Deere John Capital (DE22B) 10-Q27 Feb 252025 Q1 Quarterly reportFinancial data

Company Profile

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
Document and Entity Information - shares	Jan. 26, 2025	Feb. 27, 2025
Document and Entity Information
Document Type	10-Q
Document Quarterly Report	true
Document Transition Report	false
Document Period End Date	Jan. 26, 2025
Entity File Number	1-6458
Entity Registrant Name	DEERE JOHN CAPITAL CORP
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	36-2386361
Entity Address, Address Line One	P.O. Box 5328
Entity Address, City or Town	Madison
Entity Address, State or Province	WI
Entity Address, Postal Zip Code	53705-0328
City Area Code	800
Local Phone Number	438-7394
Title of 12(b) Security	2.00% Senior Notes Due 2031
Trading Symbol	JDCC 31
Security Exchange Name	NYSE
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		2,500
Current Fiscal Year End Date	--11-02
Document Fiscal Year Focus	2025
Document Fiscal Period Focus	Q1
Entity Central Index Key	0000027673
Amendment Flag	false

Statements of Consolidated Inco

Statements of Consolidated Income - USD ($) $ in Millions	3 Months Ended
Statements of Consolidated Income - USD ($) $ in Millions	Jan. 26, 2025	Jan. 28, 2024
Revenues
Finance income earned on retail notes	$ 507.4	$ 452.3
Lease revenues	285.8	264.8
Revolving charge account income	116.4	105.2
Finance income earned on wholesale receivables	241	271.1
Other income	47.8	67.1
Total revenues	1,198.4	1,160.5
Expenses
Interest expense	637.3	571.4
Operating expenses:
Depreciation of equipment on operating leases	178.5	167.2
Administrative and operating expenses	108.9	132.2
Provision for credit losses	60.4	21
Total operating expenses	369.8	377.5
Total expenses	1,007.1	948.9
Income of Consolidated Group before Income Taxes	191.3	211.6
Provision for income taxes	32.9	38.9
Income of Consolidated Group	158.4	172.7
Equity in income of unconsolidated affiliate	0.9	1.3
Net Income	159.3	174
Less: Net income (loss) attributable to noncontrolling interests	0.2	(0.5)
Net Income Attributable to the Company	159.1	174.5
Related Party
Expenses
Interest expense	9.9	43.8
Operating expenses:
Fees and interest paid to John Deere	$ 22	$ 57.1

Statements of Consolidated Comp

Statements of Consolidated Comprehensive Income - USD ($) $ in Millions	3 Months Ended
	Jan. 26, 2025	Jan. 28, 2024
Statements of Consolidated Comprehensive Income
Net Income	$ 159.3	$ 174
Other Comprehensive Income (Loss), Net of Income Taxes
Cumulative translation adjustment	(36.7)	26.8
Unrealized loss on derivatives	(1.9)	(15.6)
Unrealized gain on debt securities	0.3	0.6
Other Comprehensive Income (Loss), Net of Income Taxes	(38.3)	11.8
Comprehensive Income of Consolidated Group	121	185.8
Less: Comprehensive income (loss) attributable to noncontrolling interests	0.2	(0.5)
Comprehensive Income Attributable to the Company	$ 120.8	$ 186.3

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Millions	Jan. 26, 2025	Oct. 27, 2024	Jan. 28, 2024
Assets
Cash and cash equivalents	$ 1,715.7	$ 1,621.9	$ 1,520.1
Marketable securities	3.8	3.8	2.3
Receivables:
Total receivables	50,426.4	54,227.6	50,853.4
Allowance for credit losses	(242)	(227.5)	(139.6)
Total receivables - net	50,184.4	54,000.1	50,713.8
Equipment on operating leases - net	5,293.7	5,427.7	4,933.4
Investment in unconsolidated affiliate	48	49	29.6
Deferred income taxes	29.8	29.9	24.1
Other assets	433.8	471.5	387.6
Total Assets	58,542.3	62,514.6	58,584.3
Liabilities:
Commercial paper and other notes payable	83.1	1,679.9	6,416.4
Securitization borrowings	8,012.6	8,429.3	6,116.1
Current maturities of long-term external borrowings	8,376.6	7,628.9	5,705.1
Total short-term external borrowings	16,472.3	17,738.1	18,237.6
Deposits held from dealers and merchants	115.1	129.6	129.3
Deferred income taxes	510.7	285.6	431.9
Long-term external borrowings	32,236.4	33,725.4	28,720.4
Total liabilities	52,329.1	56,287.4	52,710.9
Commitments and contingencies (Note 9)
Stockholder's equity:
Common stock, without par value (issued and outstanding - 2,500 shares owned by John Deere Financial Services, Inc.)	2,292.8	2,292.8	2,292.8
Retained earnings	4,103.7	4,079.6	3,672.7
Accumulated other comprehensive loss	(184.5)	(146.2)	(92.6)
Total Company stockholder's equity	6,212	6,226.2	5,872.9
Noncontrolling interests	1.2	1	0.5
Total stockholder's equity	6,213.2	6,227.2	5,873.4
Total Liabilities and Stockholder's Equity	58,542.3	62,514.6	58,584.3
Nonrelated Party
Receivables:
Other receivables	172.7	142.1	163.1
Liabilities:
Accounts payable and accrued expenses	1,123.6	1,238	1,082.5
Related Party
Receivables:
Other receivables	70.1	192.3	146.6
Notes receivable from John Deere	590.3	576.3	663.7
Liabilities:
Notes payable to John Deere	1,228.4	2,681.5	3,512.5
Accounts payable and accrued expenses	642.6	489.2	596.7
Securitized
Receivables:
Other assets	182.4	186.5	139.9
Retail notes \| Unrestricted
Receivables:
Total receivables	24,742.2	25,169.4	25,716.4
Retail notes \| Securitized
Receivables:
Total receivables	$ 8,304.8	$ 8,768.4	$ 6,417.7
Location of liability for pledged asset	Securitization borrowings	Securitization borrowings	Securitization borrowings
Revolving charge accounts
Receivables:
Total receivables	$ 3,220.2	$ 4,538.8	$ 2,925.5
Allowance for credit losses	(5.7)	(7.6)	(15.3)
Wholesale Receivables
Receivables:
Total receivables	12,783.2	14,114.1	14,542.8
Allowance for credit losses	(22.1)	(27.5)	(9.2)
Financing Leases
Receivables:
Total receivables	$ 1,376	$ 1,636.9	$ 1,251

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - shares	Jan. 26, 2025	Oct. 27, 2024	Jan. 28, 2024
Consolidated Balance Sheets
Common stock, issued shares	2,500	2,500	2,500
Common stock, outstanding shares	2,500	2,500	2,500

Statements of Consolidated Cash

Statements of Consolidated Cash Flows - USD ($) $ in Millions	3 Months Ended
	Jan. 26, 2025	Jan. 28, 2024
Cash Flows from Operating Activities:
Net Income	$ 159.3	$ 174
Adjustments to reconcile net income to net cash provided by operating activities:
Provision for credit losses	60.4	21
Provision for depreciation and amortization	184.1	173
Provision (credit) for deferred income taxes	225.5	(20.1)
Change in accounts payable and accrued expenses	(79.8)	(45.3)
Change in accrued income taxes payable/receivable	(35)	35.6
Other	116.7	71.4
Net cash provided by operating activities	631.2	409.6
Cash Flows from Investing Activities:
Cost of receivables acquired (excluding wholesale)	(5,492.7)	(5,863)
Collections of receivables (excluding wholesale)	7,774	7,447.7
Decrease (increase) in wholesale receivables - net	1,201.6	(1,100.8)
Cost of equipment on operating leases acquired	(355.2)	(361.4)
Proceeds from sales of equipment on operating leases	296.2	319.2
Cost of notes receivable acquired from John Deere	(18.4)	(8.3)
Collections of notes receivable from John Deere	12.6	4.4
Other	5.4	(8.4)
Net cash provided by investing activities	3,423.5	429.4
Cash Flows from Financing Activities:
Decrease in commercial paper and other notes payable - net (original maturities of three months or less)	(1,589.7)	(1,688.2)
Decrease in securitization borrowings - net	(419.5)	(881.5)
Increase (decrease) in short-term borrowings with John Deere - net	(1,405.9)	311.2
Proceeds from external borrowings issued (original maturities greater than three months)	949.8	4,831.4
Payments of external borrowings (original maturities greater than three months)	(1,350.6)	(3,160.4)
Dividends paid	(135)	(215)
Debt issuance costs	(4.8)	(8.1)
Net cash used for financing activities	(3,955.7)	(810.6)
Effect of Exchange Rate Changes on Cash, Cash Equivalents, and Restricted Cash	(7.1)	1.5
Net Increase in Cash, Cash Equivalents, and Restricted Cash	91.9	29.9
Cash, Cash Equivalents, and Restricted Cash at Beginning of Period	1,787	1,612.9
Cash, Cash Equivalents, and Restricted Cash at End of Period	1,878.9	1,642.8
Components of Cash, Cash Equivalents, and Restricted Cash:
Cash and cash equivalents	1,715.7	1,520.1
Restricted cash	$ 163.2	$ 122.7
Balance sheet location of restricted cash	Other assets	Other assets
Total Cash, Cash Equivalents, and Restricted Cash	$ 1,878.9	$ 1,642.8

Statements of Changes in Consol

Statements of Changes in Consolidated Stockholder's Equity - USD ($) $ in Millions	Common Stock	Retained Earnings	Accumulated Other Comprehensive Income (Loss)	Non-Controlling Interests	Total
Balance at Oct. 29, 2023	$ 2,292.8	$ 3,713.2	$ (104.4)	$ 1	$ 5,902.6
Increase (Decrease) in Stockholder's Equity
Net income (loss)		174.5		(0.5)	174
Other comprehensive income (loss)			11.8		11.8
Dividends declared		(215)			(215)
Balance at Jan. 28, 2024	2,292.8	3,672.7	(92.6)	0.5	5,873.4
Balance at Oct. 27, 2024	2,292.8	4,079.6	(146.2)	1	6,227.2
Increase (Decrease) in Stockholder's Equity
Net income (loss)		159.1		0.2	159.3
Other comprehensive income (loss)			(38.3)		(38.3)
Dividends declared		(135)			(135)
Balance at Jan. 26, 2025	$ 2,292.8	$ 4,103.7	$ (184.5)	$ 1.2	$ 6,213.2

ORGANIZATION AND CONSOLIDATION

ORGANIZATION AND CONSOLIDATION	3 Months Ended
ORGANIZATION AND CONSOLIDATION	Jan. 26, 2025
ORGANIZATION AND CONSOLIDATION
ORGANIZATION AND CONSOLIDATION	(1) ORGANIZATION AND CONSOLIDATION References to John Deere Capital Corporation (Capital Corporation), “the Company,” “we,” “us,” or “our” include our consolidated subsidiaries. John Deere Financial Services, Inc., a wholly-owned subsidiary of Deere & Company, owns all of the outstanding common stock of Capital Corporation. We provide and administer financing for retail purchases of new equipment manufactured by Deere & Company’s production and precision agriculture operations, small agriculture and turf operations, and construction and forestry operations and used equipment taken in trade for this equipment. References to “agriculture and turf” include both production and precision agriculture and small agriculture and turf. Deere & Company and its wholly-owned subsidiaries are collectively called “John Deere.” We offer the following financing solutions: ● Retail notes – we purchase retail installment sales and loan contracts from John Deere, which are generally acquired through independent John Deere retail dealers, and finance a limited amount of non-John Deere retail notes; ● Revolving charge accounts – we finance and service revolving charge accounts, in most cases acquired from and offered through merchants and dealers in the agriculture and turf and construction and forestry markets; ● Wholesale receivables – we provide wholesale financing to dealers of John Deere agriculture and turf equipment and construction and forestry equipment, primarily to finance inventories of equipment for those dealers; and ● Financing and operating leases – we lease John Deere equipment and a limited amount of non-John Deere equipment to retail customers. Retail notes, revolving charge accounts, and financing leases are collectively called “Customer Receivables.” Customer Receivables and wholesale receivables are collectively called “Receivables.” Receivables and equipment on operating leases are collectively called “Receivables and Leases.” We secure our Receivables, other than certain revolving charge accounts, by retaining as collateral security in the equipment associated with those Receivables or with the use of other collateral, and require theft and physical damage insurance on such equipment. We use a 52/53 week fiscal year with quarters ending on the last Sunday in the reporting period. The first quarter ends for fiscal years 2025 and 2024 were January 26, 2025 and January 28, 2024, respectively. Both periods contained 13 weeks. Fiscal year 2025 will contain 53 weeks, with the additional week occurring in the fourth quarter. Unless otherwise stated, references to particular years, quarters, or months refer to our fiscal years generally ending in October and the associated periods in those fiscal years. We are the primary beneficiary of and consolidate certain variable interest entities that are special purpose entities (SPEs) related to the securitization of receivables. See Note 5 for more information on these SPEs. Presentation of Amounts All amounts are presented in millions of dollars, unless otherwise specified. Certain prior period amounts have been reclassified to conform to current period presentation.

