Document and Entity Information - shares	9 Months Ended
Document and Entity Information - shares	Jul. 28, 2024	Aug. 29, 2024
Document and Entity Information
Document Type	10-Q
Document Quarterly Report	true
Document Transition Report	false
Document Period End Date	Jul. 28, 2024
Entity File Number	1-6458
Entity Registrant Name	DEERE JOHN CAPITAL CORP
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	36-2386361
Entity Address, Address Line One	P.O. Box 5328
Entity Address, City or Town	Madison
Entity Address, State or Province	WI
Entity Address, Postal Zip Code	53705-0328
City Area Code	800
Local Phone Number	438-7394
Title of 12(b) Security	2.00% Senior Notes Due 2031
Trading Symbol	JDCC 31
Security Exchange Name	NYSE
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		2,500
Current Fiscal Year End Date	--10-27
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q3
Entity Central Index Key	0000027673
Amendment Flag	false

Statements of Consolidated Income - USD ($) $ in Millions	3 Months Ended		9 Months Ended
Statements of Consolidated Income - USD ($) $ in Millions	Jul. 28, 2024	Jul. 30, 2023	Jul. 28, 2024	Jul. 30, 2023
Revenues
Finance income earned on retail notes	$ 484.2	$ 387.4	$ 1,400.3	$ 1,069.5
Lease revenues	280.1	250.1	810.3	733.2
Revolving charge account income	129.0	114.9	351.7	289.7
Finance income earned on wholesale receivables	324.1	255.3	904.9	610.8
Other income	66.9	49.9	177.1	120.2
Total revenues	1,284.3	1,057.6	3,644.3	2,823.4
Expenses
Interest expense	640.0	445.3	1,817.2	1,121.6
Operating expenses:
Depreciation of equipment on operating leases	173.0	165.8	506.9	491.4
Administrative and operating expenses	133.9	142.6	398.4	419.3
Provision for credit losses	122.4	22.4	222.7	52.6
Total operating expenses	490.4	398.7	1,301.6	1,146.9
Total expenses	1,130.4	844.0	3,118.8	2,268.5
Income of Consolidated Group before Income Taxes	153.9	213.6	525.5	554.9
Provision for income taxes	31.9	56.5	105.7	132.3
Income of Consolidated Group	122.0	157.1	419.8	422.6
Equity in income of unconsolidated affiliate	0.7	0.5	3.5	2.3
Net Income	122.7	157.6	423.3	424.9
Less: Net income (loss) attributable to noncontrolling interests	0.1	(0.1)	(0.3)	(0.4)
Net Income Attributable to the Company	122.6	157.7	423.6	425.3
Related Party
Expenses
Interest expense	47.8	60.1	133.1	145.8
Operating expenses:
Fees and interest paid to John Deere	$ 61.1	$ 67.9	$ 173.6	$ 183.6

Statements of Consolidated Comprehensive Income - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Jul. 28, 2024	Jul. 30, 2023	Jul. 28, 2024	Jul. 30, 2023
Statements of Consolidated Comprehensive Income
Net Income	$ 122.7	$ 157.6	$ 423.3	$ 424.9
Other Comprehensive Income (Loss), Net of Income Taxes
Cumulative translation adjustment	5.7	4.0	23.3	69.2
Unrealized gain (loss) on derivatives	(29.4)	4.3	(37.5)	(28.7)
Unrealized gain (loss) on debt securities	(0.3)	0.3	0.9	0.3
Other Comprehensive Income (Loss), Net of Income Taxes	(24.0)	8.6	(13.3)	40.8
Comprehensive Income of Consolidated Group	98.7	166.2	410.0	465.7
Less: Comprehensive income (loss) attributable to noncontrolling interests	0.1	(0.1)	(0.3)	(0.4)
Comprehensive Income Attributable to the Company	$ 98.6	$ 166.3	$ 410.3	$ 466.1

Consolidated Balance Sheets - USD ($) $ in Millions	Jul. 28, 2024	Oct. 29, 2023	Jul. 30, 2023
Assets
Cash and cash equivalents	$ 1,525.5	$ 1,487.5	$ 1,499.4
Marketable securities	2.8	1.4	1.8
Receivables:
Total receivables	55,865.7	51,344.2	50,198.9
Allowance for credit losses	(219.9)	(146.4)	(128.8)
Total receivables - net	55,645.8	51,197.8	50,070.1
Equipment on operating leases - net	5,199.4	5,051.5	4,837.5
Investment in unconsolidated affiliate	31.6	27.6	27.0
Deferred income taxes	23.5	24.6	25.3
Other assets	460.2	367.5	363.0
Total Assets	63,865.2	59,115.0	57,766.6
Liabilities:
Commercial paper and other notes payable	3,213.6	6,836.1	6,437.3
Securitization borrowings	7,867.8	6,995.2	6,608.4
Current maturities of long-term external borrowings	7,632.9	6,059.9	5,091.2
Total short-term external borrowings	18,714.3	19,891.2	18,136.9
Deposits held from dealers and merchants	127.0	138.4	132.9
Deferred income taxes	396.0	456.3	164.5
Long-term external borrowings	33,220.9	27,439.3	27,408.0
Total liabilities	57,767.5	53,212.4	51,805.4
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	3,921.8	3,713.2	3,731.2
Accumulated other comprehensive loss	(117.7)	(104.4)	(63.9)
Total Company stockholder's equity	6,096.9	5,901.6	5,960.1
Noncontrolling interests	0.8	1.0	1.1
Total stockholder's equity	6,097.7	5,902.6	5,961.2
Total Liabilities and Stockholder's Equity	63,865.2	59,115.0	57,766.6
Nonrelated Party
Receivables:
Other receivables	179.2	162.0	124.9
Liabilities:
Accounts payable and accrued expenses	1,202.4	1,128.3	1,080.5
Related Party
Receivables:
Other receivables	204.9	144.4	169.5
Notes receivable from John Deere	592.3	650.7	648.1
Liabilities:
Notes payable to John Deere	3,608.2	3,184.0	4,139.2
Accounts payable and accrued expenses	498.7	974.9	743.4
Securitized
Receivables:
Other assets	178.3	152.0	152.8
Retail notes \| Unrestricted
Receivables:
Total receivables	24,701.8	24,641.1	23,424.1
Retail notes \| Securitized
Receivables:
Total receivables	$ 8,311.6	$ 7,356.8	$ 7,018.7
Location of liability for pledged asset	Securitization borrowings	Securitization borrowings	Securitization borrowings
Revolving charge accounts
Receivables:
Total receivables	$ 4,471.2	$ 4,594.4	$ 4,437.5
Allowance for credit losses	(7.8)	(20.4)	(17.5)
Wholesale Receivables
Receivables:
Total receivables	16,868.8	13,330.1	14,027.6
Allowance for credit losses	(29.3)	(11.1)	(11.9)
Financing Leases
Receivables:
Total receivables	$ 1,512.3	$ 1,421.8	$ 1,291.0

Consolidated Balance Sheets (Parenthetical) - shares	Jul. 28, 2024	Oct. 29, 2023	Jul. 30, 2023
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	9 Months Ended
	Jul. 28, 2024	Jul. 30, 2023
Cash Flows from Operating Activities:
Net Income	$ 423.3	$ 424.9
Adjustments to reconcile net income to net cash provided by operating activities:
Provision for credit losses	222.7	52.6
Provision for depreciation and amortization	523.7	509.5
Credit for deferred income taxes	(49.8)	(36.3)
Change in accounts payable and accrued expenses	81.1	125.2
Change in accrued income taxes payable/receivable	46.9	8.3
Other	(10.0)	(185.0)
Net cash provided by operating activities	1,237.9	899.2
Cash Flows from Investing Activities:
Cost of receivables acquired (excluding wholesale)	(19,110.2)	(18,685.5)
Collections of receivables (excluding wholesale)	17,836.2	16,433.8
Increase in wholesale receivables - net	(3,437.4)	(5,375.6)
Cost of equipment on operating leases acquired	(1,665.5)	(1,564.3)
Proceeds from sales of equipment on operating leases	1,019.0	1,109.6
Cost of notes receivable acquired from John Deere	(79.1)	(358.7)
Collections of notes receivable from John Deere	137.9	87.2
Other	(7.3)	(12.4)
Net cash used for investing activities	(5,306.4)	(8,365.9)
Cash Flows from Financing Activities:
Increase (decrease) in commercial paper and other notes payable - net (original maturities of three months or less)	(2,011.6)	3,988.1
Increase in securitization borrowings - net	873.2	897.4
Increase (decrease) in short-term borrowings with John Deere - net	405.7	(1,205.0)
Proceeds from external borrowings issued (original maturities greater than three months)	13,864.2	8,794.2
Payments of external borrowings (original maturities greater than three months)	(8,736.4)	(4,935.1)
Dividends paid	(215.0)
Capital investments from John Deere	0.1	810.0
Debt issuance costs	(46.3)	(38.0)
Net cash provided by financing activities	4,133.9	8,311.6
Effect of Exchange Rate Changes on Cash, Cash Equivalents, and Restricted Cash	(1.0)	13.4
Net Increase in Cash, Cash Equivalents, and Restricted Cash	64.4	858.3
Cash, Cash Equivalents, and Restricted Cash at Beginning of Period	1,612.9	766.1
Cash, Cash Equivalents, and Restricted Cash at End of Period	1,677.3	1,624.4
Components of Cash, Cash Equivalents, and Restricted Cash:
Cash and cash equivalents	1,525.5	1,499.4
Restricted cash	$ 151.8	$ 125.0
Balance sheet location of restricted cash	Other assets	Other assets
Total Cash, Cash Equivalents, and Restricted Cash	$ 1,677.3	$ 1,624.4

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. 30, 2022	$ 1,482.8	$ 3,305.9	$ (104.7)	$ 1.5	$ 4,685.5
Increase (Decrease) in Stockholder's Equity
Net income (loss)		425.3		(0.4)	424.9
Other comprehensive income (loss)			40.8		40.8
Capital investments	810.0				810.0
Balance at Jul. 30, 2023	2,292.8	3,731.2	(63.9)	1.1	5,961.2
Balance at Apr. 30, 2023	2,292.8	3,573.5	(72.5)	1.2	5,795.0
Increase (Decrease) in Stockholder's Equity
Net income (loss)		157.7		(0.1)	157.6
Other comprehensive income (loss)			8.6		8.6
Balance at Jul. 30, 2023	2,292.8	3,731.2	(63.9)	1.1	5,961.2
Balance at Oct. 29, 2023	2,292.8	3,713.2	(104.4)	1.0	5,902.6
Increase (Decrease) in Stockholder's Equity
Net income (loss)		423.6		(0.3)	423.3
Other comprehensive income (loss)			(13.3)		(13.3)
Dividends declared		(215.0)			(215.0)
Capital investments				0.1	0.1
Balance at Jul. 28, 2024	2,292.8	3,921.8	(117.7)	0.8	6,097.7
Balance at Apr. 28, 2024	2,292.8	3,799.2	(93.7)	0.7	5,999.0
Increase (Decrease) in Stockholder's Equity
Net income (loss)		122.6		0.1	122.7
Other comprehensive income (loss)			(24.0)		(24.0)
Balance at Jul. 28, 2024	$ 2,292.8	$ 3,921.8	$ (117.7)	$ 0.8	$ 6,097.7

- 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

9 Months Ended

Jul. 28, 2024

ORGANIZATION AND CONSOLIDATION

ORGANIZATION AND CONSOLIDATION

(1) ORGANIZATION AND CONSOLIDATION

References to John Deere Capital Corporation (Capital Corporation), “the Company,” “we,” “us,” or “our” include our consolidated subsidiaries. John Deere Financial Services, Inc., a wholly-owned 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 goods associated with those Receivables or with the use of other collateral.

We use a 52/53 week fiscal year with quarters ending on the last Sunday in the reporting period. The third quarter ends for fiscal years 2024 and 2023 were July 28, 2024 and July 30, 2023, respectively. Both third quarters contained 13 weeks, while both year-to-date periods contained 39 weeks. Unless otherwise stated, references to particular years, quarters, or months refer to our fiscal years generally ending in October and the associated periods in those fiscal years.

