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Deere & Company - Farm and Construction Machinery

Deere & Company - Farm and Construction Machinery. Bill Dailey 01/22/2014. Deere & Company. Segments Agriculture and Turf Construction and Forestry Power Systems (engines) Parts and Services Financial Services 2013 Income of $3.54B on revenues of $37.8B

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Deere & Company - Farm and Construction Machinery

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  1. Deere & Company - Farm and Construction Machinery Bill Dailey 01/22/2014

  2. Deere & Company • Segments • Agriculture and Turf • Construction and Forestry • Power Systems (engines) • Parts and Services • Financial Services • 2013 • Income of $3.54B on revenues of $37.8B • Third consecutive year of record earnings, eighth time in last ten years • Quarterly dividend increased by 11% to $1.99/share

  3. Assumptions • Marginal tax rate of 37% • ‘Payables to Unconsolidated Affiliates’ are the result business operations • Interest income allocated to ‘Corporate’ was used to calculate the income tax shield • ‘Assets Held for Sale’ and ‘Other Assets’ relate to operations • Reconciled to Total Comprehensive Income (including NCI’s)

  4. Further Analysis • Look deeper into the relationship between Deere and its affiliates and unconsolidated subsidiaries • Analyze Deere’s tax footnote to find a more applicable rate • Look for more detail related to ‘Interest Income’ and ‘Interest Expense.’ Which amounts relate to the financing division, and therefore, operations? • Look deeper into the ‘Other’ accounts

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