Prior to beginning work on this discussion, read Chapter 4: Financial Forecasting from your textbook. Before developing a pro forma income statem

UNITED STATES SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 10-Q

(Mark One)

☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended January 26, 2025

or

☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from ____ to ____

Commission File Number: 1-4121

DEERE & COMPANY (Exact name of registrant as specified in its charter)

Delaware (State or other jurisdiction of incorporation or organization)

36-2382580 (IRS Employer Identification No.)

One John Deere Place Moline, Illinois 61265

(Address of principal executive offices, zip code) Registrant’s Telephone Number, including area code: (309) 765-8000

Securities registered pursuant to Section 12(b) of the Act:

Title of each class Trading Symbols Name of each exchange on which registered Common stock, $1 par value DE New York Stock Exchange 6.55% Debentures Due 2028 DE28 New York Stock Exchange

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 ☒ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).

Yes ☒ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non- accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer ☒ Accelerated filer ☐ Non-accelerated filer ☐ Smaller reporting company ☐

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. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒

At January 26, 2025, 271,413,927 shares of common stock, $1 par value, of the registrant were outstanding.

2

PART I. FINANCIAL INFORMATION

Item 1. FINANCIAL STATEMENTS

DEERE & COMPANY STATEMENTS OF CONSOLIDATED INCOME For the Three Months Ended January 26, 2025 and January 28, 2024 (In millions of dollars and shares except per share amounts) Unaudited 2025 2024 Net Sales and Revenues Net sales $ 6,809 $ 10,486 Finance and interest income 1,453 1,360 Other income 246 339

Total 8,508 12,185 Costs and Expenses Cost of sales 5,037 7,200 Research and development expenses 526 533 Selling, administrative and general expenses 972 1,066 Interest expense 829 802 Other operating expenses 249 369

Total 7,613 9,970 Income of Consolidated Group before Income Taxes 895 2,215 Provision for income taxes 27 469 Income of Consolidated Group 868 1,746 Equity in income (loss) of unconsolidated affiliates (1) 2 Net Income 867 1,748

Less: Net loss attributable to noncontrolling interests (2) (3) Net Income Attributable to Deere & Company $ 869 $ 1,751 Per Share Data Basic $ 3.20 $ 6.25 Diluted 3.19 6.23 Dividends declared 1.62 1.47 Dividends paid 1.47 1.35 Average Shares Outstanding Basic 271.6 279.9 Diluted 272.3 281.1 See Condensed Notes to Interim Consolidated Financial Statements.

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DEERE & COMPANY STATEMENTS OF CONSOLIDATED COMPREHENSIVE INCOME For the Three Months Ended January 26, 2025 and January 28, 2024 (In millions of dollars) Unaudited

2025 2024 Net Income $ 867 $ 1,748

Other Comprehensive Income (Loss), Net of Income Taxes Retirement benefits adjustment 3 (21) Cumulative translation adjustment (451) 274 Unrealized loss on derivatives (1) (15) Unrealized gain (loss) on debt securities (15) 13

Other Comprehensive Income (Loss), Net of Income Taxes (464) 251

Comprehensive Income of Consolidated Group 403 1,999 Less: Comprehensive loss attributable to noncontrolling interests (5) (2)

Comprehensive Income Attributable to Deere & Company $ 408 $ 2,001

See Condensed Notes to Interim Consolidated Financial Statements.

4

DEERE & COMPANY CONDENSED CONSOLIDATED BALANCE SHEETS (In millions of dollars) Unaudited

January 26 October 27 January 28 2025 2024 2024

Assets Cash and cash equivalents $ 6,601 $ 7,324 $ 5,137 Marketable securities 1,214 1,154 1,136 Trade accounts and notes receivable – net 4,931 5,326 7,795 Financing receivables – net 41,396 44,309 43,708 Financing receivables securitized – net 8,257 8,723 6,400 Other receivables 2,979 2,545 2,017 Equipment on operating leases – net 7,157 7,451 6,751 Inventories 7,744 7,093 8,937 Property and equipment – net 7,425 7,580 6,914 Goodwill 3,872 3,959 3,966 Other intangible assets – net 937 999 1,112 Retirement benefits 3,018 2,921 3,087 Deferred income taxes 1,852 2,086 1,833 Other assets 2,807 2,906 2,578 Assets held for sale 2,929 2,944 Total Assets $ 103,119 $ 107,320 $ 101,371