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

Presentation of Amounts

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

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES AND NEW ACCOUNTING PRONOUNCEMENTS

9 Months Ended

Jul. 28, 2024

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

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

Accounting Pronouncements Adopted

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

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

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

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

with Customers

Accounting Pronouncements to be Adopted

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

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


2023-07 — Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures
2023-06 — Disclosure Improvements: Codification Amendments in Response to the SEC’s Disclosure Update and Simplification Initiative
2023-05 — Business Combinations—Joint Venture Formations (Subtopic 805-60): Recognition and Initial Measurement

OTHER COMPREHENSIVE INCOME ITEMS

9 Months Ended

Jul. 28, 2024

OTHER COMPREHENSIVE INCOME ITEMS

OTHER COMPREHENSIVE INCOME ITEMS

(3) OTHER COMPREHENSIVE INCOME ITEMS

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


	July 28		October 29		July 30
	2024		2023		2023
Cumulative translation adjustment	$	(113.5)	$	(136.8)	$	(99.8)
Unrealized gain (loss) on derivatives		(2.7)		34.8		38.1
Unrealized loss on debt securities		(1.5)		(2.4)		(2.2)
Total accumulated other comprehensive income (loss)	$	(117.7)	$	(104.4)	$	(63.9)

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 July 28, 2024
Cumulative translation adjustment	$	5.7			$	5.7
Unrealized gain (loss) on derivatives:
Unrealized hedging gain (loss)		(14.8)	$	3.2		(11.6)
Reclassification of realized (gain) loss to:
Interest rate contracts – Interest expense		(22.5)		4.7		(17.8)
Net unrealized gain (loss) on derivatives		(37.3)		7.9		(29.4)
Unrealized gain (loss) on debt securities:
Unrealized holding gain (loss)		(.4)		.1		(.3)
Total other comprehensive income (loss)	$	(32.0)	$	8.0	$	(24.0)

Nine Months Ended July 28, 2024
Cumulative translation adjustment	$	23.3			$	23.3
Unrealized gain (loss) on derivatives:
Unrealized hedging gain (loss)		3.8	$	(.8)		3.0
Reclassification of realized (gain) loss to:
Interest rate contracts – Interest expense		(51.3)		10.8		(40.5)
Net unrealized gain (loss) on derivatives		(47.5)		10.0		(37.5)
Unrealized gain (loss) on debt securities:
Unrealized holding gain (loss)		1.4		(.5)		.9
Total other comprehensive income (loss)	$	(22.8)	$	9.5	$	(13.3)

Three Months Ended July 30, 2023
Cumulative translation adjustment	$	4.0			$	4.0
Unrealized gain (loss) on derivatives:
Unrealized hedging gain (loss)		23.8	$	(5.0)		18.8
Reclassification of realized (gain) loss to:
Interest rate contracts – Interest expense		(18.3)		3.8		(14.5)
Net unrealized gain (loss) on derivatives		5.5		(1.2)		4.3
Unrealized gain (loss) on debt securities:
Unrealized holding gain (loss)		.5		(.2)		.3
Total other comprehensive income (loss)	$	10.0	$	(1.4)	$	8.6

Nine Months Ended July 30, 2023
Cumulative translation adjustment	$	69.2			$	69.2
Unrealized gain (loss) on derivatives:
Unrealized hedging gain (loss)		18.2	$	(3.8)		14.4
Reclassification of realized (gain) loss to:
Interest rate contracts – Interest expense		(54.5)		11.4		(43.1)
Net unrealized gain (loss) on derivatives		(36.3)		7.6		(28.7)
Unrealized gain (loss) on debt securities:
Unrealized holding gain (loss)		.5		(.2)		.3
Total other comprehensive income (loss)	$	33.4	$	7.4	$	40.8

RECEIVABLES

9 Months Ended

Jul. 28, 2024

RECEIVABLES

RECEIVABLES

(4) RECEIVABLES

Credit Quality

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

●

Past due balances represent Receivables still accruing finance income with any payments 30 days or more past the contractual payment due date.

●

Non-performing Receivables represent Receivables for which we have stopped accruing finance income, which generally occurs when Customer Receivables are 90 days delinquent and when interest-bearing wholesale receivables become 60 days delinquent. Accrued finance income and lease revenue previously recognized on non-performing Receivables is reversed and subsequently recognized on a cash basis. Accrual of finance income and lease revenue is resumed when the receivable becomes contractually current and collections are reasonably assured.

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


	Three Months Ended				Nine Months Ended
	July 28		July 30		July 28		July 30
	2024		2023		2024		2023
Accrued finance income and lease revenue reversed	$	9.5	$	4.5	$	28.3	$	12.4
Finance income and lease revenue recognized on cash payments		10.5		5.6		25.6		13.3

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

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


	July 28, 2024
	2024		2023		2022		2021		2020		Prior Years		Revolving Charge Accounts		Total
Customer Receivables:
Agriculture and turf
Current	$	9,434.5	$	8,820.5	$	5,301.9	$	3,050.5	$	1,176.3	$	359.4	$	4,300.0	$	32,443.1
30-59 days past due		33.8		77.6		49.1		24.0		9.2		3.6		29.3		226.6
60-89 days past due		13.6		59.4		21.8		10.1		4.0		2.1		9.4		120.4
90+ days past due				1.2		.4		2.6		4.7		.2				9.1
Non-performing		11.8		95.0		77.4		50.3		21.6		15.4		14.5		286.0
Construction and forestry
Current		1,912.3		1,750.4		1,047.4		482.9		120.0		54.3		111.5		5,478.8
30-59 days past due		37.0		53.0		29.2		13.2		4.2		1.0		3.6		141.2
60-89 days past due		10.8		21.0		12.6		7.9		1.6		1.1		1.3		56.3
90+ days past due		.8		1.3		.9		.4		.3		.1				3.8
Non-performing		19.3		89.6		68.3		35.8		12.1		4.9		1.6		231.6
Total	$	11,473.9	$	10,969.0	$	6,609.0	$	3,677.7	$	1,354.0	$	442.1	$	4,471.2	$	38,996.9


	October 29, 2023
	2023		2022		2021		2020		2019		Prior Years		Revolving Charge Accounts		Total
Customer Receivables:
Agriculture and turf
Current	$	12,998.3	$	7,208.2	$	4,459.1	$	1,970.4	$	666.3	$	179.3	$	4,424.8	$	31,906.4
30-59 days past due		46.8		66.6		34.6		18.7		8.2		2.9		28.1		205.9
60-89 days past due		15.8		22.0		14.8		7.8		3.3		1.3		8.6		73.6
90+ days past due		1.4		.8		2.7		2.9		.1		.1				8.0
Non-performing		25.9		63.7		44.5		25.0		12.9		12.0		7.2		191.2
Construction and forestry
Current		2,343.4		1,586.2		859.0		279.2		65.3		27.3		118.6		5,279.0
30-59 days past due		44.4		28.1		24.8		8.6		3.4		.4		4.1		113.8
60-89 days past due		17.8		11.4		11.8		4.5		1.0		.2		1.8		48.5
90+ days past due		.1		1.2		.1		.1								1.5
Non-performing		34.1		67.5		51.2		20.7		7.5		4.0		1.2		186.2
Total	$	15,528.0	$	9,055.7	$	5,502.6	$	2,337.9	$	768.0	$	227.5	$	4,594.4	$	38,014.1


	July 30, 2023
	2023		2022		2021		2020		2019		Prior Years		Revolving Charge Accounts		Total
Customer Receivables:
Agriculture and turf
Current	$	9,040.7	$	8,355.6	$	5,064.2	$	2,361.3	$	858.2	$	282.6	$	4,284.0	$	30,246.6
30-59 days past due		52.9		73.3		43.5		20.4		10.2		3.4		19.4		223.1
60-89 days past due		17.2		25.6		13.2		7.5		3.9		1.1		5.6		74.1
90+ days past due		.1		.7		.4		.1				.1				1.4
Non-performing		12.9		55.0		45.4		24.9		13.2		13.8		8.3		173.5
Construction and forestry
Current		1,725.5		1,757.6		1,006.8		351.7		96.5		36.0		113.0		5,087.1
30-59 days past due		35.0		38.4		34.9		11.8		4.8		1.3		4.3		130.5
60-89 days past due		12.5		20.1		13.3		7.6		1.9		1.0		1.5		57.9
90+ days past due				.3												.3
Non-performing		15.9		68.5		55.2		23.0		8.3		4.5		1.4		176.8
Total	$	10,912.7	$	10,395.1	$	6,276.9	$	2,808.3	$	997.0	$	343.8	$	4,437.5	$	36,171.3

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


	July 28, 2024
	2024		2023		2022		2021		2020		Prior Years		Revolving		Total
Wholesale receivables:
Agriculture and turf
Current	$	552.1	$	229.1	$	36.4	$	6.8	$	1.3	$	.5	$	11,776.7	$	12,602.9
30+ days past due		.9		.2										23.6		24.7
Non-performing														24.1		24.1
Construction and forestry
Current		12.4		9.8		1.7		18.4		.1				4,150.0		4,192.4
30+ days past due														24.7		24.7
Non-performing
Total	$	565.4	$	239.1	$	38.1	$	25.2	$	1.4	$	.5	$	15,999.1	$	16,868.8


	October 29, 2023
	2023		2022		2021		2020		2019		Prior Years		Revolving		Total
Wholesale receivables:
Agriculture and turf
Current	$	609.5	$	92.6	$	20.0	$	3.9	$	.7	$	159.9	$	9,270.1	$	10,156.7
30+ days past due														45.8		45.8
Non-performing														5.7		5.7
Construction and forestry
Current		19.4		2.5		19.9		.2		.1		75.2		2,987.6		3,104.9
30+ days past due														17.0		17.0
Non-performing
Total	$	628.9	$	95.1	$	39.9	$	4.1	$	.8	$	235.1	$	12,326.2	$	13,330.1


	July 30, 2023
	2023		2022		2021		2020		2019		Prior Years		Revolving		Total
Wholesale receivables:
Agriculture and turf
Current	$	444.6	$	138.5	$	26.3	$	6.8	$	1.3	$	1.0	$	10,555.3	$	11,173.8
30+ days past due		.3												21.2		21.5
Non-performing														6.2		6.2
Construction and forestry
Current		18.8		3.2		22.3		.3		.2				2,768.3		2,813.1
30+ days past due														13.0		13.0
Non-performing
Total	$	463.7	$	141.7	$	48.6	$	7.1	$	1.5	$	1.0	$	13,364.0	$	14,027.6

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, and

●

remaining balance.

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 July 28, 2024
	Retail Notes		Revolving
	& Financing		Charge		Wholesale		Total
	Leases		Accounts		Receivables		Receivables
Allowance:
Beginning of period balance	$	144.2	$	20.9	$	9.3	$	174.4
Provision for credit losses*		76.9		25.0		20.1		122.0
Write-offs		(41.1)		(46.1)				(87.2)
Recoveries		3.0		8.0				11.0
Translation adjustments		(.2)				(.1)		(.3)
End of period balance	$	182.8	$	7.8	$	29.3	$	219.9


	Nine Months Ended July 28, 2024
	Retail Notes		Revolving
	& Financing		Charge		Wholesale		Total
	Leases		Accounts		Receivables		Receivables
Allowance:
Beginning of period balance	$	114.9	$	20.4	$	11.1	$	146.4
Provision for credit losses*		154.5		45.8		19.7		220.0
Write-offs		(93.5)		(79.8)				(173.3)
Recoveries		7.1		21.4		.2		28.7
Translation adjustments		(.2)				(1.7)		(1.9)
End of period balance	$	182.8	$	7.8	$	29.3	$	219.9

Receivables:
End of period balance	$	34,525.7	$	4,471.2	$	16,868.8	$	55,865.7


	Three Months Ended July 30, 2023
	Retail Notes		Revolving
	& Financing		Charge		Wholesale		Total
	Leases		Accounts		Receivables		Receivables
Allowance:
Beginning of period balance	$	103.2	$	19.3	$	11.2	$	133.7
Provision for credit losses*		11.2		10.6		.5		22.3
Write-offs		(18.5)		(18.2)				(36.7)
Recoveries		3.3		5.8				9.1
Translation adjustments		.2				.2		.4
End of period balance	$	99.4	$	17.5	$	11.9	$	128.8

	Nine Months Ended July 30, 2023
	Retail Notes		Revolving
	& Financing		Charge		Wholesale		Total
	Leases		Accounts		Receivables		Receivables
Allowance:
Beginning of period balance	$	95.4	$	21.9	$	11.1	$	128.4
Provision for credit losses*		36.6		15.1		.2		51.9
Write-offs		(43.0)		(36.2)		(.1)		(79.3)
Recoveries		9.9		16.7		.6		27.2
Translation adjustments		.5				.1		.6
End of period balance	$	99.4	$	17.5	$	11.9	$	128.8

Receivables:
End of period balance	$	31,733.8	$	4,437.5	$	14,027.6	$	50,198.9

* Excludes provision for credit losses on unfunded commitments of $.4 and $2.7 for the three and nine months ended July 28, 2024, respectively, and $.1 and $.7 for the three and nine months ended July 30, 2023, 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 third quarter and first nine months of 2024, primarily due to higher expected losses on retail notes as a result of elevated delinquencies and a decline in market conditions. The allowance for wholesale receivables also increased due to a specific provision for a dealer experiencing financial difficulties. These increases were partially offset by a decrease in the allowance on revolving charge accounts, driven by write-offs of seasonal financing program accounts and recoveries expected on those accounts in the future. We continue to monitor the economy as part of the allowance setting process, including potential impacts of inflation and interest rates, among other factors, and qualitative adjustments to the allowance are incorporated as necessary.