SUMMARY OF SIGNIFICANT ACCOUNTI

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES AND NEW ACCOUNTING PRONOUNCEMENTS	3 Months Ended
	Jan. 26, 2025
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES AND NEW ACCOUNTING PRONOUNCEMENTS
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES AND NEW ACCOUNTING PRONOUNCEMENTS	(2) SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES AND NEW ACCOUNTING PRONOUNCEMENTS Quarterly Financial Statements We have prepared our interim consolidated financial statements, without audit, pursuant to the rules and regulations of the U.S. Securities and Exchange Commission (SEC). Certain information and footnote disclosures normally included in annual financial statements prepared in accordance with accounting principles generally accepted in the U.S. have been condensed or omitted as permitted by such rules and regulations. All normal recurring adjustments have been included. Management believes the disclosures are adequate to present fairly the financial position, results of operations, and cash flows at the dates and for the periods presented. It is suggested these interim consolidated financial statements be read in conjunction with the consolidated financial statements and the notes thereto appearing in our latest Annual Report on Form 10-K. Results for interim periods are not necessarily indicative of those to be expected for the fiscal year. Use of Estimates in Financial Statements Certain accounting policies require management to make estimates and assumptions in determining the amounts reflected in the financial statements and related disclosures. Actual results could differ from those estimates. New Accounting Pronouncements Adopted We closely monitor all Accounting Standard Updates (ASUs) issued by the Financial Accounting Standards Board (FASB) and other authoritative guidance. We adopted the following standard in 2025, which did not have a material effect on our consolidated financial statements. 2023-05 — Business Combinations—Joint Venture Formations (Subtopic 805-60): Recognition and Initial Measurement Accounting Pronouncements to be Adopted In November 2024, the FASB issued ASU 2024-03, Income Statement – Reporting Comprehensive Income – Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses, which expands disclosures about specific expense categories presented on the face of the income statement. In January 2025, the FASB issued ASU 2025-01, Income Statement – Reporting Comprehensive Income – Expense Disaggregation Disclosures (Subtopic 220-40), which clarifies the effective date of ASU 2024-03. The ASU will be effective for us beginning with our annual reporting for fiscal year 2028 and interim periods thereafter. We are assessing the effect of ASU 2024-03 on our related disclosures. In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures, which expands disclosures in an entity’s income tax rate reconciliation table and cash taxes paid both in the U.S. and foreign jurisdictions. The ASU will be effective for us beginning with our annual reporting for fiscal year 2026. We are assessing the effect of this update on our related disclosures. We will also adopt the following standards in future periods, none of which are expected to have a material effect on our consolidated financial statements. 2024-04 — Debt – Debt with Conversion and Other Options (Subtopic 470-20): Induced Conversions of Convertible Debt Instruments 2023-07 — Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures 2023-06 — Disclosure Improvements: Codification Amendments in Response to the SEC’s Disclosure Update and Simplification Initiative

OTHER COMPREHENSIVE INCOME ITEM

OTHER COMPREHENSIVE INCOME ITEMS	3 Months Ended
OTHER COMPREHENSIVE INCOME ITEMS	Jan. 26, 2025
OTHER COMPREHENSIVE INCOME ITEMS
OTHER COMPREHENSIVE INCOME ITEMS	(3) OTHER COMPREHENSIVE INCOME ITEMS The after-tax components of accumulated other comprehensive income (loss) were as follows: January 26 October 27 January 28 2025 2024 2024 Cumulative translation adjustment $ (150.7) $ (114.0) $ (110.0) Unrealized gain (loss) on derivatives (33.2) (31.3) 19.2 Unrealized loss on debt securities (.6) (.9) (1.8) Total accumulated other comprehensive income (loss) $ (184.5) $ (146.2) $ (92.6) The following tables reflect amounts recorded in other comprehensive income (loss), as well as reclassifications out of other comprehensive income (loss). Before Tax After Tax (Expense) Tax Amount Credit Amount Three Months Ended January 26, 2025 Cumulative translation adjustment $ (36.7) $ (36.7) Unrealized gain (loss) on derivatives: Unrealized hedging gain (loss) 6.8 $ (1.4) 5.4 Reclassification of realized (gain) loss to Interest expense (9.2) 1.9 (7.3) Net unrealized gain (loss) on derivatives (2.4) .5 (1.9) Unrealized gain (loss) on debt securities: Unrealized holding gain (loss) .4 (.1) .3 Total other comprehensive income (loss) $ (38.7) $ .4 $ (38.3) Three Months Ended January 28, 2024 Cumulative translation adjustment $ 26.8 $ 26.8 Unrealized gain (loss) on derivatives: Unrealized hedging gain (loss) (7.8) $ 1.6 (6.2) Reclassification of realized (gain) loss to Interest expense (11.9) 2.5 (9.4) Net unrealized gain (loss) on derivatives (19.7) 4.1 (15.6) Unrealized gain (loss) on debt securities: Unrealized holding gain (loss) .8 (.2) .6 Total other comprehensive income (loss) $ 7.9 $ 3.9 $ 11.8

RECEIVABLES

RECEIVABLES	3 Months Ended
RECEIVABLES	Jan. 26, 2025
RECEIVABLES
RECEIVABLES	(4) RECEIVABLES Credit Quality We monitor the credit quality of Receivables based on delinquency status, defined as follows: ● Past due balances represent Receivables still accruing finance income with any payments 30 days or more past the contractual payment due date. ● Non-performing Receivables represent Receivables for which we have stopped accruing finance income, which generally occurs when Customer Receivables are 90 days delinquent and when interest-bearing wholesale receivables become 60 days delinquent. Accrued finance income and lease revenue previously recognized on non-performing Receivables is reversed and subsequently recognized on a cash basis. Accrual of finance income and lease revenue is resumed when the receivable becomes contractually current and collections are reasonably assured. Accrued finance income and lease revenue reversed on non-performing Receivables, and finance income and lease revenue recognized from cash payments on non-performing Receivables were as follows : Three Months Ended January 26 January 28 2025 2024 Accrued finance income and lease revenue reversed $ 13.4 $ 6.7 Finance income and lease revenue recognized on cash payments 11.2 5.9 Total Receivable balances represent principal plus accrued interest. Receivable balances are written off to the allowance for credit losses when, in the judgment of management, they are considered uncollectible. Write-offs generally occur when Customer Receivables are 120 days delinquent, and on a case-by-case basis when wholesale receivables are 60 days delinquent. In these situations, collateral is repossessed (for collateral-dependent Receivables) or the account is designated for litigation, and the estimated uncollectible amount is written off to the allowance for credit losses. The credit quality and aging analysis of Customer Receivables by year of origination was as follows: January 26, 2025 2025 2024 2023 2022 2021 Prior Years Revolving Charge Accounts Total Customer Receivables: Agriculture and turf Current $ 2,152.3 $ 11,464.4 $ 6,777.2 $ 4,157.4 $ 2,226.8 $ 832.9 $ 2,948.5 $ 30,559.5 30-59 days past due 7.5 101.9 81.8 45.3 23.6 10.8 125.7 396.6 60-89 days past due .3 38.4 33.0 17.2 9.3 4.6 23.3 126.1 90+ days past due 2.2 .8 .3 3.4 .4 7.1 Non-performing 42.1 112.8 74.5 40.0 30.2 14.1 313.7 Construction and forestry Current 803.9 2,392.2 1,381.0 742.0 292.8 59.3 99.6 5,770.8 30-59 days past due 6.5 65.1 37.5 24.4 10.2 2.3 5.3 151.3 60-89 days past due 26.8 17.1 9.5 4.0 1.3 2.5 61.2 90+ days past due .8 .1 .2 .2 1.3 Non-performing 61.4 93.7 53.5 32.3 13.5 1.2 255.6 Total Customer Receivables $ 2,970.5 $ 14,195.3 $ 8,535.0 $ 5,124.3 $ 2,642.4 $ 955.5 $ 3,220.2 $ 37,643.2 Write-offs for the three months ended January 26, 2025: Agriculture and turf $ 4.5 $ 8.4 $ 4.8 $ 1.6 $ 2.2 $ 10.0 $ 31.5 Construction and forestry 7.8 7.5 3.9 1.3 .4 2.5 23.4 Total $ 12.3 $ 15.9 $ 8.7 $ 2.9 $ 2.6 $ 12.5 $ 54.9 October 27, 2024 2024 2023 2022 2021 2020 Prior Years Revolving Charge Accounts Total Customer Receivables: Agriculture and turf Current $ 12,957.7 $ 7,528.9 $ 4,715.5 $ 2,633.1 $ 915.6 $ 232.8 $ 4,351.5 $ 33,335.1 30-59 days past due 39.5 93.3 49.2 25.2 10.6 3.6 39.2 260.6 60-89 days past due 18.4 43.7 16.7 8.8 7.0 1.9 12.3 108.8 90+ days past due .4 .9 .3 2.2 .2 4.0 Non-performing 22.2 84.9 69.9 40.4 18.4 11.7 13.9 261.4 Construction and forestry Current 2,636.0 1,564.0 893.1 380.1 83.2 41.9 114.2 5,712.5 30-59 days past due 49.4 41.3 23.2 9.8 2.5 1.5 4.0 131.7 60-89 days past due 20.0 23.5 8.2 5.8 1.5 .3 1.8 61.1 90+ days past due .4 .5 .1 .2 .2 1.4 Non-performing 38.2 89.4 64.5 30.6 8.5 3.8 1.9 236.9 Total Customer Receivables $ 15,782.2 $ 9,470.4 $ 5,840.7 $ 3,136.2 $ 1,047.7 $ 297.5 $ 4,538.8 $ 40,113.5 Write-offs for the twelve months ended October 27, 2024: Agriculture and turf $ 4.0 $ 29.2 $ 23.5 $ 10.3 $ 9.9 $ 3.1 $ 86.0 $ 166.0 Construction and forestry 8.2 33.4 23.4 10.3 4.7 2.5 7.8 90.3 Total $ 12.2 $ 62.6 $ 46.9 $ 20.6 $ 14.6 $ 5.6 $ 93.8 $ 256.3 January 28, 2024 2024 2023 2022 2021 2020 Prior Years Revolving Charge Accounts Total Customer Receivables: Agriculture and turf Current $ 2,740.5 $ 11,557.0 $ 6,550.6 $ 3,954.2 $ 1,692.4 $ 667.3 $ 2,719.3 $ 29,881.3 30-59 days past due 4.5 105.0 58.5 40.8 18.8 10.0 69.7 307.3 60-89 days past due .5 45.9 19.3 12.7 6.1 4.3 15.8 104.6 90+ days past due 1.1 .5 3.0 4.4 .3 9.3 Non-performing .3 39.1 78.6 48.7 26.9 24.8 10.4 228.8 Construction and forestry Current 677.8 2,156.0 1,400.8 716.3 216.8 94.0 101.2 5,362.9 30-59 days past due 7.2 64.9 35.5 24.1 7.8 3.3 5.3 148.1 60-89 days past due .4 24.2 19.2 11.7 5.7 2.8 2.2 66.2 90+ days past due .2 .2 .4 Non-performing 55.3 74.8 44.6 17.9 7.5 1.6 201.7 Total Customer Receivables $ 3,431.2 $ 14,048.5 $ 8,238.0 $ 4,856.1 $ 1,996.8 $ 814.5 $ 2,925.5 $ 36,310.6 Write-offs for the three months ended January 28, 2024: Agriculture and turf $ 1.5 $ 2.9 $ 1.8 $ 3.6 $ .6 $ 8.8 $ 19.2 Construction and forestry $ .2 5.5 4.5 2.2 .8 .7 1.9 15.8 Total $ .2 $ 7.0 $ 7.4 $ 4.0 $ 4.4 $ 1.3 $ 10.7 $ 35.0 The credit quality and aging analysis of wholesale receivables was as follows: January 26 October 27 January 28 2025 2024 2024 Wholesale receivables: Agriculture and turf Current $ 9,791.4 $ 10,439.1 $ 10,924.9 30-59 days past due 6.4 4.5 9.8 60-89 days past due 7.9 4.2 17.4 90+ days past due 9.3 10.2 34.7 Non-performing 29.0 35.3 5.8 Construction and forestry Current 2,917.3 3,599.9 3,533.5 30-59 days past due 4.1 8.1 4.5 60-89 days past due 4.1 5.1 2.2 90+ days past due 13.7 7.7 10.0 Total wholesale receivables $ 12,783.2 $ 14,114.1 $ 14,542.8 Allowance for Credit Losses The allowance for credit losses is an estimate of the credit losses expected over the life of our Receivable portfolio. Non-performing Receivables are included in the estimate of expected credit losses. The allowance is measured on a collective basis for receivables with similar risk characteristics. Receivables that do not share risk characteristics are evaluated on an individual basis. Risk characteristics include: ● product category ● market ● geography ● credit risk ● remaining balance Recoveries from freestanding credit enhancements, such as dealer deposits and certain credit insurance and bank guarantee contracts, are not included in the estimate of expected credit losses. Recoveries from dealer deposits are recognized in “Other income” when the dealer’s deposit account is charged, while recoveries from other freestanding credit enhancements are generally recognized when the associated credit loss is recorded. An analysis of the allowance for credit losses and investment in Receivables was as follows: Three Months Ended January 26, 2025 Retail Notes Revolving & Financing Charge Wholesale Total Leases Accounts Receivables Receivables Allowance for credit losses: Beginning of period balance $ 192.4 $ 7.6 $ 27.5 $ 227.5 Provision (credit) for credit losses* 62.3 1.9 (3.6) 60.6 Write-offs (42.4) (12.5) (.2) (55.1) Recoveries 2.2 8.7 10.9 Translation adjustments (.3) (1.6) (1.9) End of period balance $ 214.2 $ 5.7 $ 22.1 $ 242.0 Receivables: End of period balance $ 34,423.0 $ 3,220.2 $ 12,783.2 $ 50,426.4 Three Months Ended January 28, 2024 Retail Notes Revolving & Financing Charge Wholesale Total Leases Accounts Receivables Receivables Allowance for credit losses: Beginning of period balance $ 114.9 $ 20.4 $ 11.1 $ 146.4 Provision (credit) for credit losses* 22.8 (2.0) (.4) 20.4 Write-offs (24.3) (10.7) (35.0) Recoveries 1.7 7.6 9.3 Translation adjustments (1.5) (1.5) End of period balance $ 115.1 $ 15.3 $ 9.2 $ 139.6 Receivables: End of period balance $ 33,385.1 $ 2,925.5 $ 14,542.8 $ 50,853.4 * The allowance for credit losses increased in the first three months of 2025, primarily due to higher expected losses on retail notes and financing leases as a result of elevated delinquencies and market conditions. We monitor the economy as part of the allowance setting process, including potential impacts of the agricultural cycle and interest rates, among other factors, and qualitative adjustments to the allowance are incorporated as necessary. Recoveries from freestanding credit enhancements recorded in “Other income” were $7.9 and $7.3 for the first three months of 2025 and 2024, respectively. Modifications We occasionally grant contractual modifications to customers experiencing financial difficulties. Before offering a modification, we evaluate the ability of the customer to meet the modified payment terms. Modifications offered include payment deferrals, term extensions, or a combination thereof. Finance charges continue to accrue during the deferral or extension period with the exception of modifications related to bankruptcy proceedings. Our allowance for credit losses incorporates historical loss information, including the effects of loan modifications with customers. Therefore, additional adjustments to the allowance are generally not recorded upon modification of a loan. The ending amortized cost of Receivables modified with borrowers experiencing financial difficulty during the first quarter ended January 26, 2025 and January 28, 2024 were $24.1 and $9.3, respectively. These modifications represented .05% and .02% of our Receivable portfolio for the same periods, respectively. The financial effects of payment deferrals with borrowers experiencing financial difficulty resulted in a weighted average payment deferral of 7 months, while term extensions added a weighted average of 12 months to the terms of 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 7 months. We continue to monitor the performance of Receivables that are modified with borrowers experiencing financial difficulty. The ending amortized cost and performance of Receivables modified during the prior twelve months ended January 26, 2025 and January 28, 2024 were as follows: January 26 January 28 2025 2024* Current $ 63.9 $ 8.6 30-59 days past due 6.6 .1 60-89 days past due 4.0 90+ days past due 3.0 Non-performing 13.1 .6 Total $ 90.6 $ 9.3 * Defaults and subsequent write-offs of Receivables modified in the prior twelve months were not significant during the three months ended January 26, 2025 and January 28, 2024. In addition, at January 26, 2025, commitments to provide additional financing to these customers were not significant.

