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Fair Value Measurements (Tables)
12 Months Ended
Oct. 30, 2022
Fair Value Measurements  
Fair Value of Financial Instruments

The fair values of financial instruments that do not approximate the carrying values at October 30, 2022 and October 31, 2021 were as follows (in millions of dollars):

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2022

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2021

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​

   

Carrying

   

Fair

   

Carrying

   

Fair

 

​

​

Value

​

Value

​

Value

​

Value

 

Receivables financed – net

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$

36,438.6

​

$

35,562.4

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$

31,891.7

​

$

31,903.6

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Retail notes securitized – net

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5,935.9

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5,696.3

​

 

4,648.9

​

 

4,694.2

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Securitization borrowings

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5,710.9

​

 

5,576.6

​

 

4,595.2

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4,600.0

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Current maturities of long-term external borrowings

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5,989.6

​

 

5,887.7

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5,819.1

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5,842.3

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Long-term external borrowings

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22,527.8

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21,792.7

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20,607.3

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20,887.5

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​

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 October 30, 2022 and October 31, 2021 at fair value on a recurring basis were as follows (in millions of dollars):

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2022

    

2021

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Marketable securities

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​

​

​

​

​

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International debt securities

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$

1.1

​

$

2.1

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Receivables from John Deere

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​

​

​

​

​

​

Derivatives

​

​

214.8

​

​

191.6

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Other assets

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​

​

​

​

​

​

Derivatives

​

​

1.3

​

​

1.1

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Total assets

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$

217.2

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$

194.8

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​

​

​

​

​

​

​

​

Other payables to John Deere

​

​

​

​

​

​

​

Derivatives

​

$

1,024.2

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$

97.6

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Accounts payable and accrued expenses

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​

​

​

​

​

​

Derivatives

​

​

14.1

​

​

4.8

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Total liabilities

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$

1,038.3

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$

102.4

​

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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 a cost that approximates fair value. The cash equivalents consist of time deposits and money market funds.

Fair Value, Nonrecurring Level 3 Measurements from Impairments

Fair value, nonrecurring Level 3 measurements from impairments, excluding Receivables with specific allowances which were not material, at October 30, 2022 and October 31, 2021 were as shown in the table below (in millions of dollars). The losses recorded during 2020 were the result of impairments taken on operating leases and matured operating lease inventory (see Note 6).

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Fair Value

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Losses

 

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2022

    

2021

    

2022

    

2021

    

2020

 

Equipment on operating leases - net

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​

​

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$

21.0

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Other assets

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​

​

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9.8

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Total

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$

30.8

​