Recoveries from freestanding credit enhancements recorded in “Other income” were $26.6 for the third quarter and $39.1 for the first nine months of 2024, compared with $3.4 for the third quarter and $9.2 for the first nine months of 2023. The increases were driven by expected recoveries on bank guarantee contracts, which relate to the wholesale allowance increase noted above.

Write-offs by year of origination were as follows:


	Nine Months Ended July 28, 2024
	2024		2023		2022		2021		2020		Prior Years		Revolving		Total
Customer Receivables:
Agriculture and turf	$	1.5	$	13.7	$	14.6	$	5.9	$	6.5	$	1.6	$	73.5	$	117.3
Construction and forestry		2.1		19.4		15.4		7.2		3.9		1.7		6.3		56.0
Total	$	3.6	$	33.1	$	30.0	$	13.1	$	10.4	$	3.3	$	79.8	$	173.3

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 loans modified with borrowers experiencing financial difficulty during the third quarter and the nine months ended July 28, 2024 was $22.1 and $59.2, respectively, of which $48.2 was current, $4.4 was 30-59 days past due, $2.6 was 60-89 days past due, $.8 was 90 days or greater past due, and $3.2 was non-performing. These modifications represented .04 percent and .11 percent of our Receivable portfolio for the same periods, respectively.

Defaults and subsequent write-offs of loans modified in the prior twelve months were not significant during the third quarter or the first nine months of 2024. In addition, at July 28, 2024, commitments to provide additional financing to these customers were not significant.

Troubled Debt Restructuring

Prior to adopting ASU 2022-02, modifications of loans to borrowers experiencing financial difficulty were considered troubled debt restructurings when the modification resulted in a concession we would not otherwise consider. During the nine months ended July 30, 2023, we identified 92 Receivable contracts, primarily retail notes, as troubled debt restructurings with aggregate balances of $3.5 pre-modification and $3.4 post-modification. During this same period, there were no significant troubled debt restructurings that subsequently defaulted and were written off.

SECURITIZATION OF RECEIVABLES

9 Months Ended

Jul. 28, 2024

SECURITIZATION OF RECEIVABLES

SECURITIZATION OF RECEIVABLES

(5) SECURITIZATION OF RECEIVABLES

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

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

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

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

As part of step 1, these retail notes are legally isolated from the claims of our general creditors. This ensures cash receipts from the retail notes are accessible to pay back securitization program investors. The structure of these transactions does not meet the accounting criteria for a sale of receivables. As a result, they are accounted for as 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:


	July 28		October 29		July 30
	2024		2023		2023
Retail notes securitized	$	8,311.6	$	7,356.8	$	7,018.7
Allowance for credit losses		(39.0)		(21.4)		(17.4)
Other assets (primarily restricted cash)		178.3		152.0		152.8
Total restricted securitized assets	$	8,450.9	$	7,487.4	$	7,154.1

Securitization borrowings	$	7,867.8	$	6,995.2	$	6,608.4
Accrued interest on borrowings		13.8		12.6		15.1
Total liabilities related to restricted securitized assets	$	7,881.6	$	7,007.8	$	6,623.5

- 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
-Section 50
-Paragraph 1A
-Subparagraph (b)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481420/860-30-50-1A

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 860
-SubTopic 50
-Name Accounting Standards Codification
-Section 50
-Paragraph 4
-Subparagraph (a)(7)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481229/860-50-50-4

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 860
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
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-Subparagraph (b)(2)(i)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481326/860-20-50-3

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-Topic 860
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481326/860-20-50-3

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-Topic 860
-SubTopic 20
-Name Accounting Standards Codification
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481326/860-20-50-4

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-Topic 860
-SubTopic 50
-Name Accounting Standards Codification
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-URI https://asc.fasb.org/1943274/2147481229/860-50-50-3

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-Topic 860
-SubTopic 50
-Name Accounting Standards Codification
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-Subparagraph (a)(4)(ii)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481229/860-50-50-3

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-Topic 860
-SubTopic 50
-Name Accounting Standards Codification
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-Paragraph 3
-Subparagraph (a)(5)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481229/860-50-50-3

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

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-Topic 860
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/860/tableOfContent

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 860
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
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-URI https://asc.fasb.org/1943274/2147481326/860-20-50-3

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-Topic 860
-SubTopic 20
-Name Accounting Standards Codification
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-URI https://asc.fasb.org/1943274/2147481326/860-20-50-3

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-SubTopic 20
-Name Accounting Standards Codification
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-URI https://asc.fasb.org/1943274/2147481326/860-20-50-4

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-SubTopic 20
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-URI https://asc.fasb.org/1943274/2147481326/860-20-50-4

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-SubTopic 20
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-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481420/860-30-50-7

Reference 19: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 860
-SubTopic 50
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481229/860-50-50-2

Reference 20: http://www.xbrl.org/2003/role/disclosureRef
-Topic 860
-SubTopic 50
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481229/860-50-50-2

Reference 21: http://www.xbrl.org/2003/role/disclosureRef
-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

9 Months Ended

Jul. 28, 2024

LEASES

LEASES

(6) LEASES

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

Lease revenues earned by us were as follows:


	Three Months Ended				Nine Months Ended
	July 28		July 30		July 28		July 30
	2024		2023		2024		2023
Sales-type and direct financing lease revenues	$	30.4	$	25.2	$	83.7	$	63.6
Operating lease revenues		246.3		224.9		716.2		660.6
Variable lease revenues		4.0		.1		12.1		10.3
Total lease revenues	$	280.7	$	250.2	$	812.0	$	734.5

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 $.6 and $1.7 for the third quarter and the nine months ended July 28, 2024, respectively, compared with $.1 and $1.3 for the same periods last year, respectively.

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


	July 28		October 29		July 30
	2024		2023		2023
Agriculture and turf	$	5,510.2	$	5,265.2	$	5,049.1
Construction and forestry		970.2		1,042.4		1,054.2
Total		6,480.4		6,307.6		6,103.3
Accumulated depreciation		(1,281.0)		(1,256.1)		(1,265.8)
Equipment on operating leases – net	$	5,199.4	$	5,051.5	$	4,837.5

Total operating lease residual values at July 28, 2024, October 29, 2023, and July 30, 2023 were $3,637.3, $3,538.3, and $3,351.1, respectively. John Deere dealers generally provide a first-loss residual value guarantee on operating lease originations. Total residual value guarantees were $649.6, $566.9, and $544.1 at July 28, 2024, October 29, 2023, and July 30, 2023, respectively.

We discuss with lessees and dealers options to purchase the equipment or extend the lease prior to operating lease maturity. We remarket equipment returned to us upon termination of leases. The matured operating lease inventory balances at July 28, 2024, October 29, 2023, and July 30, 2023 were $25.4, $16.2, and $16.2, respectively. Matured operating lease inventory is reported in “Other assets.”

NOTES RECEIVABLE FROM AND PAYABLE TO JOHN DEERE

9 Months Ended

Jul. 28, 2024

NOTES RECEIVABLE FROM AND PAYABLE TO JOHN DEERE

NOTES RECEIVABLE FROM AND PAYABLE TO JOHN DEERE

(7) NOTES RECEIVABLE FROM AND PAYABLE TO JOHN DEERE

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


	July 28		October 29		July 30
	2024		2023		2023
Notes receivable from John Deere	$	592.3	$	650.7	$	648.1

The loan agreements mature over the next seven years and charge interest at competitive market rates. Interest earned from John Deere is recorded in “Other income” and was $11.5 for the third quarter and $34.3 in the first nine months of 2024 compared with $10.4 and $25.8 for the same periods last year, respectively.

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


	July 28		October 29		July 30
	2024		2023		2023
Notes payable to John Deere	$	3,608.2	$	3,184.0	$	4,139.2

The intercompany borrowings are primarily short-term in nature or contain a due on demand call option. At July 28, 2024, there were no intercompany borrowings that were long-term loans without a due on demand call option, compared with $528.1 and $548.8 at October 29, 2023 and July 30, 2023, respectively. We pay interest to John Deere for these borrowings based on competitive market rates. Interest expense paid to John Deere was $47.8 for the third quarter and $133.1 for the first nine months of 2024, compared with $60.1 and $145.8 for the same periods last year, respectively, which is recorded in “Fees and interest paid to John Deere.”

- 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
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480990/946-20-50-2

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
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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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-Paragraph 2
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477968/946-235-50-2

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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-Paragraph 1
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-Name Accounting Standards Codification
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147483326/850-10-50-1

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
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-Section 50
-Paragraph 1
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483326/850-10-50-1

+ Details

LONG-TERM EXTERNAL BORROWINGS

9 Months Ended

Jul. 28, 2024

LONG-TERM EXTERNAL BORROWINGS

LONG-TERM EXTERNAL BORROWINGS

(8) LONG-TERM EXTERNAL BORROWINGS

Long-term external borrowings consisted of the following:


	July 28		October 29		July 30
	2024		2023		2023
Senior Debt:
Medium-term notes	$	33,328.2	$	27,522.8	$	27,487.6
Other notes and finance lease obligations		.1				.2
Total senior debt		33,328.3		27,522.8		27,487.8
Unamortized debt discount and debt issuance costs		(107.4)		(83.5)		(79.8)
Total	$	33,220.9	$	27,439.3	$	27,408.0

Medium-term notes are primarily offered by prospectus and issued at fixed and variable rates. The medium-term notes in the table above include unamortized fair value adjustments related to interest rate swaps. The principal balances of the medium-term

notes were $33,967.0, $28,733.5, and $28,420.0 at July 28, 2024, October 29, 2023, and July 30, 2023, respectively, and have maturity dates through 2034. All outstanding medium-term notes and other notes in the table above are senior unsecured borrowings and generally rank equally with each other.

COMMITMENTS AND CONTINGENCIES

9 Months Ended

Jul. 28, 2024

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES

(9) COMMITMENTS AND CONTINGENCIES

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

●

Medium-term notes: $3,399.8

●

Commercial paper: $2,439.0

●

Derivatives: $3,855.5, with a fair value liability of $82.7

The weighted-average interest rate on the medium-term notes at July 28, 2024 was 3.6 percent with a maximum remaining maturity of five years.

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

●

John Deere dealers: $8,014.9

●

Customers: $33,116.8, primarily related to revolving charge accounts

We have a reserve for credit losses of $4.7 on unfunded commitments that are not unconditionally cancellable at July 28, 2024, which is recorded in “Accounts payable and accrued expenses.”

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

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

FAIR VALUE MEASUREMENTS

9 Months Ended

Jul. 28, 2024

FAIR VALUE MEASUREMENTS

FAIR VALUE MEASUREMENTS

(10) FAIR VALUE MEASUREMENTS

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


	July 28, 2024				October 29, 2023				July 30, 2023
	Carrying		Fair		Carrying		Fair		Carrying		Fair
	Value		Value		Value		Value		Value		Value
Receivables financed – net	$	47,373.2	$	47,205.6	$	43,862.4	$	43,168.7	$	43,068.8	$	42,654.1
Retail notes securitized – net		8,272.6		8,137.1		7,335.4		7,055.8		7,001.3		6,817.7
Securitization borrowings		7,867.8		7,870.3		6,995.2		6,921.1		6,608.4		6,538.4
Current maturities of long-term external borrowings		7,632.9		7,566.8		6,059.9		5,953.0		5,091.2		4,947.7
Long-term external borrowings		33,220.9		33,290.8		27,439.3		27,057.7		27,408.0		27,135.5

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

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

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

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


	July 28		October 29		July 30
	2024		2023		2023
Marketable securities
International debt securities	$	2.8	$	1.4	$	1.8
Receivables from John Deere
Derivatives		204.9		144.4		169.5
Other assets
Derivatives		30.2		11.3		8.4
Total assets	$	237.9	$	157.1	$	179.7

Other payables to John Deere
Derivatives	$	498.7	$	974.9	$	743.4
Accounts payable and accrued expenses
Derivatives				.5		5.2
Total liabilities	$	498.7	$	975.4	$	748.6

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 July 28, 2024, the amortized cost basis and fair value of these available-for-sale debt securities were $5.0 and $2.8, respectively. Unrealized losses at July 28, 2024 were not recognized in income due to the ability and intent to hold the securities.

