Document and Entity Information	6 Months Ended
Document and Entity Information	Apr. 27, 2025 shares
Document Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Transition Report	false
Document Period End Date	Apr. 27, 2025
Entity File Number	1-4121
Entity Registrant Name	DEERE & CO
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	36-2382580
Entity Address, Address Line One	One John Deere Place
Entity Address, City or Town	Moline
Entity Address, State or Province	IL
Entity Address, Postal Zip Code	61265
City Area Code	309
Local Phone Number	765-8000
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding	270,827,055
Current Fiscal Year End Date	--11-02
Document Fiscal Year Focus	2025
Document Fiscal Period Focus	Q2
Entity Central Index Key	0000315189
Amendment Flag	false
Common Stock
Document Information [Line Items]
Title of 12(b) Security	Common stock, $1 par value
Trading Symbol	DE
Security Exchange Name	NYSE
6.55% Debentures Due 2028
Document Information [Line Items]
Title of 12(b) Security	6.55% Debentures Due 2028
Trading Symbol	DE28
Security Exchange Name	NYSE

STATEMENTS OF CONSOLIDATED INCOME - USD ($) shares in Millions, $ in Millions	3 Months Ended		6 Months Ended
	Apr. 27, 2025	Apr. 28, 2024	Apr. 27, 2025	Apr. 28, 2024
Net Sales and Revenues
Net sales and revenues	$ 12,763	$ 15,235	$ 21,272	$ 27,420
Costs and Expenses
Research and development expenses	549	565	1,075	1,098
Selling, administrative and general expenses	1,197	1,265	2,169	2,330
Interest expense	784	836	1,614	1,638
Other operating expenses	287	295	536	664
Total	10,426	12,118	18,040	22,087
Income of Consolidated Group before Income Taxes	2,337	3,117	3,232	5,333
Provision for income taxes	539	751	566	1,220
Income of Consolidated Group	1,798	2,366	2,666	4,113
Equity in income of unconsolidated affiliates	3	2	1	3
Net Income	1,801	2,368	2,667	4,116
Less: Net loss attributable to noncontrolling interests	(3)	(2)	(6)	(5)
Net Income Attributable to Deere & Company	$ 1,804	$ 2,370	$ 2,673	$ 4,121
Per Share Data
Basic (in dollars per share)	$ 6.65	$ 8.56	$ 9.85	$ 14.8
Diluted (in dollars per share)	6.64	8.53	9.82	14.74
Dividends declared (in dollars per share)	1.62	1.47	3.24	2.94
Dividends paid (in dollars per share)	$ 1.62	$ 1.47	$ 3.09	$ 2.82
Average Shares Outstanding
Basic (in shares)	271.1	276.8	271.3	278.4
Diluted (in shares)	271.8	277.9	272.1	279.5
Net Sales
Net Sales and Revenues
Net sales and revenues	$ 11,171	$ 13,610	$ 17,980	$ 24,097
Cost of Sales
Cost of sales	7,609	9,157	12,646	16,357
Finance and Interest Income
Net Sales and Revenues
Net sales and revenues	1,354	1,387	2,807	2,746
Other Income
Net Sales and Revenues
Net sales and revenues	$ 238	$ 238	$ 485	$ 577

STATEMENTS OF CONSOLIDATED COMPREHENSIVE INCOME - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Apr. 27, 2025	Apr. 28, 2024	Apr. 27, 2025	Apr. 28, 2024
STATEMENTS OF CONSOLIDATED COMPREHENSIVE INCOME
Net Income	$ 1,801	$ 2,368	$ 2,667	$ 4,116
Other Comprehensive Income (Loss), Net of Income Taxes
Retirement benefits adjustment	2	(87)	5	(108)
Cumulative translation adjustment	751	(217)	300	57
Unrealized gain (loss) on derivatives	(8)	8	(9)	(7)
Unrealized gain (loss) on debt securities	24	(12)	9	1
Other Comprehensive Income (Loss), Net of Income Taxes	769	(308)	305	(57)
Comprehensive Income	2,570	2,060	2,972	4,059
Less: Comprehensive income (loss) attributable to noncontrolling interests	4	(3)	(2)	(4)
Comprehensive Income Attributable to Deere & Company	$ 2,566	$ 2,063	$ 2,974	$ 4,063

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Millions	Apr. 27, 2025	Oct. 27, 2024	Apr. 28, 2024
ASSETS
Cash and cash equivalents	$ 7,991	$ 7,324	$ 5,553
Marketable securities	1,272	1,154	1,094
Trade accounts and notes receivable - net	6,748	5,326	8,880
Other receivables	2,975	2,545	2,535
Equipment on operating leases - net	7,336	7,451	6,965
Inventories	7,870	7,093	8,443
Property and equipment - net	7,555	7,580	7,034
Goodwill	4,094	3,959	3,936
Other intangible assets - net	964	999	1,064
Retirement benefits	3,133	2,921	3,056
Deferred income taxes	2,088	2,086	1,936
Other assets	3,483	2,906	2,592
Assets held for sale		2,944
Total Assets	106,303	107,320	105,628
LIABILITIES
Short-term borrowings	15,948	13,533	17,699
Short-term securitization borrowings	7,562	8,431	6,976
Accounts payable and accrued expenses	13,345	14,543	14,609
Deferred income taxes	496	478	491
Long-term borrowings	42,811	43,229	40,962
Retirement benefits and other liabilities	1,763	2,354	2,105
Liabilities held for sale		1,827
Total liabilities	81,925	84,395	82,842
Commitments and contingencies (Note 16)
Redeemable noncontrolling interest	83	82	98
STOCKHOLDERS' EQUITY
Common stock, $1 par value (issued shares at April 27, 2025 - 536,431,204)	5,565	5,489	5,391
Common stock in treasury	(36,064)	(35,349)	(33,764)
Retained earnings	58,191	56,402	54,228
Accumulated other comprehensive income (loss)	(3,405)	(3,706)	(3,171)
Total Deere & Company stockholders' equity	24,287	22,836	22,684
Noncontrolling interests	8	7	4
Total stockholders' equity	24,295	22,843	22,688
Total Liabilities and Stockholders' Equity	106,303	107,320	105,628
Unrestricted
ASSETS
Financing receivables - net	43,029	44,309	45,278
Securitized
ASSETS
Financing receivables - net	$ 7,765	$ 8,723	$ 7,262
Location of liability for pledged asset	Short-term securitization borrowings	Short-term securitization borrowings	Short-term securitization borrowings
Other assets	$ 183	$ 187	$ 164
Total Assets	$ 7,948	$ 8,910	$ 7,426

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical)	Apr. 27, 2025 $ / shares shares
CONDENSED CONSOLIDATED BALANCE SHEETS
Common stock, par value (in dollars per share) \| $ / shares	$ 1
Common stock, issued shares \| shares	536,431,204

STATEMENTS OF CONSOLIDATED CASH FLOWS - USD ($) $ in Millions	6 Months Ended
	Apr. 27, 2025	Apr. 28, 2024
Cash Flows from Operating Activities
Net income	$ 2,667	$ 4,116
Adjustments to reconcile net income to net cash provided by operating activities:
Provision for credit losses	174	131
Provision for depreciation and amortization	1,104	1,045
Impairments and other adjustments	(32)
Share-based compensation expense	54	104
Provision (credit) for deferred income taxes	11	(120)
Changes in assets and liabilities:
Receivables related to sales	(1,069)	(2,469)
Inventories	(772)	(409)
Accounts payable and accrued expenses	(898)	(1,300)
Accrued income taxes payable/receivable	(147)	(29)
Retirement benefits	(794)	(208)
Other	270	83
Net cash provided by operating activities	568	944
Cash Flows from Investing Activities
Collections of receivables (excluding receivables related to sales)	14,348	13,703
Proceeds from maturities and sales of marketable securities	245	200
Proceeds from sales of equipment on operating leases	1,001	1,011
Cost of receivables acquired (excluding receivables related to sales)	(12,744)	(14,091)
Purchases of marketable securities	(347)	(432)
Purchases of property and equipment	(555)	(719)
Cost of equipment on operating leases acquired	(1,254)	(1,369)
Collections of receivables from unconsolidated affiliates	234
Collateral on derivatives - net	27	96
Other	(176)	(69)
Net cash provided by (used for) investing activities	779	(1,670)
Cash Flows from Financing Activities
Net proceeds in short-term borrowings (original maturities three months or less)	551	58
Proceeds from borrowings issued (original maturities greater than three months)	5,156	10,189
Payments of borrowings (original maturities greater than three months)	(4,837)	(8,139)
Repurchases of common stock	(838)	(2,422)
Dividends paid	(843)	(796)
Other	(10)	(52)
Net cash used for financing activities	(821)	(1,162)
Effect of Exchange Rate Changes on Cash, Cash Equivalents, and Restricted Cash	20	(5)
Net Increase (Decrease) in Cash, Cash Equivalents, and Restricted Cash	546	(1,893)
Cash, Cash Equivalents, and Restricted Cash at Beginning of Period	7,633	7,620
Cash, Cash Equivalents, and Restricted Cash at End of Period	8,179	5,727
Components of Cash, Cash Equivalents, and Restricted Cash
Cash and cash equivalents	7,991	5,553
Restricted cash (Other assets)	$ 188	$ 174
Balance sheet location of restricted cash	Other assets	Other assets
Total Cash, Cash Equivalents, and Restricted Cash	$ 8,179	$ 5,727

STATEMENTS OF CHANGES IN CONSOLIDATED STOCKHOLDERS' EQUITY - USD ($) $ in Millions	Common Stock	Treasury Stock	Retained Earnings	Accumulated Other Comprehensive Income (Loss)	Noncontrolling Interests	Total
Balance at Oct. 29, 2023	$ 5,303	$ (31,335)	$ 50,931	$ (3,114)	$ 4	$ 21,789
Increase (Decrease) in Stockholders' Equity
Net income			4,121		1	4,122
Other comprehensive income (loss)				(57)		(57)
Repurchases of common stock		(2,445)				(2,445)
Treasury shares reissued		16				16
Dividends declared			(818)		(1)	(819)
Share based awards and other	88		(6)			82
Balance at Apr. 28, 2024	5,391	(33,764)	54,228	(3,171)	4	22,688
Redeemable Noncontrolling Interest - Balance at Oct. 29, 2023						97
Increase (Decrease) in Redeemable Noncontrolling Interest
Net loss						(6)
Other comprehensive income (loss)						1
Other						6
Redeemable Noncontrolling Interest - Balance at Apr. 28, 2024						98
Balance at Jan. 28, 2024	5,335	(32,663)	52,266	(2,863)	4	22,079
Increase (Decrease) in Stockholders' Equity
Net income			2,370		1	2,371
Other comprehensive income (loss)				(308)		(308)
Repurchases of common stock		(1,105)				(1,105)
Treasury shares reissued		4				4
Dividends declared			(406)		(1)	(407)
Share based awards and other	56		(2)			54
Balance at Apr. 28, 2024	5,391	(33,764)	54,228	(3,171)	4	22,688
Redeemable Noncontrolling Interest - Balance at Jan. 28, 2024						100
Increase (Decrease) in Redeemable Noncontrolling Interest
Net loss						(3)
Other comprehensive income (loss)						(1)
Other						2
Redeemable Noncontrolling Interest - Balance at Apr. 28, 2024						98
Balance at Oct. 27, 2024	5,489	(35,349)	56,402	(3,706)	7	22,843
Increase (Decrease) in Stockholders' Equity
Net income			2,673			2,673
Other comprehensive income (loss)				301		301
Repurchases of common stock		(746)				(746)
Treasury shares reissued		31				31
Dividends declared			(881)			(881)
Share based awards and other	76		(3)		1	74
Balance at Apr. 27, 2025	5,565	(36,064)	58,191	(3,405)	8	24,295
Redeemable Noncontrolling Interest - Balance at Oct. 27, 2024						82
Increase (Decrease) in Redeemable Noncontrolling Interest
Net loss						(6)
Other comprehensive income (loss)						4
Other						3
Redeemable Noncontrolling Interest - Balance at Apr. 27, 2025						83
Balance at Jan. 26, 2025	5,526	(35,709)	56,829	(4,167)	7	22,486
Increase (Decrease) in Stockholders' Equity
Net income			1,804			1,804
Other comprehensive income (loss)				762		762
Repurchases of common stock		(362)				(362)
Treasury shares reissued		7				7
Dividends declared			(440)			(440)
Share based awards and other	39		(2)		1	38
Balance at Apr. 27, 2025	$ 5,565	$ (36,064)	$ 58,191	$ (3,405)	$ 8	24,295
Redeemable Noncontrolling Interest - Balance at Jan. 26, 2025						78
Increase (Decrease) in Redeemable Noncontrolling Interest
Net loss						(3)
Other comprehensive income (loss)						7
Other						1
Redeemable Noncontrolling Interest - Balance at Apr. 27, 2025						$ 83

ORGANIZATION AND CONSOLIDATION

6 Months Ended

Apr. 27, 2025

ORGANIZATION AND CONSOLIDATION

ORGANIZATION AND CONSOLIDATION

(1) Organization and Consolidation

Deere & Company has been developing innovative solutions to help its customers become more profitable for more than 185 years. References to “Deere & Company,” “John Deere,” “we,” “us,” or “our” include our consolidated subsidiaries. We manage our business through the following operating segments: production and precision agriculture (PPA), small agriculture and turf (SAT), construction and forestry (CF), and financial services (John Deere Financial or FS). References to “agriculture and turf” include both PPA and SAT.

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

All amounts are presented in millions of dollars, unless otherwise specified. Certain prior period amounts have been reclassified to conform to current period presentation.

Variable Interest Entity

We have a 50% ownership interest in Banco John Deere S.A. (BJD), an equity method investment that finances retail and wholesale loans for agricultural, construction, and forestry equipment in Brazil. This investment was established in February 2025 through the sale of 50% ownership of a former subsidiary (see Note 20). BJD is a variable interest entity (VIE) as we provide funding and are exposed to losses that are disproportionate to our voting rights. However, we are not the primary beneficiary of the VIE because the power over significant activities, including the strategic plan, budget, credit policies, and funding guidelines, is shared among equity holders through an equally represented board of directors.

Financial results of BJD are reported in “Equity in income of unconsolidated affiliates.” The related investment in unconsolidated affiliates is included in “Other assets” on the condensed consolidated balance sheets, while short-term and long-term funding is recorded in receivables from unconsolidated affiliates and included in “Other receivables.”

Our carrying value of receivables from and investments in BJD and maximum exposure to loss at April 27, 2025 follows:


	April 27
	2025
Receivables from unconsolidated affiliates – "Other receivables"	$	564
Investments in unconsolidated affiliates – "Other assets"		372
Carrying value of assets related to VIE		936
Guarantees		156
Maximum exposure to loss	$	1,092

Guarantees primarily include BJD debt related to government funding that existed prior to the deconsolidation of BJD, and no contractual liability is recorded by us on our condensed consolidated balance sheets. The maximum exposure to loss is not an indication of our expected loss exposure.

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES AND NEW ACCOUNTING PRONOUNCEMENTS

6 Months Ended

Apr. 27, 2025

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES AND NEW ACCOUNTING PRONOUNCEMENTS

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES AND NEW ACCOUNTING PRONOUNCEMENTS

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

Quarterly Financial Statements

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

Use of Estimates in Financial Statements

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

New Accounting Pronouncements Adopted

We closely monitor all Accounting Standard Updates (ASUs) issued by the Financial Accounting Standards Board (FASB) and other authoritative guidance. We adopted the following standards in 2025, none of which had a material effect on our consolidated financial statements.


No. 2023-05 — Business Combinations – Joint Venture Formations (Subtopic 805-60): Recognition and Initial Measurement
No. 2022-03 — Fair Value Measurement (Topic 820): Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions

Accounting Pronouncements to be Adopted

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

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

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


No. 2024-04 — Debt – Debt with Conversion and Other Options (Subtopic 470-20): Induced Conversions of Convertible Debt Instruments
No. 2023-07 — Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures
No. 2023-06 — Disclosure Improvements: Codification Amendments in Response to the SEC’s Disclosure Update and Simplification Initiative

REVENUE RECOGNITION

6 Months Ended

Apr. 27, 2025

REVENUE RECOGNITION

REVENUE RECOGNITION

(3) Revenue Recognition

Our net sales and revenues by primary geographic market, major product line, and timing of revenue recognition follow:


	Three Months Ended April 27, 2025
	PPA		SAT		CF		FS		Total
Primary geographic markets:
United States	$	2,512	$	1,626	$	1,717	$	1,072	$	6,927
Canada		656		153		208		172		1,189
Western Europe		612		667		497		44		1,820
Central Europe and CIS		239		99		87		3		428
Latin America		995		116		220		41		1,372
Asia, Africa, Oceania, and Middle East		312		385		277		53		1,027
Total	$	5,326	$	3,046	$	3,006	$	1,385	$	12,763

Major product lines:
Production agriculture	$	5,135							$	5,135
Small agriculture			$	1,964						1,964
Turf				957						957
Construction					$	1,182				1,182
Compact construction						506				506
Roadbuilding						949				949
Forestry						254				254
Financial products		56		25		16	$	1,385		1,482
Other		135		100		99				334
Total	$	5,326	$	3,046	$	3,006	$	1,385	$	12,763

Revenue recognized:
At a point in time	$	5,218	$	2,997	$	2,967	$	34	$	11,216
Over time		108		49		39		1,351		1,547
Total	$	5,326	$	3,046	$	3,006	$	1,385	$	12,763


	Six Months Ended April 27, 2025
	PPA		SAT		CF		FS		Total
Primary geographic markets:
United States	$	4,067	$	2,575	$	2,830	$	2,158	$	11,630
Canada		1,010		232		309		359		1,910
Western Europe		889		1,019		841		87		2,836
Central Europe and CIS		306		138		158		7		609
Latin America		1,710		196		425		137		2,468
Asia, Africa, Oceania, and Middle East		517		693		501		108		1,819
Total	$	8,499	$	4,853	$	5,064	$	2,856	$	21,272

Major product lines:
Production agriculture	$	8,137							$	8,137
Small agriculture			$	3,198						3,198
Turf				1,420						1,420
Construction					$	1,952				1,952
Compact construction						867				867
Roadbuilding						1,545				1,545
Forestry						480				480
Financial products		111		58		37	$	2,856		3,062
Other		251		177		183				611
Total	$	8,499	$	4,853	$	5,064	$	2,856	$	21,272

Revenue recognized:
At a point in time	$	8,304	$	4,757	$	4,995	$	63	$	18,119
Over time		195		96		69		2,793		3,153
Total	$	8,499	$	4,853	$	5,064	$	2,856	$	21,272


	Three Months Ended April 28, 2024
	PPA		SAT		CF		FS		Total
Primary geographic markets:
United States	$	3,881	$	1,842	$	2,500	$	996	$	9,219
Canada		600		167		242		175		1,184
Western Europe		659		688		470		40		1,857
Central Europe and CIS		275		80		91		8		454
Latin America		850		103		334		122		1,409
Asia, Africa, Oceania, and Middle East		414		373		271		54		1,112
Total	$	6,679	$	3,253	$	3,908	$	1,395	$	15,235

Major product lines:
Production agriculture	$	6,507							$	6,507
Small agriculture			$	2,098						2,098
Turf				1,017						1,017
Construction					$	1,736				1,736
Compact construction						695				695
Roadbuilding						1,080				1,080
Forestry						271				271
Financial products		39		32		17	$	1,395		1,483
Other		133		106		109				348
Total	$	6,679	$	3,253	$	3,908	$	1,395	$	15,235

Revenue recognized:
At a point in time	$	6,609	$	3,213	$	3,882	$	35	$	13,739
Over time		70		40		26		1,360		1,496
Total	$	6,679	$	3,253	$	3,908	$	1,395	$	15,235


	Six Months Ended April 28, 2024
	PPA		SAT		CF		FS		Total
Primary geographic markets:
United States	$	6,602	$	3,187	$	4,596	$	1,965	$	16,350
Canada		986		285		452		347		2,070
Western Europe		1,162		1,205		831		80		3,278
Central Europe and CIS		454		153		185		16		808
Latin America		1,669		201		590		252		2,712
Asia, Africa, Oceania, and Middle East		849		714		529		110		2,202
Total	$	11,722	$	5,745	$	7,183	$	2,770	$	27,420

Major product lines:
Production agriculture	$	11,298							$	11,298
Small agriculture			$	3,816						3,816
Turf				1,666						1,666
Construction					$	3,220				3,220
Compact construction						1,321				1,321
Roadbuilding						1,843				1,843
Forestry						563				563
Financial products		99		58		35	$	2,770		2,962
Other		325		205		201				731
Total	$	11,722	$	5,745	$	7,183	$	2,770	$	27,420

Revenue recognized:
At a point in time	$	11,564	$	5,669	$	7,126	$	62	$	24,421
Over time		158		76		57		2,708		2,999
Total	$	11,722	$	5,745	$	7,183	$	2,770	$	27,420

We invoice in advance of recognizing the revenue of certain products and services. These relate to extended warranty premiums, advance payments for future equipment sales, and subscription and service revenue related to precision guidance, telematic services, and other information enabled solutions. These advanced customer payments are presented as deferred revenue, a contract liability, in “Accounts payable and accrued expenses.” The deferred revenue received, but not recognized in revenue was $2,089, $1,923, and $1,911 at April 27, 2025, October 27, 2024, and April 28, 2024, respectively. The contract liability is reduced as the revenue is recognized. Revenue recognized from deferred revenue that was recorded as a contract liability at the beginning of the fiscal year was $176 and $128 during the three months and $373 and $358 during the six months ended April 27, 2025 and April 28, 2024, respectively.

The amount of unsatisfied performance obligations for contracts with an original duration greater than one year was $1,774 at April 27, 2025. The estimated revenue to be recognized by fiscal year follows: remainder of 2025 – $289, 2026 – $478, 2027 – $383, 2028 – $262, 2029 – $162, 2030 – $116, and later years – $84. As permitted, we elected only to disclose remaining performance obligations with an original contract duration greater than one year. The contracts with an expected duration of one year or less are for sales to dealers and retail customers for equipment, service parts, repair services, and certain telematics services.

