Document and Entity Information - shares	6 Months Ended
Document and Entity Information - shares	Apr. 27, 2025	May 29, 2025
Document and Entity Information
Document Type	10-Q
Document Quarterly Report	true
Document Transition Report	false
Document Period End Date	Apr. 27, 2025
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	--11-02
Document Fiscal Year Focus	2025
Document Fiscal Period Focus	Q2
Entity Central Index Key	0000027673
Amendment Flag	false

Statements of Consolidated Income - USD ($) $ in Millions	3 Months Ended		6 Months Ended
Statements of Consolidated Income - USD ($) $ in Millions	Apr. 27, 2025	Apr. 28, 2024	Apr. 27, 2025	Apr. 28, 2024
Revenues
Finance income earned on retail notes	$ 504.8	$ 463.8	$ 1,012.2	$ 916.1
Lease revenues	288.4	265.4	574.2	530.2
Revolving charge account income	107.8	117.5	224.2	222.7
Finance income earned on wholesale receivables	239.6	309.7	480.6	580.8
Other income	49.8	43.1	97.6	110.2
Total revenues	1,190.4	1,199.5	2,388.8	2,360.0
Expenses
Interest expense	613.3	605.8	1,250.6	1,177.2
Operating expenses:
Depreciation of equipment on operating leases	178.7	166.7	357.2	333.9
Administrative and operating expenses	109.5	132.3	218.4	264.5
Provision for credit losses	90.0	79.3	150.4	100.3
Total operating expenses	414.9	433.7	784.7	811.2
Total expenses	1,028.2	1,039.5	2,035.3	1,988.4
Income of Consolidated Group before Income Taxes	162.2	160.0	353.5	371.6
Provision for income taxes	39.0	34.9	71.9	73.8
Income of Consolidated Group	123.2	125.1	281.6	297.8
Equity in income of unconsolidated affiliate	0.9	1.5	1.8	2.8
Net Income	124.1	126.6	283.4	300.6
Less: Net income (loss) attributable to noncontrolling interests	0.1	0.1	0.3	(0.4)
Net Income Attributable to the Company	124.0	126.5	283.1	301.0
Related Party
Expenses
Interest expense	20.9	41.5	30.8	85.3
Operating expenses:
Fees and interest paid to John Deere	$ 36.7	$ 55.4	$ 58.7	$ 112.5

Statements of Consolidated Comprehensive Income - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Apr. 27, 2025	Apr. 28, 2024	Apr. 27, 2025	Apr. 28, 2024
Statements of Consolidated Comprehensive Income
Net Income	$ 124.1	$ 126.6	$ 283.4	$ 300.6
Other Comprehensive Income (Loss), Net of Income Taxes
Cumulative translation adjustment	65.0	(9.2)	28.3	17.6
Unrealized gain (loss) on derivatives	(9.0)	7.5	(10.9)	(8.1)
Unrealized gain on debt securities		0.6	0.3	1.2
Other Comprehensive Income (Loss), Net of Income Taxes	56.0	(1.1)	17.7	10.7
Comprehensive Income of Consolidated Group	180.1	125.5	301.1	311.3
Less: Comprehensive income (loss) attributable to noncontrolling interests	0.1	0.1	0.3	(0.4)
Comprehensive Income Attributable to the Company	$ 180.0	$ 125.4	$ 300.8	$ 311.7

Consolidated Balance Sheets - USD ($) $ in Millions	Apr. 27, 2025	Oct. 27, 2024	Apr. 28, 2024
Assets
Cash and cash equivalents	$ 1,603.7	$ 1,621.9	$ 1,492.2
Marketable securities	4.6	3.8	3.4
Receivables:
Total receivables	52,563.2	54,227.6	54,319.2
Allowance for credit losses	(251.7)	(227.5)	(174.4)
Total receivables - net	52,311.5	54,000.1	54,144.8
Equipment on operating leases - net	5,353.0	5,427.7	5,067.4
Investment in unconsolidated affiliate	53.4	49.0	30.6
Deferred income taxes	30.2	29.9	23.2
Other assets	439.5	471.5	399.2
Total Assets	60,839.1	62,514.6	62,069.8
Liabilities:
Commercial paper and other notes payable	3,453.1	1,679.9	5,421.7
Securitization borrowings	7,561.1	8,429.3	6,976.1
Current maturities of long-term external borrowings	8,309.1	7,628.9	7,247.1
Total short-term external borrowings	19,323.3	17,738.1	19,644.9
Deposits held from dealers and merchants	121.8	129.6	132.0
Deferred income taxes	445.7	285.6	413.6
Long-term external borrowings	31,319.9	33,725.4	30,166.2
Total liabilities	55,075.8	56,287.4	56,070.8
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	2,292.8
Retained earnings	3,597.7	4,079.6	3,799.2
Accumulated other comprehensive loss	(128.5)	(146.2)	(93.7)
Total Company stockholder's equity	5,762.0	6,226.2	5,998.3
Noncontrolling interests	1.3	1.0	0.7
Total stockholder's equity	5,763.3	6,227.2	5,999.0
Total Liabilities and Stockholder's Equity	60,839.1	62,514.6	62,069.8
Nonrelated Party
Receivables:
Other receivables	181.8	142.1	163.0
Liabilities:
Accounts payable and accrued expenses	1,227.4	1,238.0	1,126.3
Related Party
Receivables:
Other receivables	310.1	192.3	114.3
Liabilities:
Notes payable to John Deere	2,210.5	2,681.5	3,694.0
Accounts payable and accrued expenses	427.2	489.2	893.8
Related Party \| John Deere
Receivables:
Notes receivable		576.3	631.7
Related Party \| Unconsolidated Affiliates of Parent Company
Receivables:
Notes receivable	551.3
Securitized
Receivables:
Other assets	183.4	186.5	164.0
Retail notes \| Unrestricted
Receivables:
Total receivables	24,643.8	25,169.4	25,155.5
Retail notes \| Securitized
Receivables:
Total receivables	$ 7,810.1	$ 8,768.4	$ 7,289.1
Location of liability for pledged asset	Securitization borrowings	Securitization borrowings	Securitization borrowings
Revolving charge accounts
Receivables:
Total receivables	$ 4,044.2	$ 4,538.8	$ 3,791.4
Allowance for credit losses	(12.0)	(7.6)	(20.9)
Wholesale Receivables
Receivables:
Total receivables	14,566.5	14,114.1	16,694.6
Allowance for credit losses	(24.9)	(27.5)	(9.3)
Financing Leases
Receivables:
Total receivables	$ 1,498.6	$ 1,636.9	$ 1,388.6

Consolidated Balance Sheets (Parenthetical) - shares	Apr. 27, 2025	Oct. 27, 2024	Apr. 28, 2024
Consolidated Balance Sheets
Common stock, issued shares	2,500	2,500	2,500
Common stock, outstanding shares	2,500	2,500	2,500

Statements of Consolidated Cash Flows - USD ($) $ in Millions	6 Months Ended
	Apr. 27, 2025	Apr. 28, 2024
Cash Flows from Operating Activities:
Net Income	$ 283.4	$ 300.6
Adjustments to reconcile net income to net cash provided by operating activities:
Provision for credit losses	150.4	100.3
Provision for depreciation and amortization	368.3	345.1
Provision (credit) for deferred income taxes	162.5	(39.8)
Change in accounts payable and accrued expenses	(11.8)	(7.1)
Change in accrued income taxes payable/receivable	(35.4)	25.1
Other	225.5	91.4
Net cash provided by operating activities	1,142.9	815.6
Cash Flows from Investing Activities:
Cost of receivables acquired (excluding wholesale)	(11,611.8)	(12,756.6)
Collections of receivables (excluding wholesale)	13,537.1	12,968.1
Increase in wholesale receivables - net	(413.7)	(3,281.9)
Cost of equipment on operating leases acquired	(924.6)	(1,039.9)
Proceeds from sales of equipment on operating leases	655.4	694.8
Cost of notes receivable acquired from John Deere and other related parties	(36.6)	(27.7)
Collections of notes receivable from John Deere and other related parties	63.8	48.1
Other	25.5	(4.5)
Net cash provided by (used for) investing activities	1,295.1	(3,399.6)
Cash Flows from Financing Activities:
Decrease in commercial paper and other notes payable - net (original maturities of three months or less)	478.8	(17.1)
Decrease in securitization borrowings - net	(870.9)	(19.8)
Increase (decrease) in short-term borrowings with John Deere - net	(526.6)	514.8
Proceeds from external borrowings issued (original maturities greater than three months)	2,739.2	9,131.7
Payments of external borrowings (original maturities greater than three months)	(3,501.6)	(6,774.2)
Dividends paid	(765.0)	(215.0)
Capital investments from John Deere		0.1
Debt issuance costs	(9.9)	(25.4)
Net cash provided by (used for) financing activities	(2,456.0)	2,595.1
Effect of Exchange Rate Changes on Cash, Cash Equivalents, and Restricted Cash	1.3	2.2
Net Increase (Decrease) in Cash, Cash Equivalents, and Restricted Cash	(16.7)	13.3
Cash, Cash Equivalents, and Restricted Cash at Beginning of Period	1,787.0	1,612.9
Cash, Cash Equivalents, and Restricted Cash at End of Period	1,770.3	1,626.2
Components of Cash, Cash Equivalents, and Restricted Cash:
Cash and cash equivalents	1,603.7	1,492.2
Restricted cash	$ 166.6	$ 134.0
Balance sheet location of restricted cash	Other assets	Other assets
Total Cash, Cash Equivalents, and Restricted Cash	$ 1,770.3	$ 1,626.2

Statements of Changes in Consolidated Stockholder's Equity - USD ($) $ in Millions	Common Stock	Retained Earnings	Accumulated Other Comprehensive Income (Loss)	Non-Controlling Interests	Total
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)		301.0		(0.4)	300.6
Other comprehensive income (loss)			10.7		10.7
Dividends declared		(215.0)			(215.0)
Capital investments				0.1	0.1
Balance at Apr. 28, 2024	2,292.8	3,799.2	(93.7)	0.7	5,999.0
Balance at Jan. 28, 2024	2,292.8	3,672.7	(92.6)	0.5	5,873.4
Increase (Decrease) in Stockholder's Equity
Net income (loss)		126.5		0.1	126.6
Other comprehensive income (loss)			(1.1)		(1.1)
Capital investments				0.1	0.1
Balance at Apr. 28, 2024	2,292.8	3,799.2	(93.7)	0.7	5,999.0
Balance at Oct. 27, 2024	2,292.8	4,079.6	(146.2)	1.0	6,227.2
Increase (Decrease) in Stockholder's Equity
Net income (loss)		283.1		0.3	283.4
Other comprehensive income (loss)			17.7		17.7
Dividends declared		(765.0)			(765.0)
Balance at Apr. 27, 2025	2,292.8	3,597.7	(128.5)	1.3	5,763.3
Balance at Jan. 26, 2025	2,292.8	4,103.7	(184.5)	1.2	6,213.2
Increase (Decrease) in Stockholder's Equity
Net income (loss)		124.0		0.1	124.1
Other comprehensive income (loss)			56.0		56.0
Dividends declared		(630.0)			(630.0)
Balance at Apr. 27, 2025	$ 2,292.8	$ 3,597.7	$ (128.5)	$ 1.3	$ 5,763.3

- Definition

Amount after tax and reclassification adjustments of other comprehensive income (loss).

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The consolidated profit or loss for the period, net of income taxes, including the portion attributable to the noncontrolling interest.

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+ Details

- Definition

Amount of equity (deficit) attributable to parent and noncontrolling interest. Excludes temporary equity.

+ References

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+ Details

ORGANIZATION AND CONSOLIDATION

6 Months Ended

Apr. 27, 2025

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 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. Deere & Company and its wholly-owned subsidiaries are collectively called “John Deere.”

We offer the following financing solutions:

●

Retail notes – we purchase retail installment sales and loan contracts from John Deere, which are generally acquired through independent John Deere retail dealers, and finance a limited amount of non-John Deere retail notes;

●

Revolving charge accounts – 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;

●

Wholesale receivables – we 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; and

●

Financing and operating leases – we lease John Deere equipment and a limited amount of non-John Deere equipment to retail customers.

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 equipment associated with those Receivables or with the use of other collateral, and require theft and physical damage insurance on such equipment.

We use a 52/53 week fiscal year with quarters ending on the last Sunday in the reporting period. The second quarter ends for fiscal years 2025 and 2024 were April 27, 2025 and April 28, 2024, respectively. Both quarters contained 13 weeks, while both year-to-date periods contained 26 weeks. Fiscal year 2025 will contain 53 weeks, with the additional week occurring in the fourth quarter. 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. Certain prior period amounts have been reclassified to conform to current period presentation.

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES AND NEW ACCOUNTING PRONOUNCEMENTS

6 Months Ended

Apr. 27, 2025

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES AND NEW ACCOUNTING PRONOUNCEMENTS

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES AND NEW ACCOUNTING PRONOUNCEMENTS

(2) SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES AND NEW ACCOUNTING PRONOUNCEMENTS

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 Pronouncements Adopted

We closely monitor all Accounting Standard Updates (ASUs) issued by the Financial Accounting Standards Board (FASB) and other authoritative guidance. We adopted the following standard in 2025, which did not have a material effect on our consolidated financial statements.

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

Accounting Pronouncements to be Adopted

In November 2024, the FASB issued ASU 2024-03, Income Statement – Reporting Comprehensive Income – Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses, which expands disclosures about specific expense categories presented on the face of the income statement. In January 2025, the FASB issued ASU 2025-01, Income Statement – Reporting Comprehensive Income – Expense Disaggregation Disclosures (Subtopic 220-40), which clarifies the effective date of ASU 2024-03. The ASU will be effective for us beginning with our annual reporting for fiscal year 2028 and interim periods thereafter. We are assessing the effect of ASU 2024-03 on our related disclosures.

