NOTES RECEIVABLE FROM AND PAYABLE TO JOHN DEERE AND RELATED PARTIES

3 Months Ended

Feb. 01, 2026

NOTES RECEIVABLE FROM AND PAYABLE TO JOHN DEERE AND RELATED PARTIES

NOTES RECEIVABLE FROM AND PAYABLE TO JOHN DEERE AND RELATED PARTIES

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

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

Balances due from BJD were as follows:

	February 1		November 2		January 26
	2026		2025		2025
Notes receivable from related parties	$	306.4	$	392.0
Notes receivable from John Deere					$	590.3

The loan agreements mature over the next seven years and charge interest at competitive market rates. Interest earned from John Deere and other related parties is recorded in “Other income” and was $5.5 for the first three months of 2026, compared with $10.1 for the same period last year.

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

	February 1		November 2		January 26
	2026		2025		2025
Notes payable to John Deere	$	3,584.1	$	4,452.6	$	1,228.4

The intercompany borrowings are short-term in nature or contain a due on demand call option. We pay interest to John Deere for these borrowings based on competitive market rates. Interest expense paid to John Deere was $32.4 and $9.9 for the first three months of 2026 and 2025, respectively, which is recorded in “Fees and interest paid to John Deere.”