10-Q

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 10-Q

(Mark One)

☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended January 28, 2024

or

☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from ____ to ____

Commission file no: 1-4121

DEERE  &  COMPANY

(Exact name of registrant as specified in its charter)

Delaware
(State of incorporation) 36-2382580
(IRS employer identification no.)

One John Deere Place

Moline, Illinois 61265

(Address of principal executive offices)

Telephone Number: (309) 765-8000

Securities Registered Pursuant to Section 12(b) of the Act:

Title of each class	Trading symbol	Name of each exchange on which registered
Common stock, $1 par value	DE	New York Stock Exchange
6.55% Debentures Due 2028	DE28	New York Stock Exchange

Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.

Yes ☒ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).

Yes ☒ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer	☒	Accelerated filer	☐
Non-accelerated filer	☐	Smaller reporting company	☐
		Emerging growth company	☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).

Yes ☐ No ☒

At January 28, 2024, 278,358,210 shares of common stock, $1 par value, of the registrant were outstanding.

PART I. FINANCIAL INFORMATION

ITEM 1.  FINANCIAL STATEMENTS
DEERE & COMPANY
STATEMENTS OF CONSOLIDATED INCOME
For the Three Months Ended January 28, 2024 and January 29, 2023
(In millions of dollars and shares except per share amounts) Unaudited
	2024		2023
Net Sales and Revenues
Net sales	$	10,486	$	11,402
Finance and interest income		1,360		994
Other income		339		256
Total		12,185		12,652
Costs and Expenses
Cost of sales		7,200		7,934
Research and development expenses		533		495
Selling, administrative and general expenses		1,066		952
Interest expense		802		479
Other operating expenses		369		299
Total		9,970		10,159
Income of Consolidated Group before Income Taxes		2,215		2,493
Provision for income taxes		469		537
Income of Consolidated Group		1,746		1,956
Equity in income of unconsolidated affiliates		2		1
Net Income		1,748		1,957
Less: Net loss attributable to noncontrolling interests		(3)		(2)
Net Income Attributable to Deere & Company	$	1,751	$	1,959
Per Share Data
Basic	$	6.25	$	6.58
Diluted		6.23		6.55
Dividends declared		1.47		1.20
Dividends paid		1.35		1.13
Average Shares Outstanding
Basic		279.9		297.6
Diluted		281.1		299.1

See Condensed Notes to Interim Consolidated Financial Statements.

2

DEERE & COMPANY
STATEMENTS OF CONSOLIDATED COMPREHENSIVE INCOME
For the Three Months Ended January 28, 2024 and January 29, 2023
(In millions of dollars) Unaudited
	2024		2023
Net Income	$	1,748	$	1,957
Other Comprehensive Income (Loss), Net of Income Taxes
Retirement benefits adjustment		(21)		(11)
Cumulative translation adjustment		274		681
Unrealized loss on derivatives		(15)		(13)
Unrealized gain on debt securities		13		27
Other Comprehensive Income, Net of Income Taxes		251		684
Comprehensive Income of Consolidated Group		1,999		2,641
Less: Comprehensive income (loss) attributable to noncontrolling interests		(2)		6
Comprehensive Income Attributable to Deere & Company	$	2,001	$	2,635

See Condensed Notes to Interim Consolidated Financial Statements.

3

DEERE & COMPANY
CONDENSED CONSOLIDATED BALANCE SHEETS
(In millions of dollars) Unaudited
	January 28		October 29		January 29
	2024		2023		2023
Assets
Cash and cash equivalents	$	5,137	$	7,458	$	3,976
Marketable securities		1,136		946		852
Trade accounts and notes receivable – net		7,795		7,739		7,609
Financing receivables – net		43,708		43,673		36,882
Financing receivables securitized – net		6,400		7,335		5,089
Other receivables		2,017		2,623		1,992
Equipment on operating leases – net		6,751		6,917		6,502
Inventories		8,937		8,160		10,056
Property and equipment – net		6,914		6,879		6,212
Goodwill		3,966		3,900		3,891
Other intangible assets – net		1,112		1,133		1,255
Retirement benefits		3,087		3,007		3,793
Deferred income taxes		1,833		1,814		914
Other assets		2,578		2,503		2,597
Total Assets	$	101,371	$	104,087	$	91,620
Liabilities and Stockholders’ Equity
Liabilities
Short-term borrowings	$	17,117	$	17,939	$	14,129
Short-term securitization borrowings		6,116		6,995		4,864
Accounts payable and accrued expenses		13,361		16,130		13,108
Deferred income taxes		550		520		519
Long-term borrowings		39,933		38,477		35,071
Retirement benefits and other liabilities		2,115		2,140		2,493
Total liabilities		79,192		82,201		70,184
Commitments and contingencies (Note 16)
Redeemable noncontrolling interest		100		97		100
Stockholders’ Equity
Common stock, $1 par value (issued shares at January 28, 2024 – 536,431,204)		5,335		5,303		5,191
Common stock in treasury		(32,663)		(31,335)		(25,333)
Retained earnings		52,266		50,931		43,846
Accumulated other comprehensive income (loss)		(2,863)		(3,114)		(2,372)
Total Deere & Company stockholders’ equity		22,075		21,785		21,332
Noncontrolling interests		4		4		4
Total stockholders’ equity		22,079		21,789		21,336
Total Liabilities and Stockholders’ Equity	$	101,371	$	104,087	$	91,620

See Condensed Notes to Interim Consolidated Financial Statements.

4

DEERE & COMPANY
STATEMENTS OF CONSOLIDATED CASH FLOWS
For the Three Months Ended January 28, 2024 and January 29, 2023
(In millions of dollars) Unaudited
	2024		2023
Cash Flows from Operating Activities
Net income	$	1,748	$	1,957
Adjustments to reconcile net income to net cash used for operating activities:
Provision (credit) for credit losses		31		(130)
Provision for depreciation and amortization		520		494
Share-based compensation expense		46		23
Provision (credit) for deferred income taxes		27		(56)
Changes in assets and liabilities:
Receivables related to sales		(277)		(1,015)
Inventories		(723)		(1,279)
Accounts payable and accrued expenses		(2,327)		(1,577)
Accrued income taxes payable/receivable		183		199
Retirement benefits		(129)		(48)
Other		(7)		186
Net cash used for operating activities		(908)		(1,246)
Cash Flows from Investing Activities
Collections of receivables (excluding receivables related to sales)		7,752		7,198
Proceeds from sales of equipment on operating leases		506		497
Cost of receivables acquired (excluding receivables related to sales)		(6,447)		(6,322)
Purchases of property and equipment		(362)		(315)
Cost of equipment on operating leases acquired		(454)		(497)
Collateral on derivatives – net		310		345
Other		(88)		(146)
Net cash provided by investing activities		1,217		760
Cash Flows from Financing Activities
Net proceeds (payments) in short-term borrowings (original maturities three months or less)		(2,951)		697
Proceeds from borrowings issued (original maturities greater than three months)		5,287		2,505
Payments of borrowings (original maturities greater than three months)		(3,237)		(1,925)
Repurchases of common stock		(1,328)		(1,257)
Dividends paid		(386)		(341)
Other		(30)		(18)
Net cash used for financing activities		(2,645)		(339)
Effect of Exchange Rate Changes on Cash, Cash Equivalents, and Restricted Cash		16		62
Net Decrease in Cash, Cash Equivalents, and Restricted Cash		(2,320)		(763)
Cash, Cash Equivalents, and Restricted Cash at Beginning of Period		7,620		4,941
Cash, Cash Equivalents, and Restricted Cash at End of Period	$	5,300	$	4,178
Components of Cash, Cash Equivalents, and Restricted Cash
Cash and cash equivalents	$	5,137	$	3,976
Restricted cash (Other assets)		163		202
Total Cash, Cash Equivalents, and Restricted Cash	$	5,300	$	4,178

See Condensed Notes to Interim Consolidated Financial Statements.

5

DEERE & COMPANY
STATEMENTS OF CHANGES IN CONSOLIDATED STOCKHOLDERS’ EQUITY
For the Three Months Ended January 28, 2024 and January 29, 2023
(In millions of dollars) Unaudited
			Total Stockholders’ Equity
			Deere & Company Stockholders
									Accumulated
	Total								Other				Redeemable
	Stockholders’		Common		Treasury		Retained		Comprehensive		Noncontrolling		Noncontrolling
	Equity		Stock		Stock		Earnings		Income (Loss)		Interests		Interest
Balance October 30, 2022	$	20,265	$	5,165	$	(24,094)	$	42,247	$	(3,056)	$	3	$	92
Net income (loss)		1,960						1,959				1		(3)
Other comprehensive income		684								684				8
Repurchases of common stock		(1,257)				(1,257)
Treasury shares reissued		18				18
Dividends declared		(356)						(356)
Share based awards and other		22		26				(4)						3
Balance January 29, 2023	$	21,336	$	5,191	$	(25,333)	$	43,846	$	(2,372)	$	4	$	100
Balance October 29, 2023	$	21,789	$	5,303	$	(31,335)	$	50,931	$	(3,114)	$	4	$	97
Net income (loss)		1,752						1,751				1		(4)
Other comprehensive income		251								251				1
Repurchases of common stock		(1,340)				(1,340)
Treasury shares reissued		12				12
Dividends declared		(411)						(411)
Share based awards and other		26		32				(5)				(1)		6
Balance January 28, 2024	$	22,079	$	5,335	$	(32,663)	$	52,266	$	(2,863)	$	4	$	100

See Condensed Notes to Interim Consolidated Financial Statements.

6

Condensed Notes to Interim Consolidated Financial Statements (Unaudited)

(1)  Organization and Consolidation

Deere & Company has been developing innovative solutions to help its customers become more profitable for more than 185 years. References to “Deere & Company,” “John Deere,” “we,” “us,” or “our” include our consolidated subsidiaries. We manage our business through the following operating segments: production and precision agriculture (PPA), small agriculture and turf (SAT), construction and forestry (CF), and financial services (FS). References to “agriculture and turf” include both PPA and SAT.

We use a 52/53 week fiscal year with quarters ending on the last Sunday in the reporting period. The first quarter ends for fiscal year 2024 and 2023 were January 28, 2024 and January 29, 2023, respectively. Both periods contained 13 weeks. Unless otherwise stated, references to particular years, quarters, or months refer to our fiscal years generally ending in October and the associated periods in those fiscal years.

All amounts are presented in millions of dollars, unless otherwise specified.

(2)  Summary of Significant Accounting Policies and New Accounting Standards

Quarterly Financial Statements

The interim consolidated financial statements of Deere & Company have been prepared by us, without audit, pursuant to the rules and regulations of the U.S. Securities and Exchange Commission (SEC). Certain information and footnote disclosures normally included in annual financial statements prepared in accordance with accounting principles generally accepted in the U.S. have been condensed or omitted as permitted by such rules and regulations. All normal recurring adjustments have been included. Management believes the disclosures are adequate to present fairly the financial position, results of operations, and cash flows at the dates and for the periods presented. It is suggested these interim consolidated financial statements be read in conjunction with the consolidated financial statements and the notes thereto appearing in our latest Annual Report on Form 10-K. Results for interim periods are not necessarily indicative of those to be expected for the fiscal year.

Use of Estimates in Financial Statements

Certain accounting policies require management to make estimates and assumptions in determining the amounts reflected in the financial statements and related disclosures. Actual results could differ from those estimates.

New Accounting Standards

We closely monitor all Accounting Standard Updates (ASUs) issued by the Financial Accounting Standards Board (FASB) and other authoritative guidance. We adopted the following standards in 2024, none of which had a material effect on our consolidated financial statements.

Accounting Standards Adopted

2022-04 — Liabilities – Supplier Finance Programs (Subtopic 405-50): Disclosure of Supplier Finance Program Obligations

2022-02 — Financial Instruments – Credit Losses (Topic 326): Troubled Debt Restructurings and Vintage Disclosures

2022-01 — Derivatives and Hedging (Topic 815): Fair Value Hedging – Portfolio Layer Method

2021-08 — Business Combinations (Topic 805): Accounting for Contract Assets and Contract Liabilities from Contracts with Customers

Accounting Standards to be Adopted

In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures, which expands disclosures in an entity’s income tax rate reconciliation table and cash taxes paid both in the U.S. and foreign jurisdictions. The effective date of the ASU is fiscal year 2026. We are assessing the effect of this update on our related disclosures.

We will also adopt the following standards in future periods, none of which are expected to have a material effect on our consolidated financial statements.

2023-07 — Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures

2023-06 — Disclosure Improvements: Codification Amendments in Response to the SEC’s Disclosure Update and Simplification Initiative

2023-05 — Business Combinations – Joint Venture Formations (Subtopic 805-60): Recognition and Initial Measurement

2022-03 — Fair Value Measurement (Topic 820): Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions

7

(3)  Revenue Recognition

Our net sales and revenues by primary geographic market, major product line, and timing of revenue recognition follow:

	Three Months Ended January 28, 2024
	Production & Precision Ag		Small Ag & Turf		Construction & Forestry		Financial Services		Total
Primary geographic markets:
United States	$	2,721	$	1,345	$	2,095	$	970	$	7,131
Canada		386		118		210		172		886
Western Europe		503		517		361		40		1,421
Central Europe and CIS		179		73		94		8		354
Latin America		819		98		256		130		1,303
Asia, Africa, Oceania, and Middle East		435		341		258		56		1,090
Total	$	5,043	$	2,492	$	3,274	$	1,376	$	12,185
Major product lines:
Production agriculture	$	4,791							$	4,791
Small agriculture			$	1,718						1,718
Turf				649						649
Construction					$	1,483				1,483
Compact construction						626				626
Roadbuilding						763				763
Forestry						292				292
Financial products		60		26		18	$	1,376		1,480
Other		192		99		92				383
Total	$	5,043	$	2,492	$	3,274	$	1,376	$	12,185
Revenue recognized:
At a point in time	$	4,955	$	2,456	$	3,243	$	28	$	10,682
Over time		88		36		31		1,348		1,503
Total	$	5,043	$	2,492	$	3,274	$	1,376	$	12,185

	Three Months Ended January 29, 2023
	Production & Precision Ag		Small Ag & Turf		Construction & Forestry		Financial Services		Total
Primary geographic markets:
United States	$	2,628	$	1,665	$	1,901	$	713	$	6,907
Canada		360		146		275		150		931
Western Europe		501		564		365		29		1,459
Central Europe and CIS		202		123		75		12		412
Latin America		1,237		156		339		95		1,827
Asia, Africa, Oceania, and Middle East		375		400		300		41		1,116
Total	$	5,303	$	3,054	$	3,255	$	1,040	$	12,652
Major product lines:
Production agriculture	$	5,112							$	5,112
Small agriculture			$	2,194						2,194
Turf				719						719
Construction					$	1,483				1,483
Compact construction						473				473
Roadbuilding						818				818
Forestry						356				356
Financial products		31		18		13	$	1,040		1,102
Other		160		123		112				395
Total	$	5,303	$	3,054	$	3,255	$	1,040	$	12,652
Revenue recognized:
At a point in time	$	5,248	$	3,029	$	3,230	$	23	$	11,530
Over time		55		25		25		1,017		1,122
Total	$	5,303	$	3,054	$	3,255	$	1,040	$	12,652

8

We invoice in advance of recognizing the sale of certain products and the revenue for certain services. These relate to extended warranty premiums, advance payments for future equipment sales, and subscription and service revenue related to precision guidance, telematic services, and other information enabled solutions. These advanced customer payments are presented as deferred revenue, a contract liability, in “Accounts payable and accrued expenses.” The deferred revenue received, but not recognized in revenue, was $1,747, $1,697, and $1,502 at January 28, 2024, October 29, 2023, and January 29, 2023, respectively. The contract liability is reduced as the revenue is recognized. During the three months ended January 28, 2024 and January 29, 2023, $230 and $215, respectively, of revenue was recognized from deferred revenue that was recorded as a contract liability at the beginning of the respective fiscal year.

The amount of unsatisfied performance obligations for contracts with an original duration greater than one year was $1,531 at January 28, 2024. The estimated revenue to be recognized by fiscal year follows: remainder of 2024 – $373, 2025 – $409, 2026 – $304, 2027 – $179, 2028 – $108, 2029 – $74, and later years – $84. As permitted, we elected only to disclose remaining performance obligations with an original contract duration greater than one year. The contracts with an expected duration of one year or less are for sales to dealers and retail customers for equipment, service parts, repair services, and certain telematics services.

(4)  Other Comprehensive Income Items

The after-tax components of accumulated other comprehensive income (loss) follow:

	January 28		October 29		January 29
	2024		2023		2023
Retirement benefits adjustment	$	(866)	$	(845)	$	(400)
Cumulative translation adjustment		(1,877)		(2,151)		(1,913)
Unrealized gain (loss) on derivatives		(23)		(8)		8
Unrealized loss on debt securities		(97)		(110)		(67)
Total accumulated other comprehensive income (loss)	$	(2,863)	$	(3,114)	$	(2,372)

The following tables reflect amounts recorded in other comprehensive income (loss), as well as reclassifications out of other comprehensive income (loss).

	Before		Tax		After
	Tax		(Expense)		Tax
Three Months Ended January 28, 2024	Amount		Credit		Amount
Cumulative translation adjustment	$	273	$	1	$	274
Unrealized gain (loss) on derivatives:
Unrealized hedging gain (loss)		(8)		2		(6)
Reclassification of realized (gain) loss to:
Interest rate contracts – Interest expense		(11)		2		(9)
Net unrealized gain (loss) on derivatives		(19)		4		(15)
Unrealized gain (loss) on debt securities:
Unrealized holding gain (loss)		1		6		7
Reclassification of realized (gain) loss – Other income		8		(2)		6
Net unrealized gain (loss) on debt securities		9		4		13
Retirement benefits adjustment:
Net actuarial gain (loss)		(17)		4		(13)
Reclassification to Other operating expenses through amortization of:
Actuarial (gain) loss		(20)		5		(15)
Prior service (credit) cost		9		(2)		7
Net unrealized gain (loss) on retirement benefits adjustment		(28)		7		(21)
Total other comprehensive income (loss)	$	235	$	16	$	251

9

	Before		Tax		After
	Tax		(Expense)		Tax
Three Months Ended January 29, 2023	Amount		Credit		Amount
Cumulative translation adjustment	$	669	$	12	$	681
Unrealized gain (loss) on derivatives:
Unrealized hedging gain (loss)		(1)				(1)
Reclassification of realized (gain) loss to:
Interest rate contracts – Interest expense		(15)		3		(12)
Net unrealized gain (loss) on derivatives		(16)		3		(13)
Unrealized gain (loss) on debt securities:
Unrealized holding gain (loss)		34		(7)		27
Net unrealized gain (loss) on debt securities		34		(7)		27
Retirement benefits adjustment:
Net actuarial gain (loss)		(1)				(1)
Reclassification to Other operating expenses through amortization of:
Actuarial (gain) loss		(21)		5		(16)
Prior service (credit) cost		9		(3)		6
Net unrealized gain (loss) on retirement benefits adjustment		(13)		2		(11)
Total other comprehensive income (loss)	$	674	$	10	$	684

(5)  Earnings Per Share

A reconciliation of basic and diluted net income per share attributable to Deere & Company follows in millions, except per share amounts:

	Three Months Ended
	January 28		January 29
	2024		2023
Net income attributable to Deere & Company	$	1,751	$	1,959
Average shares outstanding		279.9		297.6
Basic per share	$	6.25	$	6.58
Average shares outstanding		279.9		297.6
Effect of dilutive stock options and restricted stock awards		1.2		1.5
Total potential shares outstanding		281.1		299.1
Diluted per share	$	6.23	$	6.55
Shares excluded from EPS calculation, as antidilutive		.2		.1

10

(6)  Pension and Other Postretirement Benefits

We have several funded and unfunded defined benefit pension plans and other postretirement benefit (OPEB) plans. These plans cover U.S. employees and certain foreign employees. The components of net periodic pension and OPEB (benefit) cost consisted of the following:

	Three Months Ended
	January 28		January 29
	2024		2023
Pensions
Service cost	$	58	$	60
Interest cost		136		133
Expected return on plan assets		(241)		(212)
Amortization of actuarial gain		(4)		(5)
Amortization of prior service cost		10		10
Net benefit	$	(41)	$	(14)
OPEB
Service cost	$	5	$	7
Interest cost		43		43
Expected return on plan assets		(27)		(29)
Amortization of actuarial gain		(16)		(16)
Amortization of prior service credit		(1)		(1)
Net cost	$	4	$	4

The components of net periodic pension and OPEB (benefit) cost excluding the service cost component are included in the line item “Other operating expenses.”

