10-K 0001104659-25-122321 (2025-12-18) vs 10-K 0001558370-24-016169 (2024-12-12)
| Section | Compared text | Words now | Changed |
|---|
| Risk Factors | Item 1A | 8,555 |
44.8% |
| MD&A | Item 7 | 13 |
not compared |
| Legal Proceedings | Item 3, via Note 20 – COMMITMENTS AND CONTINGENCIES | 375 |
12.3% |
| Accounting Policies | 10-K text, Note 2 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES AND NEW ACCOUNTING PRONOUNCEMENTS | 3,049 |
24.8% |
The redline: what was cut and what was added
In each section, the paragraph that changed most, marked against last year's 10-K:
cut words struck through, new words highlighted and underlined.
Risk Factors 195 words changed in this paragraph; it is 60% similar to last year's version.
These laws, regulations, and executive orders cover a variety of subjects, including advertising, anti-money laundering, antitrust, autonomy systems, consumer finance, environmental, climate-related, health and safety, foreign exchange controls and cash repatriation restrictions, foreign ownership and investment, import/export and trade, human rights, labor and employment, product liability reporting, cybersecurity, data privacy, encryption, artificial intelligence, telecommunications, and drones. Changes to existing laws, regulations, executive orders, and enforcement priorities, changes to how they are interpreted, or the implementation of new, more stringent laws, regulations, and executive orders, could adversely affect our business by increasing compliance costs, limiting our ability to offer a product or service, requiring changes to our business practices, or otherwise making our products and services less attractive to customers. Failure to comply with these laws, regulations, and executive orders could result in fines and penalties. For example, in the U.S., we could lose government contracts and be subject to penalties if we fail to comply with executive orders. In addition, we must comply with the U.S. Foreign Corrupt Practices Act (FCPA) and all applicable foreign anti-bribery and anti-corruption laws. These laws generally prohibit companies and their intermediaries from making improper payments or providing anything of value to improperly influence government officials or private individuals for the purpose of obtaining or retaining a business advantage, regardless of whether those practices are culturally expected in a particular jurisdiction. Although we have a compliance program in place designed to reduce the likelihood of potential violations of these laws and regulations, our employees, contractors, or agents have violated, and in the future could violate such laws and regulations or our policies and procedures. Violations of these laws and regulations have resulted in, resulted, and could result in the future, in criminal or civil sanctions and may have a material adverse effect on our reputation, business, results of operations, and financial condition. In fiscal year 2024, we agreed to pay approximately $10.0 million to the Commission to resolve charges that the Company violated the FCPA arising out of improper payments by our wholly-owned subsidiary, Wirtgen Thailand.
Source: Item 1A, 10-K 0001104659-25-122321 vs Item 1A, 10-K 0001558370-24-016169
Accounting Policies 90 words changed in this paragraph; it is 63% similar to last year's version.
We charge dealers interest on outstanding balances from the earlier of when goods are sold to a retail customer by the dealer or the expiration of the interest-free period granted at the time of the sale to the dealer. Interest-free periods are determined based on the type of equipment sold and the time of year of the sale. These periods range from one to twelve months for most equipment. Interest-free periods may not be extended. Interest charged may not be forgiven, and past due interest rates are charged at higher rates. If the interest-free or below market interest rate period exceeds one year, we adjust the expected sales revenue for the effects of the time value of money using a current market interest rate. The revenue related to the financing component is recognized in “Finance and interest income” using the interest method. We do not adjust the sales price to account for a financing component if the expected interest-free or below market period is one year or less.
Source: 10-K text, Note 2 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES AND NEW ACCOUNTING PRONOUNCEMENTS, 10-K 0001104659-25-122321 vs 10-K text, Note 2 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES AND NEW ACCOUNTING PRONOUNCEMENTS, 10-K 0001558370-24-016169
Legal Proceedings 45 words changed in this paragraph; it is 67% similar to last year's version.
We are subject to various unresolved legal actions. The total accrued losses on these unresolved legal matters were not material at October 27, 2024. approximately $175 as of November 2, 2025 (see Note 4 “Litigation Accrual” item). The accrual is based on management’s best estimate of probable losses as the outcome of litigation is inherently uncertain. We believe the reasonably possible range of losses in excess of the recorded accruals for these unresolved legal actions would not have a material effect on our consolidated financial statements. The most prevalent legal claims relate to:
Source: Item 3, via Note 20 – COMMITMENTS AND CONTINGENCIES, 10-K 0001104659-25-122321 vs Item 3, via Note 20 – COMMITMENTS AND CONTINGENCIES, 10-K 0001558370-24-016169
Every change, by type
Sentences and paragraphs of DE's Risk Factors and MD&A, 10-K 2025-12-18 against 10-K 2024-12-12.
