Form 8-K DEERE JOHN CAPITAL CORP For: Aug 19
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E-mailUNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM |
CURRENT REPORT
Pursuant to Section 13 OR 15(d) of the Securities Exchange Act of 1934
Date of Report:
(Date of earliest event reported)
(Exact name of registrant as specified in its charter)
(State or other jurisdiction of incorporation) | (Commission File Number) | (IRS Employer Identification No.) |
(Address of principal executive offices and zip code)
(
(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:
SECURITIES REGISTERED PURSUANT TO SECTION 12(b) OF THE ACT:
Title of each class | Trading symbol | Name of each exchange on which registered | ||
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. ☐
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 third quarter and first nine months of fiscal 2022 are set forth below: | ||||||||||||||||||
Third Quarter | Year to Date | |||||||||||||||||
$ in millions | 2022 | 2021 | % Change | 2022 | 2021 | % Change | ||||||||||||
Revenue | $ | 689 | $ | 683 | 1% | $ | 1,984 | $ | 2,015 | -2% | ||||||||
Net income | $ | 173 | $ | 186 | -7% | $ | 521 | $ | 530 | -2% | ||||||||
Ending portfolio balance | $ | 45,185 | $ | 41,508 | 9% | |||||||||||||
Results in the quarter declined due to unfavorable discrete income-tax adjustments, less-favorable financing spreads, and lower gains on operating-lease residual values. Partially offsetting these factors was income earned on a higher average portfolio. For the year-to-date period, net income decreased mainly due to less-favorable financing spreads, a higher provision for credit losses, and unfavorable discrete income-tax adjustments, partially offset by income earned on a higher average portfolio. | ||||||||||||||||||
Items 2.02 and 7.01 | Results of Operations and Financial Condition and Regulation FD Disclosure (Furnished herewith). | |||||||||||||||||
Deere & Company’s press release dated August 19, 2022 concerning Third Quarter of Fiscal 2022 financial results and supplemental financial information (Exhibit 99.1), the schedules of Deere & Company Other Financial Information (Exhibit 99.2), and Third Quarter 2022 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 August 19, 2022, 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 | ||||||||||||||||||
99.2 | ||||||||||||||||||
99.3 | ||||||||||||||||||
104 | Cover Page Interactive Data File (the cover page XBRL tags are imbedded in the Inline XBRL document) | |||||||||||||||||
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