DEERE JOHN CAPITAL CORP, 10-Q filed on 2/29/2024
Quarterly Report
v3.24.0.1
Document and Entity Information - shares
 3 Months Ended
Jan. 28, 2024
Feb. 29, 2024
Document and Entity Information    
Document Type 10-Q  
Document Quarterly Report true  
Document Transition Report false  
Document Period End Date Jan. 28, 2024  
Entity File Number 1-6458  
Entity Registrant Name DEERE JOHN CAPITAL CORP  
Entity Incorporation, State or Country Code DE  
Entity Tax Identification Number 36-2386361  
Entity Address, Address Line One P.O. Box 5328  
Entity Address, City or Town Madison  
Entity Address, State or Province WI  
Entity Address, Postal Zip Code 53705-0328  
City Area Code 800  
Local Phone Number 438-7394  
Title of 12(b) Security 2.00% Senior Notes Due 2031  
Trading Symbol JDCC 31  
Security Exchange Name NYSE  
Entity Current Reporting Status Yes  
Entity Interactive Data Current Yes  
Entity Filer Category Non-accelerated Filer  
Entity Small Business false  
Entity Emerging Growth Company false  
Entity Shell Company false  
Entity Common Stock, Shares Outstanding   2,500
Current Fiscal Year End Date --10-27  
Document Fiscal Year Focus 2024  
Document Fiscal Period Focus Q1  
Entity Central Index Key 0000027673  
Amendment Flag false  
v3.24.0.1
Statements of Consolidated Income - USD ($)
$ in Millions
 3 Months Ended
Jan. 28, 2024
Jan. 29, 2023
Revenues    
Finance income earned on retail notes $ 452.3 $ 330.0
Lease revenues 264.8 242.5
Revolving charge account income 105.2 82.9
Finance income earned on wholesale receivables 271.1 151.5
Other income 67.1 29.6
Total revenues 1,160.5 836.5
Expenses    
Interest expense 571.4 301.0
Operating expenses:    
Depreciation of equipment on operating leases 167.2 164.5
Administrative and operating expenses 132.2 136.7
Provision for credit losses 21.0 3.5
Total operating expenses 377.5 362.3
Total expenses 948.9 663.3
Income of Consolidated Group before Income Taxes 211.6 173.2
Provision for income taxes 38.9 36.8
Income of Consolidated Group 172.7 136.4
Equity in income of unconsolidated affiliate 1.3 1.0
Net Income 174.0 137.4
Less: Net income (loss) attributable to noncontrolling interests (0.5) (0.2)
Net Income Attributable to the Company 174.5 137.6
Related Party    
Expenses    
Interest expense 43.8 40.0
Operating expenses:    
Fees and interest paid to John Deere $ 57.1 $ 57.6
v3.24.0.1
Statements of Consolidated Comprehensive Income - USD ($)
$ in Millions
 3 Months Ended
Jan. 28, 2024
Jan. 29, 2023
Statements of Consolidated Comprehensive Income    
Net Income $ 174.0 $ 137.4
Other Comprehensive Income (Loss), Net of Income Taxes    
Cumulative translation adjustment 26.8 66.2
Unrealized loss on derivatives (15.6) (14.3)
Unrealized gain on debt securities 0.6 0.4
Other Comprehensive Income (Loss), Net of Income Taxes 11.8 52.3
Comprehensive Income of Consolidated Group 185.8 189.7
Less: Comprehensive loss attributable to noncontrolling interests (0.5) (0.2)
Comprehensive Income Attributable to the Company $ 186.3 $ 189.9
v3.24.0.1
Consolidated Balance Sheets - USD ($)
$ in Millions
Jan. 28, 2024
Oct. 29, 2023
Jan. 29, 2023
Assets      
Cash and cash equivalents $ 1,520.1 $ 1,487.5 $ 1,055.0
Marketable securities 2.3 1.4 1.8
Receivables:      
Total receivables 50,853.4 51,344.2 42,593.8
Allowance for credit losses (139.6) (146.4) (121.7)
Total receivables - net 50,713.8 51,197.8 42,472.1
Equipment on operating leases - net 4,933.4 5,051.5 4,693.4
Investment in unconsolidated affiliate 29.6 27.6 25.8
Deferred income taxes 24.1 24.6 26.9
Other assets 387.6 367.5 298.4
Total Assets 58,584.3 59,115.0 49,347.2
Liabilities:      
Commercial paper and other notes payable 6,416.4 6,836.1 3,637.8
Securitization borrowings 6,116.1 6,995.2 4,863.9
Current maturities of long-term external borrowings 5,705.1 6,059.9 6,080.1
Total short-term external borrowings 18,237.6 19,891.2 14,581.8
Deposits held from dealers and merchants 129.3 138.4 127.8
Deferred income taxes 431.9 456.3 192.2
Long-term external borrowings 28,720.4 27,439.3 23,493.4
Total liabilities 52,710.9 53,212.4 44,472.0
Commitments and contingencies (Note 9)
Stockholder's equity:      
Common stock, without par value (issued and outstanding - 2,500 shares owned by John Deere Financial Services, Inc.) 2,292.8 2,292.8 1,482.8
Retained earnings 3,672.7 3,713.2 3,443.5
Accumulated other comprehensive loss (92.6) (104.4) (52.4)
Total Company stockholder's equity 5,872.9 5,901.6 4,873.9
Noncontrolling interests 0.5 1.0 1.3
Total stockholder's equity 5,873.4 5,902.6 4,875.2
Total Liabilities and Stockholder's Equity 58,584.3 59,115.0 49,347.2
Nonrelated Party      
Receivables:      
Other receivables 163.1 162.0 108.2
Liabilities:      
Accounts payable and accrued expenses 1,082.5 1,128.3 996.4
Related Party      
Receivables:      
Other receivables 146.6 144.4 171.2
Notes receivable from John Deere 663.7 650.7 494.4
Liabilities:      
Notes payable to John Deere 3,512.5 3,184.0 4,416.2
Accounts payable and accrued expenses 596.7 974.9 664.2
Securitized      
Receivables:      
Other assets 139.9 152.0 97.2
Retail notes | Unrestricted      
Receivables:      
Total receivables 25,716.4 24,641.1 23,875.5
Retail notes | Securitized      
Receivables:      
Total receivables $ 6,417.7 $ 7,356.8 $ 5,101.4
Location of liability for pledged asset Securitization borrowings Securitization borrowings Securitization borrowings
Revolving charge accounts      
Receivables:      
Total receivables $ 2,925.5 $ 4,594.4 $ 2,834.0
Allowance for credit losses (15.3) (20.4) (16.0)
Wholesale Receivables      
Receivables:      
Total receivables 14,542.8 13,330.1 9,752.1
Allowance for credit losses (9.2) (11.1) (10.9)
Financing Leases      
Receivables:      
Total receivables $ 1,251.0 $ 1,421.8 $ 1,030.8
v3.24.0.1
Consolidated Balance Sheets (Parenthetical) - shares
Jan. 28, 2024
Oct. 29, 2023
Jan. 29, 2023
Consolidated Balance Sheets      
Common stock, issued shares 2,500 2,500 2,500
Common stock, outstanding shares 2,500 2,500 2,500
v3.24.0.1
Statements of Consolidated Cash Flows - USD ($)
$ in Millions
 3 Months Ended
Jan. 28, 2024
Jan. 29, 2023
Cash Flows from Operating Activities:    
Net Income $ 174.0 $ 137.4
Adjustments to reconcile net income to net cash provided by operating activities:    
Provision for credit losses 21.0 3.5
Provision for depreciation and amortization 173.0 170.1
Credit for deferred income taxes (20.1) (14.0)
Change in accounts payable and accrued expenses (45.3) 40.9
Change in accrued income taxes payable/receivable 35.6 10.0
Other 71.4 (9.2)
Net cash provided by operating activities 409.6 338.7
Cash Flows from Investing Activities:    
Cost of receivables acquired (excluding wholesale) (5,863.0) (5,686.3)
Collections of receivables (excluding wholesale) 7,447.7 6,902.4
Increase in wholesale receivables - net (1,100.8) (1,148.5)
Cost of equipment on operating leases acquired (361.4) (375.3)
Proceeds from sales of equipment on operating leases 319.2 386.2
Cost of notes receivable acquired from John Deere (8.3) (120.8)
Collections of notes receivable from John Deere 4.4 2.2
Other (8.4) (12.9)
Net cash provided by (used for) investing activities 429.4 (53.0)
Cash Flows from Financing Activities:    
Increase (decrease) in commercial paper and other notes payable - net (original maturities of three months or less) (1,688.2) 1,223.2
Decrease in securitization borrowings - net (881.5) (849.3)
Increase (decrease) in short-term borrowings with John Deere - net 311.2 (964.7)
Proceeds from external borrowings issued (original maturities greater than three months) 4,831.4 2,298.9
Payments of external borrowings (original maturities greater than three months) (3,160.4) (1,618.5)
Dividends paid (215.0)  
Debt issuance costs (8.1) (8.6)
Net cash provided by (used for) financing activities (810.6) 81.0
Effect of Exchange Rate Changes on Cash, Cash Equivalents, and Restricted Cash 1.5 13.1
Net Increase in Cash, Cash Equivalents, and Restricted Cash 29.9 379.8
Cash, Cash Equivalents, and Restricted Cash at Beginning of Period 1,612.9 766.1
Cash, Cash Equivalents, and Restricted Cash at End of Period 1,642.8 1,145.9
Components of Cash, Cash Equivalents, and Restricted Cash:    
Cash and cash equivalents 1,520.1 1,055.0
Restricted cash $ 122.7 $ 90.9
Balance sheet location of restricted cash Other assets Other assets
Total Cash, Cash Equivalents, and Restricted Cash $ 1,642.8 $ 1,145.9
v3.24.0.1
Statements of Changes in Consolidated Stockholder's Equity - USD ($)
$ in Millions
Common Stock
Retained Earnings
Accumulated Other Comprehensive Income (Loss)
Noncontrolling Interests
Total
Balance at Oct. 30, 2022 $ 1,482.8 $ 3,305.9 $ (104.7) $ 1.5 $ 4,685.5
Increase (Decrease) in Stockholder's Equity          
Net income (loss)   137.6   (0.2) 137.4
Other comprehensive income     52.3   52.3
Balance at Jan. 29, 2023 1,482.8 3,443.5 (52.4) 1.3 4,875.2
Balance at Oct. 29, 2023 2,292.8 3,713.2 (104.4) 1.0 5,902.6
Increase (Decrease) in Stockholder's Equity          
Net income (loss)   174.5   (0.5) 174.0
Other comprehensive income     11.8   11.8
Dividends declared   (215.0)     (215.0)
Balance at Jan. 28, 2024 $ 2,292.8 $ 3,672.7 $ (92.6) $ 0.5 $ 5,873.4
v3.24.0.1
Organization and Consolidation
 3 Months Ended
Jan. 28, 2024
Organization and Consolidation  
Organization and Consolidation

(1) Organization and Consolidation

References to John Deere Capital Corporation (Capital Corporation), “the Company,” “we,” “us,” or “our” include our consolidated subsidiaries. John Deere Financial Services, Inc., a wholly-owned finance holding subsidiary of Deere & Company, owns all of the outstanding common stock of Capital Corporation. We provide and administer financing for retail purchases of new equipment manufactured by Deere & Company’s production and precision agriculture operations, small agriculture and turf operations, and construction and forestry operations and used equipment taken in trade for this equipment. References to “agriculture and turf” include both production and precision agriculture and small agriculture and turf. We generally purchase retail installment sales and loan contracts (retail notes) from Deere & Company and its wholly-owned subsidiaries (collectively called John Deere). John Deere generally acquires these retail notes through independent John Deere retail dealers. We also purchase and finance a limited amount of non-John Deere retail notes. In addition, we finance and service revolving charge accounts, in most cases acquired from and offered through merchants and dealers in the agriculture and turf and construction and forestry markets (revolving charge accounts). We also provide wholesale financing to dealers of John Deere agriculture and turf equipment and construction and forestry equipment, primarily to finance inventories of equipment for those dealers (wholesale receivables). Further, we lease John Deere equipment and a limited amount of non-John Deere equipment to retail customers (financing and operating leases). We also offer credit enhanced international export financing to select customers and dealers, which primarily involves John Deere products. Retail notes, revolving charge accounts, and financing leases are collectively called “Customer Receivables.” Customer Receivables and wholesale receivables are collectively called “Receivables.” Receivables and equipment on operating leases are collectively called “Receivables and Leases.” We secure our Receivables, other than certain revolving charge accounts, by retaining as collateral security in the goods associated with those Receivables or with the use of other collateral.

We use a 52/53 week fiscal year with quarters ending on the last Sunday in the reporting period. The first quarter ends for fiscal years 2024 and 2023 were January 28, 2024 and January 29, 2023, respectively. Both periods contained 13 weeks. Unless otherwise stated, references to particular years, quarters, or months refer to our fiscal years generally ending in October and the associated periods in those fiscal years.

We are the primary beneficiary of and consolidate certain variable interest entities that are special purpose entities (SPEs) related to the securitization of receivables. See Note 5 for more information on these SPEs.

​

Presentation of Amounts

All amounts are presented in millions of dollars, unless otherwise specified.

​

Immaterial Restatement of Prior Period Financial Statements

In the second quarter of 2023, we corrected the accounting treatment for financing incentives offered to John Deere dealers, which impacted the timing of expense recognition and the presentation of incentive costs in the consolidated financial statements. Refer to Note 2 for further information regarding the new and previous accounting treatment. The impact of the correction in periods prior to the second quarter ended April 30, 2023 was not material to the consolidated financial statements in any of the impacted periods; however, the aggregate impact of correcting prior periods within the second quarter ended April 30, 2023 would have been material to our 2023 consolidated financial results. Consequently, we made these immaterial corrections in the comparative prior periods. Refer to Note 12 for quantification of the prior period restatement impacts. Additionally, comparative prior period amounts in the applicable notes to the consolidated financial statements have been restated.
v3.24.0.1
Summary of Significant Accounting Policies and New Accounting Standards
 3 Months Ended
Jan. 28, 2024
Summary of Significant Accounting Policies and New Accounting Standards  
Summary of Significant Accounting Policies and New Accounting Standards

(2) Summary of Significant Accounting Policies and New Accounting Standards

Financing Incentives

In the second quarter of 2023, we corrected our accounting policy for financing incentives offered to John Deere dealers, as described below.

We provide incentive funds to John Deere dealers that meet certain performance metrics, which include minimum finance volume and finance market share with us over a defined period. At the end of the qualification period, dealers are granted incentive funds, which can be used for certain predefined uses, including interest rate reductions on future loan and lease

originations. In addition, certain dealers may elect to receive cash for a portion of their earned funds. We accrue for the incentive costs over the qualification period, which are reported as “Administrative and operating expenses” in the consolidated income statements and “Accounts payable and accrued expenses” in the consolidated balance sheets. The accrued liability is released as dealers utilize the funds.

Under the previous accounting treatment, we amortized the non-cash portion of the incentive program costs as a reduction to finance income or lease revenue after the dealers designated the use of the incentive award. There was no change to the accounting treatment for the cash portion of the incentive program costs, which continues to be accrued over the qualification period.

Quarterly Financial Statements

We have prepared our interim consolidated financial statements, without audit, pursuant to the rules and regulations of the U.S. Securities and Exchange Commission (SEC). Certain information and footnote disclosures normally included in annual financial statements prepared in accordance with accounting principles generally accepted in the U.S. have been condensed or omitted as permitted by such rules and regulations. All normal recurring adjustments have been included. Management believes the disclosures are adequate to present fairly the financial position, results of operations, and cash flows at the dates and for the periods presented. It is suggested these interim consolidated financial statements be read in conjunction with the consolidated financial statements and the notes thereto appearing in our latest Annual Report on Form 10-K. Results for interim periods are not necessarily indicative of those to be expected for the fiscal year.

Use of Estimates in Financial Statements

Certain accounting policies require management to make estimates and assumptions in determining the amounts reflected in the financial statements and related disclosures. Actual results could differ from those estimates.

New Accounting Standards

We closely monitor all Accounting Standard Updates (ASUs) issued by the Financial Accounting Standards Board (FASB) and other authoritative guidance.

Accounting Standards Adopted

In the first quarter of 2024, we adopted ASU No. 2022-02, Financial Instruments – Credit Losses (Topic 326): Troubled Debt Restructurings and Vintage Disclosures. The ASU eliminates the accounting guidance for troubled debt restructurings, enhances disclosures for certain receivable modifications related to borrowers experiencing financial difficulty, and requires disclosure of current period gross write-offs by year of origination. The adoption did not have a material effect on our consolidated financial statements.

We also adopted the following standards in 2024, none of which had a material effect on our consolidated financial statements.  

​

​

2022-01 — Derivatives and Hedging (Topic 815): Fair Value Hedging – Portfolio Layer Method

2021-08 — Business Combinations (Topic 805): Accounting for Contract Assets and Contract Liabilities from Contracts with Customers

Accounting Standards to be Adopted

In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures, which expands disclosures in an entity’s income tax rate reconciliation table and cash taxes paid both in the U.S. and foreign jurisdictions. The effective date of the ASU is fiscal year 2026. We are assessing the effect of this update on our related disclosures.

We will also adopt the following standards in future periods, none of which are expected to have a material effect on our consolidated financial statements.

​

2023-07 — Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures

​

2023-06 — Disclosure Improvements: Codification Amendments in Response to the SEC’s Disclosure Update and Simplification Initiative

​

2023-05 — Business Combinations—Joint Venture Formations (Subtopic 805-60): Recognition and Initial Measurement

​

​
v3.24.0.1
Other Comprehensive Income Items
 3 Months Ended
Jan. 28, 2024
Other Comprehensive Income Items  
Other Comprehensive Income Items

(3) Other Comprehensive Income Items

The after-tax components of accumulated other comprehensive income (loss) were as follows:

​

​

​

​

​

​

​

​

​

​

​

​

January 28

​

October 29

​

January 29

​

​

2024

​

2023

​

2023

Cumulative translation adjustment

​

$

(110.0)

​

$

(136.8)

​

$

(102.8)

Unrealized gain on derivatives

​

​

19.2

​

​

34.8

​

​

52.5

Unrealized loss on debt securities

​

​

(1.8)

​

​

(2.4)

​

​

(2.1)

Total accumulated other comprehensive income (loss)

​

$

(92.6)

​

$

(104.4)

​

$

(52.4)

​

The following tables reflect amounts recorded in other comprehensive income (loss), as well as reclassifications out of other comprehensive income (loss).