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 ASU will be effective for us beginning with our annual reporting for 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.


2024-04 — Debt – Debt with Conversion and Other Options (Subtopic 470-20): Induced Conversions of Convertible Debt Instruments
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

OTHER COMPREHENSIVE INCOME ITEMS

6 Months Ended

Apr. 27, 2025

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:


	April 27		October 27		April 28
	2025		2024		2024
Cumulative translation adjustment	$	(85.7)	$	(114.0)	$	(119.2)
Unrealized gain (loss) on derivatives		(42.2)		(31.3)		26.7
Unrealized loss on debt securities		(.6)		(.9)		(1.2)
Accumulated other comprehensive income (loss)	$	(128.5)	$	(146.2)	$	(93.7)

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 April 27, 2025
Cumulative translation adjustment	$	65.0			$	65.0
Unrealized gain (loss) on derivatives:
Unrealized hedging gain (loss)		(10.5)	$	2.2		(8.3)
Reclassification of realized (gain) loss to Interest expense		(1.0)		.3		(.7)
Net unrealized gain (loss) on derivatives		(11.5)		2.5		(9.0)
Unrealized gain (loss) on debt securities:
Unrealized holding gain (loss)		.1		(.1)
Total other comprehensive income (loss)	$	53.6	$	2.4	$	56.0

Six Months Ended April 27, 2025
Cumulative translation adjustment	$	28.3			$	28.3
Unrealized gain (loss) on derivatives:
Unrealized hedging gain (loss)		(3.7)	$	.8		(2.9)
Reclassification of realized (gain) loss to Interest expense		(10.2)		2.2		(8.0)
Net unrealized gain (loss) on derivatives		(13.9)		3.0		(10.9)
Unrealized gain (loss) on debt securities:
Unrealized holding gain (loss)		.5		(.2)		.3
Total other comprehensive income (loss)	$	14.9	$	2.8	$	17.7

Three Months Ended April 28, 2024
Cumulative translation adjustment	$	(9.2)			$	(9.2)
Unrealized gain (loss) on derivatives:
Unrealized hedging gain (loss)		26.4	$	(5.5)		20.9
Reclassification of realized (gain) loss to Interest expense		(16.9)		3.5		(13.4)
Net unrealized gain (loss) on derivatives		9.5		(2.0)		7.5
Unrealized gain (loss) on debt securities:
Unrealized holding gain (loss)		.9		(.3)		.6
Total other comprehensive income (loss)	$	1.2	$	(2.3)	$	(1.1)

Six Months Ended April 28, 2024
Cumulative translation adjustment	$	17.6			$	17.6
Unrealized gain (loss) on derivatives:
Unrealized hedging gain (loss)		18.6	$	(3.9)		14.7
Reclassification of realized (gain) loss to Interest expense		(28.8)		6.0		(22.8)
Net unrealized gain (loss) on derivatives		(10.2)		2.1		(8.1)
Unrealized gain (loss) on debt securities:
Unrealized holding gain (loss)		1.9		(.7)		1.2
Total other comprehensive income (loss)	$	9.3	$	1.4	$	10.7

RECEIVABLES

6 Months Ended

Apr. 27, 2025

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				Six Months Ended
	April 27		April 28		April 27		April 28
	2025		2024		2025		2024
Accrued finance income and lease revenue reversed	$	20.9	$	12.1	$	34.3	$	18.8
Finance income and lease revenue recognized on cash payments		14.2		9.2		25.4		15.1

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, collateral is repossessed (for collateral-dependent Receivables) or the account is designated for litigation, and the estimated uncollectible amount is written off to the allowance for credit losses.

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


	April 27, 2025
	2025		2024		2023		2022		2021		Prior Years		Revolving Charge Accounts		Total
Customer Receivables:
Agriculture and turf
Current	$	5,079.0	$	9,881.9	$	6,064.9	$	3,661.6	$	1,848.0	$	602.8	$	3,799.9	$	30,938.1
30-59 days past due		24.9		108.1		68.5		39.4		19.4		8.1		29.2		297.6
60-89 days past due		10.1		47.3		25.6		14.7		6.6		3.7		12.8		120.8
90+ days past due		.2		1.2		1.6		1.0		2.7		.3				7.0
Non-performing		3.4		96.9		102.2		65.7		35.9		26.3		84.9		415.3
Construction and forestry
Current		1,375.2		2,171.3		1,209.0		613.3		221.8		37.1		109.6		5,737.3
30-59 days past due		21.6		62.3		42.9		18.9		7.9		2.7		4.7		161.0
60-89 days past due		7.1		23.6		14.1		6.8		2.4		.2		1.6		55.8
90+ days past due		.4		.3		.6		.2				.2				1.7
Non-performing		5.2		78.8		86.8		51.4		27.6		10.8		1.5		262.1
Total	$	6,527.1	$	12,471.7	$	7,616.2	$	4,473.0	$	2,172.3	$	692.2	$	4,044.2	$	37,996.7

Write-offs for the six months ended April 27, 2025:
Agriculture and turf	$	.4	$	14.7	$	19.6	$	11.1	$	4.1	$	4.5	$	48.0	$	102.4
Construction and forestry		.1		15.0		15.8		6.5		1.0		.9		4.4		43.7
Total	$	.5	$	29.7	$	35.4	$	17.6	$	5.1	$	5.4	$	52.4	$	146.1


	October 27, 2024
	2024		2023		2022		2021		2020		Prior Years		Revolving Charge Accounts		Total
Customer Receivables:
Agriculture and turf
Current	$	12,957.7	$	7,528.9	$	4,715.5	$	2,633.1	$	915.6	$	232.8	$	4,351.5	$	33,335.1
30-59 days past due		39.5		93.3		49.2		25.2		10.6		3.6		39.2		260.6
60-89 days past due		18.4		43.7		16.7		8.8		7.0		1.9		12.3		108.8
90+ days past due		.4		.9		.3		2.2		.2						4.0
Non-performing		22.2		84.9		69.9		40.4		18.4		11.7		13.9		261.4
Construction and forestry
Current		2,636.0		1,564.0		893.1		380.1		83.2		41.9		114.2		5,712.5
30-59 days past due		49.4		41.3		23.2		9.8		2.5		1.5		4.0		131.7
60-89 days past due		20.0		23.5		8.2		5.8		1.5		.3		1.8		61.1
90+ days past due		.4		.5		.1		.2		.2						1.4
Non-performing		38.2		89.4		64.5		30.6		8.5		3.8		1.9		236.9
Total	$	15,782.2	$	9,470.4	$	5,840.7	$	3,136.2	$	1,047.7	$	297.5	$	4,538.8	$	40,113.5

Write-offs for the twelve months ended October 27, 2024:
Agriculture and turf	$	4.0	$	29.2	$	23.5	$	10.3	$	9.9	$	3.1	$	86.0	$	166.0
Construction and forestry		8.2		33.4		23.4		10.3		4.7		2.5		7.8		90.3
Total	$	12.2	$	62.6	$	46.9	$	20.6	$	14.6	$	5.6	$	93.8	$	256.3


	April 28, 2024
	2024		2023		2022		2021		2020		Prior Years		Revolving Charge Accounts		Total
Customer Receivables:
Agriculture and turf
Current	$	6,333.8	$	10,014.8	$	5,872.1	$	3,444.6	$	1,394.3	$	484.1	$	3,569.6	$	31,113.3
30-59 days past due		29.4		89.3		47.5		31.7		13.2		5.2		26.0		242.3
60-89 days past due		6.2		39.7		19.7		8.3		5.3		2.5		11.7		93.4
90+ days past due		.1		2.6		.7		2.5		4.8		.2				10.9
Non-performing		2.8		70.0		71.7		48.2		24.3		20.7		68.6		306.3
Construction and forestry
Current		1,319.7		1,946.0		1,222.6		591.7		163.4		70.3		107.3		5,421.0
30-59 days past due		23.0		51.3		31.3		17.2		7.0		2.9		4.6		137.3
60-89 days past due		7.3		31.2		12.2		9.2		2.7		1.0		1.7		65.3
90+ days past due		.3		.5		3.2		.4		.1						4.5
Non-performing		4.0		82.9		75.3		42.8		15.9		7.5		1.9		230.3
Total	$	7,726.6	$	12,328.3	$	7,356.3	$	4,196.6	$	1,631.0	$	594.4	$	3,791.4	$	37,624.6

Write-offs for the six months ended April 28, 2024:
Agriculture and turf	$	.4	$	6.8	$	7.7	$	3.6	$	5.0	$	1.1	$	29.8	$	54.4
Construction and forestry		.2		10.1		8.7		4.7		2.8		1.3		3.9		31.7
Total	$	.6	$	16.9	$	16.4	$	8.3	$	7.8	$	2.4	$	33.7	$	86.1

The credit quality and aging analysis of wholesale receivables was as follows:


	April 27		October 27		April 28
	2025		2024		2024
Wholesale receivables:
Agriculture and turf
Current	$	11,207.6	$	10,439.1	$	12,394.7
30-59 days past due		5.9		4.5		10.5
60-89 days past due		1.9		4.2		5.1
90+ days past due		7.4		10.2		29.8
Non-performing		35.0		35.3		5.8
Construction and forestry
Current		3,288.1		3,599.9		4,228.8
30-59 days past due		4.7		8.1		4.2
60-89 days past due		3.8		5.1		3.8
90+ days past due		12.1		7.7		11.9
Total	$	14,566.5	$	14,114.1	$	16,694.6

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

●

remaining balance

Expected recoveries from freestanding credit enhancements, such as dealer deposits and certain credit insurance and bank guarantee 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, while recoveries from other freestanding credit enhancements are generally recognized when the associated credit loss is recorded.

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



	Three Months Ended April 27, 2025
	Retail Notes		Revolving
	& Financing		Charge		Wholesale		Total
	Leases		Accounts		Receivables		Receivables
Allowance:
Beginning of period balance	$	214.2	$	5.7	$	22.1	$	242.0
Provision for credit losses*		48.7		38.3		1.5		88.5
Write-offs		(51.3)		(39.9)		(1.3)		(92.5)
Recoveries		3.0		8.0				11.0
Translation adjustments		.2		(.1)		2.6		2.7
End of period balance	$	214.8	$	12.0	$	24.9	$	251.7


	Six Months Ended April 27, 2025
	Retail Notes		Revolving
	& Financing		Charge		Wholesale		Total
	Leases		Accounts		Receivables		Receivables
Allowance for credit losses:
Beginning of period balance	$	192.4	$	7.6	$	27.5	$	227.5
Provision (credit) for credit losses*		111.0		40.2		(2.1)		149.1
Write-offs		(93.7)		(52.4)		(1.5)		(147.6)
Recoveries		5.2		16.7				21.9
Translation adjustments		(.1)		(.1)		1.0		.8
End of period balance	$	214.8	$	12.0	$	24.9	$	251.7

Receivables:
End of period balance	$	33,952.5	$	4,044.2	$	14,566.5	$	52,563.2


	Three Months Ended April 28, 2024
	Retail Notes		Revolving
	& Financing		Charge		Wholesale		Total
	Leases		Accounts		Receivables		Receivables
Allowance:
Beginning of period balance	$	115.1	$	15.3	$	9.2	$	139.6
Provision for credit losses*		54.8		22.8				77.6
Write-offs		(28.1)		(23.0)				(51.1)
Recoveries		2.4		5.8		.2		8.4
Translation adjustments						(.1)		(.1)
End of period balance	$	144.2	$	20.9	$	9.3	$	174.4


	Six Months Ended April 28, 2024
	Retail Notes		Revolving
	& Financing		Charge		Wholesale		Total
	Leases		Accounts		Receivables		Receivables
Allowance for credit losses:
Beginning of period balance	$	114.9	$	20.4	$	11.1	$	146.4
Provision (credit) for credit losses*		77.6		20.8		(.4)		98.0
Write-offs		(52.4)		(33.7)				(86.1)
Recoveries		4.1		13.4		.2		17.7
Translation adjustments						(1.6)		(1.6)
End of period balance	$	144.2	$	20.9	$	9.3	$	174.4

Receivables:
End of period balance	$	33,833.2	$	3,791.4	$	16,694.6	$	54,319.2

^* Excludes provision for credit losses on unfunded commitments of $1.5 and $1.3 for the three and six months ended April 27, 2025, respectively, and $1.7 and $2.3 for the three and six months ended April 28, 2024, respectively. The estimated credit losses related to unfunded commitments are recorded in “Accounts payable and accrued expenses.”

The allowance for credit losses increased in the second quarter and first six months of 2025, primarily due to higher expected losses on agricultural and turf customer accounts as a result of elevated delinquencies and a decline in market conditions. We monitor the economy as part of the allowance setting process, including potential impacts of the agricultural cycle, global trade policies, and interest rates, among other factors, and qualitative adjustments to the allowance are incorporated as necessary.

Recoveries from freestanding credit enhancements recorded in “Other income” were $9.9 for the second quarter and $17.8 for the first six months of 2025, compared with $5.2 and $12.5 for the same periods last year, respectively.