During the first three months of 2024, we contributed and expect to contribute the following amounts to our pension and OPEB plans:

	Pensions		OPEB
Contributed	$	24	$	106
Expected contributions remainder of the year		61		34

In December 2023, we contributed $60 to a U.S. non-union Voluntary Employees’ Beneficiary Association trust, which is included in the OPEB contributed amount. The contribution will be used to fund salary postretirement health care benefits during the remainder of 2024.

11

(7)  Segment Data

Information relating to operations by operating segment follows.

	Three Months Ended
	January 28		January 29		%
	2024		2023		Change
Net sales and revenues:
Production & precision ag net sales	$	4,849	$	5,198	-7
Small ag & turf net sales		2,425		3,001	-19
Construction & forestry net sales		3,212		3,203
Financial services revenues		1,376		1,040	+32
Other revenues		323		210	+54
Total net sales and revenues	$	12,185	$	12,652	-4
Operating profit:
Production & precision ag	$	1,045	$	1,208	-13
Small ag & turf		326		447	-27
Construction & forestry		566		625	-9
Financial services		257		238	+8
Total operating profit		2,194		2,518	-13
Reconciling items		26		(22)
Income taxes		(469)		(537)	-13
Net income attributable to Deere & Company	$	1,751	$	1,959	-11
Intersegment sales and revenues:
Production & precision ag net sales	$	8	$	5	+60
Small ag & turf net sales		1		3	-67
Construction & forestry net sales
Financial services revenues		176		204	-14

Operating profit for PPA, SAT, and CF is income from continuing operations before corporate expenses, certain external interest expenses, certain foreign exchange gains and losses, and income taxes. Operating profit of financial services includes the effect of interest expense and foreign exchange gains and losses. Reconciling items to net income are primarily corporate expenses, certain interest income and expenses, certain foreign exchange gains and losses, pension and OPEB benefit (cost) amounts excluding the service cost component, equity in income of unconsolidated affiliates, and net income attributable to noncontrolling interests.

Identifiable operating assets were as follows:
	January 28		October 29		January 29
	2024		2023		2023
Production & precision ag	$	9,059	$	8,734	$	9,393
Small ag & turf		4,426		4,348		4,893
Construction & forestry		7,371		7,139		7,232
Financial services		69,900		70,732		59,721
Corporate		10,615		13,134		10,381
Total assets	$	101,371	$	104,087	$	91,620

(8)  Financing Receivables

We monitor the credit quality of financing receivables based on delinquency status, defined as follows:

● Past due balances represent any payments 30 days or more past the due date.

● Non-performing financing receivables represent receivables for which we have stopped accruing finance income. This generally occurs when receivables are 90 days delinquent.

● Write-offs generally occur when receivables are 120 days delinquent. In these situations, the estimated uncollectible amount is written off to the allowance for credit losses. Any expected recovery is presented as non-performing.

12

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

	January 28, 2024
	2024		2023		2022		2021		2020		Prior Years		Revolving Charge Accounts		Total
Retail customer receivables:
Agriculture and turf
Current	$	3,248	$	13,626	$	7,731	$	4,577	$	2,032	$	931	$	2,798	$	34,943
30-59 days past due		5		122		66		47		22		11		71		344
60-89 days past due		1		50		26		15		7		5		16		120
90+ days past due				1		1		3		4						9
Non-performing				49		95		66		34		42		11		297
Construction and forestry
Current		803		2,698		1,743		911		276		109		101		6,641
30-59 days past due		8		73		46		26		8		3		5		169
60-89 days past due				26		20		13		6		3		2		70
90+ days past due						2		1				1				4
Non-performing		1		67		86		48		20		9		2		233
Total retail customer receivables	$	4,066	$	16,712	$	9,816	$	5,707	$	2,409	$	1,114	$	3,006	$	42,830

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

	January 29, 2023
	2023		2022		2021		2020		2019		Prior Years		Revolving Charge Accounts		Total
Retail customer receivables:
Agriculture and turf
Current	$	2,939	$	12,435	$	7,228	$	3,660	$	1,600	$	823	$	2,753	$	31,438
30-59 days past due		2		39		39		54		13		44		28		219
60-89 days past due		1		15		14		20		5		15		6		76
90+ days past due				1				3		1						5
Non-performing				40		58		41		27		34		8		208
Construction and forestry
Current		674		2,692		1,702		684		224		80		99		6,155
30-59 days past due		2		18		29		36		16		52		5		158
60-89 days past due				9		17		18		8		24		2		78
90+ days past due				1		2		1		2		1				7
Non-performing				46		58		30		16		7		1		158
Total retail customer receivables	$	3,618	$	15,296	$	9,147	$	4,547	$	1,912	$	1,080	$	2,902	$	38,502

13

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

	January 28, 2024
	2024		2023		2022		2021		2020		Prior Years		Revolving		Total
Wholesale receivables:
Agriculture and turf
Current	$	266	$	463	$	68	$	6	$	3	$	1	$	5,757	$	6,564
30+ days past due				1												1
Non-performing												1				1
Construction and forestry
Current		6		14		4		19				1		863		907
30+ days past due
Non-performing
Total wholesale receivables	$	272	$	478	$	72	$	25	$	3	$	3	$	6,620	$	7,473

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

	January 29, 2023
	2023		2022		2021		2020		2019		Prior Years		Revolving		Total
Wholesale receivables:
Agriculture and turf
Current	$	115	$	285	$	48	$	21	$	4	$	1	$	2,654	$	3,128
30+ days past due
Non-performing								1								1
Construction and forestry
Current		7		7		24		2				1		459		500
30+ days past due
Non-performing
Total wholesale receivables	$	122	$	292	$	72	$	24	$	4	$	2	$	3,113	$	3,629

14

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

	Three Months Ended January 28, 2024
	Retail Notes		Revolving
	& Financing		Charge		Wholesale
	Leases		Accounts		Receivables		Total
Allowance:
Beginning of period balance	$	172	$	21	$	4	$	197
Provision (credit)		35		(2)				33
Write-offs		(31)		(11)				(42)
Recoveries		1		8				9
Translation adjustments						(2)		(2)
End of period balance	$	177	$	16	$	2	$	195
Financing receivables:
End of period balance	$	39,824	$	3,006	$	7,473	$	50,303

	Three Months Ended January 29, 2023
	Retail Notes		Revolving
	& Financing		Charge		Wholesale
	Leases		Accounts		Receivables		Total
Allowance:
Beginning of period balance	$	299	$	22	$	4	$	325
Provision (credit)		15		(4)				11
Provision transferred to held for sale		(142)						(142)
Provision (credit)		(127)		(4)				(131)
Write-offs		(18)		(7)				(25)
Recoveries		4		5		1		10
Translation adjustments		(18)				(1)		(19)
End of period balance	$	140	$	16	$	4	$	160
Financing receivables:
End of period balance	$	35,600	$	2,902	$	3,629	$	42,131

The allowance for credit losses remained generally flat in the first quarter of 2024. In the first quarter of 2023, we determined that the financial services business in Russia met the held for sale criteria. The financing receivables in Russia were reclassified to “Other assets.” The associated allowance for credit losses was reversed and a valuation allowance for the assets held for sale was recorded. These operations were sold in the second quarter of 2023 (see Note 20).

Write-offs by year of origination were as follows:

	Three Months Ended January 28, 2024
	2024	2023		2022		2021		2020		Prior Years		Revolving Charge Accounts		Total
Retail customer receivables:
Agriculture and turf		$	2	$	4	$	3	$	4	$	1	$	9	$	23
Construction and forestry			6		7		2		1		1		2		19
Total retail customer receivables		$	8	$	11	$	5	$	5	$	2	$	11	$	42

Modifications

We occasionally grant contractual modifications to customers experiencing financial difficulties. Before offering a modification, we evaluate the ability of the customer to meet the modified payment terms. Modifications offered include payment deferrals, term extensions, or a combination thereof. Finance charges continue to accrue during the deferral or extension period. Our allowance for credit losses incorporates historical loss information, including the effects of loan modifications with customers. Therefore, additional adjustments to the allowance are generally not recorded upon modification of a loan.

15

The ending amortized cost of modified loans with borrowers experiencing financial difficulty during the three months ended January 28, 2024 were $17, of which $16 were current and $1 were non-performing. These modifications represented 0.03 percent of our financing receivable portfolio at January 28, 2024.

Defaults and subsequent write-offs of loans modified in the prior twelve months were not significant during the three months ended January 28, 2024. In addition, at January 28, 2024, we had no commitments to provide additional financing to these customers.

(9)  Securitization of Financing Receivables

Our funding strategy includes receivable securitizations, which allows us to receive cash for financing receivables immediately. While these securitization programs are administered in various forms, they are accomplished in the following basic steps:

1.We transfer financing receivables into a bankruptcy-remote special purpose entity (SPE).

2.The SPE issues debt to investors. The debt is secured by the financing receivables.

3.Investors are paid back based on cash receipts from the financing receivables.

As part of step 1, these receivables are legally isolated from the claims of our general creditors. This ensures cash receipts from the financing receivables are accessible to pay back securitization program investors. The structure of these transactions does not meet the accounting criteria for a sale of receivables. As a result, they are accounted for as a secured borrowing. The receivables and borrowings remain on our balance sheet and are separately reported as “Financing receivables securitized – net” and “Short-term securitization borrowings,” respectively.

The components of securitization programs were as follows:

	January 28		October 29		January 29
	2024		2023		2023
Financing receivables securitized (retail notes)	$	6,418	$	7,357	$	5,102
Allowance for credit losses		(18)		(22)		(13)
Other assets (primarily restricted cash)		140		152		97
Total restricted securitized assets	$	6,540	$	7,487	$	5,186
Short-term securitization borrowings	$	6,116	$	6,995	$	4,864
Accrued interest on borrowings		10		13		6
Total liabilities related to restricted securitized assets	$	6,126	$	7,008	$	4,870

(10)  Inventories

A majority of inventories owned by us are valued at cost on the “last-in, first-out” (LIFO) basis. If all inventories had been valued on a “first-in, first-out” (FIFO) basis, the estimated inventories by major classification would have been as follows:

	January 28		October 29		January 29
	2024		2023		2023
Raw materials and supplies	$	4,117	$	4,080	$	4,975
Work-in-process		1,223		1,010		1,478
Finished goods and parts		6,146		5,435		6,347
Total FIFO value		11,486		10,525		12,800
Excess of FIFO over LIFO		2,549		2,365		2,744
Inventories	$	8,937	$	8,160	$	10,056

16

(11)  Goodwill and Other Intangible Assets – Net

The changes in amounts of goodwill by operating segments were as follows. There were no accumulated goodwill impairment losses.

	Production & Precision Ag		Small Ag & Turf		Construction & Forestry		Total
Goodwill at October 30, 2022	$	646	$	318	$	2,723	$	3,687
Translation adjustments		15		7		182		204
Goodwill at January 29, 2023	$	661	$	325	$	2,905	$	3,891
Goodwill at October 29, 2023	$	702	$	363	$	2,835	$	3,900
Translation adjustments		4		2		60		66
Goodwill at January 28, 2024	$	706	$	365	$	2,895	$	3,966

The components of other intangible assets were as follows:

	January 28		October 29		January 29
	2024		2023		2023
Customer lists and relationships	$	509	$	501	$	522
Technology, patents, trademarks, and other		1,412		1,387		1,387
Total at cost		1,921		1,888		1,909
Less accumulated amortization:
Customer lists and relationships		207		195		184
Technology, patents, trademarks, and other		602		560		470
Total accumulated amortization		809		755		654
Other intangible assets – net	$	1,112	$	1,133	$	1,255

The amortization of other intangible assets in the first quarter of 2024 and 2023 was $42 and $39, respectively. The estimated amortization expense for the next five years is as follows: remainder of 2024 – $131, 2025 – $144, 2026 – $121, 2027 – $119, 2028 – $87, and 2029 – $74.

(12)  Short-Term Borrowings

Short-term borrowings were as follows:

	January 28		October 29		January 29
	2024		2023		2023
Commercial paper	$	8,378	$	9,100	$	6,425
Notes payable to banks		310		483		303
Finance lease obligations due within one year		27		25		23
Long-term borrowings due within one year		8,402		8,331		7,378
Short-term borrowings	$	17,117	$	17,939	$	14,129

17

(13)  Accounts Payable and Accrued Expenses

Accounts payable and accrued expenses consisted of the following:

	January 28		October 29		January 29
	2024		2023		2023
Accounts payable:
Trade payables	$	3,184	$	3,467	$	3,616
Dividends payable		413		388		358
Operating lease liabilities		293		281		305
Deposits withheld from dealers and merchants		153		163		153
Payables to unconsolidated affiliates		6		6		10
Other		183		153		156
Accrued expenses:
Employee benefits		1,107		2,152		1,015
Product warranties		1,589		1,610		1,444
Accrued taxes		1,364		1,558		1,336
Derivative liabilities		744		1,130		891
Dealer sales discounts		243		1,243		256
Extended warranty premium		1,047		1,021		901
Unearned revenue (contractual liability)		700		676		601
Unearned operating lease revenue		456		451		406
Accrued interest		502		434		371
Other		1,377		1,397		1,289
Accounts payable and accrued expenses	$	13,361	$	16,130	$	13,108

Amounts are presented net of eliminations, which primarily consist of dealer sales incentives with a right of set-off against trade receivables of $2,410 at January 28, 2024, $2,228 at October 29, 2023, and $1,540 at January 29, 2023. Other eliminations were made for accrued taxes and other accrued expenses.

(14)  Long-Term Borrowings

Long-term borrowings consisted of:

	January 28		October 29		January 29
	2024		2023		2023
Underwritten term debt
U.S. dollar notes and debentures:
2.75% notes due 2025	$	700	$	700	$	700
6.55% debentures due 2028		200		200		200
5.375% notes due 2029		500		500		500
3.10% notes due 2030		700		700		700
8.10% debentures due 2030		250		250		250
7.125% notes due 2031		300		300		300
3.90% notes due 2042		1,250		1,250		1,250
2.875% notes due 2049		500		500		500
3.75% notes due 2050		850		850		850
Euro notes:
1.375% notes due 2024 (€800 principal)						871
1.85% notes due 2028 (€600 principal)		651		634		653
2.20% notes due 2032 (€600 principal)		651		634		653
1.65% notes due 2039 (€650 principal)		705		687		708
Serial issuances:
Medium-term notes		31,001		29,638		25,618
Other notes and finance lease obligations		1,810		1,769		1,440
Less debt issuance costs and debt discounts		(135)		(135)		(122)
Long-term borrowings	$	39,933	$	38,477	$	35,071

Medium-term notes due through 2033 are primarily offered by prospectus and issued at fixed and variable rates. The principal balances of the medium-term notes were $31,808, $30,902, and $26,367 at January 28, 2024, October 29, 2023, and January 29, 2023, respectively. All outstanding notes and debentures are senior unsecured borrowings and rank equally with each other.

18

(15)  Leases - Lessor

We lease equipment manufactured or sold by us through John Deere Financial. Sales-type and direct financing leases are reported in “Financing receivables – net.” Operating leases are reported in “Equipment on operating leases – net.”

Lease revenues earned by us follow:

	Three Months Ended
	January 28		January 29
	2024		2023
Sales-type and direct finance lease revenues	$	47	$	41
Operating lease revenues		339		321
Variable lease revenues		4		6
Total lease revenues	$	390	$	368

(16)  Commitments and Contingencies

A standard warranty is provided as assurance that the equipment will function as intended. The standard warranty period varies by product and region. At the time a sale is recognized, we record an estimate of future warranty costs based on historical claims rate experience and estimated population under warranty.

The reconciliation of the changes in the warranty liability follows:

	Three Months Ended
	January 28		January 29
	2024		2023
Beginning of period balance	$	1,610	$	1,427
Warranty claims paid		(309)		(262)
New product warranty accruals		281		256
Foreign exchange		7		23
End of period balance	$	1,589	$	1,444

The costs for extended warranty programs are recognized as incurred.

In certain international markets, we provide guarantees to banks for the retail financing of John Deere equipment. At January 28, 2024, the notional value of these guarantees was $166. We may repossess the equipment collateralizing the receivables. At January 28, 2024, the accrued losses under these agreements were not material.

We also had other miscellaneous contingent liabilities and guarantees totaling approximately $115 at January 28, 2024. The accrued liability for these contingencies was not material at January 28, 2024.

At January 28, 2024, we had commitments of $597 for the construction and acquisition of property and equipment. Also, at January 28, 2024, we had restricted assets of $214, classified as “Other assets.”

We are subject to various unresolved legal actions. The accrued losses on these matters are not material. We believe the reasonably possible range of losses for these unresolved legal actions would not have a material effect on our financial statements. The most prevalent legal claims relate to product liability (including asbestos-related liability), retail credit, employment, patent, trademark, and antitrust matters.

19

(17)  Fair Value Measurements

The fair values of financial instruments that do not approximate the carrying values were as follows. Long-term borrowings exclude finance lease liabilities.

	January 28, 2024				October 29, 2023				January 29, 2023
	Carrying Value		Fair Value		Carrying Value		Fair Value		Carrying Value		Fair Value
Financing receivables – net	$	43,708	$	43,236	$	43,673	$	42,777	$	36,882	$	35,894
Financing receivables securitized – net		6,400		6,225		7,335		7,056		5,089		4,869
Short-term securitization borrowings		6,116		6,104		6,995		6,921		4,864		4,785
Long-term borrowings due within one year		8,402		8,283		8,331		8,156		7,378		7,220
Long-term borrowings		39,878		39,321		38,428		36,873		35,035		34,149

Fair value measurements above were Level 3 for all financing receivables and Level 2 for all borrowings.

Fair values of the financing receivables that were issued long-term were based on the discounted values of their related cash flows at interest rates currently being offered by us for similar financing receivables. The fair values of the remaining financing receivables approximated the carrying amounts.

Fair values of long-term borrowings and short-term securitization borrowings were based on current market quotes for identical or similar borrowings and credit risk, or on the discounted values of their related cash flows at current market interest rates.

Assets and liabilities measured at fair value on a recurring basis follow, excluding our cash equivalents, which were carried at a cost that approximates fair value and consisted of money market funds and time deposits.

