What does Deere do? How do the financial statements reflect the different businesses Deere is in? Does Deere have any source of customer captivity? If they do, where are the barriers to entry located in their business? Deere manufactures agricultural equipment. Deere reports both consolidated financial statements as well as financial statements for each of the reporting segments (go to the section Supplemental Consolidating Information, which starts in page 39 of the Annual Report). The Statement of Consolidated Income as well as the other consolidated financial statements can be found starting in page 43. In the canvas page, I have put a series of recent (and not so recent) articles from the WSJ and Progressive Farmer that should provide some (partial) insights into the sources of customer captivity