Fitch's key assumptions within the rating case for JDCC include:
JDCC will remain a core subsidiary of Deere based on the 100% ownership, shared brand name, importance of JDCC to help Deere achieve its strategic objectives and the Support Agreement between the two entities;
A change in the perceived relationship between Deere and JDCC, for example, if Fitch believed that JDCC was no longer core to Deere's strategic operations and/or adequate financial support was not provided to the captive finance company in a time of need;
But perhaps the most exciting development for the brand will come on October 1 when JDCC
introduces its first seasonal flavor, Jack Apple.
Frits Kalshoven & Liesbeth Zegveld, Constraints on the Waging of War: An Introduction to International Humanitarian Law 109 (2001); see also JDCC, supra note 106, at 87 (viewing soldiers who commit actions that are only part of an "attack" as criminally violating the proportionality norm only if their actions are "entirely gratuitous and unnecessary").
JDCC, supra note 106, at 26 (stating that the legal basis on which force is exercised in a specific armed conflict, which is determined by the overall legally permitted objective of that armed conflict, "may impose .
See JDCC, supra note 106, at 26 (stating that according to jus ad bellum proportionality, a state's "defined and limited [legal] goals" in a conflict impose constraints on the scale and form of that state's use of force); see also infra note 266 and accompanying text.
The large cash portfolio has resulted from a strong overall focus on cash generation based upon working capital improvements, the sale of wholesale receivables to JDCC, a reduction in CAPEX resulting from the completion of significant investment in new products, and improved profitability.
Outside of the equipment operations, Deere's performance remains strong with JDCC having evolved into both a source of consistent earnings and a counterbalance to Deere's otherwise cyclical businesses.
Outside of the equipment operations Deere's performance remains strong with JDCC
having evolved into both a source of consistent earnings and a counterbalance to Deere's otherwise cyclical businesses.
Established to help facilitate the sales of Deere equipment, JDCC
has evolved into a source of consistent earnings to the parent through an entire economic cycle.
Both Deere and JDCC
may each issue up to $1 billion of ECN's.