<SEC-DOCUMENT>0001104659-20-033091.txt : 20200520
<SEC-HEADER>0001104659-20-033091.hdr.sgml : 20200520
<ACCEPTANCE-DATETIME>20200313160031
<PRIVATE-TO-PUBLIC>
ACCESSION NUMBER:		0001104659-20-033091
CONFORMED SUBMISSION TYPE:	CORRESP
PUBLIC DOCUMENT COUNT:		2
FILED AS OF DATE:		20200313

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			DEERE & CO
		CENTRAL INDEX KEY:			0000315189
		STANDARD INDUSTRIAL CLASSIFICATION:	FARM MACHINERY & EQUIPMENT [3523]
		IRS NUMBER:				362382580
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1101

	FILING VALUES:
		FORM TYPE:		CORRESP

	BUSINESS ADDRESS:	
		STREET 1:		ONE JOHN DEERE PLACE
		CITY:			MOLINE
		STATE:			IL
		ZIP:			61265-8098
		BUSINESS PHONE:		(309) 765-8000

	MAIL ADDRESS:	
		STREET 1:		ONE JOHN DEERE PLACE
		CITY:			MOLINE
		STATE:			IL
		ZIP:			61265-8098
</SEC-HEADER>
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<TYPE>CORRESP
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<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">Deere&nbsp;&amp; Company</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">Law Department</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">One John Deere Place, Moline,&nbsp;IL 61265 USA</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">Phone: 309-765-5161</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">Fax (309) 749-0085 or (309) 765-5892</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">Email: DaviesToddE@JohnDeere.com</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">Todd E. Davies</font></b></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">Corporate Secretary&nbsp;&amp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">Associate General Counsel</font></p>    </td>   </tr>  </table>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:11.0pt;">13 March&nbsp;2020</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:11.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:11.0pt;">Division of Corporation Finance<br> Office of Technology</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:11.0pt;">Securities and Exchange Commission<br> Washington, D.C. 20549</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:11.0pt;">&nbsp;</font></p>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:11.0pt;">Attention:</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:11.0pt;">Melissa Kindelan</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:11.0pt;">Senior Staff Accountant</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:11.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:11.0pt;">&nbsp;</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:11.0pt;">Eiko Yaoita Pyles</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:11.0pt;">Staff Accountant</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:11.0pt;">&nbsp;</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:11.0pt;">Subject:</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:11.0pt;">Deere&nbsp;&amp; Company</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:11.0pt;">Form&nbsp;10-K for the Fiscal   Year Ended November&nbsp;3, 2019</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:11.0pt;">Filed December&nbsp;19, 2019</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:11.0pt;">Commission File   No.&nbsp;001-04121</font></p>    </td>   </tr>  </table>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:11.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt 1.0in;text-indent:-1.0in;"><font size="2" face="Arial" style="font-size:11.0pt;">Dear Ms.&nbsp;Kindelan and Ms.&nbsp;Pyles:</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:11.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:11.0pt;">On behalf of Deere&nbsp;&amp; Company, a Delaware corporation (&#147;Deere&#148; or the &#147;Company&#148;), set forth below is the Company&#146;s response to the comment of the Division of Corporation Finance of the Securities and Exchange Commission, dated March&nbsp;3, 2020, pertaining to the Company&#146;s Form&nbsp;10-K for the fiscal year ended November&nbsp;3, 2019. The numbered paragraph below sets forth your letter&#146;s comment, followed by our response to that comment.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:11.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .5in;text-indent:-.25in;"><font size="2" face="Arial" style="font-size:11.0pt;">1.&#160;&#160; </font><i><font size="2" face="Arial" style="font-size:11.0pt;font-style:italic;">Form&nbsp;10-K for Fiscal Year Ended November&nbsp;3, 2019</font></i></p>
<p style="margin:0in 0in .0001pt .5in;"><i><font size="2" face="Arial" style="font-size:11.0pt;font-style:italic;">Notes to Consolidated Financial Statements</font></i></p>
<p style="margin:0in 0in .0001pt .5in;"><i><font size="2" face="Arial" style="font-size:11.0pt;font-style:italic;">Note 2. Summary of Significant Accounting Policies</font></i></p>
<p style="margin:0in 0in .0001pt .5in;"><i><font size="2" face="Arial" style="font-size:11.0pt;font-style:italic;">Revenue Recognition, page&nbsp;38</font></i></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:11.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .5in;"><i><font size="2" face="Arial" style="font-size:11.0pt;font-style:italic;">You disclose that certain goods are shipped to dealers on a consignment basis under which the risks and rewards of ownership are not transferred to the dealer at the time the goods are shipped, accordingly these sales are not recorded until a retail customer has purchased the goods. You also disclose that generally no right of return exists on the sales of equipment. Please explain to us the nature of these consignment arrangements. In this regard, tell us how you assessed whether the dealer obtains control of the goods before the retail customer purchases the goods and how such assessment impacts the timing of revenue recognition. Refer to ASC 606-10-25-23 through 26. Also, tell us the amount of revenue generated from these types of sales for each period presented.