	January 28		October 29		January 29
	2024		2023		2023
Level 1:
Marketable securities
International equity securities	$	5	$	3	$	2
International mutual funds securities		57		101
U.S. equity fund		105		86		86
U.S. fixed income fund		34		32		118
U.S. government debt securities		274		78		64
Total Level 1 marketable securities		475		300		270
Level 2:
Marketable securities
Corporate debt securities		220		244		209
International debt securities		87		1		18
Mortgage-backed securities		161		185		157
Municipal debt securities		69		75		71
U.S. government debt securities		124		141		127
Total Level 2 marketable securities		661		646		582
Other assets – Derivatives		253		292		360
Accounts payable and accrued expenses – Derivatives		744		1,130		891
Level 3:
Accounts payable and accrued expenses – Deferred consideration		176		186		225

The mortgage-backed securities are primarily issued by U.S. government sponsored enterprises.

20

The contractual maturities of debt securities at January 28, 2024 follow:

	Amortized		Fair
	Cost		Value
Due in one year or less	$	22	$	21
Due after one through five years		242		194
Due after five through 10 years		421		398
Due after 10 years		192		161
Mortgage-backed securities		189		161
Debt securities	$	1,066	$	935

Actual maturities may differ from contractual maturities because some securities may be called or prepaid. Mortgage-backed securities contain prepayment provisions and are not categorized by contractual maturity.

The following is a description of the valuation methodologies we use to measure certain financial instruments on the balance sheets at fair value:

Marketable securities – The portfolio of investments is valued on a market approach (matrix pricing model) in which all significant inputs are observable or can be derived from or corroborated by observable market data such as interest rates, yield curves, volatilities, credit risk, and prepayment speeds. Funds are valued using the fund’s net asset value, based on the fair value of the underlying securities. International debt securities are valued using quoted prices for identical assets in inactive markets.

Derivatives – Our derivative financial instruments consist of interest rate contracts (swaps), foreign currency exchange contracts (futures, forwards, and swaps), and cross-currency interest rate contracts (swaps). The portfolio is valued based on an income approach (discounted cash flow) using market observable inputs, including swap curves and both forward and spot exchange rates for currencies.

Financing receivables – Specific reserve impairments are based on the fair value of the collateral, which is measured using a market approach (appraisal values or realizable values).

(18)  Derivative Instruments

Fair values of our derivative instruments and the associated notional amounts were as follows. Assets are recorded in “Other assets,” while liabilities are recorded in “Accounts payable and accrued expenses.”

	January 28, 2024						October 29, 2023						January 29, 2023
			Fair Value						Fair Value						Fair Value
	Notional		Assets		Liabilities		Notional		Assets		Liabilities		Notional		Assets		Liabilities
Cash flow hedges:
Interest rate contracts	$	2,200	$	27	$	4	$	1,500	$	45			$	1,950	$	69
Fair value hedges:
Interest rate contracts		12,633		58		592		12,691			$	970		10,802		21	$	678
Not designated as hedging instruments:
Interest rate contracts		14,200		129		82		13,853		169		98		11,147		188		97
Foreign exchange contracts		7,856		39		53		8,117		75		54		9,304		71		110
Cross-currency interest rate contracts		189				13		176		3		8		234		11		6

21

The amounts recorded in the consolidated balance sheets related to borrowings designated in fair value hedging relationships were as follows. Fair value hedging adjustments are included in the carrying amount of the hedged item.

	Active Hedging Relationships				Discontinued Hedging Relationships
	Carrying Amount		Cumulative Fair Value		Carrying Amount of		Cumulative Fair Value
	of Hedged Item		Hedging Amount		Formerly Hedged Item		Hedging Amount
January 28, 2024
Short-term borrowings	$	288	$	(9)	$	1,960	$	10
Long-term borrowings		11,745		(537)		7,711		(270)
October 29, 2023
Short-term borrowings					$	1,814	$	15
Long-term borrowings	$	11,660	$	(976)		7,144		(288)
January 29, 2023
Short-term borrowings					$	1,915	$	15
Long-term borrowings	$	10,088	$	(666)		5,506		(83)

  The classification and gains (losses) including accrued interest expense related to derivative instruments on the statements of consolidated income consisted of the following:

	Three Months Ended
	January 28		January 29
	2024		2023
Fair Value Hedges
Interest rate contracts - Interest expense	$	344	$	239
Cash Flow Hedges
Recognized in OCI:
Interest rate contracts - OCI (pretax)	$	(8)	$	(1)
Reclassified from OCI:
Interest rate contracts - Interest expense		11		15
Not Designated as Hedges
Interest rate contracts - Net sales			$	(7)
Interest rate contracts - Interest expense	$	(9)		(8)
Foreign exchange contracts - Net sales		5		1
Foreign exchange contracts - Cost of sales		(30)		5
Foreign exchange contracts - Other operating expenses		(181)		(142)
Total not designated	$	(215)	$	(151)

Certain of our derivative agreements contain credit support provisions that may require us to post collateral based on the size of the net liability positions and credit ratings. The aggregate fair value of all derivatives with credit-risk-related contingent features that were in a net liability position at January 28, 2024, October 29, 2023, and January 29, 2023 was $691, $1,076, and $781, respectively. In accordance with the limits established in these agreements, we posted $368, $659, and $349 of cash collateral at January 28, 2024, October 29, 2023, and January 29, 2023, respectively. In addition, we paid $8 of collateral that was outstanding at January 28, 2024, October 29, 2023, and January 29, 2023 to participate in an international futures market to hedge currency exposure, not included in the table below.

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Derivatives are recorded without offsetting for netting arrangements or collateral. The impact on the derivative assets and liabilities related to netting arrangements and any collateral received or paid follows:

	Gross Amounts		Netting
January 28, 2024	Recognized		Arrangements		Collateral		Net Amount
Assets	$	253	$	(112)	$	(19)	$	122
Liabilities		744		(112)		(368)		264
	Gross Amounts		Netting
October 29, 2023	Recognized		Arrangements		Collateral		Net Amount
Assets	$	292	$	(152)			$	140
Liabilities		1,130		(152)	$	(659)		319
	Gross Amounts		Netting
January 29, 2023	Recognized		Arrangements		Collateral		Net Amount
Assets	$	360	$	(162)	$	(47)	$	151
Liabilities		891		(162)		(349)		380

(19)  Share-Based Awards

At January 28, 2024, we were authorized to grant an additional 15.0 million shares related to stock options and restricted stock units. In December 2023, we granted stock options to employees for the purchase of 216 thousand shares of common stock at an exercise price of $377.01 per share and a binomial lattice model fair value of $98.04 per share at the grant date. At January 28, 2024, options for 1.9 million shares were outstanding with a weighted-average exercise price of $214.88 per share.

During the three months ended January 28, 2024, the restricted stock units (RSUs) granted in thousands of shares and the weighted-average grant date fair values, using the closing price of our common stock on the grant date, in dollars follow:

		Grant Date
	Shares	Fair Value
Service-based	360	$	377.04
Performance/service-based	52		360.53
Market/service-based	52		370.87

In December 2023, we granted market/service-based RSUs. The vesting period for the market/service-based RSUs is three years and dividend equivalents are not earned during the vesting period. The market/service-based RSUs are subject to a market related metric based on total shareholder return, compared to a benchmark group of companies, and award common stock in a range of zero to 200 percent for each unit granted based on the level of the metric achieved. The fair value of the market/service based RSUs was determined using a Monte Carlo model.

(20)  Special Item

In January 2023, we reached an agreement to sell our financial services business in Russia (registered in Russia as a leasing company). We reversed the allowance for credit losses and recorded a valuation allowance on the assets held for sale in “Selling, administrative and general expenses.” In March 2023, we sold our financial services business in Russia to Insight Investment Group. The total proceeds, net of restricted cash sold, were $36. The operations were included in the financial services operating segment through the date of sale. At the disposal date, the total assets were $31, consisting primarily of financing receivables, the total liabilities were $5, and the cumulative translation loss was $10. We did not incur additional gains or losses upon disposition.

(21)  Subsequent Events

In February 2024, we entered into a retail note securitization transaction, resulting in $529 of secured borrowings.

On February 28, 2024, a quarterly dividend of $1.47 per share was declared at the Board of Directors meeting, payable on May 8, 2024, to stockholders of record on March 29, 2024.

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Item 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

RESULTS OF OPERATIONS

All amounts are presented in millions of dollars unless otherwise specified.

OVERVIEW

Organization

Deere & Company is a global leader in the production of agricultural, turf, construction, and forestry equipment and solutions. John Deere Financial provides financing for John Deere equipment, parts, services, and other input costs customers need to run their operations. Our operations are managed through the production and precision agriculture (PPA), small agriculture and turf (SAT), construction and forestry (CF), and financial services operating segments. References to “equipment operations” include PPA, SAT, and CF, while references to “agriculture and turf” include both PPA and SAT.

Smart Industrial Operating Model and Leap Ambitions

We announced the Smart Industrial Operating Model in 2020. This operating model is based on three focus areas:

(a) Production systems: A strategic alignment of products and solutions around our customers’ operations.

(b) Technology stack: Investments in technology, as well as research and development, that deliver intelligent solutions to our customers through digital capabilities, automation, autonomy, and alternative power technologies.

(c) Lifecycle solutions: The integration of our aftermarket and support capabilities to more effectively manage customer equipment, service, and technology needs across the full lifetime of a John Deere product.

Our Leap Ambitions were launched in 2022. These ambitions are designed to boost economic value and sustainability for our customers. The ambitions align across our customers’ production systems seeking to optimize their operations to deliver better outcomes with fewer resources.

In January 2024, we released our 2023 Business Impact Report, available at JohnDeere.com/sustainability. This report identifies important progress on our Leap Ambitions in fiscal year 2023. The information in our 2023 Business Impact Report is not incorporated by reference into, and does not form a part of, this Quarterly Report on Form 10-Q.

Trends and Economic Conditions

Industry Sales Outlook for Fiscal Year 2024

Agriculture and Turf

Construction and Forestry

Company Trends – Customers seek to improve profitability, productivity, and sustainability through technology. Integration of technology into equipment is a persistent market trend. Our Smart Industrial Operating Model and Leap Ambitions are intended to capitalize on this market trend. These technologies are incorporated into products within each of our operating segments. We expect this trend to persist for the foreseeable future. The investments in these technologies and in establishing a Solutions as a Service business model might increase our operating costs and may decrease operating margins during the transition period. In the first quarter of 2024, we announced an agreement with SpaceX to expand machine connectivity for our customers in rural areas through satellite communication.

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Company Outlook for 2024

Production volumes are expected to decline in 2024 as demand moderates to more normal levels.

Agriculture and Turf Outlook for 2024

● We expect large and small agricultural equipment sales to be down from 2023 levels in North America, Europe, and South America.

● Sales of compact utility tractors continue to be lower as the industry works to bring down inventory levels, while demand for turf products has stabilized.

● We continue to produce at levels in line with retail demand in North America. To manage inventory in Europe and Brazil, we are producing at levels below retail demand.

● Agricultural fundamentals are expected to moderate in 2024 due to lower commodity prices and elevated interest rates, offset by resilient farm balance sheets and lower input costs.

● The U.S. equipment fleet age is above 20-year averages for both tractors and combines.

● The dairy and livestock sector continues to benefit from elevated cattle and hay prices.

● Commodity markets remain disrupted in Central and Eastern Europe due to the Russia/Ukraine war. Western Europe equipment demand is moderately impacted by uncertainty related to current cash crop receipts, agriculture policy changes, and high interest rates.

● Demand in Brazil is expected to moderate due to adverse weather conditions and high interest rates.

● Industry sales in Asia are forecasted to be down moderately.

Construction and Forestry Outlook for 2024

● Construction equipment industry sales are forecasted to be down from 2023 levels.

● Benefits from increasing U.S. infrastructure spending, elevated manufacturing investment levels, and improving single family housing starts are expected to partially offset moderation in office and retail construction.

● Roadbuilding demand remains strong in the U.S., largely offset by softening demand in Europe.

Financial Services Outlook for 2024

Net Income	Up moderately
+ Nonrecurring prior period special items	Favorable
+ Higher average portfolio	Favorable
(-) Financing spreads	Unfavorable
(-) Provision for credit losses	Unfavorable

Additional Trends

Agricultural Market Business Cycle. The agricultural market is affected by various factors including commodity prices, acreage planted, crop yields, and government policies. These factors affect farmers’ income and may result in lower demand for equipment. We may experience any of the following effects during unfavorable market conditions: lower net sales, higher sales discounts, higher receivable write-offs, or losses on equipment on operating leases. A potential benefit is that customers may invest in integrated technology solutions and precision agriculture to lower input costs and improve margins.

Interest Rates. Central bank policy interest rates increased in 2023 and have remained elevated. Increased rates impacted us in several ways, primarily affecting the financing spreads for the financial services operations and demand for our products.

The market for our products is negatively impacted by higher interest rates. We expect higher borrowing costs for our customers to primarily affect discretionary and residential product sales in 2024.

Most retail customer receivables are fixed rate. Wholesale financing receivables generally are variable rate. Both types of receivables are financed with fixed and floating rate borrowings. We manage our exposure to interest rate fluctuations by matching our receivables with our funding sources. We also enter into interest rate swap agreements to match our interest rate exposure.

Rising interest rates have historically impacted our borrowings sooner than the benefit is realized from receivable and lease portfolios. As a result, our financial services operations experienced $27 (after-tax) less favorable financing spreads in 2024 compared to 2023. We expect to continue experiencing spread compression in 2024, but at a moderating pace relative to spread compression experienced in 2023.

Higher interest rates are driven by factors outside of our control, and as a result we cannot reasonably foresee when this condition will subside.

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Other Items of Concern and Uncertainties – Other items that could impact our results are:

● global and regional political conditions, including the ongoing war between Russia and Ukraine and the war between Israel and Hamas,

● economic, tax, and trade policies,

● new or retaliatory tariffs,

● capital market disruptions,

● foreign currency and capital control policies,

● regulations and legislation regarding right to repair,

● weather conditions,

● marketplace adoption and monetization of technologies we have invested in,

● our ability to strengthen our digital capabilities, automation, autonomy, and alternative power technologies,

● changes in demand and pricing for new and used equipment,

● significant fluctuations in foreign currency exchange rates,

● volatility in the prices of many commodities, and

● slower economic growth or recession.

consolidated results – 2024 Compared with 2023

	Three Months Ended
Deere & Company	January 28		January 29
(In millions of dollars, except per share amounts)	2024		2023
Net sales and revenues	$	12,185	$	12,652
Net income attributable to Deere & Company		1,751		1,959
Diluted earnings per share		6.23		6.55

Net sales and revenues decreased for the quarter primarily due to lower sales volumes. Net income and diluted EPS decreased driven by lower sales. The discussion of net sales and operating profit is included in the Business Segment Results below.

An explanation of the cost of sales to net sales ratio and other significant statement of consolidated income changes follow:

	Three Months Ended
	January 28		January 29
Deere & Company	2024		2023		% Change
Cost of sales to net sales		68.7%		69.6%
(+) Price realization					Favorable
Other income	$	339	$	256	+32
Higher due to investment income earned on international mutual funds securities.
Research and development expenses		533		495	+8
Higher due to continued focus on developing and incorporating technology solutions.
Selling, administrative and general expenses		1,066		952	+12
Increased mostly due to higher employee pay driven by inflationary conditions and profit-sharing incentives.
Interest expense		802		479	+67
Increased primarily due to higher average borrowing rates and higher average borrowings.
Other operating expenses		369		299	+23
Increased due to higher foreign exchange losses.
Provision for income taxes		469		537	-13
Decreased as a result of lower pretax income.

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Business Segment Results – 2024 compared with 2023

	Three Months Ended
	January 28		January 29
Production and Precision Agriculture	2024		2023		% Change
Net sales	$	4,849	$	5,198	-7
Operating profit		1,045		1,208	-13
Operating margin		21.6%		23.2%
Price realization					+4
Currency translation impact on Net sales					+1

Production and precision agriculture sales decreased for the quarter as a result of lower shipment volumes (primarily in Brazil, the U.S., Canada, and Europe), driven by moderating agriculture fundamentals. This was partially offset by price realization in the U.S., Canada, and Europe due to inflation. Operating profit decreased primarily due to lower shipment volumes and increased selling, administrative and general expenses and research and development expenses, partially offset by price realization.

Production & Precision Agriculture Operating Profit

First Quarter 2024 Compared to First Quarter 2023

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	Three Months Ended
	January 28		January 29
Small Agriculture and Turf	2024		2023		% Change
Net sales	$	2,425	$	3,001	-19
Operating profit		326		447	-27
Operating margin		13.4%		14.9%
Price realization					+3
Currency translation impact on Net sales					+1

Small agriculture and turf sales decreased for the quarter due to lower shipment volumes (primarily in the U.S., Canada, Europe, and Mexico) driven by moderating market demand. This was partially offset by price realization in the U.S., Canada, and Europe due to inflation. Operating profit decreased primarily as a result of lower shipment volumes and increased selling, administrative and general expenses and research and development expenses. These items were partially offset by price realization and lower production costs, driven by a decrease in material and freight costs.

Small Agriculture & Turf Operating Profit

First Quarter 2024 Compared to First Quarter 2023

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	Three Months Ended
	January 28		January 29
Construction and Forestry	2024		2023		% Change
Net sales	$	3,212	$	3,203
Operating profit		566		625	-9
Operating margin		17.6%		19.5%
Price realization					+3
Currency translation impact on Net sales					+1

Construction and forestry sales were flat for the quarter, with positive price realization in the U.S. and Canada offset by lower shipment volumes. Operating profit decreased primarily due to higher production costs, lower shipment volumes, the unfavorable effects of foreign currency exchange, and higher selling, administrative and general expenses and research and development expenses. These items were partially offset by price realization and a favorable sales mix.

Construction & Forestry Operating Profit

First Quarter 2024 Compared to First Quarter 2023

	Three Months Ended
	January 28		January 29
Financial Services	2024		2023		% Change
Revenue (including intercompany)	$	1,552	$	1,244	+25
Interest expense		762		442	+72
Net income		207		185	+12

The average balance of receivables and leases financed was 19 percent higher in the first three months of 2024, compared with the same period last year. Revenue also increased due to higher average financing rates. Interest expense increased in the first quarter of 2024 as a result of higher average borrowing rates and higher average borrowings. Net income for the quarter increased mainly due to income earned on higher average portfolio balances, partially offset by less favorable financing spreads as a result of higher interest rates.

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Critical Accounting Estimates

See our critical accounting estimates discussed in the Management’s Discussion and Analysis of the most recently filed Annual Report on Form 10-K. There have been no material changes to these policies.

CAPITAL RESOURCES AND LIQUIDITY – 2024 compared with 2023

We have access to global markets at a reasonable cost. Sources of liquidity include:

● cash, cash equivalents, and marketable securities on hand,

● funds from operations,

● the issuance of commercial paper and term debt,

● the securitization of retail notes, and

● bank lines of credit.

We closely monitor our cash requirements. Based on the available sources of liquidity, we expect to meet our funding needs in the short term (next 12 months) and long term (beyond 12 months). We are forecasting lower operating cash flows in 2024 compared with 2023.

We operate in multiple industries, which have unique funding requirements. The equipment operations are capital intensive. Historically, these operations have been subject to seasonal variations in financing requirements for inventories and receivables from dealers.

The financial services operations rely on their ability to raise substantial amounts of funds to finance their receivable and lease portfolios.