Liabilities and Stockholders’ Equity

Liabilities Short-term borrowings $ 12,811 $ 13,533 $ 17,117 Short-term securitization borrowings 8,014 8,431 6,116 Accounts payable and accrued expenses 12,162 14,543 13,361 Deferred income taxes 448 478 550 Long-term borrowings 43,556 43,229 39,933 Retirement benefits and other liabilities 1,734 2,354 2,115 Liabilities held for sale 1,830 1,827

Total liabilities 80,555 84,395 79,192

Commitments and contingencies (Note 16) Redeemable noncontrolling interest 78 82 100

Stockholders’ Equity Common stock, $1 par value (issued shares at

January 26, 2025 – 536,431,204) 5,526 5,489 5,335 Common stock in treasury (35,709) (35,349) (32,663) Retained earnings 56,829 56,402 52,266 Accumulated other comprehensive income (loss) (4,167) (3,706) (2,863) Total Deere & Company stockholders’ equity 22,479 22,836 22,075 Noncontrolling interests 7 7 4

Total stockholders’ equity 22,486 22,843 22,079 Total Liabilities and Stockholders’ Equity $ 103,119 $ 107,320 $ 101,371

See Condensed Notes to Interim Consolidated Financial Statements.

5

DEERE & COMPANY STATEMENTS OF CONSOLIDATED CASH FLOWS For the Three Months Ended January 26, 2025 and January 28, 2024 (In millions of dollars) Unaudited

2025 2024 Cash Flows from Operating Activities Net income $ 867 $ 1,748 Adjustments to reconcile net income to net cash used for operating activities:

Provision for credit losses 69 31 Provision for depreciation and amortization 549 520 Impairments and other adjustments (32) Share-based compensation expense 28 46 Provision for deferred income taxes 208 27 Changes in assets and liabilities:

Receivables related to sales 1,063 (277) Inventories (795) (723) Accounts payable and accrued expenses (1,845) (2,327) Accrued income taxes payable/receivable (540) 183 Retirement benefits (688) (129)

Other (16) (7) Net cash used for operating activities (1,132) (908)

Cash Flows from Investing Activities Collections of receivables (excluding receivables related to sales) 8,137 7,752 Proceeds from maturities and sales of marketable securities 61 184 Proceeds from sales of equipment on operating leases 433 506 Cost of receivables acquired (excluding receivables related to sales) (6,045) (6,447) Purchases of marketable securities (141) (229) Purchases of property and equipment (352) (362) Cost of equipment on operating leases acquired (439) (454) Collateral on derivatives – net (191) 310 Other (47) (43)

Net cash provided by investing activities 1,416 1,217

Cash Flows from Financing Activities Net payments in short-term borrowings (original maturities three months or less) (1,484) (2,951) Proceeds from borrowings issued (original maturities greater than three months) 3,168 5,287 Payments of borrowings (original maturities greater than three months) (1,753) (3,237) Repurchases of common stock (441) (1,328) Dividends paid (403) (386) Other (10) (30)

Net cash used for financing activities (923) (2,645)

Effect of Exchange Rate Changes on Cash, Cash Equivalents, and Restricted Cash (87) 16

Net Decrease in Cash, Cash Equivalents, and Restricted Cash (726) (2,320) Cash, Cash Equivalents, and Restricted Cash at Beginning of Period 7,633 7,620 Cash, Cash Equivalents, and Restricted Cash at End of Period $ 6,907 $ 5,300

Components of Cash, Cash Equivalents, and Restricted Cash Cash and cash equivalents $ 6,601 $ 5,137 Cash, cash equivalents, and restricted cash (Assets held for sale) 116 Restricted cash (Other assets) 190 163 Total Cash, Cash Equivalents, and Restricted Cash $ 6,907 $ 5,300

See Condensed Notes to Interim Consolidated Financial Statements.