- Definition

The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
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-URI https://asc.fasb.org/1943274/2147479806/606-10-50-9

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
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+ Details

OTHER COMPREHENSIVE INCOME ITEMS

6 Months Ended

Apr. 27, 2025

OTHER COMPREHENSIVE INCOME ITEMS

OTHER COMPREHENSIVE INCOME ITEMS

(4) Other Comprehensive Income Items

The after-tax components of accumulated other comprehensive income (loss) follow:


	April 27		October 27		April 28
	2025		2024		2024
Retirement benefits adjustment	$	(1,269)	$	(1,274)	$	(953)
Cumulative translation adjustment		(1,990)		(2,286)		(2,094)
Unrealized gain (loss) on derivatives		(81)		(72)		(15)
Unrealized gain (loss) on debt securities		(65)		(74)		(109)
Accumulated other comprehensive income (loss)	$	(3,405)	$	(3,706)	$	(3,171)

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
Three Months Ended April 27, 2025	Amount		Credit		Amount
Cumulative translation adjustment	$	749	$	(5)	$	744
Unrealized gain (loss) on interest rate derivatives:
Unrealized hedging gain (loss)		(11)		3		(8)
Net unrealized gain (loss) on derivatives		(11)		3		(8)
Unrealized gain (loss) on debt securities:
Unrealized holding gain (loss)		30		(8)		22
Reclassification of realized (gain) loss to Other income		2				2
Net unrealized gain (loss) on debt securities		32		(8)		24
Retirement benefits adjustment:
Net actuarial gain (loss)		6		(2)		4
Reclassification to Other operating expenses through amortization of:
Actuarial (gain) loss		(14)		3		(11)
Prior service (credit) cost		8		(1)		7
Settlements		3		(1)		2
Net unrealized gain (loss) on retirement benefits adjustment		3		(1)		2
Total other comprehensive income (loss)	$	773	$	(11)	$	762


	Before		Tax		After
	Tax		(Expense)		Tax
Six Months Ended April 27, 2025	Amount		Credit		Amount
Cumulative translation adjustment	$	300	$	(4)	$	296
Unrealized gain (loss) on interest rate derivatives:
Unrealized hedging gain (loss)		(4)		1		(3)
Reclassification of realized (gain) loss to Interest expense		(8)		2		(6)
Net unrealized gain (loss) on derivatives		(12)		3		(9)
Unrealized gain (loss) on debt securities:
Unrealized holding gain (loss)		11		(4)		7
Reclassification of realized (gain) loss to Other income		2				2
Net unrealized gain (loss) on debt securities		13		(4)		9
Retirement benefits adjustment:
Net actuarial gain (loss)		12		(3)		9
Reclassification to Other operating expenses through amortization of:
Actuarial (gain) loss		(25)		6		(19)
Prior service (credit) cost		17		(4)		13
Settlements		3		(1)		2
Net unrealized gain (loss) on retirement benefits adjustment		7		(2)		5
Total other comprehensive income (loss)	$	308	$	(7)	$	301


	Before		Tax		After
	Tax		(Expense)		Tax
Three Months Ended April 28, 2024	Amount		Credit		Amount
Cumulative translation adjustment	$	(217)			$	(217)
Unrealized gain (loss) on interest rate derivatives:
Unrealized hedging gain (loss)		26	$	(5)		21
Reclassification of realized (gain) loss to Interest expense		(16)		3		(13)
Net unrealized gain (loss) on derivatives		10		(2)		8
Unrealized gain (loss) on debt securities:
Unrealized holding gain (loss)		(13)		1		(12)
Net unrealized gain (loss) on debt securities		(13)		1		(12)
Retirement benefits adjustment:
Net actuarial gain (loss)		(109)		26		(83)
Reclassification to Other operating expenses through amortization of:
Actuarial (gain) loss		(16)		5		(11)
Prior service (credit) cost		9		(3)		6
Settlements		1				1
Net unrealized gain (loss) on retirement benefits adjustment		(115)		28		(87)
Total other comprehensive income (loss)	$	(335)	$	27	$	(308)


	Before		Tax		After
	Tax		(Expense)		Tax
Six Months Ended April 28, 2024	Amount		Credit		Amount
Cumulative translation adjustment	$	56	$	1	$	57
Unrealized gain (loss) on interest rate derivatives:
Unrealized hedging gain (loss)		18		(3)		15
Reclassification of realized (gain) loss to Interest expense		(27)		5		(22)
Net unrealized gain (loss) on derivatives		(9)		2		(7)
Unrealized gain (loss) on debt securities:
Unrealized holding gain (loss)		(12)		7		(5)
Reclassification of realized (gain) loss to Other income		8		(2)		6
Net unrealized gain (loss) on debt securities		(4)		5		1
Retirement benefits adjustment:
Net actuarial gain (loss)		(126)		30		(96)
Reclassification to Other operating expenses through amortization of:
Actuarial (gain) loss		(36)		10		(26)
Prior service (credit) cost		18		(5)		13
Settlements		1				1
Net unrealized gain (loss) on retirement benefits adjustment		(143)		35		(108)
Total other comprehensive income (loss)	$	(100)	$	43	$	(57)

EARNINGS PER SHARE

6 Months Ended

Apr. 27, 2025

EARNINGS PER SHARE

EARNINGS PER SHARE

(5) Earnings Per Share

A reconciliation of basic and diluted net income per share attributable to Deere & Company follows in millions, except per share amounts:


	Three Months Ended				Six Months Ended
	April 27		April 28		April 27		April 28
	2025		2024		2025		2024
Net income attributable to Deere & Company	$	1,804	$	2,370	$	2,673	$	4,121
Average shares outstanding		271.1		276.8		271.3		278.4
Basic per share	$	6.65	$	8.56	$	9.85	$	14.80

Average shares outstanding		271.1		276.8		271.3		278.4
Effect of dilutive stock options and unvested restricted stock units		.7		1.1		.8		1.1
Total potential shares outstanding		271.8		277.9		272.1		279.5
Diluted per share	$	6.64	$	8.53	$	9.82	$	14.74

Shares excluded from EPS calculation, as antidilutive		.2		.4		.2		.3

PENSION AND OTHER POSTRETIREMENT BENEFITS

6 Months Ended

Apr. 27, 2025

PENSION AND OTHER POSTRETIREMENT BENEFITS

PENSION AND OTHER POSTRETIREMENT BENEFITS

(6) Pension and Other Postretirement Benefits

We have several funded and unfunded defined benefit pension plans and other postretirement benefit (OPEB) plans. These plans cover U.S. employees and certain foreign employees. The components of net periodic pension and OPEB (benefit) cost consisted of the following:


	Three Months Ended				Six Months Ended
	April 27		April 28		April 27		April 28
	2025		2024		2025		2024
Pensions:
Service cost	$	60	$	57	$	125	$	115
Interest cost		129		138		257		274
Expected return on plan assets		(244)		(241)		(498)		(482)
Amortization of actuarial gain		(2)		(5)		(3)		(9)
Amortization of prior service cost		9		10		19		20
Settlements		3		1		3		1
Net benefit	$	(45)	$	(40)	$	(97)	$	(81)

OPEB:
Service cost	$	4	$	4	$	9	$	9
Interest cost		38		44		78		87
Expected return on plan assets		(27)		(27)		(55)		(54)
Amortization of actuarial gain		(12)		(11)		(22)		(27)
Amortization of prior service credit		(1)		(1)		(2)		(2)
Net cost	$	2	$	9	$	8	$	13

The components of net periodic pension and OPEB (benefit) cost excluding the service cost component are included in the line item “Other operating expenses.”

During the first six months of 2025, we contributed and expect to contribute the following amounts to our pension and OPEB plans:


	Pensions		OPEB
Contributed	$	56	$	616
Expected contributions remainder of the year		59		44

- Definition

The entire disclosure for retirement benefits.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
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+ Details

SEGMENT DATA

6 Months Ended

Apr. 27, 2025

SEGMENT DATA

SEGMENT DATA

(7) Segment DATA

Information relating to operations by operating segment follows:


	Three Months Ended					Six Months Ended
	April 27		April 28		%	April 27		April 28		%
	2025		2024		Change	2025		2024		Change
Net sales and revenues
PPA net sales	$	5,230	$	6,581	-21	$	8,297	$	11,430	-27
SAT net sales		2,994		3,185	-6		4,742		5,610	-15
CF net sales		2,947		3,844	-23		4,941		7,057	-30
FS revenues		1,385		1,395	-1		2,856		2,770	+3
Other revenues		207		230	-10		436		553	-21
Total net sales and revenues	$	12,763	$	15,235	-16	$	21,272	$	27,420	-22
Operating profit
PPA	$	1,148	$	1,650	-30	$	1,486	$	2,695	-45
SAT		574		571	+1		698		897	-22
CF		379		668	-43		444		1,234	-64
FS		207		209	-1		473		466	+2
Total operating profit		2,308		3,098	-26		3,101		5,292	-41
Reconciling items		35		23	+52		138		49	+182
Income taxes		(539)		(751)	-28		(566)		(1,220)	-54
Net income attributable to Deere & Company	$	1,804	$	2,370	-24	$	2,673	$	4,121	-35

Intersegment sales and revenues:
PPA net sales			$	7				$	14
SAT net sales				1					2
CF net sales
FS revenues	$	116		193	-40	$	218		370	-41

Operating profit for PPA, SAT, and CF is income from continuing operations before corporate expenses, certain external interest expenses, certain foreign exchange gains and losses, and income taxes. Operating profit of financial services includes the effect of interest expense and foreign exchange gains and losses. Reconciling items to net income are primarily corporate expenses, certain interest income and expenses, certain foreign exchange gains and losses, pension and OPEB benefit (cost) amounts excluding the service cost component, and net income attributable to noncontrolling interests.

Identifiable operating assets were as follows:


	April 27		October 27		April 28
	2025		2024		2024
PPA	$	8,909	$	8,696	$	9,026
SAT		4,234		4,130		4,421
CF		7,753		7,137		7,337
FS		70,569		73,612		73,834
Corporate		14,838		13,745		11,010
Total assets	$	106,303	$	107,320	$	105,628

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

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-Name Accounting Standards Codification
-Section 50
-Paragraph 40
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-40

Reference 20: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/280/tableOfContent

Reference 21: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 26
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-26

Reference 22: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 41
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-41

Reference 23: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-21

Reference 24: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-21

Reference 25: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-32

+ Details

FINANCING RECEIVABLES

6 Months Ended

Apr. 27, 2025

FINANCING RECEIVABLES

FINANCING RECEIVABLES

(8) Financing Receivables

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

●

Past due balances represent any payments 30 days or more past the due date.

●

Non-performing financing receivables represent receivables for which we have stopped accruing finance income. This generally occurs when receivables are 90 days delinquent.

●

Write-offs generally occur when receivables are 120 days delinquent. In these situations, the estimated uncollectible amount is written off to the allowance for credit losses.

The credit quality and aging analysis of retail notes, financing leases, and revolving charge accounts (collectively, retail customer receivables) by year of origination was as follows:


	April 27, 2025
	2025		2024		2023		2022		2021		Prior Years		Revolving Charge Accounts		Total
Retail customer receivables:
Agriculture and turf
Current	$	5,772	$	10,981	$	6,652	$	4,014	$	1,981	$	654	$	3,893	$	33,947
30-59 days past due		26		121		77		45		22		9		30		330
60-89 days past due		11		53		32		18		8		4		13		139
90+ days past due				1		2		1		3						7
Non-performing		4		102		111		73		45		29		86		450
Construction and forestry
Current		1,561		2,583		1,425		732		266		46		109		6,722
30-59 days past due		24		70		47		21		9		3		5		179
60-89 days past due		8		27		17		8		3				2		65
90+ days past due				6		1		3								10
Non-performing		6		86		93		55		28		12		2		282
Total retail customer receivables	$	7,412	$	14,030	$	8,457	$	4,970	$	2,365	$	757	$	4,140	$	42,131

Write-offs for the six months ended April 27, 2025:
Agriculture and turf	$	1	$	16	$	21	$	12	$	4	$	5	$	49	$	108
Construction and forestry				18		17		7		2		1		4		49
Total	$	1	$	34	$	38	$	19	$	6	$	6	$	53	$	157


	October 27, 2024
	2024		2023		2022		2021		2020		Prior Years		Revolving Charge Accounts		Total
Retail customer receivables:
Agriculture and turf
Current	$	14,394	$	8,305	$	5,191	$	2,833	$	992	$	253	$	4,465	$	36,433
30-59 days past due		44		101		55		27		11		4		40		282
60-89 days past due		22		50		21		10		8		2		13		126
90+ days past due		1		1		1		2								5
Non-performing		23		91		76		50		20		13		15		288
Construction and forestry
Current		3,100		1,841		1,064		458		102		45		114		6,724
30-59 days past due		54		47		25		10		3		2		4		145
60-89 days past due		25		28		10		7		2				2		74
90+ days past due		1		4		3		1								9
Non-performing		40		94		67		32		9		5		1		248
Total retail customer receivables	$	17,704	$	10,562	$	6,513	$	3,430	$	1,147	$	324	$	4,654	$	44,334

Write-offs for the twelve months ended October 27, 2024:
Agriculture and turf	$	5	$	33	$	25	$	11	$	11	$	5	$	87	$	177
Construction and forestry		9		38		30		11		5		3		8		104
Total	$	14	$	71	$	55	$	22	$	16	$	8	$	95	$	281


	April 28, 2024
	2024		2023		2022		2021		2020		Prior Years		Revolving Charge Accounts		Total
Retail customer receivables:
Agriculture and turf
Current	$	7,393	$	11,869	$	6,934	$	3,987	$	1,682	$	696	$	3,662	$	36,223
30-59 days past due		32		99		55		35		15		6		27		269
60-89 days past due		7		44		23		11		6		3		12		106
90+ days past due				3		1		3		5						12
Non-performing		3		83		90		63		31		35		70		375
Construction and forestry
Current		1,619		2,415		1,514		744		207		79		107		6,685
30-59 days past due		25		61		38		20		7		3		5		159
60-89 days past due		7		34		14		10		3		2		2		72
90+ days past due				4		9		1				1				15
Non-performing		5		100		85		47		17		8		2		264
Total retail customer receivables	$	9,091	$	14,712	$	8,763	$	4,921	$	1,973	$	833	$	3,887	$	44,180

Write-offs for the six months ended April 28, 2024:
Agriculture and turf	$	1	$	9	$	10	$	5	$	6	$	2	$	30	$	63
Construction and forestry				12		13		5		3		2		4		39
Total	$	1	$	21	$	23	$	10	$	9	$	4	$	34	$	102

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


	April 27		October 27		April 28
	2025		2024		2024
Wholesale receivables:
Agriculture and turf
Current	$	7,372	$	7,568	$	7,384
30+ days past due		1
Non-performing		1		1		1
Construction and forestry
Current		1,547		1,358		1,205
30+ days past due
Non-performing
Total wholesale receivables	$	8,921	$	8,927	$	8,590

An analysis of the allowance for credit losses and investment in financing receivables follows:


	Retail Notes		Revolving
	& Financing		Charge		Wholesale
	Leases		Accounts		Receivables		Total

Three Months Ended April 27, 2025
Allowance:
Beginning of period balance	$	240	$	6	$	2	$	248
Provision		55		39				94
Write-offs		(56)		(40)				(96)
Recoveries		3		8				11
Translation adjustments		1						1
End of period balance	$	243	$	13	$	2	$	258

Six Months Ended April 27, 2025
Allowance:
Beginning of period balance	$	219	$	8	$	2	$	229
Provision		122		41				163
Write-offs		(104)		(53)				(157)
Recoveries		6		17				23
End of period balance	$	243	$	13	$	2	$	258

Financing receivables:
End of period balance	$	37,991	$	4,140	$	8,921	$	51,052


	Retail Notes		Revolving
	& Financing		Charge		Wholesale
	Leases		Accounts		Receivables		Total

Three Months Ended April 28, 2024
Allowance:
Beginning of period balance	$	177	$	16	$	2	$	195
Provision		64		23				87
Write-offs		(36)		(23)				(59)
Recoveries		4		5				9
Translation adjustments		(2)						(2)
End of period balance	$	207	$	21	$	2	$	230

Six Months Ended April 28, 2024
Allowance:
Beginning of period balance	$	172	$	21	$	4	$	197
Provision		99		21				120
Write-offs		(68)		(34)				(102)
Recoveries		5		13				18
Translation adjustments		(1)				(2)		(3)
End of period balance	$	207	$	21	$	2	$	230

Financing receivables:
End of period balance	$	40,293	$	3,887	$	8,590	$	52,770

The allowance for credit losses increased in the second quarter and first six months of 2025, primarily due to higher expected losses on agriculture and turf customer accounts as a result of elevated delinquencies and a decline in market conditions.

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 financing receivables modified with borrowers experiencing financial difficulty were as follows:


	Three Months Ended				Six Months Ended
	April 27		April 28		April 27		April 28
	2025		2024		2025		2024
Modified financing receivables	$	48	$	36	$	75	$	53
Percentage of financing receivables portfolio		0.09%		0.07%		0.15%		0.10%

The financial effects of payment deferrals with borrowers experiencing financial difficulty resulted in a weighted average payment deferral of 8 months to the modified contracts. Term extensions provided to borrowers experiencing financial difficulty added a weighted average of 11 months to the modified contracts. Additionally, modifications with a combination of both payment deferrals and term extensions resulted in a weighted average payment deferral of 5 months and a weighted average term extension of 8 months.

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


	April 27		April 28
	2025		2024*
Current	$	100	$	48
30-59 days past due		6		3
60-89 days past due		2
90+ days past due		1
Non-performing		14		2
Total	$	123	$	53

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

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

SECURITIZATION OF FINANCING RECEIVABLES

6 Months Ended

Apr. 27, 2025

SECURITIZATION OF FINANCING RECEIVABLES

SECURITIZATION OF FINANCING RECEIVABLES

(9) Securitization of Financing Receivables

Our funding strategy includes receivable securitizations, which allows us to receive cash for financing receivables immediately. While these securitization programs are administered in various forms, they are accomplished in the following basic steps:

1.

We transfer financing receivables into a bankruptcy-remote special purpose entity (SPE).

2.

The SPE issues debt to investors. The debt is secured by the financing receivables.

3.

Investors are paid back based on cash receipts from the financing receivables.

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

The components of securitization programs were as follows:


	April 27		October 27		April 28
	2025		2024		2024
Financing receivables securitized (retail notes)	$	7,812	$	8,770	$	7,289
Allowance for credit losses		(47)		(47)		(27)
Other assets (primarily restricted cash)		183		187		164
Total restricted securitized assets	$	7,948	$	8,910	$	7,426

Short-term securitization borrowings	$	7,562	$	8,431	$	6,976
Accrued interest on borrowings		12		14		12
Total liabilities related to restricted securitized assets	$	7,574	$	8,445	$	6,988

- 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
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-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
-Paragraph 3
-Subparagraph (b)(2)(i)
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-URI https://asc.fasb.org/1943274/2147481326/860-20-50-3

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147481326/860-20-50-4

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 860
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481229/860-50-50-3

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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-SubTopic 50
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-Section 50
-Paragraph 3
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-URI https://asc.fasb.org/1943274/2147481229/860-50-50-3

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 860
-SubTopic 50
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
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-URI https://asc.fasb.org/1943274/2147481229/860-50-50-2

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-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
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-Name Accounting Standards Codification
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-URI https://asc.fasb.org/1943274/2147481326/860-20-50-3

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
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Reference 14: http://www.xbrl.org/2003/role/disclosureRef
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Reference 15: http://www.xbrl.org/2003/role/disclosureRef
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Reference 16: http://www.xbrl.org/2003/role/disclosureRef
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Reference 17: http://www.xbrl.org/2003/role/disclosureRef
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Reference 18: http://www.xbrl.org/2003/role/disclosureRef
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Reference 19: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 860
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Reference 20: http://www.xbrl.org/2003/role/disclosureRef
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Reference 21: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147481229/860-50-50-4

+ Details

INVENTORIES

6 Months Ended

Apr. 27, 2025

INVENTORIES

INVENTORIES

(10) Inventories

A majority of inventories owned by us are valued at cost on the “last-in, first-out” (LIFO) basis. If all inventories valued on a LIFO basis had been valued on a “first-in, first-out” (FIFO) basis, the estimated inventories by major classification would have been as follows:


	April 27		October 27		April 28
	2025		2024		2024
Raw materials and supplies	$	3,438	$	3,486	$	3,851
Work-in-process		1,056		930		1,127
Finished goods and parts		5,615		5,364		5,979
Total FIFO value		10,109		9,780		10,957
Excess of FIFO over LIFO		2,239		2,687		2,514
Inventories	$	7,870	$	7,093	$	8,443

GOODWILL AND OTHER INTANGIBLE ASSETS - NET

6 Months Ended

Apr. 27, 2025

GOODWILL AND OTHER INTANGIBLE ASSETS - NET

GOODWILL AND OTHER INTANGIBLE ASSETS - NET

(11) Goodwill and Other Intangible Assets – Net

The changes in amounts of goodwill by operating segments were as follows. There were no accumulated goodwill impairment losses.


	PPA		SAT		CF		Total
Goodwill at October 29, 2023	$	702	$	363	$	2,835	$	3,900
Translation adjustments		1		1		34		36
Goodwill at April 28, 2024	$	703	$	364	$	2,869	$	3,936

Goodwill at October 27, 2024	$	701	$	365	$	2,893	$	3,959
Translation adjustments and other		8		3		124		135
Goodwill at April 27, 2025	$	709	$	368	$	3,017	$	4,094

The components of other intangible assets were as follows:


	April 27		October 27		April 28
	2025		2024		2024
Customer lists and relationships	$	517	$	508	$	505
Technology, patents, trademarks, and other		1,481		1,423		1,404
Total at cost		1,998		1,931		1,909
Less accumulated amortization:
Customer lists and relationships		(249)		(231)		(213)
Technology, patents, trademarks, and other		(785)		(701)		(632)
Total accumulated amortization		(1,034)		(932)		(845)
Other intangible assets – net	$	964	$	999	$	1,064

The amortization of other intangible assets in the second quarter and the first six months of 2025 was $37 and $78, and for the second quarter and the first six months of 2024 was $41 and $83, respectively. The estimated amortization expense for the next five years is as follows: remainder of 2025 – $73, 2026 – $135, 2027 – $128, 2028 – $92, 2029 – $77, and 2030 – $74.

