FAIR VALUE MEASUREMENTS (Tables)

3 Months Ended

Feb. 01, 2026

The fair values of financial instruments that do not approximate the carrying values are presented in the table below:


	February 1, 2026				November 2, 2025				January 26, 2025
	Carrying		Fair		Carrying		Fair		Carrying		Fair
	Value		Value		Value		Value		Value		Value
Receivables financed – net	$	42,517.1	$	42,634.1	$	44,569.1	$	44,730.6	$	41,929.2	$	41,818.8
Retail notes securitized – net		6,479.4		6,494.3		6,829.8		6,853.5		8,255.2		8,172.3
Notes receivable from related parties		306.4		307.0		392.0		400.6
Securitization borrowings		6,282.9		6,322.0		6,595.4		6,629.9		8,012.6		8,033.7
Current maturities of long-term external borrowings		8,418.1		8,458.0		8,270.5		8,292.3		8,376.6		8,331.1
Long-term external borrowings		29,636.2		30,052.4		31,301.9		31,712.5		32,236.4		32,505.5

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:


	February 1		November 2		January 26
	2026		2025		2025
Marketable securities
International debt securities	$	5.7	$	6.8	$	3.8
Receivables from John Deere
Derivatives		276.4		264.4		70.1
Other assets
Derivatives				5.0		1.4
Total assets	$	282.1	$	276.2	$	75.3

Other payables to John Deere
Derivatives	$	263.1	$	279.1	$	642.6
Accounts payable and accrued expenses
Derivatives		56.9		5.5		17.6
Total liabilities	$	320.0	$	284.6	$	660.2

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.