​

​

​

​

​

​

​

​

​

​

​

​

Before

​

Tax

​

After

​

​

Tax

​

(Expense)

​

Tax

​

​

Amount

​

Credit

​

Amount

Three Months Ended January 28, 2024

​

​

​

​

​

​

Cumulative translation adjustment

​

$

26.8

​

​

​

​

$

26.8

Unrealized gain (loss) on derivatives:

​

​

​

​

​

​

​

​

​

Unrealized hedging gain (loss)

​

 

(7.8)

​

$

1.6

​

 

(6.2)

Reclassification of realized (gain) loss to:

​

​

​

​

​

​

​

​

​

Interest rate contracts – Interest expense

​

 

(11.9)

​

​

2.5

​

​

(9.4)

Net unrealized gain (loss) on derivatives

​

 

(19.7)

​

 

4.1

​

 

(15.6)

Unrealized gain (loss) on debt securities:

​

​

​

​

​

​

​

​

​

Unrealized holding gain (loss)

​

​

.8

​

​

(.2)

​

​

.6

Total other comprehensive income (loss)

​

$

7.9

​

$

3.9

​

$

11.8

​

​

​

​

​

​

​

​

​

​

Three Months Ended January 29, 2023

​

​

​

​

​

​

​

​

​

Cumulative translation adjustment

​

$

66.2

​

​

​

​

$

66.2

Unrealized gain (loss) on derivatives:

​

​

​

​

​

​

​

​

​

Unrealized hedging gain (loss)

​

 

(1.9)

​

$

.4

​

 

(1.5)

Reclassification of realized (gain) loss to:

​

​

​

​

​

​

​

​

​

Interest rate contracts – Interest expense

​

 

(16.3)

​

​

3.5

​

 

(12.8)

Net unrealized gain (loss) on derivatives

​

 

(18.2)

​

 

3.9

​

 

(14.3)

Unrealized gain (loss) on debt securities:

​

​

​

​

​

​

​

​

​

Unrealized holding gain (loss)

​

​

.7

​

​

(.3)

​

​

.4

Total other comprehensive income (loss)

​

$

48.7

​

$

3.6

​

$

52.3

​
v3.24.0.1
Receivables
 3 Months Ended
Jan. 28, 2024
Receivables  
Receivables

(4) Receivables

Credit Quality

We monitor the credit quality of Receivables based on delinquency status, defined as follows:

●Past due balances represent Receivables still accruing finance income with any payments 30 days or more past the contractual payment due date.
●Non-performing Receivables represent Receivables for which we have stopped accruing finance income, which generally occurs when Customer Receivables are 90 days delinquent and when interest-bearing wholesale receivables become 60 days delinquent. Accrued finance income and lease revenue previously recognized on non-performing Receivables is reversed and subsequently recognized on a cash basis. Accrual of finance income and lease revenue is resumed when the receivable becomes contractually current, and collections are reasonably assured.  

Accrued finance income and lease revenue reversed on non-performing Receivables, and finance income and lease revenue recognized from cash payments on non-performing Receivables were as follows:

​

​

​

​

​

​

​

​

​

Three Months Ended

​

​

January 28

​

January 29

​

​

2024

​

2023

Accrued finance income and lease revenue reversed

​

$

6.7

​

$

2.8

Finance income and lease revenue recognized on cash payments

​

​

5.9

​

​

3.1

​

Total Receivable balances represent principal plus accrued interest. Receivable balances are written off to the allowance for credit losses when, in the judgment of management, they are considered uncollectible. Write-offs generally occur when Customer Receivables are 120 days delinquent, and on a case-by-case basis when wholesale receivables are 60 days delinquent. In these situations, we repossess available collateral or designate the account for litigation, and the estimated uncollectible amount is written off to the allowance for credit losses.

The credit quality analysis of Customer Receivables by year of origination was as follows:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

January 28, 2024

​

​

2024

​

2023

​

2022

​

2021

​

2020

​

Prior Years

​

Revolving Charge Accounts

​

Total

Customer Receivables:

 

​

​

 

​

​

 

​

​

 

​

​

 

​

​

 

​

​

 

​

​

 

​

​

Agriculture and turf

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Current

​

$

2,740.5

​

$

11,557.0

​

$

6,550.6

​

$

3,954.2

​

$

1,692.4

​

$

667.3

​

$

2,719.3

​

$

29,881.3

30-59 days past due

​

​

4.5

​

​

105.0

​

​

58.5

​

​

40.8

​

​

18.8

​

​

10.0

​

​

69.7

​

​

307.3

60-89 days past due

​

​

.5

​

​

45.9

​

​

19.3

​

​

12.7

​

​

6.1

​

​

4.3

​

​

15.8

​

​

104.6

90+ days past due

​

​

​

​

​

1.1

​

​

.5

​

​

3.0

​

​

4.4

​

​

.3

​

​

​

​

​

9.3

Non-performing

​

​

.3

​

​

39.1

​

​

78.6

​

​

48.7

​

​

26.9

​

​

24.8

​

​

10.4

​

​

228.8

Construction and forestry

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Current

​

​

677.8

​

​

2,156.0

​

​

1,400.8

​

​

716.3

​

​

216.8

​

​

94.0

​

​

101.2

​

​

5,362.9

30-59 days past due

​

​

7.2

​

​

64.9

​

​

35.5

​

​

24.1

​

​

7.8

​

​

3.3

​

​

5.3

​

​

148.1

60-89 days past due

​

​

.4

​

​

24.2

​

​

19.2

​

​

11.7

​

​

5.7

​

​

2.8

​

​

2.2

​

​

66.2

90+ days past due

​

​

​

​

​

​

​

​

.2

​

​

​

​

​

​

​

​

.2

​

​

​

​

​

.4

Non-performing

​

​

​

​

​

55.3

​

​

74.8

​

​

44.6

​

​

17.9

​

​

7.5

​

​

1.6

​

​

201.7

Total

​

$

3,431.2

​

$

14,048.5

​

$

8,238.0

​

$

4,856.1

​

$

1,996.8

​

$

814.5

​

​

2,925.5

​

$

36,310.6

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

October 29, 2023

​

​

2023

​

2022

​

2021

​

2020

​

2019

​

Prior Years

​

Revolving Charge Accounts

​

Total

Customer Receivables:

 

​

​

 

​

​

 

​

​

 

​

​

 

​

​

 

​

​

 

​

​

 

​

​

Agriculture and turf

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Current

​

$

12,998.3

​

$

7,208.2

​

$

4,459.1

​

$

1,970.4

​

$

666.3

​

$

179.3

​

$

4,424.8

​

$

31,906.4

30-59 days past due

 

​

46.8

​

​

66.6

​

​

34.6

​

​

18.7

​

​

8.2

​

​

2.9

​

​

28.1

​

​

205.9

60-89 days past due

 

​

15.8

​

​

22.0

​

​

14.8

​

​

7.8

​

​

3.3

​

​

1.3

​

​

8.6

​

​

73.6

90+ days past due

​

​

1.4

​

​

.8

​

​

2.7

​

​

2.9

​

​

.1

​

​

.1

​

​

​

​

​

8.0

Non-performing

​

​

25.9

​

​

63.7

​

​

44.5

​

​

25.0

​

​

12.9

​

​

12.0

​

​

7.2

​

​

191.2

Construction and forestry

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Current

​

​

2,343.4

​

​

1,586.2

​

​

859.0

​

​

279.2

​

​

65.3

​

​

27.3

​

​

118.6

​

​

5,279.0

30-59 days past due

​

​

44.4

​

​

28.1

​

​

24.8

​

​

8.6

​

​

3.4

​

​

.4

​

​

4.1

​

​

113.8

60-89 days past due

​

​

17.8

​

​

11.4

​

​

11.8

​

​

4.5

​

​

1.0

​

​

.2

​

​

1.8

​

​

48.5

90+ days past due

​

​

.1

​

​

1.2

​

​

.1

​

​

.1

​

​

​

​

​

​

​

​

​

​

​

1.5

Non-performing

​

​

34.1

​

​

67.5

​

​

51.2

​

​

20.7

​

​

7.5

​

​

4.0

​

​

1.2

​

​

186.2

Total

​

$

15,528.0

​

$

9,055.7

​

$

5,502.6

​

$

2,337.9

​

$

768.0

​

$

227.5

​

$

4,594.4

​

$

38,014.1

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

January 29, 2023

​

​

2023

​

2022

​

2021

​

2020

​

2019

​

Prior Years

​

Revolving Charge Accounts

​

Total

Customer Receivables:

 

​

​

 

​

​

 

​

​

 

​

​

 

​

​

 

​

​

 

​

​

 

​

​

Agriculture and turf

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Current

​

$

2,452.2

​

$

10,749.5

​

$

6,302.5

​

$

3,104.4

​

$

1,289.3

​

$

565.0

​

$

2,686.3

​

$

27,149.2

30-59 days past due

​

​

1.7

​

​

29.4

​

​

29.2

​

​

48.2

​

​

10.4

​

​

42.8

​

​

27.2

​

​

188.9

60-89 days past due

​

​

1.3

​

​

12.2

​

​

10.5

​

​

18.0

​

​

3.7

​

​

14.1

​

​

5.9

​

​

65.7

90+ days past due

​

​

​

​

​

1.2

​

​

.2

​

​

2.9

​

​

1.0

​

​

.2

​

​

​

​

​

5.5

Non-performing

​

​

.3

​

​

35.1

​

​

43.3

​

​

29.1

​

​

15.0

​

​

19.6

​

​

7.8

​

​

150.2

Construction and forestry

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Current

​

​

553.7

​

​

2,156.3

​

​

1,339.0

​

​

538.4

​

​

177.7

​

​

68.5

​

​

99.0

​

​

4,932.6

30-59 days past due

​

​

1.5

​

​

9.9

​

​

23.6

​

​

34.3

​

​

15.7

​

​

52.1

​

​

4.6

​

​

141.7

60-89 days past due

​

​

.4

​

​

4.3

​

​

15.7

​

​

17.7

​

​

6.4

​

​

23.0

​

​

2.0

​

​

69.5

90+ days past due

​

​

​

​

​

.1

​

​

.2

​

​

.4

​

​

.2

​

​

​

​

​

​

​

​

.9

Non-performing

​

​

​

​

​

38.9

​

​

51.8

​

​

26.1

​

​

13.0

​

​

6.5

​

​

1.2

​

​

137.5

Total

​

$

3,011.1

​

$

13,036.9

​

$

7,816.0

​

$

3,819.5

​

$

1,532.4

​

$

791.8

​

$

2,834.0

​

$

32,841.7

​

The credit quality analysis of wholesale receivables by year of origination was as follows:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

January 28, 2024

​

​

2024

​

2023

​

2022

​

2021

​

2020

​

Prior Years

​

Revolving

​

Total

Wholesale receivables:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Agriculture and turf

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Current

​

$

199.8

​

$

450.3

​

$

67.6

​

$

4.8

​

$

2.6

​

$

1.3

​

$

10,198.5

​

$

10,924.9

30+ days past due

​

​

​

​

​

.6

​

​

​

​

​

​

​

​

​

​

​

​

​

​

61.3

​

​

61.9

Non-performing

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

5.8

​

​

5.8

Construction and forestry

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Current

​

​

5.6

​

​

10.7

​

​

2.2

​

​

19.3

​

​

.1

​

​

.1

​

​

3,495.5

​

​

3,533.5

30+ days past due

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

16.7

​

​

16.7

Non-performing

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Total

​

$

205.4

​

$

461.6

​

$

69.8

​

$

24.1

​

$

2.7

​

$

1.4

​

$

13,777.8

​

$

14,542.8

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

October 29, 2023

​

​

2023

​

2022

​

2021

​

2020

​

2019

​

Prior Years

​

Revolving

​

Total

Wholesale receivables:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Agriculture and turf

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Current

​

$

609.5

​

$

92.6

​

$

20.0

​

$

3.9

​

$

.7

​

$

159.9

​

$

9,270.1

​

$

10,156.7

30+ days past due

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

45.8

​

​

45.8

Non-performing

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

5.7

​

​

5.7

Construction and forestry

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Current

​

​

19.4

​

​

2.5

​

​

19.9

​

​

.2

​

​

.1

​

​

75.2

​

​

2,987.6

​

​

3,104.9

30+ days past due

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

17.0

​

​

17.0

Non-performing

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Total

​

$

628.9

​

$

95.1

​

$

39.9

​

$

4.1

​

$

.8

​

$

235.1

​

$

12,326.2

​

$

13,330.1

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

January 29, 2023

​

​

2023

​

2022

​

2021

​

2020

​

2019

​

Prior Years

​

Revolving

​

Total

Wholesale receivables:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Agriculture and turf

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Current

​

$

114.6

​

$

283.2

​

$

45.7

​

$

20.2

​

$

3.7

​

$

1.2

​

$

7,349.9

​

$

7,818.5

30+ days past due

​

​

​

​

​

.3

​

​

​

​

​

​

​

​

​

​

​

​

​

​

9.2

​

​

9.5

Non-performing

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

5.9

​

​

5.9

Construction and forestry

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Current

​

​

5.8

​

​

3.8

​

​

23.7

​

​

1.0

​

​

.3

​

​

.1

​

​

1,875.8

​

​

1,910.5

30+ days past due

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

7.7

​

​

7.7

Non-performing

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Total

​

$

120.4

​

$

287.3

​

$

69.4

​

$

21.2

​

$

4.0

​

$

1.3

​

$

9,248.5

​

$

9,752.1

​

Allowance for Credit Losses

The allowance for credit losses is an estimate of the credit losses expected over the life of our Receivable portfolio. Non-performing Receivables are included in the estimate of expected credit losses. The allowance is measured on a collective basis for receivables with similar risk characteristics. Receivables that do not share risk characteristics are evaluated on an individual basis. Risk characteristics include:

●product category,
●market,
●geography,
●credit risk, and
●remaining balance.

Recoveries from freestanding credit enhancements, such as dealer deposits, and certain credit insurance contracts are not included in the estimate of expected credit losses. Recoveries from dealer deposits are recognized in “Other income” when the dealer’s deposit account is charged. During the three months ended January 28, 2024 and January 29, 2023, recoveries from freestanding credit enhancements recorded in other income were $7.3 and $2.0, respectively.

An analysis of the allowance for credit losses and investment in Receivables was as follows:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Three Months Ended January 28, 2024

​

​

Retail Notes

​

Revolving

​

​

​

​

​

​

​

​

& Financing

​

Charge

​

Wholesale

​

Total

​

​

Leases

​

Accounts

​

Receivables

​

Receivables

Allowance:

​

​

​

​

​

​

​

​

​

​

​

​

Beginning of period balance

​

$

114.9

​

$

20.4

​

$

11.1

​

$

146.4

Provision (credit) for credit losses*

​

 

22.8

​

​

(2.0)

​

​

(.4)

​

​

20.4

Write-offs

​

 

(24.3)

​

​

(10.7)

​

​

​

​

​

(35.0)

Recoveries

​

 

1.7

​

​

7.6

​

​

​

​

​

9.3

Translation adjustments

​

 

​

​

​

​

​

​

(1.5)

​

​

(1.5)

End of period balance

​

$

115.1

​

$

15.3

​

$

9.2

​

$

139.6

​

​

​

​

​

​

​

​

​

​

​

​

​

Receivables:

​

​

​

​

​

​

​

​

​

​

​

​

End of period balance

​

$

33,385.1

​

$

2,925.5

​

$

14,542.8

​

$

50,853.4

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Three Months Ended January 29, 2023

​

​

Retail Notes

​

Revolving

​

​

​

​

​

​

​

​

& Financing

​

Charge

​

Wholesale

​

Total

​

​

Leases

​

Accounts

​

Receivables

​

Receivables

Allowance:

​

​

​

​

​

​

​

​

​

​

​

​

Beginning of period balance

​

$

95.4

​

$

21.9

​

$

11.1

​

$

128.4

Provision (credit) for credit losses*

​

 

6.8

​

​

(3.7)

​

​

(.5)

​

​

2.6

Write-offs

​

 

(10.2)

​

​

(7.5)

​

​

(.1)

​

​

(17.8)

Recoveries

​

 

2.4

​

​

5.3

​

​

.6

​

​

8.3

Translation adjustments

​

 

.4

​

​

​

​

​

(.2)

​

​

.2

End of period balance

​

$

94.8

​

$

16.0

​

$

10.9

​

$

121.7

​

​

​

​

​

​

​

​

​

​

​

​

​

Receivables:

​

​

​

​

​

​

​

​

​

​

​

​

End of period balance

​

$

30,007.7

​

$

2,834.0

​

$

9,752.1

​

$

42,593.8

​

* Excludes provision for credit losses on unfunded commitments of $.6 and $.9 for the three months ended January 28, 2024 and January 29, 2023, respectively. The estimated credit losses related to unfunded commitments are recorded in “Accounts payable and accrued expenses.”

The allowance for credit losses decreased slightly in the first three months of 2024, primarily due to a seasonal decline in the revolving charge account portfolio. We continue to monitor the economy as part of the allowance setting process, including potential impacts of inflation and interest rates, among other factors, and qualitative adjustments to the allowance are incorporated as necessary.

Write-offs by year of origination were as follows:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Three Months Ended January 28, 2024

​

​

2024

​

2023

​

2022

​

2021

​

2020

​

Prior Years

​

Revolving

​

Total

Customer Receivables:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Agriculture and turf

​

​

​

​

$

1.5

​

$

2.9

​

$

1.8

​

$

3.6

​

$

.6

​

$

8.8

​

$

19.2

Construction and forestry

​

$

.2

​

​

5.5

​

​

4.5

​

​

2.2

​

​

.8

​

​

.7

​

​

1.9

​

​

15.8

Total

​

$

.2

​

$

7.0

​

$

7.4

​

$

4.0

​

$

4.4

​

$

1.3

​

$

10.7

​

$

35.0

​

Modifications

We occasionally grant contractual modifications to customers experiencing financial difficulties. Before offering a modification, we evaluate the ability of the customer to meet the modified payment terms. Modifications offered include payment deferrals, term extensions, or a combination thereof. Finance charges continue to accrue during the deferral or extension period. Our allowance for credit losses incorporates historical loss information, including the effects of loan modifications with customers. Therefore, additional adjustments to the allowance are generally not recorded upon modification of a loan.