6

DEERE & COMPANY STATEMENTS OF CHANGES IN CONSOLIDATED STOCKHOLDERS’ EQUITY For the Three Months Ended January 26, 2025 and January 28, 2024 (In millions of dollars) Unaudited

Total Stockholders’ Equity Deere & Company Stockholders

Accumulated Total Other Redeemable Stockholders’ Common Treasury Retained Comprehensive Noncontrolling Noncontrolling Equity Stock Stock Earnings Income (Loss) Interests Interest

Balance October 29, 2023 $ 21,789 $ 5,303 $ (31,335) $ 50,931 $ (3,114) $ 4 $ 97 Net income (loss) 1,752 1,751 1 (4) Other comprehensive income 251 251 1 Repurchases of common stock (1,340) (1,340) Treasury shares reissued 12 12 Dividends declared (411) (411) Share based awards and other 26 32 (5) (1) 6 Balance January 28, 2024 $ 22,079 $ 5,335 $ (32,663) $ 52,266 $ (2,863) $ 4 $ 100

Balance October 27, 2024 $ 22,843 $ 5,489 $ (35,349) $ 56,402 $ (3,706) $ 7 $ 82 Net income (loss) 869 869 (2) Other comprehensive loss (461) (461) (3) Repurchases of common stock (384) (384) Treasury shares reissued 24 24 Dividends declared (441) (441) Share based awards and other 36 37 (1) 1 Balance January 26, 2025 $ 22,486 $ 5,526 $ (35,709) $ 56,829 $ (4,167) $ 7 $ 78

See Condensed Notes to Interim Consolidated Financial Statements.

7

CONDENSED NOTES TO INTERIM CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

(1) ORGANIZATION AND CONSOLIDATION

Deere & Company has been developing innovative solutions to help its customers become more profitable for more than 185 years. References to “Deere & Company,” “John Deere,” “we,” “us,” or “our” include our consolidated subsidiaries. We manage our business through the following operating segments: production and precision agriculture (PPA), small agriculture and turf (SAT), construction and forestry (CF), and financial services (John Deere Financial or FS). References to “agriculture and turf” include both PPA and SAT.

We use a 52/53 week fiscal year with quarters ending on the last Sunday in the reporting period. The first quarter ends for fiscal year 2025 and 2024 were January 26, 2025 and January 28, 2024, respectively. Both periods contained 13 weeks. Fiscal year 2025 will contain 53 weeks, with the additional week occurring in the fourth quarter. Unless otherwise stated, references to particular years, quarters, or months refer to our fiscal years generally ending in October and the associated periods in those fiscal years.

All amounts are presented in millions of dollars, unless otherwise specified. Certain prior period amounts have been reclassified to conform to current period presentation.

(2) SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES AND NEW ACCOUNTING PRONOUNCEMENTS Quarterly Financial Statements The interim consolidated financial statements of Deere & Company have been prepared by us, without audit, pursuant to the rules and regulations of the U.S. Securities and Exchange Commission (SEC). Certain information and footnote disclosures normally included in annual financial statements prepared in accordance with accounting principles generally accepted in the U.S. have been condensed or omitted as permitted by such rules and regulations. All normal recurring adjustments have been included. Management believes 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 these interim consolidated financial statements be read in conjunction with the consolidated financial statements and the notes thereto appearing in our latest Annual Report on Form 10-K. Results for interim periods are not necessarily indicative of those to be expected for the fiscal year.

Use of Estimates in Financial Statements Certain accounting policies require management to make estimates and assumptions in determining the amounts reflected in the financial statements and related disclosures. Actual results could differ from those estimates.

New Accounting Pronouncements Adopted We closely monitor all Accounting Standard Updates (ASUs) issued by the Financial Accounting Standards Board (FASB) and other authoritative guidance. We adopted the following standards in 2025, none of which had a material effect on our consolidated financial statements.