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 with the exception of modifications related to bankruptcy proceedings. 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 Receivables modified with borrowers experiencing financial difficulty was as follows:


	Three Months Ended						Six Months Ended
	April 27			April 28			April 27			April 28
	2025			2024			2025			2024
Modified Receivables	$	40.9		$	31.5		$	63.7		$	40.8
Percentage of Receivable portfolio		.08	%		.06	%		.12	%		.08	%

The financial effects of payment deferrals with borrowers experiencing financial difficulty resulted in a weighted average payment deferral of 8 months to the modified contracts. Term extensions provided to borrowers experiencing financial difficulty added a weighted average of 11 months to the modified contracts. Additionally, modifications with a combination of both payment deferrals and term extensions resulted in a weighted average payment deferral of 6 months and a weighted average term extension of 10 months.

We continue to monitor the performance of Receivables that are modified with borrowers experiencing financial difficulty. The ending amortized cost and performance of Receivables modified during the prior twelve months ended April 27, 2025 and April 28, 2024 were as follows:


	April 27		April 28
	2025		2024*
Current	$	86.8	$	35.4
30-59 days past due		4.3		2.8
60-89 days past due		2.5		.2
90+ days past due		1.1		.3
Non-performing		13.6		2.1
Total	$	108.3	$	40.8

^* In accordance with the adoption date of the accounting modification guidance, this period includes Receivables modified during the prior six months.

Defaults and subsequent write-offs of Receivables modified in the prior twelve months were not significant during the six months ended April 27, 2025 and April 28, 2024. In addition, at April 27, 2025, commitments to provide additional financing to these customers were not significant.

SECURITIZATION OF RECEIVABLES

6 Months Ended

Apr. 27, 2025

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 secured borrowings. 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:


	April 27		October 27		April 28
	2025		2024		2024
Retail notes securitized	$	7,810.1	$	8,768.4	$	7,289.1
Allowance for credit losses		(46.6)		(47.0)		(27.4)
Other assets^*		183.4		186.5		164.0
Total restricted securitized assets	$	7,946.9	$	8,907.9	$	7,425.7

Securitization borrowings	$	7,561.1	$	8,429.3	$	6,976.1
Accrued interest on borrowings		11.8		13.9		11.8
Total liabilities related to restricted securitized assets	$	7,572.9	$	8,443.2	$	6,987.9

^*Primarily restricted cash of $166.2, $164.8, and $133.7 at April 27, 2025, October 27, 2024, and April 28, 2024, respectively.

- Definition

The entire disclosure for a transferor's continuing involvement in financial assets that it has transferred in a securitization or asset-backed financing arrangement, the nature of any restrictions on assets reported by an entity in its statement of financial position that relate to a transferred financial asset (including the carrying amounts of such assets), how servicing assets and servicing liabilities are reported, and (for securitization or asset-backed financing arrangements accounted for as sales) when a transferor has continuing involvement with the transferred financial assets and transfers of financial assets accounted for as secured borrowings, how the transfer of financial assets affects an entity's financial position, financial performance, and cash flows.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 210
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-04(11))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479170/946-210-S99-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 860
-SubTopic 30
-Name Accounting Standards Codification
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-Subparagraph (b)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481420/860-30-50-1A

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-SubTopic 50
-Name Accounting Standards Codification
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-URI https://asc.fasb.org/1943274/2147481229/860-50-50-2

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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481420/860-30-50-1A

Reference 18: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147481420/860-30-50-7

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-Topic 860
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-Name Accounting Standards Codification
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-Paragraph 2
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-Topic 860
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-Topic 860
-SubTopic 50
-Name Accounting Standards Codification
-Section 50
-Paragraph 4
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481229/860-50-50-4

+ Details

LEASES

6 Months Ended

Apr. 27, 2025

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				Six Months Ended
	April 27		April 28		April 27		April 28
	2025		2024		2025		2024
Sales-type and direct financing lease revenues	$	27.8	$	26.3	$	56.0	$	53.3
Operating lease revenues		256.8		235.7		510.9		469.9
Variable lease revenues		4.8		4.1		8.9		8.1
Total lease revenues	$	289.4	$	266.1	$	575.8	$	531.3

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 $1.0 and $1.6 for the second quarter and the six months ended April 27, 2025, respectively, compared with $.7 and $1.1 for the same periods last year, respectively.

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


	April 27		October 27		April 28
	2025		2024		2024
Agriculture and turf	$	5,792.3	$	5,765.0	$	5,336.2
Construction and forestry		919.0		963.7		997.8
Total		6,711.3		6,728.7		6,334.0
Accumulated depreciation		(1,358.3)		(1,301.0)		(1,266.6)
Equipment on operating leases – net	$	5,353.0	$	5,427.7	$	5,067.4

Total operating lease residual values at April 27, 2025, October 27, 2024, and April 28, 2024 were $3,785.4, $3,786.2, and $3,564.5, respectively. John Deere dealers generally provide a first-loss residual value guarantee on operating lease originations. Total residual value guarantees were $714.9, $698.7, and $617.0 at April 27, 2025, October 27, 2024, and April 28, 2024, respectively.

We discuss options to purchase the equipment or extend the lease prior to operating lease maturity with lessees and dealers. We remarket equipment returned to us upon termination of leases. The matured operating lease inventory balances at April 27, 2025, October 27, 2024, and April 28, 2024 were $21.4, $26.6, and $19.9, respectively. Matured operating lease inventory is reported in “Other assets.”

NOTES RECEIVABLE FROM AND PAYABLE TO JOHN DEERE AND RELATED PARTIES

6 Months Ended

Apr. 27, 2025

NOTES RECEIVABLE FROM AND PAYABLE TO JOHN DEERE AND RELATED PARTIES

NOTES RECEIVABLE FROM AND PAYABLE TO JOHN DEERE AND RELATED PARTIES

(7) NOTES RECEIVABLE FROM AND PAYABLE TO JOHN DEERE AND RELATED PARTIES

In February 2025, John Deere completed a transaction with Banco Bradesco S.A. (Bradesco), for Bradesco to invest and become 50% owner of Banco John Deere S.A. (BJD), a former John Deere finance subsidiary in Brazil. We provide loans to BJD, which are reported in “Notes receivable from related parties.” Prior to completion of the transaction, the loans to BJD were reported in “Notes receivable from John Deere.”

Balances due from BJD were as follows:


	April 27		October 27		April 28
	2025		2024		2024
Notes receivable from related parties	$	551.3
Notes receivable from John Deere			$	576.3	$	631.7

The loan agreements mature over the next seven years and charge interest at competitive market rates. Interest earned from John Deere and other related parties is recorded in “Other income” and was $10.5 for the second quarter and $20.6 for the first six months of 2025, compared with $11.3 and $22.8 for the same periods last year, respectively.

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


	April 27		October 27		April 28
	2025		2024		2024
Notes payable to John Deere	$	2,210.5	$	2,681.5	$	3,694.0

The intercompany borrowings are primarily short-term in nature or contain a due on demand call option. There were no intercompany borrowings that were long-term loans without a due on demand call option at April 27, 2025 and October 27, 2024, compared with $536.5 at April 28, 2024. We pay interest to John Deere for these borrowings based on competitive market rates. Interest expense paid to John Deere was $20.9 for the second quarter and $30.8 for the first six months of 2025, compared with $41.5 and $85.3 for the same periods last year, respectively, which is recorded in “Fees and interest paid to John Deere.” The decreases were primarily attributable to lower average intercompany borrowings in the first six months of 2025 compared to the same periods in 2024.

- Definition

The entire disclosure for related party transactions. Examples of related party transactions include transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners; and (d) affiliates.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
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-URI https://asc.fasb.org/1943274/2147480990/946-20-50-2

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483326/850-10-50-1

+ Details

LONG-TERM EXTERNAL BORROWINGS

6 Months Ended

Apr. 27, 2025

LONG-TERM EXTERNAL BORROWINGS

LONG-TERM EXTERNAL BORROWINGS

(8) LONG-TERM EXTERNAL BORROWINGS

Long-term external borrowings consisted of the following:


	April 27		October 27		April 28
	2025		2024		2024
Medium-term notes	$	31,416.7	$	33,835.8	$	30,256.9
Finance lease obligations		.1		.1		.2
Less debt issuance costs and debt discounts		(96.9)		(110.5)		(90.9)
Total	$	31,319.9	$	33,725.4	$	30,166.2

Medium-term notes due through 2034 are primarily offered by prospectus and issued at fixed and variable rates. The principal balances of the medium-term notes were $31,713.4, $34,398.2, and $31,366.3 at April 27, 2025, October 27, 2024, and April 28, 2024, respectively. All outstanding medium-term notes are senior unsecured borrowings and generally rank equally with each other. The medium-term notes in the table above include unamortized fair value adjustments related to interest rate swaps.

COMMITMENTS AND CONTINGENCIES

6 Months Ended

Apr. 27, 2025

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 April 27, 2025, the following notional amounts were guaranteed by us:

●

Medium-term notes: $2,960.2

●

Commercial paper: $3,253.5

●

Derivatives: $7,556.6, with a fair value liability of $153.8

The weighted-average interest rate on the medium-term notes at April 27, 2025 was 3.8% with a maximum remaining maturity of four 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 April 27, 2025 were as follows:

●

John Deere dealers: $10,649.9

●

Customers: $33,700.6, primarily related to revolving charge accounts

We have a reserve for credit losses of $5.6 on unfunded commitments that are not unconditionally cancellable at April 27, 2025, which is recorded in “Accounts payable and accrued expenses.”

At April 27, 2025, 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 April 27, 2025.

We are subject to various unresolved legal actions, the most prevalent of which relate to retail credit matters. Currently, we believe the reasonably possible range of losses for these unresolved legal actions would not have a material effect on our consolidated financial statements.

FAIR VALUE MEASUREMENTS

6 Months Ended

Apr. 27, 2025

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:


	April 27, 2025				October 27, 2024				April 28, 2024
	Carrying		Fair		Carrying		Fair		Carrying		Fair
	Value		Value		Value		Value		Value		Value
Receivables financed – net	$	44,548.0	$	44,603.6	$	45,278.7	$	45,291.5	$	46,883.1	$	46,466.0
Retail notes securitized – net		7,763.5		7,708.4		8,721.4		8,651.8		7,261.7		7,062.5
Notes receivable from related parties		551.3		557.1
Securitization borrowings		7,561.1		7,587.4		8,429.3		8,451.1		6,976.1		6,934.7
Current maturities of long-term external borrowings		8,309.1		8,251.3		7,628.9		7,600.4		7,247.1		7,150.3
Long-term external borrowings		31,319.9		31,495.3		33,725.4		33,904.9		30,166.2		30,127.5

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

Fair values of Receivables and notes receivable from related parties 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 or at current market interest rates. 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:


	April 27		October 27		April 28
	2025		2024		2024
Marketable securities
International debt securities	$	4.6	$	3.8	$	3.4
Receivables from John Deere
Derivatives		310.1		192.3		114.3
Other assets
Derivatives		1.1		27.7		6.5
Total assets	$	315.8	$	223.8	$	124.2

Other payables to John Deere
Derivatives	$	427.2	$	489.2	$	893.8
Accounts payable and accrued expenses
Derivatives		20.6		.8		3.7
Total liabilities	$	447.8	$	490.0	$	897.5

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 six years. At April 27, 2025, the amortized cost basis and fair value of these available-for-sale debt securities were $5.4 and $4.6, respectively.

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.

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 107
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482078/820-10-55-107

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-Topic 820
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+ Details

DERIVATIVE INSTRUMENTS

6 Months Ended

Apr. 27, 2025

DERIVATIVE INSTRUMENTS

DERIVATIVE INSTRUMENTS

(11) DERIVATIVE INSTRUMENTS

Our outstanding derivative transactions are with both unrelated external counterparties and 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:


		April 27, 2025						October 27, 2024						April 28, 2024
				Fair Value						Fair Value						Fair Value
		Notional		Asset		Liability		Notional		Asset		Liability		Notional		Asset		Liability
Cash flow hedges:
Interest rate contracts - swaps	$	2,975.0			$	28.7	$	2,875.0	$	2.9	$	20.0	$	2,700.0	$	33.7	$	.4

Fair value hedges:
Interest rate contracts - swaps		13,066.9	$	158.6		359.6		15,033.9		107.8		445.2		12,822.2		7.6		842.3
Cross-currency interest rate contracts		974.5		103.4				974.5		30.4

Not designated as hedging instruments:
Interest rate contracts - swaps		7,507.0		33.0		29.6		5,907.0		25.9		15.0		6,421.3		46.9		15.0
Foreign currency exchange contracts		1,381.6		1.1		20.6		1,707.8		27.7		.8		1,587.9		6.5		3.7
Cross-currency interest rate contracts		140.6		8.2		2.4		157.8		16.5		.2		211.2		1.0		11.0
Interest rate caps - sold		1,718.9				6.9		1,469.1				8.8		1,458.7				25.1
Interest rate caps - purchased		1,718.9		6.9				1,469.1		8.8				1,458.7		25.1

The amount of loss recorded in other comprehensive income (OCI) related to cash flow hedges at April 27, 2025 that is expected to be reclassified to interest expense in the next twelve months if interest rates remain unchanged is $20.9 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 are presented in the table below. Fair value hedging adjustments are included in the carrying amount of the hedged item. The carrying amount of the hedged item and formerly hedged item includes long-term borrowings of $398.8, $597.9, and $597.7 at April 27, 2025, October 27, 2024, and April 28,2024, respectively, that are in active hedging relationships and also had discontinued hedging relationships.