SECURITIZATION OF RECEIVABLES

SECURITIZATION OF RECEIVABLES	3 Months Ended
SECURITIZATION OF RECEIVABLES	Jan. 26, 2025
SECURITIZATION OF RECEIVABLES
SECURITIZATION OF RECEIVABLES	(5) SECURITIZATION OF RECEIVABLES Our funding strategy includes retail note securitizations. While these securitization programs are administered in various forms, they are accomplished in the following basic steps: 1. We transfer retail notes into a bankruptcy-remote SPE. 2. The SPE issues debt to investors. The debt is secured by the retail notes. 3. Investors are paid back based on cash receipts from the retail notes. As part of step 1, these retail notes are legally isolated from the claims of our general creditors. This ensures cash receipts from the retail notes are accessible to pay back securitization program investors. The structure of these transactions does not meet the accounting criteria for a sale of receivables. As a result, they are accounted for as secured borrowings. The receivables and borrowings remain on our balance sheet and are separately reported as “Retail notes securitized” and “Securitization borrowings,” respectively. The components of the securitization programs were as follows: January 26 October 27 January 28 2025 2024 2024 Retail notes securitized $ 8,304.8 $ 8,768.4 $ 6,417.7 Allowance for credit losses (49.6) (47.0) (17.8) Other assets * 182.4 186.5 139.9 Total restricted securitized assets $ 8,437.6 $ 8,907.9 $ 6,539.8 Securitization borrowings $ 8,012.6 $ 8,429.3 $ 6,116.1 Accrued interest on borrowings 11.5 13.9 10.0 Total liabilities related to restricted securitized assets $ 8,024.1 $ 8,443.2 $ 6,126.1 *

LEASES

LEASES	3 Months Ended
LEASES	Jan. 26, 2025
LEASES
LEASES	(6) LEASES We lease John Deere equipment and a limited amount of non-John Deere equipment to retail customers through sales-type, direct financing, and operating leases. Sales-type and direct financing leases are reported in “Financing leases” and operating leases are reported in “Equipment on operating leases – net.” Lease revenues earned by us were as follows: Three Months Ended January 26 January 28 2025 2024 Sales-type and direct financing lease revenues $ 28.2 $ 27.0 Operating lease revenues 254.1 234.2 Variable lease revenues 4.1 4.0 Total lease revenues $ 286.4 $ 265.2 Variable lease revenues reported above primarily relate to separately invoiced property taxes on leased equipment in certain markets, late fees, and excess use and damage fees. Excess use and damage fees are reported in “Other income” and were $.6 and $.4 for the first quarter of 2025 and 2024, respectively. The cost of equipment on operating leases by market was as follows: January 26 October 27 January 28 2025 2024 2024 Agriculture and turf $ 5,693.4 $ 5,765.0 $ 5,198.3 Construction and forestry 931.5 963.7 1,005.7 Total 6,624.9 6,728.7 6,204.0 Accumulated depreciation (1,331.2) (1,301.0) (1,270.6) Equipment on operating leases – net $ 5,293.7 $ 5,427.7 $ 4,933.4 Total operating lease residual values at January 26, 2025, October 27, 2024, and January 28, 2024 were $3,734.7, $3,786.2, and $3,483.7, respectively. John Deere dealers generally provide a first-loss residual value guarantee on operating lease originations. Total residual value guarantees were $697.5, $698.7, and $580.4 at January 26, 2025, October 27, 2024, and January 28, 2024, respectively. We discuss options to purchase the equipment or extend the lease prior to operating lease maturity with lessees and dealers. We remarket equipment returned to us upon termination of leases. The matured operating lease inventory balances at January 26, 2025, October 27, 2024, and January 28, 2024 were $33.3, $26.6, and $19.7, respectively. Matured operating lease inventory is reported in “Other assets.”

NOTES RECEIVABLE FROM AND PAYAB

NOTES RECEIVABLE FROM AND PAYABLE TO JOHN DEERE	3 Months Ended
NOTES RECEIVABLE FROM AND PAYABLE TO JOHN DEERE	Jan. 26, 2025
NOTES RECEIVABLE FROM AND PAYABLE TO JOHN DEERE
NOTES RECEIVABLE FROM AND PAYABLE TO JOHN DEERE	(7) NOTES RECEIVABLE FROM AND PAYABLE TO JOHN DEERE We provide loans to Banco John Deere S.A. (BJD), a John Deere finance subsidiary in Brazil, which are reported in “Notes receivable from John Deere.” In 2024, John Deere entered into a joint venture agreement with a Brazilian bank, Banco Bradesco S.A. (Bradesco), for Bradesco to invest and become 50% owner of BJD. The transaction closed in February 2025. We plan to provide funding to the joint venture and will report the loans as receivables from related parties in future quarters. Balances due from BJD were as follows: January 26 October 27 January 28 2025 2024 2024 Notes receivable from John Deere $ 590.3 $ 576.3 $ 663.7 The loan agreements mature over the next seven years and charge interest at competitive market rates. Interest earned from John Deere is recorded in “Other income” and was $10.1 for the first three months of 2025, compared with $11.5 for the same period last year. We also obtain funding from affiliated companies which resulted in notes payable to John Deere as follows: January 26 October 27 January 28 2025 2024 2024 Notes payable to John Deere $ 1,228.4 $ 2,681.5 $ 3,512.5 The intercompany borrowings are primarily short-term in nature or contain a due on demand call option. There were no intercompany borrowings that were long-term loans without a due on demand call option at January 26, 2025 and October 27, 2024, compared with $542.3 at January 28, 2024. We pay interest to John Deere for these borrowings based on competitive market rates. Interest expense paid to John Deere was $9.9 and $43.8 for the three months ended January 26, 2025 and January 28, 2024, respectively, which is recorded in “Fees and interest paid to John Deere.” The decrease was primarily attributable to lower average intercompany borrowings in the first three months of 2025 compared to the same period in 2024.

LONG-TERM EXTERNAL BORROWINGS

LONG-TERM EXTERNAL BORROWINGS	3 Months Ended
LONG-TERM EXTERNAL BORROWINGS	Jan. 26, 2025
LONG-TERM EXTERNAL BORROWINGS
LONG-TERM EXTERNAL BORROWINGS	(8) LONG-TERM EXTERNAL BORROWINGS Long-term external borrowings consisted of the following: January 26 October 27 January 28 2025 2024 2024 Senior Debt: Medium-term notes $ 32,339.9 $ 33,835.8 $ 28,805.4 Finance lease obligations .1 .1 Total senior debt 32,340.0 33,835.9 28,805.4 Unamortized debt discount and debt issuance costs (103.6) (110.5) (85.0) Total $ 32,236.4 $ 33,725.4 $ 28,720.4 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 $33,128.1, $34,398.2, and $29,581.7 at January 26, 2025, October 27, 2024, and January 28, 2024, respectively. All outstanding medium-term notes are senior unsecured borrowings and generally rank equally with each other. The medium-term notes in the table above include unamortized fair value adjustments related to interest rate swaps.

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	3 Months Ended
COMMITMENTS AND CONTINGENCIES	Jan. 26, 2025
COMMITMENTS AND CONTINGENCIES
COMMITMENTS AND CONTINGENCIES	(9) COMMITMENTS AND CONTINGENCIES We provide guarantees related to certain financial instruments issued by John Deere Financial Inc., a John Deere finance subsidiary in Canada. At January 26, 2025, the following notional amounts were guaranteed by us: ● Medium-term notes: $2,850.4 ● Commercial paper: $2,707.3 ● Derivatives: $5,423.9 , with a fair value liability of $78.2 The weighted-average interest rate on the medium-term notes at January 26, 2025 was 3.8% with a maximum remaining maturity of five years. We have commitments to extend credit to customers and John Deere dealers through lines of credit and other pre-approved credit arrangements. We apply the same credit policies and approval process for these commitments to extend credit as we do for our Receivables and Leases, and generally have the right to unconditionally cancel, alter, or amend the terms at any time. Collateral is not required for these commitments, but if credit is extended, collateral may be required upon funding. A significant portion of these commitments is not expected to be fully drawn upon; therefore, the total commitment amounts likely do not represent a future cash requirement. The unused commitments at January 26, 2025 were as follows: ● John Deere dealers: $12,424.6 ● Customers: $34,136.8 , primarily related to revolving charge accounts We have a reserve for credit losses of $4.2 on unfunded commitments that are not unconditionally cancellable at January 26, 2025, which is recorded in “Accounts payable and accrued expenses.” At January 26, 2025, we had restricted other assets associated with borrowings related to securitizations (see Note 5). Excluding the securitization programs, the remaining balance of restricted other assets was not material as of January 26, 2025. We are subject to various unresolved legal actions, the most prevalent of which relate to retail credit matters. Currently, we believe the reasonably possible range of losses for these unresolved legal actions would not have a material effect on our consolidated financial statements.

FAIR VALUE MEASUREMENTS

FAIR VALUE MEASUREMENTS	3 Months Ended
FAIR VALUE MEASUREMENTS	Jan. 26, 2025
FAIR VALUE MEASUREMENTS
FAIR VALUE MEASUREMENTS	(10) FAIR VALUE MEASUREMENTS The fair values of financial instruments that do not approximate the carrying values were as follows: January 26, 2025 October 27, 2024 January 28, 2024 Carrying Fair Carrying Fair Carrying Fair Value Value Value Value Value Value Receivables financed – net $ 41,929.2 $ 41,818.8 $ 45,278.7 $ 45,291.5 $ 44,313.9 $ 43,978.1 Retail notes securitized – net 8,255.2 8,172.3 8,721.4 8,651.8 6,399.9 6,224.9 Securitization borrowings 8,012.6 8,033.7 8,429.3 8,451.1 6,116.1 6,103.8 Current maturities of long-term 8,376.6 8,331.1 7,628.9 7,600.4 5,705.1 5,610.7 Long-term external borrowings 32,236.4 32,505.5 33,725.4 33,904.9 28,720.4 28,775.5 Fair value measurements above were Level 3 for all Receivables and Level 2 for all borrowings. Fair values of Receivables that were issued long-term were based on the discounted values of their related cash flows at interest rates currently being offered by us for similar Receivables. The fair values of the remaining Receivables approximated the carrying amounts. Fair values of long-term external borrowings and securitization borrowings were based on current market quotes for identical or similar borrowings and credit risk, or on the discounted values of their related cash flows at current market interest rates. Certain long-term external borrowings have been swapped to current variable interest rates. The carrying values of these long-term external borrowings include adjustments related to fair value hedges. Assets and liabilities measured at fair value on a recurring basis were as follows: January 26 October 27 January 28 2025 2024 2024 Marketable securities International debt securities $ 3.8 $ 3.8 $ 2.3 Receivables from John Deere Derivatives 70.1 192.3 146.6 Other assets Derivatives 1.4 27.7 22.2 Total assets $ 75.3 $ 223.8 $ 171.1 Other payables to John Deere Derivatives $ 642.6 $ 489.2 $ 596.7 Accounts payable and accrued expenses Derivatives 17.6 .8 4.3 Total liabilities $ 660.2 $ 490.0 $ 601.0 All fair value measurements in the table above were Level 2. Excluded from the table above were our cash equivalents, which were carried at cost that approximates fair value. The cash equivalents consist primarily of time deposits and money market funds. The international debt securities mature over the next six years. At January 26, 2025, the amortized cost basis and fair value of these available-for-sale debt securities were $4.6 and $3.8, respectively. There were no assets or liabilities measured at fair value on a nonrecurring basis during each of the periods ended January 26, 2025, October 27, 2024, and January 28, 2024. The following is a description of the valuation methodologies we use to measure certain balance sheet items at fair value: Marketable securities Derivatives –

