Receivables (Tables)

6 Months Ended

May 03, 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				Six Months Ended
	May 3		April 27		May 3		April 27
	2026		2025		2026		2025
Accrued finance income and lease revenue reversed	$	16.5	$	20.9	$	29.6	$	34.3
Finance income and lease revenue recognized on cash payments		14.2		14.2		28.7		25.4

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 May 3, 2026
	Retail Notes		Revolving
	& Financing		Charge		Wholesale		Total
	Leases		Accounts		Receivables		Receivables
Allowance for credit losses:
Beginning of period balance	$	222.6	$	6.7	$	15.5	$	244.8
Provision for credit losses*		52.8		26.2		.3		79.3
Write-offs		(48.7)		(37.6)		(.1)		(86.4)
Recoveries		5.2		11.7				16.9
Translation adjustments				(.1)		(.1)		(.2)
End of period balance	$	231.9	$	6.9	$	15.6	$	254.4

	Six Months Ended May 3, 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*		87.1		24.8		(2.2)		109.7
Write-offs		(88.8)		(47.6)		(.1)		(136.5)
Recoveries		7.9		22.4				30.3
Translation adjustments		.6		(.1)		.3		.8
End of period balance	$	231.9	$	6.9	$	15.6	$	254.4
Receivables:
End of period balance	$	32,938.0	$	4,473.7	$	13,453.6	$	50,865.3

	Three Months Ended April 27, 2025
	Retail Notes		Revolving
	& Financing		Charge		Wholesale		Total
	Leases		Accounts		Receivables		Receivables
Allowance for credit losses:
Beginning of period balance	$	214.2	$	5.7	$	22.1	$	242.0
Provision for credit losses*		48.7		38.3		1.5		88.5
Write-offs		(51.3)		(39.9)		(1.3)		(92.5)
Recoveries		3.0		8.0				11.0
Translation adjustments		.2		(.1)		2.6		2.7
End of period balance	$	214.8	$	12.0	$	24.9	$	251.7

	Six Months Ended April 27, 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*		111.0		40.2		(2.1)		149.1
Write-offs		(93.7)		(52.4)		(1.5)		(147.6)
Recoveries		5.2		16.7				21.9
Translation adjustments		(.1)		(.1)		1.0		.8
End of period balance	$	214.8	$	12.0	$	24.9	$	251.7
Receivables:
End of period balance	$	33,952.5	$	4,044.2	$	14,566.5	$	52,563.2

^* Excludes provision (credit) for credit losses on unfunded commitments of $1.4 and $1.8 for the three and six months ended May 3, 2026, respectively, and $1.5 and $1.3 for the three and six months ended April 27, 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						Six Months Ended
	May 3			April 27			May 3			April 27
	2026			2025			2026			2025
Modified Receivables	$	49.5		$	40.9		$	106.5		$	63.7
Percentage of Receivable portfolio		.10	%		.08	%		.21	%		.12	%

Schedule of Weighted-Average Effects for Contract Modifications in Months

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

	Six Months Ended
	May 3		April 27
	2026		2025
Payment deferral		6		8
Term extension		11		11
Combination modifications
Payment deferral		10		6
Term extension		22		10

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

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 May 3, 2026 and April 27, 2025 were as follows:

	May 3		April 27
	2026		2025
Current	$	163.9	$	86.8
30-59 days past due		3.8		4.3
60-89 days past due		2.6		2.5
90+ days past due		3.5		1.1
Non-performing		17.5		13.6
Total	$	191.3	$	108.3