There were no assets or liabilities measured at fair value on a nonrecurring basis during each of the periods ended July 28, 2024, October 29, 2023, and July 30, 2023.

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

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

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

- 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

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 820
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
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-Section 50
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2E

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+ Details

DERIVATIVE INSTRUMENTS

9 Months Ended

Jul. 28, 2024

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:


		July 28, 2024						October 29, 2023						July 30, 2023
				Fair Value						Fair Value						Fair Value
		Notional		Asset		Liability		Notional		Asset		Liability		Notional		Asset		Liability
Cash flow hedges:
Interest rate contracts - swaps	$	3,475.0	$	14.3	$	17.6	$	1,500.0	$	44.7			$	1,500.0	$	47.8	$	2.5

Fair value hedges:
Interest rate contracts - swaps		14,333.2		111.1		454.9		11,859.4			$	915.7		11,479.3		4.0		667.5
Cross-currency interest rate contracts		974.5		15.5

Not designated as hedging instruments:
Interest rate contracts - swaps		6,975.7		39.1		7.6		8,010.9		72.2		27.4		7,392.1		92.6		23.8
Foreign currency exchange contracts		1,320.0		30.2				1,546.5		11.3		.5		1,433.0		8.4		5.2
Cross-currency interest rate contracts		190.2		9.7		3.4		175.8		3.2		7.5		155.2				24.5
Interest rate caps - sold		1,595.3				15.2		1,336.0				24.3		1,433.8				25.1
Interest rate caps - purchased		1,595.3		15.2				1,336.0		24.3				1,433.8		25.1

The amount of gain recorded in other comprehensive income (OCI) related to cash flow hedges at July 28, 2024 that is expected to be reclassified to interest expense in the next twelve months if interest rates remain unchanged is $20.6 after-tax. No gains or losses were reclassified from OCI to earnings based on the probability that the original forecasted transaction would not occur.

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


	Active Hedging Relationships				Discontinued Hedging Relationships
			Cumulative		Carrying		Cumulative
	Carrying		Fair Value		Amount of		Fair Value
	Amount of		Hedging		Formerly		Hedging
July 28, 2024	Hedged Item		Adjustment		Hedged Item		Adjustment
Current maturities of long-term external borrowings					$	1,458.4	$	9.1
Long-term external borrowings	$	14,864.3	$	(375.0)		8,414.5		(263.8)

October 29, 2023
Current maturities of long-term external borrowings					$	1,814.0	$	14.9
Long-term external borrowings	$	10,883.7	$	(922.6)		7,144.1		(288.1)

July 30, 2023
Current maturities of long-term external borrowings					$	2,323.8	$	25.1
Long-term external borrowings	$	10,760.0	$	(667.4)		6,319.1		(265.0)

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				Nine Months Ended
	July 28		July 30		July 28		July 30
	2024		2023		2024		2023
Fair Value Hedges
Interest rate contracts – Interest expense *	$	363.1	$	(356.2)	$	259.3	$	(124.8)

Cash Flow Hedges
Recognized in OCI:
Interest rate contracts – OCI (pretax)	$	(14.8)	$	23.8	$	3.8	$	18.2
Reclassified from OCI:
Interest rate contracts – Interest expense		22.5		18.3		51.3		54.5

Not Designated as Hedges
Interest rate contracts – Interest expense *	$	(2.5)	$	25.0	$	(2.6)	$	27.4
Foreign currency exchange contracts – Administrative and operating expenses *		(4.8)		(40.4)		(92.3)		(100.2)
Total not designated	$	(7.3)	$	(15.4)	$	(94.9)	$	(72.8)

* 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 $397.9 and $312.5 for the three and nine months ended July 28, 2024, respectively, and $(326.3) and $(69.9) for the three and nine months ended July 30, 2023, 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 July 28, 2024, October 29, 2023, and July 30, 2023.

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


	July 28, 2024
	Gross Amounts Recognized		Netting Arrangements		Collateral	Net Amount
Derivatives:
Assets
External	$	30.2				$	30.2
John Deere		204.9	$	(143.6)			61.3
Liabilities
John Deere		498.7		(143.6)			355.1


	October 29, 2023
	Gross Amounts Recognized		Netting Arrangements		Collateral	Net Amount
Derivatives:
Assets
External	$	11.3	$	(.1)		$	11.2
John Deere		144.4		(107.0)			37.4
Liabilities
External		.5		(.1)			.4
John Deere		974.9		(107.0)			867.9


	July 30, 2023
	Gross Amounts Recognized		Netting Arrangements		Collateral	Net Amount
Derivatives:
Assets
External	$	8.4	$	(.1)		$	8.3
John Deere		169.5		(108.5)			61.0
Liabilities
External		5.2		(.1)			5.1
John Deere		743.4		(108.5)			634.9

EMPLOYEE-SEPARATION PROGRAMS

9 Months Ended

Jul. 28, 2024

EMPLOYEE-SEPARATION PROGRAMS

EMPLOYEE-SEPARATION PROGRAMS

(12)EMPLOYEE-SEPARATION PROGRAMS

In the third quarter of 2024, we implemented employee-separation programs for our salaried workforce in several geographic areas, including the United States, Europe and Latin America. The programs’ main purpose was to help meet our strategic priorities while reducing overlap and redundancy in roles and responsibilities. The programs were largely involuntary in nature with the expense recorded when management committed to a plan, the plan was communicated to the employees, and the employees were not required to provide service beyond the legal notification period.

The programs’ total pretax expenses are estimated to be approximately $8.7, with $8.2 recorded in the third quarter of 2024. The expenses were recorded in “Administrative and operating expenses.”

Pay vs Performance Disclosure - USD ($) $ in Millions	3 Months Ended		9 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Millions	Jul. 28, 2024	Jul. 30, 2023	Jul. 28, 2024	Jul. 30, 2023
Pay vs Performance Disclosure
Net Income (Loss)	$ 122.6	$ 157.7	$ 423.6	$ 425.3

- 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	Jul. 28, 2024
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

ORGANIZATION AND CONSOLIDATION (Policies)

9 Months Ended

Jul. 28, 2024

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 third quarter ends for fiscal years 2024 and 2023 were July 28, 2024 and July 30, 2023, respectively. Both third quarters contained 13 weeks, while both year-to-date periods contained 39 weeks. Unless otherwise stated, references to particular years, quarters, or months refer to our fiscal years generally ending in October and the associated periods in those fiscal years.

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.

Accounting Pronouncements Adopted

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

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

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

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

with Customers

Accounting Pronouncements to be Adopted

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

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


2023-07 — Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures
2023-06 — Disclosure Improvements: Codification Amendments in Response to the SEC’s Disclosure Update and Simplification Initiative
2023-05 — Business Combinations—Joint Venture Formations (Subtopic 805-60): Recognition and Initial Measurement

Allowance for Credit Losses, Policy

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

●

product category,

●

market,

●

geography,

●

credit risk, and

●

remaining balance.

Recoveries from freestanding credit enhancements, such as dealer deposits and certain credit insurance 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.

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)

9 Months Ended

Jul. 28, 2024

OTHER COMPREHENSIVE INCOME ITEMS

Schedule of After-Tax Changes in Accumulated Other Comprehensive Income (Loss)

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


	July 28		October 29		July 30
	2024		2023		2023
Cumulative translation adjustment	$	(113.5)	$	(136.8)	$	(99.8)
Unrealized gain (loss) on derivatives		(2.7)		34.8		38.1
Unrealized loss on debt securities		(1.5)		(2.4)		(2.2)
Total accumulated other comprehensive income (loss)	$	(117.7)	$	(104.4)	$	(63.9)

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 July 28, 2024
Cumulative translation adjustment	$	5.7			$	5.7
Unrealized gain (loss) on derivatives:
Unrealized hedging gain (loss)		(14.8)	$	3.2		(11.6)
Reclassification of realized (gain) loss to:
Interest rate contracts – Interest expense		(22.5)		4.7		(17.8)
Net unrealized gain (loss) on derivatives		(37.3)		7.9		(29.4)
Unrealized gain (loss) on debt securities:
Unrealized holding gain (loss)		(.4)		.1		(.3)
Total other comprehensive income (loss)	$	(32.0)	$	8.0	$	(24.0)

Nine Months Ended July 28, 2024
Cumulative translation adjustment	$	23.3			$	23.3
Unrealized gain (loss) on derivatives:
Unrealized hedging gain (loss)		3.8	$	(.8)		3.0
Reclassification of realized (gain) loss to:
Interest rate contracts – Interest expense		(51.3)		10.8		(40.5)
Net unrealized gain (loss) on derivatives		(47.5)		10.0		(37.5)
Unrealized gain (loss) on debt securities:
Unrealized holding gain (loss)		1.4		(.5)		.9
Total other comprehensive income (loss)	$	(22.8)	$	9.5	$	(13.3)

Three Months Ended July 30, 2023
Cumulative translation adjustment	$	4.0			$	4.0
Unrealized gain (loss) on derivatives:
Unrealized hedging gain (loss)		23.8	$	(5.0)		18.8
Reclassification of realized (gain) loss to:
Interest rate contracts – Interest expense		(18.3)		3.8		(14.5)
Net unrealized gain (loss) on derivatives		5.5		(1.2)		4.3
Unrealized gain (loss) on debt securities:
Unrealized holding gain (loss)		.5		(.2)		.3
Total other comprehensive income (loss)	$	10.0	$	(1.4)	$	8.6

Nine Months Ended July 30, 2023
Cumulative translation adjustment	$	69.2			$	69.2
Unrealized gain (loss) on derivatives:
Unrealized hedging gain (loss)		18.2	$	(3.8)		14.4
Reclassification of realized (gain) loss to:
Interest rate contracts – Interest expense		(54.5)		11.4		(43.1)
Net unrealized gain (loss) on derivatives		(36.3)		7.6		(28.7)
Unrealized gain (loss) on debt securities:
Unrealized holding gain (loss)		.5		(.2)		.3
Total other comprehensive income (loss)	$	33.4	$	7.4	$	40.8

RECEIVABLES (Tables)

9 Months Ended

Jul. 28, 2024

Receivables

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

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


	Three Months Ended				Nine Months Ended
	July 28		July 30		July 28		July 30
	2024		2023		2024		2023
Accrued finance income and lease revenue reversed	$	9.5	$	4.5	$	28.3	$	12.4
Finance income and lease revenue recognized on cash payments		10.5		5.6		25.6		13.3

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 July 28, 2024
	Retail Notes		Revolving
	& Financing		Charge		Wholesale		Total
	Leases		Accounts		Receivables		Receivables
Allowance:
Beginning of period balance	$	144.2	$	20.9	$	9.3	$	174.4
Provision for credit losses*		76.9		25.0		20.1		122.0
Write-offs		(41.1)		(46.1)				(87.2)
Recoveries		3.0		8.0				11.0
Translation adjustments		(.2)				(.1)		(.3)
End of period balance	$	182.8	$	7.8	$	29.3	$	219.9


	Nine Months Ended July 28, 2024
	Retail Notes		Revolving
	& Financing		Charge		Wholesale		Total
	Leases		Accounts		Receivables		Receivables
Allowance:
Beginning of period balance	$	114.9	$	20.4	$	11.1	$	146.4
Provision for credit losses*		154.5		45.8		19.7		220.0
Write-offs		(93.5)		(79.8)				(173.3)
Recoveries		7.1		21.4		.2		28.7
Translation adjustments		(.2)				(1.7)		(1.9)
End of period balance	$	182.8	$	7.8	$	29.3	$	219.9

Receivables:
End of period balance	$	34,525.7	$	4,471.2	$	16,868.8	$	55,865.7


	Three Months Ended July 30, 2023
	Retail Notes		Revolving
	& Financing		Charge		Wholesale		Total
	Leases		Accounts		Receivables		Receivables
Allowance:
Beginning of period balance	$	103.2	$	19.3	$	11.2	$	133.7
Provision for credit losses*		11.2		10.6		.5		22.3
Write-offs		(18.5)		(18.2)				(36.7)
Recoveries		3.3		5.8				9.1
Translation adjustments		.2				.2		.4
End of period balance	$	99.4	$	17.5	$	11.9	$	128.8

	Nine Months Ended July 30, 2023
	Retail Notes		Revolving
	& Financing		Charge		Wholesale		Total
	Leases		Accounts		Receivables		Receivables
Allowance:
Beginning of period balance	$	95.4	$	21.9	$	11.1	$	128.4
Provision for credit losses*		36.6		15.1		.2		51.9
Write-offs		(43.0)		(36.2)		(.1)		(79.3)
Recoveries		9.9		16.7		.6		27.2
Translation adjustments		.5				.1		.6
End of period balance	$	99.4	$	17.5	$	11.9	$	128.8

Receivables:
End of period balance	$	31,733.8	$	4,437.5	$	14,027.6	$	50,198.9

* Excludes provision for credit losses on unfunded commitments of $.4 and $2.7 for the three and nine months ended July 28, 2024, respectively, and $.1 and $.7 for the three and nine months ended July 30, 2023, respectively. The estimated credit losses related to unfunded commitments are recorded in “Accounts payable and accrued expenses.”