DERIVATIVE INSTRUMENTS

DERIVATIVE INSTRUMENTS	3 Months Ended
DERIVATIVE INSTRUMENTS	Jan. 26, 2025
DERIVATIVE INSTRUMENTS
DERIVATIVE INSTRUMENTS	(11) DERIVATIVE INSTRUMENTS Our outstanding derivative transactions are with both unrelated external counterparties and John Deere. For derivative transactions with John Deere, we utilize a centralized hedging structure in which John Deere enters into a derivative transaction with an unrelated external counterparty and simultaneously enters into a derivative transaction with us. Except for collateral provisions, the terms of the transaction between John Deere and us are identical to the terms of the transaction between John Deere and its unrelated external counterparty. Derivative asset and liability positions for transactions with John Deere are recorded in “Receivables from John Deere” and “Other payables to John Deere,” respectively. Derivative asset and liability positions for transactions with unrelated external counterparty banks are recorded in “Other assets” and “Accounts payable and accrued expenses,” respectively. The fair values of our derivative instruments and the associated notional amounts were as follows: January 26, 2025 October 27, 2024 January 28, 2024 Fair Value Fair Value Fair Value Notional Asset Liability Notional Asset Liability Notional Asset Liability Cash flow hedges: Interest rate contracts - swaps $ 3,275.0 $ 1.4 $ 31.1 $ 2,875.0 $ 2.9 $ 20.0 $ 2,200.0 $ 27.4 $ 4.4 Fair value hedges: Interest rate contracts - swaps 14,734.5 21.3 585.3 15,033.9 107.8 445.2 11,779.6 52.1 547.3 Cross-currency interest rate contracts 974.5 2.1 974.5 30.4 Not designated as hedging instruments: Interest rate contracts - swaps 6,655.1 20.8 11.7 5,907.0 25.9 15.0 7,784.7 53.8 18.3 Foreign currency exchange contracts 1,494.0 1.4 17.6 1,707.8 27.7 .8 1,814.8 22.2 4.3 Cross-currency interest rate contracts 164.0 14.5 .3 157.8 16.5 .2 188.6 13.4 Interest rate caps - sold 1,916.2 12.1 1,469.1 8.8 1,199.5 13.3 Interest rate caps - purchased 1,916.2 12.1 1,469.1 8.8 1,199.5 13.3 The amount of loss recorded in other comprehensive income (OCI) related to cash flow hedges at January 26, 2025 that is expected to be reclassified to interest expense in the next twelve months if interest rates remain unchanged is $15.8 after-tax. No gains or losses were reclassified from OCI to earnings based on the probability that the original forecasted transaction would not occur. The amounts recorded in the consolidated balance sheets related to borrowings designated in fair value hedging relationships were as follows. Fair value hedging adjustments are included in the carrying amount of the hedged item. Active Hedging Relationships Discontinued Hedging Relationships Cumulative Carrying Cumulative Carrying Fair Value Amount of Fair Value Amount of Hedging Formerly Hedging January 26, 2025 Hedged Item Adjustment Hedged Item Adjustment Current maturities of long-term external borrowings $ 2,109.7 $ (14.3) Long-term external borrowings $ 15,002.0 $ (608.8) 8,922.6 (179.4) October 27, 2024 Current maturities of long-term external borrowings $ 1,781.8 $ 7.3 Long-term external borrowings $ 15,596.8 $ (335.1) 8,625.8 (227.3) January 28, 2024 Current maturities of long-term external borrowings $ 1,959.5 $ 10.4 Long-term external borrowings $ 11,220.3 $ (506.6) 7,710.9 (269.7) The classification and gains (losses), including accrued interest expense, related to derivative instruments on the statements of consolidated income consisted of the following: Three Months Ended January 26 January 28 2025 2024 Fair Value Hedges Interest rate contracts – Interest expense * $ (345.1) $ 335.7 Cash Flow Hedges Recognized in OCI: Interest rate contracts – OCI (pretax) $ 6.8 $ (7.8) Reclassified from OCI: Interest rate contracts – 9.2 11.9 Not Designated as Hedges Interest rate contracts – Interest expense * $ (3.8) $ (5.7) Foreign currency exchange contracts – Administrative and operating expenses * 109.4 (103.2) Total not designated $ 105.6 $ (108.9) * Included in the table above are interest expense and administrative and operating expense amounts we incurred on derivatives transacted with John Deere. The amounts we recognized on these affiliated party transactions for the three months ended January 26, 2025 and January 28, 2024 were gains (losses) of $(337.3) and $331.4, respectively. None of our derivative agreements contain credit-risk-related contingent features. We have a loss sharing agreement with John Deere in which we have agreed to absorb any losses and expenses John Deere incurs if an unrelated external counterparty fails to meet its obligations on a derivative transaction that John Deere entered into to manage our exposures. The loss sharing agreement did not increase the maximum amount of loss that we would incur, after considering collateral received and netting arrangements, as of January 26, 2025, October 27, 2024, and January 28, 2024. Derivatives are recorded without offsetting for netting arrangements or collateral. The impact on the derivative assets and liabilities for external derivatives and those with John Deere related to netting arrangements and any collateral received or paid were as follows: January 26, 2025 Gross Amounts Netting Collateral Net Derivatives: Assets External $ 1.4 $ 1.4 John Deere 70.1 $ (25.5) 44.6 Liabilities External 17.6 17.6 John Deere 642.6 (25.5) 617.1 October 27, 2024 Gross Amounts Netting Collateral Net Derivatives: Assets External $ 27.7 $ (.1) $ 27.6 John Deere 192.3 (151.2) 41.1 Liabilities External .8 (.1) .7 John Deere 489.2 (151.2) 338.0 January 28, 2024 Gross Amounts Netting Collateral Net Derivatives: Assets External $ 22.2 $ (3.0) $ 19.2 John Deere 146.6 (101.6) 45.0 Liabilities External 4.3 (3.0) 1.3 John Deere 596.7 (101.6) 495.1

SUBSEQUENT EVENT

SUBSEQUENT EVENT	3 Months Ended
SUBSEQUENT EVENT	Jan. 26, 2025
SUBSEQUENT EVENT
SUBSEQUENT EVENT	(12) On February 24, 2025 , Capital Corporation declared a $630 dividend to be paid to JDFS on March 12, 2025 . JDFS, in turn, declared a $630 dividend to Deere & Company, also payable on March 12, 2025.

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Millions	3 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Millions	Jan. 26, 2025	Jan. 28, 2024
Pay vs Performance Disclosure
Net Income (Loss)	$ 159.1	$ 174.5

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Jan. 26, 2025
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

ORGANIZATION AND CONSOLIDATION

ORGANIZATION AND CONSOLIDATION (Policies)	3 Months Ended
ORGANIZATION AND CONSOLIDATION (Policies)	Jan. 26, 2025
ORGANIZATION AND CONSOLIDATION
Fiscal Period, Policy	We use a 52/53 week fiscal year with quarters ending on the last Sunday in the reporting period. The first quarter ends for fiscal years 2025 and 2024 were January 26, 2025 and January 28, 2024, respectively. Both periods contained 13 weeks. Fiscal year 2025 will contain 53 weeks, with the additional week occurring in the fourth quarter. Unless otherwise stated, references to particular years, quarters, or months refer to our fiscal years generally ending in October and the associated periods in those fiscal years.
Use of Estimates in Financial Statements, Policy	Certain accounting policies require management to make estimates and assumptions in determining the amounts reflected in the financial statements and related disclosures. Actual results could differ from those estimates.
New Accounting Pronouncements, Policy	We closely monitor all Accounting Standard Updates (ASUs) issued by the Financial Accounting Standards Board (FASB) and other authoritative guidance. We adopted the following standard in 2025, which did not have a material effect on our consolidated financial statements. 2023-05 — Business Combinations—Joint Venture Formations (Subtopic 805-60): Recognition and Initial Measurement Accounting Pronouncements to be Adopted In November 2024, the FASB issued ASU 2024-03, Income Statement – Reporting Comprehensive Income – Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses, which expands disclosures about specific expense categories presented on the face of the income statement. In January 2025, the FASB issued ASU 2025-01, Income Statement – Reporting Comprehensive Income – Expense Disaggregation Disclosures (Subtopic 220-40), which clarifies the effective date of ASU 2024-03. The ASU will be effective for us beginning with our annual reporting for fiscal year 2028 and interim periods thereafter. We are assessing the effect of ASU 2024-03 on our related disclosures. In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures, which expands disclosures in an entity’s income tax rate reconciliation table and cash taxes paid both in the U.S. and foreign jurisdictions. The ASU will be effective for us beginning with our annual reporting for fiscal year 2026. We are assessing the effect of this update on our related disclosures. We will also adopt the following standards in future periods, none of which are expected to have a material effect on our consolidated financial statements. 2024-04 — Debt – Debt with Conversion and Other Options (Subtopic 470-20): Induced Conversions of Convertible Debt Instruments 2023-07 — Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures 2023-06 — Disclosure Improvements: Codification Amendments in Response to the SEC’s Disclosure Update and Simplification Initiative
Credit Quality, Policy	The allowance for credit losses is an estimate of the credit losses expected over the life of our Receivable portfolio. Non-performing Receivables are included in the estimate of expected credit losses. The allowance is measured on a collective basis for receivables with similar risk characteristics. Receivables that do not share risk characteristics are evaluated on an individual basis. Risk characteristics include: ● product category ● market ● geography ● credit risk ● remaining balance Recoveries from freestanding credit enhancements, such as dealer deposits and certain credit insurance and bank guarantee contracts, are not included in the estimate of expected credit losses. Recoveries from dealer deposits are recognized in “Other income” when the dealer’s deposit account is charged, while recoveries from other freestanding credit enhancements are generally recognized when the associated credit loss is recorded. Modifications We occasionally grant contractual modifications to customers experiencing financial difficulties. Before offering a modification, we evaluate the ability of the customer to meet the modified payment terms. Modifications offered include payment deferrals, term extensions, or a combination thereof. Finance charges continue to accrue during the deferral or extension period with the exception of modifications related to bankruptcy proceedings. Our allowance for credit losses incorporates historical loss information, including the effects of loan modifications with customers. Therefore, additional adjustments to the allowance are generally not recorded upon modification of a loan.
Securitization of Receivables, Policy	Our funding strategy includes retail note securitizations. While these securitization programs are administered in various forms, they are accomplished in the following basic steps: 1. We transfer retail notes into a bankruptcy-remote SPE. 2. The SPE issues debt to investors. The debt is secured by the retail notes. 3. Investors are paid back based on cash receipts from the retail notes. As part of step 1, these retail notes are legally isolated from the claims of our general creditors. This ensures cash receipts from the retail notes are accessible to pay back securitization program investors. The structure of these transactions does not meet the accounting criteria for a sale of receivables. As a result, they are accounted for as secured borrowings. The receivables and borrowings remain on our balance sheet and are separately reported as “Retail notes securitized” and “Securitization borrowings,” respectively.

OTHER COMPREHENSIVE INCOME IT_2

OTHER COMPREHENSIVE INCOME ITEMS (Tables)	3 Months Ended
OTHER COMPREHENSIVE INCOME ITEMS (Tables)	Jan. 26, 2025
OTHER COMPREHENSIVE INCOME ITEMS
Schedule of After-Tax Changes in Accumulated Other Comprehensive Income (Loss)	The after-tax components of accumulated other comprehensive income (loss) were as follows: January 26 October 27 January 28 2025 2024 2024 Cumulative translation adjustment $ (150.7) $ (114.0) $ (110.0) Unrealized gain (loss) on derivatives (33.2) (31.3) 19.2 Unrealized loss on debt securities (.6) (.9) (1.8) Total accumulated other comprehensive income (loss) $ (184.5) $ (146.2) $ (92.6)
Schedule of Amounts Recorded in and Reclassifications out of Other Comprehensive Income (Loss) and the Income Tax Effects	The following tables reflect amounts recorded in other comprehensive income (loss), as well as reclassifications out of other comprehensive income (loss). Before Tax After Tax (Expense) Tax Amount Credit Amount Three Months Ended January 26, 2025 Cumulative translation adjustment $ (36.7) $ (36.7) Unrealized gain (loss) on derivatives: Unrealized hedging gain (loss) 6.8 $ (1.4) 5.4 Reclassification of realized (gain) loss to Interest expense (9.2) 1.9 (7.3) Net unrealized gain (loss) on derivatives (2.4) .5 (1.9) Unrealized gain (loss) on debt securities: Unrealized holding gain (loss) .4 (.1) .3 Total other comprehensive income (loss) $ (38.7) $ .4 $ (38.3) Three Months Ended January 28, 2024 Cumulative translation adjustment $ 26.8 $ 26.8 Unrealized gain (loss) on derivatives: Unrealized hedging gain (loss) (7.8) $ 1.6 (6.2) Reclassification of realized (gain) loss to Interest expense (11.9) 2.5 (9.4) Net unrealized gain (loss) on derivatives (19.7) 4.1 (15.6) Unrealized gain (loss) on debt securities: Unrealized holding gain (loss) .8 (.2) .6 Total other comprehensive income (loss) $ 7.9 $ 3.9 $ 11.8

Receivables (Tables)