The ending amortized cost of loans modified with borrowers experiencing financial difficulty during the three months ended January 28, 2024 was $9.3, of which $8.6 was current, $.1 was 30-59 days past due, and $.6 was non-performing. These modifications represented .02 percent of our Receivable portfolio at January 28, 2024.

Defaults and subsequent write-offs of loans modified in the prior twelve months were not significant during the three months ended January 28, 2024. In addition, at January 28, 2024, we had no commitments to provide additional financing to these customers.

Troubled Debt Restructuring

Prior to adopting ASU 2022-02, modifications of loans to borrowers experiencing financial difficulty were considered troubled debt restructurings when the modification resulted in a concession we would not otherwise consider. During the three months ended January 29, 2023, we identified 36 Receivable contracts, primarily retail notes, as troubled debt restructurings with aggregate balances of $1.0 pre-modification and $1.0 post-modification. During this same period, there were no significant troubled debt restructurings that subsequently defaulted and were written off.  
v3.24.0.1
Securitization of Receivables
 3 Months Ended
Jan. 28, 2024
Securitization of Receivables  
Securitization of Receivables

(5) Securitization of Receivables

Our funding strategy includes retail note securitizations. While these securitization programs are administered in various forms, they are accomplished in the following basic steps:

1.  We transfer retail notes into a bankruptcy-remote SPE.

2.  The SPE issues debt to investors. The debt is secured by the retail notes.

3.  Investors are paid back based on cash receipts from the retail notes.

As part of step 1, these retail notes are legally isolated from the claims of our general creditors. This ensures cash receipts from the retail notes are accessible to pay back securitization program investors. The structure of these transactions does not meet the accounting criteria for a sale of receivables. As a result, they are accounted for as a secured borrowing. The receivables and borrowings remain on our balance sheet and are separately reported as “Retail notes securitized” and “Securitization borrowings,” respectively.

The components of the securitization programs were as follows:

​

​

​

​

​

​

​

​

​

​

​

​

​

January 28

​

October 29

​

January 29

​

​

2024

​

2023

​

2023

Retail notes securitized

​

$

6,417.7

​

$

7,356.8

​

$

5,101.4

Allowance for credit losses

​

 

(17.8)

​

 

(21.4)

​

 

(12.5)

Other assets (primarily restricted cash)

​

 

139.9

​

 

152.0

​

 

97.2

Total restricted securitized assets

​

$

6,539.8

​

$

7,487.4

​

$

5,186.1

​

​

​

​

​

​

​

​

​

​

Securitization borrowings

​

$

6,116.1

​

$

6,995.2

​

$

4,863.9

Accrued interest on borrowings

​

 

10.0

​

 

12.6

​

 

5.9

Total liabilities related to restricted securitized assets

​

$

6,126.1

​

$

7,007.8

​

$

4,869.8

​
v3.24.0.1
Leases
 3 Months Ended
Jan. 28, 2024
Leases  
Leases

(6) Leases

We lease John Deere equipment and a limited amount of non-John Deere equipment to retail customers through sales-type, direct financing, and operating leases. Sales-type and direct financing leases are reported in “Financing leases” and operating leases are reported in “Equipment on operating leases – net.”

Lease revenues earned by us were as follows:

​

​

​

​

​

​

​

​

​

​

Three Months Ended

​

​

​

January 28

​

January 29

​

​

​

2024

​

2023

​

Sales-type and direct financing lease revenues

​

$

27.0

​

$

18.8

​

Operating lease revenues

​

​

234.2

​

​

218.9

​

Variable lease revenues

​

 

4.0

​

 

5.6

​

Total lease revenues

​

$

265.2

​

$

243.3

​

​

Variable lease revenues reported above primarily relate to separately invoiced property taxes on leased equipment in certain markets, late fees, and excess use and damage fees. Excess use and damage fees are reported in “Other income” and were $.4 and $.8 for the first quarter of 2024 and 2023, respectively.

​

The cost of equipment on operating leases by market was as follows:

​

​

​

​

​

​

​

​

​

​

​

​

January 28

​

October 29

​

January 29

​

​

2024

​

2023

​

2023

Agriculture and turf

​

$

5,198.3

​

$

5,265.2

​

$

4,893.6

Construction and forestry

​

​

1,005.7

​

 

1,042.4

​

​

1,084.9

Total

​

​

6,204.0

​

​

6,307.6

​

​

5,978.5

Accumulated depreciation

​

 

(1,270.6)

​

​

(1,256.1)

​

​

(1,285.1)

Equipment on operating leases – net

​

$

4,933.4

​

$

5,051.5

​

$

4,693.4

​

Total operating lease residual values at January 28, 2024, October 29, 2023, and January 29, 2023 were $3,483.7, $3,538.3, and $3,257.1, respectively. John Deere dealers generally provide a first-loss residual value guarantee on operating lease originations. Total residual value guarantees were $580.4, $566.9, and $467.1 at January 28, 2024, October 29, 2023, and January 29, 2023, respectively.

We discuss with lessees and dealers options to purchase the equipment or extend the lease prior to operating lease maturity. We remarket equipment returned to us upon termination of leases. The matured operating lease inventory balances at January 28, 2024, October 29, 2023, and January 29, 2023 were $19.7, $16.2, and $11.8, respectively. Matured operating lease inventory is reported in “Other assets.”

v3.24.0.1
Notes Receivable from and Payable to John Deere
 3 Months Ended
Jan. 28, 2024
Notes Receivable from and Payable to John Deere  
Notes Receivable from and Payable to John Deere

(7) Notes Receivable from and Payable to John Deere

We provide loans to Banco John Deere S.A.(BJD), a John Deere finance subsidiary in Brazil, which are reported in “Notes receivable from John Deere.” Balances due from BJD were as follows:

​

​

​

​

​

​

​

​

​

​

​

​

​

January 28

​

October 29

​

January 29

​

​

​

2024

​

2023

​

2023

​

Notes receivable from John Deere

​

$

663.7

​

$

650.7

​

$

494.4

​

​

The loan agreements mature over the next seven years and charge interest at competitive market rates. Interest earned from John Deere is recorded in “Other income” and was $11.5 for the first three months of 2024, compared with $6.9 for the same period last year.

We also obtain funding from affiliated companies which resulted in notes payable to John Deere as follows:

​

​

​

​

​

​

​

​

​

​

​

​

​

January 28

​

October 29

​

January 29

​

​

​

2024

​

2023

​

2023

​

Notes payable to John Deere

​

$

3,512.5

​

$

3,184.0

​

$

4,416.2

​

​

The intercompany borrowings are primarily short-term in nature or contain a due on demand call option. At January 28, 2024, $542.3 of the intercompany borrowings were long-term loans without a due on demand call option, which mature in 2025. We pay interest to John Deere for these borrowings based on competitive market rates. Interest expense paid to John Deere was $43.8 and $40.0 for the three months ended January 28, 2024 and January 29, 2023 respectively, which is recorded in “Fees and interest paid to John Deere.”
v3.24.0.1
Long-Term External Borrowings
 3 Months Ended
Jan. 28, 2024
Long-Term External Borrowings  
Long-Term External Borrowings

(8) Long-Term External Borrowings

Long-term external borrowings consisted of the following:

​

​

​

​

​

​

​

​

​

​

​

​

​

January 28

​

October 29

​

January 29

​

​

​

2024

​

2023

​

2023

​

Senior Debt:

​

​

​

​

​

​

​

​

​

​

Medium-term notes

​

$

28,805.4

​

$

27,522.8

​

$

23,564.2

​

Other notes

​

​

​

​

​

​

​

​

.5

​

Total senior debt

​

​

28,805.4

​

​

27,522.8

​

​

23,564.7

​

Unamortized debt discount and debt issuance costs

​

​

(85.0)

​

​

(83.5)

​

​

(71.3)

​

Total

​

$

28,720.4

​

$

27,439.3

​

$

23,493.4

​

​

Medium-term notes are primarily offered by prospectus and issued at fixed and variable rates. The medium-term notes in the table above include unamortized fair value adjustments related to interest rate swaps. The principal balances of the medium-term notes were $29,581.7, $28,733.5, and $24,265.7 at January 28, 2024, October 29, 2023, and January 29, 2023, respectively, and have maturity dates through 2033. All outstanding medium-term notes and other notes in the table above are senior unsecured borrowings and generally rank equally with each other.
v3.24.0.1
Commitments and Contingencies
 3 Months Ended
Jan. 28, 2024
Commitments and Contingencies  
Commitments and Contingencies

(9) Commitments and Contingencies

We provide guarantees related to certain financial instruments issued by John Deere Financial Inc., a John Deere finance subsidiary in Canada. At January 28, 2024, the following notional amounts were guaranteed by us:

●Medium-term notes: $3,228.2
●Commercial paper: $1,975.9
●Derivatives: $4,606.7, with a fair value liability of $113.2

The weighted-average interest rate on the medium-term notes at January 28, 2024 was 3.1 percent with a maximum remaining maturity of five years.

We have commitments to extend credit to customers and John Deere dealers through lines of credit and other pre-approved credit arrangements. We apply the same credit policies and approval process for these commitments to extend credit as we do for our Receivables and Leases, and generally have the right to unconditionally cancel, alter, or amend the terms at any time. Collateral is not required for these commitments, but if credit is extended, collateral may be required upon funding. A significant portion of these commitments is not expected to be fully drawn upon; therefore, the total commitment amounts likely do not represent a future cash requirement. The unused commitments at January 28, 2024 were as follows:

●John Deere dealers: $7,903.6
●Customers: $33,653.8, primarily related to revolving charge accounts

We have a reserve for credit losses of $2.6 on unfunded commitments that are not unconditionally cancellable at January 28, 2024, which is recorded in “Accounts payable and accrued expenses.”

At January 28, 2024, we had restricted other assets associated with borrowings related to securitizations (see Note 5). Excluding the securitization programs, the remaining balance of restricted other assets was not material as of January 28, 2024.

We are subject to various unresolved legal actions which arise in the normal course of our business, the most prevalent of which relate to retail credit matters. We believe the reasonably possible range of losses for these unresolved legal actions would not have a material effect on our consolidated financial statements.
v3.24.0.1
Fair Value Measurements
 3 Months Ended
Jan. 28, 2024
Fair Value Measurements  
Fair Value Measurements

(10) Fair Value Measurements

The fair values of financial instruments that do not approximate the carrying values were as follows:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

January 28, 2024

​

October 29, 2023

​

January 29, 2023

​

​

Carrying

​

Fair

​

Carrying

​

Fair

​

Carrying

​

Fair

​

​

Value

​

Value

​

Value

​

Value

​

Value

​

Value

Receivables financed – net

​

$

44,313.9

​

$

43,978.1

​

$

43,862.4

​

$

43,168.7

​

$

37,383.2

​

$

36,668.3

Retail notes securitized – net

​

 

6,399.9

​

 

6,224.9

​

 

7,335.4

​

 

7,055.8

​

 

5,088.9

​

 

4,868.9

Securitization borrowings

​

 

6,116.1

​

​

6,103.8

​

 

6,995.2

​

 

6,921.1

​

 

4,863.9

​

 

4,784.8

Current maturities of long-term
external borrowings

​

 

5,705.1

​

​

5,610.7

​

 

6,059.9

​

 

5,953.0

​

 

6,080.1

​

 

5,957.2

Long-term external borrowings

​

 

28,720.4

​

 

28,775.5

​

 

27,439.3

​

 

27,057.7

​

 

23,493.4

​

 

23,126.2

​

Fair value measurements above were Level 3 for all Receivables and Level 2 for all borrowings.

Fair values of Receivables that were issued long-term were based on the discounted values of their related cash flows at interest rates currently being offered by us for similar Receivables. The fair values of the remaining Receivables approximated the carrying amounts.

Fair values of long-term external borrowings and securitization borrowings were based on current market quotes for identical or similar borrowings and credit risk, or on the discounted values of their related cash flows at current market interest rates. Certain long-term external borrowings have been swapped to current variable interest rates. The carrying values of these long-term external borrowings include adjustments related to fair value hedges.

Assets and liabilities measured at fair value on a recurring basis were as follows:

​

​

​

​

​

​

​

​

​

​

​

​

    

January 28

    

October 29

    

January 29

​

​

2024

​

2023

​

2023

Marketable securities

    

​

​

    

​

​

    

​

​

International debt securities

​

$

2.3

​

$

1.4

​

$

1.8

Receivables from John Deere

​

​

​

​

​

​

​

​

​

Derivatives

​

​

146.6

​

​

144.4

​

​

171.2

Other assets

​

​

​

​

​

​

​

​

​

Derivatives

​

​

22.2

​

 

11.3

​

 

1.2

Total assets

​

$

171.1

​

$

157.1

​

$

174.2

​

​

​

​

​

​

​

​

​

​

Other payables to John Deere

​

​

​

​

​

​

​

​

​

Derivatives

​

$

596.7

​

$

974.9

​

$

664.2

Accounts payable and accrued expenses

​

​

​

​

​

​

​

​

​

Derivatives

​

​

4.3

​

 

.5

​

 

29.1

Total liabilities

​

$

601.0

​

$

975.4

​

$

693.3

All fair value measurements in the table above were Level 2. Excluded from the table above were our cash equivalents, which were carried at cost that approximates fair value. The cash equivalents consist primarily of time deposits and money market funds.

The international debt securities mature over the next seven years. At January 28, 2024, the amortized cost basis and fair value of these available-for-sale debt securities were $5.1 and $2.3, respectively. Unrealized losses at January 28, 2024 were not recognized in income due to the ability and intent to hold to maturity.

There were no assets or liabilities measured at fair value on a nonrecurring basis, other than Receivables with specific allowances which were not material, during each of the periods ended January 28, 2024, October 29, 2023, and January 29, 2023.

The following is a description of the valuation methodologies we use to measure certain balance sheet items at fair value:

Marketable securities – The international debt securities are valued using quoted prices for identical assets in inactive markets.

Derivatives – Our derivative financial instruments consist of interest rate contracts (swaps and caps), foreign currency exchange contracts (forwards and swaps), and cross-currency interest rate contracts (swaps). The portfolio is valued based on an income approach (discounted cash flow) using market observable inputs, including swap curves and both forward and spot exchange rates for currencies.

Receivables – Specific reserve impairments are based on the fair value of the collateral, which is measured using a market approach (appraisal values or realizable values).

v3.24.0.1
Derivative Instruments
 3 Months Ended
Jan. 28, 2024
Derivative Instruments  
Derivative Instruments

(11) Derivative Instruments

Our outstanding derivative transactions are with both unrelated external counterparties and with John Deere. For derivative transactions with John Deere, we utilize a centralized hedging structure in which John Deere enters into a derivative transaction with an unrelated external counterparty and simultaneously enters into a derivative transaction with us. Except for collateral provisions, the terms of the transaction between John Deere and us are identical to the terms of the transaction between John Deere and its unrelated external counterparty. Derivative asset and liability positions for transactions with John Deere are recorded in “Receivables from John Deere” and “Other payables to John Deere,” respectively. Derivative asset and liability positions for transactions with unrelated external counterparty banks are recorded in “Other assets” and “Accounts payable and accrued expenses,” respectively.

The fair values of our derivative instruments and the associated notional amounts were as follows:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

January 28, 2024

​

​

October 29, 2023

​

​

January 29, 2023

​

​

​

​

​

​

Fair Value

​

​

​

​

​

Fair Value

​

​

​

​

​

Fair Value

​

​

​

Notional

​

​

Asset

​

​

Liability

​

​

Notional

​

​

Asset

​

​

Liability

​

​

Notional

​

​

Asset

​

​

Liability

Cash flow hedges:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Interest rate contracts - swaps

​

$

2,200.0

​

$

27.4

​

$

4.4

​

$

1,500.0

​

$

44.7

​

​

​

​

$

1,950.0

​

$

69.2

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Fair value hedges:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Interest rate contracts - swaps

​

​

11,779.6

​

​

52.1

​

​

547.3

​

​

11,859.4

​

​

​

​

$

915.7

​

​

10,126.7

​

​

20.8

​

$

629.0

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Not designated as hedging instruments:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Interest rate contracts - swaps

​

​

7,784.7

​

​

53.8

​

​

18.3

​

​

8,010.9

​

​

72.2

​

​

27.4

​

​

4,847.8

​

​

76.2

​

​

24.0

Foreign currency exchange contracts

​

​

1,814.8

​

​

22.2

​

​

4.3

​

​

1,546.5

​

​

11.3

​

​

.5

​

​

1,297.8

​

​

1.2

​

​

29.1

Cross-currency interest rate contracts

​

​

188.6

​

​

​

​

​

13.4

​

​

175.8

​

​

3.2

​

​

7.5

​

​

119.3

​

​

.3

​

​

6.5

Interest rate caps - sold

​

​

1,199.5

​

​

​

​

​

13.3

​

​

1,336.0

​

​

​

​

​

24.3

​

​

788.8

​

​

​

​

​

4.7

Interest rate caps - purchased

​

​

1,199.5

​

​

13.3

​

​

​

​

​

1,336.0

​

​

24.3

​

​

​

​

​

788.8

​

​

4.7

​

​

​

​

The amount of gain recorded in other comprehensive income (OCI) related to cash flow hedges at January 28, 2024 that is expected to be reclassified to interest expense in the next twelve months if interest rates remain unchanged is $26.2 after-tax. No gains or losses were reclassified from OCI to earnings based on the probability that the original forecasted transaction would not occur.

The amounts recorded in the consolidated balance sheets related to borrowings designated in fair value hedging relationships were as follows. Fair value hedging adjustments are included in the carrying amount of the hedged item.

