Fair Value Measurements (Tables)

12 Months Ended

Oct. 29, 2023

Fair Value Measurements

Fair Value of Financial Instruments

The fair values of financial instruments that do not approximate the carrying values at October 29, 2023 and October 30, 2022 were as follows:

	2023				2022
	Carrying		Fair		Carrying		Fair
	Value		Value		Value		Value
Receivables financed – net	$	43,862.4	$	43,168.7	$	36,377.3	$	35,562.4
Retail notes securitized – net		7,335.4		7,055.8		5,935.9		5,696.3
Securitization borrowings		6,995.2		6,921.1		5,710.9		5,576.6
Current maturities of long-term external borrowings		6,059.9		5,953.0		5,989.6		5,887.7
Long-term external borrowings		27,439.3		27,057.7		22,527.8		21,792.7

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 29, 2023 and October 30, 2022 at fair value on a recurring basis were as follows:

	2023		2022
Marketable securities
International debt securities	$	1.4	$	1.1
Receivables from John Deere
Derivatives		144.4		214.8
Other assets
Derivatives		11.3		1.3
Total assets	$	157.1	$	217.2
Other payables to John Deere
Derivatives	$	974.9	$	1,024.2
Accounts payable and accrued expenses
Derivatives		.5		14.1
Total liabilities	$	975.4	$	1,038.3

All fair value measurements in the table above were Level 2. Excluded from the table above were our cash equivalents, which were carried at a cost that approximates fair value. The cash equivalents consist of time deposits and money market funds.