Receivables (Tables)	3 Months Ended
Receivables (Tables)	Jan. 26, 2025
Receivables
Accrued finance income and lease revenue reversed on non-performing Receivables, and finance income and lease revenue recognized from cash payments on non-performing Receivables	Accrued finance income and lease revenue reversed on non-performing Receivables, and finance income and lease revenue recognized from cash payments on non-performing Receivables were as follows : Three Months Ended January 26 January 28 2025 2024 Accrued finance income and lease revenue reversed $ 13.4 $ 6.7 Finance income and lease revenue recognized on cash payments 11.2 5.9
Analysis of the Allowance for Credit Losses and Investment in Receivables	An analysis of the allowance for credit losses and investment in Receivables was as follows: Three Months Ended January 26, 2025 Retail Notes Revolving & Financing Charge Wholesale Total Leases Accounts Receivables Receivables Allowance for credit losses: Beginning of period balance $ 192.4 $ 7.6 $ 27.5 $ 227.5 Provision (credit) for credit losses* 62.3 1.9 (3.6) 60.6 Write-offs (42.4) (12.5) (.2) (55.1) Recoveries 2.2 8.7 10.9 Translation adjustments (.3) (1.6) (1.9) End of period balance $ 214.2 $ 5.7 $ 22.1 $ 242.0 Receivables: End of period balance $ 34,423.0 $ 3,220.2 $ 12,783.2 $ 50,426.4 Three Months Ended January 28, 2024 Retail Notes Revolving & Financing Charge Wholesale Total Leases Accounts Receivables Receivables Allowance for credit losses: Beginning of period balance $ 114.9 $ 20.4 $ 11.1 $ 146.4 Provision (credit) for credit losses* 22.8 (2.0) (.4) 20.4 Write-offs (24.3) (10.7) (35.0) Recoveries 1.7 7.6 9.3 Translation adjustments (1.5) (1.5) End of period balance $ 115.1 $ 15.3 $ 9.2 $ 139.6 Receivables: End of period balance $ 33,385.1 $ 2,925.5 $ 14,542.8 $ 50,853.4 *
Ending Amortized Cost and Performance of Receivables Modified	We continue to monitor the performance of Receivables that are modified with borrowers experiencing financial difficulty. The ending amortized cost and performance of Receivables modified during the prior twelve months ended January 26, 2025 and January 28, 2024 were as follows: January 26 January 28 2025 2024* Current $ 63.9 $ 8.6 30-59 days past due 6.6 .1 60-89 days past due 4.0 90+ days past due 3.0 Non-performing 13.1 .6 Total $ 90.6 $ 9.3 *
Customer Receivables
Receivables
Credit Quality and Aging Analysis	The credit quality and aging analysis of Customer Receivables by year of origination was as follows: January 26, 2025 2025 2024 2023 2022 2021 Prior Years Revolving Charge Accounts Total Customer Receivables: Agriculture and turf Current $ 2,152.3 $ 11,464.4 $ 6,777.2 $ 4,157.4 $ 2,226.8 $ 832.9 $ 2,948.5 $ 30,559.5 30-59 days past due 7.5 101.9 81.8 45.3 23.6 10.8 125.7 396.6 60-89 days past due .3 38.4 33.0 17.2 9.3 4.6 23.3 126.1 90+ days past due 2.2 .8 .3 3.4 .4 7.1 Non-performing 42.1 112.8 74.5 40.0 30.2 14.1 313.7 Construction and forestry Current 803.9 2,392.2 1,381.0 742.0 292.8 59.3 99.6 5,770.8 30-59 days past due 6.5 65.1 37.5 24.4 10.2 2.3 5.3 151.3 60-89 days past due 26.8 17.1 9.5 4.0 1.3 2.5 61.2 90+ days past due .8 .1 .2 .2 1.3 Non-performing 61.4 93.7 53.5 32.3 13.5 1.2 255.6 Total Customer Receivables $ 2,970.5 $ 14,195.3 $ 8,535.0 $ 5,124.3 $ 2,642.4 $ 955.5 $ 3,220.2 $ 37,643.2 Write-offs for the three months ended January 26, 2025: Agriculture and turf $ 4.5 $ 8.4 $ 4.8 $ 1.6 $ 2.2 $ 10.0 $ 31.5 Construction and forestry 7.8 7.5 3.9 1.3 .4 2.5 23.4 Total $ 12.3 $ 15.9 $ 8.7 $ 2.9 $ 2.6 $ 12.5 $ 54.9 October 27, 2024 2024 2023 2022 2021 2020 Prior Years Revolving Charge Accounts Total Customer Receivables: Agriculture and turf Current $ 12,957.7 $ 7,528.9 $ 4,715.5 $ 2,633.1 $ 915.6 $ 232.8 $ 4,351.5 $ 33,335.1 30-59 days past due 39.5 93.3 49.2 25.2 10.6 3.6 39.2 260.6 60-89 days past due 18.4 43.7 16.7 8.8 7.0 1.9 12.3 108.8 90+ days past due .4 .9 .3 2.2 .2 4.0 Non-performing 22.2 84.9 69.9 40.4 18.4 11.7 13.9 261.4 Construction and forestry Current 2,636.0 1,564.0 893.1 380.1 83.2 41.9 114.2 5,712.5 30-59 days past due 49.4 41.3 23.2 9.8 2.5 1.5 4.0 131.7 60-89 days past due 20.0 23.5 8.2 5.8 1.5 .3 1.8 61.1 90+ days past due .4 .5 .1 .2 .2 1.4 Non-performing 38.2 89.4 64.5 30.6 8.5 3.8 1.9 236.9 Total Customer Receivables $ 15,782.2 $ 9,470.4 $ 5,840.7 $ 3,136.2 $ 1,047.7 $ 297.5 $ 4,538.8 $ 40,113.5 Write-offs for the twelve months ended October 27, 2024: Agriculture and turf $ 4.0 $ 29.2 $ 23.5 $ 10.3 $ 9.9 $ 3.1 $ 86.0 $ 166.0 Construction and forestry 8.2 33.4 23.4 10.3 4.7 2.5 7.8 90.3 Total $ 12.2 $ 62.6 $ 46.9 $ 20.6 $ 14.6 $ 5.6 $ 93.8 $ 256.3 January 28, 2024 2024 2023 2022 2021 2020 Prior Years Revolving Charge Accounts Total Customer Receivables: Agriculture and turf Current $ 2,740.5 $ 11,557.0 $ 6,550.6 $ 3,954.2 $ 1,692.4 $ 667.3 $ 2,719.3 $ 29,881.3 30-59 days past due 4.5 105.0 58.5 40.8 18.8 10.0 69.7 307.3 60-89 days past due .5 45.9 19.3 12.7 6.1 4.3 15.8 104.6 90+ days past due 1.1 .5 3.0 4.4 .3 9.3 Non-performing .3 39.1 78.6 48.7 26.9 24.8 10.4 228.8 Construction and forestry Current 677.8 2,156.0 1,400.8 716.3 216.8 94.0 101.2 5,362.9 30-59 days past due 7.2 64.9 35.5 24.1 7.8 3.3 5.3 148.1 60-89 days past due .4 24.2 19.2 11.7 5.7 2.8 2.2 66.2 90+ days past due .2 .2 .4 Non-performing 55.3 74.8 44.6 17.9 7.5 1.6 201.7 Total Customer Receivables $ 3,431.2 $ 14,048.5 $ 8,238.0 $ 4,856.1 $ 1,996.8 $ 814.5 $ 2,925.5 $ 36,310.6 Write-offs for the three months ended January 28, 2024: Agriculture and turf $ 1.5 $ 2.9 $ 1.8 $ 3.6 $ .6 $ 8.8 $ 19.2 Construction and forestry $ .2 5.5 4.5 2.2 .8 .7 1.9 15.8 Total $ .2 $ 7.0 $ 7.4 $ 4.0 $ 4.4 $ 1.3 $ 10.7 $ 35.0
Wholesale Receivables
Receivables
Credit Quality and Aging Analysis	The credit quality and aging analysis of wholesale receivables was as follows: January 26 October 27 January 28 2025 2024 2024 Wholesale receivables: Agriculture and turf Current $ 9,791.4 $ 10,439.1 $ 10,924.9 30-59 days past due 6.4 4.5 9.8 60-89 days past due 7.9 4.2 17.4 90+ days past due 9.3 10.2 34.7 Non-performing 29.0 35.3 5.8 Construction and forestry Current 2,917.3 3,599.9 3,533.5 30-59 days past due 4.1 8.1 4.5 60-89 days past due 4.1 5.1 2.2 90+ days past due 13.7 7.7 10.0 Total wholesale receivables $ 12,783.2 $ 14,114.1 $ 14,542.8

SECURITIZATION OF RECEIVABLES (

SECURITIZATION OF RECEIVABLES (Tables)	3 Months Ended
SECURITIZATION OF RECEIVABLES (Tables)	Jan. 26, 2025
SECURITIZATION OF RECEIVABLES
Components of Consolidated Restricted Assets, Secured Borrowings and Other Liabilities Related to Securitization Transactions	The components of the securitization programs were as follows: January 26 October 27 January 28 2025 2024 2024 Retail notes securitized $ 8,304.8 $ 8,768.4 $ 6,417.7 Allowance for credit losses (49.6) (47.0) (17.8) Other assets * 182.4 186.5 139.9 Total restricted securitized assets $ 8,437.6 $ 8,907.9 $ 6,539.8 Securitization borrowings $ 8,012.6 $ 8,429.3 $ 6,116.1 Accrued interest on borrowings 11.5 13.9 10.0 Total liabilities related to restricted securitized assets $ 8,024.1 $ 8,443.2 $ 6,126.1 *

LEASES (Tables)

LEASES (Tables)	3 Months Ended
LEASES (Tables)	Jan. 26, 2025
LEASES
Schedule of Lease Revenues Earned	Lease revenues earned by us were as follows: Three Months Ended January 26 January 28 2025 2024 Sales-type and direct financing lease revenues $ 28.2 $ 27.0 Operating lease revenues 254.1 234.2 Variable lease revenues 4.1 4.0 Total lease revenues $ 286.4 $ 265.2 Variable lease revenues reported above primarily relate to separately invoiced property taxes on leased equipment in certain markets, late fees, and excess use and damage fees. Excess use and damage fees are reported in “Other income” and were $.6 and $.4 for the first quarter of 2025 and 2024, respectively.
Schedule of Cost of Equipment on Operating Leases by Market	The cost of equipment on operating leases by market was as follows: January 26 October 27 January 28 2025 2024 2024 Agriculture and turf $ 5,693.4 $ 5,765.0 $ 5,198.3 Construction and forestry 931.5 963.7 1,005.7 Total 6,624.9 6,728.7 6,204.0 Accumulated depreciation (1,331.2) (1,301.0) (1,270.6) Equipment on operating leases – net $ 5,293.7 $ 5,427.7 $ 4,933.4

NOTES RECEIVABLE FROM AND PAY_2

NOTES RECEIVABLE FROM AND PAYABLE TO JOHN DEERE (Tables)	3 Months Ended
NOTES RECEIVABLE FROM AND PAYABLE TO JOHN DEERE (Tables)	Jan. 26, 2025
NOTES RECEIVABLE FROM AND PAYABLE TO JOHN DEERE
Notes Receivable from and Payable to John Deere	Balances due from BJD were as follows: January 26 October 27 January 28 2025 2024 2024 Notes receivable from John Deere $ 590.3 $ 576.3 $ 663.7 We also obtain funding from affiliated companies which resulted in notes payable to John Deere as follows: January 26 October 27 January 28 2025 2024 2024 Notes payable to John Deere $ 1,228.4 $ 2,681.5 $ 3,512.5

LONG-TERM EXTERNAL BORROWINGS (

LONG-TERM EXTERNAL BORROWINGS (Tables)	3 Months Ended
LONG-TERM EXTERNAL BORROWINGS (Tables)	Jan. 26, 2025
LONG-TERM EXTERNAL BORROWINGS
Long-Term Borrowings	Long-term external borrowings consisted of the following: January 26 October 27 January 28 2025 2024 2024 Senior Debt: Medium-term notes $ 32,339.9 $ 33,835.8 $ 28,805.4 Finance lease obligations .1 .1 Total senior debt 32,340.0 33,835.9 28,805.4 Unamortized debt discount and debt issuance costs (103.6) (110.5) (85.0) Total $ 32,236.4 $ 33,725.4 $ 28,720.4

FAIR VALUE MEASUREMENTS (Tables

FAIR VALUE MEASUREMENTS (Tables)	3 Months Ended
FAIR VALUE MEASUREMENTS (Tables)	Jan. 26, 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: January 26, 2025 October 27, 2024 January 28, 2024 Carrying Fair Carrying Fair Carrying Fair Value Value Value Value Value Value Receivables financed – net $ 41,929.2 $ 41,818.8 $ 45,278.7 $ 45,291.5 $ 44,313.9 $ 43,978.1 Retail notes securitized – net 8,255.2 8,172.3 8,721.4 8,651.8 6,399.9 6,224.9 Securitization borrowings 8,012.6 8,033.7 8,429.3 8,451.1 6,116.1 6,103.8 Current maturities of long-term 8,376.6 8,331.1 7,628.9 7,600.4 5,705.1 5,610.7 Long-term external borrowings 32,236.4 32,505.5 33,725.4 33,904.9 28,720.4 28,775.5 Fair value measurements above were Level 3 for all Receivables and Level 2 for all borrowings.
Assets and Liabilities Measured at Fair Value on a Recurring Basis	Assets and liabilities measured at fair value on a recurring basis were as follows: January 26 October 27 January 28 2025 2024 2024 Marketable securities International debt securities $ 3.8 $ 3.8 $ 2.3 Receivables from John Deere Derivatives 70.1 192.3 146.6 Other assets Derivatives 1.4 27.7 22.2 Total assets $ 75.3 $ 223.8 $ 171.1 Other payables to John Deere Derivatives $ 642.6 $ 489.2 $ 596.7 Accounts payable and accrued expenses Derivatives 17.6 .8 4.3 Total liabilities $ 660.2 $ 490.0 $ 601.0 All fair value measurements in the table above were Level 2. Excluded from the table above were our cash equivalents, which were carried at cost that approximates fair value. The cash equivalents consist primarily of time deposits and money market funds.

