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):

	2022				2021
	Carrying		Fair		Carrying		Fair
	Value		Value		Value		Value
Receivables financed – net	$	36,438.6	$	35,562.4	$	31,891.7	$	31,903.6
Retail notes securitized – net		5,935.9		5,696.3		4,648.9		4,694.2
Securitization borrowings		5,710.9		5,576.6		4,595.2		4,600.0
Current maturities of long-term external borrowings		5,989.6		5,887.7		5,819.1		5,842.3
Long-term external borrowings		22,527.8		21,792.7		20,607.3		20,887.5

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):

	2022		2021
Marketable securities
International debt securities	$	1.1	$	2.1
Receivables from John Deere
Derivatives		214.8		191.6
Other assets
Derivatives		1.3		1.1
Total assets	$	217.2	$	194.8
Other payables to John Deere
Derivatives	$	1,024.2	$	97.6
Accounts payable and accrued expenses
Derivatives		14.1		4.8
Total liabilities	$	1,038.3	$	102.4

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 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).

	Fair Value		Losses
	2022	2021	2022	2021	2020
Equipment on operating leases - net					$	21.0
Other assets						9.8
Total					$	30.8