No. 2023-05 — Business Combinations – Joint Venture Formations (Subtopic 805-60): Recognition and Initial Measurement No. 2022-03 — Fair Value Measurement (Topic 820): Fair Value Measurement of Equity Securities Subject to

Contractual Sale Restrictions

Accounting Pronouncements to be Adopted In November 2024, the FASB issued ASU 2024-03, Income Statement – Reporting Comprehensive Income – Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses, which expands disclosures about specific expense categories presented on the face of the income statement. In January 2025, the FASB issued ASU 2025- 01, Income Statement – Reporting Comprehensive Income – Expense Disaggregation Disclosures (Subtopic 220-40), which clarifies the effective date of ASU 2024-03. The ASU will be effective for us beginning with our annual reporting for fiscal year 2028 and interim periods thereafter. We are assessing the effect of ASU 2024-03 on our related disclosures.

In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures, which expands disclosures in an entity’s income tax rate reconciliation table and cash taxes paid both in the U.S. and foreign jurisdictions. The ASU will be effective for us beginning with our annual reporting for fiscal year 2026. We are assessing the effect of this update on our related disclosures.

We will also adopt the following standards in future periods, none of which are expected to have a material effect on our consolidated financial statements.

No. 2024-04 — Debt – Debt with Conversion and Other Options (Subtopic 470-20): Induced Conversions of Convertible Debt Instruments

No. 2023-07 — Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures No. 2023-06 — Disclosure Improvements: Codification Amendments in Response to the SEC’s Disclosure Update and

Simplification Initiative

8

(3) REVENUE RECOGNITION

Our net sales and revenues by primary geographic market, major product line, and timing of revenue recognition follow:

Three Months Ended January 26, 2025 PPA SAT CF FS Total

Primary geographic markets: United States $ 1,555 $ 949 $ 1,113 $ 1,085 $ 4,702 Canada 354 79 101 187 721 Western Europe 277 352 344 43 1,016 Central Europe and CIS 67 39 71 4 181 Latin America 715 80 205 96 1,096 Asia, Africa, Oceania, and Middle East 205 308 224 55 792

Total $ 3,173 $ 1,807 $ 2,058 $ 1,470 $ 8,508

Major product lines: Production agriculture $ 3,002 $ 3,002 Small agriculture $ 1,234 1,234 Turf 463 463 Construction $ 770 770 Compact construction 361 361 Roadbuilding 596 596 Forestry 226 226 Financial products 55 33 21 $ 1,470 1,579 Other 116 77 84 277

Total $ 3,173 $ 1,807 $ 2,058 $ 1,470 $ 8,508

Revenue recognized: At a point in time $ 3,086 $ 1,760 $ 2,028 $ 29 $ 6,903 Over time 87 47 30 1,441 1,605

Total $ 3,173 $ 1,807 $ 2,058 $ 1,470 $ 8,508

Three Months Ended January 28, 2024 PPA SAT CF FS Total

Primary geographic markets: United States $ 2,721 $ 1,345 $ 2,095 $ 970 $ 7,131 Canada 386 118 210 172 886 Western Europe 503 517 361 40 1,421 Central Europe and CIS 179 73 94 8 354 Latin America 819 98 256 130 1,303 Asia, Africa, Oceania, and Middle East 435 341 258 56 1,090

Total $ 5,043 $ 2,492 $ 3,274 $ 1,376 $ 12,185

Major product lines: Production agriculture $ 4,791 $ 4,791 Small agriculture $ 1,718 1,718 Turf 649 649 Construction $ 1,483 1,483 Compact construction 626 626 Roadbuilding 763 763 Forestry 292 292 Financial products 60 26 18 $ 1,376 1,480 Other 192 99 92 383

Total $ 5,043 $ 2,492 $ 3,274 $ 1,376 $ 12,185

Revenue recognized: At a point in time $ 4,955 $ 2,456 $ 3,243 $ 28 $ 10,682 Over time 88 36 31 1,348 1,503