Each links to the text at sec.gov.
Quiet changes are sentences kept from last year with one to four words changed, at least one of them a hedge, a modal or a qualifier
(may, could, will, not, significant, material…). A year or date rolling forward is not counted.
The full word list
adverse, adversely, all, although, anticipate, anticipates, any, approximately, believe, believes, can, cannot, certain, could, expect, expects, generally, however, if, intend, intends, largely, likely, many, material, materially, may, might, most, must, never, no, not, possible, primarily, probable, should, significant, significantly, some, substantial, substantially, unlikely, will, would
AddedRisk Factors
Our success largely depends on the vitality of the agricultural industry. Historically, the agricultural industry has been cyclical and subject to a variety of economic and other factors; consequently, sales of agricultural equipment are also cyclical and generally reflect the economic health of the agricultural industry.
Read it in 10-K 2025-12-18 at sec.gov ↗
AddedRisk Factors
The imposition of tariffs and retaliatory tariffs has impacted, and we expect will continue to impact, the sourcing of parts and components, the cost and profitability of manufacturing operations, and our ability to ship, import, and export our products. During fiscal year 2025, new tariffs were imposed in the U.S. for imports from a broad range of countries and materials. Several countries also implemented or proposed retaliatory tariffs on imports from the U.S., as well as other barriers to trade. As a net exporter of agriculture and turf equipment from the U.S., these trade policies impact us. Nearly 80% of our domestic sales are assembled in the U.S., with the remaining products imported primarily from Europe, Mexico, India, and Japan. During fiscal year 2025, incremental import tariffs adversely affected the cost of our products and components and may continue to do so in 2026. In addition, retaliatory tariffs by regions outside the U.S., currently in effect or adopted in the future, may impact the prices of our
Read it in 10-K 2025-12-18 at sec.gov ↗
AddedRisk Factors
exported products and the profit realized from these exports. The direct impact of incremental tariffs incurred by us in 2025 was approximately $600, excluding the impact of tariffs on our suppliers and market demand. On November 5, 2025, the United States Supreme Court heard oral arguments on tariffs imposed under the International Emergency Economic Powers Act (IEEPA). The court may provide tariff relief and the potential recovery of amounts previously paid. We are monitoring developments in this case and its impact on our future financial statements and business.
Read it in 10-K 2025-12-18 at sec.gov ↗
AddedRisk Factors
If our business partners were to incur regulatory or judicial action, it could impact our ability to operate certain solutions abroad, or our connectivity to rural farmers.
Read it in 10-K 2025-12-18 at sec.gov ↗
AddedRisk Factors
Our international operations expose us to risks and events beyond our control in countries in which we operate.
Read it in 10-K 2025-12-18 at sec.gov ↗
AddedRisk Factors
economic and political instability, including war or armed conflict, changes in government policies, expropriation, nationalization, and other political, economic, or social developments,
Read it in 10-K 2025-12-18 at sec.gov ↗
AddedRisk Factors
increased tariffs, trade barriers, trade agreements, and other restrictions on international trade,
Read it in 10-K 2025-12-18 at sec.gov ↗
AddedRisk Factors
supply chain disruptions, including, as a result of natural disasters, transportation disruptions, and geopolitical events,
Read it in 10-K 2025-12-18 at sec.gov ↗
AddedRisk Factors
multiple and potentially conflicting laws, regulations, and policies that are subject to change, along with the complexity and cost of compliance,
Read it in 10-K 2025-12-18 at sec.gov ↗
AddedRisk Factors
currency fluctuations which can affect the value of our foreign currency revenues, expenses, and cash flows,
Read it in 10-K 2025-12-18 at sec.gov ↗
AddedRisk Factors
inadequate intellectual property protections in foreign jurisdictions that could result in the unauthorized use or infringement of our intellectual property,
Read it in 10-K 2025-12-18 at sec.gov ↗
AddedRisk Factors
The occurrence of one or more of these events has, from time to time, impacted, and may in the future impact, our business in a variety of ways, including reducing demand for our products, increasing costs, limiting our ability to operate in certain jurisdictions, disrupting our ability to deliver products to customers on time and at competitive prices, subjecting us to fines, penalties, and sanctions, harming our competitive position, devaluation of assets, and impacting our financials.