DERIVATIVE INSTRUMENTS (Tables)

DERIVATIVE INSTRUMENTS (Tables)	3 Months Ended
DERIVATIVE INSTRUMENTS (Tables)	Jan. 26, 2025
DERIVATIVE INSTRUMENTS
Fair Values of Derivative Instruments in Consolidated Balance Sheets	The fair values of our derivative instruments and the associated notional amounts were as follows: January 26, 2025 October 27, 2024 January 28, 2024 Fair Value Fair Value Fair Value Notional Asset Liability Notional Asset Liability Notional Asset Liability Cash flow hedges: Interest rate contracts - swaps $ 3,275.0 $ 1.4 $ 31.1 $ 2,875.0 $ 2.9 $ 20.0 $ 2,200.0 $ 27.4 $ 4.4 Fair value hedges: Interest rate contracts - swaps 14,734.5 21.3 585.3 15,033.9 107.8 445.2 11,779.6 52.1 547.3 Cross-currency interest rate contracts 974.5 2.1 974.5 30.4 Not designated as hedging instruments: Interest rate contracts - swaps 6,655.1 20.8 11.7 5,907.0 25.9 15.0 7,784.7 53.8 18.3 Foreign currency exchange contracts 1,494.0 1.4 17.6 1,707.8 27.7 .8 1,814.8 22.2 4.3 Cross-currency interest rate contracts 164.0 14.5 .3 157.8 16.5 .2 188.6 13.4 Interest rate caps - sold 1,916.2 12.1 1,469.1 8.8 1,199.5 13.3 Interest rate caps - purchased 1,916.2 12.1 1,469.1 8.8 1,199.5 13.3
Amounts Recorded in the Consolidated Balance Sheets Related to Borrowings Designated in Fair Value Hedging Relationships	The amounts recorded in the consolidated balance sheets related to borrowings designated in fair value hedging relationships were as follows. Fair value hedging adjustments are included in the carrying amount of the hedged item. Active Hedging Relationships Discontinued Hedging Relationships Cumulative Carrying Cumulative Carrying Fair Value Amount of Fair Value Amount of Hedging Formerly Hedging January 26, 2025 Hedged Item Adjustment Hedged Item Adjustment Current maturities of long-term external borrowings $ 2,109.7 $ (14.3) Long-term external borrowings $ 15,002.0 $ (608.8) 8,922.6 (179.4) October 27, 2024 Current maturities of long-term external borrowings $ 1,781.8 $ 7.3 Long-term external borrowings $ 15,596.8 $ (335.1) 8,625.8 (227.3) January 28, 2024 Current maturities of long-term external borrowings $ 1,959.5 $ 10.4 Long-term external borrowings $ 11,220.3 $ (506.6) 7,710.9 (269.7)
Gains (Losses) Related to Derivative Instruments on Statements of Consolidated Income	The classification and gains (losses), including accrued interest expense, related to derivative instruments on the statements of consolidated income consisted of the following: Three Months Ended January 26 January 28 2025 2024 Fair Value Hedges Interest rate contracts – Interest expense * $ (345.1) $ 335.7 Cash Flow Hedges Recognized in OCI: Interest rate contracts – OCI (pretax) $ 6.8 $ (7.8) Reclassified from OCI: Interest rate contracts – 9.2 11.9 Not Designated as Hedges Interest rate contracts – Interest expense * $ (3.8) $ (5.7) Foreign currency exchange contracts – Administrative and operating expenses * 109.4 (103.2) Total not designated $ 105.6 $ (108.9) *
Impact on Derivative Assets and Liabilities for External Derivatives and those with John Deere Related to Netting Arrangements and Collateral	Derivatives are recorded without offsetting for netting arrangements or collateral. The impact on the derivative assets and liabilities for external derivatives and those with John Deere related to netting arrangements and any collateral received or paid were as follows: January 26, 2025 Gross Amounts Netting Collateral Net Derivatives: Assets External $ 1.4 $ 1.4 John Deere 70.1 $ (25.5) 44.6 Liabilities External 17.6 17.6 John Deere 642.6 (25.5) 617.1 October 27, 2024 Gross Amounts Netting Collateral Net Derivatives: Assets External $ 27.7 $ (.1) $ 27.6 John Deere 192.3 (151.2) 41.1 Liabilities External .8 (.1) .7 John Deere 489.2 (151.2) 338.0 January 28, 2024 Gross Amounts Netting Collateral Net Derivatives: Assets External $ 22.2 $ (3.0) $ 19.2 John Deere 146.6 (101.6) 45.0 Liabilities External 4.3 (3.0) 1.3 John Deere 596.7 (101.6) 495.1

ORGANIZATION AND CONSOLIDATIO_2

ORGANIZATION AND CONSOLIDATION (Details)	3 Months Ended		12 Months Ended
ORGANIZATION AND CONSOLIDATION (Details)	Jan. 26, 2025	Jan. 28, 2024	Nov. 02, 2025
Fiscal Year
Fiscal period duration	91 days	91 days
Subsequent Events
Fiscal Year
Fiscal period duration			371 days

SUMMARY OF SIGNIFICANT ACCOUN_2

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES AND NEW ACCOUNTING PRONOUNCEMENTS (Details)	Jan. 26, 2025
ASU 2023-05
New Accounting Pronouncements
Change in Accounting Principle, Accounting Standards Update, Adopted [true false]	true
ASU 2024-03
New Accounting Pronouncements
Change in Accounting Principle, Accounting Standards Update, Adopted [true false]	false
ASU 2025-01
New Accounting Pronouncements
Change in Accounting Principle, Accounting Standards Update, Adopted [true false]	false
ASU 2023-09
New Accounting Pronouncements
Change in Accounting Principle, Accounting Standards Update, Adopted [true false]	false
ASU 2024-04
New Accounting Pronouncements
Change in Accounting Principle, Accounting Standards Update, Adopted [true false]	false
ASU 2023-07
New Accounting Pronouncements
Change in Accounting Principle, Accounting Standards Update, Adopted [true false]	false
ASU 2023-06
New Accounting Pronouncements
Change in Accounting Principle, Accounting Standards Update, Adopted [true false]	false

OTHER COMPREHENSIVE INCOME IT_3

OTHER COMPREHENSIVE INCOME ITEMS - After-Tax Components (Details) - USD ($) $ in Millions	Jan. 26, 2025	Oct. 27, 2024	Jan. 28, 2024
After-tax components of accumulated other comprehensive income (loss)
Total accumulated other comprehensive income (loss)	$ 6,212	$ 6,226.2	$ 5,872.9
Accumulated Other Comprehensive Income (Loss)
After-tax components of accumulated other comprehensive income (loss)
Total accumulated other comprehensive income (loss)	(184.5)	(146.2)	(92.6)
Cumulative Translation Adjustment
After-tax components of accumulated other comprehensive income (loss)
Total accumulated other comprehensive income (loss)	(150.7)	(114)	(110)
Unrealized Gain (Loss) on Derivatives
After-tax components of accumulated other comprehensive income (loss)
Total accumulated other comprehensive income (loss)	(33.2)	(31.3)	19.2
Unrealized Loss on Debt Securities
After-tax components of accumulated other comprehensive income (loss)
Total accumulated other comprehensive income (loss)	$ (0.6)	$ (0.9)	$ (1.8)

OTHER COMPREHENSIVE INCOME IT_4

OTHER COMPREHENSIVE INCOME ITEMS - Amounts Recorded in and Reclassifications out of (Details) - USD ($) $ in Millions	3 Months Ended
	Jan. 26, 2025	Jan. 28, 2024
Other comprehensive income (loss), before tax
Interest expense	$ (637.3)	$ (571.4)
Total other comprehensive income (loss), before tax	(38.7)	7.9
Other comprehensive income (loss), tax (expense) credit
Total other comprehensive income (loss), tax (expense) credit	0.4	3.9
Other comprehensive income (loss), after tax
Other comprehensive income (loss), net of income taxes	(38.3)	11.8
Cumulative Translation Adjustment
Other comprehensive income (loss), before tax
Total other comprehensive income (loss), before tax	(36.7)	26.8
Other comprehensive income (loss), after tax
Other comprehensive income (loss), net of income taxes	(36.7)	26.8
Unrealized Gain (Loss) on Derivatives
Other comprehensive income (loss), before tax
Other comprehensive income (loss) before reclassification, before tax	6.8	(7.8)
Total other comprehensive income (loss), before tax	(2.4)	(19.7)
Other comprehensive income (loss), tax (expense) credit
Other comprehensive income (loss) before reclassification, tax (expense) credit	(1.4)	1.6
Total other comprehensive income (loss), tax (expense) credit	0.5	4.1
Other comprehensive income (loss), after tax
Other comprehensive income (loss) before reclassification, after tax	5.4	(6.2)
Other comprehensive income (loss), net of income taxes	(1.9)	(15.6)
Unrealized Gain (Loss) on Derivatives \| Interest Rate Contracts \| Reclassifications of gains (losses) out of accumulated other comprehensive income
Other comprehensive income (loss), before tax
Interest expense	(9.2)	(11.9)
Other comprehensive income (loss), tax (expense) credit
Reclassification of realized (gain) loss, tax expense (credit)	1.9	2.5
Other comprehensive income (loss), after tax
Reclassification of realized (gain) loss, after tax	(7.3)	(9.4)
Unrealized Gain (Loss) on Debt Securities
Other comprehensive income (loss), before tax
Total other comprehensive income (loss), before tax	0.4	0.8
Other comprehensive income (loss), tax (expense) credit
Total other comprehensive income (loss), tax (expense) credit	(0.1)	(0.2)
Other comprehensive income (loss), after tax
Other comprehensive income (loss), net of income taxes	$ 0.3	$ 0.6

RECEIVABLES - Delinquency Statu

RECEIVABLES - Delinquency Status (Details) - USD ($) $ in Millions	3 Months Ended
	Jan. 26, 2025	Jan. 28, 2024
Receivable, Past Due
Financing Receivable, Practical Expedient, Accrued Interest Exclusion [true false]	false
Threshold for past due balances	30 days
Non-performing
Receivable, Past Due
Accrued finance income and lease revenue reversed	$ 13.4	$ 6.7
Finance income and lease revenue recognized on cash payments	$ 11.2	$ 5.9
Customer Receivables
Receivable, Past Due
Generally the threshold for a receivable to be considered non-performing	90 days
Generally the threshold when a receivable is delinquent and the estimated uncollectible amount is written off	120 days
Wholesale Receivables
Receivable, Past Due
Generally the threshold for a receivable to be considered non-performing	60 days
Generally the threshold when a receivable is delinquent and the estimated uncollectible amount is written off	60 days