Key metrics are provided in the following table:

	January 28		October 29		January 29
	2024		2023		2023
Cash, cash equivalents, and marketable securities	$	6,273	$	8,404	$	4,828
Trade accounts and notes receivable – net		7,795		7,739		7,609
Ratio to prior 12 month’s net sales		14%		14%		15%
Inventories		8,937		8,160		10,056
Ratio to prior 12 month’s cost of sales		24%		22%		27%
Unused credit lines		1,577		841		1,581
Financial Services:
Ratio of interest-bearing debt to stockholder’s equity		8.3 to 1		8.4 to 1		8.2 to 1

In the first quarter, we invested $128 in U.S. dollar denominated bonds issued by the central bank of Argentina. The bonds are recorded in “Marketable securities,” classified as “International debt securities.” These bonds can be held until maturity or sold in a secondary market outside of Argentina to settle intercompany debt (see note 17).

The increase in unused credit lines at January 28, 2024 compared to October 29, 2023 relates to a decrease in commercial paper outstanding generally corresponding with the level of receivable and lease portfolios. We forecast lower operating cash flows in 2024 driven by a decrease in net income adjusted for non-cash provisions and an unfavorable change in working capital.

There have been no material changes to the contractual obligations and other cash requirements identified in our most recently filed Annual Report on Form 10-K.

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Cash Flows

	Three Months Ended
	January 28		January 29
	2024		2023
Net cash used for operating activities	$	(908)	$	(1,246)
Net cash provided by investing activities		1,217		760
Net cash used for financing activities		(2,645)		(339)
Effect of exchange rate changes on cash, cash equivalents, and restricted cash		16		62
Net decrease in cash, cash equivalents, and restricted cash	$	(2,320)	$	(763)

Cash outflows from consolidated operating activities in the first three months of 2024 were $908. This resulted mainly from a working capital change, partially offset by net income adjusted for non-cash provisions. Cash inflows from investing activities were $1,217 in the first three months of this year. The primary drivers were collections of receivables (excluding receivables related to sales) exceeding the cost of receivables acquired and a change in collateral on derivatives – net, partially offset by purchases of property and equipment. Cash outflows from financing activities were $2,645 in the first three months of 2024. The increase in cash used for financing activities was due primarily to net payments of borrowings. Cash returned to shareholders was $1,714 in the first three months of 2024. Cash, cash equivalents, and restricted cash decreased $2,320 during the first three months of this year.

Key Metrics and Balance Sheet Changes

Trade Accounts and Notes Receivable – Trade accounts and notes receivable arise from sales of goods to customers. Trade receivables increased by $56 during the first three months of 2024, mostly due to a seasonal increase. These receivables increased $186, compared to a year ago, due to higher dealer inventory levels. The percentage of total worldwide trade receivables outstanding for periods exceeding 12 months was 1 percent at each of January 28, 2024, October 29, 2023, and January 29, 2023.

Financing Receivables and Equipment on Operating Leases – Financing receivables and equipment on operating leases consist of retail notes originated in connection with financing of new and used equipment, operating leases, revolving charge accounts, sales-type and direct financing leases, and wholesale notes. Financing receivables and equipment on operating leases decreased $1,066 during the first quarter of 2024, primarily due to seasonal payments, and increased $8,386 in the past 12 months, due to strong retail sales. Total acquisition volumes of financing receivables and equipment on operating leases were 16 percent higher in the first three months of 2024, compared with the same period last year, as volumes of wholesale notes, retail notes, and financing leases were higher, while revolving charge accounts and operating leases were lower compared to the same period last year.

Inventories – Inventories increased by $777 during the first three months, primarily due to a seasonal increase. Inventories decreased $1,119, compared to a year ago, due to lower forecasted shipment volumes. A majority of these inventories are valued on the last-in, first-out (LIFO) method.

Property and Equipment – Property and equipment cash expenditures in the first three months of 2024 were $362, compared with $315 in the same period last year. Capital expenditures in 2024 are estimated to be approximately $1,900.

Accounts Payable and Accrued Expenses – Accounts payable and accrued expenses decreased by $2,769 in the first three months of 2024, primarily due to a decrease in accrued expenses associated with employee benefits, dealer sales discounts, and derivative liabilities. Accounts payable and accrued expenses increased $253 compared to a year ago, due to an increase in accrued expenses associated with extended warranty premium, product warranties, and accrued interest, partially offset by a decrease in accounts payable associated with trade payables.

Borrowings – Total external borrowings decreased by $245 in the first three months of 2024 and increased $9,102 compared to a year ago, generally corresponding with the level of the receivable and the lease portfolio, as well as other working capital requirements.

John Deere Capital Corporation (Capital Corporation), a U.S. financial services subsidiary, has a revolving warehouse facility to utilize bank conduit facilities to securitize retail notes (see Note 9). The facility was renewed in November 2023 with an expiration in November 2024 and with an increase in the total capacity or “financing limit” from $1,500 to $2,000. At January 28, 2024, $1,118 of securitization borrowings were outstanding under the facility. At the end of the contractual revolving period, unless the banks and Capital Corporation agree to renew, Capital Corporation would liquidate the secured borrowings over time as payments on the retail notes are collected.

In the first three months of 2024, the financial services operations retired $881 of retail note securitization borrowings, which are presented in “Net proceeds (payments) in total short-term borrowings (original maturities three months or less).”

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Lines of Credit – We also have access to bank lines of credit with various banks throughout the world. Worldwide lines of credit totaled $10,310 at January 28, 2024, $1,577 of which were unused. For the purpose of computing unused credit lines, commercial paper, and short-term bank borrowings were considered to constitute utilization. Included in the total credit lines at January 28, 2024 was a 364-day credit facility agreement of $5,000, expiring in the second quarter of 2024. In addition, total credit lines included long-term credit facility agreements of $2,500, expiring in the second quarter of 2027, and $2,500, expiring in the second quarter of 2028. These credit agreements require Capital Corporation and other parts of our business to maintain certain performance metrics and liquidity targets. We expect to extend the terms of these credit facilities. All requirements in the credit agreements have been met during the periods included in the financial statements.

Debt Ratings – To access public debt capital markets, we rely on credit rating agencies to assign short-term and long-term credit ratings to our debt securities as an indicator of credit quality for fixed income investors. A security rating is not a recommendation by the rating agency to buy, sell, or hold our securities. A credit rating agency may change or withdraw ratings based on its assessment of our current and future ability to meet interest and principal repayment obligations. Each agency’s rating should be evaluated independently of any other rating. Lower credit ratings generally result in higher borrowing costs, including costs of derivative transactions, and reduced access to debt capital markets. The senior long-term and short-term debt ratings and outlook currently assigned to unsecured company securities by the rating agencies engaged by us are as follows:

	Senior
	Long-Term	Short-Term	Outlook
Fitch Ratings	A+	F1	Stable
Moody’s Investors Service, Inc.	A1	Prime-1	Stable
Standard & Poor’s	A	A-1	Stable

FORWARD-LOOKING STATEMENTS

Certain statements contained herein, including in the section entitled “Overview” relating to future events, expectations, and trends constitute “forward-looking statements” as defined in the Private Securities Litigation Reform Act of 1995 and involve factors that are subject to change, assumptions, risks, and uncertainties that could cause actual results to differ materially. Some of these risks and uncertainties could affect all lines of our operations generally while others could more heavily affect a particular line of business.

Forward-looking statements are based on currently available information and current assumptions, expectations, and projections about future events and should not be relied upon. Except as required by law, we expressly disclaim any obligation to update or revise our forward-looking statements. Many factors, risks, and uncertainties could cause actual results to differ materially from these forward-looking statements. Among these factors are risks related to:

● changes and compliance with U.S., foreign, and international laws, regulations, and policies relating to trade, economic sanctions, data privacy, spending, taxing, banking, monetary, environmental (including climate change and engine emission), and farming policies;

● political, economic, and social instability of the geographies in which we operate, including the ongoing war between Russia and Ukraine and the war between Israel and Hamas;

● adverse macroeconomic conditions, including unemployment, inflation, rising interest rates, changes in consumer practices due to slower economic growth, and regional or global liquidity constraints;

● worldwide demand for food and different forms of renewable energy;

● the ability to execute business strategies, including our Smart Industrial Operating Model, Leap Ambitions, and mergers and acquisitions;

● the ability to understand and meet customers’ changing expectations and demand for John Deere products and solutions;

● accurately forecasting customer demand for products and services and adequately managing inventory;

● the ability to integrate new technology, including automation and machine learning, and deliver precision technology, alternative power technologies, and solutions to customers, including through our Solutions as a Service business model;

● changes to governmental communications channels (radio frequency technology);

● the ability to adapt in highly competitive markets;

● dealer practices and their ability to manage distribution of John Deere products and support and service precision technology solutions;

● changes in climate patterns, unfavorable weather events, and natural disasters;

● governmental and other actions designed to address climate change in connection with a transition to a lower-carbon economy;

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● higher interest rates and currency fluctuations which could adversely affect the U.S. dollar, customer confidence, access to capital, and demand for John Deere products and solutions;

● availability and price of raw materials, components, and whole goods;

● delays or disruptions in our supply chain;

● our equipment fails to perform as expected, which could result in warranty claims, post-sales repairs or recalls, product liability litigation, and regulatory investigations;

● the ability to attract, develop, engage, and retain qualified personnel;

● security breaches, cybersecurity attacks, technology failures, and other disruptions to John Deere information technology infrastructure and products;

● loss of or challenges to intellectual property rights;

● legislation introduced or enacted that could affect our business model and intellectual property, such as right to repair legislation;

● investigations, claims, lawsuits, or other legal proceedings;

● events that damage our reputation or brand;

● world grain stocks, available farm acres, soil conditions, harvest yields, prices for commodities and livestock, input costs, and availability of transport for crops; and

● housing starts and supply, real estate and housing prices, levels of public and non-residential construction, and infrastructure investment.

Further information concerning us and our businesses, including factors that could materially affect our financial results, is included in our other filings with the SEC (including, but not limited to, the factors discussed in Item 1A. “Risk Factors” of our most recent Annual Report on Form 10-K and this Quarterly Report on Form 10-Q). There also may be other factors that we cannot anticipate or that are not described herein because we do not currently perceive them to be material.

SUPPLEMENTAL CONSOLIDATING DATA

The supplemental consolidating data presented on the subsequent pages is presented for informational purposes. Equipment operations represents the enterprise without financial services. Equipment operations includes production and precision agriculture operations, small agriculture and turf operations, construction and forestry operations, and other corporate assets, liabilities, revenues, and expenses not reflected within financial services. Transactions between the equipment operations and financial services have been eliminated to arrive at the consolidated financial statements.

Equipment operations and financial services participate in different industries. Equipment operations primarily generate earnings and cash flows by manufacturing and selling equipment, service parts, and technology solutions to dealers and retail customers. Financial services finances sales and leases by dealers of new and used equipment that is largely manufactured by us. Those earnings and cash flows generally are the difference between the finance income received from customer payments less interest expense, and depreciation on equipment subject to an operating lease. The two businesses are capitalized differently and have separate performance metrics. The supplemental consolidating data is also used by management due to these differences.

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DEERE & COMPANY
SUPPLEMENTAL CONSOLIDATING DATA
STATEMENTS OF INCOME
For the Three Months Ended January 28, 2024 and January 29, 2023
Unaudited
	EQUIPMENT				FINANCIAL
	OPERATIONS				SERVICES				ELIMINATIONS				CONSOLIDATED
	2024		2023		2024		2023		2024		2023		2024		2023
Net Sales and Revenues
Net sales	$	10,486	$	11,402									$	10,486	$	11,402
Finance and interest income		157		114	$	1,433	$	1,067	$	(230)	$	(187)		1,360		994	1 ​
Other income		289		234		119		177		(69)		(155)		339		256	2, 3​
Total		10,932		11,750		1,552		1,244		(299)		(342)		12,185		12,652
Costs and Expenses
Cost of sales		7,207		7,940						(7)		(6)		7,200		7,934	4 ​
Research and development expenses		533		495										533		495
Selling, administrative and general expenses		876		783		192		172		(2)		(3)		1,066		952	4 ​
Interest expense		108		101		762		442		(68)		(64)		802		479	1 ​
Interest compensation to Financial Services		162		123						(162)		(123)					1 ​
Other operating expenses		90		53		339		392		(60)		(146)		369		299	3, 5​
Total		8,976		9,495		1,293		1,006		(299)		(342)		9,970		10,159
Income before Income Taxes		1,956		2,255		259		238						2,215		2,493
Provision for income taxes		416		483		53		54						469		537
Income after Income Taxes		1,540		1,772		206		184						1,746		1,956
Equity in income of unconsolidated affiliates		1				1		1						2		1
Net Income		1,541		1,772		207		185						1,748		1,957
Less: Net loss attributable to noncontrolling interests		(3)		(2)										(3)		(2)
Net Income Attributable to Deere & Company	$	1,544	$	1,774	$	207	$	185					$	1,751	$	1,959

¹ Elimination of intercompany interest income and expense.

² Elimination of equipment operations’ margin from inventory transferred to equipment on operating leases.

³ Elimination of income and expenses between equipment operations and financial services related to intercompany guarantees of investments in certain international markets and intercompany service revenues and expenses.

⁴ Elimination of intercompany service fees.

⁵ Elimination of financial services’ lease depreciation expense related to inventory transferred to equipment on operating leases.

34

DEERE & COMPANY
SUPPLEMENTAL CONSOLIDATING DATA (Continued)
CONDENSED BALANCE SHEETS
Unaudited
	EQUIPMENT						FINANCIAL
	OPERATIONS						SERVICES						ELIMINATIONS						CONSOLIDATED
	Jan 28		Oct 29		Jan 29		Jan 28		Oct 29		Jan 29		Jan 28		Oct 29		Jan 29		Jan 28		Oct 29		Jan 29
	2024		2023		2023		2024		2023		2023		2024		2023		2023		2024		2023		2023
Assets
Cash and cash equivalents	$	3,467	$	5,720	$	2,665	$	1,670	$	1,738	$	1,311							$	5,137	$	7,458	$	3,976
Marketable securities		147		104		18		989		842		834								1,136		946		852
Receivables from Financial Services		4,296		4,516		5,348							$	(4,296)	$	(4,516)	$	(5,348)							6 ​
Trade accounts and notes receivable – net		1,093		1,320		1,342		9,167		8,687		7,827		(2,465)		(2,268)		(1,560)		7,795		7,739		7,609	7 ​
Financing receivables – net		72		64		51		43,636		43,609		36,831								43,708		43,673		36,882
Financing receivables securitized – net								6,400		7,335		5,089								6,400		7,335		5,089
Other receivables		1,515		1,813		1,583		559		869		489		(57)		(59)		(80)		2,017		2,623		1,992	7 ​
Equipment on operating leases – net								6,751		6,917		6,502								6,751		6,917		6,502
Inventories		8,937		8,160		10,056														8,937		8,160		10,056
Property and equipment – net		6,879		6,843		6,178		35		36		34								6,914		6,879		6,212
Goodwill		3,966		3,900		3,891														3,966		3,900		3,891
Other intangible assets – net		1,112		1,133		1,255														1,112		1,133		1,255
Retirement benefits		3,013		2,936		3,728		75		72		67		(1)		(1)		(2)		3,087		3,007		3,793	8 ​
Deferred income taxes		2,133		2,133		1,015		72		68		53		(372)		(387)		(154)		1,833		1,814		914	9 ​
Other assets		2,058		1,948		1,936		546		559		684		(26)		(4)		(23)		2,578		2,503		2,597
Total Assets	$	38,688	$	40,590	$	39,066	$	69,900	$	70,732	$	59,721	$	(7,217)	$	(7,235)	$	(7,167)	$	101,371	$	104,087	$	91,620
Liabilities and Stockholders’ Equity
Liabilities
Short-term borrowings	$	1,203	$	1,230	$	969	$	15,914	$	16,709	$	13,160							$	17,117	$	17,939	$	14,129
Short-term securitization borrowings								6,116		6,995		4,864								6,116		6,995		4,864
Payables to Equipment Operations								4,296		4,516		5,348	$	(4,296)	$	(4,516)	$	(5,348)							6 ​
Accounts payable and accrued expenses		12,677		14,862		11,819		3,232		3,599		2,952		(2,548)		(2,331)		(1,663)		13,361		16,130		13,108	7 ​
Deferred income taxes		478		452		404		444		455		269		(372)		(387)		(154)		550		520		519	9 ​
Long-term borrowings		7,270		7,210		8,155		32,663		31,267		26,916								39,933		38,477		35,071
Retirement benefits and other liabilities		2,006		2,032		2,384		110		109		111		(1)		(1)		(2)		2,115		2,140		2,493	8 ​
Total liabilities		23,634		25,786		23,731		62,775		63,650		53,620		(7,217)		(7,235)		(7,167)		79,192		82,201		70,184
Commitments and contingencies (Note 16)
Redeemable noncontrolling interest		100		97		100														100		97		100
Stockholders’ Equity
Total Deere & Company stockholders’ equity		22,075		21,785		21,332		7,125		7,082		6,101		(7,125)		(7,082)		(6,101)		22,075		21,785		21,332	10 ​
Noncontrolling interests		4		4		4														4		4		4
Financial Services’ equity		(7,125)		(7,082)		(6,101)								7,125		7,082		6,101							10 ​
Adjusted total stockholders’ equity		14,954		14,707		15,235		7,125		7,082		6,101								22,079		21,789		21,336
Total Liabilities and Stockholders’ Equity	$	38,688	$	40,590	$	39,066	$	69,900	$	70,732	$	59,721	$	(7,217)	$	(7,235)	$	(7,167)	$	101,371	$	104,087	$	91,620

⁶ Elimination of receivables / payables between equipment operations and financial services.

⁷ Primarily reclassification of sales incentive accruals on receivables sold to financial services.

⁸ Reclassification of net pension assets / liabilities.

⁹ Reclassification of deferred tax assets / liabilities in the same taxing jurisdictions.

¹⁰ Elimination of financial services’ equity.