Read it in 10-K 2025-12-18 at sec.gov ↗
RemovedRisk Factors
We may be unable to manage increasing political, economic, and social uncertainty in certain regions of the world, which could significantly change the dynamics of our competition, customer base, and product offerings globally.
Read it in 10-K 2024-12-12 at sec.gov ↗
RemovedRisk Factors
In some cases, these countries have greater political and economic volatility, greater vulnerability to infrastructure and labor disruptions, and differing customer product preferences and requirements than our other markets.
Read it in 10-K 2024-12-12 at sec.gov ↗
RemovedRisk Factors
Having business operations in various regions and countries exposes us to multiple and potentially conflicting business practices and legal and regulatory requirements that are subject to change. These practices and legal requirements are often complex and difficult to navigate, including those related to tariffs and trade regulations, investments, property ownership rights, taxation, repatriation of earnings, and advanced technologies.
Read it in 10-K 2024-12-12 at sec.gov ↗
RemovedRisk Factors
Expanding business operations globally also increases exposure to currency fluctuations, which can materially affect our financial results. In Argentina, the government has certain capital and currency controls that restrict our ability to access U.S. dollars and remit earnings from our Argentine operations, leaving us exposed to long-term currency fluctuations.
Read it in 10-K 2024-12-12 at sec.gov ↗
RemovedRisk Factors
While our brands are widely recognized in our traditional markets, they are less known in some emerging markets, which could impede our efforts to successfully compete in these markets.
Read it in 10-K 2024-12-12 at sec.gov ↗
RemovedRisk Factors
Market uncertainty and volatility in various geographies have been magnified as a result of potential shifts in U.S. and foreign trade, economic, and other policies following the 2024 U.S. presidential and congressional elections.
Read it in 10-K 2024-12-12 at sec.gov ↗
RemovedRisk Factors
Geopolitical tensions, including the Russia/Ukraine war and the conflict in the Middle East, have also exacerbated market volatility and affected agricultural global production and demand levels.
Read it in 10-K 2024-12-12 at sec.gov ↗
RemovedRisk Factors
We require access to various raw materials, components, and whole goods at competitive prices to manufacture and distribute our products.
Read it in 10-K 2024-12-12 at sec.gov ↗
RemovedRisk Factors
Unfavorable weather conditions or natural catastrophes that reduce agricultural production and demand for agriculture and turf equipment could directly and indirectly affect our business.
Read it in 10-K 2024-12-12 at sec.gov ↗
RemovedRisk Factors
The purchasing decisions of our customers, particularly the purchasers of agriculture and turf equipment, can be significantly affected by poor or unusual weather conditions. Such conditions include:
Read it in 10-K 2024-12-12 at sec.gov ↗
RemovedRisk Factors
Insufficient levels of rain, which prevent farmers from planting new crops and may cause growing crops to die or result in lower yields;
Read it in 10-K 2024-12-12 at sec.gov ↗
RemovedRisk Factors
Excessive rain or flooding can prevent planting from occurring at optimal times and may cause crop loss through increased disease or mold growth;
Read it in 10-K 2024-12-12 at sec.gov ↗
RewordedRisk Factors
Despite security measures, including exercises, tests, incident simulations, and system assessments designed to discover and address potential vulnerabilities, our information technology networks and infrastructure have been and may be vulnerable to (i) intrusion, (ii) exfiltration of data, (iii) damage, disruptions, (iv) disruptions or shutdowns due to attacks by cyber criminals, criminals or foreign state actors, (v) employees’, suppliers’, or dealers’ error or malfeasance, (vi) supply chain compromise, (vii) disruptions during the process of upgrading or replacing computer software or hardware, (viii) power and systems outages, (ix) computer viruses, (x) ransomware or other malware, (xi) telecommunication or utility failures, (xii) terrorist acts, (xiii) natural disasters, or (xiv) and other events.
Read it in 10-K 2025-12-18 at sec.gov ↗
RewordedRisk Factors
The economic health of the agricultural industry is affected by numerous factors, including farm income, international trade, farmland values, and debt levels levels, and financing costs, all of which are influenced by the levels of commodity and protein prices, world grain stocks, acreage available and planted, crop yields, agricultural product demand, soil conditions, farm input costs, government policies, and government subsidies. costs.