Write-offs by Year of Origination

Write-offs by year of origination were as follows:


	Nine Months Ended July 28, 2024
	2024		2023		2022		2021		2020		Prior Years		Revolving		Total
Customer Receivables:
Agriculture and turf	$	1.5	$	13.7	$	14.6	$	5.9	$	6.5	$	1.6	$	73.5	$	117.3
Construction and forestry		2.1		19.4		15.4		7.2		3.9		1.7		6.3		56.0
Total	$	3.6	$	33.1	$	30.0	$	13.1	$	10.4	$	3.3	$	79.8	$	173.3

Customer Receivables

Receivables

Credit Quality Analysis

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


	July 28, 2024
	2024		2023		2022		2021		2020		Prior Years		Revolving Charge Accounts		Total
Customer Receivables:
Agriculture and turf
Current	$	9,434.5	$	8,820.5	$	5,301.9	$	3,050.5	$	1,176.3	$	359.4	$	4,300.0	$	32,443.1
30-59 days past due		33.8		77.6		49.1		24.0		9.2		3.6		29.3		226.6
60-89 days past due		13.6		59.4		21.8		10.1		4.0		2.1		9.4		120.4
90+ days past due				1.2		.4		2.6		4.7		.2				9.1
Non-performing		11.8		95.0		77.4		50.3		21.6		15.4		14.5		286.0
Construction and forestry
Current		1,912.3		1,750.4		1,047.4		482.9		120.0		54.3		111.5		5,478.8
30-59 days past due		37.0		53.0		29.2		13.2		4.2		1.0		3.6		141.2
60-89 days past due		10.8		21.0		12.6		7.9		1.6		1.1		1.3		56.3
90+ days past due		.8		1.3		.9		.4		.3		.1				3.8
Non-performing		19.3		89.6		68.3		35.8		12.1		4.9		1.6		231.6
Total	$	11,473.9	$	10,969.0	$	6,609.0	$	3,677.7	$	1,354.0	$	442.1	$	4,471.2	$	38,996.9


	October 29, 2023
	2023		2022		2021		2020		2019		Prior Years		Revolving Charge Accounts		Total
Customer Receivables:
Agriculture and turf
Current	$	12,998.3	$	7,208.2	$	4,459.1	$	1,970.4	$	666.3	$	179.3	$	4,424.8	$	31,906.4
30-59 days past due		46.8		66.6		34.6		18.7		8.2		2.9		28.1		205.9
60-89 days past due		15.8		22.0		14.8		7.8		3.3		1.3		8.6		73.6
90+ days past due		1.4		.8		2.7		2.9		.1		.1				8.0
Non-performing		25.9		63.7		44.5		25.0		12.9		12.0		7.2		191.2
Construction and forestry
Current		2,343.4		1,586.2		859.0		279.2		65.3		27.3		118.6		5,279.0
30-59 days past due		44.4		28.1		24.8		8.6		3.4		.4		4.1		113.8
60-89 days past due		17.8		11.4		11.8		4.5		1.0		.2		1.8		48.5
90+ days past due		.1		1.2		.1		.1								1.5
Non-performing		34.1		67.5		51.2		20.7		7.5		4.0		1.2		186.2
Total	$	15,528.0	$	9,055.7	$	5,502.6	$	2,337.9	$	768.0	$	227.5	$	4,594.4	$	38,014.1


	July 30, 2023
	2023		2022		2021		2020		2019		Prior Years		Revolving Charge Accounts		Total
Customer Receivables:
Agriculture and turf
Current	$	9,040.7	$	8,355.6	$	5,064.2	$	2,361.3	$	858.2	$	282.6	$	4,284.0	$	30,246.6
30-59 days past due		52.9		73.3		43.5		20.4		10.2		3.4		19.4		223.1
60-89 days past due		17.2		25.6		13.2		7.5		3.9		1.1		5.6		74.1
90+ days past due		.1		.7		.4		.1				.1				1.4
Non-performing		12.9		55.0		45.4		24.9		13.2		13.8		8.3		173.5
Construction and forestry
Current		1,725.5		1,757.6		1,006.8		351.7		96.5		36.0		113.0		5,087.1
30-59 days past due		35.0		38.4		34.9		11.8		4.8		1.3		4.3		130.5
60-89 days past due		12.5		20.1		13.3		7.6		1.9		1.0		1.5		57.9
90+ days past due				.3												.3
Non-performing		15.9		68.5		55.2		23.0		8.3		4.5		1.4		176.8
Total	$	10,912.7	$	10,395.1	$	6,276.9	$	2,808.3	$	997.0	$	343.8	$	4,437.5	$	36,171.3

Wholesale Receivables

Receivables

Credit Quality Analysis

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


	July 28, 2024
	2024		2023		2022		2021		2020		Prior Years		Revolving		Total
Wholesale receivables:
Agriculture and turf
Current	$	552.1	$	229.1	$	36.4	$	6.8	$	1.3	$	.5	$	11,776.7	$	12,602.9
30+ days past due		.9		.2										23.6		24.7
Non-performing														24.1		24.1
Construction and forestry
Current		12.4		9.8		1.7		18.4		.1				4,150.0		4,192.4
30+ days past due														24.7		24.7
Non-performing
Total	$	565.4	$	239.1	$	38.1	$	25.2	$	1.4	$	.5	$	15,999.1	$	16,868.8


	October 29, 2023
	2023		2022		2021		2020		2019		Prior Years		Revolving		Total
Wholesale receivables:
Agriculture and turf
Current	$	609.5	$	92.6	$	20.0	$	3.9	$	.7	$	159.9	$	9,270.1	$	10,156.7
30+ days past due														45.8		45.8
Non-performing														5.7		5.7
Construction and forestry
Current		19.4		2.5		19.9		.2		.1		75.2		2,987.6		3,104.9
30+ days past due														17.0		17.0
Non-performing
Total	$	628.9	$	95.1	$	39.9	$	4.1	$	.8	$	235.1	$	12,326.2	$	13,330.1


	July 30, 2023
	2023		2022		2021		2020		2019		Prior Years		Revolving		Total
Wholesale receivables:
Agriculture and turf
Current	$	444.6	$	138.5	$	26.3	$	6.8	$	1.3	$	1.0	$	10,555.3	$	11,173.8
30+ days past due		.3												21.2		21.5
Non-performing														6.2		6.2
Construction and forestry
Current		18.8		3.2		22.3		.3		.2				2,768.3		2,813.1
30+ days past due														13.0		13.0
Non-performing
Total	$	463.7	$	141.7	$	48.6	$	7.1	$	1.5	$	1.0	$	13,364.0	$	14,027.6

SECURITIZATION OF RECEIVABLES (Tables)

9 Months Ended

Jul. 28, 2024

SECURITIZATION OF RECEIVABLES

Components of Consolidated Restricted Assets, Secured Borrowings and Other Liabilities Related to Securitization Transactions

The components of the securitization programs were as follows:


	July 28		October 29		July 30
	2024		2023		2023
Retail notes securitized	$	8,311.6	$	7,356.8	$	7,018.7
Allowance for credit losses		(39.0)		(21.4)		(17.4)
Other assets (primarily restricted cash)		178.3		152.0		152.8
Total restricted securitized assets	$	8,450.9	$	7,487.4	$	7,154.1

Securitization borrowings	$	7,867.8	$	6,995.2	$	6,608.4
Accrued interest on borrowings		13.8		12.6		15.1
Total liabilities related to restricted securitized assets	$	7,881.6	$	7,007.8	$	6,623.5

LEASES (Tables)

9 Months Ended

Jul. 28, 2024

LEASES

Schedule of Lease Revenues Earned

Lease revenues earned by us were as follows:


	Three Months Ended				Nine Months Ended
	July 28		July 30		July 28		July 30
	2024		2023		2024		2023
Sales-type and direct financing lease revenues	$	30.4	$	25.2	$	83.7	$	63.6
Operating lease revenues		246.3		224.9		716.2		660.6
Variable lease revenues		4.0		.1		12.1		10.3
Total lease revenues	$	280.7	$	250.2	$	812.0	$	734.5

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 $.6 and $1.7 for the third quarter and the nine months ended July 28, 2024, respectively, compared with $.1 and $1.3 for the same periods last year, respectively.

Schedule of Cost of Equipment on Operating Leases by Market

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


	July 28		October 29		July 30
	2024		2023		2023
Agriculture and turf	$	5,510.2	$	5,265.2	$	5,049.1
Construction and forestry		970.2		1,042.4		1,054.2
Total		6,480.4		6,307.6		6,103.3
Accumulated depreciation		(1,281.0)		(1,256.1)		(1,265.8)
Equipment on operating leases – net	$	5,199.4	$	5,051.5	$	4,837.5

NOTES RECEIVABLE FROM AND PAYABLE TO JOHN DEERE (Tables)

9 Months Ended

Jul. 28, 2024

NOTES RECEIVABLE FROM AND PAYABLE TO JOHN DEERE

Notes Receivable from and Payable to John Deere

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


	July 28		October 29		July 30
	2024		2023		2023
Notes receivable from John Deere	$	592.3	$	650.7	$	648.1

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


	July 28		October 29		July 30
	2024		2023		2023
Notes payable to John Deere	$	3,608.2	$	3,184.0	$	4,139.2

LONG-TERM EXTERNAL BORROWINGS (Tables)

9 Months Ended

Jul. 28, 2024

LONG-TERM EXTERNAL BORROWINGS

Long-Term Borrowings

Long-term external borrowings consisted of the following:


	July 28		October 29		July 30
	2024		2023		2023
Senior Debt:
Medium-term notes	$	33,328.2	$	27,522.8	$	27,487.6
Other notes and finance lease obligations		.1				.2
Total senior debt		33,328.3		27,522.8		27,487.8
Unamortized debt discount and debt issuance costs		(107.4)		(83.5)		(79.8)
Total	$	33,220.9	$	27,439.3	$	27,408.0

Medium-term notes are primarily offered by prospectus and issued at fixed and variable rates. The medium-term notes in the table above include unamortized fair value adjustments related to interest rate swaps. The principal balances of the medium-term notes were $33,967.0, $28,733.5, and $28,420.0 at July 28, 2024, October 29, 2023, and July 30, 2023, respectively, and have maturity dates through 2034.

- 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)

9 Months Ended

Jul. 28, 2024

FAIR VALUE MEASUREMENTS

Fair Values of Financial Instruments

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


	July 28, 2024				October 29, 2023				July 30, 2023
	Carrying		Fair		Carrying		Fair		Carrying		Fair
	Value		Value		Value		Value		Value		Value
Receivables financed – net	$	47,373.2	$	47,205.6	$	43,862.4	$	43,168.7	$	43,068.8	$	42,654.1
Retail notes securitized – net		8,272.6		8,137.1		7,335.4		7,055.8		7,001.3		6,817.7
Securitization borrowings		7,867.8		7,870.3		6,995.2		6,921.1		6,608.4		6,538.4
Current maturities of long-term external borrowings		7,632.9		7,566.8		6,059.9		5,953.0		5,091.2		4,947.7
Long-term external borrowings		33,220.9		33,290.8		27,439.3		27,057.7		27,408.0		27,135.5

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:


	July 28		October 29		July 30
	2024		2023		2023
Marketable securities
International debt securities	$	2.8	$	1.4	$	1.8
Receivables from John Deere
Derivatives		204.9		144.4		169.5
Other assets
Derivatives		30.2		11.3		8.4
Total assets	$	237.9	$	157.1	$	179.7

Other payables to John Deere
Derivatives	$	498.7	$	974.9	$	743.4
Accounts payable and accrued expenses
Derivatives				.5		5.2
Total liabilities	$	498.7	$	975.4	$	748.6

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)

9 Months Ended

Jul. 28, 2024

DERIVATIVE INSTRUMENTS

Fair Values of Derivative Instruments in Consolidated Balance Sheets

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


		July 28, 2024						October 29, 2023						July 30, 2023
				Fair Value						Fair Value						Fair Value
		Notional		Asset		Liability		Notional		Asset		Liability		Notional		Asset		Liability
Cash flow hedges:
Interest rate contracts - swaps	$	3,475.0	$	14.3	$	17.6	$	1,500.0	$	44.7			$	1,500.0	$	47.8	$	2.5

Fair value hedges:
Interest rate contracts - swaps		14,333.2		111.1		454.9		11,859.4			$	915.7		11,479.3		4.0		667.5
Cross-currency interest rate contracts		974.5		15.5

Not designated as hedging instruments:
Interest rate contracts - swaps		6,975.7		39.1		7.6		8,010.9		72.2		27.4		7,392.1		92.6		23.8
Foreign currency exchange contracts		1,320.0		30.2				1,546.5		11.3		.5		1,433.0		8.4		5.2
Cross-currency interest rate contracts		190.2		9.7		3.4		175.8		3.2		7.5		155.2				24.5
Interest rate caps - sold		1,595.3				15.2		1,336.0				24.3		1,433.8				25.1
Interest rate caps - purchased		1,595.3		15.2				1,336.0		24.3				1,433.8		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 were as follows. Fair value hedging adjustments are included in the carrying amount of the hedged item.