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Active Hedging Relationships

​

Discontinued Hedging Relationships

​

​

​

​

​

Cumulative

​

Carrying

​

Cumulative

​

​

​

Carrying

​

Fair Value

​

Amount of

​

Fair Value

​

​

​

Amount of

​

Hedging

​

Formerly

​

Hedging

​

January 28, 2024

​

Hedged Item

​

Adjustment

​

Hedged Item

​

Adjustment

​

Current maturities of long-term external borrowings

​

​

​

​

​

​

​

$

1,959.5

​

$

10.4

​

Long-term external borrowings

​

$

11,220.3

​

$

(506.6)

​

​

7,710.9

​

​

(269.7)

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

October 29, 2023

​

​

​

​

​

​

​

​

​

​

​

​

​

Current maturities of long-term external borrowings

​

​

​

​

​

​

​

$

1,814.0

​

$

14.9

​

Long-term external borrowings

​

$

10,883.7

​

$

(922.6)

​

​

7,144.1

​

​

(288.1)

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

January 29, 2023

​

​

​

​

​

​

​

​

​

​

​

​

​

Current maturities of long-term external borrowings

​

​

​

​

​

​

​

$

1,914.8

​

$

15.3

​

Long-term external borrowings

​

$

9,461.7

​

$

(618.6)

​

​

5,505.8

​

​

(82.9)

​

​

The classification and gains (losses), including accrued interest expense related to derivative instruments on the statements of consolidated income consisted of the following:

​

​

​

​

​

​

​

​

​

​

​

Three Months Ended

 

​

​

January 28

​

January 29

 

​

   

2024

   

2023

 

Fair Value Hedges

​

​

​

​

​

​

​

Interest rate contracts - Interest expense

 

$

335.7

​

$

235.3

​

​

​

​

​

​

​

​

​

Cash Flow Hedges

​

​

​

​

​

​

​

Recognized in OCI:

​

​

​

​

​

​

​

Interest rate contracts - OCI (pretax)

 

$ 

(7.8)

​

$

(1.9)

​

​

​

​

​

​

​

​

​

Reclassified from OCI:

​

​

​

​

​

​

​

Interest rate contracts - Interest expense

 

 

11.9

​

 

16.3

​

​

​

​

​

​

​

​

​

Not Designated as Hedges

​

​

​

​

​

​

​

Interest rate contracts - Interest expense *

 

$

(5.7)

​

$

(1.9)

​

Foreign currency exchange contracts - Administrative and operating expenses *

 

​

(103.2)

​

​

(135.1)

​

Total not designated

​

$

(108.9)

​

$

(137.0)

​

*    Includes interest and foreign currency exchange gains (losses) from cross-currency interest rate contracts.

Included in the table above are interest expense and administrative and operating expense amounts we incurred on derivatives transacted with John Deere. The amounts we recognized on these affiliated party transactions for the three months ended January 28, 2024 and January 29, 2023 were gains of $331.4 and $242.5, respectively.

None of our derivative agreements contain credit-risk-related contingent features. We have a loss sharing agreement with John Deere in which we have agreed to absorb any losses and expenses John Deere incurs if an unrelated external counterparty fails to meet its obligations on a derivative transaction that John Deere entered into to manage our exposures. The loss sharing agreement did not increase the maximum amount of loss that we would incur, after considering collateral received and netting arrangements, as of January 28, 2024, October 29, 2023, and January 29, 2023.

Derivatives are recorded without offsetting for netting arrangements or collateral. The impact on the derivative assets and liabilities for external derivatives and those with John Deere related to netting arrangements and any collateral received or paid were as follows:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

January 28, 2024

​

​

​

Gross Amounts
Recognized

​

Netting
Arrangements

​

Collateral

​

Net
Amount

​

Derivatives:

​

​

​

​

​

​

​

​

​

​

​

​

​

Assets

​

​

    

    

​

​

    

​

    

    

​

    

​

External

​

$

22.2

​

$

(3.0)

​

​

​

​

$

19.2

​

John Deere

​

 

146.6

​

​

(101.6)

​

​

​

​

 

45.0

​

Liabilities

​

​

​

​

​

​

​

​

​

​

​

​

​

External

​

 

4.3

​

 

(3.0)

​

​

​

​

 

1.3

​

John Deere

​

 

596.7

​

 

(101.6)

​

 

​

​

 

495.1

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

October 29, 2023

​

​

​

Gross Amounts
Recognized

​

Netting
Arrangements

​

Collateral

​

Net
Amount

​

Derivatives:

​

​

​

​

​

​

​

​

​

​

​

​

​

Assets

​

​

    

    

​

​

    

​

    

    

​

    

​

External

​

$

11.3

​

$

(.1)

​

  

​

​

$

11.2

​

John Deere

​

 

144.4

​

 

(107.0)

​

​

​

​

 

37.4

​

Liabilities

​

​

​

​

​

​

​

​

​

​

​

​

​

External

​

 

.5

​

 

(.1)

​

​

​

​

 

.4

​

John Deere

​

 

974.9

​

 

(107.0)

​

​

​

​

 

867.9

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

January 29, 2023

​

​

​

Gross Amounts
Recognized

​

Netting
Arrangements

​

Collateral

​

Net
Amount

​

Derivatives:

​

​

​

​

​

​

​

​

​

​

​

​

​

Assets

​

​

    

    

​

​

    

​

    

    

​

    

​

External

​

$

1.2

​

​

​

​

​

​

​

$

1.2

​

John Deere

​

 

171.2

​

$

(129.1)

​

​

​

​

 

42.1

​

Liabilities

​

​

​

​

​

​

​

​

​

​

​

​

​

External

​

 

29.1

​

 

​

​

​

​

​

 

29.1

​

John Deere

​

 

664.2

​

 

(129.1)

​

 

​

​

 

535.1

​
v3.24.0.1
Immaterial Restatement of Prior Period Financial Statements
 3 Months Ended
Jan. 28, 2024
Immaterial Restatement of Prior Period Financial Statements  
Immaterial Restatement of Prior Period Financial Statements

(12) Immaterial Restatement of Prior Period Financial Statements

In the second quarter of 2023, we corrected the accounting treatment for financing incentives offered to John Deere dealers, which impacted the timing of expense recognition and the presentation of incentive costs in the consolidated financial statements. Refer to Note 1 and Note 2 for additional information. While the prior period amounts have been restated, as set forth below for comparability, the impact of the correction in periods prior to the second quarter ended April 30, 2023 was not material to our consolidated financial statements in any of the impacted periods.

The prior period impacts to our statement of consolidated income and the related impacts to the statement of consolidated comprehensive income were as follows:

​

​

​

​

​

​

​

​

​

​

Three Months Ended January 29, 2023

​

Previously

​

​

​

​

As

​

Reported

   

Adjustment

   

Adjusted

Revenues

​

​

​

​

​

​

​

​

Finance income earned on retail notes

$

315.9

​

$

14.1

​

$

330.0

Lease revenues

​

240.7

​

​

1.8

​

​

242.5

Total revenues

​

820.6

​

​

15.9

​

​

836.5

Expenses

​

​

​

​

​

​

​

​

Administrative and operating expenses

​

108.5

​

​

28.2

​

​

136.7

Total operating expenses

​

334.1

​

​

28.2

​

​

362.3

Total expenses

​

635.1

​

​

28.2

​

​

663.3

Income of Consolidated Group before Income Taxes

​

185.5

​

​

(12.3)

​

​

173.2

Provision for income taxes

​

39.6

​

​

(2.8)

​

​

36.8

Income of Consolidated Group

​

145.9

​

​

(9.5)

​

​

136.4

Net Income

​

146.9

​

​

(9.5)

​

​

137.4

Net Income Attributable to the Company

$

147.1

​

$

(9.5)

​

$

137.6

​

The prior period impacts to our consolidated balance sheet and the related components of stockholder’s equity were as follows:

​

​

​

​

​

​

​

​

​

​

January 29, 2023

​

Previously

​

​

​

​

As

​

Reported

   

Adjustment

   

Adjusted

Assets

​

​

​

​

​

​

​

​

Receivables:

​

​

​

​

​

​

​

​

Retail notes

$

23,937.2

​

$

(61.7)

​

$

23,875.5

Total receivables

 

42,655.5

​

 

(61.7)

​

 

42,593.8

Total receivables – net

 

42,533.8

​

 

(61.7)

​

 

42,472.1

Deferred income taxes

 

24.4

​

 

2.5

​

 

26.9

Total Assets

$

49,406.4

​

$

(59.2)

​

$

49,347.2

​

​

​

​

​

​

​

​

​

Liabilities and Stockholder’s Equity

​

​

​

​

​

​

​

​

Accounts payable and accrued expenses

$

893.4

​

$

103.0

​

$

996.4

Deferred income taxes

 

225.5

​

 

(33.3)

​

 

192.2

Total liabilities

 

44,402.3

​

 

69.7

​

 

44,472.0

Stockholder’s equity:

​

​

​

​

​

​

​

​

Retained earnings

 

3,572.4

​

 

(128.9)

​

 

3,443.5

Total Company stockholder’s equity

 

5,002.8

​

 

(128.9)

​

 

4,873.9

Total stockholder’s equity

 

5,004.1

​

 

(128.9)

​

 

4,875.2

Total Liabilities and Stockholder’s Equity

$

49,406.4

​

$

(59.2)

​

$

49,347.2

​

The prior period impacts to our statement of consolidated cash flows were as follows:

​

​

​

​

​

​

​

​

​

​

Three Months Ended January 29, 2023

​

Previously

​

​

​

​

As

​

Reported

   

Adjustment

   

Adjusted

Cash Flows from Operating Activities:

​

​

​

​

​

​

​

​

Net income

$

146.9

​

$

(9.5)

​

$

137.4

Adjustments to reconcile net income to net cash

​

​

​

​

​

​

​

​

provided by operating activities:

​

​

​

​

​

​

​

​

Credit for deferred income taxes

​

(11.3)

​

​

(2.7)

​

​

(14.0)

Change in accounts payable and accrued expenses

​

29.1

​

​

11.8

​

​

40.9

Other

​

(9.6)

​

​

.4

​

​

(9.2)

Net cash provided by operating activities

$

338.7

​

$

​

​

$

338.7

​
v3.24.0.1
Subsequent Event
 3 Months Ended
Jan. 28, 2024
Subsequent Event  
Subsequent Event

(13)Subsequent Event

In February 2024, we entered into a retail note securitization transaction that resulted in $529.3 of secured borrowings.

​

​
v3.24.0.1
Organization and Consolidation (Policies)
 3 Months Ended
Jan. 28, 2024
Organization and Consolidation  
Fiscal Year, Policy

We use a 52/53 week fiscal year with quarters ending on the last Sunday in the reporting period. The first quarter ends for fiscal years 2024 and 2023 were January 28, 2024 and January 29, 2023, respectively. Both periods contained 13 weeks. Unless otherwise stated, references to particular years, quarters, or months refer to our fiscal years generally ending in October and the associated periods in those fiscal years.
Financing Incentives, Policy

We provide incentive funds to John Deere dealers that meet certain performance metrics, which include minimum finance volume and finance market share with us over a defined period. At the end of the qualification period, dealers are granted incentive funds, which can be used for certain predefined uses, including interest rate reductions on future loan and lease

originations. In addition, certain dealers may elect to receive cash for a portion of their earned funds. We accrue for the incentive costs over the qualification period, which are reported as “Administrative and operating expenses” in the consolidated income statements and “Accounts payable and accrued expenses” in the consolidated balance sheets. The accrued liability is released as dealers utilize the funds.
Use of Estimates in Financial Statements, Policy

Certain accounting policies require management to make estimates and assumptions in determining the amounts reflected in the financial statements and related disclosures. Actual results could differ from those estimates.
New Accounting Standards, Policy

We closely monitor all Accounting Standard Updates (ASUs) issued by the Financial Accounting Standards Board (FASB) and other authoritative guidance.

Accounting Standards Adopted

In the first quarter of 2024, we adopted ASU No. 2022-02, Financial Instruments – Credit Losses (Topic 326): Troubled Debt Restructurings and Vintage Disclosures. The ASU eliminates the accounting guidance for troubled debt restructurings, enhances disclosures for certain receivable modifications related to borrowers experiencing financial difficulty, and requires disclosure of current period gross write-offs by year of origination. The adoption did not have a material effect on our consolidated financial statements.

We also adopted the following standards in 2024, none of which had a material effect on our consolidated financial statements.  

​

​

2022-01 — Derivatives and Hedging (Topic 815): Fair Value Hedging – Portfolio Layer Method

2021-08 — Business Combinations (Topic 805): Accounting for Contract Assets and Contract Liabilities from Contracts with Customers

Accounting Standards to be Adopted

In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures, which expands disclosures in an entity’s income tax rate reconciliation table and cash taxes paid both in the U.S. and foreign jurisdictions. The effective date of the ASU is fiscal year 2026. We are assessing the effect of this update on our related disclosures.

We will also adopt the following standards in future periods, none of which are expected to have a material effect on our consolidated financial statements.

​

2023-07 — Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures

​

2023-06 — Disclosure Improvements: Codification Amendments in Response to the SEC’s Disclosure Update and Simplification Initiative

​

2023-05 — Business Combinations—Joint Venture Formations (Subtopic 805-60): Recognition and Initial Measurement

​

​
Allowance for Credit Losses, Policy

The allowance for credit losses is an estimate of the credit losses expected over the life of our Receivable portfolio. Non-performing Receivables are included in the estimate of expected credit losses. The allowance is measured on a collective basis for receivables with similar risk characteristics. Receivables that do not share risk characteristics are evaluated on an individual basis. Risk characteristics include:

●product category,
●market,
●geography,
●credit risk, and
●remaining balance.

Recoveries from freestanding credit enhancements, such as dealer deposits, and certain credit insurance contracts are not included in the estimate of expected credit losses. Recoveries from dealer deposits are recognized in “Other income” when the dealer’s deposit account is charged. During the three months ended January 28, 2024 and January 29, 2023, recoveries from freestanding credit enhancements recorded in other income were $7.3 and $2.0, respectively.
Securitization of Receivables, Policy

Our funding strategy includes retail note securitizations. While these securitization programs are administered in various forms, they are accomplished in the following basic steps:

1.  We transfer retail notes into a bankruptcy-remote SPE.

2.  The SPE issues debt to investors. The debt is secured by the retail notes.

3.  Investors are paid back based on cash receipts from the retail notes.

As part of step 1, these retail notes are legally isolated from the claims of our general creditors. This ensures cash receipts from the retail notes are accessible to pay back securitization program investors. The structure of these transactions does not meet the accounting criteria for a sale of receivables. As a result, they are accounted for as a secured borrowing. The receivables and borrowings remain on our balance sheet and are separately reported as “Retail notes securitized” and “Securitization borrowings,” respectively.

v3.24.0.1
Other Comprehensive Income Items (Tables)
 3 Months Ended
Jan. 28, 2024
Other Comprehensive Income Items  
Schedule of After-Tax Changes in Accumulated Other Comprehensive Income (Loss)

The after-tax components of accumulated other comprehensive income (loss) were as follows:

​

​

​

​

​

​

​

​

​

​

​

​

January 28

​

October 29

​

January 29

​

​

2024

​

2023

​

2023

Cumulative translation adjustment

​

$

(110.0)

​

$

(136.8)

​

$

(102.8)

Unrealized gain on derivatives

​

​

19.2

​

​

34.8

​

​

52.5

Unrealized loss on debt securities

​

​

(1.8)

​

​

(2.4)

​

​

(2.1)

Total accumulated other comprehensive income (loss)

​

$

(92.6)

​

$

(104.4)

​

$

(52.4)
Schedule of Amounts Recorded in and Reclassifications out of Other Comprehensive Income (Loss) and the Income Tax Effects

The following tables reflect amounts recorded in other comprehensive income (loss), as well as reclassifications out of other comprehensive income (loss).

​

​

​

​

​

​

​

​

​

​

​

​

Before

​

Tax

​

After

​

​

Tax

​

(Expense)

​

Tax

​

​

Amount

​

Credit

​

Amount

Three Months Ended January 28, 2024

​

​

​

​

​

​

Cumulative translation adjustment

​

$

26.8

​

​

​

​

$

26.8

Unrealized gain (loss) on derivatives:

​

​

​

​

​

​

​

​

​

Unrealized hedging gain (loss)

​

 

(7.8)

​

$

1.6

​

 

(6.2)

Reclassification of realized (gain) loss to:

​

​

​

​

​

​

​

​

​

Interest rate contracts – Interest expense

​

 

(11.9)

​

​

2.5

​

​

(9.4)

Net unrealized gain (loss) on derivatives

​

 

(19.7)

​

 

4.1

​

 

(15.6)

Unrealized gain (loss) on debt securities:

​

​

​

​

​

​

​

​

​

Unrealized holding gain (loss)

​

​

.8

​

​

(.2)

​

​

.6

Total other comprehensive income (loss)

​

$

7.9

​

$

3.9

​

$

11.8

​

​

​

​

​

​

​

​

​

​

Three Months Ended January 29, 2023

​

​

​

​

​

​

​

​

​

Cumulative translation adjustment

​

$

66.2

​

​

​

​

$

66.2

Unrealized gain (loss) on derivatives:

​

​

​

​

​

​

​

​

​

Unrealized hedging gain (loss)

​

 

(1.9)

​

$

.4

​

 

(1.5)

Reclassification of realized (gain) loss to:

​

​

​

​

​

​

​

​

​

Interest rate contracts – Interest expense

​

 

(16.3)

​

​

3.5

​

 

(12.8)

Net unrealized gain (loss) on derivatives

​

 

(18.2)

​

 

3.9

​

 

(14.3)

Unrealized gain (loss) on debt securities:

​

​

​

​

​

​

​

​

​

Unrealized holding gain (loss)

​

​

.7

​

​

(.3)

​

​

.4

Total other comprehensive income (loss)

​

$

48.7

​

$

3.6

​

$

52.3

​
v3.24.0.1
Receivables (Tables)
 3 Months Ended
Jan. 28, 2024
Receivables  
Accrued finance income and lease revenue reversed on non-performing Receivables, and finance income and lease revenue recognized from cash payments on non-performing Receivables

Accrued finance income and lease revenue reversed on non-performing Receivables, and finance income and lease revenue recognized from cash payments on non-performing Receivables were as follows:

​

​

​

​

​

​

​

​

​

Three Months Ended

​

​

January 28

​

January 29

​

​

2024

​

2023

Accrued finance income and lease revenue reversed

​

$

6.7

​

$

2.8

Finance income and lease revenue recognized on cash payments

​

​

5.9

​

​

3.1
Analysis of the Allowance for Credit Losses and Investment in Receivables

An analysis of the allowance for credit losses and investment in Receivables was as follows:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Three Months Ended January 28, 2024

​

​

Retail Notes

​

Revolving

​

​

​

​

​

​

​

​

& Financing

​

Charge

​

Wholesale

​

Total

​

​

Leases

​

Accounts

​

Receivables

​

Receivables

Allowance:

​

​

​

​

​

​

​

​

​

​

​

​

Beginning of period balance

​

$

114.9

​

$

20.4

​

$

11.1

​

$

146.4

Provision (credit) for credit losses*

​

 

22.8

​

​

(2.0)

​

​

(.4)

​

​

20.4

Write-offs

​

 

(24.3)

​

​

(10.7)

​

​

​

​

​

(35.0)

Recoveries

​

 

1.7

​

​

7.6

​

​

​

​

​

9.3

Translation adjustments

​

 

​

​

​

​

​

​

(1.5)

​

​

(1.5)

End of period balance

​

$

115.1

​

$

15.3

​

$

9.2

​

$

139.6

​

​

​

​

​

​

​

​

​

​

​

​

​

Receivables:

​

​

​

​

​

​

​

​

​

​

​

​

End of period balance

​

$

33,385.1

​

$

2,925.5

​

$

14,542.8

​

$

50,853.4

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Three Months Ended January 29, 2023

​

​

Retail Notes

​

Revolving

​

​

​

​

​

​

​

​

& Financing

​

Charge

​

Wholesale

​

Total

​

​

Leases

​

Accounts

​

Receivables

​

Receivables

Allowance:

​

​

​

​

​

​

​

​

​

​

​

​

Beginning of period balance

​

$

95.4

​

$

21.9

​

$

11.1

​

$

128.4

Provision (credit) for credit losses*

​

 

6.8

​

​

(3.7)

​

​

(.5)

​

​

2.6

Write-offs

​

 

(10.2)

​

​

(7.5)

​

​

(.1)

​

​

(17.8)

Recoveries

​

 

2.4

​

​

5.3

​

​

.6

​

​

8.3

Translation adjustments

​

 

.4

​

​

​

​

​

(.2)

​

​

.2

End of period balance

​

$

94.8

​

$

16.0

​

$

10.9

​

$

121.7

​

​

​

​

​

​

​

​

​

​

​

​

​

Receivables:

​

​

​

​

​

​

​

​

​

​

​

​

End of period balance

​

$

30,007.7

​

$

2,834.0

​

$

9,752.1

​

$

42,593.8

​

* Excludes provision for credit losses on unfunded commitments of $.6 and $.9 for the three months ended January 28, 2024 and January 29, 2023, respectively. The estimated credit losses related to unfunded commitments are recorded in “Accounts payable and accrued expenses.”