RECEIVABLES - Customer Receivab

RECEIVABLES - Customer Receivables Credit Quality and Aging Analysis (Details) - USD ($) $ in Millions	3 Months Ended		12 Months Ended
	Jan. 26, 2025	Jan. 28, 2024	Oct. 27, 2024
Credit Quality and Aging Analysis
Total customer receivables	$ 50,426.4	$ 50,853.4	$ 54,227.6
Write-offs for the Period Ended
Total	55.1	35
Customer Receivables
Credit Quality and Aging Analysis
2025 and 2024, respectively	2,970.5	3,431.2	15,782.2
2024 and 2023, respectively	14,195.3	14,048.5	9,470.4
2023 and 2022, respectively	8,535	8,238	5,840.7
2022 and 2021, respectively	5,124.3	4,856.1	3,136.2
2021 and 2020, respectively	2,642.4	1,996.8	1,047.7
Prior years	955.5	814.5	297.5
Revolving Charge Accounts	3,220.2	2,925.5	4,538.8
Total customer receivables	37,643.2	36,310.6	40,113.5
Write-offs for the Period Ended
2025 and 2024, respectively		0.2	12.2
2024 and 2023, respectively	12.3	7	62.6
2023 and 2022, respectively	15.9	7.4	46.9
2022 and 2021, respectively	8.7	4	20.6
2021 and 2020, respectively	2.9	4.4	14.6
Prior Years	2.6	1.3	5.6
Revolving Charge Accounts	12.5	10.7	93.8
Total	54.9	35	256.3
Customer Receivables \| Agriculture and turf
Write-offs for the Period Ended
2025 and 2024, respectively			4
2024 and 2023, respectively	4.5	1.5	29.2
2023 and 2022, respectively	8.4	2.9	23.5
2022 and 2021, respectively	4.8	1.8	10.3
2021 and 2020, respectively	1.6	3.6	9.9
Prior Years	2.2	0.6	3.1
Revolving Charge Accounts	10	8.8	86
Total	31.5	19.2	166
Customer Receivables \| Agriculture and turf \| 30-59 Days Past Due
Credit Quality and Aging Analysis
2025 and 2024, respectively	7.5	4.5	39.5
2024 and 2023, respectively	101.9	105	93.3
2023 and 2022, respectively	81.8	58.5	49.2
2022 and 2021, respectively	45.3	40.8	25.2
2021 and 2020, respectively	23.6	18.8	10.6
Prior years	10.8	10	3.6
Revolving Charge Accounts	125.7	69.7	39.2
Total customer receivables	396.6	307.3	260.6
Customer Receivables \| Agriculture and turf \| 60-89 Days Past Due
Credit Quality and Aging Analysis
2025 and 2024, respectively	0.3	0.5	18.4
2024 and 2023, respectively	38.4	45.9	43.7
2023 and 2022, respectively	33	19.3	16.7
2022 and 2021, respectively	17.2	12.7	8.8
2021 and 2020, respectively	9.3	6.1	7
Prior years	4.6	4.3	1.9
Revolving Charge Accounts	23.3	15.8	12.3
Total customer receivables	126.1	104.6	108.8
Customer Receivables \| Agriculture and turf \| 90 Days or Greater Past Due
Credit Quality and Aging Analysis
2025 and 2024, respectively			0.4
2024 and 2023, respectively	2.2	1.1	0.9
2023 and 2022, respectively	0.8	0.5	0.3
2022 and 2021, respectively	0.3	3	2.2
2021 and 2020, respectively	3.4	4.4	0.2
Prior years	0.4	0.3
Total customer receivables	7.1	9.3	4
Customer Receivables \| Agriculture and turf \| Current
Credit Quality and Aging Analysis
2025 and 2024, respectively	2,152.3	2,740.5	12,957.7
2024 and 2023, respectively	11,464.4	11,557	7,528.9
2023 and 2022, respectively	6,777.2	6,550.6	4,715.5
2022 and 2021, respectively	4,157.4	3,954.2	2,633.1
2021 and 2020, respectively	2,226.8	1,692.4	915.6
Prior years	832.9	667.3	232.8
Revolving Charge Accounts	2,948.5	2,719.3	4,351.5
Total customer receivables	30,559.5	29,881.3	33,335.1
Customer Receivables \| Agriculture and turf \| Non-performing
Credit Quality and Aging Analysis
2025 and 2024, respectively		0.3	22.2
2024 and 2023, respectively	42.1	39.1	84.9
2023 and 2022, respectively	112.8	78.6	69.9
2022 and 2021, respectively	74.5	48.7	40.4
2021 and 2020, respectively	40	26.9	18.4
Prior years	30.2	24.8	11.7
Revolving Charge Accounts	14.1	10.4	13.9
Total customer receivables	313.7	228.8	261.4
Customer Receivables \| Construction and forestry
Write-offs for the Period Ended
2025 and 2024, respectively		0.2	8.2
2024 and 2023, respectively	7.8	5.5	33.4
2023 and 2022, respectively	7.5	4.5	23.4
2022 and 2021, respectively	3.9	2.2	10.3
2021 and 2020, respectively	1.3	0.8	4.7
Prior Years	0.4	0.7	2.5
Revolving Charge Accounts	2.5	1.9	7.8
Total	23.4	15.8	90.3
Customer Receivables \| Construction and forestry \| 30-59 Days Past Due
Credit Quality and Aging Analysis
2025 and 2024, respectively	6.5	7.2	49.4
2024 and 2023, respectively	65.1	64.9	41.3
2023 and 2022, respectively	37.5	35.5	23.2
2022 and 2021, respectively	24.4	24.1	9.8
2021 and 2020, respectively	10.2	7.8	2.5
Prior years	2.3	3.3	1.5
Revolving Charge Accounts	5.3	5.3	4
Total customer receivables	151.3	148.1	131.7
Customer Receivables \| Construction and forestry \| 60-89 Days Past Due
Credit Quality and Aging Analysis
2025 and 2024, respectively		0.4	20
2024 and 2023, respectively	26.8	24.2	23.5
2023 and 2022, respectively	17.1	19.2	8.2
2022 and 2021, respectively	9.5	11.7	5.8
2021 and 2020, respectively	4	5.7	1.5
Prior years	1.3	2.8	0.3
Revolving Charge Accounts	2.5	2.2	1.8
Total customer receivables	61.2	66.2	61.1
Customer Receivables \| Construction and forestry \| 90 Days or Greater Past Due
Credit Quality and Aging Analysis
2025 and 2024, respectively			0.4
2024 and 2023, respectively	0.8		0.5
2023 and 2022, respectively	0.1	0.2	0.1
2022 and 2021, respectively	0.2		0.2
2021 and 2020, respectively			0.2
Prior years	0.2	0.2
Total customer receivables	1.3	0.4	1.4
Customer Receivables \| Construction and forestry \| Current
Credit Quality and Aging Analysis
2025 and 2024, respectively	803.9	677.8	2,636
2024 and 2023, respectively	2,392.2	2,156	1,564
2023 and 2022, respectively	1,381	1,400.8	893.1
2022 and 2021, respectively	742	716.3	380.1
2021 and 2020, respectively	292.8	216.8	83.2
Prior years	59.3	94	41.9
Revolving Charge Accounts	99.6	101.2	114.2
Total customer receivables	5,770.8	5,362.9	5,712.5
Customer Receivables \| Construction and forestry \| Non-performing
Credit Quality and Aging Analysis
2025 and 2024, respectively			38.2
2024 and 2023, respectively	61.4	55.3	89.4
2023 and 2022, respectively	93.7	74.8	64.5
2022 and 2021, respectively	53.5	44.6	30.6
2021 and 2020, respectively	32.3	17.9	8.5
Prior years	13.5	7.5	3.8
Revolving Charge Accounts	1.2	1.6	1.9
Total customer receivables	$ 255.6	$ 201.7	$ 236.9

RECEIVABLES - Wholesale Receiva

RECEIVABLES - Wholesale Receivables Credit Quality Analysis (Details) - USD ($) $ in Millions	Jan. 26, 2025	Oct. 27, 2024	Jan. 28, 2024
Credit Quality and Aging Analysis
Total wholesale receivables	$ 50,426.4	$ 54,227.6	$ 50,853.4
Wholesale Receivables
Credit Quality and Aging Analysis
Total wholesale receivables	12,783.2	14,114.1	14,542.8
Wholesale Receivables \| Agriculture and turf \| 30-59 Days Past Due
Credit Quality and Aging Analysis
Total wholesale receivables	6.4	4.5	9.8
Wholesale Receivables \| Agriculture and turf \| 60-89 Days Past Due
Credit Quality and Aging Analysis
Total wholesale receivables	7.9	4.2	17.4
Wholesale Receivables \| Agriculture and turf \| 90 Days or Greater Past Due
Credit Quality and Aging Analysis
Total wholesale receivables	9.3	10.2	34.7
Wholesale Receivables \| Agriculture and turf \| Current
Credit Quality and Aging Analysis
Total wholesale receivables	9,791.4	10,439.1	10,924.9
Wholesale Receivables \| Agriculture and turf \| Non-performing
Credit Quality and Aging Analysis
Total wholesale receivables	29	35.3	5.8
Wholesale Receivables \| Construction and forestry \| 30-59 Days Past Due
Credit Quality and Aging Analysis
Total wholesale receivables	4.1	8.1	4.5
Wholesale Receivables \| Construction and forestry \| 60-89 Days Past Due
Credit Quality and Aging Analysis
Total wholesale receivables	4.1	5.1	2.2
Wholesale Receivables \| Construction and forestry \| 90 Days or Greater Past Due
Credit Quality and Aging Analysis
Total wholesale receivables	13.7	7.7	10
Wholesale Receivables \| Construction and forestry \| Current
Credit Quality and Aging Analysis
Total wholesale receivables	$ 2,917.3	$ 3,599.9	$ 3,533.5

RECEIVABLES - Allowance for Cre

RECEIVABLES - Allowance for Credit Losses (Details) - USD ($) $ in Millions	3 Months Ended		12 Months Ended
	Jan. 26, 2025	Jan. 28, 2024	Oct. 27, 2024
Receivable, Allowance for Credit Losses
Freestanding credit enhancement recoveries	$ 7.9	$ 7.3
Allowance for credit losses:
Beginning of period balance	227.5	146.4	$ 146.4
Provision (credit) for credit losses	60.6	20.4
Write-offs	(55.1)	(35)
Recoveries	10.9	9.3
Translation adjustments	(1.9)	(1.5)
End of period balance	242	139.6	227.5
Receivables:
End of period balance	50,426.4	50,853.4	54,227.6
Unfunded Commitments
Allowance for credit losses:
Provision (credit) for credit losses	(0.2)	0.6
Customer Receivables
Allowance for credit losses:
Write-offs	(54.9)	(35)	(256.3)
Receivables:
End of period balance	37,643.2	36,310.6	40,113.5
Retail Notes & Financing Leases
Allowance for credit losses:
Beginning of period balance	192.4	114.9	114.9
Provision (credit) for credit losses	62.3	22.8
Write-offs	(42.4)	(24.3)
Recoveries	2.2	1.7
Translation adjustments	(0.3)
End of period balance	214.2	115.1	192.4
Receivables:
End of period balance	34,423	33,385.1
Revolving charge accounts
Allowance for credit losses:
Beginning of period balance	7.6	20.4	20.4
Provision (credit) for credit losses	1.9	(2)
Write-offs	(12.5)	(10.7)
Recoveries	8.7	7.6
End of period balance	5.7	15.3	7.6
Receivables:
End of period balance	3,220.2	2,925.5	4,538.8
Wholesale Receivables
Allowance for credit losses:
Beginning of period balance	27.5	11.1	11.1
Provision (credit) for credit losses	(3.6)	(0.4)
Write-offs	(0.2)
Translation adjustments	(1.6)	(1.5)
End of period balance	22.1	9.2	27.5
Receivables:
End of period balance	$ 12,783.2	$ 14,542.8	$ 14,114.1

RECEIVABLES - Modifications (De

RECEIVABLES - Modifications (Details) - USD ($) $ in Millions	3 Months Ended
	Jan. 26, 2025	Jan. 28, 2024
Modifications
Ending amortized cost of receivables modified during the period	$ 24.1	$ 9.3
Modifications (as a percent)	0.05%	0.02%
Ending amortized cost of receivables modified during the prior 12 months	$ 90.6
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	7 months
Payment Deferrals
Modifications
Weighted average payment deferral provided to borrowers experiencing financial difficulty	7 months
Term Extensions
Modifications
Weighted average term extensions provided to borrowers experiencing financial difficulty	12 months
30-59 Days Past Due
Modifications
Ending amortized cost of receivables modified during the period		$ 0.1
Ending amortized cost of receivables modified during the prior 12 months	$ 6.6
60-89 Days Past Due
Modifications
Ending amortized cost of receivables modified during the prior 12 months	4
90 Days or Greater Past Due
Modifications
Ending amortized cost of receivables modified during the prior 12 months	3
Current
Modifications
Ending amortized cost of receivables modified during the period		8.6
Ending amortized cost of receivables modified during the prior 12 months	63.9
Non-performing
Modifications
Ending amortized cost of receivables modified during the period		$ 0.6
Ending amortized cost of receivables modified during the prior 12 months	$ 13.1

SECURITIZATION OF RECEIVABLES_2

SECURITIZATION OF RECEIVABLES (Details) - USD ($) $ in Millions	Jan. 26, 2025	Oct. 27, 2024	Jan. 28, 2024
Securitization of Receivables
Total receivables	$ 50,426.4	$ 54,227.6	$ 50,853.4
Other assets	433.8	471.5	387.6
Securitization borrowings	8,012.6	8,429.3	6,116.1
Accrued interest on borrowings - securitization transactions	11.5	13.9	10
Total liabilities related to restricted securitized assets	8,024.1	8,443.2	6,126.1
Restricted cash	$ 163.2		$ 122.7
Balance sheet location of restricted cash	Other assets		Other assets
Securitized
Securitization of Receivables
Other assets	$ 182.4	186.5	$ 139.9
Total Assets	8,437.6	8,907.9	6,539.8
Restricted cash	$ 163	$ 164.8	$ 122.4
Balance sheet location of restricted cash	Other assets	Other assets	Other assets
Retail notes \| Securitized
Securitization of Receivables
Total receivables	$ 8,304.8	$ 8,768.4	$ 6,417.7
Location of liability for pledged asset	Securitization borrowings	Securitization borrowings	Securitization borrowings
Allowance for credit losses	$ (49.6)	$ (47)	$ (17.8)

LEASES - Lease Revenues (Detail

LEASES - Lease Revenues (Details) - USD ($) $ in Millions	3 Months Ended
LEASES - Lease Revenues (Details) - USD ($) $ in Millions	Jan. 26, 2025	Jan. 28, 2024
Lessor
Sales-type and direct finance lease revenues	$ 28.2	$ 27
Operating lease revenues	254.1	234.2
Variable lease revenues	4.1	4
Total lease revenues	286.4	265.2
Excess use and damage fees	$ 0.6	$ 0.4

LEASES - Cost of Equipment on O

LEASES - Cost of Equipment on Operating Leases (Details) - USD ($) $ in Millions	Jan. 26, 2025	Oct. 27, 2024	Jan. 28, 2024
Cost of Equipment on Operating Leases
Equipment on operating leases - gross	$ 6,624.9	$ 6,728.7	$ 6,204
Accumulated depreciation	(1,331.2)	(1,301)	(1,270.6)
Equipment on operating leases - net	5,293.7	5,427.7	4,933.4
Operating lease residual value	3,734.7	3,786.2	3,483.7
Operating lease residual value guarantees	697.5	698.7	580.4
Matured operating lease inventory	33.3	26.6	19.7
Agriculture and turf equipment
Cost of Equipment on Operating Leases
Equipment on operating leases - gross	5,693.4	5,765	5,198.3
Construction and forestry
Cost of Equipment on Operating Leases
Equipment on operating leases - gross	$ 931.5	$ 963.7	$ 1,005.7

NOTES RECEIVABLE FROM AND PAY_3

NOTES RECEIVABLE FROM AND PAYABLE TO JOHN DEERE (Details) - USD ($) $ in Millions	3 Months Ended
	Jan. 26, 2025	Jan. 28, 2024	Oct. 27, 2024
Notes Receivable from and Payable to John Deere
Interest expense	$ 637.3	$ 571.4
Related Party
Notes Receivable from and Payable to John Deere
Interest earned	$ 10.1	$ 11.5
Interest Income, Operating, Related Party [Extensible Enumeration]	John Deere	John Deere
Notes payable to John Deere	$ 1,228.4	$ 3,512.5	$ 2,681.5
Long-term intercompany loans	0	542.3	0
Interest expense	$ 9.9	$ 43.8
Interest Expense, Related Party, Name [Extensible Enumeration]	John Deere	John Deere
Related Party \| John Deere
Notes Receivable from and Payable to John Deere
Notes receivable from John Deere	$ 590.3	$ 663.7	$ 576.3
Maximum remaining term for related party notes receivable	7 years