Read it in 10-K 2025-12-18 at sec.gov ↗
RewordedRisk Factors
The economic health of the agricultural industry In addition, farm income is affected by numerous factors, including farm income, farmland values, and debt levels and financing costs, all of which are influenced by the levels of commodity and protein prices, world grain stocks, acreage available and planted, crop yields, agricultural product demand, soil conditions, farm input costs, government policies, policies and government subsidies. support.
Read it in 10-K 2025-12-18 at sec.gov ↗
RewordedRisk Factors
In the ordinary course of business, we We rely upon information technology networks and systems, some of which are managed by third parties, to process, transmit, and store electronic information and to manage or support a variety of products within our portfolio, business processes and activities, including supporting our customers’ operations, products and solutions, supply chain, manufacturing, distribution, invoicing, and collection of payments from dealers customers and other purchasers of our equipment and from customers of the financial services segment. dealers.
Read it in 10-K 2025-12-18 at sec.gov ↗
RewordedRisk Factors
Our ability to accurately forecast demand could be affected by many factors, including changes in customer demand for our products and services, used equipment inventory outstanding, changes in demand for the products and services of competitors, unanticipated changes in agricultural and general market conditions, and the weakening of economic conditions or customer confidence in future economic conditions.
Read it in 10-K 2025-12-18 at sec.gov ↗
RewordedRisk Factors
Sustained general negative economic conditions and outlook could also affect construction and housing starts, activities, and energy prices and demand, and other construction, which dampens could decrease demand for certain construction equipment. and turf equipment and could have a material adverse effect on our financial results.
Read it in 10-K 2025-12-18 at sec.gov ↗
RewordedRisk Factors
For example, the we use automation software, digital tools, applications, and analytics utilized in John Deere’s products are designed to improve customer decision-making, such as the automation package on the S7 Series Combines and the computer vision and machine learning technology that enables our See & Spray™ targeted spraying solution.
Read it in 10-K 2025-12-18 at sec.gov ↗
RewordedRisk Factors
The occurrence of one or more unexpected events, including war, lack of available natural resources, acts of terrorism, epidemics and pandemics (such as the COVID pandemic), pandemics, civil unrest, fires, tornadoes, tsunamis, hurricanes, earthquakes, temperatures outside of normal ranges, floods, and other forms of severe or unusual weather in the United States or in other countries in which we operate, or in which our suppliers are located, have adversely affected and could in the future adversely affect our operations and financial performance.
Read it in 10-K 2025-12-18 at sec.gov ↗
RewordedRisk Factors
In addition, if If we are unable to remain relevant and effectively develop and deliver technology that customers can easily adopt and utilize, customer adoption rates could reduce, customers may not adopt our technology which would adversely impacting impact our business operations and future financial performance.
Read it in 10-K 2025-12-18 at sec.gov ↗
RewordedRisk Factors
While we believe the use of these emerging technologies can present significant benefits, it they also creates create risks and challenges as the use of artificial intelligence is a novel business model without an established track record. challenges.
Read it in 10-K 2025-12-18 at sec.gov ↗
RewordedRisk Factors
In fiscal year 2024, 2025, unfavorable market conditions resulted in lower sales volumes, higher greater reliance on sales discounts, higher incentives, and elevated receivable write offs, and a higher provision for credit losses. write-offs.
Read it in 10-K 2025-12-18 at sec.gov ↗
RewordedRisk Factors
In addition We may also be subject to post-sale repairs or recalls initiated by us for various reasons, investigations into relating to our products by government regulators which may compel us to initiate product recalls or may result in negative public perceptions about the safety of our products, even if we disagree with the regulator’s determination.
Read it in 10-K 2025-12-18 at sec.gov ↗
Quiet changesRisk Factors
They involve certain factors that are subject to change and important risks and uncertainties that could cause actual results to differ materially.
Read it in 10-K 2025-12-18 at sec.gov ↗
Quiet changesRisk Factors
In addition, our culture and our values have been important contributors to our success to date and we believe promote a sense of pride and fulfillment in our employees.
Read it in 10-K 2025-12-18 at sec.gov ↗
Quiet changesRisk Factors
Any strike, work stoppage, or other dispute with a labor union distracts management from operating the business, may displace employees from ordinary job positions to fill in vacant positions, may affect our reputation, and could materially adversely affect our business, results of operations, and financial condition.
Read it in 10-K 2025-12-18 at sec.gov ↗
Quiet changesRisk Factors
These results would increase our operating costs through higher utility, transportation, and materials cost material costs and could prevent us from selling products into certain markets.
Read it in 10-K 2025-12-18 at sec.gov ↗