Write-offs by Year of Origination

Write-offs by year of origination were as follows:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Three Months Ended January 28, 2024

​

​

2024

​

2023

​

2022

​

2021

​

2020

​

Prior Years

​

Revolving

​

Total

Customer Receivables:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Agriculture and turf

​

​

​

​

$

1.5

​

$

2.9

​

$

1.8

​

$

3.6

​

$

.6

​

$

8.8

​

$

19.2

Construction and forestry

​

$

.2

​

​

5.5

​

​

4.5

​

​

2.2

​

​

.8

​

​

.7

​

​

1.9

​

​

15.8

Total

​

$

.2

​

$

7.0

​

$

7.4

​

$

4.0

​

$

4.4

​

$

1.3

​

$

10.7

​

$

35.0
Customer Receivables  
Receivables  
Credit Quality Analysis

The credit quality analysis of Customer Receivables by year of origination was as follows:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

January 28, 2024

​

​

2024

​

2023

​

2022

​

2021

​

2020

​

Prior Years

​

Revolving Charge Accounts

​

Total

Customer Receivables:

 

​

​

 

​

​

 

​

​

 

​

​

 

​

​

 

​

​

 

​

​

 

​

​

Agriculture and turf

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Current

​

$

2,740.5

​

$

11,557.0

​

$

6,550.6

​

$

3,954.2

​

$

1,692.4

​

$

667.3

​

$

2,719.3

​

$

29,881.3

30-59 days past due

​

​

4.5

​

​

105.0

​

​

58.5

​

​

40.8

​

​

18.8

​

​

10.0

​

​

69.7

​

​

307.3

60-89 days past due

​

​

.5

​

​

45.9

​

​

19.3

​

​

12.7

​

​

6.1

​

​

4.3

​

​

15.8

​

​

104.6

90+ days past due

​

​

​

​

​

1.1

​

​

.5

​

​

3.0

​

​

4.4

​

​

.3

​

​

​

​

​

9.3

Non-performing

​

​

.3

​

​

39.1

​

​

78.6

​

​

48.7

​

​

26.9

​

​

24.8

​

​

10.4

​

​

228.8

Construction and forestry

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Current

​

​

677.8

​

​

2,156.0

​

​

1,400.8

​

​

716.3

​

​

216.8

​

​

94.0

​

​

101.2

​

​

5,362.9

30-59 days past due

​

​

7.2

​

​

64.9

​

​

35.5

​

​

24.1

​

​

7.8

​

​

3.3

​

​

5.3

​

​

148.1

60-89 days past due

​

​

.4

​

​

24.2

​

​

19.2

​

​

11.7

​

​

5.7

​

​

2.8

​

​

2.2

​

​

66.2

90+ days past due

​

​

​

​

​

​

​

​

.2

​

​

​

​

​

​

​

​

.2

​

​

​

​

​

.4

Non-performing

​

​

​

​

​

55.3

​

​

74.8

​

​

44.6

​

​

17.9

​

​

7.5

​

​

1.6

​

​

201.7

Total

​

$

3,431.2

​

$

14,048.5

​

$

8,238.0

​

$

4,856.1

​

$

1,996.8

​

$

814.5

​

​

2,925.5

​

$

36,310.6

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

October 29, 2023

​

​

2023

​

2022

​

2021

​

2020

​

2019

​

Prior Years

​

Revolving Charge Accounts

​

Total

Customer Receivables:

 

​

​

 

​

​

 

​

​

 

​

​

 

​

​

 

​

​

 

​

​

 

​

​

Agriculture and turf

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Current

​

$

12,998.3

​

$

7,208.2

​

$

4,459.1

​

$

1,970.4

​

$

666.3

​

$

179.3

​

$

4,424.8

​

$

31,906.4

30-59 days past due

 

​

46.8

​

​

66.6

​

​

34.6

​

​

18.7

​

​

8.2

​

​

2.9

​

​

28.1

​

​

205.9

60-89 days past due

 

​

15.8

​

​

22.0

​

​

14.8

​

​

7.8

​

​

3.3

​

​

1.3

​

​

8.6

​

​

73.6

90+ days past due

​

​

1.4

​

​

.8

​

​

2.7

​

​

2.9

​

​

.1

​

​

.1

​

​

​

​

​

8.0

Non-performing

​

​

25.9

​

​

63.7

​

​

44.5

​

​

25.0

​

​

12.9

​

​

12.0

​

​

7.2

​

​

191.2

Construction and forestry

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Current

​

​

2,343.4

​

​

1,586.2

​

​

859.0

​

​

279.2

​

​

65.3

​

​

27.3

​

​

118.6

​

​

5,279.0

30-59 days past due

​

​

44.4

​

​

28.1

​

​

24.8

​

​

8.6

​

​

3.4

​

​

.4

​

​

4.1

​

​

113.8

60-89 days past due

​

​

17.8

​

​

11.4

​

​

11.8

​

​

4.5

​

​

1.0

​

​

.2

​

​

1.8

​

​

48.5

90+ days past due

​

​

.1

​

​

1.2

​

​

.1

​

​

.1

​

​

​

​

​

​

​

​

​

​

​

1.5

Non-performing

​

​

34.1

​

​

67.5

​

​

51.2

​

​

20.7

​

​

7.5

​

​

4.0

​

​

1.2

​

​

186.2

Total

​

$

15,528.0

​

$

9,055.7

​

$

5,502.6

​

$

2,337.9

​

$

768.0

​

$

227.5

​

$

4,594.4

​

$

38,014.1

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

January 29, 2023

​

​

2023

​

2022

​

2021

​

2020

​

2019

​

Prior Years

​

Revolving Charge Accounts

​

Total

Customer Receivables:

 

​

​

 

​

​

 

​

​

 

​

​

 

​

​

 

​

​

 

​

​

 

​

​

Agriculture and turf

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Current

​

$

2,452.2

​

$

10,749.5

​

$

6,302.5

​

$

3,104.4

​

$

1,289.3

​

$

565.0

​

$

2,686.3

​

$

27,149.2

30-59 days past due

​

​

1.7

​

​

29.4

​

​

29.2

​

​

48.2

​

​

10.4

​

​

42.8

​

​

27.2

​

​

188.9

60-89 days past due

​

​

1.3

​

​

12.2

​

​

10.5

​

​

18.0

​

​

3.7

​

​

14.1

​

​

5.9

​

​

65.7

90+ days past due

​

​

​

​

​

1.2

​

​

.2

​

​

2.9

​

​

1.0

​

​

.2

​

​

​

​

​

5.5

Non-performing

​

​

.3

​

​

35.1

​

​

43.3

​

​

29.1

​

​

15.0

​

​

19.6

​

​

7.8

​

​

150.2

Construction and forestry

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Current

​

​

553.7

​

​

2,156.3

​

​

1,339.0

​

​

538.4

​

​

177.7

​

​

68.5

​

​

99.0

​

​

4,932.6

30-59 days past due

​

​

1.5

​

​

9.9

​

​

23.6

​

​

34.3

​

​

15.7

​

​

52.1

​

​

4.6

​

​

141.7

60-89 days past due

​

​

.4

​

​

4.3

​

​

15.7

​

​

17.7

​

​

6.4

​

​

23.0

​

​

2.0

​

​

69.5

90+ days past due

​

​

​

​

​

.1

​

​

.2

​

​

.4

​

​

.2

​

​

​

​

​

​

​

​

.9

Non-performing

​

​

​

​

​

38.9

​

​

51.8

​

​

26.1

​

​

13.0

​

​

6.5

​

​

1.2

​

​

137.5

Total

​

$

3,011.1

​

$

13,036.9

​

$

7,816.0

​

$

3,819.5

​

$

1,532.4

​

$

791.8

​

$

2,834.0

​

$

32,841.7
Wholesale Receivables  
Receivables  
Credit Quality Analysis

​

The credit quality analysis of wholesale receivables by year of origination was as follows:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

January 28, 2024

​

​

2024

​

2023

​

2022

​

2021

​

2020

​

Prior Years

​

Revolving

​

Total

Wholesale receivables:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Agriculture and turf

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Current

​

$

199.8

​

$

450.3

​

$

67.6

​

$

4.8

​

$

2.6

​

$

1.3

​

$

10,198.5

​

$

10,924.9

30+ days past due

​

​

​

​

​

.6

​

​

​

​

​

​

​

​

​

​

​

​

​

​

61.3

​

​

61.9

Non-performing

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

5.8

​

​

5.8

Construction and forestry

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Current

​

​

5.6

​

​

10.7

​

​

2.2

​

​

19.3

​

​

.1

​

​

.1

​

​

3,495.5

​

​

3,533.5

30+ days past due

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

16.7

​

​

16.7

Non-performing

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Total

​

$

205.4

​

$

461.6

​

$

69.8

​

$

24.1

​

$

2.7

​

$

1.4

​

$

13,777.8

​

$

14,542.8

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

October 29, 2023

​

​

2023

​

2022

​

2021

​

2020

​

2019

​

Prior Years

​

Revolving

​

Total

Wholesale receivables:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Agriculture and turf

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Current

​

$

609.5

​

$

92.6

​

$

20.0

​

$

3.9

​

$

.7

​

$

159.9

​

$

9,270.1

​

$

10,156.7

30+ days past due

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

45.8

​

​

45.8

Non-performing

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

5.7

​

​

5.7

Construction and forestry

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Current

​

​

19.4

​

​

2.5

​

​

19.9

​

​

.2

​

​

.1

​

​

75.2

​

​

2,987.6

​

​

3,104.9

30+ days past due

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

17.0

​

​

17.0

Non-performing

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Total

​

$

628.9

​

$

95.1

​

$

39.9

​

$

4.1

​

$

.8

​

$

235.1

​

$

12,326.2

​

$

13,330.1

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

January 29, 2023

​

​

2023

​

2022

​

2021

​

2020

​

2019

​

Prior Years

​

Revolving

​

Total

Wholesale receivables:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Agriculture and turf

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Current

​

$

114.6

​

$

283.2

​

$

45.7

​

$

20.2

​

$

3.7

​

$

1.2

​

$

7,349.9

​

$

7,818.5

30+ days past due

​

​

​

​

​

.3

​

​

​

​

​

​

​

​

​

​

​

​

​

​

9.2

​

​

9.5

Non-performing

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

5.9

​

​

5.9

Construction and forestry

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Current

​

​

5.8

​

​

3.8

​

​

23.7

​

​

1.0

​

​

.3

​

​

.1

​

​

1,875.8

​

​

1,910.5

30+ days past due

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

7.7

​

​

7.7

Non-performing

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Total

​

$

120.4

​

$

287.3

​

$

69.4

​

$

21.2

​

$

4.0

​

$

1.3

​

$

9,248.5

​

$

9,752.1
v3.24.0.1
Securitization of Receivables (Tables)
 3 Months Ended
Jan. 28, 2024
Securitization of Receivables  
Components of Consolidated Restricted Assets, Secured Borrowings and Other Liabilities Related to Securitization Transactions

The components of the securitization programs were as follows:

​

​

​

​

​

​

​

​

​

​

​

​

​

January 28

​

October 29

​

January 29

​

​

2024

​

2023

​

2023

Retail notes securitized

​

$

6,417.7

​

$

7,356.8

​

$

5,101.4

Allowance for credit losses

​

 

(17.8)

​

 

(21.4)

​

 

(12.5)

Other assets (primarily restricted cash)

​

 

139.9

​

 

152.0

​

 

97.2

Total restricted securitized assets

​

$

6,539.8

​

$

7,487.4

​

$

5,186.1

​

​

​

​

​

​

​

​

​

​

Securitization borrowings

​

$

6,116.1

​

$

6,995.2

​

$

4,863.9

Accrued interest on borrowings

​

 

10.0

​

 

12.6

​

 

5.9

Total liabilities related to restricted securitized assets

​

$

6,126.1

​

$

7,007.8

​

$

4,869.8

​
v3.24.0.1
Leases (Tables)
 3 Months Ended
Jan. 28, 2024
Leases  
Schedule of Lease Revenues Earned

Lease revenues earned by us were as follows:

​

​

​

​

​

​

​

​

​

​

Three Months Ended

​

​

​

January 28

​

January 29

​

​

​

2024

​

2023

​

Sales-type and direct financing lease revenues

​

$

27.0

​

$

18.8

​

Operating lease revenues

​

​

234.2

​

​

218.9

​

Variable lease revenues

​

 

4.0

​

 

5.6

​

Total lease revenues

​

$

265.2

​

$

243.3

​

​

Variable lease revenues reported above primarily relate to separately invoiced property taxes on leased equipment in certain markets, late fees, and excess use and damage fees. Excess use and damage fees are reported in “Other income” and were $.4 and $.8 for the first quarter of 2024 and 2023, respectively.

Schedule of Cost of Equipment on Operating Leases by Market

The cost of equipment on operating leases by market was as follows:

​

​

​

​

​

​

​

​

​

​

​

​

January 28

​

October 29

​

January 29

​

​

2024

​

2023

​

2023

Agriculture and turf

​

$

5,198.3

​

$

5,265.2

​

$

4,893.6

Construction and forestry

​

​

1,005.7

​

 

1,042.4

​

​

1,084.9

Total

​

​

6,204.0

​

​

6,307.6

​

​

5,978.5

Accumulated depreciation

​

 

(1,270.6)

​

​

(1,256.1)

​

​

(1,285.1)

Equipment on operating leases – net

​

$

4,933.4

​

$

5,051.5

​

$

4,693.4
v3.24.0.1
Notes Receivable from and Payable to John Deere (Tables)
 3 Months Ended
Jan. 28, 2024
Notes Receivable from and Payable to John Deere  
Notes Receivable from and Payable to John Deere

We provide loans to Banco John Deere S.A.(BJD), a John Deere finance subsidiary in Brazil, which are reported in “Notes receivable from John Deere.” Balances due from BJD were as follows:

​

​

​

​

​

​

​

​

​

​

​

​

​

January 28

​

October 29

​

January 29

​

​

​

2024

​

2023

​

2023

​

Notes receivable from John Deere

​

$

663.7

​

$

650.7

​

$

494.4

​

We also obtain funding from affiliated companies which resulted in notes payable to John Deere as follows:

​

​

​

​

​

​

​

​

​

​

​

​

​

January 28

​

October 29

​

January 29

​

​

​

2024

​

2023

​

2023

​

Notes payable to John Deere

​

$

3,512.5

​

$

3,184.0

​

$

4,416.2

​
v3.24.0.1
Long-Term External Borrowings (Tables)
 3 Months Ended
Jan. 28, 2024
Long-Term External Borrowings  
Long-Term Borrowings

Long-term external borrowings consisted of the following:

​

​

​

​

​

​

​

​

​

​

​

​

​

January 28

​

October 29

​

January 29

​

​

​

2024

​

2023

​

2023

​

Senior Debt:

​

​

​

​

​

​

​

​

​

​

Medium-term notes

​

$

28,805.4

​

$

27,522.8

​

$

23,564.2

​

Other notes

​

​

​

​

​

​

​

​

.5

​

Total senior debt

​

​

28,805.4

​

​

27,522.8

​

​

23,564.7

​

Unamortized debt discount and debt issuance costs

​

​

(85.0)

​

​

(83.5)

​

​

(71.3)

​

Total

​

$

28,720.4

​

$

27,439.3

​

$

23,493.4

​

Medium-term notes are primarily offered by prospectus and issued at fixed and variable rates. The medium-term notes in the table above include unamortized fair value adjustments related to interest rate swaps. The principal balances of the medium-term notes were $29,581.7, $28,733.5, and $24,265.7 at January 28, 2024, October 29, 2023, and January 29, 2023, respectively, and have maturity dates through 2033.
v3.24.0.1
Fair Value Measurements (Tables)
 3 Months Ended
Jan. 28, 2024
Fair Value Measurements  
Fair Values of Financial Instruments

The fair values of financial instruments that do not approximate the carrying values were as follows:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