</font></i></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:11.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:11.0pt;">Response: For most of the Company&#146;s equipment and service part sales, a third-party dealer or end customer obtains control of the promised good at the time of delivery as outlined in the</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:11.0pt;">&nbsp;</font></p>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:11.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:11.0pt;">13 March 2020</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:11.0pt;">Page 2</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:11.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:11.0pt;">approved contract. As stated in the revenue recognition policy summary in Note 2 of the Notes to the Consolidated Financial Statements of the Company&#146;s 2019 Form&nbsp;10-K (Note 2), revenue is recognized at that time. This treatment is consistent with the guidance in ASC 606-10-25-23 through 26.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:11.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:11.0pt;">In Canada and select international locations certain goods are shipped on a consignment basis to third-party dealers that sell the Company&#146;s products and services. In these situations, the Company retains control of the goods as follows:</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:11.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .5in;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:11.0pt;">&#183;</font><font size="2" face="Arial" style="font-size:11.0pt;">&#160;&#160;&#160; </font><font size="2" face="Arial" style="font-size:11.0pt;">The Company can retrieve the equipment for sale to another party.</font></p>
<p style="margin:0in 0in .0001pt .5in;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:11.0pt;">&#183;</font><font size="2" face="Arial" style="font-size:11.0pt;">&#160;&#160;&#160; </font><font size="2" face="Arial" style="font-size:11.0pt;">The dealer can return the equipment to the Company without penalty.</font></p>
<p style="margin:0in 0in .0001pt .5in;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:11.0pt;">&#183;</font><font size="2" face="Arial" style="font-size:11.0pt;">&#160;&#160;&#160; </font><font size="2" face="Arial" style="font-size:11.0pt;">The dealer does not have an unconditional obligation to pay for the equipment.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:11.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:11.0pt;">These consignment arrangements are described in ASC 606-10-55-79 through 80 and revenue is not recognized when the equipment is physically transferred to the dealers. When a retail customer or a third-party dealer purchases the equipment in an arrangement that meets the revenue recognition criteria, the Company recognizes the revenue at that time.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:11.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:11.0pt;">In both instances, in a direct sale or a sale through a consignment arrangement, the customers do not have a right to return the equipment after the Company recognizes the sale, except as explained in Note 2. The limited exceptions are as follows:</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:11.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .5in;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:11.0pt;">&#183;</font><font size="2" face="Arial" style="font-size:11.0pt;">&#160;&#160;&#160; </font><font size="2" face="Arial" style="font-size:11.0pt;">Equipment transferred to a customer with the Company having a repurchase obligation. These arrangements are limited and are accounted for in accordance with ASC 606-10-55-72 through 78.</font></p>
<p style="margin:0in 0in .0001pt .5in;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:11.0pt;">&#183;</font><font size="2" face="Arial" style="font-size:11.0pt;">&#160;&#160;&#160; </font><font size="2" face="Arial" style="font-size:11.0pt;">Service parts and attachments that may be returned and are accounted for in accordance with ASC 606-10-55-22 through 27.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:11.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:11.0pt;">The net sales reported in the statement of consolidated income from goods that were consigned before the Company recognized the revenue were $1,502 million, $1,866 million, and $1,883 million for years 2019, 2018, and 2017, respectively. These amounts are 4 percent, 6 percent, and 7 percent of total net sales for each respective year. For purposes of quantifying the sales from consignment arrangements for this response, non-U.S. Dollar amounts were translated to U.S. Dollars at the average annual exchange rate for the fiscal period.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:11.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:11.0pt;">We have prepared these responses based upon current knowledge and information following review of our business operations. Should you have any questions or comments concerning this response to your comment letter, please contact me at (309) 765-5161.</font></p>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:11.0pt;">Sincerely,</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><i><font size="2" face="Arial" style="font-size:11.0pt;font-style:italic;">/s/ Todd E.   Davies</font></i></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:11.0pt;">Todd E. Davies</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:11.0pt;">Corporate Secretary</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:11.0pt;">&nbsp;</font></p>
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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
