DERIVATIVE INSTRUMENTS (Tables)

3 Months Ended

Feb. 01, 2026

DERIVATIVE INSTRUMENTS

Fair Values of Derivative Instruments in Consolidated Balance Sheets

The fair values of our derivative instruments and the associated notional amounts are presented in the table below:

	February 1, 2026						November 2, 2025						January 26, 2025
			Fair Value						Fair Value						Fair Value
	Notional		Asset		Liability		Notional		Asset		Liability		Notional		Asset		Liability
Cash flow hedges:
Interest rate contracts - swaps	$	3,875.0	$	.3	$	27.0	$	2,675.0			$	20.9	$	3,275.0	$	1.4	$	31.1
Fair value hedges:
Interest rate contracts - swaps		10,103.5		120.7		195.3		10,929.0	$	150.5		219.1		14,734.5		21.3		585.3
Cross-currency interest rate contracts		1,558.0		131.5				1,558.0		91.4		10.6		974.5				2.1
Not designated as hedging instruments:
Interest rate contracts - swaps		6,516.3		18.5		23.9		7,073.2		17.6		20.2		6,655.1		20.8		11.7
Foreign currency exchange contracts		1,560.7				56.9		1,554.1		5.0		5.5		1,494.0		1.4		17.6
Cross-currency interest rate contracts		132.7				11.5		131.9		2.3		5.7		164.0		14.5		.3
Interest rate caps - sold		2,040.1				5.4		1,650.8				2.6		1,916.2				12.1
Interest rate caps - purchased		2,040.1		5.4				1,650.8		2.6				1,916.2		12.1

Amounts Recorded in the Consolidated Balance Sheets Related to Borrowings and Fair Value Hedges

The amounts recorded in the consolidated balance sheets related to borrowings designated in fair value hedging relationships are presented in the table below. Fair value hedging adjustments are included in the carrying amount of the hedged item.

			Cumulative
	Carrying		Fair Value
	Amount of		Hedging
February 1, 2026	Hedged Items		Amounts
Current maturities of long-term external borrowings	$	2,906.8	$	(25.7)
Long-term external borrowings		23,290.3		(190.7)
November 2, 2025
Current maturities of long-term external borrowings	$	2,891.2	$	(29.2)
Long-term external borrowings		24,089.0		(201.1)
January 26, 2025
Current maturities of long-term external borrowings	$	2,109.7	$	(14.3)
Long-term external borrowings		23,924.6		(788.2)

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
	February 1		January 26
	2026		2025
Fair value hedges
Interest rate contracts – Interest expense *	$	(39.5)	$	(345.1)
Cash flow hedges
Recognized in OCI:
Interest rate contracts – OCI (pretax)	$	(2.1)	$	6.8
Reclassified from OCI:
Interest rate contracts – Interest expense		(1.4)		9.2
Not designated as hedges
Interest rate contracts – Interest expense *	$	(3.8)	$	(3.8)
Foreign currency exchange contracts – Administrative and operating expenses *		(121.1)		109.4
Total not designated	$	(124.9)	$	105.6

^* Includes interest and foreign currency exchange gains (losses) from cross-currency interest rate contracts.

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:

	February 1, 2026
	Gross Amounts Recognized		Netting Arrangements		Collateral	Net Amount
Derivatives:
Assets
John Deere	$	276.4	$	(237.3)		$	39.1
Liabilities
External		56.9					56.9
John Deere		263.1		(237.3)			25.8

	November 2, 2025
	Gross Amounts Recognized		Netting Arrangements		Collateral	Net Amount
Derivatives:
Assets
External	$	5.0	$	(1.6)		$	3.4
John Deere		264.4		(237.3)			27.1
Liabilities
External		5.5		(1.6)			3.9
John Deere		279.1		(237.3)			41.8

	January 26, 2025
	Gross Amounts Recognized		Netting Arrangements		Collateral	Net Amount
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