SHORT-TERM BORROWINGS

6 Months Ended

Apr. 27, 2025

SHORT-TERM BORROWINGS

SHORT-TERM BORROWINGS

(12) Short-Term Borrowings

Short-term borrowings were as follows:


	April 27		October 27		April 28
	2025		2024		2024
Commercial paper	$	6,586	$	4,008	$	7,675
Notes payable to banks		395		377		434
Finance lease obligations due within one year		39		33		30
Long-term borrowings due within one year		8,928		9,115		9,560
Short-term borrowings	$	15,948	$	13,533	$	17,699

ACCOUNTS PAYABLE AND ACCRUED EXPENSES

6 Months Ended

Apr. 27, 2025

ACCOUNTS PAYABLE AND ACCRUED EXPENSES

ACCOUNTS PAYABLE AND ACCRUED EXPENSES

(13) Accounts Payable and Accrued Expenses

Accounts payable and accrued expenses consisted of the following:


	April 27		October 27		April 28
	2025		2024		2024
Accounts payable:
Trade payables	$	2,785	$	2,698	$	2,968
Dividends payable		443		405		409
Operating lease liabilities		280		270		270
Deposits withheld from dealers and merchants		144		152		159
Payables to unconsolidated affiliates		11		6		8
Other		225		204		184
Accrued expenses:
Employee benefits		1,164		1,925		1,550
Accrued taxes		1,224		1,509		1,453
Product warranties		1,297		1,426		1,566
Dealer sales discounts		468		996		546
Extended warranty premium		1,194		1,179		1,110
Derivative liabilities		614		582		1,005
Unearned revenue (contractual liability)		895		744		801
Unearned operating lease revenue		524		495		483
Accrued interest		525		455		513
Parts return liability		420		420		404
Other		1,132		1,077		1,180
Accounts payable and accrued expenses	$	13,345	$	14,543	$	14,609

Amounts are presented net of eliminations, which primarily consist of dealer sales incentives with a right of set-off against trade receivables of $2,059 at April 27, 2025, $2,121 at October 27, 2024, and $2,650 at April 28, 2024. Other eliminations were made for accrued taxes and other accrued expenses.

LONG-TERM BORROWINGS

6 Months Ended

Apr. 27, 2025

LONG-TERM BORROWINGS

LONG-TERM BORROWINGS

(14) Long-Term Borrowings

Long-term borrowings consisted of:


	April 27		October 27		April 28
	2025		2024		2024
Underwritten term debt
U.S. dollar notes and debentures:
6.55% debentures due 2028	$	200	$	200	$	200
5.375% notes due 2029		500		500		500
3.10% notes due 2030		700		700		700
8.10% debentures due 2030		250		250		250
7.125% notes due 2031		300		300		300
5.45% notes due 2035		1,250
3.90% notes due 2042		1,250		1,250		1,250
2.875% notes due 2049		500		500		500
3.75% notes due 2050		850		850		850
5.70% notes due 2055		750
Euro notes:
1.85% notes due 2028 (€600 principal)		683		650		644
2.20% notes due 2032 (€600 principal)		683		650		644
1.65% notes due 2039 (€650 principal)		740		704		697
Serial issuances
Medium-term notes		33,942		36,566		32,859
Other notes and finance lease obligations		372		265		1,708
Less debt issuance costs and debt discounts		(159)		(156)		(140)
Long-term borrowings	$	42,811	$	43,229	$	40,962

Medium-term notes due through 2034 are primarily offered by prospectus and issued at fixed and variable rates. The principal balances of the medium-term notes were $34,241, $37,141, and $34,002, at April 27, 2025, October 27, 2024, and April 28, 2024, respectively. All outstanding notes and debentures are senior unsecured borrowings and rank equally with each other.

LEASES - LESSOR

6 Months Ended

Apr. 27, 2025

LEASES - LESSOR

LEASES - LESSOR

(15) Leases – Lessor

We lease equipment manufactured or sold by us through John Deere Financial. Sales-type and direct financing leases are reported in “Financing receivables – net.” Operating leases are reported in “Equipment on operating leases – net.”

Lease revenues earned by us follow:


	Three Months Ended				Six Months Ended
	April 27		April 28		April 27		April 28
	2025		2024		2025		2024
Sales-type and direct finance lease revenues	$	44	$	45	$	90	$	91
Operating lease revenues		356		343		717		682
Variable lease revenues		5		4		10		9
Total lease revenues	$	405	$	392	$	817	$	782

COMMITMENTS AND CONTINGENCIES

6 Months Ended

Apr. 27, 2025

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES

(16) Commitments and Contingencies

A standard warranty is provided as assurance that the equipment will function as intended. The standard warranty period varies by product and region. At the time a sale is recognized, we record an estimate of future warranty costs based on historical claims rate experience and estimated population under warranty.

The reconciliation of the changes in the warranty liability follows:


	Three Months Ended				Six Months Ended
	April 27		April 28		April 27		April 28
	2025		2024		2025		2024
Beginning of period balance	$	1,360	$	1,589	$	1,426	$	1,610
Warranty claims paid		(308)		(324)		(618)		(634)
New product warranty accruals		227		310		483		591
Foreign exchange		18		(9)		6		(1)
End of period balance	$	1,297	$	1,566	$	1,297	$	1,566

The costs for extended warranty programs are recognized as incurred.

In certain international markets, we provide guarantees to banks for the retail financing of John Deere equipment. As of April 27, 2025, the notional value of these guarantees was $123. We may repossess the equipment collateralizing the receivables. At April 27, 2025, the accrued losses under these agreements were not material. We also had guarantees to a VIE (see Note 1) totaling $156 as of April 27, 2025.

We also had other miscellaneous contingent liabilities and guarantees totaling approximately $125 at April 27, 2025. The accrued liability for these contingencies was $25 at April 27, 2025.

At April 27, 2025, we had commitments of approximately $505 for the construction and acquisition of property and equipment. Also, at April 27, 2025, we had restricted assets of $250, classified as “Other assets.”

We are subject to various unresolved legal actions. The accrued losses on these matters were not material at April 27, 2025. We believe the reasonably possible range of losses for these unresolved legal actions would not have a material effect on our consolidated financial statements. The most prevalent legal claims relate to product liability (including asbestos-related liability), antitrust matters (including class action litigation), employment, patent, and trademark.

FAIR VALUE MEASUREMENTS

6 Months Ended

Apr. 27, 2025

FAIR VALUE MEASUREMENTS

FAIR VALUE MEASUREMENTS

(17) FAIR VALUE MEASUREMENTS

The fair values of financial instruments that do not approximate the carrying values were as follows. Long-term borrowings exclude finance lease liabilities.


	April 27, 2025				October 27, 2024				April 28, 2024
	Carrying Value		Fair Value		Carrying Value		Fair Value		Carrying Value		Fair Value
Financing receivables – net	$	43,029	$	43,119	$	44,309	$	44,336	$	45,278	$	44,741
Financing receivables securitized – net		7,765		7,710		8,723		8,654		7,262		7,063
Receivables from unconsolidated affiliates		557		557
Short-term securitization borrowings		7,562		7,588		8,431		8,453		6,976		6,935
Long-term borrowings due within one year		8,928		8,869		9,115		9,079		9,560		9,434
Long-term borrowings		42,742		42,423		43,157		42,804		40,882		40,059

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

Fair values of the financing receivables and receivables from unconsolidated affiliates 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 financing receivables or at current market interest rates. The fair values of the remaining receivables approximated the carrying amounts.

Fair values of long-term borrowings and short-term 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.

Assets and liabilities measured at fair value on a recurring basis follow, excluding our cash equivalents, which were carried at a cost that approximates fair value and consisted of money market funds and time deposits.


	April 27		October 27		April 28
	2025		2024		2024
Level 1:
Marketable securities:
International equity securities					$	3
U.S. equity fund						101
U.S. fixed income fund						24
U.S. government debt securities	$	259	$	239		263
Total Level 1 marketable securities		259		239		391

Level 2:
Marketable securities:
International fixed income fund		6
Corporate debt securities		452		423		213
International debt securities		154		143		148
Mortgage-backed securities		201		165		152
Municipal debt securities		87		74		67
U.S. government debt securities		113		110		123
Total Level 2 marketable securities		1,013		915		703
Other assets – Derivatives		434		357		191
Accounts payable and accrued expenses – Derivatives		614		582		1,005

Level 3:
Accounts payable and accrued expenses – Deferred consideration		128		147		164

The mortgage-backed securities are primarily issued by U.S. government-sponsored enterprises.

The contractual maturities of available-for-sale debt securities at April 27, 2025 follow:


	Amortized		Fair
	Cost		Value
Due in one year or less	$	57	$	57
Due after one through five years		366		358
Due after five through 10 years		496		477
Due after 10 years		203		173
Mortgage-backed securities		227		201
Debt securities	$	1,349	$	1,266

Actual maturities may differ from contractual maturities because some securities may be called or prepaid. Mortgage-backed securities contain prepayment provisions and are not categorized by contractual maturity.

Fair value, nonrecurring Level 3 measurements from impairments and other adjustments were as follows:


	Fair Value				Losses (Gains)
					Three Months Ended		Six Months Ended
	April 27	October 27		April 28	April 27	April 28	April 27		April 28
	2025	2024		2024	2025	2024	2025*		2024
Other assets		$	23
Assets held for sale			2,944				$	(32)

* The gain on “Assets held for sale” recorded in the first quarter of 2025 represents a reversal of prior period valuation allowance loss, not in excess of cumulative valuation allowance recorded on “Assets held for sale.”

The following is a description of the valuation methodologies we use to measure certain financial instruments on the balance sheets at fair value:

Marketable securities – The portfolio of investments is valued on a market approach (matrix pricing model) in which all significant inputs are observable or can be derived from or corroborated by observable market data such as interest rates, yield curves, volatilities, credit risk, and prepayment speeds. Funds are valued using the fund’s net asset value, based on the fair value of the underlying securities. 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), foreign currency exchange contracts (futures, 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.

Deferred consideration – The total purchase price consideration for three former Deere-Hitachi joint venture factories acquired in 2022 included supply agreement price increases beyond inflation adjustments. This deferred consideration will be paid as we purchase Deere-branded excavators, components, and service parts from Hitachi under the agreement with a duration that ranges from 5 to 30 years after the acquisition date. The deferred consideration balance is reduced as purchases are made and valued on a discounted cash flow approach using market rates.

Other assets (Investments in unconsolidated affiliates) – Other than temporary impairments of investments are measured as the difference between the implied fair value and the carrying value of the investments. The estimated fair value for privately held entities is determined by an income approach (discounted cash flows), which includes inputs such as interest rates and margins.

Assets held for sale – The disposal group was measured at the lower of the carrying amount or fair value less cost to sell. Fair value was based on the probable sale price. The inputs included estimates of the final sale price (see Note 20).

- 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
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 100
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482078/820-10-55-100

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(3)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (a)
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-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2E
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2E

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
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-Section 50
-Paragraph 6A
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-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
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-Name Accounting Standards Codification
-Section 50
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
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-Subparagraph (d)
-Publisher FASB
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
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-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 940
-SubTopic 820
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478119/940-820-50-1

+ Details

DERIVATIVE INSTRUMENTS

6 Months Ended

Apr. 27, 2025

DERIVATIVE INSTRUMENTS

DERIVATIVE INSTRUMENTS

(18) Derivative Instruments

Fair values of our derivative instruments and the associated notional amounts are presented below. Assets are recorded in “Other assets,” while liabilities are recorded in “Accounts payable and accrued expenses.”


	April 27, 2025						October 27, 2024						April 28, 2024
			Fair Value						Fair Value						Fair Value
	Notional		Assets		Liabilities		Notional		Assets		Liabilities		Notional		Assets		Liabilities
Cash flow hedges:
Interest rate contracts	$	2,975			$	29	$	2,875	$	3	$	20	$	2,700	$	34	$	1

Fair value hedges:
Interest rate contracts		13,608	$	169		372		15,864		115		467		13,664		8		884
Cross-currency interest rate contracts		975		103				975		31

Net investment hedges:
Cross-currency interest rate contracts		1,131				4

Not designated as hedging instruments:
Interest rate contracts		14,254		112		100		12,518		97		75		12,869		112		71
Foreign exchange contracts		8,078		42		107		7,533		95		20		7,582		36		38
Cross-currency interest rate contracts		141		8		2		158		16				211		1		11

The amounts recorded in the consolidated balance sheets related to borrowings designated in fair value hedging relationships are presented in the table below. Fair value hedging adjustments are included in the carrying amount of the hedged item. The carrying amount of the hedged item and formerly hedged item includes long-term borrowings of $399, $598, and $598 at April 27, 2025, October 27, 2024, and April 28, 2024, respectively, that are in active hedging relationships and also had discontinued hedging relationships.


	Active Hedging Relationships				Discontinued Hedging Relationships
	Carrying Amount		Cumulative Fair Value		Carrying Amount of		Cumulative Fair Value
	of Hedged Item		Hedging Amount		Formerly Hedged Item		Hedging Amount
April 27, 2025
Short-term borrowings	$	107	$	(1)	$	1,212	$	(12)
Long-term borrowings		14,306		(158)		10,533		(141)

October 27, 2024
Short-term borrowings	$	287	$	(1)	$	1,782	$	7
Long-term borrowings		16,125		(347)		8,626		(228)

April 28, 2024
Short-term borrowings	$	286	$	(7)	$	2,565	$	16
Long-term borrowings		12,434		(879)		7,616		(264)

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


	Three Months Ended				Six Months Ended
	April 27		April 28		April 27		April 28
	2025		2024		2025		2024
Fair value hedges:
Interest rate contracts – Interest expense	$	435	$	(448)	$	92	$	(104)

Cash flow hedges:
Recognized in OCI:
Interest rate contracts – OCI (pretax)	$	(11)	$	26	$	(4)	$	18
Reclassified from OCI:
Interest rate contracts – Interest expense				16		8		27

Net investment hedges:
Interest rate contracts – Interest expense	$	1			$	1
Recognized in OCI:
Interest rate contracts – OCI (pretax)		(4)				(4)

Not designated as hedges:
Interest rate contracts – Interest expense	$	(12)	$	7	$	(16)	$	(2)
Foreign exchange contracts – Net sales		4		(2)		(3)		3
Foreign exchange contracts – Cost of sales		(7)		9		28		(21)
Foreign exchange contracts – Other operating expenses		(118)		46		90		(135)
Total not designated	$	(133)	$	60	$	99	$	(155)

In April 2025, we entered into a cross-currency interest rate swap as a designated net investment hedge to reduce the foreign currency exposure from investments in foreign subsidiaries. Changes in fair value of the derivative attributable to changes in the spot rate are recorded in “Cumulative translation adjustment” within “Other comprehensive income” (OCI) to offset changes in the value of the net investments being hedged. Effectiveness is assessed using the spot method. The periodic cash settlement of the pay-fixed rate, receive-fixed rate cross-currency swap is recorded in “Interest expense.”

Certain of our derivative agreements contain credit support provisions that may require us to post collateral based on the size of the net liability positions and credit ratings. The aggregate fair value of all derivatives with credit-risk-related contingent features that were in a net liability position at April 27, 2025, October 27, 2024, and April 28, 2024, was $507, $562, and $967, respectively. In accordance with the limits established in these agreements, we posted $221, $245, and $562 of cash collateral at April 27, 2025, October 27, 2024, and April 28, 2024, respectively. In addition, we paid $8 of collateral that was outstanding at April 27, 2025, October 27, 2024, and April 28, 2024 to participate in an international futures market to hedge currency exposure, not included in the table below.

Derivatives are recorded without offsetting for netting arrangements or collateral. The impact on the derivative assets and liabilities related to netting arrangements and collateral follows:


	Gross Amounts		Netting
	Recognized		Arrangements		Collateral		Net Amount
April 27, 2025
Assets	$	434	$	(166)	$	(2)	$	266
Liabilities		614		(166)		(221)		227

October 27, 2024
Assets	$	357	$	(142)			$	215
Liabilities		582		(142)	$	(246)		194

April 28, 2024
Assets	$	191	$	(93)			$	98
Liabilities		1,005		(93)	$	(562)		350

SHARE-BASED AWARDS

6 Months Ended

Apr. 27, 2025

SHARE-BASED AWARDS

SHARE-BASED AWARDS

(19) Share-Based Awards

We are authorized to grant shares for equity incentive awards. The outstanding shares authorized were 13.7 million at April 27, 2025. During the six months ended April 27, 2025, we granted stock options to employees for the purchase of 169 thousand shares of common stock at a weighted-average exercise price of $448.18 per share and a weighted-average binomial lattice model fair value of $116.35 per share at the grant date. At April 27, 2025, options for 1.2 million shares were outstanding with a weighted-average exercise price of $309.62 per share.

During the six months ended April 27, 2025, the restricted stock units (RSUs) granted in thousands of shares and the weighted-average grant date fair values, using the closing price of our common stock on the grant date in dollars, follow:


		Grant-Date
		Fair Value
	Shares	(per share)
Service-based	307	$	448.26
Performance/service-based	40		429.77
Market/service-based (fair value determined using a Monte Carlo model)	40		591.13

DISPOSITION

6 Months Ended

Apr. 27, 2025

DISPOSITION

DISPOSITION

(20) Disposition

In February 2025, we completed a transaction with Banco Bradesco S.A. (Bradesco), for Bradesco to invest and become a 50% owner of our wholly-owned subsidiary in Brazil, BJD. Bradesco contributed capital directly to BJD. The transaction resulted in the deconsolidation of BJD in the second quarter of 2025. BJD finances retail and wholesale loans for agricultural, construction, and forestry equipment and was included in our financial services segment. BJD was a part of our Brazil operations which is considered an integrated single foreign entity.

We retained a 50% equity interest in BJD, which was valued at the deconsolidation date at $362 based on the completed transaction with Bradesco and its amount of contributed capital. We are accounting for our investment in BJD using the equity method of accounting and results of its operations are reported in “Equity in income of unconsolidated affiliates.” The related investment in unconsolidated affiliates and receivables from unconsolidated affiliates are reported in “Other assets” and “Other receivables,” respectively, on the condensed consolidated balance sheets.

The major classes of the total assets and liabilities of BJD at the time of deconsolidation were as follows:


	February
	2025
Cash and cash equivalents	$	110
Trade accounts and notes receivable – net		119
Financing receivables – net		2,787
Deferred income taxes		33
Other miscellaneous assets		23
Valuation allowance		(65)
Total assets	$	3,007

Short-term borrowings	$	495
Accounts payable and accrued expenses		124
Long-term borrowings		1,241
Retirement benefits and other liabilities		1
Total liabilities	$	1,861

Total intercompany payables	$	781

At the time of deconsolidation in February 2025, the additional gain or loss was not significant. BJD was reclassified as held for sale in the third quarter of 2024.

Statements of Consolidated Cash Flows – Our noncash transactions as a result of BJD deconsolidation in February 2025 include the following items: derecognition of the above total assets (excluding cash and cash equivalents) and total liabilities, and the recognition of the investment in unconsolidated affiliates and receivables from unconsolidated affiliates (BJD intercompany payables above). The decrease in cash and cash equivalents resulting from deconsolidation of BJD was recorded in investing activities – “Other” in the statements of consolidated cash flows.

SPECIAL ITEMS

6 Months Ended

Apr. 27, 2025

SPECIAL ITEMS

SPECIAL ITEMS

(21) Special ItemS

Discrete Tax Items

In the first quarter of 2025, we recorded favorable net discrete tax items primarily due to tax benefits of $110 related to the realization of foreign net operating losses from the consolidation of certain subsidiaries and $53 from an adjustment to an uncertain tax position of a foreign subsidiary.

Banco John Deere S.A.

In February 2025, we completed the transaction with Bradesco (see Note 20) for the sale of 50% ownership in BJD. BJD was included in our financial services segment and was reclassified as held for sale in the third quarter of 2024. In the first quarter of 2025, a pretax and after-tax gain (reversal of previous losses) of $32 was recorded in “Selling, administrative and general expenses” and presented in “Impairments and other adjustments” in the statements of consolidated income and consolidated cash flows, respectively.

SUBSEQUENT EVENTS

6 Months Ended

Apr. 27, 2025

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS

(22) Subsequent EventS

In May 2025, we entered into a retail note securitization transaction, resulting in $369 of secured borrowings.

On May 28, 2025, a quarterly dividend of $1.62 per share was declared at the Board of Directors meeting, payable on August 8, 2025, to stockholders of record on June 30, 2025.

Pay vs Performance Disclosure - USD ($) $ in Millions	3 Months Ended		6 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Millions	Apr. 27, 2025	Apr. 28, 2024	Apr. 27, 2025	Apr. 28, 2024
Pay vs Performance Disclosure
Net Income (Loss)	$ 1,804	$ 2,370	$ 2,673	$ 4,121

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-6

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-9

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 805
-SubTopic 60
-Name Accounting Standards Codification
-Section 65
-Paragraph 1
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147476176/805-60-65-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 323
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+ Details

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Apr. 27, 2025
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

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

6 Months Ended

Apr. 27, 2025

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES AND NEW ACCOUNTING PRONOUNCEMENTS

Fiscal Period, Policy

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

Consolidation, Variable Interest Entity, Policy

We have a 50% ownership interest in Banco John Deere S.A. (BJD), an equity method investment that finances retail and wholesale loans for agricultural, construction, and forestry equipment in Brazil. This investment was established in February 2025 through the sale of 50% ownership of a former subsidiary (see Note 20). BJD is a variable interest entity (VIE) as we provide funding and are exposed to losses that are disproportionate to our voting rights. However, we are not the primary beneficiary of the VIE because the power over significant activities, including the strategic plan, budget, credit policies, and funding guidelines, is shared among equity holders through an equally represented board of directors.

Use of Estimates in Financial Statements, Policy

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

New Accounting Pronouncements, Policy

We closely monitor all Accounting Standard Updates (ASUs) issued by the Financial Accounting Standards Board (FASB) and other authoritative guidance. We adopted the following standards in 2025, none of which had a material effect on our consolidated financial statements.


No. 2023-05 — Business Combinations – Joint Venture Formations (Subtopic 805-60): Recognition and Initial Measurement
No. 2022-03 — Fair Value Measurement (Topic 820): Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions

Accounting Pronouncements to be Adopted

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

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

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


No. 2024-04 — Debt – Debt with Conversion and Other Options (Subtopic 470-20): Induced Conversions of Convertible Debt Instruments
No. 2023-07 — Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures
No. 2023-06 — Disclosure Improvements: Codification Amendments in Response to the SEC’s Disclosure Update and Simplification Initiative

Credit Quality, Policy

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

●

Past due balances represent any payments 30 days or more past the due date.

●

Non-performing financing receivables represent receivables for which we have stopped accruing finance income. This generally occurs when receivables are 90 days delinquent.

●

Write-offs generally occur when receivables are 120 days delinquent. In these situations, the estimated uncollectible amount is written off to the allowance for credit losses.

Modifications

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

Securitization of Financing Receivables, Policy

Our funding strategy includes receivable securitizations, which allows us to receive cash for financing receivables immediately. While these securitization programs are administered in various forms, they are accomplished in the following basic steps:

1.

We transfer financing receivables into a bankruptcy-remote special purpose entity (SPE).

2.

The SPE issues debt to investors. The debt is secured by the financing receivables.

3.

Investors are paid back based on cash receipts from the financing receivables.

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

Inventory Valuation, Policy

A majority of inventories owned by us are valued at cost on the “last-in, first-out” (LIFO) basis.