January 28, 2024

​

October 29, 2023

​

January 29, 2023

​

​

Carrying

​

Fair

​

Carrying

​

Fair

​

Carrying

​

Fair

​

​

Value

​

Value

​

Value

​

Value

​

Value

​

Value

Receivables financed – net

​

$

44,313.9

​

$

43,978.1

​

$

43,862.4

​

$

43,168.7

​

$

37,383.2

​

$

36,668.3

Retail notes securitized – net

​

 

6,399.9

​

 

6,224.9

​

 

7,335.4

​

 

7,055.8

​

 

5,088.9

​

 

4,868.9

Securitization borrowings

​

 

6,116.1

​

​

6,103.8

​

 

6,995.2

​

 

6,921.1

​

 

4,863.9

​

 

4,784.8

Current maturities of long-term
external borrowings

​

 

5,705.1

​

​

5,610.7

​

 

6,059.9

​

 

5,953.0

​

 

6,080.1

​

 

5,957.2

Long-term external borrowings

​

 

28,720.4

​

 

28,775.5

​

 

27,439.3

​

 

27,057.7

​

 

23,493.4

​

 

23,126.2

​

Fair value measurements above were Level 3 for all Receivables and Level 2 for all borrowings.
Assets and Liabilities Measured at Fair Value on a Recurring Basis

Assets and liabilities measured at fair value on a recurring basis were as follows:

​

​

​

​

​

​

​

​

​

​

​

​

    

January 28

    

October 29

    

January 29

​

​

2024

​

2023

​

2023

Marketable securities

    

​

​

    

​

​

    

​

​

International debt securities

​

$

2.3

​

$

1.4

​

$

1.8

Receivables from John Deere

​

​

​

​

​

​

​

​

​

Derivatives

​

​

146.6

​

​

144.4

​

​

171.2

Other assets

​

​

​

​

​

​

​

​

​

Derivatives

​

​

22.2

​

 

11.3

​

 

1.2

Total assets

​

$

171.1

​

$

157.1

​

$

174.2

​

​

​

​

​

​

​

​

​

​

Other payables to John Deere

​

​

​

​

​

​

​

​

​

Derivatives

​

$

596.7

​

$

974.9

​

$

664.2

Accounts payable and accrued expenses

​

​

​

​

​

​

​

​

​

Derivatives

​

​

4.3

​

 

.5

​

 

29.1

Total liabilities

​

$

601.0

​

$

975.4

​

$

693.3

All fair value measurements in the table above were Level 2. Excluded from the table above were our cash equivalents, which were carried at cost that approximates fair value. The cash equivalents consist primarily of time deposits and money market funds.
v3.24.0.1
Derivative Instruments (Tables)
 3 Months Ended
Jan. 28, 2024
Derivative Instruments  
Fair Values of Derivative Instruments in Consolidated Balance Sheets

The fair values of our derivative instruments and the associated notional amounts were as follows:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

January 28, 2024

​

​

October 29, 2023

​

​

January 29, 2023

​

​

​

​

​

​

Fair Value

​

​

​

​

​

Fair Value

​

​

​

​

​

Fair Value

​

​

​

Notional

​

​

Asset

​

​

Liability

​

​

Notional

​

​

Asset

​

​

Liability

​

​

Notional

​

​

Asset

​

​

Liability

Cash flow hedges:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Interest rate contracts - swaps

​

$

2,200.0

​

$

27.4

​

$

4.4

​

$

1,500.0

​

$

44.7

​

​

​

​

$

1,950.0

​

$

69.2

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Fair value hedges:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Interest rate contracts - swaps

​

​

11,779.6

​

​

52.1

​

​

547.3

​

​

11,859.4

​

​

​

​

$

915.7

​

​

10,126.7

​

​

20.8

​

$

629.0

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Not designated as hedging instruments:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Interest rate contracts - swaps

​

​

7,784.7

​

​

53.8

​

​

18.3

​

​

8,010.9

​

​

72.2

​

​

27.4

​

​

4,847.8

​

​

76.2

​

​

24.0

Foreign currency exchange contracts

​

​

1,814.8

​

​

22.2

​

​

4.3

​

​

1,546.5

​

​

11.3

​

​

.5

​

​

1,297.8

​

​

1.2

​

​

29.1

Cross-currency interest rate contracts

​

​

188.6

​

​

​

​

​

13.4

​

​

175.8

​

​

3.2

​

​

7.5

​

​

119.3

​

​

.3

​

​

6.5

Interest rate caps - sold

​

​

1,199.5

​

​

​

​

​

13.3

​

​

1,336.0

​

​

​

​

​

24.3

​

​

788.8

​

​

​

​

​

4.7

Interest rate caps - purchased

​

​

1,199.5

​

​

13.3

​

​

​

​

​

1,336.0

​

​

24.3

​

​

​

​

​

788.8

​

​

4.7

​

​

​
Amounts Recorded in the Consolidated Balance Sheets Related to Borrowings Designated in Fair Value Hedging Relationships

The amounts recorded in the consolidated balance sheets related to borrowings designated in fair value hedging relationships were as follows. Fair value hedging adjustments are included in the carrying amount of the hedged item.

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Active Hedging Relationships

​

Discontinued Hedging Relationships

​

​

​

​

​

Cumulative

​

Carrying

​

Cumulative

​

​

​

Carrying

​

Fair Value

​

Amount of

​

Fair Value

​

​

​

Amount of

​

Hedging

​

Formerly

​

Hedging

​

January 28, 2024

​

Hedged Item

​

Adjustment

​

Hedged Item

​

Adjustment

​

Current maturities of long-term external borrowings

​

​

​

​

​

​

​

$

1,959.5

​

$

10.4

​

Long-term external borrowings

​

$

11,220.3

​

$

(506.6)

​

​

7,710.9

​

​

(269.7)

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

October 29, 2023

​

​

​

​

​

​

​

​

​

​

​

​

​

Current maturities of long-term external borrowings

​

​

​

​

​

​

​

$

1,814.0

​

$

14.9

​

Long-term external borrowings

​

$

10,883.7

​

$

(922.6)

​

​

7,144.1

​

​

(288.1)

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

January 29, 2023

​

​

​

​

​

​

​

​

​

​

​

​

​

Current maturities of long-term external borrowings

​

​

​

​

​

​

​

$

1,914.8

​

$

15.3

​

Long-term external borrowings

​

$

9,461.7

​

$

(618.6)

​

​

5,505.8

​

​

(82.9)

​
Gains (Losses) Related to Derivative Instruments on Statements of Consolidated Income

​

The classification and gains (losses), including accrued interest expense related to derivative instruments on the statements of consolidated income consisted of the following:

​

​

​

​

​

​

​

​

​

​

​

Three Months Ended

 

​

​

January 28

​

January 29

 

​

   

2024

   

2023

 

Fair Value Hedges

​

​

​

​

​

​

​

Interest rate contracts - Interest expense

 

$

335.7

​

$

235.3

​

​

​

​

​

​

​

​

​

Cash Flow Hedges

​

​

​

​

​

​

​

Recognized in OCI:

​

​

​

​

​

​

​

Interest rate contracts - OCI (pretax)

 

$ 

(7.8)

​

$

(1.9)

​

​

​

​

​

​

​

​

​

Reclassified from OCI:

​

​

​

​

​

​

​

Interest rate contracts - Interest expense

 

 

11.9

​

 

16.3

​

​

​

​

​

​

​

​

​

Not Designated as Hedges

​

​

​

​

​

​

​

Interest rate contracts - Interest expense *

 

$

(5.7)

​

$

(1.9)

​

Foreign currency exchange contracts - Administrative and operating expenses *

 

​

(103.2)

​

​

(135.1)

​

Total not designated

​

$

(108.9)

​

$

(137.0)

​

*    Includes interest and foreign currency exchange gains (losses) from cross-currency interest rate contracts.
Impact on Derivative Assets and Liabilities for External Derivatives and those with John Deere Related to Netting Arrangements and Collateral

Derivatives are recorded without offsetting for netting arrangements or collateral. The impact on the derivative assets and liabilities for external derivatives and those with John Deere related to netting arrangements and any collateral received or paid were as follows:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

January 28, 2024

​

​

​

Gross Amounts
Recognized

​

Netting
Arrangements

​

Collateral

​

Net
Amount

​

Derivatives:

​

​

​

​

​

​

​

​

​

​

​

​

​

Assets

​

​

    

    

​

​

    

​

    

    

​

    

​

External

​

$

22.2

​

$

(3.0)

​

​

​

​

$

19.2

​

John Deere

​

 

146.6

​

​

(101.6)

​

​

​

​

 

45.0

​

Liabilities

​

​

​

​

​

​

​

​

​

​

​

​

​

External

​

 

4.3

​

 

(3.0)

​

​

​

​

 

1.3

​

John Deere

​

 

596.7

​

 

(101.6)

​

 

​

​

 

495.1

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

October 29, 2023

​

​

​

Gross Amounts
Recognized

​

Netting
Arrangements

​

Collateral

​

Net
Amount

​

Derivatives:

​

​

​

​

​

​

​

​

​

​

​

​

​

Assets

​

​

    

    

​

​

    

​

    

    

​

    

​

External

​

$

11.3

​

$

(.1)

​

  

​

​

$

11.2

​

John Deere

​

 

144.4

​

 

(107.0)

​

​

​

​

 

37.4

​

Liabilities

​

​

​

​

​

​

​

​

​

​

​

​

​

External

​

 

.5

​

 

(.1)

​

​

​

​

 

.4

​

John Deere

​

 

974.9

​

 

(107.0)

​

​

​

​

 

867.9

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

January 29, 2023

​

​

​

Gross Amounts
Recognized

​

Netting
Arrangements

​

Collateral

​

Net
Amount

​

Derivatives:

​

​

​

​

​

​

​

​

​

​

​

​

​

Assets

​

​

    

    

​

​

    

​

    

    

​

    

​

External

​

$

1.2

​

​

​

​

​

​

​

$

1.2

​

John Deere

​

 

171.2

​

$

(129.1)

​

​

​

​

 

42.1

​

Liabilities

​

​

​

​

​

​

​

​

​

​

​

​

​

External

​

 

29.1

​

 

​

​

​

​

​

 

29.1

​

John Deere

​

 

664.2

​

 

(129.1)

​

 

​

​

 

535.1

​
v3.24.0.1
Immaterial Restatement of Prior Period Financial Statements (Tables)
 3 Months Ended
Jan. 28, 2024
Immaterial Restatement of Prior Period Financial Statements  
Prior Period Impacts to the Company's Financial Statements

The prior period impacts to our statement of consolidated income and the related impacts to the statement of consolidated comprehensive income were as follows:

​

​

​

​

​

​

​

​

​

​

Three Months Ended January 29, 2023

​

Previously

​

​

​

​

As

​

Reported

   

Adjustment

   

Adjusted

Revenues

​

​

​

​

​

​

​

​

Finance income earned on retail notes

$

315.9

​

$

14.1

​

$

330.0

Lease revenues

​

240.7

​

​

1.8

​

​

242.5

Total revenues

​

820.6

​

​

15.9

​

​

836.5

Expenses

​

​

​

​

​

​

​

​

Administrative and operating expenses

​

108.5

​

​

28.2

​

​

136.7

Total operating expenses

​

334.1

​

​

28.2

​

​

362.3

Total expenses

​

635.1

​

​

28.2

​

​

663.3

Income of Consolidated Group before Income Taxes

​

185.5

​

​

(12.3)

​

​

173.2

Provision for income taxes

​

39.6

​

​

(2.8)

​

​

36.8

Income of Consolidated Group

​

145.9

​

​

(9.5)

​

​

136.4

Net Income

​

146.9

​

​

(9.5)

​

​

137.4

Net Income Attributable to the Company

$

147.1

​

$

(9.5)

​

$

137.6

​

The prior period impacts to our consolidated balance sheet and the related components of stockholder’s equity were as follows:

​

​

​

​

​

​

​

​

​

​

January 29, 2023

​

Previously

​

​

​

​

As

​

Reported

   

Adjustment

   

Adjusted

Assets

​

​

​

​

​

​

​

​

Receivables:

​

​

​

​

​

​

​

​

Retail notes

$

23,937.2

​

$

(61.7)

​

$

23,875.5

Total receivables

 

42,655.5

​

 

(61.7)

​

 

42,593.8

Total receivables – net

 

42,533.8

​

 

(61.7)

​

 

42,472.1

Deferred income taxes

 

24.4

​

 

2.5

​

 

26.9

Total Assets

$

49,406.4

​

$

(59.2)

​

$

49,347.2

​

​

​

​

​

​

​

​

​

Liabilities and Stockholder’s Equity

​

​

​

​

​

​

​

​

Accounts payable and accrued expenses

$

893.4

​

$

103.0

​

$

996.4

Deferred income taxes

 

225.5

​

 

(33.3)

​

 

192.2

Total liabilities

 

44,402.3

​

 

69.7

​

 

44,472.0

Stockholder’s equity:

​

​

​

​

​

​

​

​

Retained earnings

 

3,572.4

​

 

(128.9)

​

 

3,443.5

Total Company stockholder’s equity

 

5,002.8

​

 

(128.9)

​

 

4,873.9

Total stockholder’s equity

 

5,004.1

​

 

(128.9)

​

 

4,875.2

Total Liabilities and Stockholder’s Equity

$

49,406.4

​

$

(59.2)

​

$

49,347.2

​

The prior period impacts to our statement of consolidated cash flows were as follows:

​

​

​

​

​

​

​

​

​

​

Three Months Ended January 29, 2023

​

Previously

​

​

​

​

As

​

Reported

   

Adjustment

   

Adjusted

Cash Flows from Operating Activities:

​

​

​

​

​

​

​

​

Net income

$

146.9

​

$

(9.5)

​

$

137.4

Adjustments to reconcile net income to net cash

​

​

​

​

​

​

​

​

provided by operating activities:

​

​

​

​

​

​

​

​

Credit for deferred income taxes

​

(11.3)

​

​

(2.7)

​

​

(14.0)

Change in accounts payable and accrued expenses

​

29.1

​

​

11.8

​

​

40.9

Other

​

(9.6)

​

​

.4

​

​

(9.2)

