Fair Value Measurements (Tables)

9 Months Ended

Jul. 30, 2023

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 30, 2023				October 30, 2022				July 31, 2022
	Carrying		Fair		Carrying		Fair		Carrying		Fair
	Value		Value		Value		Value		Value		Value
Receivables financed – net	$	43,068.8	$	42,654.1	$	36,377.3	$	35,562.4	$	35,214.2	$	34,617.9
Retail notes securitized – net		7,001.3		6,817.7		5,935.9		5,696.3		5,139.4		4,988.8
Securitization borrowings		6,608.4		6,538.4		5,710.9		5,576.6		4,918.5		4,861.4
Current maturities of long- term external borrowings		5,091.2		4,947.7		5,989.6		5,887.7		6,476.7		6,426.0
Long-term external borrowings		27,408.0		27,135.5		22,527.8		21,792.7		20,393.6		20,087.6

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 30		October 30		July 31
	2023		2022		2022
Marketable securities
International debt securities	$	1.8	$	1.1	$	1.3
Receivables from John Deere
Derivatives		169.5		214.8		168.3
Other assets
Derivatives		8.4		1.3		1.8
Total assets	$	179.7	$	217.2	$	171.4
Other payables to John Deere
Derivatives	$	743.4	$	1,024.2	$	446.6
Accounts payable and accrued expenses
Derivatives		5.2		14.1		22.1
Total liabilities	$	748.6	$	1,038.3	$	468.7

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.