Derivative Financial Instruments, Policy

In April 2025, we entered into a cross-currency interest rate swap as a designated net investment hedge to reduce the foreign currency exposure from investments in foreign subsidiaries. Changes in fair value of the derivative attributable to changes in the spot rate are recorded in “Cumulative translation adjustment” within “Other comprehensive income” (OCI) to offset changes in the value of the net investments being hedged. Effectiveness is assessed using the spot method. The periodic cash settlement of the pay-fixed rate, receive-fixed rate cross-currency swap is recorded in “Interest expense.”

- 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.

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+ Details

- Definition

Disclosure of inventory accounting policy for inventory classes, including, but not limited to, basis for determining inventory amounts, methods by which amounts are added and removed from inventory classes, loss recognition on impairment of inventories, and situations in which inventories are stated above cost.

+ References + Details

ORGANIZATION AND CONSOLIDATION (Tables)

6 Months Ended

Apr. 27, 2025

ORGANIZATION AND CONSOLIDATION

Schedule of Carrying Value of Receivables from and Investments in BJD and Maximum Exposure to Loss

Our carrying value of receivables from and investments in BJD and maximum exposure to loss at April 27, 2025 follows:


	April 27
	2025
Receivables from unconsolidated affiliates – "Other receivables"	$	564
Investments in unconsolidated affiliates – "Other assets"		372
Carrying value of assets related to VIE		936
Guarantees		156
Maximum exposure to loss	$	1,092

Guarantees primarily include BJD debt related to government funding that existed prior to the deconsolidation of BJD, and no contractual liability is recorded by us on our condensed consolidated balance sheets. The maximum exposure to loss is not an indication of our expected loss exposure.

- Definition

Tabular disclosure of the significant judgments and assumptions made in determining whether a variable interest (as defined) held by the entity requires the variable interest entity (VIE) (as defined) to be consolidated and (or) disclose information about its involvement with the VIE, individually or in aggregate (as applicable); the nature of restrictions, if any, on the consolidated VIE's assets and on the settlement of its liabilities reported by an entity in its statement of financial position, including the carrying amounts of such assets and liabilities; the nature of, and changes in, the risks associated with involvement in the VIE; how involvement with the VIE affects the entity's financial position, financial performance, and cash flows; the lack of recourse if creditors (or beneficial interest holders) of the consolidated VIE have no recourse to the general credit of the primary beneficiary (if applicable); the terms of arrangements, giving consideration to both explicit arrangements and implicit variable interests, if any, that could require the entity to provide financial support to the VIE, including events or circumstances that could expose the entity to a loss; the methodology used by the entity for determining whether or not it is the primary beneficiary of the variable interest entity; the significant factors considered and judgments made in determining that the power to direct the activities of a VIE that most significantly impact the VIE's economic performance are shared (as defined); the carrying amounts and classification of assets and liabilities of the VIE included in the statement of financial position; the entity's maximum exposure to loss, if any, as a result of its involvement with the VIE, including how the maximum exposure is determined and significant sources of the entity's exposure to the VIE; a comparison of the carrying amounts of the assets and liabilities and the entity's maximum exposure to loss; information about any liquidity arrangements, guarantees, and (or) other commitments by third parties that may affect the fair value or risk of the entity's variable interest in the VIE; whether or not the entity has provided financial support or other support (explicitly or implicitly) to the VIE that it was not previously contractually required to provide or whether the entity intends to provide that support, including the type and amount of the support and the primary reasons for providing the support; and supplemental information the entity determines necessary to provide.

+ References + Details

REVENUE RECOGNITION (Tables)

6 Months Ended

Apr. 27, 2025

REVENUE RECOGNITION

Schedule of Revenue Recognition

Our net sales and revenues by primary geographic market, major product line, and timing of revenue recognition follow:


	Three Months Ended April 27, 2025
	PPA		SAT		CF		FS		Total
Primary geographic markets:
United States	$	2,512	$	1,626	$	1,717	$	1,072	$	6,927
Canada		656		153		208		172		1,189
Western Europe		612		667		497		44		1,820
Central Europe and CIS		239		99		87		3		428
Latin America		995		116		220		41		1,372
Asia, Africa, Oceania, and Middle East		312		385		277		53		1,027
Total	$	5,326	$	3,046	$	3,006	$	1,385	$	12,763

Major product lines:
Production agriculture	$	5,135							$	5,135
Small agriculture			$	1,964						1,964
Turf				957						957
Construction					$	1,182				1,182
Compact construction						506				506
Roadbuilding						949				949
Forestry						254				254
Financial products		56		25		16	$	1,385		1,482
Other		135		100		99				334
Total	$	5,326	$	3,046	$	3,006	$	1,385	$	12,763

Revenue recognized:
At a point in time	$	5,218	$	2,997	$	2,967	$	34	$	11,216
Over time		108		49		39		1,351		1,547
Total	$	5,326	$	3,046	$	3,006	$	1,385	$	12,763


	Six Months Ended April 27, 2025
	PPA		SAT		CF		FS		Total
Primary geographic markets:
United States	$	4,067	$	2,575	$	2,830	$	2,158	$	11,630
Canada		1,010		232		309		359		1,910
Western Europe		889		1,019		841		87		2,836
Central Europe and CIS		306		138		158		7		609
Latin America		1,710		196		425		137		2,468
Asia, Africa, Oceania, and Middle East		517		693		501		108		1,819
Total	$	8,499	$	4,853	$	5,064	$	2,856	$	21,272

Major product lines:
Production agriculture	$	8,137							$	8,137
Small agriculture			$	3,198						3,198
Turf				1,420						1,420
Construction					$	1,952				1,952
Compact construction						867				867
Roadbuilding						1,545				1,545
Forestry						480				480
Financial products		111		58		37	$	2,856		3,062
Other		251		177		183				611
Total	$	8,499	$	4,853	$	5,064	$	2,856	$	21,272

Revenue recognized:
At a point in time	$	8,304	$	4,757	$	4,995	$	63	$	18,119
Over time		195		96		69		2,793		3,153
Total	$	8,499	$	4,853	$	5,064	$	2,856	$	21,272


	Three Months Ended April 28, 2024
	PPA		SAT		CF		FS		Total
Primary geographic markets:
United States	$	3,881	$	1,842	$	2,500	$	996	$	9,219
Canada		600		167		242		175		1,184
Western Europe		659		688		470		40		1,857
Central Europe and CIS		275		80		91		8		454
Latin America		850		103		334		122		1,409
Asia, Africa, Oceania, and Middle East		414		373		271		54		1,112
Total	$	6,679	$	3,253	$	3,908	$	1,395	$	15,235

Major product lines:
Production agriculture	$	6,507							$	6,507
Small agriculture			$	2,098						2,098
Turf				1,017						1,017
Construction					$	1,736				1,736
Compact construction						695				695
Roadbuilding						1,080				1,080
Forestry						271				271
Financial products		39		32		17	$	1,395		1,483
Other		133		106		109				348
Total	$	6,679	$	3,253	$	3,908	$	1,395	$	15,235

Revenue recognized:
At a point in time	$	6,609	$	3,213	$	3,882	$	35	$	13,739
Over time		70		40		26		1,360		1,496
Total	$	6,679	$	3,253	$	3,908	$	1,395	$	15,235


	Six Months Ended April 28, 2024
	PPA		SAT		CF		FS		Total
Primary geographic markets:
United States	$	6,602	$	3,187	$	4,596	$	1,965	$	16,350
Canada		986		285		452		347		2,070
Western Europe		1,162		1,205		831		80		3,278
Central Europe and CIS		454		153		185		16		808
Latin America		1,669		201		590		252		2,712
Asia, Africa, Oceania, and Middle East		849		714		529		110		2,202
Total	$	11,722	$	5,745	$	7,183	$	2,770	$	27,420

Major product lines:
Production agriculture	$	11,298							$	11,298
Small agriculture			$	3,816						3,816
Turf				1,666						1,666
Construction					$	3,220				3,220
Compact construction						1,321				1,321
Roadbuilding						1,843				1,843
Forestry						563				563
Financial products		99		58		35	$	2,770		2,962
Other		325		205		201				731
Total	$	11,722	$	5,745	$	7,183	$	2,770	$	27,420

Revenue recognized:
At a point in time	$	11,564	$	5,669	$	7,126	$	62	$	24,421
Over time		158		76		57		2,708		2,999
Total	$	11,722	$	5,745	$	7,183	$	2,770	$	27,420

OTHER COMPREHENSIVE INCOME ITEMS (Tables)

6 Months Ended

Apr. 27, 2025

OTHER COMPREHENSIVE INCOME ITEMS

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

The after-tax components of accumulated other comprehensive income (loss) follow:


	April 27		October 27		April 28
	2025		2024		2024
Retirement benefits adjustment	$	(1,269)	$	(1,274)	$	(953)
Cumulative translation adjustment		(1,990)		(2,286)		(2,094)
Unrealized gain (loss) on derivatives		(81)		(72)		(15)
Unrealized gain (loss) on debt securities		(65)		(74)		(109)
Accumulated other comprehensive income (loss)	$	(3,405)	$	(3,706)	$	(3,171)

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
Three Months Ended April 27, 2025	Amount		Credit		Amount
Cumulative translation adjustment	$	749	$	(5)	$	744
Unrealized gain (loss) on interest rate derivatives:
Unrealized hedging gain (loss)		(11)		3		(8)
Net unrealized gain (loss) on derivatives		(11)		3		(8)
Unrealized gain (loss) on debt securities:
Unrealized holding gain (loss)		30		(8)		22
Reclassification of realized (gain) loss to Other income		2				2
Net unrealized gain (loss) on debt securities		32		(8)		24
Retirement benefits adjustment:
Net actuarial gain (loss)		6		(2)		4
Reclassification to Other operating expenses through amortization of:
Actuarial (gain) loss		(14)		3		(11)
Prior service (credit) cost		8		(1)		7
Settlements		3		(1)		2
Net unrealized gain (loss) on retirement benefits adjustment		3		(1)		2
Total other comprehensive income (loss)	$	773	$	(11)	$	762


	Before		Tax		After
	Tax		(Expense)		Tax
Six Months Ended April 27, 2025	Amount		Credit		Amount
Cumulative translation adjustment	$	300	$	(4)	$	296
Unrealized gain (loss) on interest rate derivatives:
Unrealized hedging gain (loss)		(4)		1		(3)
Reclassification of realized (gain) loss to Interest expense		(8)		2		(6)
Net unrealized gain (loss) on derivatives		(12)		3		(9)
Unrealized gain (loss) on debt securities:
Unrealized holding gain (loss)		11		(4)		7
Reclassification of realized (gain) loss to Other income		2				2
Net unrealized gain (loss) on debt securities		13		(4)		9
Retirement benefits adjustment:
Net actuarial gain (loss)		12		(3)		9
Reclassification to Other operating expenses through amortization of:
Actuarial (gain) loss		(25)		6		(19)
Prior service (credit) cost		17		(4)		13
Settlements		3		(1)		2
Net unrealized gain (loss) on retirement benefits adjustment		7		(2)		5
Total other comprehensive income (loss)	$	308	$	(7)	$	301


	Before		Tax		After
	Tax		(Expense)		Tax
Three Months Ended April 28, 2024	Amount		Credit		Amount
Cumulative translation adjustment	$	(217)			$	(217)
Unrealized gain (loss) on interest rate derivatives:
Unrealized hedging gain (loss)		26	$	(5)		21
Reclassification of realized (gain) loss to Interest expense		(16)		3		(13)
Net unrealized gain (loss) on derivatives		10		(2)		8
Unrealized gain (loss) on debt securities:
Unrealized holding gain (loss)		(13)		1		(12)
Net unrealized gain (loss) on debt securities		(13)		1		(12)
Retirement benefits adjustment:
Net actuarial gain (loss)		(109)		26		(83)
Reclassification to Other operating expenses through amortization of:
Actuarial (gain) loss		(16)		5		(11)
Prior service (credit) cost		9		(3)		6
Settlements		1				1
Net unrealized gain (loss) on retirement benefits adjustment		(115)		28		(87)
Total other comprehensive income (loss)	$	(335)	$	27	$	(308)


	Before		Tax		After
	Tax		(Expense)		Tax
Six Months Ended April 28, 2024	Amount		Credit		Amount
Cumulative translation adjustment	$	56	$	1	$	57
Unrealized gain (loss) on interest rate derivatives:
Unrealized hedging gain (loss)		18		(3)		15
Reclassification of realized (gain) loss to Interest expense		(27)		5		(22)
Net unrealized gain (loss) on derivatives		(9)		2		(7)
Unrealized gain (loss) on debt securities:
Unrealized holding gain (loss)		(12)		7		(5)
Reclassification of realized (gain) loss to Other income		8		(2)		6
Net unrealized gain (loss) on debt securities		(4)		5		1
Retirement benefits adjustment:
Net actuarial gain (loss)		(126)		30		(96)
Reclassification to Other operating expenses through amortization of:
Actuarial (gain) loss		(36)		10		(26)
Prior service (credit) cost		18		(5)		13
Settlements		1				1
Net unrealized gain (loss) on retirement benefits adjustment		(143)		35		(108)
Total other comprehensive income (loss)	$	(100)	$	43	$	(57)

EARNINGS PER SHARE (Tables)

6 Months Ended

Apr. 27, 2025

EARNINGS PER SHARE

Reconciliation of Basic and Diluted Net Income Per Share

A reconciliation of basic and diluted net income per share attributable to Deere & Company follows in millions, except per share amounts:


	Three Months Ended				Six Months Ended
	April 27		April 28		April 27		April 28
	2025		2024		2025		2024
Net income attributable to Deere & Company	$	1,804	$	2,370	$	2,673	$	4,121
Average shares outstanding		271.1		276.8		271.3		278.4
Basic per share	$	6.65	$	8.56	$	9.85	$	14.80

Average shares outstanding		271.1		276.8		271.3		278.4
Effect of dilutive stock options and unvested restricted stock units		.7		1.1		.8		1.1
Total potential shares outstanding		271.8		277.9		272.1		279.5
Diluted per share	$	6.64	$	8.53	$	9.82	$	14.74

Shares excluded from EPS calculation, as antidilutive		.2		.4		.2		.3

PENSION AND OTHER POSTRETIREMENT BENEFITS (Tables)

6 Months Ended

Apr. 27, 2025

PENSION AND OTHER POSTRETIREMENT BENEFITS

Schedule of Components of Net Periodic Pension and OPEB (Benefit) Cost

The components of net periodic pension and OPEB (benefit) cost consisted of the following:


	Three Months Ended				Six Months Ended
	April 27		April 28		April 27		April 28
	2025		2024		2025		2024
Pensions:
Service cost	$	60	$	57	$	125	$	115
Interest cost		129		138		257		274
Expected return on plan assets		(244)		(241)		(498)		(482)
Amortization of actuarial gain		(2)		(5)		(3)		(9)
Amortization of prior service cost		9		10		19		20
Settlements		3		1		3		1
Net benefit	$	(45)	$	(40)	$	(97)	$	(81)

OPEB:
Service cost	$	4	$	4	$	9	$	9
Interest cost		38		44		78		87
Expected return on plan assets		(27)		(27)		(55)		(54)
Amortization of actuarial gain		(12)		(11)		(22)		(27)
Amortization of prior service credit		(1)		(1)		(2)		(2)
Net cost	$	2	$	9	$	8	$	13

Schedule of Pension and OPEB Contributions and Expected Contributions

During the first six months of 2025, we contributed and expect to contribute the following amounts to our pension and OPEB plans:


	Pensions		OPEB
Contributed	$	56	$	616
Expected contributions remainder of the year		59		44

SEGMENT DATA (Tables)

6 Months Ended

Apr. 27, 2025

SEGMENT DATA

Schedule of Segment Reporting Information

Information relating to operations by operating segment follows:


	Three Months Ended					Six Months Ended
	April 27		April 28		%	April 27		April 28		%
	2025		2024		Change	2025		2024		Change
Net sales and revenues
PPA net sales	$	5,230	$	6,581	-21	$	8,297	$	11,430	-27
SAT net sales		2,994		3,185	-6		4,742		5,610	-15
CF net sales		2,947		3,844	-23		4,941		7,057	-30
FS revenues		1,385		1,395	-1		2,856		2,770	+3
Other revenues		207		230	-10		436		553	-21
Total net sales and revenues	$	12,763	$	15,235	-16	$	21,272	$	27,420	-22
Operating profit
PPA	$	1,148	$	1,650	-30	$	1,486	$	2,695	-45
SAT		574		571	+1		698		897	-22
CF		379		668	-43		444		1,234	-64
FS		207		209	-1		473		466	+2
Total operating profit		2,308		3,098	-26		3,101		5,292	-41
Reconciling items		35		23	+52		138		49	+182
Income taxes		(539)		(751)	-28		(566)		(1,220)	-54
Net income attributable to Deere & Company	$	1,804	$	2,370	-24	$	2,673	$	4,121	-35

Intersegment sales and revenues:
PPA net sales			$	7				$	14
SAT net sales				1					2
CF net sales
FS revenues	$	116		193	-40	$	218		370	-41

Operating profit for PPA, SAT, and CF is income from continuing operations before corporate expenses, certain external interest expenses, certain foreign exchange gains and losses, and income taxes. Operating profit of financial services includes the effect of interest expense and foreign exchange gains and losses. Reconciling items to net income are primarily corporate expenses, certain interest income and expenses, certain foreign exchange gains and losses, pension and OPEB benefit (cost) amounts excluding the service cost component, and net income attributable to noncontrolling interests.

Identifiable operating assets were as follows:


	April 27		October 27		April 28
	2025		2024		2024
PPA	$	8,909	$	8,696	$	9,026
SAT		4,234		4,130		4,421
CF		7,753		7,137		7,337
FS		70,569		73,612		73,834
Corporate		14,838		13,745		11,010
Total assets	$	106,303	$	107,320	$	105,628

FINANCING RECEIVABLES (Tables)

6 Months Ended

Apr. 27, 2025

Financing Receivables

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

An analysis of the allowance for credit losses and investment in financing receivables follows:


	Retail Notes		Revolving
	& Financing		Charge		Wholesale
	Leases		Accounts		Receivables		Total

Three Months Ended April 27, 2025
Allowance:
Beginning of period balance	$	240	$	6	$	2	$	248
Provision		55		39				94
Write-offs		(56)		(40)				(96)
Recoveries		3		8				11
Translation adjustments		1						1
End of period balance	$	243	$	13	$	2	$	258

Six Months Ended April 27, 2025
Allowance:
Beginning of period balance	$	219	$	8	$	2	$	229
Provision		122		41				163
Write-offs		(104)		(53)				(157)
Recoveries		6		17				23
End of period balance	$	243	$	13	$	2	$	258

Financing receivables:
End of period balance	$	37,991	$	4,140	$	8,921	$	51,052


	Retail Notes		Revolving
	& Financing		Charge		Wholesale
	Leases		Accounts		Receivables		Total

Three Months Ended April 28, 2024
Allowance:
Beginning of period balance	$	177	$	16	$	2	$	195
Provision		64		23				87
Write-offs		(36)		(23)				(59)
Recoveries		4		5				9
Translation adjustments		(2)						(2)
End of period balance	$	207	$	21	$	2	$	230

Six Months Ended April 28, 2024
Allowance:
Beginning of period balance	$	172	$	21	$	4	$	197
Provision		99		21				120
Write-offs		(68)		(34)				(102)
Recoveries		5		13				18
Translation adjustments		(1)				(2)		(3)
End of period balance	$	207	$	21	$	2	$	230

Financing receivables:
End of period balance	$	40,293	$	3,887	$	8,590	$	52,770

Ending Amortized Cost of Financing Receivables Modified

The ending amortized cost of financing receivables modified with borrowers experiencing financial difficulty were as follows:


	Three Months Ended				Six Months Ended
	April 27		April 28		April 27		April 28
	2025		2024		2025		2024
Modified financing receivables	$	48	$	36	$	75	$	53
Percentage of financing receivables portfolio		0.09%		0.07%		0.15%		0.10%

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

The ending amortized cost and performance of financing receivables modified during the prior twelve months ended April 27, 2025 and April 28, 2024 were as follows:


	April 27		April 28
	2025		2024*
Current	$	100	$	48
30-59 days past due		6		3
60-89 days past due		2
90+ days past due		1
Non-performing		14		2
Total	$	123	$	53

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

Retail Customer Receivables

Financing Receivables

Credit Quality and Aging Analysis

The credit quality and aging analysis of retail notes, financing leases, and revolving charge accounts (collectively, retail customer receivables) by year of origination was as follows:


	April 27, 2025
	2025		2024		2023		2022		2021		Prior Years		Revolving Charge Accounts		Total
Retail customer receivables:
Agriculture and turf
Current	$	5,772	$	10,981	$	6,652	$	4,014	$	1,981	$	654	$	3,893	$	33,947
30-59 days past due		26		121		77		45		22		9		30		330
60-89 days past due		11		53		32		18		8		4		13		139
90+ days past due				1		2		1		3						7
Non-performing		4		102		111		73		45		29		86		450
Construction and forestry
Current		1,561		2,583		1,425		732		266		46		109		6,722
30-59 days past due		24		70		47		21		9		3		5		179
60-89 days past due		8		27		17		8		3				2		65
90+ days past due				6		1		3								10
Non-performing		6		86		93		55		28		12		2		282
Total retail customer receivables	$	7,412	$	14,030	$	8,457	$	4,970	$	2,365	$	757	$	4,140	$	42,131

Write-offs for the six months ended April 27, 2025:
Agriculture and turf	$	1	$	16	$	21	$	12	$	4	$	5	$	49	$	108
Construction and forestry				18		17		7		2		1		4		49
Total	$	1	$	34	$	38	$	19	$	6	$	6	$	53	$	157


	October 27, 2024
	2024		2023		2022		2021		2020		Prior Years		Revolving Charge Accounts		Total
Retail customer receivables:
Agriculture and turf
Current	$	14,394	$	8,305	$	5,191	$	2,833	$	992	$	253	$	4,465	$	36,433
30-59 days past due		44		101		55		27		11		4		40		282
60-89 days past due		22		50		21		10		8		2		13		126
90+ days past due		1		1		1		2								5
Non-performing		23		91		76		50		20		13		15		288
Construction and forestry
Current		3,100		1,841		1,064		458		102		45		114		6,724
30-59 days past due		54		47		25		10		3		2		4		145
60-89 days past due		25		28		10		7		2				2		74
90+ days past due		1		4		3		1								9
Non-performing		40		94		67		32		9		5		1		248
Total retail customer receivables	$	17,704	$	10,562	$	6,513	$	3,430	$	1,147	$	324	$	4,654	$	44,334