Net cash provided by operating activities

$

338.7

​

$

​

​

$

338.7

​
v3.24.0.1
Organization and Consolidation (Details)
 3 Months Ended
Jan. 28, 2024
Jan. 29, 2023
Fiscal Year    
Fiscal period duration 91 days 91 days
v3.24.0.1
Summary of Significant Accounting Policies and New Accounting Standards (Details)
Jan. 28, 2024
ASU 2022-02  
New Accounting Standards  
Change in Accounting Principle, Accounting Standards Update, Adopted [true false] true
ASU 2022-01  
New Accounting Standards  
Change in Accounting Principle, Accounting Standards Update, Adopted [true false] true
ASU 2021-08  
New Accounting Standards  
Change in Accounting Principle, Accounting Standards Update, Adopted [true false] true
ASU 2023-09  
New Accounting Standards  
Change in Accounting Principle, Accounting Standards Update, Adopted [true false] false
ASU 2023-07  
New Accounting Standards  
Change in Accounting Principle, Accounting Standards Update, Adopted [true false] false
ASU 2023-06  
New Accounting Standards  
Change in Accounting Principle, Accounting Standards Update, Adopted [true false] false
ASU 2023-05  
New Accounting Standards  
Change in Accounting Principle, Accounting Standards Update, Adopted [true false] false
v3.24.0.1
Other Comprehensive Income Items - After-Tax Components (Details) - USD ($)
$ in Millions
Jan. 28, 2024
Oct. 29, 2023
Jan. 29, 2023
After-tax components of accumulated other comprehensive income (loss)      
Total accumulated other comprehensive income (loss) $ 5,872.9 $ 5,901.6 $ 4,873.9
Accumulated Other Comprehensive Income (Loss)      
After-tax components of accumulated other comprehensive income (loss)      
Total accumulated other comprehensive income (loss) (92.6) (104.4) (52.4)
Cumulative Translation Adjustment      
After-tax components of accumulated other comprehensive income (loss)      
Total accumulated other comprehensive income (loss) (110.0) (136.8) (102.8)
Unrealized Gain (Loss) on Derivatives      
After-tax components of accumulated other comprehensive income (loss)      
Total accumulated other comprehensive income (loss) 19.2 34.8 52.5
Unrealized Gain (Loss) on Debt Securities      
After-tax components of accumulated other comprehensive income (loss)      
Total accumulated other comprehensive income (loss) $ (1.8) $ (2.4) $ (2.1)
v3.24.0.1
Other Comprehensive Income Items - Amounts Recorded in and Reclassifications out of (Details) - USD ($)
$ in Millions
 3 Months Ended
Jan. 28, 2024
Jan. 29, 2023
Other comprehensive income (loss), before tax    
Interest expense $ (571.4) $ (301.0)
Total other comprehensive income (loss), before tax 7.9 48.7
Other comprehensive income (loss), tax (expense) credit    
Total other comprehensive income (loss), tax (expense) credit 3.9 3.6
Other comprehensive income (loss), after tax    
Other comprehensive income (loss), net of income taxes 11.8 52.3
Cumulative Translation Adjustment    
Other comprehensive income (loss), before tax    
Total other comprehensive income (loss), before tax 26.8 66.2
Other comprehensive income (loss), after tax    
Other comprehensive income (loss), net of income taxes 26.8 66.2
Unrealized Gain (Loss) on Derivatives    
Other comprehensive income (loss), before tax    
Other comprehensive income (loss) before reclassification, before tax (7.8) (1.9)
Total other comprehensive income (loss), before tax (19.7) (18.2)
Other comprehensive income (loss), tax (expense) credit    
Other comprehensive income (loss) before reclassification, tax (expense) credit 1.6 0.4
Total other comprehensive income (loss), tax (expense) credit 4.1 3.9
Other comprehensive income (loss), after tax    
Other comprehensive income (loss) before reclassification, after tax (6.2) (1.5)
Other comprehensive income (loss), net of income taxes (15.6) (14.3)
Unrealized Gain (Loss) on Derivatives | Interest Rate Contracts (Swaps) | Reclassifications of gains (losses) out of accumulated other comprehensive income    
Other comprehensive income (loss), before tax    
Interest expense (11.9) (16.3)
Other comprehensive income (loss), tax (expense) credit    
Reclassification of realized (gain) loss, tax expense (credit) 2.5 3.5
Other comprehensive income (loss), after tax    
Reclassification of realized (gain) loss, after tax (9.4) (12.8)
Unrealized Gain (Loss) on Debt Securities    
Other comprehensive income (loss), before tax    
Total other comprehensive income (loss), before tax 0.8 0.7
Other comprehensive income (loss), tax (expense) credit    
Total other comprehensive income (loss), tax (expense) credit (0.2) (0.3)
Other comprehensive income (loss), after tax    
Other comprehensive income (loss), net of income taxes $ 0.6 $ 0.4
v3.24.0.1
Receivables - Delinquency Status (Details) - USD ($)
$ in Millions
 3 Months Ended
Jan. 28, 2024
Jan. 29, 2023
Receivable, Past Due    
Financing Receivable, Practical Expedient, Accrued Interest Exclusion [true false] false  
Threshold for past due balances 30 days  
Non-performing    
Receivable, Past Due    
Accrued finance income and lease revenue reversed $ 6.7 $ 2.8
Finance income and lease revenue recognized on cash payments $ 5.9 $ 3.1
Customer Receivables    
Receivable, Past Due    
Generally the threshold for a financing receivable to be considered non-performing 90 days  
Generally the threshold when a receivable is delinquent and the estimated uncollectible amount is written off 120 days  
Wholesale Receivables    
Receivable, Past Due    
Generally the threshold for a financing receivable to be considered non-performing 60 days  
Generally the threshold when a receivable is delinquent and the estimated uncollectible amount is written off 60 days  
v3.24.0.1
Receivables - Customer Receivables Credit Quality Analysis (Details) - USD ($)
$ in Millions
Jan. 28, 2024
Oct. 29, 2023
Jan. 29, 2023
Allowance for Credit Losses and Credit Quality of Receivables      
Total $ 50,853.4 $ 51,344.2 $ 42,593.8
Customer Receivables      
Allowance for Credit Losses and Credit Quality of Receivables      
2024 and 2023, respectively 3,431.2 15,528.0 3,011.1
2023 and 2022, respectively 14,048.5 9,055.7 13,036.9
2022 and 2021, respectively 8,238.0 5,502.6 7,816.0
2021 and 2020, respectively 4,856.1 2,337.9 3,819.5
2020 and 2019, respectively 1,996.8 768.0 1,532.4
Prior years 814.5 227.5 791.8
Revolving 2,925.5 4,594.4 2,834.0
Total 36,310.6 38,014.1 32,841.7
Customer Receivables | Agriculture and turf | 30-59 Days Past Due      
Allowance for Credit Losses and Credit Quality of Receivables      
2024 and 2023, respectively 4.5 46.8 1.7
2023 and 2022, respectively 105.0 66.6 29.4
2022 and 2021, respectively 58.5 34.6 29.2
2021 and 2020, respectively 40.8 18.7 48.2
2020 and 2019, respectively 18.8 8.2 10.4
Prior years 10.0 2.9 42.8
Revolving 69.7 28.1 27.2
Total 307.3 205.9 188.9
Customer Receivables | Agriculture and turf | 60-89 Days Past Due      
Allowance for Credit Losses and Credit Quality of Receivables      
2024 and 2023, respectively 0.5 15.8 1.3
2023 and 2022, respectively 45.9 22.0 12.2
2022 and 2021, respectively 19.3 14.8 10.5
2021 and 2020, respectively 12.7 7.8 18.0
2020 and 2019, respectively 6.1 3.3 3.7
Prior years 4.3 1.3 14.1
Revolving 15.8 8.6 5.9
Total 104.6 73.6 65.7
Customer Receivables | Agriculture and turf | 90 Days or Greater Past Due      
Allowance for Credit Losses and Credit Quality of Receivables      
2024 and 2023, respectively   1.4  
2023 and 2022, respectively 1.1 0.8 1.2
2022 and 2021, respectively 0.5 2.7 0.2
2021 and 2020, respectively 3.0 2.9 2.9
2020 and 2019, respectively 4.4 0.1 1.0
Prior years 0.3 0.1 0.2
Total 9.3 8.0 5.5
Customer Receivables | Agriculture and turf | Current      
Allowance for Credit Losses and Credit Quality of Receivables      
2024 and 2023, respectively 2,740.5 12,998.3 2,452.2
2023 and 2022, respectively 11,557.0 7,208.2 10,749.5
2022 and 2021, respectively 6,550.6 4,459.1 6,302.5
2021 and 2020, respectively 3,954.2 1,970.4 3,104.4
2020 and 2019, respectively 1,692.4 666.3 1,289.3
Prior years 667.3 179.3 565.0
Revolving 2,719.3 4,424.8 2,686.3
Total 29,881.3 31,906.4 27,149.2
Customer Receivables | Agriculture and turf | Non-performing      
Allowance for Credit Losses and Credit Quality of Receivables      
2024 and 2023, respectively 0.3 25.9 0.3
2023 and 2022, respectively 39.1 63.7 35.1
2022 and 2021, respectively 78.6 44.5 43.3
2021 and 2020, respectively 48.7 25.0 29.1
2020 and 2019, respectively 26.9 12.9 15.0
Prior years 24.8 12.0 19.6
Revolving 10.4 7.2 7.8
Total 228.8 191.2 150.2
Customer Receivables | Construction and forestry | 30-59 Days Past Due      
Allowance for Credit Losses and Credit Quality of Receivables      
2024 and 2023, respectively 7.2 44.4 1.5
2023 and 2022, respectively 64.9 28.1 9.9
2022 and 2021, respectively 35.5 24.8 23.6
2021 and 2020, respectively 24.1 8.6 34.3
2020 and 2019, respectively 7.8 3.4 15.7
Prior years 3.3 0.4 52.1
Revolving 5.3 4.1 4.6
Total 148.1 113.8 141.7
Customer Receivables | Construction and forestry | 60-89 Days Past Due      
Allowance for Credit Losses and Credit Quality of Receivables      
2024 and 2023, respectively 0.4 17.8 0.4
2023 and 2022, respectively 24.2 11.4 4.3
2022 and 2021, respectively 19.2 11.8 15.7
2021 and 2020, respectively 11.7 4.5 17.7
2020 and 2019, respectively 5.7 1.0 6.4
Prior years 2.8 0.2 23.0
Revolving 2.2 1.8 2.0
Total 66.2 48.5 69.5
Customer Receivables | Construction and forestry | 90 Days or Greater Past Due      
Allowance for Credit Losses and Credit Quality of Receivables      
2024 and 2023, respectively   0.1  
2023 and 2022, respectively   1.2 0.1
2022 and 2021, respectively 0.2 0.1 0.2
2021 and 2020, respectively   0.1 0.4
2020 and 2019, respectively     0.2
Prior years 0.2    
Total 0.4 1.5 0.9
Customer Receivables | Construction and forestry | Current      
Allowance for Credit Losses and Credit Quality of Receivables      
2024 and 2023, respectively 677.8 2,343.4 553.7
2023 and 2022, respectively 2,156.0 1,586.2 2,156.3
2022 and 2021, respectively 1,400.8 859.0 1,339.0
2021 and 2020, respectively 716.3 279.2 538.4
2020 and 2019, respectively 216.8 65.3 177.7
Prior years 94.0 27.3 68.5
Revolving 101.2 118.6 99.0
Total 5,362.9 5,279.0 4,932.6
Customer Receivables | Construction and forestry | Non-performing      
Allowance for Credit Losses and Credit Quality of Receivables      
2024 and 2023, respectively   34.1  
2023 and 2022, respectively 55.3 67.5 38.9
2022 and 2021, respectively 74.8 51.2 51.8
2021 and 2020, respectively 44.6 20.7 26.1
2020 and 2019, respectively 17.9 7.5 13.0
Prior years 7.5 4.0 6.5
Revolving 1.6 1.2 1.2
Total $ 201.7 $ 186.2 $ 137.5
v3.24.0.1
Receivables - Wholesale Receivables Credit Quality Analysis (Details) - USD ($)
$ in Millions
Jan. 28, 2024
Oct. 29, 2023
Jan. 29, 2023
Allowance for Credit Losses and Credit Quality of Receivables      
Total $ 50,853.4 $ 51,344.2 $ 42,593.8
Wholesale Receivables      
Allowance for Credit Losses and Credit Quality of Receivables      
2024 and 2023, respectively 205.4 628.9 120.4
2023 and 2022, respectively 461.6 95.1 287.3
2022 and 2021, respectively 69.8 39.9 69.4
2021 and 2020, respectively 24.1 4.1 21.2
2020 and 2019, respectively 2.7 0.8 4.0
Prior years 1.4 235.1 1.3
Revolving 13,777.8 12,326.2 9,248.5
Total 14,542.8 13,330.1 9,752.1
Wholesale Receivables | Agriculture and turf | 30+ days past due      
Allowance for Credit Losses and Credit Quality of Receivables      
2023 and 2022, respectively 0.6   0.3
Revolving 61.3 45.8 9.2
Total 61.9 45.8 9.5
Wholesale Receivables | Agriculture and turf | Current      
Allowance for Credit Losses and Credit Quality of Receivables      
2024 and 2023, respectively 199.8 609.5 114.6
2023 and 2022, respectively 450.3 92.6 283.2
2022 and 2021, respectively 67.6 20.0 45.7
2021 and 2020, respectively 4.8 3.9 20.2
2020 and 2019, respectively 2.6 0.7 3.7
Prior years 1.3 159.9 1.2
Revolving 10,198.5 9,270.1 7,349.9
Total 10,924.9 10,156.7 7,818.5
Wholesale Receivables | Agriculture and turf | Non-performing      
Allowance for Credit Losses and Credit Quality of Receivables      
Revolving 5.8 5.7 5.9
Total 5.8 5.7 5.9
Wholesale Receivables | Construction and forestry | 30+ days past due      
Allowance for Credit Losses and Credit Quality of Receivables      
Revolving 16.7 17.0 7.7
Total 16.7 17.0 7.7
Wholesale Receivables | Construction and forestry | Current      
Allowance for Credit Losses and Credit Quality of Receivables      
2024 and 2023, respectively 5.6 19.4 5.8
2023 and 2022, respectively 10.7 2.5 3.8
2022 and 2021, respectively 2.2 19.9 23.7
2021 and 2020, respectively 19.3 0.2 1.0
2020 and 2019, respectively 0.1 0.1 0.3
Prior years 0.1 75.2 0.1
Revolving 3,495.5 2,987.6 1,875.8
Total $ 3,533.5 $ 3,104.9 $ 1,910.5
v3.24.0.1
Receivables - Allowance for Credit Losses (Details) - USD ($)
$ in Millions
 3 Months Ended
Jan. 28, 2024
Jan. 29, 2023
Oct. 29, 2023
Receivable, Allowance for Credit Losses      
Freestanding credit enhancement recoveries $ 7.3 $ 2.0  
Allowance:      
Beginning of period balance 146.4 128.4  
Provision (credit) for credit losses 20.4 2.6  
Write-offs (35.0) (17.8)  
Recoveries 9.3 8.3  
Translation adjustments (1.5) 0.2  
End of period balance 139.6 121.7  
Receivables:      
End of period balance 50,853.4 42,593.8 $ 51,344.2
Unfunded Commitments      
Allowance:      
Provision (credit) for credit losses 0.6 0.9  
Customer Receivables      
Allowance:      
Write-offs (35.0)    
Receivables:      
End of period balance 36,310.6 32,841.7 38,014.1
Retail Notes & Financing Leases      
Allowance:      
Beginning of period balance 114.9 95.4  
Provision (credit) for credit losses 22.8 6.8  
Write-offs (24.3) (10.2)  
Recoveries 1.7 2.4  
Translation adjustments   0.4  
End of period balance 115.1 94.8  
Receivables:      
End of period balance 33,385.1 30,007.7  
Revolving charge accounts      
Allowance:      
Beginning of period balance 20.4 21.9  
Provision (credit) for credit losses (2.0) (3.7)  
Write-offs (10.7) (7.5)  
Recoveries 7.6 5.3  
End of period balance 15.3 16.0  
Receivables:      
End of period balance 2,925.5 2,834.0 4,594.4
Wholesale Receivables      
Allowance:      
Beginning of period balance 11.1 11.1  
Provision (credit) for credit losses (0.4) (0.5)  
Write-offs   (0.1)  
Recoveries   0.6  
Translation adjustments (1.5) (0.2)  
End of period balance 9.2 10.9  
Receivables:      
End of period balance $ 14,542.8 $ 9,752.1 $ 13,330.1
v3.24.0.1
Receivables - Write-offs by Year of Origination (Details) - USD ($)
$ in Millions
 3 Months Ended
Jan. 28, 2024
Jan. 29, 2023
Write-offs by Year of Origination    
Total $ 35.0 $ 17.8
Customer Receivables    
Write-offs by Year of Origination    
2024 0.2  
2023 7.0  
2022 7.4  
2021 4.0  
2020 4.4  
Prior Years 1.3  
Revolving Charge Accounts 10.7  
Total 35.0  
Customer Receivables | Agriculture and turf    
Write-offs by Year of Origination    
2023 1.5  
2022 2.9  
2021 1.8  
2020 3.6  
Prior Years 0.6  
Revolving Charge Accounts 8.8  
Total 19.2  
Customer Receivables | Construction and forestry    
Write-offs by Year of Origination    
2024 0.2  
2023 5.5  
2022 4.5  
2021 2.2  
2020 0.8  
Prior Years 0.7  
Revolving Charge Accounts 1.9  
Total $ 15.8  
Wholesale Receivables    
Write-offs by Year of Origination    
Total   $ 0.1
v3.24.0.1
Receivables - Modifications (Details)
$ in Millions
 3 Months Ended
Jan. 28, 2024
USD ($)
Jan. 29, 2023
USD ($)
item
Modifications    
Amortized cost of modified loans $ 9.3 $ 1.0
Modifications (as a percent) 0.02%  
Commitments to provide additional financing to customers whose accounts were modified $ 0.0  
Number of Receivable contracts | item   36
Pre-modification balance   $ 1.0
Receivable contracts in troubled debt restructuring, subsequently defaulted   $ 0.0
30-59 Days Past Due    
Modifications    
Amortized cost of modified loans 0.1  
Current    
Modifications    
Amortized cost of modified loans 8.6  
Non-performing    
Modifications    
Amortized cost of modified loans $ 0.6  
v3.24.0.1
Securitization of Receivables (Details) - USD ($)
$ in Millions
Feb. 25, 2024
Jan. 28, 2024
Oct. 29, 2023
Jan. 29, 2023
Securitization of Receivables        
Total receivables   $ 50,853.4 $ 51,344.2 $ 42,593.8
Other assets   387.6 367.5 298.4
Securitization borrowings   6,116.1 6,995.2 4,863.9
Accrued interest on borrowings - securitization transactions   10.0 12.6 5.9
Total liabilities related to restricted securitized assets   6,126.1 7,007.8 4,869.8
Securitized        
Securitization of Receivables        
Other assets   139.9 152.0 97.2
Total Assets   6,539.8 7,487.4 5,186.1
Retail notes | Securitized        
Securitization of Receivables        
Total receivables   $ 6,417.7 $ 7,356.8 $ 5,101.4
Location of liability for pledged asset   Securitization borrowings Securitization borrowings Securitization borrowings
Allowance for credit losses   $ (17.8) $ (21.4) $ (12.5)
Subsequent Event | Short-term Securitization Borrowings        
Securitization of Receivables        
Securitization borrowings $ 529.3      
v3.24.0.1
Leases - Lease Revenues (Details) - USD ($)
$ in Millions
 3 Months Ended
Jan. 28, 2024
Jan. 29, 2023
Lessor    
Sales-type and direct finance lease revenues $ 27.0 $ 18.8
Operating lease revenues 234.2 218.9
Variable lease revenues 4.0 5.6
Total lease revenues 265.2 243.3
Excess use and damage fees 0.4 0.8
Receivables - Other Disclosures    
Revenues $ 1,160.5 $ 836.5
v3.24.0.1
Leases - Cost of Equipment on Operating Leases (Details) - USD ($)
$ in Millions
Jan. 28, 2024
Oct. 29, 2023
Jan. 29, 2023
Cost of Equipment on Operating Leases      
Equipment on operating leases - gross $ 6,204.0 $ 6,307.6 $ 5,978.5
Accumulated depreciation (1,270.6) (1,256.1) (1,285.1)
Equipment on operating leases - net 4,933.4 5,051.5 4,693.4
Operating lease residual value 3,483.7 3,538.3 3,257.1
Operating lease residual value guarantees 580.4 566.9 467.1
Matured operating lease inventory 19.7 16.2 11.8
Agriculture and turf equipment      
Cost of Equipment on Operating Leases      
Equipment on operating leases - gross 5,198.3 5,265.2 4,893.6
Construction and forestry      