	Active Hedging Relationships				Discontinued Hedging Relationships
			Cumulative		Carrying		Cumulative
	Carrying		Fair Value		Amount of		Fair Value
	Amount of		Hedging		Formerly		Hedging
July 28, 2024	Hedged Item		Adjustment		Hedged Item		Adjustment
Current maturities of long-term external borrowings					$	1,458.4	$	9.1
Long-term external borrowings	$	14,864.3	$	(375.0)		8,414.5		(263.8)

October 29, 2023
Current maturities of long-term external borrowings					$	1,814.0	$	14.9
Long-term external borrowings	$	10,883.7	$	(922.6)		7,144.1		(288.1)

July 30, 2023
Current maturities of long-term external borrowings					$	2,323.8	$	25.1
Long-term external borrowings	$	10,760.0	$	(667.4)		6,319.1		(265.0)

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				Nine Months Ended
	July 28		July 30		July 28		July 30
	2024		2023		2024		2023
Fair Value Hedges
Interest rate contracts – Interest expense *	$	363.1	$	(356.2)	$	259.3	$	(124.8)

Cash Flow Hedges
Recognized in OCI:
Interest rate contracts – OCI (pretax)	$	(14.8)	$	23.8	$	3.8	$	18.2
Reclassified from OCI:
Interest rate contracts – Interest expense		22.5		18.3		51.3		54.5

Not Designated as Hedges
Interest rate contracts – Interest expense *	$	(2.5)	$	25.0	$	(2.6)	$	27.4
Foreign currency exchange contracts – Administrative and operating expenses *		(4.8)		(40.4)		(92.3)		(100.2)
Total not designated	$	(7.3)	$	(15.4)	$	(94.9)	$	(72.8)

* 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 collateral were as follows:


	July 28, 2024
	Gross Amounts Recognized		Netting Arrangements		Collateral	Net Amount
Derivatives:
Assets
External	$	30.2				$	30.2
John Deere		204.9	$	(143.6)			61.3
Liabilities
John Deere		498.7		(143.6)			355.1


	October 29, 2023
	Gross Amounts Recognized		Netting Arrangements		Collateral	Net Amount
Derivatives:
Assets
External	$	11.3	$	(.1)		$	11.2
John Deere		144.4		(107.0)			37.4
Liabilities
External		.5		(.1)			.4
John Deere		974.9		(107.0)			867.9


	July 30, 2023
	Gross Amounts Recognized		Netting Arrangements		Collateral	Net Amount
Derivatives:
Assets
External	$	8.4	$	(.1)		$	8.3
John Deere		169.5		(108.5)			61.0
Liabilities
External		5.2		(.1)			5.1
John Deere		743.4		(108.5)			634.9

ORGANIZATION AND CONSOLIDATION (Details)	3 Months Ended		9 Months Ended
ORGANIZATION AND CONSOLIDATION (Details)	Jul. 28, 2024	Jul. 30, 2023	Jul. 28, 2024	Jul. 30, 2023
Fiscal Year
Fiscal period duration	91 days	91 days	273 days	273 days

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES AND NEW ACCOUNTING PRONOUNCEMENTS (Details)	Jul. 28, 2024
ASU 2022-02
New Accounting Pronouncements
Change in Accounting Principle, Accounting Standards Update, Adopted [true false]	true
ASU 2022-01
New Accounting Pronouncements
Change in Accounting Principle, Accounting Standards Update, Adopted [true false]	true
ASU 2021-08
New Accounting Pronouncements
Change in Accounting Principle, Accounting Standards Update, Adopted [true false]	true
ASU 2023-09
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
ASU 2023-05
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	Jul. 28, 2024	Oct. 29, 2023	Jul. 30, 2023
After-tax components of accumulated other comprehensive income (loss)
Total accumulated other comprehensive income (loss)	$ 6,096.9	$ 5,901.6	$ 5,960.1
Accumulated Other Comprehensive Income (Loss)
After-tax components of accumulated other comprehensive income (loss)
Total accumulated other comprehensive income (loss)	(117.7)	(104.4)	(63.9)
Cumulative Translation Adjustment
After-tax components of accumulated other comprehensive income (loss)
Total accumulated other comprehensive income (loss)	(113.5)	(136.8)	(99.8)
Unrealized Gain (Loss) on Derivatives
After-tax components of accumulated other comprehensive income (loss)
Total accumulated other comprehensive income (loss)	(2.7)	34.8	38.1
Unrealized Gain (Loss) on Debt Securities
After-tax components of accumulated other comprehensive income (loss)
Total accumulated other comprehensive income (loss)	$ (1.5)	$ (2.4)	$ (2.2)

- 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		9 Months Ended
	Jul. 28, 2024	Jul. 30, 2023	Jul. 28, 2024	Jul. 30, 2023
Other comprehensive income (loss), before tax
Interest expense	$ (640.0)	$ (445.3)	$ (1,817.2)	$ (1,121.6)
Total other comprehensive income (loss), before tax	(32.0)	10.0	(22.8)	33.4
Other comprehensive income (loss), tax (expense) credit
Total other comprehensive income (loss), tax (expense) credit	8.0	(1.4)	9.5	7.4
Other comprehensive income (loss), after tax
Other comprehensive income (loss), net of income taxes	(24.0)	8.6	(13.3)	40.8
Cumulative Translation Adjustment
Other comprehensive income (loss), before tax
Total other comprehensive income (loss), before tax	5.7	4.0	23.3	69.2
Other comprehensive income (loss), after tax
Other comprehensive income (loss), net of income taxes	5.7	4.0	23.3	69.2
Unrealized Gain (Loss) on Derivatives
Other comprehensive income (loss), before tax
Other comprehensive income (loss) before reclassification, before tax	(14.8)	23.8	3.8	18.2
Total other comprehensive income (loss), before tax	(37.3)	5.5	(47.5)	(36.3)
Other comprehensive income (loss), tax (expense) credit
Other comprehensive income (loss) before reclassification, tax (expense) credit	3.2	(5.0)	(0.8)	(3.8)
Total other comprehensive income (loss), tax (expense) credit	7.9	(1.2)	10.0	7.6
Other comprehensive income (loss), after tax
Other comprehensive income (loss) before reclassification, after tax	(11.6)	18.8	3.0	14.4
Other comprehensive income (loss), net of income taxes	(29.4)	4.3	(37.5)	(28.7)
Unrealized Gain (Loss) on Derivatives \| Interest Rate Contracts (Swaps) \| Reclassifications of gains (losses) out of accumulated other comprehensive income
Other comprehensive income (loss), before tax
Interest expense	(22.5)	(18.3)	(51.3)	(54.5)
Other comprehensive income (loss), tax (expense) credit
Reclassification of realized (gain) loss, tax expense (credit)	4.7	3.8	10.8	11.4
Other comprehensive income (loss), after tax
Reclassification of realized (gain) loss, after tax	(17.8)	(14.5)	(40.5)	(43.1)
Unrealized Gain (Loss) on Debt Securities
Other comprehensive income (loss), before tax
Total other comprehensive income (loss), before tax	(0.4)	0.5	1.4	0.5
Other comprehensive income (loss), tax (expense) credit
Total other comprehensive income (loss), tax (expense) credit	0.1	(0.2)	(0.5)	(0.2)
Other comprehensive income (loss), after tax
Other comprehensive income (loss), net of income taxes	$ (0.3)	$ 0.3	$ 0.9	$ 0.3

RECEIVABLES - Delinquency Status (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Jul. 28, 2024	Jul. 30, 2023	Jul. 28, 2024	Jul. 30, 2023
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	$ 9.5	$ 4.5	$ 28.3	$ 12.4
Finance income and lease revenue recognized on cash payments	$ 10.5	$ 5.6	$ 25.6	$ 13.3
Customer Receivables
Receivable, Past Due
Generally the threshold for a financing receivable to be considered non-performing			90 days
Generally the threshold when a receivable is delinquent and the estimated uncollectible amount is written off	120 days		120 days
Wholesale Receivables
Receivable, Past Due
Generally the threshold for a financing receivable to be considered non-performing			60 days
Generally the threshold when a receivable is delinquent and the estimated uncollectible amount is written off	60 days		60 days

RECEIVABLES - Customer Receivables Credit Quality Analysis (Details) - USD ($) $ in Millions	Jul. 28, 2024	Oct. 29, 2023	Jul. 30, 2023
Allowance for Credit Losses and Credit Quality of Receivables
Total	$ 55,865.7	$ 51,344.2	$ 50,198.9
Customer Receivables
Allowance for Credit Losses and Credit Quality of Receivables
2024 and 2023, respectively	11,473.9	15,528.0	10,912.7
2023 and 2022, respectively	10,969.0	9,055.7	10,395.1
2022 and 2021, respectively	6,609.0	5,502.6	6,276.9
2021 and 2020, respectively	3,677.7	2,337.9	2,808.3
2020 and 2019, respectively	1,354.0	768.0	997.0
Prior years	442.1	227.5	343.8
Revolving	4,471.2	4,594.4	4,437.5
Total	38,996.9	38,014.1	36,171.3
Customer Receivables \| Agriculture and turf \| 30-59 Days Past Due
Allowance for Credit Losses and Credit Quality of Receivables
2024 and 2023, respectively	33.8	46.8	52.9
2023 and 2022, respectively	77.6	66.6	73.3
2022 and 2021, respectively	49.1	34.6	43.5
2021 and 2020, respectively	24.0	18.7	20.4
2020 and 2019, respectively	9.2	8.2	10.2
Prior years	3.6	2.9	3.4
Revolving	29.3	28.1	19.4
Total	226.6	205.9	223.1
Customer Receivables \| Agriculture and turf \| 60-89 Days Past Due
Allowance for Credit Losses and Credit Quality of Receivables
2024 and 2023, respectively	13.6	15.8	17.2
2023 and 2022, respectively	59.4	22.0	25.6
2022 and 2021, respectively	21.8	14.8	13.2
2021 and 2020, respectively	10.1	7.8	7.5
2020 and 2019, respectively	4.0	3.3	3.9
Prior years	2.1	1.3	1.1
Revolving	9.4	8.6	5.6
Total	120.4	73.6	74.1
Customer Receivables \| Agriculture and turf \| 90 Days or Greater Past Due
Allowance for Credit Losses and Credit Quality of Receivables
2024 and 2023, respectively		1.4	0.1
2023 and 2022, respectively	1.2	0.8	0.7
2022 and 2021, respectively	0.4	2.7	0.4
2021 and 2020, respectively	2.6	2.9	0.1
2020 and 2019, respectively	4.7	0.1
Prior years	0.2	0.1	0.1
Total	9.1	8.0	1.4
Customer Receivables \| Agriculture and turf \| Current
Allowance for Credit Losses and Credit Quality of Receivables
2024 and 2023, respectively	9,434.5	12,998.3	9,040.7
2023 and 2022, respectively	8,820.5	7,208.2	8,355.6
2022 and 2021, respectively	5,301.9	4,459.1	5,064.2
2021 and 2020, respectively	3,050.5	1,970.4	2,361.3
2020 and 2019, respectively	1,176.3	666.3	858.2
Prior years	359.4	179.3	282.6
Revolving	4,300.0	4,424.8	4,284.0
Total	32,443.1	31,906.4	30,246.6
Customer Receivables \| Agriculture and turf \| Non-performing
Allowance for Credit Losses and Credit Quality of Receivables
2024 and 2023, respectively	11.8	25.9	12.9
2023 and 2022, respectively	95.0	63.7	55.0
2022 and 2021, respectively	77.4	44.5	45.4
2021 and 2020, respectively	50.3	25.0	24.9
2020 and 2019, respectively	21.6	12.9	13.2
Prior years	15.4	12.0	13.8
Revolving	14.5	7.2	8.3
Total	286.0	191.2	173.5
Customer Receivables \| Construction and forestry \| 30-59 Days Past Due
Allowance for Credit Losses and Credit Quality of Receivables
2024 and 2023, respectively	37.0	44.4	35.0
2023 and 2022, respectively	53.0	28.1	38.4
2022 and 2021, respectively	29.2	24.8	34.9
2021 and 2020, respectively	13.2	8.6	11.8
2020 and 2019, respectively	4.2	3.4	4.8
Prior years	1.0	0.4	1.3
Revolving	3.6	4.1	4.3
Total	141.2	113.8	130.5
Customer Receivables \| Construction and forestry \| 60-89 Days Past Due
Allowance for Credit Losses and Credit Quality of Receivables
2024 and 2023, respectively	10.8	17.8	12.5
2023 and 2022, respectively	21.0	11.4	20.1
2022 and 2021, respectively	12.6	11.8	13.3
2021 and 2020, respectively	7.9	4.5	7.6
2020 and 2019, respectively	1.6	1.0	1.9
Prior years	1.1	0.2	1.0
Revolving	1.3	1.8	1.5
Total	56.3	48.5	57.9
Customer Receivables \| Construction and forestry \| 90 Days or Greater Past Due
Allowance for Credit Losses and Credit Quality of Receivables
2024 and 2023, respectively	0.8	0.1
2023 and 2022, respectively	1.3	1.2	0.3
2022 and 2021, respectively	0.9	0.1
2021 and 2020, respectively	0.4	0.1
2020 and 2019, respectively	0.3
Prior years	0.1
Total	3.8	1.5	0.3
Customer Receivables \| Construction and forestry \| Current
Allowance for Credit Losses and Credit Quality of Receivables
2024 and 2023, respectively	1,912.3	2,343.4	1,725.5
2023 and 2022, respectively	1,750.4	1,586.2	1,757.6
2022 and 2021, respectively	1,047.4	859.0	1,006.8
2021 and 2020, respectively	482.9	279.2	351.7
2020 and 2019, respectively	120.0	65.3	96.5
Prior years	54.3	27.3	36.0
Revolving	111.5	118.6	113.0
Total	5,478.8	5,279.0	5,087.1
Customer Receivables \| Construction and forestry \| Non-performing
Allowance for Credit Losses and Credit Quality of Receivables
2024 and 2023, respectively	19.3	34.1	15.9
2023 and 2022, respectively	89.6	67.5	68.5
2022 and 2021, respectively	68.3	51.2	55.2
2021 and 2020, respectively	35.8	20.7	23.0
2020 and 2019, respectively	12.1	7.5	8.3
Prior years	4.9	4.0	4.5
Revolving	1.6	1.2	1.4
Total	$ 231.6	$ 186.2	$ 176.8