Write-offs for the twelve months ended October 27, 2024:
Agriculture and turf	$	5	$	33	$	25	$	11	$	11	$	5	$	87	$	177
Construction and forestry		9		38		30		11		5		3		8		104
Total	$	14	$	71	$	55	$	22	$	16	$	8	$	95	$	281


	April 28, 2024
	2024		2023		2022		2021		2020		Prior Years		Revolving Charge Accounts		Total
Retail customer receivables:
Agriculture and turf
Current	$	7,393	$	11,869	$	6,934	$	3,987	$	1,682	$	696	$	3,662	$	36,223
30-59 days past due		32		99		55		35		15		6		27		269
60-89 days past due		7		44		23		11		6		3		12		106
90+ days past due				3		1		3		5						12
Non-performing		3		83		90		63		31		35		70		375
Construction and forestry
Current		1,619		2,415		1,514		744		207		79		107		6,685
30-59 days past due		25		61		38		20		7		3		5		159
60-89 days past due		7		34		14		10		3		2		2		72
90+ days past due				4		9		1				1				15
Non-performing		5		100		85		47		17		8		2		264
Total retail customer receivables	$	9,091	$	14,712	$	8,763	$	4,921	$	1,973	$	833	$	3,887	$	44,180

Write-offs for the six months ended April 28, 2024:
Agriculture and turf	$	1	$	9	$	10	$	5	$	6	$	2	$	30	$	63
Construction and forestry				12		13		5		3		2		4		39
Total	$	1	$	21	$	23	$	10	$	9	$	4	$	34	$	102

Wholesale Receivables

Financing Receivables

Credit Quality and Aging Analysis

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


	April 27		October 27		April 28
	2025		2024		2024
Wholesale receivables:
Agriculture and turf
Current	$	7,372	$	7,568	$	7,384
30+ days past due		1
Non-performing		1		1		1
Construction and forestry
Current		1,547		1,358		1,205
30+ days past due
Non-performing
Total wholesale receivables	$	8,921	$	8,927	$	8,590

SECURITIZATION OF FINANCING RECEIVABLES (Tables)

6 Months Ended

Apr. 27, 2025

SECURITIZATION OF FINANCING RECEIVABLES

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

The components of securitization programs were as follows:


	April 27		October 27		April 28
	2025		2024		2024
Financing receivables securitized (retail notes)	$	7,812	$	8,770	$	7,289
Allowance for credit losses		(47)		(47)		(27)
Other assets (primarily restricted cash)		183		187		164
Total restricted securitized assets	$	7,948	$	8,910	$	7,426

Short-term securitization borrowings	$	7,562	$	8,431	$	6,976
Accrued interest on borrowings		12		14		12
Total liabilities related to restricted securitized assets	$	7,574	$	8,445	$	6,988

INVENTORIES (Tables)

6 Months Ended

Apr. 27, 2025

INVENTORIES

Major Classification of Inventories

If all inventories valued on a LIFO basis had been valued on a “first-in, first-out” (FIFO) basis, the estimated inventories by major classification would have been as follows:


	April 27		October 27		April 28
	2025		2024		2024
Raw materials and supplies	$	3,438	$	3,486	$	3,851
Work-in-process		1,056		930		1,127
Finished goods and parts		5,615		5,364		5,979
Total FIFO value		10,109		9,780		10,957
Excess of FIFO over LIFO		2,239		2,687		2,514
Inventories	$	7,870	$	7,093	$	8,443

GOODWILL AND OTHER INTANGIBLE ASSETS - NET (Tables)

6 Months Ended

Apr. 27, 2025

GOODWILL AND OTHER INTANGIBLE ASSETS - NET

Changes in Goodwill by Operating Segments

The changes in amounts of goodwill by operating segments were as follows. There were no accumulated goodwill impairment losses.


	PPA		SAT		CF		Total
Goodwill at October 29, 2023	$	702	$	363	$	2,835	$	3,900
Translation adjustments		1		1		34		36
Goodwill at April 28, 2024	$	703	$	364	$	2,869	$	3,936

Goodwill at October 27, 2024	$	701	$	365	$	2,893	$	3,959
Translation adjustments and other		8		3		124		135
Goodwill at April 27, 2025	$	709	$	368	$	3,017	$	4,094

Components of Other Intangible Assets

The components of other intangible assets were as follows:


	April 27		October 27		April 28
	2025		2024		2024
Customer lists and relationships	$	517	$	508	$	505
Technology, patents, trademarks, and other		1,481		1,423		1,404
Total at cost		1,998		1,931		1,909
Less accumulated amortization:
Customer lists and relationships		(249)		(231)		(213)
Technology, patents, trademarks, and other		(785)		(701)		(632)
Total accumulated amortization		(1,034)		(932)		(845)
Other intangible assets – net	$	964	$	999	$	1,064

- Definition

Tabular disclosure of goodwill by reportable segment and in total which includes a rollforward schedule.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
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-Subparagraph (b)
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-URI https://asc.fasb.org/1943274/2147482573/350-20-50-2

+ Details

SHORT-TERM BORROWINGS (Tables)

6 Months Ended

Apr. 27, 2025

SHORT-TERM BORROWINGS

Short-Term Borrowings

Short-term borrowings were as follows:


	April 27		October 27		April 28
	2025		2024		2024
Commercial paper	$	6,586	$	4,008	$	7,675
Notes payable to banks		395		377		434
Finance lease obligations due within one year		39		33		30
Long-term borrowings due within one year		8,928		9,115		9,560
Short-term borrowings	$	15,948	$	13,533	$	17,699

ACCOUNTS PAYABLE AND ACCRUED EXPENSES (Tables)

6 Months Ended

Apr. 27, 2025

ACCOUNTS PAYABLE AND ACCRUED EXPENSES

Accounts Payable and Accrued Expenses

Accounts payable and accrued expenses consisted of the following:


	April 27		October 27		April 28
	2025		2024		2024
Accounts payable:
Trade payables	$	2,785	$	2,698	$	2,968
Dividends payable		443		405		409
Operating lease liabilities		280		270		270
Deposits withheld from dealers and merchants		144		152		159
Payables to unconsolidated affiliates		11		6		8
Other		225		204		184
Accrued expenses:
Employee benefits		1,164		1,925		1,550
Accrued taxes		1,224		1,509		1,453
Product warranties		1,297		1,426		1,566
Dealer sales discounts		468		996		546
Extended warranty premium		1,194		1,179		1,110
Derivative liabilities		614		582		1,005
Unearned revenue (contractual liability)		895		744		801
Unearned operating lease revenue		524		495		483
Accrued interest		525		455		513
Parts return liability		420		420		404
Other		1,132		1,077		1,180
Accounts payable and accrued expenses	$	13,345	$	14,543	$	14,609

Amounts are presented net of eliminations, which primarily consist of dealer sales incentives with a right of set-off against trade receivables of $2,059 at April 27, 2025, $2,121 at October 27, 2024, and $2,650 at April 28, 2024. Other eliminations were made for accrued taxes and other accrued expenses.

LONG-TERM BORROWINGS (Tables)

6 Months Ended

Apr. 27, 2025

LONG-TERM BORROWINGS

Long-Term Borrowings

Long-term borrowings consisted of:


	April 27		October 27		April 28
	2025		2024		2024
Underwritten term debt
U.S. dollar notes and debentures:
6.55% debentures due 2028	$	200	$	200	$	200
5.375% notes due 2029		500		500		500
3.10% notes due 2030		700		700		700
8.10% debentures due 2030		250		250		250
7.125% notes due 2031		300		300		300
5.45% notes due 2035		1,250
3.90% notes due 2042		1,250		1,250		1,250
2.875% notes due 2049		500		500		500
3.75% notes due 2050		850		850		850
5.70% notes due 2055		750
Euro notes:
1.85% notes due 2028 (€600 principal)		683		650		644
2.20% notes due 2032 (€600 principal)		683		650		644
1.65% notes due 2039 (€650 principal)		740		704		697
Serial issuances
Medium-term notes		33,942		36,566		32,859
Other notes and finance lease obligations		372		265		1,708
Less debt issuance costs and debt discounts		(159)		(156)		(140)
Long-term borrowings	$	42,811	$	43,229	$	40,962

Medium-term notes due through 2034 are primarily offered by prospectus and issued at fixed and variable rates. The principal balances of the medium-term notes were $34,241, $37,141, and $34,002, at April 27, 2025, October 27, 2024, and April 28, 2024, respectively. All outstanding notes and debentures are senior unsecured borrowings and rank equally with each other.

- 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))
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+ Details

LEASES - LESSOR (Tables)

6 Months Ended

Apr. 27, 2025

LEASES - LESSOR

Schedule of Lease Revenues Earned

Lease revenues earned by us follow:


	Three Months Ended				Six Months Ended
	April 27		April 28		April 27		April 28
	2025		2024		2025		2024
Sales-type and direct finance lease revenues	$	44	$	45	$	90	$	91
Operating lease revenues		356		343		717		682
Variable lease revenues		5		4		10		9
Total lease revenues	$	405	$	392	$	817	$	782

COMMITMENTS AND CONTINGENCIES (Tables)

6 Months Ended

Apr. 27, 2025

COMMITMENTS AND CONTINGENCIES

Warranty Reconciliation

The reconciliation of the changes in the warranty liability follows:


	Three Months Ended				Six Months Ended
	April 27		April 28		April 27		April 28
	2025		2024		2025		2024
Beginning of period balance	$	1,360	$	1,589	$	1,426	$	1,610
Warranty claims paid		(308)		(324)		(618)		(634)
New product warranty accruals		227		310		483		591
Foreign exchange		18		(9)		6		(1)
End of period balance	$	1,297	$	1,566	$	1,297	$	1,566

FAIR VALUE MEASUREMENTS (Tables)

6 Months Ended

Apr. 27, 2025

FAIR VALUE MEASUREMENTS

Fair Values of Financial Instruments

The fair values of financial instruments that do not approximate the carrying values were as follows. Long-term borrowings exclude finance lease liabilities.


	April 27, 2025				October 27, 2024				April 28, 2024
	Carrying Value		Fair Value		Carrying Value		Fair Value		Carrying Value		Fair Value
Financing receivables – net	$	43,029	$	43,119	$	44,309	$	44,336	$	45,278	$	44,741
Financing receivables securitized – net		7,765		7,710		8,723		8,654		7,262		7,063
Receivables from unconsolidated affiliates		557		557
Short-term securitization borrowings		7,562		7,588		8,431		8,453		6,976		6,935
Long-term borrowings due within one year		8,928		8,869		9,115		9,079		9,560		9,434
Long-term borrowings		42,742		42,423		43,157		42,804		40,882		40,059

Fair value measurements above were Level 3 for 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 follow, excluding our cash equivalents, which were carried at a cost that approximates fair value and consisted of money market funds and time deposits.


	April 27		October 27		April 28
	2025		2024		2024
Level 1:
Marketable securities:
International equity securities					$	3
U.S. equity fund						101
U.S. fixed income fund						24
U.S. government debt securities	$	259	$	239		263
Total Level 1 marketable securities		259		239		391

Level 2:
Marketable securities:
International fixed income fund		6
Corporate debt securities		452		423		213
International debt securities		154		143		148
Mortgage-backed securities		201		165		152
Municipal debt securities		87		74		67
U.S. government debt securities		113		110		123
Total Level 2 marketable securities		1,013		915		703
Other assets – Derivatives		434		357		191
Accounts payable and accrued expenses – Derivatives		614		582		1,005

Level 3:
Accounts payable and accrued expenses – Deferred consideration		128		147		164

The mortgage-backed securities are primarily issued by U.S. government-sponsored enterprises.

Contractual Maturities of Debt Securities

The contractual maturities of available-for-sale debt securities at April 27, 2025 follow:


	Amortized		Fair
	Cost		Value
Due in one year or less	$	57	$	57
Due after one through five years		366		358
Due after five through 10 years		496		477
Due after 10 years		203		173
Mortgage-backed securities		227		201
Debt securities	$	1,349	$	1,266

Actual maturities may differ from contractual maturities because some securities may be called or prepaid. Mortgage-backed securities contain prepayment provisions and are not categorized by contractual maturity.

Fair Value, Nonrecurring Level 3 Measurements from Impairments and other adjustments

Fair value, nonrecurring Level 3 measurements from impairments and other adjustments were as follows:


	Fair Value				Losses (Gains)
					Three Months Ended		Six Months Ended
	April 27	October 27		April 28	April 27	April 28	April 27		April 28
	2025	2024		2024	2025	2024	2025*		2024
Other assets		$	23
Assets held for sale			2,944				$	(32)

* The gain on “Assets held for sale” recorded in the first quarter of 2025 represents a reversal of prior period valuation allowance loss, not in excess of cumulative valuation allowance recorded on “Assets held for sale.”

DERIVATIVE INSTRUMENTS (Tables)

6 Months Ended

Apr. 27, 2025

DERIVATIVE INSTRUMENTS

Fair Values of Derivative Instruments in Consolidated Balance Sheets

Fair values of our derivative instruments and the associated notional amounts are presented below. Assets are recorded in “Other assets,” while liabilities are recorded in “Accounts payable and accrued expenses.”


	April 27, 2025						October 27, 2024						April 28, 2024
			Fair Value						Fair Value						Fair Value
	Notional		Assets		Liabilities		Notional		Assets		Liabilities		Notional		Assets		Liabilities
Cash flow hedges:
Interest rate contracts	$	2,975			$	29	$	2,875	$	3	$	20	$	2,700	$	34	$	1

Fair value hedges:
Interest rate contracts		13,608	$	169		372		15,864		115		467		13,664		8		884
Cross-currency interest rate contracts		975		103				975		31

Net investment hedges:
Cross-currency interest rate contracts		1,131				4

Not designated as hedging instruments:
Interest rate contracts		14,254		112		100		12,518		97		75		12,869		112		71
Foreign exchange contracts		8,078		42		107		7,533		95		20		7,582		36		38
Cross-currency interest rate contracts		141		8		2		158		16				211		1		11

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

The amounts recorded in the consolidated balance sheets related to borrowings designated in fair value hedging relationships are presented in the table below. Fair value hedging adjustments are included in the carrying amount of the hedged item. The carrying amount of the hedged item and formerly hedged item includes long-term borrowings of $399, $598, and $598 at April 27, 2025, October 27, 2024, and April 28, 2024, respectively, that are in active hedging relationships and also had discontinued hedging relationships.


	Active Hedging Relationships				Discontinued Hedging Relationships
	Carrying Amount		Cumulative Fair Value		Carrying Amount of		Cumulative Fair Value
	of Hedged Item		Hedging Amount		Formerly Hedged Item		Hedging Amount
April 27, 2025
Short-term borrowings	$	107	$	(1)	$	1,212	$	(12)
Long-term borrowings		14,306		(158)		10,533		(141)

October 27, 2024
Short-term borrowings	$	287	$	(1)	$	1,782	$	7
Long-term borrowings		16,125		(347)		8,626		(228)

April 28, 2024
Short-term borrowings	$	286	$	(7)	$	2,565	$	16
Long-term borrowings		12,434		(879)		7,616		(264)

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

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


	Three Months Ended				Six Months Ended
	April 27		April 28		April 27		April 28
	2025		2024		2025		2024
Fair value hedges:
Interest rate contracts – Interest expense	$	435	$	(448)	$	92	$	(104)

Cash flow hedges:
Recognized in OCI:
Interest rate contracts – OCI (pretax)	$	(11)	$	26	$	(4)	$	18
Reclassified from OCI:
Interest rate contracts – Interest expense				16		8		27

Net investment hedges:
Interest rate contracts – Interest expense	$	1			$	1
Recognized in OCI:
Interest rate contracts – OCI (pretax)		(4)				(4)

Not designated as hedges:
Interest rate contracts – Interest expense	$	(12)	$	7	$	(16)	$	(2)
Foreign exchange contracts – Net sales		4		(2)		(3)		3
Foreign exchange contracts – Cost of sales		(7)		9		28		(21)
Foreign exchange contracts – Other operating expenses		(118)		46		90		(135)
Total not designated	$	(133)	$	60	$	99	$	(155)

Impact on Derivative Assets and Liabilities Related to Netting Arrangements and Collateral

Derivatives are recorded without offsetting for netting arrangements or collateral. The impact on the derivative assets and liabilities related to netting arrangements and collateral follows:


	Gross Amounts		Netting
	Recognized		Arrangements		Collateral		Net Amount
April 27, 2025
Assets	$	434	$	(166)	$	(2)	$	266
Liabilities		614		(166)		(221)		227

October 27, 2024
Assets	$	357	$	(142)			$	215
Liabilities		582		(142)	$	(246)		194

April 28, 2024
Assets	$	191	$	(93)			$	98
Liabilities		1,005		(93)	$	(562)		350

SHARE-BASED AWARDS (Tables)

6 Months Ended

Apr. 27, 2025

SHARE-BASED AWARDS

Restricted Stock Units Granted and Weighted-Average Grant Date Fair Values

During the six months ended April 27, 2025, the restricted stock units (RSUs) granted in thousands of shares and the weighted-average grant date fair values, using the closing price of our common stock on the grant date in dollars, follow:


		Grant-Date
		Fair Value
	Shares	(per share)
Service-based	307	$	448.26
Performance/service-based	40		429.77
Market/service-based (fair value determined using a Monte Carlo model)	40		591.13

DISPOSITION (Tables)

6 Months Ended

Apr. 27, 2025

DISPOSITION

Schedule of Assets and Liabilities at the Time of Deconsolidation

The major classes of the total assets and liabilities of BJD at the time of deconsolidation were as follows:


	February
	2025
Cash and cash equivalents	$	110
Trade accounts and notes receivable – net		119
Financing receivables – net		2,787
Deferred income taxes		33
Other miscellaneous assets		23
Valuation allowance		(65)
Total assets	$	3,007

Short-term borrowings	$	495
Accounts payable and accrued expenses		124
Long-term borrowings		1,241
Retirement benefits and other liabilities		1
Total liabilities	$	1,861

Total intercompany payables	$	781

- Definition

Tabular disclosure of information related to a disposal group. Includes, but is not limited to, a discontinued operation, disposal classified as held-for-sale or disposed of by means other than sale or disposal of an individually significant component.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-SubTopic 10
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+ Details

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

ORGANIZATION AND CONSOLIDATION - Variable Interest Entity (Details) - Financial Services (FS) - USD ($) $ in Millions	Apr. 27, 2025	Feb. 23, 2025
Banco John Deere S.A. (BJD) \| Disposal Group, Disposed of by Sale, Not Discontinued Operations
Variable Interest Entity
Percentage of ownership sold (as a percent)		50.00%
Banco John Deere S.A. (BJD) \| Disposal Group, Disposed of by Sale, Not Discontinued Operations
Variable Interest Entity
Percentage of ownership (as a percent)		50.00%
Investments in unconsolidated affiliates		$ 362
VIE-Not Primary Beneficiary \| Banco John Deere S.A. (BJD)
Variable Interest Entity
Percentage of ownership (as a percent)	50.00%
Carrying value of assets related to VIE	$ 936
Guarantees	156
Maximum exposure to loss	1,092
VIE-Not Primary Beneficiary \| Banco John Deere S.A. (BJD) \| Other Receivables \| Related Party
Variable Interest Entity
Receivables from unconsolidated affiliates	564
VIE-Not Primary Beneficiary \| Banco John Deere S.A. (BJD) \| Other Assets
Variable Interest Entity
Investments in unconsolidated affiliates	$ 372

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES AND NEW ACCOUNTING PRONOUNCEMENTS (Details)	Apr. 27, 2025
ASU 2023-05
New Accounting Pronouncements
Change in Accounting Principle, Accounting Standards Update, Adopted [true false]	true
ASU 2022-03
New Accounting Pronouncements
Change in Accounting Principle, Accounting Standards Update, Adopted [true false]	true
ASU 2024-03
New Accounting Pronouncements
Change in Accounting Principle, Accounting Standards Update, Adopted [true false]	false
ASU 2025-01
New Accounting Pronouncements
Change in Accounting Principle, Accounting Standards Update, Adopted [true false]	false
ASU 2023-09
New Accounting Pronouncements
Change in Accounting Principle, Accounting Standards Update, Adopted [true false]	false
ASU 2024-04
New Accounting Pronouncements
Change in Accounting Principle, Accounting Standards Update, Adopted [true false]	false
ASU 2023-07
New Accounting Pronouncements
Change in Accounting Principle, Accounting Standards Update, Adopted [true false]	false
ASU 2023-06
New Accounting Pronouncements
Change in Accounting Principle, Accounting Standards Update, Adopted [true false]	false