LONG-TERM EXTERNAL BORROWINGS_2

LONG-TERM EXTERNAL BORROWINGS (Details) - USD ($) $ in Millions	Jan. 26, 2025	Oct. 27, 2024	Jan. 28, 2024
Long-Term Borrowings
Total senior debt	$ 32,340	$ 33,835.9	$ 28,805.4
Unamortized debt discount and debt issuance costs	(103.6)	(110.5)	(85)
Total	32,236.4	33,725.4	28,720.4
Medium-term notes
Long-Term Borrowings
Total senior debt	32,339.9	33,835.8	28,805.4
Medium-term notes Principal	33,128.1	34,398.2	$ 29,581.7
Finance lease obligations
Long-Term Borrowings
Total senior debt	$ 0.1	$ 0.1

COMMITMENTS AND CONTINGENCIES -

COMMITMENTS AND CONTINGENCIES - Guarantees (Details) - John Deere Financial Inc. - Guarantees of debt and derivatives $ in Millions	3 Months Ended
	Jan. 26, 2025 USD ($)
Medium-term notes
Guarantee Obligations
Guarantee obligations maximum exposure	$ 2,850.4
Weighted average interest rate (as a percent)	3.80%
Maximum remaining maturity	5 years
Commercial paper
Guarantee Obligations
Guarantee obligations maximum exposure	$ 2,707.3
Derivative Instruments
Guarantee Obligations
Guarantee obligations maximum exposure	5,423.9
Notional amount	$ 78.2

COMMITMENTS AND CONTINGENCIES_2

COMMITMENTS AND CONTINGENCIES - Commitments (Details) $ in Millions	Jan. 26, 2025 USD ($)
Unfunded Commitments
Commitments
Reserve for credit losses on unfunded commitments	$ 4.2
Wholesale Receivables
Commitments
Unused commitments	12,424.6
Customer Receivables
Commitments
Unused commitments	$ 34,136.8

FAIR VALUE MEASUREMENTS - Finan

FAIR VALUE MEASUREMENTS - Financial Instruments (Details) - USD ($) $ in Millions	Jan. 26, 2025	Oct. 27, 2024	Jan. 28, 2024
Fair Values of Financial Instruments
Receivables financed - net	$ 50,184.4	$ 54,000.1	$ 50,713.8
Securitization borrowings	8,012.6	8,429.3	6,116.1
Current maturities of long-term external borrowings	8,376.6	7,628.9	5,705.1
Long-term external borrowings	32,236.4	33,725.4	28,720.4
Level 3 \| Unrestricted
Fair Values of Financial Instruments
Receivables financed - net	41,818.8	45,291.5	43,978.1
Level 3 \| Securitized
Fair Values of Financial Instruments
Receivables financed - net	$ 8,172.3	$ 8,651.8	$ 6,224.9
Location of liability for pledged asset	Securitization borrowings	Securitization borrowings	Securitization borrowings
Level 2
Fair Values of Financial Instruments
Securitization borrowings	$ 8,033.7	$ 8,451.1	$ 6,103.8
Current maturities of long-term external borrowings	8,331.1	7,600.4	5,610.7
Long-term external borrowings	32,505.5	33,904.9	28,775.5
Carrying Value
Fair Values of Financial Instruments
Securitization borrowings	8,012.6	8,429.3	6,116.1
Current maturities of long-term external borrowings	8,376.6	7,628.9	5,705.1
Long-term external borrowings	32,236.4	33,725.4	28,720.4
Carrying Value \| Unrestricted
Fair Values of Financial Instruments
Receivables financed - net	41,929.2	45,278.7	44,313.9
Carrying Value \| Securitized
Fair Values of Financial Instruments
Receivables financed - net	$ 8,255.2	$ 8,721.4	$ 6,399.9
Location of liability for pledged asset	Securitization borrowings	Securitization borrowings	Securitization borrowings

FAIR VALUE MEASUREMENTS - Asset

FAIR VALUE MEASUREMENTS - Assets and Liabilities - Recurring (Details) - USD ($) $ in Millions	Jan. 26, 2025	Oct. 27, 2024	Jan. 28, 2024
Assets and Liabilities Measured at Fair Value on Recurring and Nonrecurring Basis
Marketable securities	$ 3.8	$ 3.8	$ 2.3
Assets and Liabilities Measured at Fair Value on a Recurring Basis \| Level 2
Assets and Liabilities Measured at Fair Value on Recurring and Nonrecurring Basis
Total assets	75.3	223.8	171.1
Total liabilities	660.2	490	601
Assets and Liabilities Measured at Fair Value on a Recurring Basis \| Level 2 \| Marketable Securities
Assets and Liabilities Measured at Fair Value on Recurring and Nonrecurring Basis
Marketable securities	$ 3.8	$ 3.8	$ 2.3
Investment, Type [Extensible Enumeration]	jdcc:ForeignDebtSecuritiesMember	jdcc:ForeignDebtSecuritiesMember	jdcc:ForeignDebtSecuritiesMember
Assets and Liabilities Measured at Fair Value on a Recurring Basis \| Level 2 \| Receivables from John Deere
Assets and Liabilities Measured at Fair Value on Recurring and Nonrecurring Basis
Derivative assets	$ 70.1	$ 192.3	$ 146.6
Assets and Liabilities Measured at Fair Value on a Recurring Basis \| Level 2 \| Other Assets
Assets and Liabilities Measured at Fair Value on Recurring and Nonrecurring Basis
Derivative assets	1.4	27.7	22.2
Assets and Liabilities Measured at Fair Value on a Recurring Basis \| Level 2 \| Other payables to John Deere
Assets and Liabilities Measured at Fair Value on Recurring and Nonrecurring Basis
Derivative liabilities	642.6	489.2	596.7
Assets and Liabilities Measured at Fair Value on a Recurring Basis \| Level 2 \| Accounts payable and accrued expenses
Assets and Liabilities Measured at Fair Value on Recurring and Nonrecurring Basis
Derivative liabilities	$ 17.6	$ 0.8	$ 4.3

FAIR VALUE MEASUREMENTS - Contr

FAIR VALUE MEASUREMENTS - Contractual Maturities of Debt Securities (Details) $ in Millions	Jan. 26, 2025 USD ($)
Contractual Maturities of Debt Securities, Amortized Cost
Amortized cost basis	$ 4.6
Contractual Maturities of Debt Securities, Fair Value
Fair value	$ 3.8

DERIVATIVE INSTRUMENTS - Fair V

DERIVATIVE INSTRUMENTS - Fair Values (Details) - USD ($) $ in Millions	Jan. 26, 2025	Oct. 27, 2024	Jan. 28, 2024
Designated as Hedging Instruments \| Cash flow hedges \| Interest Rate Contracts
Fair Values of Derivative Instruments
Notional amounts	$ 3,275	$ 2,875	$ 2,200
Derivative assets	1.4	2.9	27.4
Derivative liabilities	31.1	20	4.4
Designated as Hedging Instruments \| Fair Value Hedges \| Interest Rate Contracts
Fair Values of Derivative Instruments
Notional amounts	14,734.5	15,033.9	11,779.6
Derivative assets	21.3	107.8	52.1
Derivative liabilities	585.3	445.2	547.3
Designated as Hedging Instruments \| Fair Value Hedges \| Cross-currency interest rate contracts
Fair Values of Derivative Instruments
Notional amounts	974.5	974.5
Derivative assets		30.4
Derivative liabilities	2.1
Not Designated as Hedging Instruments \| Interest Rate Contracts
Fair Values of Derivative Instruments
Notional amounts	6,655.1	5,907	7,784.7
Derivative assets	20.8	25.9	53.8
Derivative liabilities	11.7	15	18.3
Not Designated as Hedging Instruments \| Foreign currency exchange contracts
Fair Values of Derivative Instruments
Notional amounts	1,494	1,707.8	1,814.8
Derivative assets	1.4	27.7	22.2
Derivative liabilities	17.6	0.8	4.3
Not Designated as Hedging Instruments \| Cross-currency interest rate contracts
Fair Values of Derivative Instruments
Notional amounts	164	157.8	188.6
Derivative assets	14.5	16.5
Derivative liabilities	0.3	0.2	13.4
Not Designated as Hedging Instruments \| Interest rate caps \| Sold
Fair Values of Derivative Instruments
Notional amounts	1,916.2	1,469.1	1,199.5
Derivative liabilities	12.1	8.8	13.3
Not Designated as Hedging Instruments \| Interest rate caps \| Purchased
Fair Values of Derivative Instruments
Notional amounts	1,916.2	1,469.1	1,199.5
Derivative assets	$ 12.1	$ 8.8	$ 13.3

DERIVATIVE INSTRUMENTS - Cash F

DERIVATIVE INSTRUMENTS - Cash Flow Hedges (Details) $ in Millions	3 Months Ended
	Jan. 26, 2025 USD ($)
Cash Flow Hedges
Cash flow hedge gain (loss) recorded in OCI to be reclassified within twelve months	$ (15.8)
Gains or losses reclassified from OCI to earnings	$ 0

DERIVATIVE INSTRUMENTS - Fair_2

DERIVATIVE INSTRUMENTS - Fair Value Hedges (Details) - Interest Rate Contracts - USD ($) $ in Millions	Jan. 26, 2025	Oct. 27, 2024	Jan. 28, 2024
Active Hedging Relationships
Carrying Amount of Hedged Item	$ 15,002	$ 15,596.8	$ 11,220.3
Hedged Liability, Statement of Financial Position [Extensible Enumeration]	Long-Term Debt and Finance Leases, Excluding Current Maturities	Long-Term Debt and Finance Leases, Excluding Current Maturities	Long-Term Debt and Finance Leases, Excluding Current Maturities
Current Maturities of Long-term External Borrowings
Discontinued Hedging Relationships
Carrying Amount of Formerly Hedged Item	$ 2,109.7	$ 1,781.8	$ 1,959.5
Cumulative Fair Value Hedging Adjustment - Discontinued	(14.3)	7.3	10.4
Long-term External Borrowings
Active Hedging Relationships
Cumulative Fair Value Hedging Adjustment	(608.8)	(335.1)	(506.6)
Discontinued Hedging Relationships
Carrying Amount of Formerly Hedged Item	8,922.6	8,625.8	7,710.9
Cumulative Fair Value Hedging Adjustment - Discontinued	$ (179.4)	$ (227.3)	$ (269.7)

DERIVATIVE INSTRUMENTS - Gains

DERIVATIVE INSTRUMENTS - Gains (Losses) on Statement of Consolidated Income (Details) - USD ($) $ in Millions	3 Months Ended
	Jan. 26, 2025	Jan. 28, 2024
Classification and gains (losses) including accrued interest expense related to derivative instruments
Not designated as hedges, gains (losses)	$ 105.6	$ (108.9)
Related Party \| John Deere
Classification and gains (losses) including accrued interest expense related to derivative instruments
Gain (loss) on derivative transactions with affiliate party	$ (337.3)	$ 331.4
Location of gain (loss) on derivative transactions with affiliate party	Interest expense, Administrative and operating expenses	Interest expense, Administrative and operating expenses
Interest Rate Contracts (Swaps)
Classification and gains (losses) including accrued interest expense related to derivative instruments
Cash flow hedges, recognized in OCI	$ 6.8	$ (7.8)
Interest Rate Contracts (Swaps) \| Interest expense
Classification and gains (losses) including accrued interest expense related to derivative instruments
Fair value hedges, gains (losses)	(345.1)	335.7
Cash flow hedges, reclassified from OCI	9.2	11.9
Not designated as hedges, gains (losses)	(3.8)	(5.7)
Foreign currency exchange contracts \| Administrative and operating expenses
Classification and gains (losses) including accrued interest expense related to derivative instruments
Not designated as hedges, gains (losses)	$ 109.4	$ (103.2)

DERIVATIVE INSTRUMENTS - Counte

DERIVATIVE INSTRUMENTS - Counterparty Risk and Collateral (Details) - USD ($) $ in Millions	Jan. 26, 2025	Oct. 27, 2024	Jan. 28, 2024
External
Derivative assets
Gross Amounts Recognized	$ 1.4	$ 27.7	$ 22.2
Netting Arrangements		(0.1)	(3)
Net Amount	1.4	27.6	19.2
Derivative liabilities
Gross Amounts Recognized	17.6	0.8	4.3
Netting Arrangements		(0.1)	(3)
Net Amount	17.6	0.7	1.3
John Deere \| Related Party
Derivative assets
Gross Amounts Recognized	70.1	192.3	146.6
Netting Arrangements	(25.5)	(151.2)	(101.6)
Net Amount	44.6	41.1	45
Derivative liabilities
Gross Amounts Recognized	642.6	489.2	596.7
Netting Arrangements	(25.5)	(151.2)	(101.6)
Net Amount	617.1	338	495.1
Derivative Instruments \| John Deere \| Related Party
Counterparty Risk and Collateral
Increase in maximum loss if derivative counterparties fail to meet obligations - loss sharing agreement	$ 0	$ 0	$ 0

SUBSEQUENT EVENT - Dividends (D

SUBSEQUENT EVENT - Dividends (Details) - USD ($) $ in Millions	1 Months Ended	3 Months Ended
	Feb. 24, 2025	Jan. 26, 2025	Jan. 28, 2024
Subsequent Events
Dividends		$ 135	$ 215
Subsequent Events \| First Quarter 2025 Dividend
Subsequent Events
Dividend declared date	Feb. 24, 2025
Dividends	$ 630
Dividend payable date	Mar. 12, 2025
Subsequent Events \| First Quarter 2025 Dividend \| John Deere Financial Services, Inc.
Subsequent Events
Dividend from JDFS paid to Deere & Co.	$ 630