	Active Hedging Relationships				Discontinued Hedging Relationships
			Cumulative		Carrying		Cumulative
	Carrying		Fair Value		Amount of		Fair Value
	Amount of		Hedging		Formerly		Hedging
April 27, 2025	Hedged Item		Adjustment		Hedged Item		Adjustment
Current maturities of long-term external borrowings					$	1,212.5	$	(11.9)
Long-term external borrowings	$	13,875.0	$	(155.3)		10,533.0		(141.4)

October 27, 2024
Current maturities of long-term external borrowings					$	1,781.8	$	7.3
Long-term external borrowings	$	15,596.8	$	(335.1)		8,625.8		(227.3)

April 28, 2024
Current maturities of long-term external borrowings					$	2,565.0	$	16.0
Long-term external borrowings	$	11,919.8	$	(845.2)		7,615.5		(264.2)

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				Six Months Ended
	April 27		April 28		April 27		April 28
	2025		2024		2025		2024
Fair value hedges
Interest rate contracts – Interest expense *	$	431.7	$	(439.5)	$	86.6	$	(103.8)

Cash flow hedges
Recognized in OCI:
Interest rate contracts – OCI (pretax)	$	(10.5)	$	26.4	$	(3.7)	$	18.6
Reclassified from OCI:
Interest rate contracts – Interest expense		1.0		16.9		10.2		28.8

Not designated as hedges
Interest rate contracts – Interest expense *	$	(12.8)	$	5.6	$	(16.6)	$	(.1)
Foreign currency exchange contracts – Administrative and operating expenses *		(34.3)		15.7		75.1		(87.5)
Total not designated	$	(47.1)	$	21.3	$	58.5	$	(87.6)

^* 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 were gains (losses) of $414.8 and $77.5 for the three and six months ended April 27, 2025, respectively, and $(416.8) and $(85.4) for the three and six months ended April 28, 2024, 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 April 27, 2025, October 27, 2024, and April 28, 2024.

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:


	April 27, 2025
	Gross Amounts Recognized		Netting Arrangements		Collateral	Net Amount
Derivatives:
Assets
External	$	1.1	$	(.5)		$	.6
John Deere		310.1		(245.4)			64.7
Liabilities
External		20.6		(.5)			20.1
John Deere		427.2		(245.4)			181.8


	October 27, 2024
	Gross Amounts Recognized		Netting Arrangements		Collateral	Net Amount
Derivatives:
Assets
External	$	27.7	$	(.1)		$	27.6
John Deere		192.3		(151.2)			41.1
Liabilities
External		.8		(.1)			.7
John Deere		489.2		(151.2)			338.0


	April 28, 2024
	Gross Amounts Recognized		Netting Arrangements		Collateral	Net Amount
Derivatives:
Assets
External	$	6.5	$	(.9)		$	5.6
John Deere		114.3		(62.6)			51.7
Liabilities
External		3.7		(.9)			2.8
John Deere		893.8		(62.6)			831.2

SUBSEQUENT EVENTS

6 Months Ended

Apr. 27, 2025

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS

(12)SUBSEQUENT EVENTS

In May 2025, we entered into a retail note securitization transaction, resulting in $368.6 of secured borrowings.

On May 27, 2025, Capital Corporation declared a $70 dividend to be paid to JDFS on June 12, 2025. JDFS, in turn, declared a $70 dividend to Deere & Company, also payable on June 12, 2025.

Pay vs Performance Disclosure - USD ($) $ in Millions	3 Months Ended		6 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Millions	Apr. 27, 2025	Apr. 28, 2024	Apr. 27, 2025	Apr. 28, 2024
Pay vs Performance Disclosure
Net Income (Loss)	$ 124.0	$ 126.5	$ 283.1	$ 301.0

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References

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+ Details

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Apr. 27, 2025
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

ORGANIZATION AND CONSOLIDATION (Policies)

6 Months Ended

Apr. 27, 2025

ORGANIZATION AND CONSOLIDATION

Fiscal Period, Policy

We use a 52/53 week fiscal year with quarters ending on the last Sunday in the reporting period. The second quarter ends for fiscal years 2025 and 2024 were April 27, 2025 and April 28, 2024, respectively. Both quarters contained 13 weeks, while both year-to-date periods contained 26 weeks. Fiscal year 2025 will contain 53 weeks, with the additional week occurring in the fourth quarter. 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.

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 Pronouncements, Policy

We closely monitor all Accounting Standard Updates (ASUs) issued by the Financial Accounting Standards Board (FASB) and other authoritative guidance. We adopted the following standard in 2025, which did not have a material effect on our consolidated financial statements.

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

Accounting Pronouncements to be Adopted

In November 2024, the FASB issued ASU 2024-03, Income Statement – Reporting Comprehensive Income – Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses, which expands disclosures about specific expense categories presented on the face of the income statement. In January 2025, the FASB issued ASU 2025-01, Income Statement – Reporting Comprehensive Income – Expense Disaggregation Disclosures (Subtopic 220-40), which clarifies the effective date of ASU 2024-03. The ASU will be effective for us beginning with our annual reporting for fiscal year 2028 and interim periods thereafter. We are assessing the effect of ASU 2024-03 on our related disclosures.

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 ASU will be effective for us beginning with our annual reporting for 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.


2024-04 — Debt – Debt with Conversion and Other Options (Subtopic 470-20): Induced Conversions of Convertible Debt Instruments
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

Credit Quality, 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

●

remaining balance

Expected recoveries from freestanding credit enhancements, such as dealer deposits and certain credit insurance and bank guarantee 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, while recoveries from other freestanding credit enhancements are generally recognized when the associated credit loss is recorded.

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 with the exception of modifications related to bankruptcy proceedings. 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.

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 secured borrowings. The receivables and borrowings remain on our balance sheet and are separately reported as “Retail notes securitized” and “Securitization borrowings,” respectively.

- Definition

Disclosure of accounting policy for credit loss on financial instrument measured at amortized cost basis, net investment in lease, off-balance sheet credit exposure, and available-for-sale debt security. Includes, but is not limited to, methodology used to estimate allowance for credit loss, how writeoff of uncollectible amount is recognized, and determination of past due status and nonaccrual status.

+ References

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+ Details

OTHER COMPREHENSIVE INCOME ITEMS (Tables)

6 Months Ended

Apr. 27, 2025

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:


	April 27		October 27		April 28
	2025		2024		2024
Cumulative translation adjustment	$	(85.7)	$	(114.0)	$	(119.2)
Unrealized gain (loss) on derivatives		(42.2)		(31.3)		26.7
Unrealized loss on debt securities		(.6)		(.9)		(1.2)
Accumulated other comprehensive income (loss)	$	(128.5)	$	(146.2)	$	(93.7)

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 April 27, 2025
Cumulative translation adjustment	$	65.0			$	65.0
Unrealized gain (loss) on derivatives:
Unrealized hedging gain (loss)		(10.5)	$	2.2		(8.3)
Reclassification of realized (gain) loss to Interest expense		(1.0)		.3		(.7)
Net unrealized gain (loss) on derivatives		(11.5)		2.5		(9.0)
Unrealized gain (loss) on debt securities:
Unrealized holding gain (loss)		.1		(.1)
Total other comprehensive income (loss)	$	53.6	$	2.4	$	56.0

Six Months Ended April 27, 2025
Cumulative translation adjustment	$	28.3			$	28.3
Unrealized gain (loss) on derivatives:
Unrealized hedging gain (loss)		(3.7)	$	.8		(2.9)
Reclassification of realized (gain) loss to Interest expense		(10.2)		2.2		(8.0)
Net unrealized gain (loss) on derivatives		(13.9)		3.0		(10.9)
Unrealized gain (loss) on debt securities:
Unrealized holding gain (loss)		.5		(.2)		.3
Total other comprehensive income (loss)	$	14.9	$	2.8	$	17.7

Three Months Ended April 28, 2024
Cumulative translation adjustment	$	(9.2)			$	(9.2)
Unrealized gain (loss) on derivatives:
Unrealized hedging gain (loss)		26.4	$	(5.5)		20.9
Reclassification of realized (gain) loss to Interest expense		(16.9)		3.5		(13.4)
Net unrealized gain (loss) on derivatives		9.5		(2.0)		7.5
Unrealized gain (loss) on debt securities:
Unrealized holding gain (loss)		.9		(.3)		.6
Total other comprehensive income (loss)	$	1.2	$	(2.3)	$	(1.1)

Six Months Ended April 28, 2024
Cumulative translation adjustment	$	17.6			$	17.6
Unrealized gain (loss) on derivatives:
Unrealized hedging gain (loss)		18.6	$	(3.9)		14.7
Reclassification of realized (gain) loss to Interest expense		(28.8)		6.0		(22.8)
Net unrealized gain (loss) on derivatives		(10.2)		2.1		(8.1)
Unrealized gain (loss) on debt securities:
Unrealized holding gain (loss)		1.9		(.7)		1.2
Total other comprehensive income (loss)	$	9.3	$	1.4	$	10.7

Receivables (Tables)

6 Months Ended

Apr. 27, 2025

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				Six Months Ended
	April 27		April 28		April 27		April 28
	2025		2024		2025		2024
Accrued finance income and lease revenue reversed	$	20.9	$	12.1	$	34.3	$	18.8
Finance income and lease revenue recognized on cash payments		14.2		9.2		25.4		15.1

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 April 27, 2025
	Retail Notes		Revolving
	& Financing		Charge		Wholesale		Total
	Leases		Accounts		Receivables		Receivables
Allowance:
Beginning of period balance	$	214.2	$	5.7	$	22.1	$	242.0
Provision for credit losses*		48.7		38.3		1.5		88.5
Write-offs		(51.3)		(39.9)		(1.3)		(92.5)
Recoveries		3.0		8.0				11.0
Translation adjustments		.2		(.1)		2.6		2.7
End of period balance	$	214.8	$	12.0	$	24.9	$	251.7


	Six Months Ended April 27, 2025
	Retail Notes		Revolving
	& Financing		Charge		Wholesale		Total
	Leases		Accounts		Receivables		Receivables
Allowance for credit losses:
Beginning of period balance	$	192.4	$	7.6	$	27.5	$	227.5
Provision (credit) for credit losses*		111.0		40.2		(2.1)		149.1
Write-offs		(93.7)		(52.4)		(1.5)		(147.6)
Recoveries		5.2		16.7				21.9
Translation adjustments		(.1)		(.1)		1.0		.8
End of period balance	$	214.8	$	12.0	$	24.9	$	251.7

Receivables:
End of period balance	$	33,952.5	$	4,044.2	$	14,566.5	$	52,563.2


	Three Months Ended April 28, 2024
	Retail Notes		Revolving
	& Financing		Charge		Wholesale		Total
	Leases		Accounts		Receivables		Receivables
Allowance:
Beginning of period balance	$	115.1	$	15.3	$	9.2	$	139.6
Provision for credit losses*		54.8		22.8				77.6
Write-offs		(28.1)		(23.0)				(51.1)
Recoveries		2.4		5.8		.2		8.4
Translation adjustments						(.1)		(.1)
End of period balance	$	144.2	$	20.9	$	9.3	$	174.4


	Six Months Ended April 28, 2024
	Retail Notes		Revolving
	& Financing		Charge		Wholesale		Total
	Leases		Accounts		Receivables		Receivables
Allowance for credit losses:
Beginning of period balance	$	114.9	$	20.4	$	11.1	$	146.4
Provision (credit) for credit losses*		77.6		20.8		(.4)		98.0
Write-offs		(52.4)		(33.7)				(86.1)
Recoveries		4.1		13.4		.2		17.7
Translation adjustments						(1.6)		(1.6)
End of period balance	$	144.2	$	20.9	$	9.3	$	174.4

Receivables:
End of period balance	$	33,833.2	$	3,791.4	$	16,694.6	$	54,319.2

^* Excludes provision for credit losses on unfunded commitments of $1.5 and $1.3 for the three and six months ended April 27, 2025, respectively, and $1.7 and $2.3 for the three and six months ended April 28, 2024, respectively. The estimated credit losses related to unfunded commitments are recorded in “Accounts payable and accrued expenses.”

Ending Amortized Cost of Receivables Modified

The ending amortized cost of Receivables modified with borrowers experiencing financial difficulty was as follows:


	Three Months Ended						Six Months Ended
	April 27			April 28			April 27			April 28
	2025			2024			2025			2024
Modified Receivables	$	40.9		$	31.5		$	63.7		$	40.8
Percentage of Receivable portfolio		.08	%		.06	%		.12	%		.08	%

Ending Amortized Cost and Performance of Receivables Modified During the Prior Twelve Months

We continue to monitor the performance of Receivables that are modified with borrowers experiencing financial difficulty. The ending amortized cost and performance of Receivables modified during the prior twelve months ended April 27, 2025 and April 28, 2024 were as follows:


	April 27		April 28
	2025		2024*
Current	$	86.8	$	35.4
30-59 days past due		4.3		2.8
60-89 days past due		2.5		.2
90+ days past due		1.1		.3
Non-performing		13.6		2.1
Total	$	108.3	$	40.8

^* In accordance with the adoption date of the accounting modification guidance, this period includes Receivables modified during the prior six months.

