RECEIVABLES (Tables)

12 Months Ended

Oct. 29, 2023

Accounts, Notes, Loans and Financing Receivable

Schedule of Financing Receivable Installments

Financing receivable installments, including unearned finance income, at October 29, 2023 and October 30, 2022 were scheduled as follows:

	2023				2022
	Unrestricted/Securitized				Unrestricted/Securitized
Due in months:
0 – 12	$	22,176	$	2,820	$	17,032	$	2,226
13 – 24		8,646		2,089		7,975		1,667
25 – 36		6,692		1,509		5,987		1,209
37 – 48		4,844		824		4,297		709
49 – 60		2,920		241		2,559		227
Thereafter		942		11		809		9
Total	$	46,220	$	7,494	$	38,659	$	6,047

Analysis of the Allowance for Credit Losses and Investment in Financing Receivables

An analysis of the allowance for credit losses and investment in financing receivables follows:

	Retail Notes		Revolving
	& Financing		Charge		Wholesale
	Leases		Accounts		Receivables		Total
2023
Allowance:
Beginning of year balance	$	299	$	22	$	4	$	325
Provision		97		22				119
Provision transferred to held for sale		(142)						(142)
Provision (credit)		(45)		22				(23)
Write-offs		(84)		(45)				(129)
Recoveries		21		22				43
Translation adjustments		(19)						(19)
End of year balance*	$	172	$	21	$	4	$	197
Financing receivables:
End of year balance	$	39,585	$	4,698	$	6,922	$	51,205

2022
Allowance:
Beginning of year balance	$	138	$	21	$	7	$	166
Provision (credit)		197		(2)		(3)		192
Write-offs		(61)		(27)				(88)
Recoveries		22		30				52
Translation adjustments		3						3
End of year balance*	$	299	$	22	$	4	$	325
Financing receivables:
End of year balance	$	35,367	$	4,255	$	3,273	$	42,895

2021
Allowance:
Beginning of year balance	$	133	$	43	$	8	$	184
ASU No. 2016-13		44		(13)				31
Provision (credit)				(17)		(1)		(18)
Write-offs		(60)		(28)				(88)
Recoveries		20		36				56
Translation adjustments		1						1
End of year balance*	$	138	$	21	$	7	$	166
Financing receivables:
End of year balance	$	32,233	$	3,825	$	2,566	$	38,624

*    Individual allowances were not significant.

Financing Receivable Analysis Metrics

Financing receivable analysis metrics follow:

	2023		2022
Percent of the overall financing receivable portfolio:
Past-due amounts		1.02		1.07
Non-performing		.92		.83
Allowance for credit losses		.38		.76
Deposits held as credit enhancements	$	154	$	158

The allowance for credit losses as a percent of the overall financing receivable portfolio follow:

	2023	2022	2021
Deere & Company	.38	.76	.43
Closest comparators*	.90	.93	1.15

*    Peer companies from the 6153 and 6159 standard industrial classification (SIC) codes.

Schedule of Troubled Debt Restructuring Modifications

The following table quantifies troubled debt restructurings:

	2023		2022		2021
Number of receivable contracts		209		276		397
Pre-modification balance	$	10	$	12	$	18
Post modification balance		9		10		17

Schedule of Other Receivables

Other receivables at the end of 2023 and 2022 consisted of:

	2023		2022
Taxes receivable	$	1,626	$	1,450
Collateral on derivatives		667		709
Receivables from unconsolidated affiliates		3
Other		327		333
Other receivables	$	2,623	$	2,492

Retail Customer Receivables

Accounts, Notes, Loans and Financing Receivable

Credit Quality Analysis

The credit quality analysis of retail notes, financing leases, and revolving charge accounts (collectively, retail customer receivables) by year of origination was as follows:

	October 29, 2023
	2023		2022		2021		2020
Retail customer receivables:
Agriculture and turf
Current	$	15,191	$	8,430	$	5,120	$	2,334
30-59 days past due		62		75		39		21
60-89 days past due		18		26		18		10
90+ days past due		2		1		3		3
Non-performing		30		78		62		33
Construction and forestry
Current		2,927		1,961		1,084		353
30-59 days past due		49		34		27		9
60-89 days past due		19		14		12		5
90+ days past due				6		1
Non-performing		42		80		55		23
Total retail customer receivables	$	18,340	$	10,705	$	6,421	$	2,791
	October 29, 2023
	2019		Prior Years		Revolving Charge Accounts		Total
Retail customer receivables:
Agriculture and turf
Current	$	853	$	280	$	4,526	$	36,734
30-59 days past due		9		3		29		238
60-89 days past due		4		2		9		87
90+ days past due								9
Non-performing		22		22		8		255
Construction and forestry
Current		84		29		119		6,557
30-59 days past due		4				4		127
60-89 days past due		2				2		54
90+ days past due				1				8
Non-performing		9		4		1		214
Total retail customer receivables	$	987	$	341	$	4,698	$	44,283

