows for fiscal years 2004, 2003, and 2002.
- 2The change is a direct response to comments from the Securities and Exchange Commission (SEC).
- 3The revised classification is consistent with the SEC staff's guidance issued on February 14, 2005.
- 4This reclassification has no impact on Deere's net income.
- 5The change does not affect Deere's total cash flows.
- 6Deere's cash and liquidity position remains unchanged by this reporting adjustment.
- 7Investors are advised to consult the company's Q1 2005 10-Q filing for the revised cash flow statements and related disclosures.