During Deere & Co.’s 2018 Annual Meeting of Shareholders on Feb. 28, Sam Allen, the company’s chairman & CEO discussed the impact of tax reform on Deere’s earnings, as well as Deere’s reported quarterly loss during the first quarter of its fiscal year.

Responding to questions about these issues, Deere spokesman, Ken Golden, told Radio Iowa that the drop in federal taxes will be good for the company, its dealers and farm customers.

“Each year until the new tax reform law went into effect, depreciation was an annual decision,” Golden said. “We saw customers waiting to make their decision on buying equipment based on what was going to happen to the law. The permanence is really what Mr. Allen was talking about in smoothing out this kind of impact that depreciation has on large equipment purchases.”

 Complete text of Allen’s address to shareholders can be found here.