	October 30, 2022
	2022		2021		2020		2019
Retail customer receivables:
Agriculture and turf
Current	$	13,500	$	7,984	$	4,091	$	1,875
30-59 days past due		46		63		36		17
60-89 days past due		14		25		13		6
90+ days past due		1
Non-performing		27		60		44		28
Construction and forestry
Current		2,964		1,974		842		292
30-59 days past due		53		52		23		9
60-89 days past due		19		16		7		3
90+ days past due		1		4		1		3
Non-performing		25		61		34		19
Total retail customer receivables	$	16,650	$	10,239	$	5,091	$	2,252
	October 30, 2022
	2018		Prior Years		Revolving Charge Accounts		Total
Retail customer receivables:
Agriculture and turf
Current	$	785	$	200	$	4,111	$	32,546
30-59 days past due		7		3		19		191
60-89 days past due		2		1		5		66
90+ days past due								1
Non-performing		18		19		8		204
Construction and forestry
Current		73		12		108		6,265
30-59 days past due		2		1		3		143
60-89 days past due		1				1		47
90+ days past due				1				10
Non-performing		7		3				149
Total retail customer receivables	$	895	$	240	$	4,255	$	39,622

Wholesale Receivables

Accounts, Notes, Loans and Financing Receivable

Credit Quality Analysis

The credit quality analysis of wholesale receivables by year of origination was as follows:

	October 29, 2023
	2023		2022		2021		2020
Wholesale receivables:
Agriculture and turf
Current	$	631	$	93	$	21	$	4
30+ days past due
Non-performing
Construction and forestry
Current		23		5		20
30+ days past due
Non-performing
Total wholesale receivables	$	654	$	98	$	41	$	4
	October 29, 2023
	2019		Prior Years		Revolving		Total
Wholesale receivables:
Agriculture and turf
Current	$	1	$	160	$	5,175	$	6,085
30+ days past due
Non-performing		1						1
Construction and forestry
Current				76		712		836
30+ days past due
Non-performing
Total wholesale receivables	$	2	$	236	$	5,887	$	6,922

	October 30, 2022
	2022		2021		2020		2019
Wholesale receivables:
Agriculture and turf
Current	$	387	$	64	$	27	$	4
30+ days past due
Non-performing								1
Construction and forestry
Current		7		29		2		1
30+ days past due
Non-performing
Total wholesale receivables	$	394	$	93	$	29	$	6
	October 30, 2022
	2018		Prior Years		Revolving		Total
Wholesale receivables:
Agriculture and turf
Current			$	2	$	2,371	$	2,855
30+ days past due
Non-performing								1
Construction and forestry
Current				1		377		417
30+ days past due
Non-performing
Total wholesale receivables			$	3	$	2,748	$	3,273

Trade Accounts and Notes Receivable

Accounts, Notes, Loans and Financing Receivable

Schedule of Trade Accounts and Notes Receivable, Financing Receivables, and Financing Receivables Related to the Sale of Equipment

Trade accounts and notes receivable at the end of 2023 and 2022 follow:

	2023		2022
Trade accounts and notes receivable:
Production & precision ag	$	2,642	$	2,397
Small ag & turf		2,344		2,065
Construction & forestry		2,753		1,948
Trade accounts and notes receivable – net	$	7,739	$	6,410

Schedule of Allowance for Credit Losses on Trade Accounts and Notes Receivable

The allowance for credit losses on trade accounts and notes receivable at October 29, 2023, October 30, 2022, and October 31, 2021, as well as the related activity, follow:

	2023		2022		2021
Beginning of year balance	$	36	$	41	$	39
ASU No. 2016-13						(2)
Provision		7		1		10
Write-offs		(8)		(5)		(7)
Translation adjustments				(1)		1
End of year balance	$	35	$	36	$	41

Financing Receivables

Accounts, Notes, Loans and Financing Receivable

Schedule of Trade Accounts and Notes Receivable, Financing Receivables, and Financing Receivables Related to the Sale of Equipment

Financing receivables at the end of 2023 and 2022 follow:

	2023				2022
	Unrestricted/Securitized				Unrestricted/Securitized
Retail notes:
Agriculture and turf	$	26,955	$	6,052	$	23,830	$	4,868
Construction and forestry		4,623		1,442		4,396		1,179
Total		31,578		7,494		28,226		6,047
Wholesale notes		6,947				3,285
Revolving charge accounts		4,789				4,316
Financing leases (direct and sales-type)		2,906				2,832
Total financing receivables		46,220		7,494		38,659		6,047
Less:
Unearned finance income:
Retail notes		1,906		137		1,358		95
Wholesale notes		25				12
Revolving charge accounts		91				61
Financing leases		350				285
Total		2,372		137		1,716		95
Allowance for credit losses		175		22		309		16
Financing receivables – net	$	43,673	$	7,335	$	36,634	$	5,936

Financing Receivables | Related to Sales of Equipment

Accounts, Notes, Loans and Financing Receivable

Schedule of Trade Accounts and Notes Receivable, Financing Receivables, and Financing Receivables Related to the Sale of Equipment

The balances at the end of 2023 and 2022 were as follows:

	2023		2022
Retail notes*:
Agriculture and turf	$	1,084	$	1,392
Construction and forestry		320		304
Total		1,404		1,696
Wholesale notes		6,947		3,285
Direct financing and sales-type leases*		494		799
Total		8,845		5,780
Less:
Unearned finance income:
Retail notes		137		133
Wholesale notes		25		12
Direct financing and sales-type leases		60		67
Total		222		212
Financing receivables related to our sales of equipment	$	8,623	$	5,568

*    These balances arise from sales and direct financing leases of equipment by company-owned dealers or through direct sales.