XML 37 R26.htm IDEA: XBRL DOCUMENT v3.22.2.2
Fair Value Measurements (Tables)
9 Months Ended
Jul. 31, 2022
Fair Value Measurements  
Fair Value of Financial Instruments

The fair values of financial instruments that do not approximate the carrying values were as follows (in millions of dollars):

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

July 31, 2022

​

October 31, 2021

​

August 1, 2021

 

​

​

Carrying

​

Fair

​

Carrying

​

Fair

​

Carrying

​

Fair

 

​

​

Value

​

Value

​

Value

​

Value

​

Value

​

Value

 

Receivables financed – net

​

$

35,268.2

​

$

34,617.9

​

$

31,891.7

​

$

31,903.6

​

$

31,155.9

​

$

31,264.6

​

Retail notes securitized – net

​

 

5,139.4

​

 

4,988.8

​

 

4,648.9

​

 

4,694.2

​

 

5,388.3

​

 

5,454.3

​

Securitization borrowings

​

 

4,918.5

​

 

4,861.4

​

 

4,595.2

​

 

4,600.0

​

 

5,264.6

​

 

5,289.3

​

Current maturities of long-term external borrowings

​

 

6,476.7

​

 

6,426.0

​

 

5,819.1

​

 

5,842.3

​

 

5,746.0

​

 

5,800.4

​

Long-term external borrowings

​

 

20,393.6

​

 

20,087.6

​

 

20,607.3

​

 

20,887.5

​

 

20,136.7

​

 

20,557.9

​

​

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 (in millions of dollars):

​

​

​

​

​

​

​

​

​

​

​

​

​

    

July 31

    

October 31

    

August 1

 

​

​

2022

​

2021

​

2021

 

Marketable securities

    

​

​

    

​

​

    

​

​

​

International debt securities

​

$

1.3

​

$

2.1

​

$

2.1

​

Receivables from John Deere

​

​

​

​

​

​

​

​

​

​

Derivatives

​

​

168.3

​

​

191.6

​

​

333.7

​

Other assets

​

​

​

​

​

​

​

​

​

​

Derivatives

​

​

1.8

​

 

1.1

​

 

.5

​

Total assets

​

$

171.4

​

$

194.8

​

$

336.3

​

​

​

​

​

​

​

​

​

​

​

​

Other payables to John Deere

​

​

​

​

​

​

​

​

​

​

Derivatives

​

$

446.6

​

$

97.6

​

$

45.7

​

Accounts payable and accrued expenses

​

​

​

​

​

​

​

​

​

​

Derivatives

​

​

22.1

​

 

4.8

​

 

1.7

​

Total liabilities

​

$

468.7

​

$

102.4

​

$

47.4

​

All fair value measurements in the table above were Level 2. Excluded from the table above were the Company’s cash equivalents, which were carried at cost that approximates fair value. The cash equivalents consist primarily of time deposits and money market funds.