35

DEERE & COMPANY
SUPPLEMENTAL CONSOLIDATING DATA (Continued)
STATEMENTS OF CASH FLOWS
For the Three Months Ended January 28, 2024 and January 29, 2023
Unaudited
	EQUIPMENT				FINANCIAL
	OPERATIONS				SERVICES				ELIMINATIONS				CONSOLIDATED
	2024		2023		2024		2023		2024		2023		2024		2023
Cash Flows from Operating Activities
Net income	$	1,541	$	1,772	$	207	$	185					$	1,748	$	1,957
Adjustments to reconcile net income to net cash provided by (used for) operating activities:
Provision (credit) for credit losses		(2)		1		33		(131)						31		(130)
Provision for depreciation and amortization		302		279		254		252	$	(36)	$	(37)		520		494	11 ​
Share-based compensation expense										46		23		46		23	12 ​
Distributed earnings of Financial Services		233		3						(233)		(3)					13 ​
Provision (credit) for deferred income taxes		48		(39)		(21)		(17)						27		(56)
Changes in assets and liabilities:
Receivables related to sales		209		(23)						(486)		(992)		(277)		(1,015)	14, 16​
Inventories		(687)		(1,254)						(36)		(25)		(723)		(1,279)	15 ​
Accounts payable and accrued expenses		(2,155)		(1,458)		25		145		(197)		(264)		(2,327)		(1,577)	16 ​
Accrued income taxes payable/receivable		165		192		18		7						183		199
Retirement benefits		(127)		(49)		(2)		1						(129)		(48)
Other		(46)		17		61		163		(22)		6		(7)		186	11, 12, 15​
Net cash provided by (used for) operating activities		(519)		(559)		575		605		(964)		(1,292)		(908)		(1,246)
Cash Flows from Investing Activities
Collections of receivables (excluding receivables related to sales)						8,007		7,495		(255)		(297)		7,752		7,198	14 ​
Proceeds from sales of equipment on operating leases						506		497						506		497
Cost of receivables acquired (excluding receivables related to sales)						(6,513)		(6,375)		66		53		(6,447)		(6,322)	14 ​
Purchases of property and equipment		(362)		(315)										(362)		(315)
Cost of equipment on operating leases acquired						(503)		(531)		49		34		(454)		(497)	15 ​
Decrease in investment in Financial Services		10								(10)							17 ​
Increase in trade and wholesale receivables						(871)		(1,499)		871		1,499					14 ​
Collateral on derivatives – net						310		345						310		345
Other		10		(9)		(98)		(137)						(88)		(146)
Net cash provided by (used for) investing activities		(342)		(324)		838		(205)		721		1,289		1,217		760
Cash Flows from Financing Activities
Net proceeds (payments) in short-term borrowings (original maturities three months or less)		78		(136)		(3,029)		833						(2,951)		697
Change in intercompany receivables/payables		288		1,469		(288)		(1,469)
Proceeds from borrowings issued (original maturities greater than three months)		11		1		5,276		2,504						5,287		2,505
Payments of borrowings (original maturities greater than three months)		(40)				(3,197)		(1,925)						(3,237)		(1,925)
Repurchases of common stock		(1,328)		(1,257)										(1,328)		(1,257)
Capital investment from Equipment Operations						(10)				10							17 ​
Dividends paid		(386)		(341)		(233)		(3)		233		3		(386)		(341)	13 ​
Other		(22)		(6)		(8)		(12)						(30)		(18)
Net cash used for financing activities		(1,399)		(270)		(1,489)		(72)		243		3		(2,645)		(339)
Effect of Exchange Rate Changes on Cash, Cash Equivalents, and Restricted Cash		11		48		5		14						16		62
Net Increase (Decrease) in Cash, Cash Equivalents, and Restricted Cash		(2,249)		(1,105)		(71)		342						(2,320)		(763)
Cash, Cash Equivalents, and Restricted Cash at Beginning of Period		5,755		3,781		1,865		1,160						7,620		4,941
Cash, Cash Equivalents, and Restricted Cash at End of Period	$	3,506	$	2,676	$	1,794	$	1,502					$	5,300	$	4,178
Components of Cash, Cash Equivalents, and Restricted Cash
Cash and cash equivalents	$	3,467	$	2,665	$	1,670	$	1,311					$	5,137	$	3,976
Restricted cash (Other assets)		39		11		124		191						163		202
Total Cash, Cash Equivalents, and Restricted Cash	$	3,506	$	2,676	$	1,794	$	1,502					$	5,300	$	4,178

¹¹ Elimination of depreciation on leases related to inventory transferred to equipment on operating leases.

¹² Reclassification of share-based compensation expense.

¹³ Elimination of dividends from financial services to the equipment operations, which are included in the equipment operations’ operating activities.

¹⁴ Primarily reclassification of receivables related to the sale of equipment.

¹⁵ Reclassification of direct lease agreements with retail customers.

¹⁶ Reclassification of sales incentive accruals on receivables sold to financial services.

¹⁷ Elimination of change in investment from equipment operations to financial services.

36

Item 3.  QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

See our most recently filed Annual Report on Form 10-K (Part II, Item 7A). There have been no material changes in this information.

Item 4.  CONTROLS AND PROCEDURES

Our principal executive officer and principal financial officer have concluded that our disclosure controls and procedures (as defined in Rules 13a-15(e) and 15d-15(e) of the Securities Exchange Act of 1934, as amended (the Exchange Act)) were effective as of January 28, 2024, based on the evaluation of these controls and procedures required by Rule 13a-15(b) or 15d-15(b) of the Exchange Act. During the first quarter of 2024, there were no changes that have materially affected or are reasonably likely to materially affect our internal control over financial reporting.

PART II.  OTHER INFORMATION

Item 1.  Legal Proceedings

We are subject to various unresolved legal actions which arise in the normal course of our business, the most prevalent of which relate to product liability (including asbestos-related liability), retail credit, employment, patent, trademark, and antitrust matters. We believe the reasonably possible range of losses for these unresolved legal actions would not have a material effect on our consolidated financial statements.

Item 1A.  Risk Factors

See our most recently filed Annual Report on Form 10-K (Part I, Item 1A). There have been no material changes in this information. The risks described in the Annual Report on Form 10-K, and the “Forward-Looking Statements” in this report, are not the only risks we face. Additional risks and uncertainties may also materially affect our business, financial condition, or operating results. One should not consider the risk factors to be a complete discussion of risks, uncertainties, and assumptions.

Item 2.  Unregistered Sales of Equity Securities and Use of Proceeds

Issuer Purchases of Equity Securities

Purchases of our common stock during the first quarter of 2024 were as follows:

				Total Number of
				Shares Purchased as	Maximum Number of
	Total Number of			Part of Publicly	Shares that May Yet Be
	Shares			Announced Plans or	Purchased under the
	Purchased (2)	Average Price		Programs (1)	Plans or Programs (1)
Period	(thousands)	Per Share		(thousands)	(millions)
Oct 30 to Nov 26	1,178	$	377.57	1,178	31.8
Nov 27 to Dec 24	1,296		372.25	1,259	30.7
Dec 25 to Jan 28	1,050		393.54	1,050	29.6
Total	3,524			3,487

(1) We have a share repurchase plan that was announced in December 2022 to purchase up to $18.0 billion of shares of our common stock. The maximum number of shares that may yet be purchased under this plan was 29.6 million based on the closing price of our common stock on the New York Stock Exchange as of the end of the first quarter of 2024 of $393.62 per share. At the end of the first quarter of 2024, $11.7 billion of common stock remains to be purchased under this plan.

(2) In the first quarter of 2024, 37 thousand shares were acquired from plan participants at a weighted-average market price of $365.60 per share to pay payroll taxes on the vesting of restricted stock awards.

37

Sales of Unregistered Securities

During the first quarter of 2024, we distributed 1,333 deferred stock awards to a participant account under the 2012 Deere & Company Nonemployee Director Stock Ownership Plan. The deferred stock awards converted to shares of common stock on a one-for-one basis. Deferred stock units and shares of common stock issued under the 2012 Deere & Company Nonemployee Director Stock Ownership Plan are exempt from registration pursuant to Section 4(a)(2) of the Securities Act of 1933, as amended, and Rule 506 of the SEC’s Regulation D thereunder.

Item 3.  Defaults Upon Senior Securities

None.

Item 4.  Mine Safety Disclosures

Not applicable.

Item 5.  Other Information

Director and Executive Officer Trading Arrangements

None.

Item 6.  Exhibits

Certain instruments relating to long-term borrowings constituting less than 10 percent of the registrant’s total assets are not filed as exhibits herewith pursuant to Item 601(b)(4)(iii)(A) of Regulation S-K. The registrant will furnish copies of such instruments to the Commission upon request of the Commission.

3.1	Certificate of Incorporation (Exhibit 3.1 to Form 10-Q of registrant for the quarter ended July 28, 2019, Securities and Exchange Commission File Number 1-4121*)
3.2	Bylaws, as amended (Exhibit 3.2 to Form 10-Q of registrant for the quarter ended July 30, 2023, Securities and Exchange Commission File Number 1-4121*)
31.1	Rule 13a-14(a)/15d-14(a) Certification
31.2	Rule 13a-14(a)/15d-14(a) Certification
32	Section 1350 Certifications (furnished herewith)
101.INS	Inline XBRL Instance Document (the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document)
101.SCH	Inline XBRL Taxonomy Extension Schema Document
101.CAL	Inline XBRL Taxonomy Extension Calculation Linkbase Document
101.DEF	Inline XBRL Taxonomy Extension Definition Linkbase Document
101.LAB	Inline XBRL Taxonomy Extension Label Linkbase Document
101.PRE	Inline XBRL Taxonomy Extension Presentation Linkbase Document
104	Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101)

* Incorporated by reference.

38

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

		DEERE & COMPANY
Date:	February 29, 2024	By:	/s/ Joshua A. Jepsen
			Joshua A. Jepsen Senior Vice President and Chief Financial Officer
			(Principal Financial Officer and Principal Accounting Officer)

39

EX-31.1

Exhibit 31.1

CERTIFICATIONS

I, John C. May, certify that:

1. I have reviewed this quarterly report on Form 10-Q of Deere & Company;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, and cash flows of the registrant as of, and for, the periods presented in this report;

4. The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c) Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

(d) Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5. The registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize, and report financial information; and

(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date:	February 29, 2024	By:	/s/ John C. May
			John C. May
			Chairman and Chief Executive Officer
			(Principal Executive Officer)

EX-31.2

Exhibit 31.2

CERTIFICATIONS

I, Joshua A. Jepsen, certify that:

1. I have reviewed this quarterly report on Form 10-Q of Deere & Company;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, and cash flows of the registrant as of, and for, the periods presented in this report;

4. The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c) Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

(d) Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5. The registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize, and report financial information; and

(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date:	February 29, 2024	By:	/s/ Joshua A. Jepsen
			Joshua A. Jepsen
			Senior Vice President and Chief Financial Officer
			(Principal Financial Officer and Principal Accounting Officer)

EX-32

EXHIBIT 32

STATEMENT PURSUANT TO

18 U.S.C. SECTION 1350

AS REQUIRED BY

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

In connection with the Quarterly Report of Deere & Company (the “Company”) on Form 10-Q for the period ended January 28, 2024, as filed with the Securities and Exchange Commission on the date hereof (the “Report”), the undersigned hereby certify that to the best of our knowledge:

1. The Report fully complies with the requirements of section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

2. The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

February 29, 2024	/s/ John C. May	Chairman and Chief Executive Officer
	John C. May	(Principal Executive Officer)
February 29, 2024	/s/ Joshua A. Jepsen	Senior Vice President and Chief Financial Officer
	Joshua A. Jepsen	(Principal Financial Officer and Principal
		Accounting Officer)

A signed original of this written statement required by Section 906 has been provided to Deere & Company and will be retained by Deere & Company and furnished to the Securities and Exchange Commission or its staff upon request.

XML

Document and Entity Information	3 Months Ended
	Jan. 28, 2024 shares
Document Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Transition Report	false
Document Period End Date	Jan. 28, 2024
Entity File Number	1-4121
Entity Registrant Name	DEERE & CO
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	36-2382580
Entity Address, Address Line One	One John Deere Place
Entity Address, City or Town	Moline
Entity Address, State or Province	IL
Entity Address, Postal Zip Code	61265
City Area Code	309
Local Phone Number	765-8000
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding	278,358,210
Current Fiscal Year End Date	--10-27
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q1
Entity Central Index Key	0000315189
Amendment Flag	false
Common Stock
Document Information [Line Items]
Title of 12(b) Security	Common stock, $1 par value
Trading Symbol	DE
Security Exchange Name	NYSE
6.55% Debentures Due 2028
Document Information [Line Items]
Title of 12(b) Security	6.55% Debentures Due 2028
Trading Symbol	DE28
Security Exchange Name	NYSE

XML

STATEMENTS OF CONSOLIDATED INCOME - USD ($) shares in Millions, $ in Millions	3 Months Ended
	Jan. 28, 2024	Jan. 29, 2023
Net Sales and Revenues
Net sales and revenues	$ 12,185	$ 12,652
Costs and Expenses
Research and development expenses	533	495
Selling, administrative and general expenses	1,066	952
Interest expense	802	479
Other operating expenses	369	299
Total	9,970	10,159
Income of Consolidated Group before Income Taxes	2,215	2,493
Provision for income taxes	469	537
Income of Consolidated Group	1,746	1,956
Equity in income of unconsolidated affiliates	2	1
Net Income	1,748	1,957
Less: Net loss attributable to noncontrolling interests	(3)	(2)
Net Income Attributable to Deere & Company	$ 1,751	$ 1,959
Per Share Data
Basic (in dollars per share)	$ 6.25	$ 6.58
Diluted (in dollars per share)	6.23	6.55
Dividends declared (in dollars per share)	1.47	1.20
Dividends paid (in dollars per share)	$ 1.35	$ 1.13
Average Shares Outstanding
Basic (in shares)	279.9	297.6
Diluted (in shares)	281.1	299.1
Net Sales
Net Sales and Revenues
Net sales and revenues	$ 10,486	$ 11,402
Cost of Sales
Cost of sales	7,200	7,934
Finance and Interest Income
Net Sales and Revenues
Net sales and revenues	1,360	994
Other income
Net Sales and Revenues
Net sales and revenues	$ 339	$ 256

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STATEMENTS OF CONSOLIDATED COMPREHENSIVE INCOME - USD ($) $ in Millions	3 Months Ended
	Jan. 28, 2024	Jan. 29, 2023
STATEMENTS OF CONSOLIDATED COMPREHENSIVE INCOME
Net Income	$ 1,748	$ 1,957
Other Comprehensive Income (Loss), Net of Income Taxes
Retirement benefits adjustment	(21)	(11)
Cumulative translation adjustment	274	681
Unrealized loss on derivatives	(15)	(13)
Unrealized gain on debt securities	13	27
Other Comprehensive Income, Net of Income Taxes	251	684
Comprehensive Income of Consolidated Group	1,999	2,641
Less: Comprehensive income (loss) attributable to noncontrolling interests	(2)	6
Comprehensive Income Attributable to Deere & Company	$ 2,001	$ 2,635

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CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Millions	Jan. 28, 2024	Oct. 29, 2023	Jan. 29, 2023
ASSETS
Cash and cash equivalents	$ 5,137	$ 7,458	$ 3,976
Marketable securities	1,136	946	852
Trade accounts and notes receivable - net	7,795	7,739	7,609
Other receivables	2,017	2,623	1,992
Equipment on operating leases - net	6,751	6,917	6,502
Inventories	8,937	8,160	10,056
Property and equipment - net	6,914	6,879	6,212
Goodwill	3,966	3,900	3,891
Other intangible assets - net	1,112	1,133	1,255
Retirement benefits	3,087	3,007	3,793
Deferred income taxes	1,833	1,814	914
Other assets	2,578	2,503	2,597
Total Assets	101,371	104,087	91,620
LIABILITIES
Short-term borrowings	17,117	17,939	14,129
Short-term securitization borrowings	6,116	6,995	4,864
Accounts payable and accrued expenses	13,361	16,130	13,108
Deferred income taxes	550	520	519
Long-term borrowings	39,933	38,477	35,071
Retirement benefits and other liabilities	2,115	2,140	2,493
Total liabilities	79,192	82,201	70,184
Commitments and contingencies (Note 16)
Redeemable noncontrolling interest	100	97	100
STOCKHOLDERS' EQUITY
Common stock, $1 par value (issued shares at January 28, 2024 - 536,431,204)	5,335	5,303	5,191
Common stock in treasury	(32,663)	(31,335)	(25,333)
Retained earnings	52,266	50,931	43,846
Accumulated other comprehensive income (loss)	(2,863)	(3,114)	(2,372)
Total Deere & Company stockholders' equity	22,075	21,785	21,332
Noncontrolling interests	4	4	4
Total stockholders' equity	22,079	21,789	21,336
Total Liabilities and Stockholders' Equity	101,371	104,087	91,620
Unrestricted
ASSETS
Financing receivables - net	43,708	43,673	36,882
Securitized
ASSETS
Financing receivables - net	$ 6,400	$ 7,335	$ 5,089
Location of liability for pledged asset	Short-term securitization borrowings	Short-term securitization borrowings	Short-term securitization borrowings
Other assets	$ 140	$ 152	$ 97
Total Assets	$ 6,540	$ 7,487	$ 5,186

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CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical)	Jan. 28, 2024 $ / shares shares
CONDENSED CONSOLIDATED BALANCE SHEETS
Common stock, par value (in dollars per share) | $ / shares	$ 1
Common stock, issued shares | shares	536,431,204

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STATEMENTS OF CONSOLIDATED CASH FLOWS - USD ($) $ in Millions	3 Months Ended
	Jan. 28, 2024	Jan. 29, 2023
Cash Flows from Operating Activities
Net income	$ 1,748	$ 1,957
Adjustments to reconcile net income to net cash used for operating activities:
Provision (credit) for credit losses	31	(130)
Provision for depreciation and amortization	520	494
Share-based compensation expense	46	23
Provision (credit) for deferred income taxes	27	(56)
Changes in assets and liabilities:
Receivables related to sales	(277)	(1,015)
Inventories	(723)	(1,279)
Accounts payable and accrued expenses	(2,327)	(1,577)
Accrued income taxes payable/receivable	183	199
Retirement benefits	(129)	(48)
Other	(7)	186
Net cash used for operating activities	(908)	(1,246)
Cash Flows from Investing Activities
Collections of receivables (excluding receivables related to sales)	7,752	7,198
Proceeds from sales of equipment on operating leases	506	497
Cost of receivables acquired (excluding receivables related to sales)	(6,447)	(6,322)
Purchases of property and equipment	(362)	(315)
Cost of equipment on operating leases acquired	(454)	(497)
Collateral on derivatives - net	310	345
Other	(88)	(146)
Net cash provided by investing activities	1,217	760
Cash Flows from Financing Activities
Net proceeds (payments) in short-term borrowings (original maturities three months or less)	(2,951)	697
Proceeds from borrowings issued (original maturities greater than three months)	5,287	2,505
Payments of borrowings (original maturities greater than three months)	(3,237)	(1,925)
Repurchases of common stock	(1,328)	(1,257)
Dividends paid	(386)	(341)
Other	(30)	(18)
Net cash used for financing activities	(2,645)	(339)
Effect of Exchange Rate Changes on Cash, Cash Equivalents, and Restricted Cash	16	62
Net Decrease in Cash, Cash Equivalents, and Restricted Cash	(2,320)	(763)
Cash, Cash Equivalents, and Restricted Cash at Beginning of Period	7,620	4,941
Cash, Cash Equivalents, and Restricted Cash at End of Period	5,300	4,178
Components of Cash, Cash Equivalents, and Restricted Cash
Cash and cash equivalents	5,137	3,976
Restricted cash (Other assets)	$ 163	$ 202
Balance sheet location of restricted cash	Other assets	Other assets
Total Cash, Cash Equivalents, and Restricted Cash	$ 5,300	$ 4,178

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STATEMENTS OF CHANGES IN CONSOLIDATED STOCKHOLDERS' EQUITY - USD ($) $ in Millions	Common Stock	Treasury Stock	Retained Earnings	Accumulated Other Comprehensive Income (Loss)	Noncontrolling Interests	Total
Balance at Oct. 30, 2022	$ 5,165		$ 42,247	$ (3,056)	$ 3	$ 20,265
Balance at Oct. 30, 2022		$ (24,094)
Increase (Decrease) in Stockholders' Equity
Net income			1,959		1	1,960
Other comprehensive income				684		684
Repurchases of common stock		(1,257)				(1,257)
Treasury shares reissued		18				18
Dividends declared			(356)			(356)
Share based awards and other	26		(4)			22
Balance at Jan. 29, 2023	5,191		43,846	(2,372)	4	21,336
Balance at Jan. 29, 2023		(25,333)				(25,333)
Redeemable Noncontrolling Interest - Balance at Oct. 30, 2022						92
Increase (Decrease) in Redeemable Noncontrolling Interest
Net loss						(3)
Other comprehensive income						8
Other						3
Redeemable Noncontrolling Interest - Balance at Jan. 29, 2023						100
Balance at Oct. 29, 2023	5,303		50,931	(3,114)	4	21,789
Balance at Oct. 29, 2023		(31,335)				(31,335)
Increase (Decrease) in Stockholders' Equity
Net income			1,751		1	1,752
Other comprehensive income				251		251
Repurchases of common stock		(1,340)				(1,340)
Treasury shares reissued		12				12
Dividends declared			(411)			(411)
Share based awards and other	32		(5)		(1)	26
Balance at Jan. 28, 2024	$ 5,335		$ 52,266	$ (2,863)	$ 4	22,079
Balance at Jan. 28, 2024		$ (32,663)				(32,663)
Redeemable Noncontrolling Interest - Balance at Oct. 29, 2023						97
Increase (Decrease) in Redeemable Noncontrolling Interest
Net loss						(4)
Other comprehensive income						1
Other						6
Redeemable Noncontrolling Interest - Balance at Jan. 28, 2024						$ 100

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ORGANIZATION AND CONSOLIDATION

3 Months Ended

Jan. 28, 2024

ORGANIZATION AND CONSOLIDATION

ORGANIZATION AND CONSOLIDATION

(1)  Organization and Consolidation

Deere & Company has been developing innovative solutions to help its customers become more profitable for more than 185 years. References to “Deere & Company,” “John Deere,” “we,” “us,” or “our” include our consolidated subsidiaries. We manage our business through the following operating segments: production and precision agriculture (PPA), small agriculture and turf (SAT), construction and forestry (CF), and financial services (FS). References to “agriculture and turf” include both PPA and SAT.