Customer Receivables

Receivables

Credit Quality and Aging Analysis

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


	April 27, 2025
	2025		2024		2023		2022		2021		Prior Years		Revolving Charge Accounts		Total
Customer Receivables:
Agriculture and turf
Current	$	5,079.0	$	9,881.9	$	6,064.9	$	3,661.6	$	1,848.0	$	602.8	$	3,799.9	$	30,938.1
30-59 days past due		24.9		108.1		68.5		39.4		19.4		8.1		29.2		297.6
60-89 days past due		10.1		47.3		25.6		14.7		6.6		3.7		12.8		120.8
90+ days past due		.2		1.2		1.6		1.0		2.7		.3				7.0
Non-performing		3.4		96.9		102.2		65.7		35.9		26.3		84.9		415.3
Construction and forestry
Current		1,375.2		2,171.3		1,209.0		613.3		221.8		37.1		109.6		5,737.3
30-59 days past due		21.6		62.3		42.9		18.9		7.9		2.7		4.7		161.0
60-89 days past due		7.1		23.6		14.1		6.8		2.4		.2		1.6		55.8
90+ days past due		.4		.3		.6		.2				.2				1.7
Non-performing		5.2		78.8		86.8		51.4		27.6		10.8		1.5		262.1
Total	$	6,527.1	$	12,471.7	$	7,616.2	$	4,473.0	$	2,172.3	$	692.2	$	4,044.2	$	37,996.7

Write-offs for the six months ended April 27, 2025:
Agriculture and turf	$	.4	$	14.7	$	19.6	$	11.1	$	4.1	$	4.5	$	48.0	$	102.4
Construction and forestry		.1		15.0		15.8		6.5		1.0		.9		4.4		43.7
Total	$	.5	$	29.7	$	35.4	$	17.6	$	5.1	$	5.4	$	52.4	$	146.1


	October 27, 2024
	2024		2023		2022		2021		2020		Prior Years		Revolving Charge Accounts		Total
Customer Receivables:
Agriculture and turf
Current	$	12,957.7	$	7,528.9	$	4,715.5	$	2,633.1	$	915.6	$	232.8	$	4,351.5	$	33,335.1
30-59 days past due		39.5		93.3		49.2		25.2		10.6		3.6		39.2		260.6
60-89 days past due		18.4		43.7		16.7		8.8		7.0		1.9		12.3		108.8
90+ days past due		.4		.9		.3		2.2		.2						4.0
Non-performing		22.2		84.9		69.9		40.4		18.4		11.7		13.9		261.4
Construction and forestry
Current		2,636.0		1,564.0		893.1		380.1		83.2		41.9		114.2		5,712.5
30-59 days past due		49.4		41.3		23.2		9.8		2.5		1.5		4.0		131.7
60-89 days past due		20.0		23.5		8.2		5.8		1.5		.3		1.8		61.1
90+ days past due		.4		.5		.1		.2		.2						1.4
Non-performing		38.2		89.4		64.5		30.6		8.5		3.8		1.9		236.9
Total	$	15,782.2	$	9,470.4	$	5,840.7	$	3,136.2	$	1,047.7	$	297.5	$	4,538.8	$	40,113.5

Write-offs for the twelve months ended October 27, 2024:
Agriculture and turf	$	4.0	$	29.2	$	23.5	$	10.3	$	9.9	$	3.1	$	86.0	$	166.0
Construction and forestry		8.2		33.4		23.4		10.3		4.7		2.5		7.8		90.3
Total	$	12.2	$	62.6	$	46.9	$	20.6	$	14.6	$	5.6	$	93.8	$	256.3


	April 28, 2024
	2024		2023		2022		2021		2020		Prior Years		Revolving Charge Accounts		Total
Customer Receivables:
Agriculture and turf
Current	$	6,333.8	$	10,014.8	$	5,872.1	$	3,444.6	$	1,394.3	$	484.1	$	3,569.6	$	31,113.3
30-59 days past due		29.4		89.3		47.5		31.7		13.2		5.2		26.0		242.3
60-89 days past due		6.2		39.7		19.7		8.3		5.3		2.5		11.7		93.4
90+ days past due		.1		2.6		.7		2.5		4.8		.2				10.9
Non-performing		2.8		70.0		71.7		48.2		24.3		20.7		68.6		306.3
Construction and forestry
Current		1,319.7		1,946.0		1,222.6		591.7		163.4		70.3		107.3		5,421.0
30-59 days past due		23.0		51.3		31.3		17.2		7.0		2.9		4.6		137.3
60-89 days past due		7.3		31.2		12.2		9.2		2.7		1.0		1.7		65.3
90+ days past due		.3		.5		3.2		.4		.1						4.5
Non-performing		4.0		82.9		75.3		42.8		15.9		7.5		1.9		230.3
Total	$	7,726.6	$	12,328.3	$	7,356.3	$	4,196.6	$	1,631.0	$	594.4	$	3,791.4	$	37,624.6

Write-offs for the six months ended April 28, 2024:
Agriculture and turf	$	.4	$	6.8	$	7.7	$	3.6	$	5.0	$	1.1	$	29.8	$	54.4
Construction and forestry		.2		10.1		8.7		4.7		2.8		1.3		3.9		31.7
Total	$	.6	$	16.9	$	16.4	$	8.3	$	7.8	$	2.4	$	33.7	$	86.1

Wholesale Receivables

Receivables

Credit Quality and Aging Analysis

The credit quality and aging analysis of wholesale receivables was as follows:


	April 27		October 27		April 28
	2025		2024		2024
Wholesale receivables:
Agriculture and turf
Current	$	11,207.6	$	10,439.1	$	12,394.7
30-59 days past due		5.9		4.5		10.5
60-89 days past due		1.9		4.2		5.1
90+ days past due		7.4		10.2		29.8
Non-performing		35.0		35.3		5.8
Construction and forestry
Current		3,288.1		3,599.9		4,228.8
30-59 days past due		4.7		8.1		4.2
60-89 days past due		3.8		5.1		3.8
90+ days past due		12.1		7.7		11.9
Total	$	14,566.5	$	14,114.1	$	16,694.6

SECURITIZATION OF RECEIVABLES (Tables)

6 Months Ended

Apr. 27, 2025

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:


	April 27		October 27		April 28
	2025		2024		2024
Retail notes securitized	$	7,810.1	$	8,768.4	$	7,289.1
Allowance for credit losses		(46.6)		(47.0)		(27.4)
Other assets^*		183.4		186.5		164.0
Total restricted securitized assets	$	7,946.9	$	8,907.9	$	7,425.7

Securitization borrowings	$	7,561.1	$	8,429.3	$	6,976.1
Accrued interest on borrowings		11.8		13.9		11.8
Total liabilities related to restricted securitized assets	$	7,572.9	$	8,443.2	$	6,987.9

^*Primarily restricted cash of $166.2, $164.8, and $133.7 at April 27, 2025, October 27, 2024, and April 28, 2024, respectively.

LEASES (Tables)

6 Months Ended

Apr. 27, 2025

LEASES

Schedule of Lease Revenues Earned

Lease revenues earned by us were as follows:


	Three Months Ended				Six Months Ended
	April 27		April 28		April 27		April 28
	2025		2024		2025		2024
Sales-type and direct financing lease revenues	$	27.8	$	26.3	$	56.0	$	53.3
Operating lease revenues		256.8		235.7		510.9		469.9
Variable lease revenues		4.8		4.1		8.9		8.1
Total lease revenues	$	289.4	$	266.1	$	575.8	$	531.3

Schedule of Cost of Equipment on Operating Leases by Market

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


	April 27		October 27		April 28
	2025		2024		2024
Agriculture and turf	$	5,792.3	$	5,765.0	$	5,336.2
Construction and forestry		919.0		963.7		997.8
Total		6,711.3		6,728.7		6,334.0
Accumulated depreciation		(1,358.3)		(1,301.0)		(1,266.6)
Equipment on operating leases – net	$	5,353.0	$	5,427.7	$	5,067.4

NOTES RECEIVABLE FROM AND PAYABLE TO JOHN DEERE AND RELATED PARTIES (Tables)

6 Months Ended

Apr. 27, 2025

NOTES RECEIVABLE FROM AND PAYABLE TO JOHN DEERE AND RELATED PARTIES

Notes Receivable from and Payable to John Deere and Related Parties

Balances due from BJD were as follows:


	April 27		October 27		April 28
	2025		2024		2024
Notes receivable from related parties	$	551.3
Notes receivable from John Deere			$	576.3	$	631.7

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


	April 27		October 27		April 28
	2025		2024		2024
Notes payable to John Deere	$	2,210.5	$	2,681.5	$	3,694.0

LONG-TERM EXTERNAL BORROWINGS (Tables)

6 Months Ended

Apr. 27, 2025

LONG-TERM EXTERNAL BORROWINGS

Long-Term Borrowings

Long-term external borrowings consisted of the following:


	April 27		October 27		April 28
	2025		2024		2024
Medium-term notes	$	31,416.7	$	33,835.8	$	30,256.9
Finance lease obligations		.1		.1		.2
Less debt issuance costs and debt discounts		(96.9)		(110.5)		(90.9)
Total	$	31,319.9	$	33,725.4	$	30,166.2

Medium-term notes due through 2034 are primarily offered by prospectus and issued at fixed and variable rates. The principal balances of the medium-term notes were $31,713.4, $34,398.2, and $31,366.3 at April 27, 2025, October 27, 2024, and April 28, 2024, respectively.

- Definition

Tabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(22))
-SubTopic 10
-Topic 210
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 69B
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481568/470-20-55-69B

Reference 3: http://www.xbrl.org/2003/role/exampleRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 69E
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481568/470-20-55-69E

Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 3
-Subparagraph (SX 210.12-04(a))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-3

Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 835
-SubTopic 30
-Name Accounting Standards Codification
-Section 45
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482925/835-30-45-2

Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-3

Reference 7: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 942
-SubTopic 470
-Section 50
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477734/942-470-50-3

Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 8
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-8

Reference 9: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-6

Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 7
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-7

+ Details

FAIR VALUE MEASUREMENTS (Tables)

6 Months Ended

Apr. 27, 2025

FAIR VALUE MEASUREMENTS

Fair Values of Financial Instruments

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


	April 27, 2025				October 27, 2024				April 28, 2024
	Carrying		Fair		Carrying		Fair		Carrying		Fair
	Value		Value		Value		Value		Value		Value
Receivables financed – net	$	44,548.0	$	44,603.6	$	45,278.7	$	45,291.5	$	46,883.1	$	46,466.0
Retail notes securitized – net		7,763.5		7,708.4		8,721.4		8,651.8		7,261.7		7,062.5
Notes receivable from related parties		551.3		557.1
Securitization borrowings		7,561.1		7,587.4		8,429.3		8,451.1		6,976.1		6,934.7
Current maturities of long-term external borrowings		8,309.1		8,251.3		7,628.9		7,600.4		7,247.1		7,150.3
Long-term external borrowings		31,319.9		31,495.3		33,725.4		33,904.9		30,166.2		30,127.5

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:


	April 27		October 27		April 28
	2025		2024		2024
Marketable securities
International debt securities	$	4.6	$	3.8	$	3.4
Receivables from John Deere
Derivatives		310.1		192.3		114.3
Other assets
Derivatives		1.1		27.7		6.5
Total assets	$	315.8	$	223.8	$	124.2

Other payables to John Deere
Derivatives	$	427.2	$	489.2	$	893.8
Accounts payable and accrued expenses
Derivatives		20.6		.8		3.7
Total liabilities	$	447.8	$	490.0	$	897.5

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.

DERIVATIVE INSTRUMENTS (Tables)

6 Months Ended

Apr. 27, 2025

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:


		April 27, 2025						October 27, 2024						April 28, 2024
				Fair Value						Fair Value						Fair Value
		Notional		Asset		Liability		Notional		Asset		Liability		Notional		Asset		Liability
Cash flow hedges:
Interest rate contracts - swaps	$	2,975.0			$	28.7	$	2,875.0	$	2.9	$	20.0	$	2,700.0	$	33.7	$	.4

Fair value hedges:
Interest rate contracts - swaps		13,066.9	$	158.6		359.6		15,033.9		107.8		445.2		12,822.2		7.6		842.3
Cross-currency interest rate contracts		974.5		103.4				974.5		30.4

Not designated as hedging instruments:
Interest rate contracts - swaps		7,507.0		33.0		29.6		5,907.0		25.9		15.0		6,421.3		46.9		15.0
Foreign currency exchange contracts		1,381.6		1.1		20.6		1,707.8		27.7		.8		1,587.9		6.5		3.7
Cross-currency interest rate contracts		140.6		8.2		2.4		157.8		16.5		.2		211.2		1.0		11.0
Interest rate caps - sold		1,718.9				6.9		1,469.1				8.8		1,458.7				25.1
Interest rate caps - purchased		1,718.9		6.9				1,469.1		8.8				1,458.7		25.1

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 are presented in the table below. Fair value hedging adjustments are included in the carrying amount of the hedged item. The carrying amount of the hedged item and formerly hedged item includes long-term borrowings of $398.8, $597.9, and $597.7 at April 27, 2025, October 27, 2024, and April 28,2024, respectively, that are in active hedging relationships and also had discontinued hedging relationships.