REVENUE RECOGNITION - Primary Geographic Market, Major Product Line, and Timing (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Apr. 27, 2025	Apr. 28, 2024	Apr. 27, 2025	Apr. 28, 2024
Revenue Recognition
Net sales and revenues	$ 12,763	$ 15,235	$ 21,272	$ 27,420
Revenue Recognized at a Point in Time
Revenue Recognition
Net sales and revenues	11,216	13,739	18,119	24,421
Revenue Recognized Over Time
Revenue Recognition
Net sales and revenues	1,547	1,496	3,153	2,999
Production Agriculture
Revenue Recognition
Net sales	5,135	6,507	8,137	11,298
Small Agriculture
Revenue Recognition
Net sales	1,964	2,098	3,198	3,816
Turf
Revenue Recognition
Net sales	957	1,017	1,420	1,666
Construction
Revenue Recognition
Net sales	1,182	1,736	1,952	3,220
Compact Construction
Revenue Recognition
Net sales	506	695	867	1,321
Roadbuilding
Revenue Recognition
Net sales	949	1,080	1,545	1,843
Forestry
Revenue Recognition
Net sales	254	271	480	563
Financial Products
Revenue Recognition
Financial	1,482	1,483	3,062	2,962
Other
Revenue Recognition
Other net sales and revenues	334	348	611	731
United States
Revenue Recognition
Net sales and revenues	6,927	9,219	11,630	16,350
Canada
Revenue Recognition
Net sales and revenues	1,189	1,184	1,910	2,070
Western Europe
Revenue Recognition
Net sales and revenues	1,820	1,857	2,836	3,278
Central Europe and CIS
Revenue Recognition
Net sales and revenues	428	454	609	808
Latin America
Revenue Recognition
Net sales and revenues	1,372	1,409	2,468	2,712
Asia, Africa, Oceania, and Middle East
Revenue Recognition
Net sales and revenues	1,027	1,112	1,819	2,202
Production & Precision Ag (PPA)
Revenue Recognition
Net sales and revenues	5,326	6,679	8,499	11,722
Production & Precision Ag (PPA) \| Revenue Recognized at a Point in Time
Revenue Recognition
Net sales and revenues	5,218	6,609	8,304	11,564
Production & Precision Ag (PPA) \| Revenue Recognized Over Time
Revenue Recognition
Net sales and revenues	108	70	195	158
Production & Precision Ag (PPA) \| Production Agriculture
Revenue Recognition
Net sales	5,135	6,507	8,137	11,298
Production & Precision Ag (PPA) \| Financial Products
Revenue Recognition
Financial	56	39	111	99
Production & Precision Ag (PPA) \| Other
Revenue Recognition
Other net sales and revenues	135	133	251	325
Production & Precision Ag (PPA) \| United States
Revenue Recognition
Net sales and revenues	2,512	3,881	4,067	6,602
Production & Precision Ag (PPA) \| Canada
Revenue Recognition
Net sales and revenues	656	600	1,010	986
Production & Precision Ag (PPA) \| Western Europe
Revenue Recognition
Net sales and revenues	612	659	889	1,162
Production & Precision Ag (PPA) \| Central Europe and CIS
Revenue Recognition
Net sales and revenues	239	275	306	454
Production & Precision Ag (PPA) \| Latin America
Revenue Recognition
Net sales and revenues	995	850	1,710	1,669
Production & Precision Ag (PPA) \| Asia, Africa, Oceania, and Middle East
Revenue Recognition
Net sales and revenues	312	414	517	849
Small Ag & Turf (SAT)
Revenue Recognition
Net sales and revenues	3,046	3,253	4,853	5,745
Small Ag & Turf (SAT) \| Revenue Recognized at a Point in Time
Revenue Recognition
Net sales and revenues	2,997	3,213	4,757	5,669
Small Ag & Turf (SAT) \| Revenue Recognized Over Time
Revenue Recognition
Net sales and revenues	49	40	96	76
Small Ag & Turf (SAT) \| Small Agriculture
Revenue Recognition
Net sales	1,964	2,098	3,198	3,816
Small Ag & Turf (SAT) \| Turf
Revenue Recognition
Net sales	957	1,017	1,420	1,666
Small Ag & Turf (SAT) \| Financial Products
Revenue Recognition
Financial	25	32	58	58
Small Ag & Turf (SAT) \| Other
Revenue Recognition
Other net sales and revenues	100	106	177	205
Small Ag & Turf (SAT) \| United States
Revenue Recognition
Net sales and revenues	1,626	1,842	2,575	3,187
Small Ag & Turf (SAT) \| Canada
Revenue Recognition
Net sales and revenues	153	167	232	285
Small Ag & Turf (SAT) \| Western Europe
Revenue Recognition
Net sales and revenues	667	688	1,019	1,205
Small Ag & Turf (SAT) \| Central Europe and CIS
Revenue Recognition
Net sales and revenues	99	80	138	153
Small Ag & Turf (SAT) \| Latin America
Revenue Recognition
Net sales and revenues	116	103	196	201
Small Ag & Turf (SAT) \| Asia, Africa, Oceania, and Middle East
Revenue Recognition
Net sales and revenues	385	373	693	714
Construction & Forestry (CF)
Revenue Recognition
Net sales and revenues	3,006	3,908	5,064	7,183
Construction & Forestry (CF) \| Revenue Recognized at a Point in Time
Revenue Recognition
Net sales and revenues	2,967	3,882	4,995	7,126
Construction & Forestry (CF) \| Revenue Recognized Over Time
Revenue Recognition
Net sales and revenues	39	26	69	57
Construction & Forestry (CF) \| Construction
Revenue Recognition
Net sales	1,182	1,736	1,952	3,220
Construction & Forestry (CF) \| Compact Construction
Revenue Recognition
Net sales	506	695	867	1,321
Construction & Forestry (CF) \| Roadbuilding
Revenue Recognition
Net sales	949	1,080	1,545	1,843
Construction & Forestry (CF) \| Forestry
Revenue Recognition
Net sales	254	271	480	563
Construction & Forestry (CF) \| Financial Products
Revenue Recognition
Financial	16	17	37	35
Construction & Forestry (CF) \| Other
Revenue Recognition
Other net sales and revenues	99	109	183	201
Construction & Forestry (CF) \| United States
Revenue Recognition
Net sales and revenues	1,717	2,500	2,830	4,596
Construction & Forestry (CF) \| Canada
Revenue Recognition
Net sales and revenues	208	242	309	452
Construction & Forestry (CF) \| Western Europe
Revenue Recognition
Net sales and revenues	497	470	841	831
Construction & Forestry (CF) \| Central Europe and CIS
Revenue Recognition
Net sales and revenues	87	91	158	185
Construction & Forestry (CF) \| Latin America
Revenue Recognition
Net sales and revenues	220	334	425	590
Construction & Forestry (CF) \| Asia, Africa, Oceania, and Middle East
Revenue Recognition
Net sales and revenues	277	271	501	529
Financial Services (FS)
Revenue Recognition
Financial	1,385	1,395	2,856	2,770
Financial Services (FS) \| Revenue Recognized at a Point in Time
Revenue Recognition
Financial	34	35	63	62
Financial Services (FS) \| Revenue Recognized Over Time
Revenue Recognition
Financial	1,351	1,360	2,793	2,708
Financial Services (FS) \| Financial Products
Revenue Recognition
Financial	1,385	1,395	2,856	2,770
Financial Services (FS) \| United States
Revenue Recognition
Financial	1,072	996	2,158	1,965
Financial Services (FS) \| Canada
Revenue Recognition
Financial	172	175	359	347
Financial Services (FS) \| Western Europe
Revenue Recognition
Financial	44	40	87	80
Financial Services (FS) \| Central Europe and CIS
Revenue Recognition
Financial	3	8	7	16
Financial Services (FS) \| Latin America
Revenue Recognition
Financial	41	122	137	252
Financial Services (FS) \| Asia, Africa, Oceania, and Middle East
Revenue Recognition
Financial	$ 53	$ 54	$ 108	$ 110

REVENUE RECOGNITION - Deferred Revenue (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Apr. 27, 2025	Apr. 28, 2024	Apr. 27, 2025	Apr. 28, 2024	Oct. 27, 2024
Deferred Revenue
Deferred revenue received	$ 2,089	$ 1,911	$ 2,089	$ 1,911	$ 1,923
Revenue recognized from deferred revenue	$ 176	$ 128	$ 373	$ 358

REVENUE RECOGNITION - Unsatisfied Performance Obligations (Details) $ in Millions	Apr. 27, 2025 USD ($)
Unsatisfied performance obligations
Unsatisfied performance obligations for contracts with an original duration greater than one year	$ 1,774
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2025-04-28
Unsatisfied performance obligations
Unsatisfied performance obligations for contracts with an original duration greater than one year	$ 289
Period estimated revenue to be recognized	6 months
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2025-11-03
Unsatisfied performance obligations
Unsatisfied performance obligations for contracts with an original duration greater than one year	$ 478
Period estimated revenue to be recognized	12 months
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2026-11-02
Unsatisfied performance obligations
Unsatisfied performance obligations for contracts with an original duration greater than one year	$ 383
Period estimated revenue to be recognized	12 months
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2027-11-01
Unsatisfied performance obligations
Unsatisfied performance obligations for contracts with an original duration greater than one year	$ 262
Period estimated revenue to be recognized	12 months
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2028-10-30
Unsatisfied performance obligations
Unsatisfied performance obligations for contracts with an original duration greater than one year	$ 162
Period estimated revenue to be recognized	12 months
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2029-10-29
Unsatisfied performance obligations
Unsatisfied performance obligations for contracts with an original duration greater than one year	$ 116
Period estimated revenue to be recognized	12 months
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2030-10-28
Unsatisfied performance obligations
Unsatisfied performance obligations for contracts with an original duration greater than one year	$ 84
Period estimated revenue to be recognized	24 months

OTHER COMPREHENSIVE INCOME ITEMS - After-Tax Components (Details) - USD ($) $ in Millions	Apr. 27, 2025	Oct. 27, 2024	Apr. 28, 2024
Accumulated other comprehensive income (loss)
Total accumulated other comprehensive income (loss)	$ 24,287	$ 22,836	$ 22,684
Accumulated Other Comprehensive Income (Loss)
Accumulated other comprehensive income (loss)
Total accumulated other comprehensive income (loss)	(3,405)	(3,706)	(3,171)
Retirement Benefits Adjustment
Accumulated other comprehensive income (loss)
Total accumulated other comprehensive income (loss)	(1,269)	(1,274)	(953)
Cumulative Translation Adjustment
Accumulated other comprehensive income (loss)
Total accumulated other comprehensive income (loss)	(1,990)	(2,286)	(2,094)
Unrealized Gain (Loss) on Derivatives
Accumulated other comprehensive income (loss)
Total accumulated other comprehensive income (loss)	(81)	(72)	(15)
Unrealized Gain (Loss) on Debt Securities
Accumulated other comprehensive income (loss)
Total accumulated other comprehensive income (loss)	$ (65)	$ (74)	$ (109)

- 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

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 210
-SubTopic 10
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-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(29))
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Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
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Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
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Reference 4: http://www.xbrl.org/2003/role/exampleRef
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+ Details

OTHER COMPREHENSIVE INCOME ITEMS - Amounts Recorded in and Reclassifications out of (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Apr. 27, 2025	Apr. 28, 2024	Apr. 27, 2025	Apr. 28, 2024
Other Comprehensive Income (Loss), Before Tax
Interest expense	$ (784)	$ (836)	$ (1,614)	$ (1,638)
Other operating expenses	(287)	(295)	(536)	(664)
Total other comprehensive income (loss), before tax	773	(335)	308	(100)
Other Comprehensive Income (Loss), Tax (Expense) Credit
Total other comprehensive income (loss), tax (expense) credit	(11)	27	(7)	43
Other Comprehensive Income (Loss), After Tax
Other comprehensive income (loss), net of income taxes	762	(308)	301	(57)
Cumulative Translation Adjustment
Other Comprehensive Income (Loss), Before Tax
Total other comprehensive income (loss), before tax	749	(217)	300	56
Other Comprehensive Income (Loss), Tax (Expense) Credit
Total other comprehensive income (loss), tax (expense) credit	(5)		(4)	1
Other Comprehensive Income (Loss), After Tax
Other comprehensive income (loss), net of income taxes	744	(217)	296	57
Unrealized Gain (Loss) on Derivatives
Other Comprehensive Income (Loss), Before Tax
Other comprehensive income (loss) before reclassification, before tax	(11)	26	(4)	18
Total other comprehensive income (loss), before tax	(11)	10	(12)	(9)
Other Comprehensive Income (Loss), Tax (Expense) Credit
Other comprehensive income (loss) before reclassification, tax (expense) credit	3	(5)	1	(3)
Total other comprehensive income (loss), tax (expense) credit	3	(2)	3	2
Other Comprehensive Income (Loss), After Tax
Other comprehensive income (loss) before reclassification, after tax	(8)	21	(3)	15
Other comprehensive income (loss), net of income taxes	(8)	8	(9)	(7)
Unrealized Gain (Loss) on Derivatives \| Interest Rate Contracts \| Reclassification out of Accumulated Other Comprehensive Income (Loss)
Other Comprehensive Income (Loss), Before Tax
Interest expense		(16)	(8)	(27)
Other Comprehensive Income (Loss), Tax (Expense) Credit
Reclassification from accumulated other comprehensive income, tax (expense) credit		3	2	5
Other Comprehensive Income (Loss), After Tax
Reclassification from accumulated other comprehensive income, after tax		(13)	(6)	(22)
Unrealized Gain (Loss) on Debt Securities
Other Comprehensive Income (Loss), Before Tax
Other comprehensive income (loss) before reclassification, before tax	30	(13)	11	(12)
Total other comprehensive income (loss), before tax	32	(13)	13	(4)
Other Comprehensive Income (Loss), Tax (Expense) Credit
Other comprehensive income (loss) before reclassification, tax (expense) credit	(8)	1	(4)	7
Total other comprehensive income (loss), tax (expense) credit	(8)	1	(4)	5
Other Comprehensive Income (Loss), After Tax
Other comprehensive income (loss) before reclassification, after tax	22	(12)	7	(5)
Other comprehensive income (loss), net of income taxes	24	(12)	9	1
Unrealized Gain (Loss) on Debt Securities \| Reclassification out of Accumulated Other Comprehensive Income (Loss)
Other Comprehensive Income (Loss), Before Tax
Other income	2		2	8
Other Comprehensive Income (Loss), Tax (Expense) Credit
Reclassification from accumulated other comprehensive income, tax (expense) credit				(2)
Other Comprehensive Income (Loss), After Tax
Reclassification from accumulated other comprehensive income, after tax	2		2	6
Retirement Benefits Adjustment
Other Comprehensive Income (Loss), Before Tax
Other comprehensive income (loss) before reclassification, before tax	6	(109)	12	(126)
Total other comprehensive income (loss), before tax	3	(115)	7	(143)
Other Comprehensive Income (Loss), Tax (Expense) Credit
Other comprehensive income (loss) before reclassification, tax (expense) credit	(2)	26	(3)	30
Total other comprehensive income (loss), tax (expense) credit	(1)	28	(2)	35
Other Comprehensive Income (Loss), After Tax
Other comprehensive income (loss) before reclassification, after tax	4	(83)	9	(96)
Other comprehensive income (loss), net of income taxes	2	(87)	5	(108)
Actuarial (Gain) Loss \| Reclassification out of Accumulated Other Comprehensive Income (Loss)
Other Comprehensive Income (Loss), Before Tax
Other operating expenses	(14)	(16)	(25)	(36)
Other Comprehensive Income (Loss), Tax (Expense) Credit
Reclassification from accumulated other comprehensive income, tax (expense) credit	3	5	6	10
Other Comprehensive Income (Loss), After Tax
Reclassification from accumulated other comprehensive income, after tax	(11)	(11)	(19)	(26)
Prior Service (Credit) Cost \| Reclassification out of Accumulated Other Comprehensive Income (Loss)
Other Comprehensive Income (Loss), Before Tax
Other operating expenses	8	9	17	18
Other Comprehensive Income (Loss), Tax (Expense) Credit
Reclassification from accumulated other comprehensive income, tax (expense) credit	(1)	(3)	(4)	(5)
Other Comprehensive Income (Loss), After Tax
Reclassification from accumulated other comprehensive income, after tax	7	6	13	13
Settlements \| Reclassification out of Accumulated Other Comprehensive Income (Loss)
Other Comprehensive Income (Loss), Before Tax
Other operating expenses	3	1	3	1
Other Comprehensive Income (Loss), Tax (Expense) Credit
Reclassification from accumulated other comprehensive income, tax (expense) credit	(1)		(1)
Other Comprehensive Income (Loss), After Tax
Reclassification from accumulated other comprehensive income, after tax	$ 2	$ 1	$ 2	$ 1

EARNINGS PER SHARE (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	3 Months Ended		6 Months Ended
	Apr. 27, 2025	Apr. 28, 2024	Apr. 27, 2025	Apr. 28, 2024
EARNINGS PER SHARE
Net income attributable to Deere & Company	$ 1,804	$ 2,370	$ 2,673	$ 4,121
Average shares outstanding	271.1	276.8	271.3	278.4
Basic (in dollars per share)	$ 6.65	$ 8.56	$ 9.85	$ 14.8
Diluted Earnings Per Share
Average shares outstanding	271.1	276.8	271.3	278.4
Effect of dilutive stock options and unvested restricted stock units (in shares)	0.7	1.1	0.8	1.1
Total potential shares outstanding	271.8	277.9	272.1	279.5
Diluted (in dollars per share)	$ 6.64	$ 8.53	$ 9.82	$ 14.74
Shares excluded from EPS calculation, as antidilutive	0.2	0.4	0.2	0.3

- Definition

The amount of net income (loss) for the period per each share of common stock or unit outstanding during the reporting period.

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-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482790/220-10-45-1A

Reference 36: http://www.xbrl.org/2003/role/disclosureRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 1B
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482790/220-10-45-1B

Reference 37: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 942
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-04(22))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478524/942-220-S99-1

+ Details

PENSION AND OTHER POSTRETIREMENT BENEFITS - Components of Net Periodic (Benefit) Cost (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Apr. 27, 2025	Apr. 28, 2024	Apr. 27, 2025	Apr. 28, 2024
Pensions
Net Periodic (Benefit) Cost
Service cost	$ 60	$ 57	$ 125	$ 115
Interest cost	$ 129	$ 138	$ 257	$ 274
Location of interest cost	Other operating expenses	Other operating expenses	Other operating expenses	Other operating expenses
Expected return on plan assets	$ (244)	$ (241)	$ (498)	$ (482)
Location of expected return on plan assets	Other operating expenses	Other operating expenses	Other operating expenses	Other operating expenses
Amortization of actuarial gain	$ (2)	$ (5)	$ (3)	$ (9)
Location of amortization of actuarial gain	Other operating expenses	Other operating expenses	Other operating expenses	Other operating expenses
Amortization of prior service (credit) cost	$ 9	$ 10	$ 19	$ 20
Location of amortization of prior service (credit) cost	Other operating expenses	Other operating expenses	Other operating expenses	Other operating expenses
Settlements	$ 3	$ 1	$ 3	$ 1
Location of settlements	Other operating expenses	Other operating expenses	Other operating expenses	Other operating expenses
Net (benefit) cost	$ (45)	$ (40)	$ (97)	$ (81)
OPEB
Net Periodic (Benefit) Cost
Service cost	4	4	9	9
Interest cost	$ 38	$ 44	$ 78	$ 87
Location of interest cost	Other operating expenses	Other operating expenses	Other operating expenses	Other operating expenses
Expected return on plan assets	$ (27)	$ (27)	$ (55)	$ (54)
Location of expected return on plan assets	Other operating expenses	Other operating expenses	Other operating expenses	Other operating expenses
Amortization of actuarial gain	$ (12)	$ (11)	$ (22)	$ (27)
Location of amortization of actuarial gain	Other operating expenses	Other operating expenses	Other operating expenses	Other operating expenses
Amortization of prior service (credit) cost	$ (1)	$ (1)	$ (2)	$ (2)
Location of amortization of prior service (credit) cost	Other operating expenses	Other operating expenses	Other operating expenses	Other operating expenses
Net (benefit) cost	$ 2	$ 9	$ 8	$ 13

PENSION AND OTHER POSTRETIREMENT BENEFITS - Employer Contributions (Details) $ in Millions	6 Months Ended
	Apr. 27, 2025 USD ($)
Pensions
Employer Contributions
Contributed	$ 56
Expected contributions remainder of the year	59
OPEB
Employer Contributions
Contributed	616
Expected contributions remainder of the year	$ 44

SEGMENT DATA (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
SEGMENT DATA (Details) - USD ($) $ in Millions	Apr. 27, 2025	Apr. 28, 2024	Apr. 27, 2025	Apr. 28, 2024	Oct. 27, 2024
Net Sales and Revenues
Net sales and revenues	$ 12,763	$ 15,235	$ 21,272	$ 27,420
% Change - Net sales and revenues	(16.00%)		(22.00%)
Operating Profit
Net income attributable to Deere & Company	$ 1,804	2,370	$ 2,673	4,121
% Change - Net income attributable to Deere & Company	(24.00%)		(35.00%)
Identifiable Assets
Total Assets	$ 106,303	105,628	$ 106,303	105,628	$ 107,320
Operating Segments (Other)
Reconciling items	$ 35	23	$ 138	49
% Change - Reconciling items	52.00%		182.00%
Income taxes	$ (539)	(751)	$ (566)	(1,220)
% Change - Income taxes	(28.00%)		(54.00%)
Operating Segment
Operating Profit
Total operating profit	$ 2,308	3,098	$ 3,101	5,292
% Change - Operating profit	(26.00%)		(41.00%)
Corporate
Identifiable Assets
Total Assets	$ 14,838	11,010	$ 14,838	11,010	13,745
Other Revenues
Net Sales and Revenues
Other revenues	$ 207	230	$ 436	553
% Change - Other revenues	(10.00%)		(21.00%)
Production & Precision Ag (PPA)
Net Sales and Revenues
Net sales and revenues	$ 5,326	6,679	$ 8,499	11,722
Production & Precision Ag (PPA) \| Operating Segment
Net Sales and Revenues
Intersegment sales and revenues		7		14
Operating Profit
Total operating profit	$ 1,148	1,650	$ 1,486	2,695
% Change - Operating profit	(30.00%)		(45.00%)
Identifiable Assets
Total Assets	$ 8,909	9,026	$ 8,909	9,026	8,696
Small Ag & Turf (SAT)
Net Sales and Revenues
Net sales and revenues	3,046	3,253	4,853	5,745
Small Ag & Turf (SAT) \| Operating Segment
Net Sales and Revenues
Intersegment sales and revenues		1		2
Operating Profit
Total operating profit	$ 574	571	$ 698	897
% Change - Operating profit	1.00%		(22.00%)
Identifiable Assets
Total Assets	$ 4,234	4,421	$ 4,234	4,421	4,130
Construction & Forestry (CF)
Net Sales and Revenues
Net sales and revenues	3,006	3,908	5,064	7,183
Construction & Forestry (CF) \| Operating Segment
Operating Profit
Total operating profit	$ 379	668	$ 444	1,234
% Change - Operating profit	(43.00%)		(64.00%)
Identifiable Assets
Total Assets	$ 7,753	7,337	$ 7,753	7,337	7,137
Financial Services (FS)
Net Sales and Revenues
Financial revenues	1,385	1,395	2,856	2,770
Financial Services (FS) \| Operating Segment
Net Sales and Revenues
Financial revenues	$ 1,385	1,395	$ 2,856	2,770
% Change - Financial revenues	(1.00%)		3.00%
Intersegment sales and revenues	$ 116	193	$ 218	370
% Change - Intersegment sales and revenues	(40.00%)		(41.00%)
Operating Profit
Total operating profit	$ 207	209	$ 473	466
% Change - Operating profit	(1.00%)		2.00%
Identifiable Assets
Total Assets	$ 70,569	73,834	$ 70,569	73,834	$ 73,612
Net Sales
Net Sales and Revenues
Net sales and revenues	11,171	13,610	17,980	24,097
Net Sales \| Production & Precision Ag (PPA) \| Operating Segment
Net Sales and Revenues
Net sales	$ 5,230	6,581	$ 8,297	11,430
% Change - Net sales	(21.00%)		(27.00%)
Net Sales \| Small Ag & Turf (SAT) \| Operating Segment
Net Sales and Revenues
Net sales	$ 2,994	3,185	$ 4,742	5,610
% Change - Net sales	(6.00%)		(15.00%)
Net Sales \| Construction & Forestry (CF) \| Operating Segment
Net Sales and Revenues
Net sales	$ 2,947	$ 3,844	$ 4,941	$ 7,057
% Change - Net sales	(23.00%)		(30.00%)