RECEIVABLES - Wholesale Receivables Credit Quality Analysis (Details) - USD ($) $ in Millions	Jul. 28, 2024	Oct. 29, 2023	Jul. 30, 2023
Allowance for Credit Losses and Credit Quality of Receivables
Total	$ 55,865.7	$ 51,344.2	$ 50,198.9
Wholesale Receivables
Allowance for Credit Losses and Credit Quality of Receivables
2024 and 2023, respectively	565.4	628.9	463.7
2023 and 2022, respectively	239.1	95.1	141.7
2022 and 2021, respectively	38.1	39.9	48.6
2021 and 2020, respectively	25.2	4.1	7.1
2020 and 2019, respectively	1.4	0.8	1.5
Prior years	0.5	235.1	1.0
Revolving	15,999.1	12,326.2	13,364.0
Total	16,868.8	13,330.1	14,027.6
Wholesale Receivables \| Agriculture and turf \| 30+ days past due
Allowance for Credit Losses and Credit Quality of Receivables
2024 and 2023, respectively	0.9		0.3
2023 and 2022, respectively	0.2
Revolving	23.6	45.8	21.2
Total	24.7	45.8	21.5
Wholesale Receivables \| Agriculture and turf \| Current
Allowance for Credit Losses and Credit Quality of Receivables
2024 and 2023, respectively	552.1	609.5	444.6
2023 and 2022, respectively	229.1	92.6	138.5
2022 and 2021, respectively	36.4	20.0	26.3
2021 and 2020, respectively	6.8	3.9	6.8
2020 and 2019, respectively	1.3	0.7	1.3
Prior years	0.5	159.9	1.0
Revolving	11,776.7	9,270.1	10,555.3
Total	12,602.9	10,156.7	11,173.8
Wholesale Receivables \| Agriculture and turf \| Non-performing
Allowance for Credit Losses and Credit Quality of Receivables
Revolving	24.1	5.7	6.2
Total	24.1	5.7	6.2
Wholesale Receivables \| Construction and forestry \| 30+ days past due
Allowance for Credit Losses and Credit Quality of Receivables
Revolving	24.7	17.0	13.0
Total	24.7	17.0	13.0
Wholesale Receivables \| Construction and forestry \| Current
Allowance for Credit Losses and Credit Quality of Receivables
2024 and 2023, respectively	12.4	19.4	18.8
2023 and 2022, respectively	9.8	2.5	3.2
2022 and 2021, respectively	1.7	19.9	22.3
2021 and 2020, respectively	18.4	0.2	0.3
2020 and 2019, respectively	0.1	0.1	0.2
Prior years		75.2
Revolving	4,150.0	2,987.6	2,768.3
Total	$ 4,192.4	$ 3,104.9	$ 2,813.1

RECEIVABLES - Allowance for Credit Losses (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Jul. 28, 2024	Jul. 30, 2023	Jul. 28, 2024	Jul. 30, 2023	Oct. 29, 2023
Receivable, Allowance for Credit Losses
Freestanding credit enhancement recoveries	$ 26.6	$ 3.4	$ 39.1	$ 9.2
Allowance:
Beginning of period balance	174.4	133.7	146.4	128.4
Provision (credit) for credit losses	122.0	22.3	220.0	51.9
Write-offs	(87.2)	(36.7)	(173.3)	(79.3)
Recoveries	11.0	9.1	28.7	27.2
Translation adjustments	(0.3)	0.4	(1.9)	0.6
End of period balance	219.9	128.8	219.9	128.8
Receivables:
End of period balance	55,865.7	50,198.9	55,865.7	50,198.9	$ 51,344.2
Unfunded Commitments
Allowance:
Provision (credit) for credit losses	0.4	0.1	2.7	0.7
Customer Receivables
Allowance:
Write-offs			(173.3)
Receivables:
End of period balance	38,996.9	36,171.3	38,996.9	36,171.3	38,014.1
Retail Notes & Financing Leases
Allowance:
Beginning of period balance	144.2	103.2	114.9	95.4
Provision (credit) for credit losses	76.9	11.2	154.5	36.6
Write-offs	(41.1)	(18.5)	(93.5)	(43.0)
Recoveries	3.0	3.3	7.1	9.9
Translation adjustments	(0.2)	0.2	(0.2)	0.5
End of period balance	182.8	99.4	182.8	99.4
Receivables:
End of period balance	34,525.7	31,733.8	34,525.7	31,733.8
Revolving charge accounts
Allowance:
Beginning of period balance	20.9	19.3	20.4	21.9
Provision (credit) for credit losses	25.0	10.6	45.8	15.1
Write-offs	(46.1)	(18.2)	(79.8)	(36.2)
Recoveries	8.0	5.8	21.4	16.7
End of period balance	7.8	17.5	7.8	17.5
Receivables:
End of period balance	4,471.2	4,437.5	4,471.2	4,437.5	4,594.4
Wholesale Receivables
Allowance:
Beginning of period balance	9.3	11.2	11.1	11.1
Provision (credit) for credit losses	20.1	0.5	19.7	0.2
Write-offs				(0.1)
Recoveries			0.2	0.6
Translation adjustments	(0.1)	0.2	(1.7)	0.1
End of period balance	29.3	11.9	29.3	11.9
Receivables:
End of period balance	$ 16,868.8	$ 14,027.6	$ 16,868.8	$ 14,027.6	$ 13,330.1

RECEIVABLES - Write-offs by Year of Origination (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Jul. 28, 2024	Jul. 30, 2023	Jul. 28, 2024	Jul. 30, 2023
Write-offs by Year of Origination
Total	$ 87.2	$ 36.7	$ 173.3	$ 79.3
Customer Receivables
Write-offs by Year of Origination
2024			3.6
2023			33.1
2022			30.0
2021			13.1
2020			10.4
Prior Years			3.3
Revolving Charge Accounts			79.8
Total			173.3
Customer Receivables \| Agriculture and turf
Write-offs by Year of Origination
2024			1.5
2023			13.7
2022			14.6
2021			5.9
2020			6.5
Prior Years			1.6
Revolving Charge Accounts			73.5
Total			117.3
Customer Receivables \| Construction and forestry
Write-offs by Year of Origination
2024			2.1
2023			19.4
2022			15.4
2021			7.2
2020			3.9
Prior Years			1.7
Revolving Charge Accounts			6.3
Total			$ 56.0

RECEIVABLES - Modifications (Details) $ in Millions	3 Months Ended	9 Months Ended
RECEIVABLES - Modifications (Details) $ in Millions	Jul. 28, 2024 USD ($)	Jul. 28, 2024 USD ($)	Jul. 30, 2023 USD ($) item
Modifications
Amortized cost of modified loans	$ 22.1	$ 59.2	$ 3.4
Modifications (as a percent)	0.04%	0.11%
Number of Receivable contracts \| item			92
Pre-modification balance			$ 3.5
Receivable contracts in troubled debt restructuring, subsequently defaulted			$ 0.0
30-59 Days Past Due
Modifications
Amortized cost of modified loans		$ 4.4
60-89 Days Past Due
Modifications
Amortized cost of modified loans		2.6
90 Days or Greater Past Due
Modifications
Amortized cost of modified loans		0.8
Current
Modifications
Amortized cost of modified loans		48.2
Non-performing
Modifications
Amortized cost of modified loans		$ 3.2

SECURITIZATION OF RECEIVABLES (Details) - USD ($) $ in Millions	Jul. 28, 2024	Oct. 29, 2023	Jul. 30, 2023
Securitization of Receivables
Total receivables	$ 55,865.7	$ 51,344.2	$ 50,198.9
Other assets	460.2	367.5	363.0
Securitization borrowings	7,867.8	6,995.2	6,608.4
Accrued interest on borrowings - securitization transactions	13.8	12.6	15.1
Total liabilities related to restricted securitized assets	7,881.6	7,007.8	6,623.5
Securitized
Securitization of Receivables
Other assets	178.3	152.0	152.8
Total Assets	8,450.9	7,487.4	7,154.1
Retail notes \| Securitized
Securitization of Receivables
Total receivables	$ 8,311.6	$ 7,356.8	$ 7,018.7
Location of liability for pledged asset	Securitization borrowings	Securitization borrowings	Securitization borrowings
Allowance for credit losses	$ (39.0)	$ (21.4)	$ (17.4)

LEASES - Lease Revenues (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
LEASES - Lease Revenues (Details) - USD ($) $ in Millions	Jul. 28, 2024	Jul. 30, 2023	Jul. 28, 2024	Jul. 30, 2023
Lessor
Sales-type and direct finance lease revenues	$ 30.4	$ 25.2	$ 83.7	$ 63.6
Operating lease revenues	246.3	224.9	716.2	660.6
Variable lease revenues	4.0	0.1	12.1	10.3
Total lease revenues	280.7	250.2	812.0	734.5
Excess use and damage fees	$ 0.6	$ 0.1	$ 1.7	$ 1.3

LEASES - Cost of Equipment on Operating Leases (Details) - USD ($) $ in Millions	Jul. 28, 2024	Oct. 29, 2023	Jul. 30, 2023
Cost of Equipment on Operating Leases
Equipment on operating leases - gross	$ 6,480.4	$ 6,307.6	$ 6,103.3
Accumulated depreciation	(1,281.0)	(1,256.1)	(1,265.8)
Equipment on operating leases - net	5,199.4	5,051.5	4,837.5
Operating lease residual value	3,637.3	3,538.3	3,351.1
Operating lease residual value guarantees	649.6	566.9	544.1
Matured operating lease inventory	25.4	16.2	16.2
Agriculture and turf equipment
Cost of Equipment on Operating Leases
Equipment on operating leases - gross	5,510.2	5,265.2	5,049.1
Construction and forestry
Cost of Equipment on Operating Leases
Equipment on operating leases - gross	$ 970.2	$ 1,042.4	$ 1,054.2