We use a 52/53 week fiscal year with quarters ending on the last Sunday in the reporting period. The first quarter ends for fiscal year 2024 and 2023 were January 28, 2024 and January 29, 2023, respectively. Both periods contained 13 weeks. Unless otherwise stated, references to particular years, quarters, or months refer to our fiscal years generally ending in October and the associated periods in those fiscal years.

All amounts are presented in millions of dollars, unless otherwise specified.

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SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES AND NEW ACCOUNTING STANDARDS

3 Months Ended

Jan. 28, 2024

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES AND NEW ACCOUNTING STANDARDS

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES AND NEW ACCOUNTING STANDARDS

(2)  Summary of Significant Accounting Policies and New Accounting Standards

Quarterly Financial Statements

The interim consolidated financial statements of Deere & Company have been prepared by us, without audit, pursuant to the rules and regulations of the U.S. Securities and Exchange Commission (SEC). Certain information and footnote disclosures normally included in annual financial statements prepared in accordance with accounting principles generally accepted in the U.S. have been condensed or omitted as permitted by such rules and regulations. All normal recurring adjustments have been included. Management believes the disclosures are adequate to present fairly the financial position, results of operations, and cash flows at the dates and for the periods presented. It is suggested these interim consolidated financial statements be read in conjunction with the consolidated financial statements and the notes thereto appearing in our latest Annual Report on Form 10-K. Results for interim periods are not necessarily indicative of those to be expected for the fiscal year.

Use of Estimates in Financial Statements

Certain accounting policies require management to make estimates and assumptions in determining the amounts reflected in the financial statements and related disclosures. Actual results could differ from those estimates.

New Accounting Standards

We closely monitor all Accounting Standard Updates (ASUs) issued by the Financial Accounting Standards Board (FASB) and other authoritative guidance. We adopted the following standards in 2024, none of which had a material effect on our consolidated financial statements.

Accounting Standards Adopted

2022-04 — Liabilities – Supplier Finance Programs (Subtopic 405-50): Disclosure of Supplier Finance Program Obligations

2022-02 — Financial Instruments – Credit Losses (Topic 326): Troubled Debt Restructurings and Vintage Disclosures

2022-01 — Derivatives and Hedging (Topic 815): Fair Value Hedging – Portfolio Layer Method

2021-08 — Business Combinations (Topic 805): Accounting for Contract Assets and Contract Liabilities from Contracts with Customers

Accounting Standards to be Adopted

In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures, which expands disclosures in an entity’s income tax rate reconciliation table and cash taxes paid both in the U.S. and foreign jurisdictions. The effective date of the ASU is fiscal year 2026. We are assessing the effect of this update on our related disclosures.

We will also adopt the following standards in future periods, none of which are expected to have a material effect on our consolidated financial statements.

2023-07 — Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures

2023-06 — Disclosure Improvements: Codification Amendments in Response to the SEC’s Disclosure Update and Simplification Initiative

2023-05 — Business Combinations – Joint Venture Formations (Subtopic 805-60): Recognition and Initial Measurement

2022-03 — Fair Value Measurement (Topic 820): Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions

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REVENUE RECOGNITION

3 Months Ended

Jan. 28, 2024

REVENUE RECOGNITION

REVENUE RECOGNITION

(3)  Revenue Recognition

Our net sales and revenues by primary geographic market, major product line, and timing of revenue recognition follow:

	Three Months Ended January 28, 2024
	Production & Precision Ag		Small Ag & Turf		Construction & Forestry		Financial Services		Total
Primary geographic markets:
United States	$	2,721	$	1,345	$	2,095	$	970	$	7,131
Canada		386		118		210		172		886
Western Europe		503		517		361		40		1,421
Central Europe and CIS		179		73		94		8		354
Latin America		819		98		256		130		1,303
Asia, Africa, Oceania, and Middle East		435		341		258		56		1,090
Total	$	5,043	$	2,492	$	3,274	$	1,376	$	12,185
Major product lines:
Production agriculture	$	4,791							$	4,791
Small agriculture			$	1,718						1,718
Turf				649						649
Construction					$	1,483				1,483
Compact construction						626				626
Roadbuilding						763				763
Forestry						292				292
Financial products		60		26		18	$	1,376		1,480
Other		192		99		92				383
Total	$	5,043	$	2,492	$	3,274	$	1,376	$	12,185
Revenue recognized:
At a point in time	$	4,955	$	2,456	$	3,243	$	28	$	10,682
Over time		88		36		31		1,348		1,503
Total	$	5,043	$	2,492	$	3,274	$	1,376	$	12,185

	Three Months Ended January 29, 2023
	Production & Precision Ag		Small Ag & Turf		Construction & Forestry		Financial Services		Total
Primary geographic markets:
United States	$	2,628	$	1,665	$	1,901	$	713	$	6,907
Canada		360		146		275		150		931
Western Europe		501		564		365		29		1,459
Central Europe and CIS		202		123		75		12		412
Latin America		1,237		156		339		95		1,827
Asia, Africa, Oceania, and Middle East		375		400		300		41		1,116
Total	$	5,303	$	3,054	$	3,255	$	1,040	$	12,652
Major product lines:
Production agriculture	$	5,112							$	5,112
Small agriculture			$	2,194						2,194
Turf				719						719
Construction					$	1,483				1,483
Compact construction						473				473
Roadbuilding						818				818
Forestry						356				356
Financial products		31		18		13	$	1,040		1,102
Other		160		123		112				395
Total	$	5,303	$	3,054	$	3,255	$	1,040	$	12,652
Revenue recognized:
At a point in time	$	5,248	$	3,029	$	3,230	$	23	$	11,530
Over time		55		25		25		1,017		1,122
Total	$	5,303	$	3,054	$	3,255	$	1,040	$	12,652

We invoice in advance of recognizing the sale of certain products and the revenue for certain services. These relate to extended warranty premiums, advance payments for future equipment sales, and subscription and service revenue related to precision guidance, telematic services, and other information enabled solutions. These advanced customer payments are presented as deferred revenue, a contract liability, in “Accounts payable and accrued expenses.” The deferred revenue received, but not recognized in revenue, was $1,747, $1,697, and $1,502 at January 28, 2024, October 29, 2023, and January 29, 2023, respectively. The contract liability is reduced as the revenue is recognized. During the three months ended January 28, 2024 and January 29, 2023, $230 and $215, respectively, of revenue was recognized from deferred revenue that was recorded as a contract liability at the beginning of the respective fiscal year.

The amount of unsatisfied performance obligations for contracts with an original duration greater than one year was $1,531 at January 28, 2024. The estimated revenue to be recognized by fiscal year follows: remainder of 2024 – $373, 2025 – $409, 2026 – $304, 2027 – $179, 2028 – $108, 2029 – $74, and later years – $84. As permitted, we elected only to disclose remaining performance obligations with an original contract duration greater than one year. The contracts with an expected duration of one year or less are for sales to dealers and retail customers for equipment, service parts, repair services, and certain telematics services.

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OTHER COMPREHENSIVE INCOME ITEMS

3 Months Ended

Jan. 28, 2024

OTHER COMPREHENSIVE INCOME ITEMS

OTHER COMPREHENSIVE INCOME ITEMS

(4)  Other Comprehensive Income Items

The after-tax components of accumulated other comprehensive income (loss) follow:

	January 28		October 29		January 29
	2024		2023		2023
Retirement benefits adjustment	$	(866)	$	(845)	$	(400)
Cumulative translation adjustment		(1,877)		(2,151)		(1,913)
Unrealized gain (loss) on derivatives		(23)		(8)		8
Unrealized loss on debt securities		(97)		(110)		(67)
Total accumulated other comprehensive income (loss)	$	(2,863)	$	(3,114)	$	(2,372)

The following tables reflect amounts recorded in other comprehensive income (loss), as well as reclassifications out of other comprehensive income (loss).

	Before		Tax		After
	Tax		(Expense)		Tax
Three Months Ended January 28, 2024	Amount		Credit		Amount
Cumulative translation adjustment	$	273	$	1	$	274
Unrealized gain (loss) on derivatives:
Unrealized hedging gain (loss)		(8)		2		(6)
Reclassification of realized (gain) loss to:
Interest rate contracts – Interest expense		(11)		2		(9)
Net unrealized gain (loss) on derivatives		(19)		4		(15)
Unrealized gain (loss) on debt securities:
Unrealized holding gain (loss)		1		6		7
Reclassification of realized (gain) loss – Other income		8		(2)		6
Net unrealized gain (loss) on debt securities		9		4		13
Retirement benefits adjustment:
Net actuarial gain (loss)		(17)		4		(13)
Reclassification to Other operating expenses through amortization of:
Actuarial (gain) loss		(20)		5		(15)
Prior service (credit) cost		9		(2)		7
Net unrealized gain (loss) on retirement benefits adjustment		(28)		7		(21)
Total other comprehensive income (loss)	$	235	$	16	$	251

	Before		Tax		After
	Tax		(Expense)		Tax
Three Months Ended January 29, 2023	Amount		Credit		Amount
Cumulative translation adjustment	$	669	$	12	$	681
Unrealized gain (loss) on derivatives:
Unrealized hedging gain (loss)		(1)				(1)
Reclassification of realized (gain) loss to:
Interest rate contracts – Interest expense		(15)		3		(12)
Net unrealized gain (loss) on derivatives		(16)		3		(13)
Unrealized gain (loss) on debt securities:
Unrealized holding gain (loss)		34		(7)		27
Net unrealized gain (loss) on debt securities		34		(7)		27
Retirement benefits adjustment:
Net actuarial gain (loss)		(1)				(1)
Reclassification to Other operating expenses through amortization of:
Actuarial (gain) loss		(21)		5		(16)
Prior service (credit) cost		9		(3)		6
Net unrealized gain (loss) on retirement benefits adjustment		(13)		2		(11)
Total other comprehensive income (loss)	$	674	$	10	$	684

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EARNINGS PER SHARE

3 Months Ended

Jan. 28, 2024

EARNINGS PER SHARE

EARNINGS PER SHARE

(5)  Earnings Per Share

A reconciliation of basic and diluted net income per share attributable to Deere & Company follows in millions, except per share amounts:

	Three Months Ended
	January 28		January 29
	2024		2023
Net income attributable to Deere & Company	$	1,751	$	1,959
Average shares outstanding		279.9		297.6
Basic per share	$	6.25	$	6.58
Average shares outstanding		279.9		297.6
Effect of dilutive stock options and restricted stock awards		1.2		1.5
Total potential shares outstanding		281.1		299.1
Diluted per share	$	6.23	$	6.55
Shares excluded from EPS calculation, as antidilutive		.2		.1

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PENSION AND OTHER POSTRETIREMENT BENEFITS

3 Months Ended

Jan. 28, 2024

PENSION AND OTHER POSTRETIREMENT BENEFITS

PENSION AND OTHER POSTRETIREMENT BENEFITS

(6)  Pension and Other Postretirement Benefits

We have several funded and unfunded defined benefit pension plans and other postretirement benefit (OPEB) plans. These plans cover U.S. employees and certain foreign employees. The components of net periodic pension and OPEB (benefit) cost consisted of the following:

	Three Months Ended
	January 28		January 29
	2024		2023
Pensions
Service cost	$	58	$	60
Interest cost		136		133
Expected return on plan assets		(241)		(212)
Amortization of actuarial gain		(4)		(5)
Amortization of prior service cost		10		10
Net benefit	$	(41)	$	(14)
OPEB
Service cost	$	5	$	7
Interest cost		43		43
Expected return on plan assets		(27)		(29)
Amortization of actuarial gain		(16)		(16)
Amortization of prior service credit		(1)		(1)
Net cost	$	4	$	4

The components of net periodic pension and OPEB (benefit) cost excluding the service cost component are included in the line item “Other operating expenses.”

During the first three months of 2024, we contributed and expect to contribute the following amounts to our pension and OPEB plans:

	Pensions		OPEB
Contributed	$	24	$	106
Expected contributions remainder of the year		61		34

In December 2023, we contributed $60 to a U.S. non-union Voluntary Employees’ Beneficiary Association trust, which is included in the OPEB contributed amount. The contribution will be used to fund salary postretirement health care benefits during the remainder of 2024.

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SEGMENT DATA

3 Months Ended

Jan. 28, 2024

SEGMENT DATA

SEGMENT DATA

(7)  Segment Data

Information relating to operations by operating segment follows.

	Three Months Ended
	January 28		January 29		%
	2024		2023		Change
Net sales and revenues:
Production & precision ag net sales	$	4,849	$	5,198	-7
Small ag & turf net sales		2,425		3,001	-19
Construction & forestry net sales		3,212		3,203
Financial services revenues		1,376		1,040	+32
Other revenues		323		210	+54
Total net sales and revenues	$	12,185	$	12,652	-4
Operating profit:
Production & precision ag	$	1,045	$	1,208	-13
Small ag & turf		326		447	-27
Construction & forestry		566		625	-9
Financial services		257		238	+8
Total operating profit		2,194		2,518	-13
Reconciling items		26		(22)
Income taxes		(469)		(537)	-13
Net income attributable to Deere & Company	$	1,751	$	1,959	-11
Intersegment sales and revenues:
Production & precision ag net sales	$	8	$	5	+60
Small ag & turf net sales		1		3	-67
Construction & forestry net sales
Financial services revenues		176		204	-14

Operating profit for PPA, SAT, and CF is income from continuing operations before corporate expenses, certain external interest expenses, certain foreign exchange gains and losses, and income taxes. Operating profit of financial services includes the effect of interest expense and foreign exchange gains and losses. Reconciling items to net income are primarily corporate expenses, certain interest income and expenses, certain foreign exchange gains and losses, pension and OPEB benefit (cost) amounts excluding the service cost component, equity in income of unconsolidated affiliates, and net income attributable to noncontrolling interests.

Identifiable operating assets were as follows:
	January 28		October 29		January 29
	2024		2023		2023
Production & precision ag	$	9,059	$	8,734	$	9,393
Small ag & turf		4,426		4,348		4,893
Construction & forestry		7,371		7,139		7,232
Financial services		69,900		70,732		59,721
Corporate		10,615		13,134		10,381
Total assets	$	101,371	$	104,087	$	91,620

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FINANCING RECEIVABLES

3 Months Ended

Jan. 28, 2024

FINANCING RECEIVABLES

FINANCING RECEIVABLES

(8)  Financing Receivables

We monitor the credit quality of financing receivables based on delinquency status, defined as follows:

● Past due balances represent any payments 30 days or more past the due date.

● Non-performing financing receivables represent receivables for which we have stopped accruing finance income. This generally occurs when receivables are 90 days delinquent.

● Write-offs generally occur when receivables are 120 days delinquent. In these situations, the estimated uncollectible amount is written off to the allowance for credit losses. Any expected recovery is presented as non-performing.

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

	January 28, 2024
	2024		2023		2022		2021		2020		Prior Years		Revolving Charge Accounts		Total
Retail customer receivables:
Agriculture and turf
Current	$	3,248	$	13,626	$	7,731	$	4,577	$	2,032	$	931	$	2,798	$	34,943
30-59 days past due		5		122		66		47		22		11		71		344
60-89 days past due		1		50		26		15		7		5		16		120
90+ days past due				1		1		3		4						9
Non-performing				49		95		66		34		42		11		297
Construction and forestry
Current		803		2,698		1,743		911		276		109		101		6,641
30-59 days past due		8		73		46		26		8		3		5		169
60-89 days past due				26		20		13		6		3		2		70
90+ days past due						2		1				1				4
Non-performing		1		67		86		48		20		9		2		233
Total retail customer receivables	$	4,066	$	16,712	$	9,816	$	5,707	$	2,409	$	1,114	$	3,006	$	42,830

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

	January 29, 2023
	2023		2022		2021		2020		2019		Prior Years		Revolving Charge Accounts		Total
Retail customer receivables:
Agriculture and turf
Current	$	2,939	$	12,435	$	7,228	$	3,660	$	1,600	$	823	$	2,753	$	31,438
30-59 days past due		2		39		39		54		13		44		28		219
60-89 days past due		1		15		14		20		5		15		6		76
90+ days past due				1				3		1						5
Non-performing				40		58		41		27		34		8		208
Construction and forestry
Current		674		2,692		1,702		684		224		80		99		6,155
30-59 days past due		2		18		29		36		16		52		5		158
60-89 days past due				9		17		18		8		24		2		78
90+ days past due				1		2		1		2		1				7
Non-performing				46		58		30		16		7		1		158
Total retail customer receivables	$	3,618	$	15,296	$	9,147	$	4,547	$	1,912	$	1,080	$	2,902	$	38,502

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

	January 28, 2024
	2024		2023		2022		2021		2020		Prior Years		Revolving		Total
Wholesale receivables:
Agriculture and turf
Current	$	266	$	463	$	68	$	6	$	3	$	1	$	5,757	$	6,564
30+ days past due				1												1
Non-performing												1				1
Construction and forestry
Current		6		14		4		19				1		863		907
30+ days past due
Non-performing
Total wholesale receivables	$	272	$	478	$	72	$	25	$	3	$	3	$	6,620	$	7,473

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

	January 29, 2023
	2023		2022		2021		2020		2019		Prior Years		Revolving		Total
Wholesale receivables:
Agriculture and turf
Current	$	115	$	285	$	48	$	21	$	4	$	1	$	2,654	$	3,128
30+ days past due
Non-performing								1								1
Construction and forestry
Current		7		7		24		2				1		459		500
30+ days past due
Non-performing
Total wholesale receivables	$	122	$	292	$	72	$	24	$	4	$	2	$	3,113	$	3,629

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

	Three Months Ended January 28, 2024
	Retail Notes		Revolving
	& Financing		Charge		Wholesale
	Leases		Accounts		Receivables		Total
Allowance:
Beginning of period balance	$	172	$	21	$	4	$	197
Provision (credit)		35		(2)				33
Write-offs		(31)		(11)				(42)
Recoveries		1		8				9
Translation adjustments						(2)		(2)
End of period balance	$	177	$	16	$	2	$	195
Financing receivables:
End of period balance	$	39,824	$	3,006	$	7,473	$	50,303

	Three Months Ended January 29, 2023
	Retail Notes		Revolving
	& Financing		Charge		Wholesale
	Leases		Accounts		Receivables		Total
Allowance:
Beginning of period balance	$	299	$	22	$	4	$	325
Provision (credit)		15		(4)				11
Provision transferred to held for sale		(142)						(142)
Provision (credit)		(127)		(4)				(131)
Write-offs		(18)		(7)				(25)
Recoveries		4		5		1		10
Translation adjustments		(18)				(1)		(19)
End of period balance	$	140	$	16	$	4	$	160
Financing receivables:
End of period balance	$	35,600	$	2,902	$	3,629	$	42,131

The allowance for credit losses remained generally flat in the first quarter of 2024. In the first quarter of 2023, we determined that the financial services business in Russia met the held for sale criteria. The financing receivables in Russia were reclassified to “Other assets.” The associated allowance for credit losses was reversed and a valuation allowance for the assets held for sale was recorded. These operations were sold in the second quarter of 2023 (see Note 20).