Customer Receivables

Receivables

Credit Quality and Aging Analysis

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

	May 3, 2026
	2026		2025		2024		2023		2022		Prior Years		Revolving Charge Accounts		Total
Customer Receivables:
Agriculture and turf
Current	$	4,757.5	$	8,458.9	$	6,000.9	$	3,679.4	$	1,955.4	$	808.4	$	4,254.1	$	29,914.6
30-59 days past due		29.8		96.6		67.1		43.3		20.7		9.4		27.8		294.7
60-89 days past due		3.2		36.6		34.9		19.1		7.6		3.7		9.4		114.5
90+ days past due				1.8		2.0		.4				1.5				5.7
Non-performing		4.1		93.5		113.6		83.7		46.2		31.6		57.1		429.8
Construction and forestry
Current		1,572.8		2,275.1		1,323.6		611.3		230.4		46.2		118.0		6,177.4
30-59 days past due		21.2		48.5		35.7		22.6		9.2		2.9		3.6		143.7
60-89 days past due		10.6		24.1		20.1		15.0		3.4		1.6		2.2		77.0
90+ days past due				1.0		.3										1.3
Non-performing		5.2		66.0		80.7		56.4		25.2		18.0		1.5		253.0
Total	$	6,404.4	$	11,102.1	$	7,678.9	$	4,531.2	$	2,298.1	$	923.3	$	4,473.7	$	37,411.7
Write-offs for the six months ended May 3, 2026:
Agriculture and turf	$	.9	$	11.0	$	16.1	$	11.4	$	5.1	$	2.6	$	44.5	$	91.6
Construction and forestry		.2		13.2		12.0		11.8		3.1		1.4		3.1		44.8
Total	$	1.1	$	24.2	$	28.1	$	23.2	$	8.2	$	4.0	$	47.6	$	136.4

	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

	April 27, 2025
	2025		2024		2023		2022		2021		Prior Years		Revolving Charge Accounts		Total
Customer Receivables:
Agriculture and turf
Current	$	5,079.0	$	9,881.9	$	6,064.9	$	3,661.6	$	1,848.0	$	602.8	$	3,799.9	$	30,938.1
30-59 days past due		24.9		108.1		68.5		39.4		19.4		8.1		29.2		297.6
60-89 days past due		10.1		47.3		25.6		14.7		6.6		3.7		12.8		120.8
90+ days past due		.2		1.2		1.6		1.0		2.7		.3				7.0
Non-performing		3.4		96.9		102.2		65.7		35.9		26.3		84.9		415.3
Construction and forestry
Current		1,375.2		2,171.3		1,209.0		613.3		221.8		37.1		109.6		5,737.3
30-59 days past due		21.6		62.3		42.9		18.9		7.9		2.7		4.7		161.0
60-89 days past due		7.1		23.6		14.1		6.8		2.4		.2		1.6		55.8
90+ days past due		.4		.3		.6		.2				.2				1.7
Non-performing		5.2		78.8		86.8		51.4		27.6		10.8		1.5		262.1
Total	$	6,527.1	$	12,471.7	$	7,616.2	$	4,473.0	$	2,172.3	$	692.2	$	4,044.2	$	37,996.7
Write-offs for the six months ended April 27, 2025:
Agriculture and turf	$	.4	$	14.7	$	19.6	$	11.1	$	4.1	$	4.5	$	48.0	$	102.4
Construction and forestry		.1		15.0		15.8		6.5		1.0		.9		4.4		43.7
Total	$	.5	$	29.7	$	35.4	$	17.6	$	5.1	$	5.4	$	52.4	$	146.1

Wholesale Receivables

Receivables

Credit Quality and Aging Analysis

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

	May 3		November 2		April 27
	2026		2025		2025
Wholesale receivables:
Agriculture and turf
Current	$	10,117.7	$	9,427.4	$	11,207.6
30-59 days past due		3.2		5.2		5.9
60-89 days past due		.1				1.9
90+ days past due		.6		.6		7.4
Non-performing		5.8		9.1		35.0
Construction and forestry
Current		3,318.0		3,205.7		3,288.1
30-59 days past due		2.0		1.1		4.7
60-89 days past due		.6		1.1		3.8
90+ days past due		5.6		5.7		12.1
Total	$	13,453.6	$	12,655.9	$	14,566.5