	Active Hedging Relationships				Discontinued Hedging Relationships
			Cumulative		Carrying		Cumulative
	Carrying		Fair Value		Amount of		Fair Value
	Amount of		Hedging		Formerly		Hedging
April 27, 2025	Hedged Item		Adjustment		Hedged Item		Adjustment
Current maturities of long-term external borrowings					$	1,212.5	$	(11.9)
Long-term external borrowings	$	13,875.0	$	(155.3)		10,533.0		(141.4)

October 27, 2024
Current maturities of long-term external borrowings					$	1,781.8	$	7.3
Long-term external borrowings	$	15,596.8	$	(335.1)		8,625.8		(227.3)

April 28, 2024
Current maturities of long-term external borrowings					$	2,565.0	$	16.0
Long-term external borrowings	$	11,919.8	$	(845.2)		7,615.5		(264.2)

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				Six Months Ended
	April 27		April 28		April 27		April 28
	2025		2024		2025		2024
Fair value hedges
Interest rate contracts – Interest expense *	$	431.7	$	(439.5)	$	86.6	$	(103.8)

Cash flow hedges
Recognized in OCI:
Interest rate contracts – OCI (pretax)	$	(10.5)	$	26.4	$	(3.7)	$	18.6
Reclassified from OCI:
Interest rate contracts – Interest expense		1.0		16.9		10.2		28.8

Not designated as hedges
Interest rate contracts – Interest expense *	$	(12.8)	$	5.6	$	(16.6)	$	(.1)
Foreign currency exchange contracts – Administrative and operating expenses *		(34.3)		15.7		75.1		(87.5)
Total not designated	$	(47.1)	$	21.3	$	58.5	$	(87.6)

^* 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:


	April 27, 2025
	Gross Amounts Recognized		Netting Arrangements		Collateral	Net Amount
Derivatives:
Assets
External	$	1.1	$	(.5)		$	.6
John Deere		310.1		(245.4)			64.7
Liabilities
External		20.6		(.5)			20.1
John Deere		427.2		(245.4)			181.8


	October 27, 2024
	Gross Amounts Recognized		Netting Arrangements		Collateral	Net Amount
Derivatives:
Assets
External	$	27.7	$	(.1)		$	27.6
John Deere		192.3		(151.2)			41.1
Liabilities
External		.8		(.1)			.7
John Deere		489.2		(151.2)			338.0


	April 28, 2024
	Gross Amounts Recognized		Netting Arrangements		Collateral	Net Amount
Derivatives:
Assets
External	$	6.5	$	(.9)		$	5.6
John Deere		114.3		(62.6)			51.7
Liabilities
External		3.7		(.9)			2.8
John Deere		893.8		(62.6)			831.2

ORGANIZATION AND CONSOLIDATION (Details)	3 Months Ended		6 Months Ended		12 Months Ended
ORGANIZATION AND CONSOLIDATION (Details)	Apr. 27, 2025	Apr. 28, 2024	Apr. 27, 2025	Apr. 28, 2024	Nov. 02, 2025
Fiscal Year
Fiscal period duration	91 days	91 days	182 days	182 days
Subsequent Events
Fiscal Year
Fiscal period duration					371 days

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES AND NEW ACCOUNTING PRONOUNCEMENTS (Details)	Apr. 27, 2025
ASU 2023-05
New Accounting Pronouncements
Change in Accounting Principle, Accounting Standards Update, Adopted [true false]	true
ASU 2024-03
New Accounting Pronouncements
Change in Accounting Principle, Accounting Standards Update, Adopted [true false]	false
ASU 2025-01
New Accounting Pronouncements
Change in Accounting Principle, Accounting Standards Update, Adopted [true false]	false
ASU 2023-09
New Accounting Pronouncements
Change in Accounting Principle, Accounting Standards Update, Adopted [true false]	false
ASU 2024-04
New Accounting Pronouncements
Change in Accounting Principle, Accounting Standards Update, Adopted [true false]	false
ASU 2023-07
New Accounting Pronouncements
Change in Accounting Principle, Accounting Standards Update, Adopted [true false]	false
ASU 2023-06
New Accounting Pronouncements
Change in Accounting Principle, Accounting Standards Update, Adopted [true false]	false

- Definition

Indicates (true false) whether accounting standards update was adopted.

+ References

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+ Details

OTHER COMPREHENSIVE INCOME ITEMS - After-Tax Components (Details) - USD ($) $ in Millions	Apr. 27, 2025	Oct. 27, 2024	Apr. 28, 2024
After-tax components of accumulated other comprehensive income (loss)
Accumulated other comprehensive income (loss)	$ 5,762.0	$ 6,226.2	$ 5,998.3
Accumulated Other Comprehensive Income (Loss)
After-tax components of accumulated other comprehensive income (loss)
Accumulated other comprehensive income (loss)	(128.5)	(146.2)	(93.7)
Cumulative Translation Adjustment
After-tax components of accumulated other comprehensive income (loss)
Accumulated other comprehensive income (loss)	(85.7)	(114.0)	(119.2)
Unrealized Gain (Loss) on Derivatives
After-tax components of accumulated other comprehensive income (loss)
Accumulated other comprehensive income (loss)	(42.2)	(31.3)	26.7
Unrealized Loss on Debt Securities
After-tax components of accumulated other comprehensive income (loss)
Accumulated other comprehensive income (loss)	$ (0.6)	$ (0.9)	$ (1.2)

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details

- Definition

Amount of equity (deficit) attributable to parent. Excludes temporary equity and equity attributable to noncontrolling interest.

+ References

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+ Details

OTHER COMPREHENSIVE INCOME ITEMS - Amounts Recorded in and Reclassifications out of (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Apr. 27, 2025	Apr. 28, 2024	Apr. 27, 2025	Apr. 28, 2024
Other comprehensive income (loss), before tax
Interest expense	$ (613.3)	$ (605.8)	$ (1,250.6)	$ (1,177.2)
Total other comprehensive income (loss), before tax	53.6	1.2	14.9	9.3
Other comprehensive income (loss), tax (expense) credit
Total other comprehensive income (loss), tax (expense) credit	2.4	(2.3)	2.8	1.4
Other comprehensive income (loss), after tax
Other comprehensive income (loss), net of income taxes	56.0	(1.1)	17.7	10.7
Cumulative Translation Adjustment
Other comprehensive income (loss), before tax
Total other comprehensive income (loss), before tax	65.0	(9.2)	28.3	17.6
Other comprehensive income (loss), after tax
Other comprehensive income (loss), net of income taxes	65.0	(9.2)	28.3	17.6
Unrealized Gain (Loss) on Derivatives
Other comprehensive income (loss), before tax
Other comprehensive income (loss) before reclassification, before tax	(10.5)	26.4	(3.7)	18.6
Total other comprehensive income (loss), before tax	(11.5)	9.5	(13.9)	(10.2)
Other comprehensive income (loss), tax (expense) credit
Other comprehensive income (loss) before reclassification, tax (expense) credit	2.2	(5.5)	0.8	(3.9)
Total other comprehensive income (loss), tax (expense) credit	2.5	(2.0)	3.0	2.1
Other comprehensive income (loss), after tax
Other comprehensive income (loss) before reclassification, after tax	(8.3)	20.9	(2.9)	14.7
Other comprehensive income (loss), net of income taxes	(9.0)	7.5	(10.9)	(8.1)
Unrealized Gain (Loss) on Derivatives \| Interest Rate Contracts \| Reclassifications of gains (losses) out of accumulated other comprehensive income
Other comprehensive income (loss), before tax
Interest expense	(1.0)	(16.9)	(10.2)	(28.8)
Other comprehensive income (loss), tax (expense) credit
Reclassification of realized (gain) loss, tax expense (credit)	0.3	3.5	2.2	6.0
Other comprehensive income (loss), after tax
Reclassification of realized (gain) loss, after tax	(0.7)	(13.4)	(8.0)	(22.8)
Unrealized Gain (Loss) on Debt Securities
Other comprehensive income (loss), before tax
Total other comprehensive income (loss), before tax	0.1	0.9	0.5	1.9
Other comprehensive income (loss), tax (expense) credit
Total other comprehensive income (loss), tax (expense) credit	$ (0.1)	(0.3)	(0.2)	(0.7)
Other comprehensive income (loss), after tax
Other comprehensive income (loss), net of income taxes		$ 0.6	$ 0.3	$ 1.2

RECEIVABLES - Delinquency Status (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Apr. 27, 2025	Apr. 28, 2024	Apr. 27, 2025	Apr. 28, 2024
Receivable, Past Due
Financing Receivable, Practical Expedient, Accrued Interest Exclusion [true false]	false		false
Threshold for past due balances	30 days		30 days
Non-performing
Receivable, Past Due
Accrued finance income and lease revenue reversed	$ 20.9	$ 12.1	$ 34.3	$ 18.8
Finance income and lease revenue recognized on cash payments	$ 14.2	$ 9.2	$ 25.4	$ 15.1
Customer Receivables
Receivable, Past Due
Generally the threshold for a 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 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

RECEIVABLES - Customer Receivables Credit Quality and Aging Analysis (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended		12 Months Ended
	Apr. 27, 2025	Apr. 28, 2024	Apr. 27, 2025	Apr. 28, 2024	Oct. 27, 2024
Credit Quality and Aging Analysis
Total customer receivables	$ 52,563.2	$ 54,319.2	$ 52,563.2	$ 54,319.2	$ 54,227.6
Write-offs for the Period Ended
Total	92.5	51.1	147.6	86.1
Customer Receivables
Credit Quality and Aging Analysis
2025 and 2024, respectively	6,527.1	7,726.6	6,527.1	7,726.6	15,782.2
2024 and 2023, respectively	12,471.7	12,328.3	12,471.7	12,328.3	9,470.4
2023 and 2022, respectively	7,616.2	7,356.3	7,616.2	7,356.3	5,840.7
2022 and 2021, respectively	4,473.0	4,196.6	4,473.0	4,196.6	3,136.2
2021 and 2020, respectively	2,172.3	1,631.0	2,172.3	1,631.0	1,047.7
Prior years	692.2	594.4	692.2	594.4	297.5
Revolving Charge Accounts	4,044.2	3,791.4	4,044.2	3,791.4	4,538.8
Total customer receivables	37,996.7	37,624.6	37,996.7	37,624.6	40,113.5
Write-offs for the Period Ended
2025 and 2024, respectively			0.5	0.6	12.2
2024 and 2023, respectively			29.7	16.9	62.6
2023 and 2022, respectively			35.4	16.4	46.9
2022 and 2021, respectively			17.6	8.3	20.6
2021 and 2020, respectively			5.1	7.8	14.6
Prior Years			5.4	2.4	5.6
Revolving Charge Accounts			52.4	33.7	93.8
Total			146.1	86.1	256.3
Customer Receivables \| Agriculture and turf
Write-offs for the Period Ended
2025 and 2024, respectively			0.4	0.4	4.0
2024 and 2023, respectively			14.7	6.8	29.2
2023 and 2022, respectively			19.6	7.7	23.5
2022 and 2021, respectively			11.1	3.6	10.3
2021 and 2020, respectively			4.1	5.0	9.9
Prior Years			4.5	1.1	3.1
Revolving Charge Accounts			48.0	29.8	86.0
Total			102.4	54.4	166.0
Customer Receivables \| Agriculture and turf \| 30-59 Days Past Due
Credit Quality and Aging Analysis
2025 and 2024, respectively	24.9	29.4	24.9	29.4	39.5
2024 and 2023, respectively	108.1	89.3	108.1	89.3	93.3
2023 and 2022, respectively	68.5	47.5	68.5	47.5	49.2
2022 and 2021, respectively	39.4	31.7	39.4	31.7	25.2
2021 and 2020, respectively	19.4	13.2	19.4	13.2	10.6
Prior years	8.1	5.2	8.1	5.2	3.6
Revolving Charge Accounts	29.2	26.0	29.2	26.0	39.2
Total customer receivables	297.6	242.3	297.6	242.3	260.6
Customer Receivables \| Agriculture and turf \| 60-89 Days Past Due
Credit Quality and Aging Analysis
2025 and 2024, respectively	10.1	6.2	10.1	6.2	18.4
2024 and 2023, respectively	47.3	39.7	47.3	39.7	43.7
2023 and 2022, respectively	25.6	19.7	25.6	19.7	16.7
2022 and 2021, respectively	14.7	8.3	14.7	8.3	8.8
2021 and 2020, respectively	6.6	5.3	6.6	5.3	7.0
Prior years	3.7	2.5	3.7	2.5	1.9
Revolving Charge Accounts	12.8	11.7	12.8	11.7	12.3
Total customer receivables	120.8	93.4	120.8	93.4	108.8
Customer Receivables \| Agriculture and turf \| 90 Days or Greater Past Due
Credit Quality and Aging Analysis
2025 and 2024, respectively	0.2	0.1	0.2	0.1	0.4
2024 and 2023, respectively	1.2	2.6	1.2	2.6	0.9
2023 and 2022, respectively	1.6	0.7	1.6	0.7	0.3
2022 and 2021, respectively	1.0	2.5	1.0	2.5	2.2
2021 and 2020, respectively	2.7	4.8	2.7	4.8	0.2
Prior years	0.3	0.2	0.3	0.2
Total customer receivables	7.0	10.9	7.0	10.9	4.0
Customer Receivables \| Agriculture and turf \| Current
Credit Quality and Aging Analysis
2025 and 2024, respectively	5,079.0	6,333.8	5,079.0	6,333.8	12,957.7
2024 and 2023, respectively	9,881.9	10,014.8	9,881.9	10,014.8	7,528.9
2023 and 2022, respectively	6,064.9	5,872.1	6,064.9	5,872.1	4,715.5
2022 and 2021, respectively	3,661.6	3,444.6	3,661.6	3,444.6	2,633.1
2021 and 2020, respectively	1,848.0	1,394.3	1,848.0	1,394.3	915.6
Prior years	602.8	484.1	602.8	484.1	232.8
Revolving Charge Accounts	3,799.9	3,569.6	3,799.9	3,569.6	4,351.5
Total customer receivables	30,938.1	31,113.3	30,938.1	31,113.3	33,335.1
Customer Receivables \| Agriculture and turf \| Non-performing
Credit Quality and Aging Analysis
2025 and 2024, respectively	3.4	2.8	3.4	2.8	22.2
2024 and 2023, respectively	96.9	70.0	96.9	70.0	84.9
2023 and 2022, respectively	102.2	71.7	102.2	71.7	69.9
2022 and 2021, respectively	65.7	48.2	65.7	48.2	40.4
2021 and 2020, respectively	35.9	24.3	35.9	24.3	18.4
Prior years	26.3	20.7	26.3	20.7	11.7
Revolving Charge Accounts	84.9	68.6	84.9	68.6	13.9
Total customer receivables	415.3	306.3	415.3	306.3	261.4
Customer Receivables \| Construction and forestry
Write-offs for the Period Ended
2025 and 2024, respectively			0.1	0.2	8.2
2024 and 2023, respectively			15.0	10.1	33.4
2023 and 2022, respectively			15.8	8.7	23.4
2022 and 2021, respectively			6.5	4.7	10.3
2021 and 2020, respectively			1.0	2.8	4.7
Prior Years			0.9	1.3	2.5
Revolving Charge Accounts			4.4	3.9	7.8
Total			43.7	31.7	90.3
Customer Receivables \| Construction and forestry \| 30-59 Days Past Due
Credit Quality and Aging Analysis
2025 and 2024, respectively	21.6	23.0	21.6	23.0	49.4
2024 and 2023, respectively	62.3	51.3	62.3	51.3	41.3
2023 and 2022, respectively	42.9	31.3	42.9	31.3	23.2
2022 and 2021, respectively	18.9	17.2	18.9	17.2	9.8
2021 and 2020, respectively	7.9	7.0	7.9	7.0	2.5
Prior years	2.7	2.9	2.7	2.9	1.5
Revolving Charge Accounts	4.7	4.6	4.7	4.6	4.0
Total customer receivables	161.0	137.3	161.0	137.3	131.7
Customer Receivables \| Construction and forestry \| 60-89 Days Past Due
Credit Quality and Aging Analysis
2025 and 2024, respectively	7.1	7.3	7.1	7.3	20.0
2024 and 2023, respectively	23.6	31.2	23.6	31.2	23.5
2023 and 2022, respectively	14.1	12.2	14.1	12.2	8.2
2022 and 2021, respectively	6.8	9.2	6.8	9.2	5.8
2021 and 2020, respectively	2.4	2.7	2.4	2.7	1.5
Prior years	0.2	1.0	0.2	1.0	0.3
Revolving Charge Accounts	1.6	1.7	1.6	1.7	1.8
Total customer receivables	55.8	65.3	55.8	65.3	61.1
Customer Receivables \| Construction and forestry \| 90 Days or Greater Past Due
Credit Quality and Aging Analysis
2025 and 2024, respectively	0.4	0.3	0.4	0.3	0.4
2024 and 2023, respectively	0.3	0.5	0.3	0.5	0.5
2023 and 2022, respectively	0.6	3.2	0.6	3.2	0.1
2022 and 2021, respectively	0.2	0.4	0.2	0.4	0.2
2021 and 2020, respectively		0.1		0.1	0.2
Prior years	0.2		0.2
Total customer receivables	1.7	4.5	1.7	4.5	1.4
Customer Receivables \| Construction and forestry \| Current
Credit Quality and Aging Analysis
2025 and 2024, respectively	1,375.2	1,319.7	1,375.2	1,319.7	2,636.0
2024 and 2023, respectively	2,171.3	1,946.0	2,171.3	1,946.0	1,564.0
2023 and 2022, respectively	1,209.0	1,222.6	1,209.0	1,222.6	893.1
2022 and 2021, respectively	613.3	591.7	613.3	591.7	380.1
2021 and 2020, respectively	221.8	163.4	221.8	163.4	83.2
Prior years	37.1	70.3	37.1	70.3	41.9
Revolving Charge Accounts	109.6	107.3	109.6	107.3	114.2
Total customer receivables	5,737.3	5,421.0	5,737.3	5,421.0	5,712.5
Customer Receivables \| Construction and forestry \| Non-performing
Credit Quality and Aging Analysis
2025 and 2024, respectively	5.2	4.0	5.2	4.0	38.2
2024 and 2023, respectively	78.8	82.9	78.8	82.9	89.4
2023 and 2022, respectively	86.8	75.3	86.8	75.3	64.5
2022 and 2021, respectively	51.4	42.8	51.4	42.8	30.6
2021 and 2020, respectively	27.6	15.9	27.6	15.9	8.5
Prior years	10.8	7.5	10.8	7.5	3.8
Revolving Charge Accounts	1.5	1.9	1.5	1.9	1.9
Total customer receivables	$ 262.1	$ 230.3	$ 262.1	$ 230.3	$ 236.9