FINANCING RECEIVABLES - Delinquency Status (Details)	6 Months Ended
FINANCING RECEIVABLES - Delinquency Status (Details)	Apr. 27, 2025
FINANCING RECEIVABLES
Financing Receivable, Practical Expedient, Accrued Interest Exclusion [true false]	false
Threshold for past due balances	30 days
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

FINANCING RECEIVABLES - Retail Notes, Financing Leases, and Revolving Charge Accounts Credit Quality and Aging Analysis (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended		12 Months Ended
	Apr. 27, 2025	Apr. 28, 2024	Apr. 27, 2025	Apr. 28, 2024	Oct. 27, 2024
Credit Quality and Aging Analysis
Total retail customer receivables	$ 51,052	$ 52,770	$ 51,052	$ 52,770
Write-offs for the Period Ended
Total	96	59	157	102
Retail Customer Receivables
Credit Quality and Aging Analysis
2025 and 2024, respectively	7,412	9,091	7,412	9,091	$ 17,704
2024 and 2023, respectively	14,030	14,712	14,030	14,712	10,562
2023 and 2022, respectively	8,457	8,763	8,457	8,763	6,513
2022 and 2021, respectively	4,970	4,921	4,970	4,921	3,430
2021 and 2020, respectively	2,365	1,973	2,365	1,973	1,147
Prior years	757	833	757	833	324
Revolving charge accounts	4,140	3,887	4,140	3,887	4,654
Total retail customer receivables	42,131	44,180	42,131	44,180	44,334
Write-offs for the Period Ended
2025 and 2024, respectively			1	1	14
2024 and 2023, respectively			34	21	71
2023 and 2022, respectively			38	23	55
2022 and 2021, respectively			19	10	22
2021 and 2020, respectively			6	9	16
Prior Years			6	4	8
Revolving Charge Accounts			53	34	95
Total			157	102	281
Retail Customer Receivables \| Agriculture and Turf
Write-offs for the Period Ended
2025 and 2024, respectively			1	1	5
2024 and 2023, respectively			16	9	33
2023 and 2022, respectively			21	10	25
2022 and 2021, respectively			12	5	11
2021 and 2020, respectively			4	6	11
Prior Years			5	2	5
Revolving Charge Accounts			49	30	87
Total			108	63	177
Retail Customer Receivables \| Agriculture and Turf \| 30-59 Days Past Due
Credit Quality and Aging Analysis
2025 and 2024, respectively	26	32	26	32	44
2024 and 2023, respectively	121	99	121	99	101
2023 and 2022, respectively	77	55	77	55	55
2022 and 2021, respectively	45	35	45	35	27
2021 and 2020, respectively	22	15	22	15	11
Prior years	9	6	9	6	4
Revolving charge accounts	30	27	30	27	40
Total retail customer receivables	330	269	330	269	282
Retail Customer Receivables \| Agriculture and Turf \| 60-89 Days Past Due
Credit Quality and Aging Analysis
2025 and 2024, respectively	11	7	11	7	22
2024 and 2023, respectively	53	44	53	44	50
2023 and 2022, respectively	32	23	32	23	21
2022 and 2021, respectively	18	11	18	11	10
2021 and 2020, respectively	8	6	8	6	8
Prior years	4	3	4	3	2
Revolving charge accounts	13	12	13	12	13
Total retail customer receivables	139	106	139	106	126
Retail Customer Receivables \| Agriculture and Turf \| 90 Days or Greater Past Due
Credit Quality and Aging Analysis
2025 and 2024, respectively					1
2024 and 2023, respectively	1	3	1	3	1
2023 and 2022, respectively	2	1	2	1	1
2022 and 2021, respectively	1	3	1	3	2
2021 and 2020, respectively	3	5	3	5
Total retail customer receivables	7	12	7	12	5
Retail Customer Receivables \| Agriculture and Turf \| Current
Credit Quality and Aging Analysis
2025 and 2024, respectively	5,772	7,393	5,772	7,393	14,394
2024 and 2023, respectively	10,981	11,869	10,981	11,869	8,305
2023 and 2022, respectively	6,652	6,934	6,652	6,934	5,191
2022 and 2021, respectively	4,014	3,987	4,014	3,987	2,833
2021 and 2020, respectively	1,981	1,682	1,981	1,682	992
Prior years	654	696	654	696	253
Revolving charge accounts	3,893	3,662	3,893	3,662	4,465
Total retail customer receivables	33,947	36,223	33,947	36,223	36,433
Retail Customer Receivables \| Agriculture and Turf \| Non-performing
Credit Quality and Aging Analysis
2025 and 2024, respectively	4	3	4	3	23
2024 and 2023, respectively	102	83	102	83	91
2023 and 2022, respectively	111	90	111	90	76
2022 and 2021, respectively	73	63	73	63	50
2021 and 2020, respectively	45	31	45	31	20
Prior years	29	35	29	35	13
Revolving charge accounts	86	70	86	70	15
Total retail customer receivables	450	375	450	375	288
Retail Customer Receivables \| Construction and Forestry
Write-offs for the Period Ended
2025 and 2024, respectively					9
2024 and 2023, respectively			18	12	38
2023 and 2022, respectively			17	13	30
2022 and 2021, respectively			7	5	11
2021 and 2020, respectively			2	3	5
Prior Years			1	2	3
Revolving Charge Accounts			4	4	8
Total			49	39	104
Retail Customer Receivables \| Construction and Forestry \| 30-59 Days Past Due
Credit Quality and Aging Analysis
2025 and 2024, respectively	24	25	24	25	54
2024 and 2023, respectively	70	61	70	61	47
2023 and 2022, respectively	47	38	47	38	25
2022 and 2021, respectively	21	20	21	20	10
2021 and 2020, respectively	9	7	9	7	3
Prior years	3	3	3	3	2
Revolving charge accounts	5	5	5	5	4
Total retail customer receivables	179	159	179	159	145
Retail Customer Receivables \| Construction and Forestry \| 60-89 Days Past Due
Credit Quality and Aging Analysis
2025 and 2024, respectively	8	7	8	7	25
2024 and 2023, respectively	27	34	27	34	28
2023 and 2022, respectively	17	14	17	14	10
2022 and 2021, respectively	8	10	8	10	7
2021 and 2020, respectively	3	3	3	3	2
Prior years		2		2
Revolving charge accounts	2	2	2	2	2
Total retail customer receivables	65	72	65	72	74
Retail Customer Receivables \| Construction and Forestry \| 90 Days or Greater Past Due
Credit Quality and Aging Analysis
2025 and 2024, respectively					1
2024 and 2023, respectively	6	4	6	4	4
2023 and 2022, respectively	1	9	1	9	3
2022 and 2021, respectively	3	1	3	1	1
Prior years		1		1
Total retail customer receivables	10	15	10	15	9
Retail Customer Receivables \| Construction and Forestry \| Current
Credit Quality and Aging Analysis
2025 and 2024, respectively	1,561	1,619	1,561	1,619	3,100
2024 and 2023, respectively	2,583	2,415	2,583	2,415	1,841
2023 and 2022, respectively	1,425	1,514	1,425	1,514	1,064
2022 and 2021, respectively	732	744	732	744	458
2021 and 2020, respectively	266	207	266	207	102
Prior years	46	79	46	79	45
Revolving charge accounts	109	107	109	107	114
Total retail customer receivables	6,722	6,685	6,722	6,685	6,724
Retail Customer Receivables \| Construction and Forestry \| Non-performing
Credit Quality and Aging Analysis
2025 and 2024, respectively	6	5	6	5	40
2024 and 2023, respectively	86	100	86	100	94
2023 and 2022, respectively	93	85	93	85	67
2022 and 2021, respectively	55	47	55	47	32
2021 and 2020, respectively	28	17	28	17	9
Prior years	12	8	12	8	5
Revolving charge accounts	2	2	2	2	1
Total retail customer receivables	$ 282	$ 264	$ 282	$ 264	$ 248

FINANCING RECEIVABLES - Wholesale Receivables Credit Quality and Aging Analysis (Details) - USD ($) $ in Millions	Apr. 27, 2025	Oct. 27, 2024	Apr. 28, 2024
Credit Quality and Aging Analysis
Total wholesale receivables	$ 51,052		$ 52,770
Wholesale Receivables
Credit Quality and Aging Analysis
Total wholesale receivables	8,921	$ 8,927	8,590
Wholesale Receivables \| Agriculture and Turf \| 30+ Days Past Due
Credit Quality and Aging Analysis
Total wholesale receivables	1
Wholesale Receivables \| Agriculture and Turf \| Current
Credit Quality and Aging Analysis
Total wholesale receivables	7,372	7,568	7,384
Wholesale Receivables \| Agriculture and Turf \| Non-performing
Credit Quality and Aging Analysis
Total wholesale receivables	1	1	1
Wholesale Receivables \| Construction and Forestry \| Current
Credit Quality and Aging Analysis
Total wholesale receivables	$ 1,547	$ 1,358	$ 1,205

FINANCING RECEIVABLES - Allowance for Credit Losses (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended		12 Months Ended
	Apr. 27, 2025	Apr. 28, 2024	Apr. 27, 2025	Apr. 28, 2024	Oct. 27, 2024
Allowance:
Beginning of period balance	$ 248	$ 195	$ 229	$ 197	$ 197
Provision	94	87	163	120
Write-offs	(96)	(59)	(157)	(102)
Recoveries	11	9	23	18
Translation adjustments	1	(2)		(3)
End of period balance	258	230	258	230	229
Financing receivables:
End of period balance	51,052	52,770	51,052	52,770
Retail Customer Receivables
Allowance:
Write-offs			(157)	(102)	(281)
Financing receivables:
End of period balance	42,131	44,180	42,131	44,180	44,334
Retail Notes & Financing Leases
Allowance:
Beginning of period balance	240	177	219	172	172
Provision	55	64	122	99
Write-offs	(56)	(36)	(104)	(68)
Recoveries	3	4	6	5
Translation adjustments	1	(2)		(1)
End of period balance	243	207	243	207	219
Financing receivables:
End of period balance	37,991	40,293	37,991	40,293
Revolving Charge Accounts
Allowance:
Beginning of period balance	6	16	8	21	21
Provision	39	23	41	21
Write-offs	(40)	(23)	(53)	(34)
Recoveries	8	5	17	13
End of period balance	13	21	13	21	8
Financing receivables:
End of period balance	4,140	3,887	4,140	3,887
Wholesale Receivables
Allowance:
Beginning of period balance	2	2	2	4	4
Translation adjustments				(2)
End of period balance	2	2	2	2	2
Financing receivables:
End of period balance	$ 8,921	$ 8,590	$ 8,921	$ 8,590	$ 8,927

FINANCING RECEIVABLES - Modifications (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Apr. 27, 2025	Apr. 28, 2024	Apr. 27, 2025	Apr. 28, 2024
Modifications
Ending amortized cost of financing receivables modified during the period	$ 48	$ 36	$ 75	$ 53
Ending amortized cost of financing receivables modified during the prior twelve months			$ 123
Modifications (as a percent)	0.09%	0.07%	0.15%	0.10%
30-59 Days Past Due
Modifications
Ending amortized cost of financing receivables modified during the period				$ 3
Ending amortized cost of financing receivables modified during the prior twelve months			$ 6
60-89 Days Past Due
Modifications
Ending amortized cost of financing receivables modified during the prior twelve months			2
90 Days or Greater Past Due
Modifications
Ending amortized cost of financing receivables modified during the prior twelve months			1
Current
Modifications
Ending amortized cost of financing receivables modified during the period				48
Ending amortized cost of financing receivables modified during the prior twelve months			100
Non-performing
Modifications
Ending amortized cost of financing receivables modified during the period				$ 2
Ending amortized cost of financing receivables modified during the prior twelve months			$ 14
Payment Deferrals and Term Extensions
Modifications
Weighted average payment deferral provided to borrowers experiencing financial difficulty			5 months
Weighted average term extensions provided to borrowers experiencing financial difficulty			8 months
Payment Deferrals
Modifications
Weighted average payment deferral provided to borrowers experiencing financial difficulty			8 months
Term Extensions
Modifications
Weighted average term extensions provided to borrowers experiencing financial difficulty			11 months

SECURITIZATION OF FINANCING RECEIVABLES (Details) - USD ($) $ in Millions	Apr. 27, 2025	Oct. 27, 2024	Apr. 28, 2024
Securitization of Financing Receivables
Other assets	$ 3,483	$ 2,906	$ 2,592
Total Assets	106,303	107,320	105,628
Short-term securitization borrowings	7,562	8,431	6,976
Accrued interest on borrowings - securitization transactions	12	14	12
Total liabilities related to restricted securitized assets	7,574	8,445	6,988
Securitized
Securitization of Financing Receivables
Financing receivables securitized (retail notes)	7,812	8,770	7,289
Allowance for credit losses	(47)	(47)	(27)
Other assets	183	187	164
Total Assets	$ 7,948	$ 8,910	$ 7,426

- Definition

Amount of asset recognized for present right to economic benefit.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 48
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482785/280-10-55-48

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 49
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482785/280-10-55-49

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 270
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (i)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482964/270-10-50-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (ee)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-32

Reference 5: http://fasb.org/us-gaap/role/ref/otherTransitionRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-32

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-22

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 810
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (bb)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481203/810-10-50-3

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 810
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 25
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481231/810-10-45-25

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(g)(1)(ii))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 323
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481687/323-10-50-3

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 825
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 28
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482907/825-10-50-28

Reference 12: http://www.xbrl.org/2003/role/exampleRef
-Topic 852
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 10
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481372/852-10-55-10

Reference 13: http://www.xbrl.org/2003/role/exampleRef
-Topic 946
-SubTopic 830
-Name Accounting Standards Codification
-Section 55
-Paragraph 12
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479168/946-830-55-12

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
-SubTopic 210
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-03(a)(12))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478777/944-210-S99-1

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 210
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
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+ Details

- Definition

Amount of allowance for credit loss on financing receivable. Excludes allowance for financing receivable covered under loss sharing agreement.

+ References + Details

- Definition

Amortized cost, before allowance for credit loss, of financing receivable. Excludes financing receivable covered under loss sharing agreement and net investment in lease.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147479319/326-20-50-5

+ Details

INVENTORIES (Details) - USD ($) $ in Millions	Apr. 27, 2025	Oct. 27, 2024	Apr. 28, 2024
INVENTORIES
Inventory cost methods	us-gaap:CostMethodFifoMember, us-gaap:CostMethodLifoMember	us-gaap:CostMethodFifoMember, us-gaap:CostMethodLifoMember	us-gaap:CostMethodFifoMember, us-gaap:CostMethodLifoMember
Raw materials and supplies	$ 3,438	$ 3,486	$ 3,851
Work-in-process	1,056	930	1,127
Finished goods and parts	5,615	5,364	5,979
Total FIFO value	10,109	9,780	10,957
Excess of FIFO over LIFO	2,239	2,687	2,514
Inventories	$ 7,870	$ 7,093	$ 8,443

GOODWILL AND OTHER INTANGIBLE ASSETS - NET - Goodwill (Details) - USD ($) $ in Millions	6 Months Ended
	Apr. 27, 2025	Apr. 28, 2024
Changes in Amounts of Goodwill
Goodwill - net, beginning balance	$ 3,959	$ 3,900
Translation adjustments		36
Translation adjustments and other	135
Goodwill - net, ending balance	4,094	3,936
Production & Precision Ag (PPA)
Changes in Amounts of Goodwill
Goodwill - net, beginning balance	701	702
Translation adjustments		1
Translation adjustments and other	8
Goodwill - net, ending balance	709	703
Small Ag & Turf (SAT)
Changes in Amounts of Goodwill
Goodwill - net, beginning balance	365	363
Translation adjustments		1
Translation adjustments and other	3
Goodwill - net, ending balance	368	364
Construction & Forestry (CF)
Changes in Amounts of Goodwill
Goodwill - net, beginning balance	2,893	2,835
Translation adjustments		34
Translation adjustments and other	124
Goodwill - net, ending balance	$ 3,017	$ 2,869

- Definition

Amount, after accumulated impairment loss, of asset representing future economic benefit arising from other asset acquired in business combination or from joint venture formation or both, that is not individually identified and separately recognized.

+ References

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-URI https://asc.fasb.org/1943274/2147478546/942-210-S99-1

+ Details

GOODWILL AND OTHER INTANGIBLE ASSETS - NET - Intangible Assets (Details) - USD ($) $ in Millions	Apr. 27, 2025	Oct. 27, 2024	Apr. 28, 2024
Amortized intangible assets:
Total at cost	$ 1,998	$ 1,931	$ 1,909
Total accumulated amortization	(1,034)	(932)	(845)
Other intangible assets - net	964	999	1,064
Customer Lists and Relationships
Amortized intangible assets:
Total at cost	517	508	505
Total accumulated amortization	(249)	(231)	(213)
Technology, Patents, Trademarks and Other
Amortized intangible assets:
Total at cost	1,481	1,423	1,404
Total accumulated amortization	$ (785)	$ (701)	$ (632)

GOODWILL AND OTHER INTANGIBLE ASSETS - NET - Amortization Expense (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Apr. 27, 2025	Apr. 28, 2024	Apr. 27, 2025	Apr. 28, 2024
Other Intangible Assets Amortization
Actual amortization expense	$ 37	$ 41	$ 78	$ 83
Amortization expense of other intangible assets - remainder of 2025	73		73
Estimated - 2026	135		135
Estimated - 2027	128		128
Estimated - 2028	92		92
Estimated - 2029	77		77
Estimated - 2030	$ 74		$ 74

SHORT-TERM BORROWINGS (Details) - USD ($) $ in Millions	Apr. 27, 2025	Oct. 27, 2024	Apr. 28, 2024
Short-term borrowings
Short-term borrowings	$ 15,948	$ 13,533	$ 17,699
Commercial Paper
Short-term borrowings
Short-term borrowings	6,586	4,008	7,675
Notes Payable to Banks
Short-term borrowings
Short-term borrowings	395	377	434
Finance Lease Obligations Due Within One Year
Short-term borrowings
Short-term borrowings	39	33	30
Long-term Borrowings Due Within One Year
Short-term borrowings
Short-term borrowings	$ 8,928	$ 9,115	$ 9,560

ACCOUNTS PAYABLE AND ACCRUED EXPENSES (Details) - USD ($) $ in Millions	Apr. 27, 2025	Jan. 26, 2025	Oct. 27, 2024	Apr. 28, 2024	Jan. 28, 2024	Oct. 29, 2023
Accounts payable:
Dividends payable	$ 443		$ 405	$ 409
Operating lease liabilities	$ 280		$ 270	$ 270
Location of operating lease, liability	Accounts payable and accrued expenses		Accounts payable and accrued expenses	Accounts payable and accrued expenses
Deposits withheld from dealers and merchants	$ 144		$ 152	$ 159
Other	225		204	184
Accrued expenses:
Employee benefits	1,164		1,925	1,550
Accrued taxes	1,224		1,509	1,453
Product warranties	1,297	$ 1,360	1,426	1,566	$ 1,589	$ 1,610
Dealer sales incentives	468		996	546
Extended warranty premium	1,194		1,179	1,110
Derivative liabilities	614		582	1,005
Unearned revenue (contractual liability)	895		744	801
Unearned operating lease revenue	524		495	483
Accrued interest	525		455	513
Parts return liability	420		420	404
Other	1,132		1,077	1,180
Accounts payable and accrued expenses	13,345		14,543	14,609
Eliminations \| Trade Accounts and Notes Receivable
Accrued expenses:
Dealer sales incentive accruals with a right of set-off against trade receivables	2,059		2,121	2,650
Nonrelated Party
Accounts payable:
Trade payables	2,785		2,698	2,968
Related Party
Accounts payable:
Trade payables	$ 11		$ 6	$ 8

LONG-TERM BORROWINGS (Details) € in Millions, $ in Millions	Apr. 27, 2025 USD ($)	Apr. 27, 2025 EUR (€)	Oct. 27, 2024 USD ($)	Oct. 27, 2024 EUR (€)	Apr. 28, 2024 USD ($)	Apr. 28, 2024 EUR (€)
Long-term borrowings
Less: debt issuance costs and debt discounts	$ (159)		$ (156)		$ (140)
Total long-term borrowings	42,811		43,229		40,962
6.55% Debentures Due 2028
Long-term borrowings
Long-term borrowings, gross	$ 200		$ 200		$ 200
Debt instrument, stated interest rate	6.55%	6.55%	6.55%	6.55%	6.55%	6.55%
5.375% Notes Due 2029
Long-term borrowings
Long-term borrowings, gross	$ 500		$ 500		$ 500
Debt instrument, stated interest rate	5.375%	5.375%	5.375%	5.375%	5.375%	5.375%
3.10% Notes Due 2030
Long-term borrowings
Long-term borrowings, gross	$ 700		$ 700		$ 700
Debt instrument, stated interest rate	3.10%	3.10%	3.10%	3.10%	3.10%	3.10%
8.10% Debentures Due 2030
Long-term borrowings
Long-term borrowings, gross	$ 250		$ 250		$ 250
Debt instrument, stated interest rate	8.10%	8.10%	8.10%	8.10%	8.10%	8.10%
7.125% Notes Due 2031
Long-term borrowings
Long-term borrowings, gross	$ 300		$ 300		$ 300
Debt instrument, stated interest rate	7.125%	7.125%	7.125%	7.125%	7.125%	7.125%
5.45% Notes Due 2035
Long-term borrowings
Long-term borrowings, gross	$ 1,250
Debt instrument, stated interest rate	5.45%	5.45%
3.90% Notes Due 2042
Long-term borrowings
Long-term borrowings, gross	$ 1,250		$ 1,250		$ 1,250
Debt instrument, stated interest rate	3.90%	3.90%	3.90%	3.90%	3.90%	3.90%
2.875% Notes Due 2049
Long-term borrowings
Long-term borrowings, gross	$ 500		$ 500		$ 500
Debt instrument, stated interest rate	2.875%	2.875%	2.875%	2.875%	2.875%	2.875%
3.75% Notes Due 2050
Long-term borrowings
Long-term borrowings, gross	$ 850		$ 850		$ 850
Debt instrument, stated interest rate	3.75%	3.75%	3.75%	3.75%	3.75%	3.75%
5.70% Notes Due 2055
Long-term borrowings
Long-term borrowings, gross	$ 750
Debt instrument, stated interest rate	5.70%	5.70%
1.85% Notes Due 2028
Long-term borrowings
Long-term borrowings, gross	$ 683		$ 650		$ 644
Debt instrument, stated interest rate	1.85%	1.85%	1.85%	1.85%	1.85%	1.85%
Principal amount \| €		€ 600		€ 600		€ 600
2.20% Notes Due 2032
Long-term borrowings
Long-term borrowings, gross	$ 683		$ 650		$ 644
Debt instrument, stated interest rate	2.20%	2.20%	2.20%	2.20%	2.20%	2.20%
Principal amount \| €		€ 600		€ 600		€ 600
1.65% Notes Due 2039
Long-term borrowings
Long-term borrowings, gross	$ 740		$ 704		$ 697
Debt instrument, stated interest rate	1.65%	1.65%	1.65%	1.65%	1.65%	1.65%
Principal amount \| €		€ 650		€ 650		€ 650
Medium-term Notes
Long-term borrowings
Long-term borrowings, gross	$ 33,942		$ 36,566		$ 32,859
Principal amount	34,241		37,141		34,002
Other Notes and Finance Lease Obligations
Long-term borrowings
Long-term borrowings, gross	$ 372		$ 265		$ 1,708

