LONG-TERM BORROWINGS

12 Months Ended

Nov. 02, 2025

LONG-TERM BORROWINGS

LONG-TERM BORROWINGS

19. LONG-TERM BORROWINGS

Long-term borrowings at the end of 2025 and 2024 consisted of:

	2025		2024
Underwritten term debt:
U.S. dollar notes and debentures:
6.55% debentures due 2028	$	200	$	200
5.375% notes due 2029		500		500
3.10% notes due 2030		700		700
8.10% debentures due 2030		250		250
4.15% notes due 2030*		498
7.125% notes due 2031		300		300
5.45% notes due 2035		1,250
3.90% notes due 2042		1,250		1,250
2.875% notes due 2049		500		500
3.75% notes due 2050		850		850
5.70% notes due 2055		750
Euro notes:
1.85% notes due 2028 (€600 principal)		694		650
2.20% notes due 2032 (€600 principal)		694		650
1.65% notes due 2039 (€650 principal)		752		704
Serial issuances:
Medium-term notes*		34,041		36,566
Other notes and finance lease obligations		470		265
Less: debt issuance costs and debt discounts		(155)		(156)
Long-term borrowings	$	43,544	$	43,229

*    Includes fair value hedge adjustments related to derivatives.

The 4.15% notes due 2030 listed above were issued on October 9, 2025, by Deere Funding Canada Corporation (DFCC), an indirect wholly-owned subsidiary. These notes are fully and unconditionally guaranteed on a senior unsecured basis by Deere & Company and, therefore, rank equally with all our outstanding notes and debentures. DFCC financial results were not material to our consolidated financial statements or consolidated results of operations, and as a result, we have elected to exclude summarized financial information.

Medium-term notes due through 2034 are offered by prospectus and issued at fixed and variable rates. All outstanding notes and debentures are senior unsecured borrowings and rank equally with each other.

The principal balances and weighted-average interest rates of the 4.15% notes due 2030 and the medium-term notes at the end of 2025 and 2024 follow:

	2025		2024
4.15% notes due 2030:
Principal	$	500
Weighted-average interest rate		3.4%
Medium-term notes:
Principal		34,241	$	37,141
Weighted-average interest rates		4.8%		5.2%

The principal amounts of our long-term borrowings maturing in each of the next five years are as follows: 2026 – $8,921, 2027 – $8,935, 2028 – $9,220, 2029 – $6,556, and 2030 – $4,615.