Receivables (Tables)

3 Months Ended

Feb. 01, 2026

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
	February 1		January 26
	2026		2025
Accrued finance income and lease revenue reversed	$	13.1	$	13.4
Finance income and lease revenue recognized on cash payments		14.5		11.2

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 February 1, 2026
	Retail Notes		Revolving
	& Financing		Charge		Wholesale		Total
	Leases		Accounts		Receivables		Receivables
Allowance for credit losses:
Beginning of period balance	$	225.1	$	7.4	$	17.6	$	250.1
Provision (credit) for credit losses*		34.3		(1.4)		(2.5)		30.4
Write-offs		(40.1)		(10.0)				(50.1)
Recoveries		2.7		10.7				13.4
Translation adjustments		.6				.4		1.0
End of period balance	$	222.6	$	6.7	$	15.5	$	244.8
Receivables:
End of period balance	$	33,529.6	$	3,358.3	$	12,353.4	$	49,241.3

	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

^* Excludes provision (credit) for credit losses on unfunded commitments of $.4 and $(.2) for the three months ended February 1, 2026 and January 26, 2025, respectively. The estimated credit losses related to unfunded commitments are recorded in “Accounts payable and accrued expenses.”

Ending Amortized Cost of Receivables Modified

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

	Three Months Ended
	February 1			January 26
	2026			2025
Modified Receivables	$	57.8		$	24.1
Percentage of Receivable portfolio		.12	%		.05	%

Schedule of Weighted-Average Effects for Contract Modifications in Months

The weighted-average effects for contract modifications were as follows in months.

	Three Months Ended
	February 1		January 26
	2026		2025
Payment deferral		6		7
Term extension		12		12
Combination modification
Payment deferral		11		5
Term extension		23		7

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

	Three Months Ended
	February 1		January 26
	2026		2025
Payment deferral		6		7
Term extension		12		12
Combination modification
Payment deferral		11		5
Term extension		23		7

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 February 1, 2026 and January 26, 2025 were as follows:

	February 1		January 26
	2026		2025
Current	$	157.4	$	63.9
30-59 days past due		12.6		6.6
60-89 days past due		5.4		4.0
90+ days past due		.1		3.0
Non-performing		16.5		13.1
Total	$	192.0	$	90.6

Customer Receivables

Receivables

Credit Quality and Aging Analysis

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

	February 1, 2026
	2026		2025		2024		2023		2022		Prior Years		Revolving Charge Accounts		Total
Customer Receivables:
Agriculture and turf
Current	$	1,997.8	$	9,744.7	$	6,802.1	$	4,246.8	$	2,354.3	$	1,138.3	$	3,122.5	$	29,406.5
30-59 days past due		6.0		99.4		74.8		48.5		26.8		14.3		97.7		367.5
60-89 days past due		.3		38.0		33.2		21.2		12.0		5.6		10.8		121.1
90+ days past due				2.3		2.0		1.0		.6		2.1				8.0
Non-performing				48.5		130.2		93.0		58.9		43.8		11.6		386.0
Construction and forestry
Current		862.6		2,528.0		1,508.8		738.8		305.6		75.1		107.7		6,126.6
30-59 days past due		6.5		62.7		47.9		30.4		10.0		4.9		5.3		167.7
60-89 days past due		.1		21.6		23.4		10.8		4.0		2.0		1.5		63.4
90+ days past due						.4										.4
Non-performing		.4		42.9		78.3		65.5		30.0		22.4		1.2		240.7
Total	$	2,873.7	$	12,588.1	$	8,701.1	$	5,256.0	$	2,802.2	$	1,308.5	$	3,358.3	$	36,887.9
Write-offs for the three months ended February 1, 2026:
Agriculture and turf			$	3.5	$	6.6	$	5.0	$	2.7	$	1.6	$	8.5	$	27.9
Construction and forestry				7.0		4.7		6.7		1.6		.7		1.5		22.2
Total			$	10.5	$	11.3	$	11.7	$	4.3	$	2.3	$	10.0	$	50.1

	November 2, 2025
	2025		2024		2023		2022		2021		Prior Years		Revolving Charge Accounts		Total
Customer Receivables:
Agriculture and turf
Current	$	10,793.0	$	7,561.2	$	4,784.4	$	2,755.4	$	1,228.4	$	260.0	$	4,489.1	$	31,871.5
30-59 days past due		33.0		65.9		53.1		34.8		14.5		5.9		33.9		241.1
60-89 days past due		11.7		30.7		22.4		11.2		6.9		2.2		9.0		94.1
90+ days past due		.5		1.8		.4		.8		2.2		.5				6.2
Non-performing		38.8		97.2		89.0		51.6		28.1		15.6		13.5		333.8
Construction and forestry
Current		2,774.6		1,726.0		888.1		392.5		108.6		9.1		124.1		6,023.0
30-59 days past due		38.8		42.0		27.4		11.6		3.6		1.3		4.6		129.3
60-89 days past due		19.2		13.3		11.7		6.3		1.5		.7		1.7		54.4
90+ days past due		.2		.8						.3						1.3
Non-performing		27.5		80.6		70.6		34.1		17.5		7.0		1.1		238.4
Total	$	13,737.3	$	9,619.5	$	5,947.1	$	3,298.3	$	1,411.6	$	302.3	$	4,677.0	$	38,993.1
Write-offs for the twelve months ended November 2, 2025:
Agriculture and turf	$	5.0	$	29.3	$	33.0	$	19.1	$	6.7	$	6.2	$	99.9	$	199.2
Construction and forestry		7.2		32.4		26.2		10.3		2.7		1.6		7.3		87.7
Total	$	12.2	$	61.7	$	59.2	$	29.4	$	9.4	$	7.8	$	107.2	$	286.9

	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	$	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

Wholesale Receivables

Receivables

Credit Quality and Aging Analysis

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

	February 1		November 2		January 26
	2026		2025		2025
Wholesale receivables:
Agriculture and turf
Current	$	9,328.5	$	9,427.4	$	9,791.4
30-59 days past due		7.5		5.2		6.4
60-89 days past due		2.8				7.9
90+ days past due		1.8		.6		9.3
Non-performing		5.3		9.1		29.0
Construction and forestry
Current		2,999.2		3,205.7		2,917.3
30-59 days past due		1.8		1.1		4.1
60-89 days past due		.7		1.1		4.1
90+ days past due		5.8		5.7		13.7
Total	$	12,353.4	$	12,655.9	$	12,783.2