Total $ 5,043 $ 2,492 $ 3,274 $ 1,376 $ 12,185

9

We invoice in advance of recognizing the revenue of certain products and services. These relate to extended warranty premiums, advance payments for future equipment sales, and subscription and service revenue related to precision guidance, telematic services, and other information-enabled solutions. These advanced customer payments are presented as deferred revenue, a contract liability, in “Accounts payable and accrued expenses.” The deferred revenue received, but not recognized in revenue, was $2,027, $1,923, and $1,747 at January 26, 2025, October 27, 2024, and January 28, 2024, respectively. The contract liability is reduced as the revenue is recognized. Revenue recognized from deferred revenue that was recorded as a contract liability at the beginning of the fiscal year was $197 and $230 during the three months ended January 26, 2025 and January 28, 2024, respectively.

The amount of unsatisfied performance obligations for contracts with an original duration greater than one year was $1,734 at January 26, 2025. The estimated revenue to be recognized by fiscal year follows: remainder of 2025 – $395, 2026 – $444, 2027 – $352, 2028 – $235, 2029 – $144, 2030 – $102, and later years – $62. As permitted, we elected only to disclose remaining performance obligations with an original contract duration greater than one year. The contracts with an expected duration of one year or less are for sales to dealers and retail customers for equipment, service parts, repair services, and certain telematics services.

(4) OTHER COMPREHENSIVE INCOME ITEMS

The after-tax components of accumulated other comprehensive income (loss) follow:

January 26 October 27 January 28 2025 2024 2024

Retirement benefits adjustment $ (1,271) $ (1,274) $ (866) Cumulative translation adjustment (2,734) (2,286) (1,877) Unrealized loss on derivatives (73) (72) (23) Unrealized loss on debt securities (89) (74) (97)

Accumulated other comprehensive income (loss) $ (4,167) $ (3,706) $ (2,863)

The following tables reflect amounts recorded in other comprehensive income (loss), as well as reclassifications out of other comprehensive income (loss).

Before Tax After Tax (Expense) Tax

Three Months Ended January 26, 2025 Amount Credit Amount Cumulative translation adjustment $ (449) $ 1 $ (448) Unrealized gain (loss) on interest rate derivatives:

Unrealized hedging gain (loss) 7 (2) 5 Reclassification of realized (gain) loss to Interest expense (8) 2 (6) Net unrealized gain (loss) on derivatives (1) (1)

Unrealized gain (loss) on debt securities: Unrealized holding gain (loss) (19) 4 (15) Net unrealized gain (loss) on debt securities (19) 4 (15)

Retirement benefits adjustment: Net actuarial gain (loss) 6 (1) 5 Reclassification to Other operating expenses through amortization of:

Actuarial (gain) loss (11) 3 (8) Prior service (credit) cost 9 (3) 6

Net unrealized gain (loss) on retirement benefits adjustment 4 (1) 3 Total other comprehensive income (loss) $ (465) $ 4 $ (461)

10

Before Tax After Tax (Expense) Tax Three Months Ended January 28, 2024 Amount Credit Amount Cumulative translation adjustment $ 273 $ 1 $ 274 Unrealized gain (loss) on interest rate derivatives:

Unrealized hedging gain (loss) (8) 2 (6) Reclassification of realized (gain) loss to Interest expense (11) 2 (9) Net unrealized gain (loss) on derivatives (19) 4 (15)

Unrealized gain (loss) on debt securities: Unrealized holding gain (loss) 1 6 7 Reclassification of realized (gain) loss to Other income 8 (2) 6 Net unrealized gain (loss) on debt securities 9 4 13

Retirement benefits adjustment: Net actuarial gain (loss) (17) 4 (13) Reclassification to Other operating expenses through amortization of:

Actuarial (gain) loss (20) 5 (15) Prior service (credit) cost 9 (2) 7

Net unrealized gain (loss) on retirement benefits adjustment (28) 7 (21) Total other comprehensive income (loss) $ 235 $ 16 $ 251

(5) EARNINGS PER SHARE

A reconciliation of basic and diluted net income per share attributable to Deere & Company follows in millions, except per share amounts:

Three Months Ended January 26 January 28 2025 2024 Net income attributable to Deere & Company $ 869 $ 1,751 Average shares outstanding 271.6 279.9

