Tax reform and how it will affect the bottom line were a couple of topics addressed at today's John Deere annual meeting in Moline.
After electing the board of directors and giving his report to a packed house, Chair and CEO Sam Allen took questions. One shareholder asked about tax reform in part because Deere took a first quarter charge of $900 million due to the new law.
Spokesman Ken Golden says in the long run, the drop in federal taxes will be good for the company. And it's good for farmers and Deere dealers because a depreciation tax rule has been made permanent.
Deere opened the shareholders meeting with a video celebrating the 100th anniversary of getting into the tractor business. Tony Knobbe is one of the organizers of this year's Gathering of the Green. He invited Allen and the audience to next month's convention for John Deere tractor collectors.
During the meeting, Sam Allen quoted an old letter from a Deere board member. It was written before the company bought the Waterloo Gas Engine Company in 1918, and said "The tractor will never replace the mule."
Shareholders also rejected a proposal to make it easier for them to call a special meeting.