RECEIVABLES - Wholesale Receivables Credit Quality Analysis (Details) - USD ($) $ in Millions	Apr. 27, 2025	Oct. 27, 2024	Apr. 28, 2024
Credit Quality and Aging Analysis
Total wholesale receivables	$ 52,563.2	$ 54,227.6	$ 54,319.2
Wholesale Receivables
Credit Quality and Aging Analysis
Total wholesale receivables	14,566.5	14,114.1	16,694.6
Wholesale Receivables \| Agriculture and turf \| 30-59 Days Past Due
Credit Quality and Aging Analysis
Total wholesale receivables	5.9	4.5	10.5
Wholesale Receivables \| Agriculture and turf \| 60-89 Days Past Due
Credit Quality and Aging Analysis
Total wholesale receivables	1.9	4.2	5.1
Wholesale Receivables \| Agriculture and turf \| 90 Days or Greater Past Due
Credit Quality and Aging Analysis
Total wholesale receivables	7.4	10.2	29.8
Wholesale Receivables \| Agriculture and turf \| Current
Credit Quality and Aging Analysis
Total wholesale receivables	11,207.6	10,439.1	12,394.7
Wholesale Receivables \| Agriculture and turf \| Non-performing
Credit Quality and Aging Analysis
Total wholesale receivables	35.0	35.3	5.8
Wholesale Receivables \| Construction and forestry \| 30-59 Days Past Due
Credit Quality and Aging Analysis
Total wholesale receivables	4.7	8.1	4.2
Wholesale Receivables \| Construction and forestry \| 60-89 Days Past Due
Credit Quality and Aging Analysis
Total wholesale receivables	3.8	5.1	3.8
Wholesale Receivables \| Construction and forestry \| 90 Days or Greater Past Due
Credit Quality and Aging Analysis
Total wholesale receivables	12.1	7.7	11.9
Wholesale Receivables \| Construction and forestry \| Current
Credit Quality and Aging Analysis
Total wholesale receivables	$ 3,288.1	$ 3,599.9	$ 4,228.8

RECEIVABLES - Allowance for Credit Losses (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended		12 Months Ended
	Apr. 27, 2025	Apr. 28, 2024	Apr. 27, 2025	Apr. 28, 2024	Oct. 27, 2024
Receivable, Allowance for Credit Losses
Freestanding credit enhancement recoveries	$ 9.9	$ 5.2	$ 17.8	$ 12.5
Allowance for credit losses:
Beginning of period balance	242.0	139.6	227.5	146.4	$ 146.4
Provision (credit) for credit losses	88.5	77.6	149.1	98.0
Write-offs	(92.5)	(51.1)	(147.6)	(86.1)
Recoveries	11.0	8.4	21.9	17.7
Translation adjustments	2.7	(0.1)	0.8	(1.6)
End of period balance	251.7	174.4	251.7	174.4	227.5
Receivables:
End of period balance	52,563.2	54,319.2	52,563.2	54,319.2	54,227.6
Unfunded Commitments
Allowance for credit losses:
Provision (credit) for credit losses	1.5	1.7	1.3	2.3
Customer Receivables
Allowance for credit losses:
Write-offs			(146.1)	(86.1)	(256.3)
Receivables:
End of period balance	37,996.7	37,624.6	37,996.7	37,624.6	40,113.5
Retail Notes & Financing Leases
Allowance for credit losses:
Beginning of period balance	214.2	115.1	192.4	114.9	114.9
Provision (credit) for credit losses	48.7	54.8	111.0	77.6
Write-offs	(51.3)	(28.1)	(93.7)	(52.4)
Recoveries	3.0	2.4	5.2	4.1
Translation adjustments	0.2		(0.1)
End of period balance	214.8	144.2	214.8	144.2	192.4
Receivables:
End of period balance	33,952.5	33,833.2	33,952.5	33,833.2
Revolving charge accounts
Allowance for credit losses:
Beginning of period balance	5.7	15.3	7.6	20.4	20.4
Provision (credit) for credit losses	38.3	22.8	40.2	20.8
Write-offs	(39.9)	(23.0)	(52.4)	(33.7)
Recoveries	8.0	5.8	16.7	13.4
Translation adjustments	(0.1)		(0.1)
End of period balance	12.0	20.9	12.0	20.9	7.6
Receivables:
End of period balance	4,044.2	3,791.4	4,044.2	3,791.4	4,538.8
Wholesale Receivables
Allowance for credit losses:
Beginning of period balance	22.1	9.2	27.5	11.1	11.1
Provision (credit) for credit losses	1.5		(2.1)	(0.4)
Write-offs	(1.3)		(1.5)
Recoveries		0.2		0.2
Translation adjustments	2.6	(0.1)	1.0	(1.6)
End of period balance	24.9	9.3	24.9	9.3	27.5
Receivables:
End of period balance	$ 14,566.5	$ 16,694.6	$ 14,566.5	$ 16,694.6	$ 14,114.1

RECEIVABLES - Modifications (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Apr. 27, 2025	Apr. 28, 2024	Apr. 27, 2025	Apr. 28, 2024
Modifications
Ending amortized cost of receivables modified during the period	$ 40.9	$ 31.5	$ 63.7	$ 40.8
Modifications (as a percent)	0.08%	0.06%	0.12%	0.08%
Ending amortized cost of receivables modified during the prior 12 months			$ 108.3
Payment Deferrals and Term Extensions
Modifications
Weighted average payment deferral provided to borrowers experiencing financial difficulty			6 months
Weighted average term extensions provided to borrowers experiencing financial difficulty			10 months
Payment Deferrals
Modifications
Weighted average payment deferral provided to borrowers experiencing financial difficulty			8 months
Term Extensions
Modifications
Weighted average term extensions provided to borrowers experiencing financial difficulty			11 months
30-59 Days Past Due
Modifications
Ending amortized cost of receivables modified during the period				$ 2.8
Ending amortized cost of receivables modified during the prior 12 months			$ 4.3
60-89 Days Past Due
Modifications
Ending amortized cost of receivables modified during the period				0.2
Ending amortized cost of receivables modified during the prior 12 months			2.5
90 Days or Greater Past Due
Modifications
Ending amortized cost of receivables modified during the period				0.3
Ending amortized cost of receivables modified during the prior 12 months			1.1
Current
Modifications
Ending amortized cost of receivables modified during the period				35.4
Ending amortized cost of receivables modified during the prior 12 months			86.8
Non-performing
Modifications
Ending amortized cost of receivables modified during the period				$ 2.1
Ending amortized cost of receivables modified during the prior 12 months			$ 13.6

SECURITIZATION OF RECEIVABLES (Details) - USD ($) $ in Millions	May 25, 2025	Apr. 27, 2025	Oct. 27, 2024	Apr. 28, 2024
Securitization of Receivables
Total receivables		$ 52,563.2	$ 54,227.6	$ 54,319.2
Other assets		439.5	471.5	399.2
Securitization borrowings		7,561.1	8,429.3	6,976.1
Accrued interest on borrowings - securitization transactions		11.8	13.9	11.8
Total liabilities related to restricted securitized assets		7,572.9	8,443.2	6,987.9
Restricted cash		$ 166.6		$ 134.0
Balance sheet location of restricted cash		Other assets		Other assets
Securitized
Securitization of Receivables
Other assets		$ 183.4	186.5	$ 164.0
Total Assets		7,946.9	8,907.9	7,425.7
Restricted cash		$ 166.2	$ 164.8	$ 133.7
Balance sheet location of restricted cash		Other assets	Other assets	Other assets
Retail notes \| Securitized
Securitization of Receivables
Total receivables		$ 7,810.1	$ 8,768.4	$ 7,289.1
Location of liability for pledged asset		Securitization borrowings	Securitization borrowings	Securitization borrowings
Allowance for credit losses		$ (46.6)	$ (47.0)	$ (27.4)
Subsequent Events \| Short-term Securitization Borrowings
Securitization of Receivables
Securitization borrowings	$ 368.6

LEASES - Lease Revenues (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
LEASES - Lease Revenues (Details) - USD ($) $ in Millions	Apr. 27, 2025	Apr. 28, 2024	Apr. 27, 2025	Apr. 28, 2024
Lessor
Sales-type and direct finance lease revenues	$ 27.8	$ 26.3	$ 56.0	$ 53.3
Operating lease revenues	256.8	235.7	510.9	469.9
Variable lease revenues	4.8	4.1	8.9	8.1
Total lease revenues	289.4	266.1	575.8	531.3
Excess use and damage fees	$ 1.0	$ 0.7	$ 1.6	$ 1.1

LEASES - Cost of Equipment on Operating Leases (Details) - USD ($) $ in Millions	Apr. 27, 2025	Oct. 27, 2024	Apr. 28, 2024
Cost of Equipment on Operating Leases
Equipment on operating leases - gross	$ 6,711.3	$ 6,728.7	$ 6,334.0
Accumulated depreciation	(1,358.3)	(1,301.0)	(1,266.6)
Equipment on operating leases - net	5,353.0	5,427.7	5,067.4
Operating lease residual value	3,785.4	3,786.2	3,564.5
Operating lease residual value guarantees	714.9	698.7	617.0
Matured operating lease inventory	21.4	26.6	19.9
Agriculture and turf equipment
Cost of Equipment on Operating Leases
Equipment on operating leases - gross	5,792.3	5,765.0	5,336.2
Construction and forestry
Cost of Equipment on Operating Leases
Equipment on operating leases - gross	$ 919.0	$ 963.7	$ 997.8