Write-offs by year of origination were as follows:

	Three Months Ended January 28, 2024
	2024	2023		2022		2021		2020		Prior Years		Revolving Charge Accounts		Total
Retail customer receivables:
Agriculture and turf		$	2	$	4	$	3	$	4	$	1	$	9	$	23
Construction and forestry			6		7		2		1		1		2		19
Total retail customer receivables		$	8	$	11	$	5	$	5	$	2	$	11	$	42

Modifications

We occasionally grant contractual modifications to customers experiencing financial difficulties. Before offering a modification, we evaluate the ability of the customer to meet the modified payment terms. Modifications offered include payment deferrals, term extensions, or a combination thereof. Finance charges continue to accrue during the deferral or extension period. Our allowance for credit losses incorporates historical loss information, including the effects of loan modifications with customers. Therefore, additional adjustments to the allowance are generally not recorded upon modification of a loan.

The ending amortized cost of modified loans with borrowers experiencing financial difficulty during the three months ended January 28, 2024 were $17, of which $16 were current and $1 were non-performing. These modifications represented 0.03 percent of our financing receivable portfolio at January 28, 2024.

Defaults and subsequent write-offs of loans modified in the prior twelve months were not significant during the three months ended January 28, 2024. In addition, at January 28, 2024, we had no commitments to provide additional financing to these customers.

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SECURITIZATION OF FINANCING RECEIVABLES

3 Months Ended

Jan. 28, 2024

SECURITIZATION OF FINANCING RECEIVABLES

SECURITIZATION OF FINANCING RECEIVABLES

(9)  Securitization of Financing Receivables

Our funding strategy includes receivable securitizations, which allows us to receive cash for financing receivables immediately. While these securitization programs are administered in various forms, they are accomplished in the following basic steps:

1.We transfer financing receivables into a bankruptcy-remote special purpose entity (SPE).

2.The SPE issues debt to investors. The debt is secured by the financing receivables.

3.Investors are paid back based on cash receipts from the financing receivables.

As part of step 1, these receivables are legally isolated from the claims of our general creditors. This ensures cash receipts from the financing receivables are accessible to pay back securitization program investors. The structure of these transactions does not meet the accounting criteria for a sale of receivables. As a result, they are accounted for as a secured borrowing. The receivables and borrowings remain on our balance sheet and are separately reported as “Financing receivables securitized – net” and “Short-term securitization borrowings,” respectively.

The components of securitization programs were as follows:

	January 28		October 29		January 29
	2024		2023		2023
Financing receivables securitized (retail notes)	$	6,418	$	7,357	$	5,102
Allowance for credit losses		(18)		(22)		(13)
Other assets (primarily restricted cash)		140		152		97
Total restricted securitized assets	$	6,540	$	7,487	$	5,186
Short-term securitization borrowings	$	6,116	$	6,995	$	4,864
Accrued interest on borrowings		10		13		6
Total liabilities related to restricted securitized assets	$	6,126	$	7,008	$	4,870

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INVENTORIES

3 Months Ended

Jan. 28, 2024

INVENTORIES

INVENTORIES

(10)  Inventories

A majority of inventories owned by us are valued at cost on the “last-in, first-out” (LIFO) basis. If all inventories had been valued on a “first-in, first-out” (FIFO) basis, the estimated inventories by major classification would have been as follows:

	January 28		October 29		January 29
	2024		2023		2023
Raw materials and supplies	$	4,117	$	4,080	$	4,975
Work-in-process		1,223		1,010		1,478
Finished goods and parts		6,146		5,435		6,347
Total FIFO value		11,486		10,525		12,800
Excess of FIFO over LIFO		2,549		2,365		2,744
Inventories	$	8,937	$	8,160	$	10,056

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GOODWILL AND OTHER INTANGIBLE ASSETS - NET

3 Months Ended

Jan. 28, 2024

GOODWILL AND OTHER INTANGIBLE ASSETS - NET

GOODWILL AND OTHER INTANGIBLE ASSETS - NET

(11)  Goodwill and Other Intangible Assets – Net

The changes in amounts of goodwill by operating segments were as follows. There were no accumulated goodwill impairment losses.

	Production & Precision Ag		Small Ag & Turf		Construction & Forestry		Total
Goodwill at October 30, 2022	$	646	$	318	$	2,723	$	3,687
Translation adjustments		15		7		182		204
Goodwill at January 29, 2023	$	661	$	325	$	2,905	$	3,891
Goodwill at October 29, 2023	$	702	$	363	$	2,835	$	3,900
Translation adjustments		4		2		60		66
Goodwill at January 28, 2024	$	706	$	365	$	2,895	$	3,966

The components of other intangible assets were as follows:

	January 28		October 29		January 29
	2024		2023		2023
Customer lists and relationships	$	509	$	501	$	522
Technology, patents, trademarks, and other		1,412		1,387		1,387
Total at cost		1,921		1,888		1,909
Less accumulated amortization:
Customer lists and relationships		207		195		184
Technology, patents, trademarks, and other		602		560		470
Total accumulated amortization		809		755		654
Other intangible assets – net	$	1,112	$	1,133	$	1,255

The amortization of other intangible assets in the first quarter of 2024 and 2023 was $42 and $39, respectively. The estimated amortization expense for the next five years is as follows: remainder of 2024 – $131, 2025 – $144, 2026 – $121, 2027 – $119, 2028 – $87, and 2029 – $74.

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SHORT-TERM BORROWINGS

3 Months Ended

Jan. 28, 2024

SHORT-TERM BORROWINGS

SHORT-TERM BORROWINGS

(12)  Short-Term Borrowings

Short-term borrowings were as follows:

	January 28		October 29		January 29
	2024		2023		2023
Commercial paper	$	8,378	$	9,100	$	6,425
Notes payable to banks		310		483		303
Finance lease obligations due within one year		27		25		23
Long-term borrowings due within one year		8,402		8,331		7,378
Short-term borrowings	$	17,117	$	17,939	$	14,129

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ACCOUNTS PAYABLE AND ACCRUED EXPENSES

3 Months Ended

Jan. 28, 2024

ACCOUNTS PAYABLE AND ACCRUED EXPENSES

ACCOUNTS PAYABLE AND ACCRUED EXPENSES

(13)  Accounts Payable and Accrued Expenses

Accounts payable and accrued expenses consisted of the following:

	January 28		October 29		January 29
	2024		2023		2023
Accounts payable:
Trade payables	$	3,184	$	3,467	$	3,616
Dividends payable		413		388		358
Operating lease liabilities		293		281		305
Deposits withheld from dealers and merchants		153		163		153
Payables to unconsolidated affiliates		6		6		10
Other		183		153		156
Accrued expenses:
Employee benefits		1,107		2,152		1,015
Product warranties		1,589		1,610		1,444
Accrued taxes		1,364		1,558		1,336
Derivative liabilities		744		1,130		891
Dealer sales discounts		243		1,243		256
Extended warranty premium		1,047		1,021		901
Unearned revenue (contractual liability)		700		676		601
Unearned operating lease revenue		456		451		406
Accrued interest		502		434		371
Other		1,377		1,397		1,289
Accounts payable and accrued expenses	$	13,361	$	16,130	$	13,108

Amounts are presented net of eliminations, which primarily consist of dealer sales incentives with a right of set-off against trade receivables of $2,410 at January 28, 2024, $2,228 at October 29, 2023, and $1,540 at January 29, 2023. Other eliminations were made for accrued taxes and other accrued expenses.

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LONG-TERM BORROWINGS

3 Months Ended

Jan. 28, 2024

LONG-TERM BORROWINGS

LONG-TERM BORROWINGS

(14)  Long-Term Borrowings

Long-term borrowings consisted of:

	January 28		October 29		January 29
	2024		2023		2023
Underwritten term debt
U.S. dollar notes and debentures:
2.75% notes due 2025	$	700	$	700	$	700
6.55% debentures due 2028		200		200		200
5.375% notes due 2029		500		500		500
3.10% notes due 2030		700		700		700
8.10% debentures due 2030		250		250		250
7.125% notes due 2031		300		300		300
3.90% notes due 2042		1,250		1,250		1,250
2.875% notes due 2049		500		500		500
3.75% notes due 2050		850		850		850
Euro notes:
1.375% notes due 2024 (€800 principal)						871
1.85% notes due 2028 (€600 principal)		651		634		653
2.20% notes due 2032 (€600 principal)		651		634		653
1.65% notes due 2039 (€650 principal)		705		687		708
Serial issuances:
Medium-term notes		31,001		29,638		25,618
Other notes and finance lease obligations		1,810		1,769		1,440
Less debt issuance costs and debt discounts		(135)		(135)		(122)
Long-term borrowings	$	39,933	$	38,477	$	35,071

Medium-term notes due through 2033 are primarily offered by prospectus and issued at fixed and variable rates. The principal balances of the medium-term notes were $31,808, $30,902, and $26,367 at January 28, 2024, October 29, 2023, and January 29, 2023, respectively. All outstanding notes and debentures are senior unsecured borrowings and rank equally with each other.

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LEASES - LESSOR

3 Months Ended

Jan. 28, 2024

LEASES - LESSOR

LEASES - LESSOR

(15)  Leases - Lessor

We lease equipment manufactured or sold by us through John Deere Financial. Sales-type and direct financing leases are reported in “Financing receivables – net.” Operating leases are reported in “Equipment on operating leases – net.”

Lease revenues earned by us follow:

	Three Months Ended
	January 28		January 29
	2024		2023
Sales-type and direct finance lease revenues	$	47	$	41
Operating lease revenues		339		321
Variable lease revenues		4		6
Total lease revenues	$	390	$	368

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COMMITMENTS AND CONTINGENCIES

3 Months Ended

Jan. 28, 2024

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES

(16)  Commitments and Contingencies

A standard warranty is provided as assurance that the equipment will function as intended. The standard warranty period varies by product and region. At the time a sale is recognized, we record an estimate of future warranty costs based on historical claims rate experience and estimated population under warranty.

The reconciliation of the changes in the warranty liability follows:

	Three Months Ended
	January 28		January 29
	2024		2023
Beginning of period balance	$	1,610	$	1,427
Warranty claims paid		(309)		(262)
New product warranty accruals		281		256
Foreign exchange		7		23
End of period balance	$	1,589	$	1,444

The costs for extended warranty programs are recognized as incurred.

In certain international markets, we provide guarantees to banks for the retail financing of John Deere equipment. At January 28, 2024, the notional value of these guarantees was $166. We may repossess the equipment collateralizing the receivables. At January 28, 2024, the accrued losses under these agreements were not material.

We also had other miscellaneous contingent liabilities and guarantees totaling approximately $115 at January 28, 2024. The accrued liability for these contingencies was not material at January 28, 2024.

At January 28, 2024, we had commitments of $597 for the construction and acquisition of property and equipment. Also, at January 28, 2024, we had restricted assets of $214, classified as “Other assets.”

We are subject to various unresolved legal actions. The accrued losses on these matters are not material. We believe the reasonably possible range of losses for these unresolved legal actions would not have a material effect on our financial statements. The most prevalent legal claims relate to product liability (including asbestos-related liability), retail credit, employment, patent, trademark, and antitrust matters.

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FAIR VALUE MEASUREMENTS

3 Months Ended

Jan. 28, 2024

FAIR VALUE MEASUREMENTS

FAIR VALUE MEASUREMENTS

(17)  Fair Value Measurements

The fair values of financial instruments that do not approximate the carrying values were as follows. Long-term borrowings exclude finance lease liabilities.

	January 28, 2024				October 29, 2023				January 29, 2023
	Carrying Value		Fair Value		Carrying Value		Fair Value		Carrying Value		Fair Value
Financing receivables – net	$	43,708	$	43,236	$	43,673	$	42,777	$	36,882	$	35,894
Financing receivables securitized – net		6,400		6,225		7,335		7,056		5,089		4,869
Short-term securitization borrowings		6,116		6,104		6,995		6,921		4,864		4,785
Long-term borrowings due within one year		8,402		8,283		8,331		8,156		7,378		7,220
Long-term borrowings		39,878		39,321		38,428		36,873		35,035		34,149

Fair value measurements above were Level 3 for all financing receivables and Level 2 for all borrowings.

Fair values of the financing receivables that were issued long-term were based on the discounted values of their related cash flows at interest rates currently being offered by us for similar financing receivables. The fair values of the remaining financing receivables approximated the carrying amounts.

Fair values of long-term borrowings and short-term securitization borrowings were based on current market quotes for identical or similar borrowings and credit risk, or on the discounted values of their related cash flows at current market interest rates.

Assets and liabilities measured at fair value on a recurring basis follow, excluding our cash equivalents, which were carried at a cost that approximates fair value and consisted of money market funds and time deposits.

	January 28		October 29		January 29
	2024		2023		2023
Level 1:
Marketable securities
International equity securities	$	5	$	3	$	2
International mutual funds securities		57		101
U.S. equity fund		105		86		86
U.S. fixed income fund		34		32		118
U.S. government debt securities		274		78		64
Total Level 1 marketable securities		475		300		270
Level 2:
Marketable securities
Corporate debt securities		220		244		209
International debt securities		87		1		18
Mortgage-backed securities		161		185		157
Municipal debt securities		69		75		71
U.S. government debt securities		124		141		127
Total Level 2 marketable securities		661		646		582
Other assets – Derivatives		253		292		360
Accounts payable and accrued expenses – Derivatives		744		1,130		891
Level 3:
Accounts payable and accrued expenses – Deferred consideration		176		186		225

The mortgage-backed securities are primarily issued by U.S. government sponsored enterprises.

The contractual maturities of debt securities at January 28, 2024 follow:

	Amortized		Fair
	Cost		Value
Due in one year or less	$	22	$	21
Due after one through five years		242		194
Due after five through 10 years		421		398
Due after 10 years		192		161
Mortgage-backed securities		189		161
Debt securities	$	1,066	$	935

Actual maturities may differ from contractual maturities because some securities may be called or prepaid. Mortgage-backed securities contain prepayment provisions and are not categorized by contractual maturity.

The following is a description of the valuation methodologies we use to measure certain financial instruments on the balance sheets at fair value:

Marketable securities – The portfolio of investments is valued on a market approach (matrix pricing model) in which all significant inputs are observable or can be derived from or corroborated by observable market data such as interest rates, yield curves, volatilities, credit risk, and prepayment speeds. Funds are valued using the fund’s net asset value, based on the fair value of the underlying securities. International debt securities are valued using quoted prices for identical assets in inactive markets.

Derivatives – Our derivative financial instruments consist of interest rate contracts (swaps), foreign currency exchange contracts (futures, forwards, and swaps), and cross-currency interest rate contracts (swaps). The portfolio is valued based on an income approach (discounted cash flow) using market observable inputs, including swap curves and both forward and spot exchange rates for currencies.

Financing receivables – Specific reserve impairments are based on the fair value of the collateral, which is measured using a market approach (appraisal values or realizable values).

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DERIVATIVE INSTRUMENTS

3 Months Ended

Jan. 28, 2024

DERIVATIVE INSTRUMENTS

DERIVATIVE INSTRUMENTS

(18)  Derivative Instruments

Fair values of our derivative instruments and the associated notional amounts were as follows. Assets are recorded in “Other assets,” while liabilities are recorded in “Accounts payable and accrued expenses.”

	January 28, 2024						October 29, 2023						January 29, 2023
			Fair Value						Fair Value						Fair Value
	Notional		Assets		Liabilities		Notional		Assets		Liabilities		Notional		Assets		Liabilities
Cash flow hedges:
Interest rate contracts	$	2,200	$	27	$	4	$	1,500	$	45			$	1,950	$	69
Fair value hedges:
Interest rate contracts		12,633		58		592		12,691			$	970		10,802		21	$	678
Not designated as hedging instruments:
Interest rate contracts		14,200		129		82		13,853		169		98		11,147		188		97
Foreign exchange contracts		7,856		39		53		8,117		75		54		9,304		71		110
Cross-currency interest rate contracts		189				13		176		3		8		234		11		6

The amounts recorded in the consolidated balance sheets related to borrowings designated in fair value hedging relationships were as follows. Fair value hedging adjustments are included in the carrying amount of the hedged item.

	Active Hedging Relationships				Discontinued Hedging Relationships
	Carrying Amount		Cumulative Fair Value		Carrying Amount of		Cumulative Fair Value
	of Hedged Item		Hedging Amount		Formerly Hedged Item		Hedging Amount
January 28, 2024
Short-term borrowings	$	288	$	(9)	$	1,960	$	10
Long-term borrowings		11,745		(537)		7,711		(270)
October 29, 2023
Short-term borrowings					$	1,814	$	15
Long-term borrowings	$	11,660	$	(976)		7,144		(288)
January 29, 2023
Short-term borrowings					$	1,915	$	15
Long-term borrowings	$	10,088	$	(666)		5,506		(83)

  The classification and gains (losses) including accrued interest expense related to derivative instruments on the statements of consolidated income consisted of the following:

	Three Months Ended
	January 28		January 29
	2024		2023
Fair Value Hedges
Interest rate contracts - Interest expense	$	344	$	239
Cash Flow Hedges
Recognized in OCI:
Interest rate contracts - OCI (pretax)	$	(8)	$	(1)
Reclassified from OCI:
Interest rate contracts - Interest expense		11		15
Not Designated as Hedges
Interest rate contracts - Net sales			$	(7)
Interest rate contracts - Interest expense	$	(9)		(8)
Foreign exchange contracts - Net sales		5		1
Foreign exchange contracts - Cost of sales		(30)		5
Foreign exchange contracts - Other operating expenses		(181)		(142)
Total not designated	$	(215)	$	(151)

Certain of our derivative agreements contain credit support provisions that may require us to post collateral based on the size of the net liability positions and credit ratings. The aggregate fair value of all derivatives with credit-risk-related contingent features that were in a net liability position at January 28, 2024, October 29, 2023, and January 29, 2023 was $691, $1,076, and $781, respectively. In accordance with the limits established in these agreements, we posted $368, $659, and $349 of cash collateral at January 28, 2024, October 29, 2023, and January 29, 2023, respectively. In addition, we paid $8 of collateral that was outstanding at January 28, 2024, October 29, 2023, and January 29, 2023 to participate in an international futures market to hedge currency exposure, not included in the table below.

