Fair Value Measurements (Tables)

3 Months Ended

Jan. 30, 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):

	January 30, 2022				October 31, 2021				January 31, 2021
	Carrying		Fair		Carrying		Fair		Carrying		Fair
	Value		Value		Value		Value		Value		Value
Receivables financed – net	$	32,100.0	$	32,055.4	$	31,891.7	$	31,903.6	$	29,426.5	$	29,666.0
Retail notes securitized – net		3,507.8		3,521.4		4,648.9		4,694.2		3,913.3		4,001.7
Securitization borrowings		3,473.8		3,459.3		4,595.2		4,600.0		3,951.5		3,985.8
Current maturities of long-term external borrowings		6,104.0		6,110.6		5,819.1		5,842.3		5,686.8		5,752.7
Long-term external borrowings		20,566.5		20,629.5		20,607.3		20,887.5		19,497.5		19,992.3

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):

	January 30		October 31		January 31
	2022		2021		2021
Marketable securities
International debt securities	$	1.8	$	2.1	$	2.2
Receivables from John Deere
Derivatives:
Interest rate contracts		133.3		186.2		484.3
Cross-currency interest rate contracts		23.5		5.4		3.4
Other assets
Derivatives:
Foreign currency exchange contracts		27.3		1.1		1.2
Total assets	$	185.9	$	194.8	$	491.1
Other payables to John Deere
Derivatives:
Interest rate contracts	$	186.0	$	96.1	$	42.1
Cross-currency interest rate contracts		.3		1.5		1.8
Accounts payable and accrued expenses
Derivatives:
Foreign currency exchange contracts		1.4		4.8		3.0
Total liabilities	$	187.7	$	102.4	$	46.9

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.