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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