LEASES - LESSOR - Lease Revenues (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Apr. 27, 2025	Apr. 28, 2024	Apr. 27, 2025	Apr. 28, 2024
LEASES - LESSOR
Sales-type and direct finance lease revenues	$ 44	$ 45	$ 90	$ 91
Operating lease revenues	356	343	717	682
Variable lease revenues	5	4	10	9
Total lease revenues	$ 405	$ 392	$ 817	$ 782

COMMITMENTS AND CONTINGENCIES - Warranty (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Apr. 27, 2025	Apr. 28, 2024	Apr. 27, 2025	Apr. 28, 2024
Warranty Liability Reconciliation
Beginning of period balance	$ 1,360	$ 1,589	$ 1,426	$ 1,610
Warranty claims paid	(308)	(324)	(618)	(634)
New product warranty accruals	227	310	483	591
Foreign exchange	18	(9)	6	(1)
End of period balance	$ 1,297	$ 1,566	$ 1,297	$ 1,566

COMMITMENTS AND CONTINGENCIES - Other (Details) $ in Millions	6 Months Ended
	Apr. 27, 2025 USD ($)
Long Term Purchase Commitments
Commitments for the construction and acquisition of property and equipment	$ 505
Restricted Assets and Other Miscellaneous Contingent Liabilities and Guarantees
Other miscellaneous contingent liabilities	125
Accrual for other miscellaneous contingent liabilities	25
Other Assets
Restricted Assets and Other Miscellaneous Contingent Liabilities and Guarantees
Restricted assets	250
Financial Services (FS) \| VIE-Not Primary Beneficiary \| Banco John Deere S.A. (BJD)
Guarantee Obligations
Guarantees	156
Guarantees, Third-party Receivables
Guarantee Obligations
Guarantee obligations maximum exposure	$ 123

FAIR VALUE MEASUREMENTS - Financial Instruments (Details) - USD ($) $ in Millions	Apr. 27, 2025	Oct. 27, 2024	Apr. 28, 2024
Fair Values of Financial Instruments
Short-term securitization borrowings	$ 7,562	$ 8,431	$ 6,976
Unrestricted
Fair Values of Financial Instruments
Financing receivables - net	43,029	44,309	45,278
Securitized
Fair Values of Financial Instruments
Financing receivables - net	$ 7,765	$ 8,723	$ 7,262
Location of liability for pledged asset	Short-term securitization borrowings	Short-term securitization borrowings	Short-term securitization borrowings
Level 2
Fair Values of Financial Instruments
Short-term securitization borrowings	$ 7,588	$ 8,453	$ 6,935
Long-term borrowings due within one year	8,869	9,079	9,434
Long-term borrowings	42,423	42,804	40,059
Level 3 \| Unrestricted
Fair Values of Financial Instruments
Financing receivables - net	43,119	44,336	44,741
Level 3 \| Securitized
Fair Values of Financial Instruments
Financing receivables - net	$ 7,710	$ 8,654	$ 7,063
Location of liability for pledged asset	Short-term securitization borrowings	Short-term securitization borrowings	Short-term securitization borrowings
Level 3 \| Unconsolidated Affiliated Companies
Fair Values of Financial Instruments
Financing receivables - net	$ 557
Carrying Value
Fair Values of Financial Instruments
Short-term securitization borrowings	7,562	$ 8,431	$ 6,976
Long-term borrowings due within one year	8,928	9,115	9,560
Long-term borrowings	42,742	43,157	40,882
Carrying Value \| Unrestricted
Fair Values of Financial Instruments
Financing receivables - net	43,029	44,309	45,278
Carrying Value \| Securitized
Fair Values of Financial Instruments
Financing receivables - net	$ 7,765	$ 8,723	$ 7,262
Location of liability for pledged asset	Short-term securitization borrowings	Short-term securitization borrowings	Short-term securitization borrowings
Carrying Value \| Unconsolidated Affiliated Companies
Fair Values of Financial Instruments
Financing receivables - net	$ 557

FAIR VALUE MEASUREMENTS - Assets and Liaibilities - Recurring (Details) - USD ($) $ in Millions	Apr. 27, 2025	Oct. 27, 2024	Apr. 28, 2024
Assets and Liabilities Measured at Fair Value on a Recurring Basis
Marketable Securities	$ 1,272	$ 1,154	$ 1,094
Derivative assets	434	357	191
Derivative liabilities	614	582	1,005
Assets and Liabilities Measured at Fair Value on a Recurring Basis \| Level 1
Assets and Liabilities Measured at Fair Value on a Recurring Basis
Marketable Securities	259	239	391
Assets and Liabilities Measured at Fair Value on a Recurring Basis \| Level 1 \| International Equity Securities
Assets and Liabilities Measured at Fair Value on a Recurring Basis
Marketable Securities			3
Assets and Liabilities Measured at Fair Value on a Recurring Basis \| Level 1 \| U.S. Equity Funds
Assets and Liabilities Measured at Fair Value on a Recurring Basis
Marketable Securities			101
Assets and Liabilities Measured at Fair Value on a Recurring Basis \| Level 1 \| U.S. Fixed Income Fund
Assets and Liabilities Measured at Fair Value on a Recurring Basis
Marketable Securities			24
Assets and Liabilities Measured at Fair Value on a Recurring Basis \| Level 1 \| U.S. Government Debt Securities
Assets and Liabilities Measured at Fair Value on a Recurring Basis
Marketable Securities	259	239	263
Assets and Liabilities Measured at Fair Value on a Recurring Basis \| Level 2
Assets and Liabilities Measured at Fair Value on a Recurring Basis
Marketable Securities	1,013	915	703
Assets and Liabilities Measured at Fair Value on a Recurring Basis \| Level 2 \| Other Assets
Assets and Liabilities Measured at Fair Value on a Recurring Basis
Derivative assets	434	357	191
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 a Recurring Basis
Derivative liabilities	614	582	1,005
Assets and Liabilities Measured at Fair Value on a Recurring Basis \| Level 2 \| International Fixed Income Fund
Assets and Liabilities Measured at Fair Value on a Recurring Basis
Marketable Securities	6
Assets and Liabilities Measured at Fair Value on a Recurring Basis \| Level 2 \| Corporate Debt Securities
Assets and Liabilities Measured at Fair Value on a Recurring Basis
Marketable Securities	452	423	213
Assets and Liabilities Measured at Fair Value on a Recurring Basis \| Level 2 \| International Debt Securities
Assets and Liabilities Measured at Fair Value on a Recurring Basis
Marketable Securities	154	143	148
Assets and Liabilities Measured at Fair Value on a Recurring Basis \| Level 2 \| Mortgage-backed Securities
Assets and Liabilities Measured at Fair Value on a Recurring Basis
Marketable Securities	201	165	152
Assets and Liabilities Measured at Fair Value on a Recurring Basis \| Level 2 \| Municipal Debt Securities
Assets and Liabilities Measured at Fair Value on a Recurring Basis
Marketable Securities	87	74	67
Assets and Liabilities Measured at Fair Value on a Recurring Basis \| Level 2 \| U.S. Government Debt Securities
Assets and Liabilities Measured at Fair Value on a Recurring Basis
Marketable Securities	113	110	123
Assets and Liabilities Measured at Fair Value on a Recurring Basis \| Level 3 \| Accounts Payable and Accrued Expenses
Assets and Liabilities Measured at Fair Value on a Recurring Basis
Deferred consideration	$ 128	$ 147	$ 164

FAIR VALUE MEASUREMENTS - Contractual Maturities of Available-for-sale Debt Securities (Details) $ in Millions	Apr. 27, 2025 USD ($)
Contractual Maturities of Debt Securities, Amortized Cost
Amortized cost, due in one year or less	$ 57
Amortized cost, due after one through five years	366
Amortized cost, due after five through 10 years	496
Amortized cost, due after 10 years	203
Amortized cost, mortgage-backed securities	227
Amortized cost, debt securities	1,349
Contractual Maturities of Debt Securities, Fair Value
Fair value, due in one year or less	57
Fair value, due after one through five years	358
Fair value, due after five through 10 years	477
Fair value, due after 10 years	173
Fair value, mortgage-backed securities	201
Fair value, debt securities	$ 1,266

FAIR VALUE MEASUREMENTS - Nonrecurring Level 3 Measurements (Details) - USD ($) $ in Millions	1 Months Ended	6 Months Ended
	Mar. 27, 2022	Apr. 27, 2025	Oct. 27, 2024
Assets and Liabilities Measured at Fair Value on a Nonrecurring Basis
Assets held for sale			$ 2,944
(Gains) losses, assets held for sale		$ (32)
Excavator Factories \| Deere-branded Excavators, Components, and Service Parts \| Minimum
Assets and Liabilities Measured at Fair Value on a Nonrecurring Basis
Supply agreement period	5 years
Excavator Factories \| Deere-branded Excavators, Components, and Service Parts \| Maximum
Assets and Liabilities Measured at Fair Value on a Nonrecurring Basis
Supply agreement period	30 years
Fair Value, Nonrecurring Measurements \| Level 3
Assets and Liabilities Measured at Fair Value on a Nonrecurring Basis
Other assets			23
Assets held for sale			$ 2,944
(Gains) losses, assets held for sale		$ (32)

DERIVATIVE INSTRUMENTS - Fair Values (Details) - USD ($) $ in Millions	Apr. 27, 2025	Oct. 27, 2024	Apr. 28, 2024
Fair Values of Derivative Instruments
Derivative assets	$ 434	$ 357	$ 191
Derivative liabilities	614	582	1,005
Designated as Hedging Instruments \| Cash Flow Hedges \| Interest Rate Contracts
Fair Values of Derivative Instruments
Notional	2,975	2,875	2,700
Designated as Hedging Instruments \| Cash Flow Hedges \| Interest Rate Contracts \| Other Assets
Fair Values of Derivative Instruments
Derivative assets		3	34
Designated as Hedging Instruments \| Cash Flow Hedges \| Interest Rate Contracts \| Accounts Payable and Accrued Expenses
Fair Values of Derivative Instruments
Derivative liabilities	29	20	1
Designated as Hedging Instruments \| Fair Value Hedges \| Interest Rate Contracts
Fair Values of Derivative Instruments
Notional	13,608	15,864	13,664
Designated as Hedging Instruments \| Fair Value Hedges \| Interest Rate Contracts \| Other Assets
Fair Values of Derivative Instruments
Derivative assets	169	115	8
Designated as Hedging Instruments \| Fair Value Hedges \| Interest Rate Contracts \| Accounts Payable and Accrued Expenses
Fair Values of Derivative Instruments
Derivative liabilities	372	467	884
Designated as Hedging Instruments \| Fair Value Hedges \| Cross-Currency Interest Rate Contracts
Fair Values of Derivative Instruments
Notional	975	975
Designated as Hedging Instruments \| Fair Value Hedges \| Cross-Currency Interest Rate Contracts \| Other Assets
Fair Values of Derivative Instruments
Derivative assets	103	31
Designated as Hedging Instruments \| Net Investment Hedges \| Cross-Currency Interest Rate Contracts
Fair Values of Derivative Instruments
Notional	1,131
Designated as Hedging Instruments \| Net Investment Hedges \| Cross-Currency Interest Rate Contracts \| Accounts Payable and Accrued Expenses
Fair Values of Derivative Instruments
Derivative liabilities	4
Not Designated as Hedging Instruments \| Interest Rate Contracts
Fair Values of Derivative Instruments
Notional	14,254	12,518	12,869
Not Designated as Hedging Instruments \| Interest Rate Contracts \| Other Assets
Fair Values of Derivative Instruments
Derivative assets	112	97	112
Not Designated as Hedging Instruments \| Interest Rate Contracts \| Accounts Payable and Accrued Expenses
Fair Values of Derivative Instruments
Derivative liabilities	100	75	71
Not Designated as Hedging Instruments \| Foreign Exchange Contracts
Fair Values of Derivative Instruments
Notional	8,078	7,533	7,582
Not Designated as Hedging Instruments \| Foreign Exchange Contracts \| Other Assets
Fair Values of Derivative Instruments
Derivative assets	42	95	36
Not Designated as Hedging Instruments \| Foreign Exchange Contracts \| Accounts Payable and Accrued Expenses
Fair Values of Derivative Instruments
Derivative liabilities	107	20	38
Not Designated as Hedging Instruments \| Cross-Currency Interest Rate Contracts
Fair Values of Derivative Instruments
Notional	141	158	211
Not Designated as Hedging Instruments \| Cross-Currency Interest Rate Contracts \| Other Assets
Fair Values of Derivative Instruments
Derivative assets	8	$ 16	1
Not Designated as Hedging Instruments \| Cross-Currency Interest Rate Contracts \| Accounts Payable and Accrued Expenses
Fair Values of Derivative Instruments
Derivative liabilities	$ 2		$ 11

DERIVATIVE INSTRUMENTS - Fair Value Hedges (Details) - Fair Value Hedges - Interest Rate Contracts - USD ($) $ in Millions	Apr. 27, 2025	Oct. 27, 2024	Apr. 28, 2024
Short-term Borrowings
Active Hedging Relationships
Carrying amount of hedged item	$ 107	$ 287	$ 286
Cumulative fair value of hedging amount	(1)	(1)	(7)
Discontinued Hedging Relationships
Carrying amount of formerly hedged item	1,212	1,782	2,565
Cumulative fair value hedging amount - discontinued	(12)	7	16
Long-term Borrowings
Fair Value Hedges
Carrying amount of the hedged item and formerly hedged item	399	598	598
Active Hedging Relationships
Carrying amount of hedged item	14,306	16,125	12,434
Cumulative fair value of hedging amount	(158)	(347)	(879)
Discontinued Hedging Relationships
Carrying amount of formerly hedged item	10,533	8,626	7,616
Cumulative fair value hedging amount - discontinued	$ (141)	$ (228)	$ (264)

DERIVATIVE INSTRUMENTS - Gains (Losses) on Statements of Consolidated Income (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Apr. 27, 2025	Apr. 28, 2024	Apr. 27, 2025	Apr. 28, 2024
Classification and gains (losses) including accrued interest expense related to derivative instruments
Not designated as hedges, gains (losses)	$ (133)	$ 60	$ 99	$ (155)
Interest Rate Contracts
Classification and gains (losses) including accrued interest expense related to derivative instruments
Cash flow hedges, recognized in OCI	(11)	26	(4)	18
Net investment hedges, recognized in OCI	(4)		(4)
Interest Rate Contracts \| Interest Expense
Classification and gains (losses) including accrued interest expense related to derivative instruments
Fair value hedges, gains (losses)	435	(448)	92	(104)
Net investment hedges, gains (losses)	1		1
Cash flow hedges, reclassified from OCI		16	8	27
Not designated as hedges, gains (losses)	(12)	7	(16)	(2)
Foreign Exchange Contracts \| Net Sales Related to Derivative Instruments
Classification and gains (losses) including accrued interest expense related to derivative instruments
Not designated as hedges, gains (losses)	4	(2)	(3)	3
Foreign Exchange Contracts \| Cost of Sales
Classification and gains (losses) including accrued interest expense related to derivative instruments
Not designated as hedges, gains (losses)	(7)	9	28	(21)
Foreign Exchange Contracts \| Other Operating Expense
Classification and gains (losses) including accrued interest expense related to derivative instruments
Not designated as hedges, gains (losses)	$ (118)	$ 46	$ 90	$ (135)

DERIVATIVE INSTRUMENTS - Counterparty Risk and Collateral (Details) - USD ($) $ in Millions	Apr. 27, 2025	Oct. 27, 2024	Apr. 28, 2024
Derivative instruments
Fair value of derivatives with credit-risk-related contingent features in a liability position	$ 507	$ 562	$ 967
Cash collateral posted	221	245	562
Derivative Assets
Gross amounts recognized	434	357	191
Netting arrangements	(166)	(142)	(93)
Collateral received	(2)
Net amount	266	215	98
Derivative Liabilities
Gross amounts recognized	614	582	1,005
Netting arrangements	(166)	(142)	(93)
Collateral paid	(221)	(246)	(562)
Net amount	227	194	350
International Futures Market
Derivative instruments
Collateral paid to participate in an international futures market	$ 8	$ 8	$ 8

SHARE-BASED AWARDS - Stock Options (Details) shares in Thousands	6 Months Ended
	Apr. 27, 2025 $ / shares shares
Share-based Awards, Aggregate Disclosures
Number of outstanding shares authorized to grant for equity incentive awards \| shares	13,700
Stock Options
Share-based Awards, Aggregate Disclosures
Options granted (in shares) \| shares	169
Options granted, weighted-average exercise price (in dollars per share) \| $ / shares	$ 448.18
Options granted, weighted-average fair value (in dollars per share) \| $ / shares	$ 116.35
Options outstanding (in shares) \| shares	1,200
Options outstanding, weighted-average exercise price (in dollars per share) \| $ / shares	$ 309.62
Fair value assumption method used	us-gaap:BinomialModelMember

- 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/disclosureRef
-Topic 718
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-Name Accounting Standards Codification
-Section 35
-Paragraph 1D
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-URI https://asc.fasb.org/1943274/2147480483/718-10-35-1D

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
-Section 35
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480483/718-10-35-3

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
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-Paragraph 2
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-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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-Section 50
-Paragraph 2
-Subparagraph (a)(3)
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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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 13: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

SHARE-BASED AWARDS - Restricted Stock Units Granted and Weighted-Average Grant Date Fair Values (Details) shares in Thousands	6 Months Ended
	Apr. 27, 2025 $ / shares shares
Restricted Stock Units Service-Based
Share-based Awards, Aggregate Disclosures
Restricted stock units granted (in shares) \| shares	307
Restricted stock units granted, weighted-average grant-date fair value (per share) \| $ / shares	$ 448.26
Restricted Stock Units Performance/Service-Based
Share-based Awards, Aggregate Disclosures
Restricted stock units granted (in shares) \| shares	40
Restricted stock units granted, weighted-average grant-date fair value (per share) \| $ / shares	$ 429.77
Restricted Stock Units Market/Service-Based
Share-based Awards, Aggregate Disclosures
Restricted stock units granted (in shares) \| shares	40
Restricted stock units granted, weighted-average grant-date fair value (per share) \| $ / shares	$ 591.13
Fair value assumption method used	us-gaap:MonteCarloModelMember

- 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/disclosureRef
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+ Details

DISPOSITION - Banco John Deere S.A. (Details) - USD ($) $ in Millions	Feb. 23, 2025	Oct. 27, 2024
Assets and Liabilities at the Time of Deconsolidation
Total assets		$ 2,944
Total liabilities		$ 1,827
Financial Services (FS) \| Disposal Group, Disposed of by Sale, Not Discontinued Operations \| Banco John Deere S.A. (BJD)
Disposition
Percentage of ownership (as a percent)	50.00%
Value of equity method investment	$ 362
Financial Services (FS) \| Banco John Deere S.A. (BJD) \| Disposal Group, Disposed of by Sale, Not Discontinued Operations
Disposition
Percentage of ownership sold (as a percent)	50.00%
Assets and Liabilities at the Time of Deconsolidation
Cash and cash equivalents	$ 110
Trade accounts and notes receivable - net	119
Financing receivables - net	2,787
Deferred income taxes	33
Other miscellaneous assets	23
Valuation allowance	(65)
Total assets	3,007
Short-term borrowings	495
Accounts payable and accrued expenses	124
Long-term borrowings	1,241
Retirement benefits and other liabilities	1
Total liabilities	1,861
Financial Services (FS) \| Banco John Deere S.A. (BJD) \| Disposal Group, Disposed of by Sale, Not Discontinued Operations \| Related Party
Assets and Liabilities at the Time of Deconsolidation
Total intercompany payables	$ 781

SPECIAL ITEMS - Discrete Tax Items (Details) $ in Millions	3 Months Ended
SPECIAL ITEMS - Discrete Tax Items (Details) $ in Millions	Jan. 26, 2025 USD ($)
Realization of Foreign Net Operating Losses
Special Items
Favorable net discrete tax item	$ (110)
Adjustment to an Uncertain Tax Position of a Foreign Subsidiary
Special Items
Favorable net discrete tax item	$ (53)

SPECIAL ITEMS - Banco John Deere S.A. (Details) - USD ($) $ in Millions	3 Months Ended	6 Months Ended
	Jan. 26, 2025	Apr. 27, 2025	Feb. 23, 2025
Special Items
(Gains) losses, assets held for sale		$ (32)
Financial Services (FS) \| Sale of Banco John Deere S.A. (BJD) \| Disposal Group, Disposed of by Sale, Not Discontinued Operations
Special Items
Percentage of ownership sold (as a percent)			50.00%
(Gains) losses, assets held for sale, after-tax	$ (32)
Financial Services (FS) \| Sale of Banco John Deere S.A. (BJD) \| Disposal Group, Disposed of by Sale, Not Discontinued Operations \| Selling, Administrative and General Expenses
Special Items
(Gains) losses, assets held for sale	$ (32)

SUBSEQUENT EVENTS - Securitization Borrowings (Details) - USD ($) $ in Millions	May 25, 2025	Apr. 27, 2025	Oct. 27, 2024	Apr. 28, 2024
Subsequent Events
Securitization borrowings		$ 7,562	$ 8,431	$ 6,976
Subsequent Events \| Short-term securitization borrowings
Subsequent Events
Securitization borrowings	$ 369

SUBSEQUENT EVENTS - Quarterly Dividend (Details) - $ / shares	1 Months Ended	3 Months Ended		6 Months Ended
	May 28, 2025	Apr. 27, 2025	Apr. 28, 2024	Apr. 27, 2025	Apr. 28, 2024
Subsequent Events
Quarterly dividend declared (in dollars per share)		$ 1.62	$ 1.47	$ 3.24	$ 2.94
Subsequent Events \| Second Quarter 2025 Dividend
Subsequent Events
Dividend declared date	May 28, 2025
Quarterly dividend declared (in dollars per share)	$ 1.62
Dividend payable date	Aug. 08, 2025
Stockholders of record date	Jun. 30, 2025