Basic per share $ 3.20 $ 6.25 Average shares outstanding 271.6 279.9 Effect of dilutive stock options and unvested restricted stock units .7 1.2

Total potential shares outstanding 272.3 281.1 Diluted per share $ 3.19 $ 6.23

Shares excluded from EPS calculation, as antidilutive .3 .2

11

(6) PENSION AND OTHER POSTRETIREMENT BENEFITS

We have several funded and unfunded defined benefit pension plans and other postretirement benefit (OPEB) plans. These plans cover U.S. employees and certain foreign employees. The components of net periodic pension and OPEB (benefit) cost consisted of the following:

Three Months Ended January 26 January 28 2025 2024 Pensions: Service cost $ 65 $ 58 Interest cost 128 136 Expected return on plan assets (254) (241) Amortization of actuarial gain (1) (4) Amortization of prior service cost 10 10

Net benefit $ (52) $ (41) OPEB: Service cost $ 5 $ 5 Interest cost 40 43 Expected return on plan assets (28) (27) Amortization of actuarial gain (10) (16) Amortization of prior service credit (1) (1)

Net cost $ 6 $ 4

The components of net periodic pension and OPEB (benefit) cost excluding the service cost component are included in the line item “Other operating expenses.”

During the first three months of 2025, we contributed and expect to contribute the following amounts to our pension and OPEB plans:

Pensions OPEB Contributed $ 28 $ 622 Expected contributions remainder of the year 72 38

In the first quarter of 2025, a committee of our Board of Directors approved and a $520 voluntary contribution was made to a U.S. OPEB plan. This contribution increased plan assets.

12

(7) Segment Data

Information relating to operations by operating segment follows:

Three Months Ended January 26 January 28 % 2025 2024 Change Net sales and revenues

PPA net sales $ 3,067 $ 4,849 -37 SAT net sales 1,748 2,425 -28 CF net sales 1,994 3,212 -38 FS revenues 1,470 1,376 +7 Other revenues 229 323 -29

Total net sales and revenues $ 8,508 $ 12,185 -30 Operating profit

PPA $ 338 $ 1,045 -68 SAT 124 326 -62 CF 65 566 -89 FS 266 257 +4

Total operating profit 793 2,194 -64 Reconciling items 103 26 +296 Income taxes (27) (469) -94

Net income attributable to Deere & Company $ 869 $ 1,751 -50

Intersegment sales and revenues: PPA net sales $ 8 SAT net sales 1 CF net sales FS revenues $ 103 176

Operating profit for PPA, SAT, and CF is income from continuing operations before corporate expenses, certain external interest expenses, certain foreign exchange gains and losses, and income taxes. Operating profit of financial services includes the effect of interest expense and foreign exchange gains and losses. Reconciling items to net income are primarily corporate expenses, certain interest income and expenses, certain foreign exchange gains and losses, pension and OPEB benefit (cost) amounts excluding the service cost component, and net income attributable to noncontrolling interests.

Identifiable operating assets were as follows: January 26 October 27 January 28 2025 2024 2024 PPA $ 8,773 $ 8,696 $ 9,059 SAT 4,179 4,130 4,426 CF 7,237 7,137 7,371 FS 69,686 73,612 69,900 Corporate 13,244 13,745 10,615

Total assets $ 103,119 $ 107,320 $ 101,371

(8) FINANCING RECEIVABLES

We monitor the credit quality of financing receivables based on delinquency status, defined as follows: • Past due balances represent any payments 30 days or more past the due date. • Non-performing financing receivables represent receivables for which we have stopped accruing finance income. This

generally occurs when receivables are 90 days delinquent. • Write-offs generally occur when receivables are 120 days delinquent. In these situations, the estimated uncollectible

amount is written off to the allowance for credit losses.

13

The credit quality and aging analysis of retail notes, financing leases, and revolving charge accounts (collectively, retail customer receivables) by year of origination was as follows:

January 26, 2025

2025 2024 2023 2022 2021 Prior Years

Revolving Charge

Accounts Total Retail customer rece

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