NOTES RECEIVABLE FROM AND PAYABLE TO JOHN DEERE AND RELATED PARTIES (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Apr. 27, 2025	Apr. 28, 2024	Apr. 27, 2025	Apr. 28, 2024	Oct. 27, 2024
Notes Receivable from and Payable to John Deere
Interest expense	$ 613.3	$ 605.8	$ 1,250.6	$ 1,177.2
Related Party
Notes Receivable from and Payable to John Deere
Interest earned	$ 10.5	$ 11.3	$ 20.6	$ 22.8
Interest Income, Operating, Related Party [Extensible Enumeration]	jdcc:BancoJohnDeereSaMember, John Deere	jdcc:BancoJohnDeereSaMember, John Deere	jdcc:BancoJohnDeereSaMember, John Deere	jdcc:BancoJohnDeereSaMember, John Deere
Notes payable to John Deere	$ 2,210.5	$ 3,694.0	$ 2,210.5	$ 3,694.0	$ 2,681.5
Long-term intercompany loans	0.0	536.5	0.0	536.5	0.0
Interest expense	$ 20.9	$ 41.5	$ 30.8	$ 85.3
Interest Expense, Related Party, Name [Extensible Enumeration]	John Deere	John Deere	John Deere	John Deere
Related Party \| Unconsolidated Affiliates of Parent Company
Notes Receivable from and Payable to John Deere
Notes receivable	$ 551.3		$ 551.3
Maximum remaining term for related party receivable			7 years
Related Party \| John Deere
Notes Receivable from and Payable to John Deere
Notes receivable		$ 631.7		$ 631.7	$ 576.3

LONG-TERM EXTERNAL BORROWINGS (Details) - USD ($) $ in Millions	Apr. 27, 2025	Oct. 27, 2024	Apr. 28, 2024
Long-Term Borrowings
Less debt issuance costs and debt discounts	$ (96.9)	$ (110.5)	$ (90.9)
Total	31,319.9	33,725.4	30,166.2
Medium-term notes
Long-Term Borrowings
Long-term borrowings, gross	31,416.7	33,835.8	30,256.9
Principal amount	31,713.4	34,398.2	31,366.3
Finance lease obligations
Long-Term Borrowings
Long-term borrowings, gross	$ 0.1	$ 0.1	$ 0.2

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 835
-SubTopic 30
-Name Accounting Standards Codification
-Section 55
-Paragraph 8
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482949/835-30-55-8

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 235
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+ Details

- Definition

Amount of unamortized debt discount (premium) and debt issuance costs.

+ References + Details

COMMITMENTS AND CONTINGENCIES - Guarantees (Details) - John Deere Financial Inc. - Guarantees of debt and derivatives $ in Millions	6 Months Ended
	Apr. 27, 2025 USD ($)
Medium-term notes
Guarantee Obligations
Guarantee obligations maximum exposure	$ 2,960.2
Weighted average interest rate (as a percent)	3.80%
Maximum remaining maturity	4 years
Commercial paper
Guarantee Obligations
Guarantee obligations maximum exposure	$ 3,253.5
Derivative Instruments
Guarantee Obligations
Guarantee obligations maximum exposure	7,556.6
Notional amount	$ 153.8

COMMITMENTS AND CONTINGENCIES - Commitments (Details) $ in Millions	Apr. 27, 2025 USD ($)
Unfunded Commitments
Commitments
Reserve for credit losses on unfunded commitments	$ 5.6
Wholesale Receivables
Commitments
Unused commitments	10,649.9
Customer Receivables
Commitments
Unused commitments	$ 33,700.6

FAIR VALUE MEASUREMENTS - Financial Instruments (Details) - USD ($) $ in Millions	Apr. 27, 2025	Oct. 27, 2024	Apr. 28, 2024
Fair Values of Financial Instruments
Receivables financed - net	$ 52,311.5	$ 54,000.1	$ 54,144.8
Securitization borrowings	7,561.1	8,429.3	6,976.1
Current maturities of long-term external borrowings	8,309.1	7,628.9	7,247.1
Long-term external borrowings	31,319.9	33,725.4	30,166.2
Related Party \| Unconsolidated Affiliates of Parent Company
Fair Values of Financial Instruments
Notes receivable	551.3
Level 3 \| Related Party \| Unconsolidated Affiliates of Parent Company
Fair Values of Financial Instruments
Notes receivable	557.1
Level 3 \| Unrestricted
Fair Values of Financial Instruments
Receivables financed - net	44,603.6	45,291.5	46,466.0
Level 3 \| Securitized
Fair Values of Financial Instruments
Receivables financed - net	$ 7,708.4	$ 8,651.8	$ 7,062.5
Location of liability for pledged asset	Securitization borrowings	Securitization borrowings	Securitization borrowings
Level 2
Fair Values of Financial Instruments
Securitization borrowings	$ 7,587.4	$ 8,451.1	$ 6,934.7
Current maturities of long-term external borrowings	8,251.3	7,600.4	7,150.3
Long-term external borrowings	31,495.3	33,904.9	30,127.5
Carrying Value
Fair Values of Financial Instruments
Securitization borrowings	7,561.1	8,429.3	6,976.1
Current maturities of long-term external borrowings	8,309.1	7,628.9	7,247.1
Long-term external borrowings	31,319.9	33,725.4	30,166.2
Carrying Value \| Related Party \| Unconsolidated Affiliates of Parent Company
Fair Values of Financial Instruments
Notes receivable	551.3
Carrying Value \| Unrestricted
Fair Values of Financial Instruments
Receivables financed - net	44,548.0	45,278.7	46,883.1
Carrying Value \| Securitized
Fair Values of Financial Instruments
Receivables financed - net	$ 7,763.5	$ 8,721.4	$ 7,261.7
Location of liability for pledged asset	Securitization borrowings	Securitization borrowings	Securitization borrowings

FAIR VALUE MEASUREMENTS - Assets and Liabilities - Recurring (Details) - USD ($) $ in Millions	Apr. 27, 2025	Oct. 27, 2024	Apr. 28, 2024
Assets and Liabilities Measured at Fair Value on Recurring and Nonrecurring Basis
Marketable securities	$ 4.6	$ 3.8	$ 3.4
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	315.8	223.8	124.2
Total liabilities	447.8	490.0	897.5
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	$ 4.6	$ 3.8	$ 3.4
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	$ 310.1	$ 192.3	$ 114.3
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	1.1	27.7	6.5
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	427.2	489.2	893.8
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	$ 20.6	$ 0.8	$ 3.7

FAIR VALUE MEASUREMENTS - Contractual Maturities of Debt Securities (Details) $ in Millions	Apr. 27, 2025 USD ($)
Contractual Maturities of Debt Securities, Amortized Cost
Maturity period of debt securities	6 years
Amortized cost basis	$ 5.4
Contractual Maturities of Debt Securities, Fair Value
Fair value	$ 4.6

DERIVATIVE INSTRUMENTS - Fair Values (Details) - USD ($) $ in Millions	Apr. 27, 2025	Oct. 27, 2024	Apr. 28, 2024
Designated as Hedging Instruments \| Cash flow hedges \| Interest Rate Contracts
Fair Values of Derivative Instruments
Notional amounts	$ 2,975.0	$ 2,875.0	$ 2,700.0
Derivative assets		2.9	33.7
Derivative liabilities	28.7	20.0	0.4
Designated as Hedging Instruments \| Fair Value Hedges \| Interest Rate Contracts
Fair Values of Derivative Instruments
Notional amounts	13,066.9	15,033.9	12,822.2
Derivative assets	158.6	107.8	7.6
Derivative liabilities	359.6	445.2	842.3
Designated as Hedging Instruments \| Fair Value Hedges \| Cross-currency interest rate contracts
Fair Values of Derivative Instruments
Notional amounts	974.5	974.5
Derivative assets	103.4	30.4
Not Designated as Hedging Instruments \| Interest Rate Contracts
Fair Values of Derivative Instruments
Notional amounts	7,507.0	5,907.0	6,421.3
Derivative assets	33.0	25.9	46.9
Derivative liabilities	29.6	15.0	15.0
Not Designated as Hedging Instruments \| Foreign currency exchange contracts
Fair Values of Derivative Instruments
Notional amounts	1,381.6	1,707.8	1,587.9
Derivative assets	1.1	27.7	6.5
Derivative liabilities	20.6	0.8	3.7
Not Designated as Hedging Instruments \| Cross-currency interest rate contracts
Fair Values of Derivative Instruments
Notional amounts	140.6	157.8	211.2
Derivative assets	8.2	16.5	1.0
Derivative liabilities	2.4	0.2	11.0
Not Designated as Hedging Instruments \| Interest rate caps \| Sold
Fair Values of Derivative Instruments
Notional amounts	1,718.9	1,469.1	1,458.7
Derivative liabilities	6.9	8.8	25.1
Not Designated as Hedging Instruments \| Interest rate caps \| Purchased
Fair Values of Derivative Instruments
Notional amounts	1,718.9	1,469.1	1,458.7
Derivative assets	$ 6.9	$ 8.8	$ 25.1

DERIVATIVE INSTRUMENTS - Cash Flow Hedges (Details) $ in Millions	6 Months Ended
	Apr. 27, 2025 USD ($)
Cash Flow Hedges
Cash flow hedge gain (loss) recorded in OCI to be reclassified within twelve months	$ (20.9)
Gains or losses reclassified from OCI to earnings	$ 0.0

DERIVATIVE INSTRUMENTS - Fair Value Hedges (Details) - Interest Rate Contracts - USD ($) $ in Millions	Apr. 27, 2025	Oct. 27, 2024	Apr. 28, 2024
Active Hedging Relationships
Carrying amount of hedged item	$ 13,875.0	$ 15,596.8	$ 11,919.8
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	$ 1,212.5	$ 1,781.8	$ 2,565.0
Cumulative fair value hedging amount - discontinued	(11.9)	7.3	16.0
Long-term External Borrowings
Derivative instruments
Carrying amount of the hedged item and formerly hedged item	398.8	597.9	597.7
Active Hedging Relationships
Cumulative fair value of hedging amount	(155.3)	(335.1)	(845.2)
Discontinued Hedging Relationships
Carrying amount of formerly hedged item	10,533.0	8,625.8	7,615.5
Cumulative fair value hedging amount - discontinued	$ (141.4)	$ (227.3)	$ (264.2)

DERIVATIVE INSTRUMENTS - Gains (Losses) on Statement of Consolidated Income (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Apr. 27, 2025	Apr. 28, 2024	Apr. 27, 2025	Apr. 28, 2024
Classification and gains (losses) including accrued interest expense related to derivative instruments
Not designated as hedges, gains (losses)	$ (47.1)	$ 21.3	$ 58.5	$ (87.6)
Related Party \| John Deere
Classification and gains (losses) including accrued interest expense related to derivative instruments
Gain (loss) on derivative transactions with affiliate party	$ 414.8	$ (416.8)	$ 77.5	$ (85.4)
Location of gain (loss) on derivative transactions with affiliate party	Interest expense, Administrative and operating expenses	Interest expense, Administrative and operating expenses	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	$ (10.5)	$ 26.4	$ (3.7)	$ 18.6
Interest Rate Contracts (Swaps) \| Interest expense
Classification and gains (losses) including accrued interest expense related to derivative instruments
Fair value hedges, gains (losses)	431.7	(439.5)	86.6	(103.8)
Cash flow hedges, reclassified from OCI	1.0	16.9	10.2	28.8
Not designated as hedges, gains (losses)	(12.8)	5.6	(16.6)	(0.1)
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)	$ (34.3)	$ 15.7	$ 75.1	$ (87.5)

DERIVATIVE INSTRUMENTS - Counterparty Risk and Collateral (Details) - USD ($) $ in Millions	Apr. 27, 2025	Oct. 27, 2024	Apr. 28, 2024
External
Derivative assets
Gross Amounts Recognized	$ 1.1	$ 27.7	$ 6.5
Netting Arrangements	(0.5)	(0.1)	(0.9)
Net Amount	0.6	27.6	5.6
Derivative liabilities
Gross Amounts Recognized	20.6	0.8	3.7
Netting Arrangements	(0.5)	(0.1)	(0.9)
Net Amount	20.1	0.7	2.8
John Deere \| Related Party
Derivative assets
Gross Amounts Recognized	310.1	192.3	114.3
Netting Arrangements	(245.4)	(151.2)	(62.6)
Net Amount	64.7	41.1	51.7
Derivative liabilities
Gross Amounts Recognized	427.2	489.2	893.8
Netting Arrangements	(245.4)	(151.2)	(62.6)
Net Amount	181.8	338.0	831.2
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

SUBSEQUENT EVENTS - Securitization Borrowings (Details) - USD ($) $ in Millions	May 25, 2025	Apr. 27, 2025	Oct. 27, 2024	Apr. 28, 2024
Subsequent Events
Securitization borrowings		$ 7,561.1	$ 8,429.3	$ 6,976.1
Subsequent Events \| Short-term Securitization Borrowings
Subsequent Events
Securitization borrowings	$ 368.6

SUBSEQUENT EVENTS - Dividends (Details) - USD ($) $ in Millions	1 Months Ended	3 Months Ended	6 Months Ended
	May 27, 2025	Apr. 27, 2025	Apr. 27, 2025	Apr. 28, 2024
Subsequent Events
Dividends		$ 630.0	$ 765.0	$ 215.0
Subsequent Events \| Second Quarter 2025 Dividend
Subsequent Events
Dividend declared date	May 27, 2025
Dividends	$ 70.0
Dividend payable date	Jun. 12, 2025
Subsequent Events \| Second Quarter 2025 Dividend \| John Deere Financial Services, Inc.
Subsequent Events
Dividend from JDFS paid to Deere & Co.	$ 70.0