NOTES RECEIVABLE FROM AND PAYABLE TO JOHN DEERE (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Jul. 28, 2024	Jul. 30, 2023	Jul. 28, 2024	Jul. 30, 2023	Oct. 29, 2023
Notes Receivable from and Payable to John Deere
Interest expense	$ 640.0	$ 445.3	$ 1,817.2	$ 1,121.6
Related Party
Notes Receivable from and Payable to John Deere
Interest earned	$ 11.5	$ 10.4	$ 34.3	$ 25.8
Interest Income, Operating, Related Party [Extensible Enumeration]	John Deere	John Deere	John Deere	John Deere
Notes payable to John Deere	$ 3,608.2	$ 4,139.2	$ 3,608.2	$ 4,139.2	$ 3,184.0
Long-term intercompany loans	0.0	548.8	0.0	548.8	528.1
Interest expense	$ 47.8	$ 60.1	$ 133.1	$ 145.8
Interest Expense, Related Party, Name [Extensible Enumeration]	John Deere	John Deere	John Deere	John Deere
Related Party \| John Deere
Notes Receivable from and Payable to John Deere
Notes receivable from John Deere	$ 592.3	$ 648.1	$ 592.3	$ 648.1	$ 650.7
Maximum remaining term for related party notes receivable			7 years

LONG-TERM EXTERNAL BORROWINGS (Details) - USD ($) $ in Millions	Jul. 28, 2024	Oct. 29, 2023	Jul. 30, 2023
Long-Term Borrowings
Total senior debt	$ 33,328.3	$ 27,522.8	$ 27,487.8
Unamortized debt discount and debt issuance costs	(107.4)	(83.5)	(79.8)
Total	33,220.9	27,439.3	27,408.0
Medium-term notes
Long-Term Borrowings
Total senior debt	33,328.2	27,522.8	27,487.6
Medium-term notes Principal	33,967.0	$ 28,733.5	28,420.0
Other notes and finance lease obligations
Long-Term Borrowings
Total senior debt	$ 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
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-Name Accounting Standards Codification
-Section 55
-Paragraph 8
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-URI https://asc.fasb.org/1943274/2147482949/835-30-55-8

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-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1D

Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1E
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1E

Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-Name Accounting Standards Codification
-Section 50
-Paragraph 1E
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1E

Reference 20: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1E
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1E

Reference 21: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1F
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1F

Reference 22: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1F
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1F

Reference 23: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1F

Reference 24: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1F

Reference 25: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1I

Reference 26: 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 27: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 835
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482900/835-30-50-1

+ 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	9 Months Ended
	Jul. 28, 2024 USD ($)
Medium-term notes
Guarantee Obligations
Guarantee obligations maximum exposure	$ 3,399.8
Weighted average interest rate (as a percent)	3.60%
Maximum remaining maturity	5 years
Commercial paper
Guarantee Obligations
Guarantee obligations maximum exposure	$ 2,439.0
Derivative Instruments
Guarantee Obligations
Guarantee obligations maximum exposure	3,855.5
Notional amount	$ 82.7

COMMITMENTS AND CONTINGENCIES - Commitments (Details) $ in Millions	Jul. 28, 2024 USD ($)
Unfunded Commitments
Commitments
Reserve for credit losses on unfunded commitments	$ 4.7
Wholesale Receivables
Commitments
Unused commitments	8,014.9
Customer Receivables
Commitments
Unused commitments	$ 33,116.8

FAIR VALUE MEASUREMENTS - Financial Instruments (Details) - USD ($) $ in Millions	Jul. 28, 2024	Oct. 29, 2023	Jul. 30, 2023
Fair Values of Financial Instruments
Receivables financed - net	$ 55,645.8	$ 51,197.8	$ 50,070.1
Securitization borrowings	7,867.8	6,995.2	6,608.4
Current maturities of long-term external borrowings	7,632.9	6,059.9	5,091.2
Long-term external borrowings	33,220.9	27,439.3	27,408.0
Level 3 \| Unrestricted
Fair Values of Financial Instruments
Receivables financed - net	47,205.6	43,168.7	42,654.1
Level 3 \| Securitized
Fair Values of Financial Instruments
Receivables financed - net	$ 8,137.1	$ 7,055.8	$ 6,817.7
Location of liability for pledged asset	Securitization borrowings	Securitization borrowings	Securitization borrowings
Level 2
Fair Values of Financial Instruments
Securitization borrowings	$ 7,870.3	$ 6,921.1	$ 6,538.4
Current maturities of long-term external borrowings	7,566.8	5,953.0	4,947.7
Long-term external borrowings	33,290.8	27,057.7	27,135.5
Carrying Value
Fair Values of Financial Instruments
Securitization borrowings	7,867.8	6,995.2	6,608.4
Current maturities of long-term external borrowings	7,632.9	6,059.9	5,091.2
Long-term external borrowings	33,220.9	27,439.3	27,408.0
Carrying Value \| Unrestricted
Fair Values of Financial Instruments
Receivables financed - net	47,373.2	43,862.4	43,068.8
Carrying Value \| Securitized
Fair Values of Financial Instruments
Receivables financed - net	$ 8,272.6	$ 7,335.4	$ 7,001.3
Location of liability for pledged asset	Securitization borrowings	Securitization borrowings	Securitization borrowings

FAIR VALUE MEASUREMENTS - Assets and Liabilities - Recurring (Details) - USD ($) $ in Millions	Jul. 28, 2024	Oct. 29, 2023	Jul. 30, 2023
Assets and Liabilities Measured at Fair Value on Recurring and Nonrecurring Basis
Marketable securities	$ 2.8	$ 1.4	$ 1.8
Assets and Liabilities Measured at Fair Value on a Recurring Basis \| Level 2
Assets and Liabilities Measured at Fair Value on Recurring and Nonrecurring Basis
Total assets	237.9	157.1	179.7
Total liabilities	498.7	975.4	748.6
Assets and Liabilities Measured at Fair Value on a Recurring Basis \| Level 2 \| Marketable Securities
Assets and Liabilities Measured at Fair Value on Recurring and Nonrecurring Basis
Marketable securities	$ 2.8	$ 1.4	$ 1.8
Investment, Type [Extensible Enumeration]	jdcc:ForeignDebtSecuritiesMember	jdcc:ForeignDebtSecuritiesMember	jdcc:ForeignDebtSecuritiesMember
Assets and Liabilities Measured at Fair Value on a Recurring Basis \| Level 2 \| Receivables from John Deere
Assets and Liabilities Measured at Fair Value on Recurring and Nonrecurring Basis
Derivative assets	$ 204.9	$ 144.4	$ 169.5
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	30.2	11.3	8.4
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	$ 498.7	974.9	743.4
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		$ 0.5	$ 5.2

FAIR VALUE MEASUREMENTS - Contractual Maturities of Available-for-sale Debt Securities (Details) $ in Millions	Jul. 28, 2024 USD ($)
Contractual Maturities of Debt Securities, Amortized Cost
Amortized cost basis	$ 5.0
Contractual Maturities of Debt Securities, Fair Value
Fair value	$ 2.8

DERIVATIVE INSTRUMENTS - Fair Values (Details) - USD ($) $ in Millions	Jul. 28, 2024	Oct. 29, 2023	Jul. 30, 2023
Designated as Hedging Instruments \| Cash flow hedges \| Interest Rate Contracts
Fair Values of Derivative Instruments
Notional amounts	$ 3,475.0	$ 1,500.0	$ 1,500.0
Derivative assets	14.3	44.7	47.8
Derivative liabilities	17.6		2.5
Designated as Hedging Instruments \| Fair Value Hedges \| Interest Rate Contracts
Fair Values of Derivative Instruments
Notional amounts	14,333.2	11,859.4	11,479.3
Derivative assets	111.1		4.0
Derivative liabilities	454.9	915.7	667.5
Designated as Hedging Instruments \| Fair Value Hedges \| Cross-currency interest rate contracts
Fair Values of Derivative Instruments
Notional amounts	974.5
Derivative assets	15.5
Not Designated as Hedging Instruments \| Interest Rate Contracts
Fair Values of Derivative Instruments
Notional amounts	6,975.7	8,010.9	7,392.1
Derivative assets	39.1	72.2	92.6
Derivative liabilities	7.6	27.4	23.8
Not Designated as Hedging Instruments \| Foreign currency exchange contracts
Fair Values of Derivative Instruments
Notional amounts	1,320.0	1,546.5	1,433.0
Derivative assets	30.2	11.3	8.4
Derivative liabilities		0.5	5.2
Not Designated as Hedging Instruments \| Cross-currency interest rate contracts
Fair Values of Derivative Instruments
Notional amounts	190.2	175.8	155.2
Derivative assets	9.7	3.2
Derivative liabilities	3.4	7.5	24.5
Not Designated as Hedging Instruments \| Interest rate caps \| Sold
Fair Values of Derivative Instruments
Notional amounts	1,595.3	1,336.0	1,433.8
Derivative liabilities	15.2	24.3	25.1
Not Designated as Hedging Instruments \| Interest rate caps \| Purchased
Fair Values of Derivative Instruments
Notional amounts	1,595.3	1,336.0	1,433.8
Derivative assets	$ 15.2	$ 24.3	$ 25.1

DERIVATIVE INSTRUMENTS - Cash Flow Hedges (Details) $ in Millions	9 Months Ended
	Jul. 28, 2024 USD ($)
Cash Flow Hedges
Cash flow hedge gain (loss) recorded in OCI to be reclassified within twelve months	$ 20.6
Gains or losses reclassified from OCI to earnings	$ 0.0

DERIVATIVE INSTRUMENTS - Fair Value Hedges (Details) - Interest Rate Contracts - USD ($) $ in Millions	Jul. 28, 2024	Oct. 29, 2023	Jul. 30, 2023
Active Hedging Relationships
Carrying Amount of Hedged Item	$ 14,864.3	$ 10,883.7	$ 10,760.0
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	$ 1,458.4	$ 1,814.0	$ 2,323.8
Cumulative Fair Value Hedging Adjustment - Discontinued	9.1	14.9	25.1
Long-term External Borrowings
Active Hedging Relationships
Cumulative Fair Value Hedging Adjustment	(375.0)	(922.6)	(667.4)
Discontinued Hedging Relationships
Carrying Amount of Formerly Hedged Item	8,414.5	7,144.1	6,319.1
Cumulative Fair Value Hedging Adjustment - Discontinued	$ (263.8)	$ (288.1)	$ (265.0)

DERIVATIVE INSTRUMENTS - Gains (Losses) on Statements of Consolidated Income (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Jul. 28, 2024	Jul. 30, 2023	Jul. 28, 2024	Jul. 30, 2023
Classification and gains (losses) including accrued interest expense related to derivative instruments
Not designated as hedges, gains (losses)	$ (7.3)	$ (15.4)	$ (94.9)	$ (72.8)
Related Party \| John Deere
Classification and gains (losses) including accrued interest expense related to derivative instruments
Gain (loss) on derivative transactions with affiliate party	$ 397.9	$ (326.3)	$ 312.5	$ (69.9)
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	$ (14.8)	$ 23.8	$ 3.8	$ 18.2
Interest Rate Contracts (Swaps) \| Interest expense
Classification and gains (losses) including accrued interest expense related to derivative instruments
Fair value hedges, gains (losses)	363.1	(356.2)	259.3	(124.8)
Cash flow hedges, reclassified from OCI	22.5	18.3	51.3	54.5
Not designated as hedges, gains (losses)	(2.5)	25.0	(2.6)	27.4
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)	$ (4.8)	$ (40.4)	$ (92.3)	$ (100.2)

DERIVATIVE INSTRUMENTS - Counterparty Risk and Collateral (Details) - USD ($) $ in Millions	Jul. 28, 2024	Oct. 29, 2023	Jul. 30, 2023
External
Derivative assets
Gross Amounts Recognized	$ 30.2	$ 11.3	$ 8.4
Netting Arrangements		(0.1)	(0.1)
Net Amount	30.2	11.2	8.3
Derivative liabilities
Gross Amounts Recognized		0.5	5.2
Netting Arrangements		(0.1)	(0.1)
Net Amount		0.4	5.1
John Deere \| Related Party
Derivative assets
Gross Amounts Recognized	204.9	144.4	169.5
Netting Arrangements	(143.6)	(107.0)	(108.5)
Net Amount	61.3	37.4	61.0
Derivative liabilities
Gross Amounts Recognized	498.7	974.9	743.4
Netting Arrangements	(143.6)	(107.0)	(108.5)
Net Amount	355.1	867.9	634.9
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

EMPLOYEE-SEPARATION PROGRAMS (Details) - Employee-Separation Programs - USD ($) $ in Millions	3 Months Ended	18 Months Ended
	Jul. 28, 2024	Nov. 02, 2025
Employee Separation Programs
Employee-separation programs' pretax expenses	$ 8.2
Forecast
Employee Separation Programs
Employee-separation programs' pretax expenses		$ 8.7