Cost of Equipment on Operating Leases      
Equipment on operating leases - gross $ 1,005.7 $ 1,042.4 $ 1,084.9
v3.24.0.1
Notes Receivable from and Payable to John Deere (Details) - USD ($)
$ in Millions
 3 Months Ended
Jan. 28, 2024
Jan. 29, 2023
Oct. 29, 2023
Notes Receivable from and Payable to John Deere      
Interest expense $ 571.4 $ 301.0  
Related Party      
Notes Receivable from and Payable to John Deere      
Interest earned $ 11.5 $ 6.9  
Interest Income, Operating, Related Party, Type [Extensible Enumeration] John Deere John Deere  
Notes payable to John Deere $ 3,512.5 $ 4,416.2 $ 3,184.0
Long-term intercompany loans 542.3    
Interest expense $ 43.8 $ 40.0  
Interest Expense, Related Party, Name [Extensible Enumeration] John Deere John Deere  
Related Party | John Deere      
Notes Receivable from and Payable to John Deere      
Notes receivable from John Deere $ 663.7 $ 494.4 $ 650.7
Maximum remaining term for related party notes receivable 7 years    
v3.24.0.1
Long-Term External Borrowings (Details) - USD ($)
$ in Millions
Jan. 28, 2024
Oct. 29, 2023
Jan. 29, 2023
Long-Term Borrowings      
Total senior debt $ 28,805.4 $ 27,522.8 $ 23,564.7
Unamortized debt discount and debt issuance costs (85.0) (83.5) (71.3)
Total 28,720.4 27,439.3 23,493.4
Medium-term notes      
Long-Term Borrowings      
Total senior debt 28,805.4 27,522.8 23,564.2
Medium-term notes Principal $ 29,581.7 $ 28,733.5 24,265.7
Other notes      
Long-Term Borrowings      
Total senior debt     $ 0.5
v3.24.0.1
Commitments and Contingencies - Guarantees (Details) - John Deere Financial Inc. - Guarantees of debt and derivatives
$ in Millions
 3 Months Ended
Jan. 28, 2024
USD ($)
Medium-term notes.  
Guarantee Obligations  
Guarantee obligations maximum exposure $ 3,228.2
Weighted average interest rate (as a percent) 3.10%
Maximum remaining maturity 5 years
Commercial paper  
Guarantee Obligations  
Guarantee obligations maximum exposure $ 1,975.9
Derivative Instruments  
Guarantee Obligations  
Guarantee obligations maximum exposure 4,606.7
Notional amount $ 113.2
v3.24.0.1
Commitments and Contingencies - Commitments (Details)
$ in Millions
Jan. 28, 2024
USD ($)
Unfunded Commitments  
Commitments  
Reserve for credit losses on unfunded commitments $ 2.6
Wholesale Receivables  
Commitments  
Unused commitments 7,903.6
Customer Receivables  
Commitments  
Unused commitments $ 33,653.8
v3.24.0.1
Fair Value Measurements - Financial Instruments (Details) - USD ($)
$ in Millions
Jan. 28, 2024
Oct. 29, 2023
Jan. 29, 2023
Fair Values of Financial Instruments      
Receivables financed - net $ 50,713.8 $ 51,197.8 $ 42,472.1
Securitization borrowings 6,116.1 6,995.2 4,863.9
Current maturities of long-term external borrowings 5,705.1 6,059.9 6,080.1
Long-term external borrowings 28,720.4 27,439.3 23,493.4
Level 3 | Unrestricted      
Fair Values of Financial Instruments      
Receivables financed - net 43,978.1 43,168.7 36,668.3
Level 3 | Securitized      
Fair Values of Financial Instruments      
Receivables financed - net $ 6,224.9 $ 7,055.8 $ 4,868.9
Location of liability for pledged asset Securitization borrowings Securitization borrowings Securitization borrowings
Level 2      
Fair Values of Financial Instruments      
Securitization borrowings $ 6,103.8 $ 6,921.1 $ 4,784.8
Current maturities of long-term external borrowings 5,610.7 5,953.0 5,957.2
Long-term external borrowings 28,775.5 27,057.7 23,126.2
Carrying Value      
Fair Values of Financial Instruments      
Securitization borrowings 6,116.1 6,995.2 4,863.9
Current maturities of long-term external borrowings 5,705.1 6,059.9 6,080.1
Long-term external borrowings 28,720.4 27,439.3 23,493.4
Carrying Value | Unrestricted      
Fair Values of Financial Instruments      
Receivables financed - net 44,313.9 43,862.4 37,383.2
Carrying Value | Securitized      
Fair Values of Financial Instruments      
Receivables financed - net $ 6,399.9 $ 7,335.4 $ 5,088.9
Location of liability for pledged asset Securitization borrowings Securitization borrowings Securitization borrowings
v3.24.0.1
Fair Value Measurements - Assets and Liabilities - Recurring (Details) - USD ($)
$ in Millions
Jan. 28, 2024
Oct. 29, 2023
Jan. 29, 2023
Assets and Liabilities Measured at Fair Value on Recurring and Nonrecurring Basis      
Marketable securities $ 2.3 $ 1.4 $ 1.8
Assets and Liabilities Measured at Fair Value on a Recurring Basis | Level 2      
Assets and Liabilities Measured at Fair Value on Recurring and Nonrecurring Basis      
Total assets 171.1 157.1 174.2
Total liabilities 601.0 975.4 693.3
Assets and Liabilities Measured at Fair Value on a Recurring Basis | Level 2 | Marketable Securities      
Assets and Liabilities Measured at Fair Value on Recurring and Nonrecurring Basis      
Marketable securities $ 2.3 $ 1.4 $ 1.8
Investment, Type [Extensible Enumeration] jdcc:ForeignDebtSecuritiesMember jdcc:ForeignDebtSecuritiesMember jdcc:ForeignDebtSecuritiesMember
Assets and Liabilities Measured at Fair Value on a Recurring Basis | Level 2 | Receivables from John Deere      
Assets and Liabilities Measured at Fair Value on Recurring and Nonrecurring Basis      
Derivative assets $ 146.6 $ 144.4 $ 171.2
Assets and Liabilities Measured at Fair Value on a Recurring Basis | Level 2 | Other Assets      
Assets and Liabilities Measured at Fair Value on Recurring and Nonrecurring Basis      
Derivative assets 22.2 11.3 1.2
Assets and Liabilities Measured at Fair Value on a Recurring Basis | Level 2 | Other payables to John Deere      
Assets and Liabilities Measured at Fair Value on Recurring and Nonrecurring Basis      
Derivative liabilities 596.7 974.9 664.2
Assets and Liabilities Measured at Fair Value on a Recurring Basis | Level 2 | Accounts payable and accrued expenses      
Assets and Liabilities Measured at Fair Value on Recurring and Nonrecurring Basis      
Derivative liabilities $ 4.3 $ 0.5 $ 29.1
v3.24.0.1
Fair Value Measurements - Contractual Maturities of Debt Securities (Details)
$ in Millions
Jan. 28, 2024
USD ($)
Contractual Maturities of Debt Securities, Amortized Cost  
Amortized cost basis $ 5.1
Contractual Maturities of Debt Securities, Fair Value  
Fair value $ 2.3
v3.24.0.1
Derivative Instruments - Fair Values (Details) - USD ($)
$ in Millions
Jan. 28, 2024
Oct. 29, 2023
Jan. 29, 2023
Designated as Hedging Instruments | Cash flow hedges | Interest Rate Contracts (Swaps)      
Fair Values of Derivative Instruments      
Notional amounts $ 2,200.0 $ 1,500.0 $ 1,950.0
Derivative assets 27.4 44.7 69.2
Derivative liabilities 4.4    
Designated as Hedging Instruments | Fair Value Hedges | Interest Rate Contracts (Swaps)      
Fair Values of Derivative Instruments      
Notional amounts 11,779.6 11,859.4 10,126.7
Derivative assets 52.1   20.8
Derivative liabilities 547.3 915.7 629.0
Not Designated as Hedging Instruments | Interest Rate Contracts (Swaps)      
Fair Values of Derivative Instruments      
Notional amounts 7,784.7 8,010.9 4,847.8
Derivative assets 53.8 72.2 76.2
Derivative liabilities 18.3 27.4 24.0
Not Designated as Hedging Instruments | Foreign currency exchange contracts      
Fair Values of Derivative Instruments      
Notional amounts 1,814.8 1,546.5 1,297.8
Derivative assets 22.2 11.3 1.2
Derivative liabilities 4.3 0.5 29.1
Not Designated as Hedging Instruments | Cross-currency interest rate contracts      
Fair Values of Derivative Instruments      
Notional amounts 188.6 175.8 119.3
Derivative assets   3.2 0.3
Derivative liabilities 13.4 7.5 6.5
Not Designated as Hedging Instruments | Interest rate caps | Sold      
Fair Values of Derivative Instruments      
Notional amounts 1,199.5 1,336.0 788.8
Derivative liabilities 13.3 24.3 4.7
Not Designated as Hedging Instruments | Interest rate caps | Purchased      
Fair Values of Derivative Instruments      
Notional amounts 1,199.5 1,336.0 788.8
Derivative assets $ 13.3 $ 24.3 $ 4.7
v3.24.0.1
Derivative Instruments - Cash Flow Hedges (Details)
$ in Millions
 3 Months Ended
Jan. 28, 2024
USD ($)
Cash Flow Hedges  
Cash flow hedge gain (loss) recorded in OCI to be reclassified within twelve months $ 26.2
Gains or losses reclassified from OCI to earnings $ 0.0
v3.24.0.1
Derivative Instruments - Fair Value Hedges (Details) - Interest Rate Contracts (Swaps) - USD ($)
$ in Millions
Jan. 28, 2024
Oct. 29, 2023
Jan. 29, 2023
Active Hedging Relationships      
Carrying Amount of Hedged Item $ 11,220.3 $ 10,883.7 $ 9,461.7
Hedged Liability, Statement of Financial Position [Extensible Enumeration] Long-Term Debt and Finance Leases, Excluding Current Maturities Long-Term Debt and Finance Leases, Excluding Current Maturities Long-Term Debt and Finance Leases, Excluding Current Maturities
Current Maturities of Long-term External Borrowings      
Discontinued Hedging Relationships      
Carrying Amount of Formerly Hedged Item $ 1,959.5 $ 1,814.0 $ 1,914.8
Cumulative Fair Value Hedging Adjustment - Discontinued 10.4 14.9 15.3
Long-term External Borrowings      
Active Hedging Relationships      
Cumulative Fair Value Hedging Adjustment (506.6) (922.6) (618.6)
Discontinued Hedging Relationships      
Carrying Amount of Formerly Hedged Item 7,710.9 7,144.1 5,505.8
Cumulative Fair Value Hedging Adjustment - Discontinued $ (269.7) $ (288.1) $ (82.9)
v3.24.0.1
Derivative Instruments - Gains (Losses) on Statements of Consolidated Income (Details) - USD ($)
$ in Millions
 3 Months Ended
Jan. 28, 2024
Jan. 29, 2023
Classification and gains (losses) including accrued interest expense related to derivative instruments    
Not designated as hedges, gains (losses) $ (108.9) $ (137.0)
Related Party | John Deere    
Classification and gains (losses) including accrued interest expense related to derivative instruments    
Gain (loss) on derivative transactions with affiliate party $ 331.4 $ 242.5
Location of gain (loss) on derivative transactions with affiliate party Interest expense, Administrative and operating expenses Interest expense, Administrative and operating expenses
Interest Rate Contracts (Swaps)    
Classification and gains (losses) including accrued interest expense related to derivative instruments    
Cash flow hedges, recognized in OCI $ (7.8) $ (1.9)
Interest Rate Contracts (Swaps) | Interest expense    
Classification and gains (losses) including accrued interest expense related to derivative instruments    
Fair value hedges, gains (losses) 335.7 235.3
Cash flow hedges, reclassified from OCI 11.9 16.3
Not designated as hedges, gains (losses) (5.7) (1.9)
Foreign currency exchange contracts | Administrative and operating expenses    
Classification and gains (losses) including accrued interest expense related to derivative instruments    
Not designated as hedges, gains (losses) $ (103.2) $ (135.1)
v3.24.0.1
Derivative Instruments - Counterparty Risk and Collateral (Details) - USD ($)
$ in Millions
Jan. 28, 2024
Oct. 29, 2023
Jan. 29, 2023
External      
Derivative assets      
Gross Amounts Recognized $ 22.2 $ 11.3 $ 1.2
Netting Arrangements (3.0) (0.1)  
Net Amount 19.2 11.2 1.2
Derivative liabilities      
Gross Amounts Recognized 4.3 0.5 29.1
Netting Arrangements (3.0) (0.1)  
Net Amount 1.3 0.4 29.1
John Deere | Related Party      
Derivative assets      
Gross Amounts Recognized 146.6 144.4 171.2
Netting Arrangements (101.6) (107.0) (129.1)
Net Amount 45.0 37.4 42.1
Derivative liabilities      
Gross Amounts Recognized 596.7 974.9 664.2
Netting Arrangements (101.6) (107.0) (129.1)
Net Amount 495.1 867.9 535.1
Derivative Instruments | John Deere | Related Party      
Counterparty Risk and Collateral      
Increase in maximum loss if derivative counterparties fail to meet obligations - loss sharing agreement $ 0.0 $ 0.0 $ 0.0
v3.24.0.1
Immaterial Restatement of Prior Period Financial Statements - Consolidated Income and the Related Impacts to the Statements of Consolidated Comprehensive Income (Details) - USD ($)
$ in Millions
 3 Months Ended
Jan. 30, 2023
Jan. 28, 2024
Jan. 29, 2023
Revenues      
Finance income earned on retail notes   $ 452.3 $ 330.0
Lease revenues   264.8 242.5
Total revenues   1,160.5 836.5
Expenses      
Administrative and operating expenses   132.2 136.7
Total operating expenses   377.5 362.3
Total expenses   948.9 663.3
Income of Consolidated Group before Income Taxes   211.6 173.2
Provision for income taxes   38.9 36.8
Income of Consolidated Group   172.7 136.4
Net Income   174.0 137.4
Net Income Attributable to the Company   $ 174.5 137.6
Previously Reported      
Revenues      
Finance income earned on retail notes     315.9
Lease revenues     240.7
Total revenues     820.6
Expenses      
Administrative and operating expenses     108.5
Total operating expenses     334.1
Total expenses     635.1
Income of Consolidated Group before Income Taxes     185.5
Provision for income taxes     39.6
Income of Consolidated Group     145.9
Net Income     146.9
Net Income Attributable to the Company     147.1
Adjustment      
Immaterial Restatement of Prior Period Financial Statements      
Error Correction, Previously Immaterial [true false] true    
Type of error correction jdcc:CorrectionOfTimingOfExpenseAndClassificationForFinancingIncentivesProgramToDealersMember    
Revenues      
Finance income earned on retail notes     14.1
Lease revenues     1.8
Total revenues     15.9
Expenses      
Administrative and operating expenses     28.2
Total operating expenses     28.2
Total expenses     28.2
Income of Consolidated Group before Income Taxes     (12.3)
Provision for income taxes     (2.8)
Income of Consolidated Group     (9.5)
Net Income     (9.5)
Net Income Attributable to the Company     $ (9.5)
v3.24.0.1
Immaterial Restatement of Prior Period Financial Statements - Consolidated Balance Sheets and the Related Components of Stockholders' Equity (Details) - USD ($)
$ in Millions
Jan. 28, 2024
Oct. 29, 2023
Jan. 29, 2023
Oct. 30, 2022
Receivables:        
Total receivables $ 50,853.4 $ 51,344.2 $ 42,593.8  
Total receivables - net 50,713.8 51,197.8 42,472.1  
Deferred income taxes 24.1 24.6 26.9  
Total assets 58,584.3 59,115.0 49,347.2  
Liabilities and Stockholder's Equity        
Deferred income taxes 431.9 456.3 192.2  
Total liabilities 52,710.9 53,212.4 44,472.0  
Stockholder's equity:        
Retained earnings 3,672.7 3,713.2 3,443.5  
Total Company stockholder's equity 5,872.9 5,901.6 4,873.9  
Total stockholder's equity 5,873.4 5,902.6 4,875.2 $ 4,685.5
Total Liabilities and Stockholder's Equity 58,584.3 59,115.0 49,347.2  
Retail notes | Unrestricted        
Receivables:        
Total receivables 25,716.4 24,641.1 23,875.5  
Nonrelated Party        
Liabilities and Stockholder's Equity        
Accounts payable and accrued expenses $ 1,082.5 $ 1,128.3 996.4  
Previously Reported        
Receivables:        
Total receivables     42,655.5  
Total receivables - net     42,533.8  
Deferred income taxes     24.4  
Total assets     49,406.4  
Liabilities and Stockholder's Equity        
Deferred income taxes     225.5  
Total liabilities     44,402.3  
Stockholder's equity:        
Retained earnings     3,572.4  
Total Company stockholder's equity     5,002.8  
Total stockholder's equity     5,004.1  
Total Liabilities and Stockholder's Equity     49,406.4  
Previously Reported | Retail notes | Unrestricted        
Receivables:        
Total receivables     23,937.2  
Previously Reported | Nonrelated Party        
Liabilities and Stockholder's Equity        
Accounts payable and accrued expenses     893.4  
Adjustment        
Receivables:        
Total receivables     (61.7)  
Total receivables - net     (61.7)  
Deferred income taxes     2.5  
Total assets     (59.2)  
Liabilities and Stockholder's Equity        
Deferred income taxes     (33.3)  
Total liabilities     69.7  
Stockholder's equity:        
Retained earnings     (128.9)  
Total Company stockholder's equity     (128.9)  
Total stockholder's equity     (128.9)  
Total Liabilities and Stockholder's Equity     (59.2)  
Adjustment | Retail notes | Unrestricted        
Receivables:        
Total receivables     (61.7)  
Adjustment | Nonrelated Party        
Liabilities and Stockholder's Equity        
Accounts payable and accrued expenses     $ 103.0  
v3.24.0.1
Immaterial Restatement of Prior Period Financial Statements - Consolidated Cash Flows (Details) - USD ($)
$ in Millions
 3 Months Ended
Jan. 28, 2024
Jan. 29, 2023
Cash Flows from Operating Activities:    
Net Income $ 174.0 $ 137.4
Adjustments to reconcile net income to net cash provided by operating activities:    
Credit for deferred income taxes (20.1) (14.0)
Change in accounts payable and accrued expenses (45.3) 40.9
Other 71.4 (9.2)
Net cash provided by operating activities $ 409.6 338.7
Previously Reported    
Cash Flows from Operating Activities:    
Net Income   146.9
Adjustments to reconcile net income to net cash provided by operating activities:    
Credit for deferred income taxes   (11.3)
Change in accounts payable and accrued expenses   29.1
Other   (9.6)
Net cash provided by operating activities   338.7
Adjustment    
Cash Flows from Operating Activities:    
Net Income   (9.5)
Adjustments to reconcile net income to net cash provided by operating activities:    
Credit for deferred income taxes   (2.7)
Change in accounts payable and accrued expenses   11.8
Other   $ 0.4
v3.24.0.1
Subsequent Events - Securitization Borrowings (Details) - USD ($)
$ in Millions
Feb. 25, 2024
Jan. 28, 2024
Oct. 29, 2023
Jan. 29, 2023
Subsequent Events        
Securitization borrowings   $ 6,116.1 $ 6,995.2 $ 4,863.9
Subsequent Event | Short-term Securitization Borrowings        
Subsequent Events        
Securitization borrowings $ 529.3      
v3.24.0.1
Pay vs Performance Disclosure - USD ($)
$ in Millions
 3 Months Ended
Jan. 28, 2024
Jan. 29, 2023
Pay vs Performance Disclosure    
Net Income (Loss) $ 174.5 $ 137.6
v3.24.0.1
Insider Trading Arrangements
 3 Months Ended
Jan. 28, 2024
Trading Arrangements, by Individual  
Rule 10b5-1 Arrangement Adopted false
Non-Rule 10b5-1 Arrangement Adopted false
Rule 10b5-1 Arrangement Terminated false
Non-Rule 10b5-1 Arrangement Terminated false