Derivatives are recorded without offsetting for netting arrangements or collateral. The impact on the derivative assets and liabilities related to netting arrangements and any collateral received or paid follows:

	Gross Amounts		Netting
January 28, 2024	Recognized		Arrangements		Collateral		Net Amount
Assets	$	253	$	(112)	$	(19)	$	122
Liabilities		744		(112)		(368)		264
	Gross Amounts		Netting
October 29, 2023	Recognized		Arrangements		Collateral		Net Amount
Assets	$	292	$	(152)			$	140
Liabilities		1,130		(152)	$	(659)		319
	Gross Amounts		Netting
January 29, 2023	Recognized		Arrangements		Collateral		Net Amount
Assets	$	360	$	(162)	$	(47)	$	151
Liabilities		891		(162)		(349)		380

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SHARE-BASED AWARDS

3 Months Ended

Jan. 28, 2024

SHARE-BASED AWARDS

SHARE-BASED AWARDS

(19)  Share-Based Awards

At January 28, 2024, we were authorized to grant an additional 15.0 million shares related to stock options and restricted stock units. In December 2023, we granted stock options to employees for the purchase of 216 thousand shares of common stock at an exercise price of $377.01 per share and a binomial lattice model fair value of $98.04 per share at the grant date. At January 28, 2024, options for 1.9 million shares were outstanding with a weighted-average exercise price of $214.88 per share.

During the three months ended January 28, 2024, the restricted stock units (RSUs) granted in thousands of shares and the weighted-average grant date fair values, using the closing price of our common stock on the grant date, in dollars follow:

		Grant Date
	Shares	Fair Value
Service-based	360	$	377.04
Performance/service-based	52		360.53
Market/service-based	52		370.87

In December 2023, we granted market/service-based RSUs. The vesting period for the market/service-based RSUs is three years and dividend equivalents are not earned during the vesting period. The market/service-based RSUs are subject to a market related metric based on total shareholder return, compared to a benchmark group of companies, and award common stock in a range of zero to 200 percent for each unit granted based on the level of the metric achieved. The fair value of the market/service based RSUs was determined using a Monte Carlo model.

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SPECIAL ITEMS

3 Months Ended

Jan. 28, 2024

SPECIAL ITEMS

SPECIAL ITEMS

(20)  Special Item

In January 2023, we reached an agreement to sell our financial services business in Russia (registered in Russia as a leasing company). We reversed the allowance for credit losses and recorded a valuation allowance on the assets held for sale in “Selling, administrative and general expenses.” In March 2023, we sold our financial services business in Russia to Insight Investment Group. The total proceeds, net of restricted cash sold, were $36. The operations were included in the financial services operating segment through the date of sale. At the disposal date, the total assets were $31, consisting primarily of financing receivables, the total liabilities were $5, and the cumulative translation loss was $10. We did not incur additional gains or losses upon disposition.

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SUBSEQUENT EVENTS

3 Months Ended

Jan. 28, 2024

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS

(21)  Subsequent Events

In February 2024, we entered into a retail note securitization transaction, resulting in $529 of secured borrowings.

On February 28, 2024, a quarterly dividend of $1.47 per share was declared at the Board of Directors meeting, payable on May 8, 2024, to stockholders of record on March 29, 2024.

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SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES AND NEW ACCOUNTING STANDARDS (Policies)

3 Months Ended

Jan. 28, 2024

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES AND NEW ACCOUNTING STANDARDS

Fiscal Period, Policy

We use a 52/53 week fiscal year with quarters ending on the last Sunday in the reporting period. The first quarter ends for fiscal year 2024 and 2023 were January 28, 2024 and January 29, 2023, respectively. Both periods contained 13 weeks. Unless otherwise stated, references to particular years, quarters, or months refer to our fiscal years generally ending in October and the associated periods in those fiscal years.

Use of Estimates in Financial Statements, Policy

Certain accounting policies require management to make estimates and assumptions in determining the amounts reflected in the financial statements and related disclosures. Actual results could differ from those estimates.

New Accounting Standards, Policy

We closely monitor all Accounting Standard Updates (ASUs) issued by the Financial Accounting Standards Board (FASB) and other authoritative guidance. We adopted the following standards in 2024, none of which had a material effect on our consolidated financial statements.

Accounting Standards Adopted

2022-04 — Liabilities – Supplier Finance Programs (Subtopic 405-50): Disclosure of Supplier Finance Program Obligations

2022-02 — Financial Instruments – Credit Losses (Topic 326): Troubled Debt Restructurings and Vintage Disclosures

2022-01 — Derivatives and Hedging (Topic 815): Fair Value Hedging – Portfolio Layer Method

2021-08 — Business Combinations (Topic 805): Accounting for Contract Assets and Contract Liabilities from Contracts with Customers

Accounting Standards to be Adopted

In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures, which expands disclosures in an entity’s income tax rate reconciliation table and cash taxes paid both in the U.S. and foreign jurisdictions. The effective date of the ASU is fiscal year 2026. We are assessing the effect of this update on our related disclosures.

We will also adopt the following standards in future periods, none of which are expected to have a material effect on our consolidated financial statements.

2023-07 — Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures

2023-06 — Disclosure Improvements: Codification Amendments in Response to the SEC’s Disclosure Update and Simplification Initiative

2023-05 — Business Combinations – Joint Venture Formations (Subtopic 805-60): Recognition and Initial Measurement

2022-03 — Fair Value Measurement (Topic 820): Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions

Financing Receivables - Allowance for Credit Losses, Policy

We monitor the credit quality of financing receivables based on delinquency status, defined as follows:

● Past due balances represent any payments 30 days or more past the due date.

● Non-performing financing receivables represent receivables for which we have stopped accruing finance income. This generally occurs when receivables are 90 days delinquent.

● Write-offs generally occur when receivables are 120 days delinquent. In these situations, the estimated uncollectible amount is written off to the allowance for credit losses. Any expected recovery is presented as non-performing.

Securitization of Financing Receivables, Policy

Our funding strategy includes receivable securitizations, which allows us to receive cash for financing receivables immediately. While these securitization programs are administered in various forms, they are accomplished in the following basic steps:

1.We transfer financing receivables into a bankruptcy-remote special purpose entity (SPE).

2.The SPE issues debt to investors. The debt is secured by the financing receivables.

3.Investors are paid back based on cash receipts from the financing receivables.

As part of step 1, these receivables are legally isolated from the claims of our general creditors. This ensures cash receipts from the financing receivables are accessible to pay back securitization program investors. The structure of these transactions does not meet the accounting criteria for a sale of receivables. As a result, they are accounted for as a secured borrowing. The receivables and borrowings remain on our balance sheet and are separately reported as “Financing receivables securitized – net” and “Short-term securitization borrowings,” respectively.

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REVENUE RECOGNITION (Tables)

3 Months Ended

Jan. 28, 2024

REVENUE RECOGNITION

Schedule of Revenue Recognition

Our net sales and revenues by primary geographic market, major product line, and timing of revenue recognition follow:

	Three Months Ended January 28, 2024
	Production & Precision Ag		Small Ag & Turf		Construction & Forestry		Financial Services		Total
Primary geographic markets:
United States	$	2,721	$	1,345	$	2,095	$	970	$	7,131
Canada		386		118		210		172		886
Western Europe		503		517		361		40		1,421
Central Europe and CIS		179		73		94		8		354
Latin America		819		98		256		130		1,303
Asia, Africa, Oceania, and Middle East		435		341		258		56		1,090
Total	$	5,043	$	2,492	$	3,274	$	1,376	$	12,185
Major product lines:
Production agriculture	$	4,791							$	4,791
Small agriculture			$	1,718						1,718
Turf				649						649
Construction					$	1,483				1,483
Compact construction						626				626
Roadbuilding						763				763
Forestry						292				292
Financial products		60		26		18	$	1,376		1,480
Other		192		99		92				383
Total	$	5,043	$	2,492	$	3,274	$	1,376	$	12,185
Revenue recognized:
At a point in time	$	4,955	$	2,456	$	3,243	$	28	$	10,682
Over time		88		36		31		1,348		1,503
Total	$	5,043	$	2,492	$	3,274	$	1,376	$	12,185

	Three Months Ended January 29, 2023
	Production & Precision Ag		Small Ag & Turf		Construction & Forestry		Financial Services		Total
Primary geographic markets:
United States	$	2,628	$	1,665	$	1,901	$	713	$	6,907
Canada		360		146		275		150		931
Western Europe		501		564		365		29		1,459
Central Europe and CIS		202		123		75		12		412
Latin America		1,237		156		339		95		1,827
Asia, Africa, Oceania, and Middle East		375		400		300		41		1,116
Total	$	5,303	$	3,054	$	3,255	$	1,040	$	12,652
Major product lines:
Production agriculture	$	5,112							$	5,112
Small agriculture			$	2,194						2,194
Turf				719						719
Construction					$	1,483				1,483
Compact construction						473				473
Roadbuilding						818				818
Forestry						356				356
Financial products		31		18		13	$	1,040		1,102
Other		160		123		112				395
Total	$	5,303	$	3,054	$	3,255	$	1,040	$	12,652
Revenue recognized:
At a point in time	$	5,248	$	3,029	$	3,230	$	23	$	11,530
Over time		55		25		25		1,017		1,122
Total	$	5,303	$	3,054	$	3,255	$	1,040	$	12,652

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OTHER COMPREHENSIVE INCOME ITEMS (Tables)

3 Months Ended

Jan. 28, 2024

OTHER COMPREHENSIVE INCOME ITEMS

Schedule of After-Tax Components of Accumulated Other Comprehensive Income (Loss)

The after-tax components of accumulated other comprehensive income (loss) follow:

	January 28		October 29		January 29
	2024		2023		2023
Retirement benefits adjustment	$	(866)	$	(845)	$	(400)
Cumulative translation adjustment		(1,877)		(2,151)		(1,913)
Unrealized gain (loss) on derivatives		(23)		(8)		8
Unrealized loss on debt securities		(97)		(110)		(67)
Total accumulated other comprehensive income (loss)	$	(2,863)	$	(3,114)	$	(2,372)

Schedule of Amounts Recorded in and Reclassifications out of Other Comprehensive Income (Loss) and the Income Tax Effects

The following tables reflect amounts recorded in other comprehensive income (loss), as well as reclassifications out of other comprehensive income (loss).

	Before		Tax		After
	Tax		(Expense)		Tax
Three Months Ended January 28, 2024	Amount		Credit		Amount
Cumulative translation adjustment	$	273	$	1	$	274
Unrealized gain (loss) on derivatives:
Unrealized hedging gain (loss)		(8)		2		(6)
Reclassification of realized (gain) loss to:
Interest rate contracts – Interest expense		(11)		2		(9)
Net unrealized gain (loss) on derivatives		(19)		4		(15)
Unrealized gain (loss) on debt securities:
Unrealized holding gain (loss)		1		6		7
Reclassification of realized (gain) loss – Other income		8		(2)		6
Net unrealized gain (loss) on debt securities		9		4		13
Retirement benefits adjustment:
Net actuarial gain (loss)		(17)		4		(13)
Reclassification to Other operating expenses through amortization of:
Actuarial (gain) loss		(20)		5		(15)
Prior service (credit) cost		9		(2)		7
Net unrealized gain (loss) on retirement benefits adjustment		(28)		7		(21)
Total other comprehensive income (loss)	$	235	$	16	$	251

	Before		Tax		After
	Tax		(Expense)		Tax
Three Months Ended January 29, 2023	Amount		Credit		Amount
Cumulative translation adjustment	$	669	$	12	$	681
Unrealized gain (loss) on derivatives:
Unrealized hedging gain (loss)		(1)				(1)
Reclassification of realized (gain) loss to:
Interest rate contracts – Interest expense		(15)		3		(12)
Net unrealized gain (loss) on derivatives		(16)		3		(13)
Unrealized gain (loss) on debt securities:
Unrealized holding gain (loss)		34		(7)		27
Net unrealized gain (loss) on debt securities		34		(7)		27
Retirement benefits adjustment:
Net actuarial gain (loss)		(1)				(1)
Reclassification to Other operating expenses through amortization of:
Actuarial (gain) loss		(21)		5		(16)
Prior service (credit) cost		9		(3)		6
Net unrealized gain (loss) on retirement benefits adjustment		(13)		2		(11)
Total other comprehensive income (loss)	$	674	$	10	$	684

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EARNINGS PER SHARE (Tables)

3 Months Ended

Jan. 28, 2024

EARNINGS PER SHARE

Reconciliation of Basic and Diluted Net Income Per Share

A reconciliation of basic and diluted net income per share attributable to Deere & Company follows in millions, except per share amounts:

	Three Months Ended
	January 28		January 29
	2024		2023
Net income attributable to Deere & Company	$	1,751	$	1,959
Average shares outstanding		279.9		297.6
Basic per share	$	6.25	$	6.58
Average shares outstanding		279.9		297.6
Effect of dilutive stock options and restricted stock awards		1.2		1.5
Total potential shares outstanding		281.1		299.1
Diluted per share	$	6.23	$	6.55
Shares excluded from EPS calculation, as antidilutive		.2		.1

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PENSION AND OTHER POSTRETIREMENT BENEFITS (Tables)

3 Months Ended

Jan. 28, 2024

PENSION AND OTHER POSTRETIREMENT BENEFITS

Schedule of Components of Net Periodic Pension and OPEB (Benefit) Cost

The components of net periodic pension and OPEB (benefit) cost consisted of the following:

	Three Months Ended
	January 28		January 29
	2024		2023
Pensions
Service cost	$	58	$	60
Interest cost		136		133
Expected return on plan assets		(241)		(212)
Amortization of actuarial gain		(4)		(5)
Amortization of prior service cost		10		10
Net benefit	$	(41)	$	(14)
OPEB
Service cost	$	5	$	7
Interest cost		43		43
Expected return on plan assets		(27)		(29)
Amortization of actuarial gain		(16)		(16)
Amortization of prior service credit		(1)		(1)
Net cost	$	4	$	4

Schedule of Pension and OPEB Contributions and Expected Contributions

During the first three months of 2024, we contributed and expect to contribute the following amounts to our pension and OPEB plans:

	Pensions		OPEB
Contributed	$	24	$	106
Expected contributions remainder of the year		61		34

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SEGMENT DATA (Tables)

3 Months Ended

Jan. 28, 2024

SEGMENT DATA

Schedule of Segment Reporting Information

Information relating to operations by operating segment follows.

	Three Months Ended
	January 28		January 29		%
	2024		2023		Change
Net sales and revenues:
Production & precision ag net sales	$	4,849	$	5,198	-7
Small ag & turf net sales		2,425		3,001	-19
Construction & forestry net sales		3,212		3,203
Financial services revenues		1,376		1,040	+32
Other revenues		323		210	+54
Total net sales and revenues	$	12,185	$	12,652	-4
Operating profit:
Production & precision ag	$	1,045	$	1,208	-13
Small ag & turf		326		447	-27
Construction & forestry		566		625	-9
Financial services		257		238	+8
Total operating profit		2,194		2,518	-13
Reconciling items		26		(22)
Income taxes		(469)		(537)	-13
Net income attributable to Deere & Company	$	1,751	$	1,959	-11
Intersegment sales and revenues:
Production & precision ag net sales	$	8	$	5	+60
Small ag & turf net sales		1		3	-67
Construction & forestry net sales
Financial services revenues		176		204	-14

Operating profit for PPA, SAT, and CF is income from continuing operations before corporate expenses, certain external interest expenses, certain foreign exchange gains and losses, and income taxes. Operating profit of financial services includes the effect of interest expense and foreign exchange gains and losses. Reconciling items to net income are primarily corporate expenses, certain interest income and expenses, certain foreign exchange gains and losses, pension and OPEB benefit (cost) amounts excluding the service cost component, equity in income of unconsolidated affiliates, and net income attributable to noncontrolling interests.

Identifiable operating assets were as follows:
	January 28		October 29		January 29
	2024		2023		2023
Production & precision ag	$	9,059	$	8,734	$	9,393
Small ag & turf		4,426		4,348		4,893
Construction & forestry		7,371		7,139		7,232
Financial services		69,900		70,732		59,721
Corporate		10,615		13,134		10,381
Total assets	$	101,371	$	104,087	$	91,620

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FINANCING RECEIVABLES (Tables)

3 Months Ended

Jan. 28, 2024

Financing Receivables

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:

	Three Months Ended January 28, 2024
	Retail Notes		Revolving
	& Financing		Charge		Wholesale
	Leases		Accounts		Receivables		Total
Allowance:
Beginning of period balance	$	172	$	21	$	4	$	197
Provision (credit)		35		(2)				33
Write-offs		(31)		(11)				(42)
Recoveries		1		8				9
Translation adjustments						(2)		(2)
End of period balance	$	177	$	16	$	2	$	195
Financing receivables:
End of period balance	$	39,824	$	3,006	$	7,473	$	50,303

	Three Months Ended January 29, 2023
	Retail Notes		Revolving
	& Financing		Charge		Wholesale
	Leases		Accounts		Receivables		Total
Allowance:
Beginning of period balance	$	299	$	22	$	4	$	325
Provision (credit)		15		(4)				11
Provision transferred to held for sale		(142)						(142)
Provision (credit)		(127)		(4)				(131)
Write-offs		(18)		(7)				(25)
Recoveries		4		5		1		10
Translation adjustments		(18)				(1)		(19)
End of period balance	$	140	$	16	$	4	$	160
Financing receivables:
End of period balance	$	35,600	$	2,902	$	3,629	$	42,131

The allowance for credit losses remained generally flat in the first quarter of 2024. In the first quarter of 2023, we determined that the financial services business in Russia met the held for sale criteria. The financing receivables in Russia were reclassified to “Other assets.” The associated allowance for credit losses was reversed and a valuation allowance for the assets held for sale was recorded. These operations were sold in the second quarter of 2023 (see Note 20).

Write-offs by Year of Origination

Write-offs by year of origination were as follows:

	Three Months Ended January 28, 2024
	2024	2023		2022		2021		2020		Prior Years		Revolving Charge Accounts		Total
Retail customer receivables:
Agriculture and turf		$	2	$	4	$	3	$	4	$	1	$	9	$	23
Construction and forestry			6		7		2		1		1		2		19
Total retail customer receivables		$	8	$	11	$	5	$	5	$	2	$	11	$	42

Retail Customer Receivables

Financing Receivables

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:

	January 28, 2024
	2024		2023		2022		2021		2020		Prior Years		Revolving Charge Accounts		Total
Retail customer receivables:
Agriculture and turf
Current	$	3,248	$	13,626	$	7,731	$	4,577	$	2,032	$	931	$	2,798	$	34,943
30-59 days past due		5		122		66		47		22		11		71		344
60-89 days past due		1		50		26		15		7		5		16		120
90+ days past due				1		1		3		4						9
Non-performing				49		95		66		34		42		11		297
Construction and forestry
Current		803		2,698		1,743		911		276		109		101		6,641
30-59 days past due		8		73		46		26		8		3		5		169
60-89 days past due				26		20		13		6		3		2		70
90+ days past due						2		1				1				4
Non-performing		1		67		86		48		20		9		2		233
Total retail customer receivables	$	4,066	$	16,712	$	9,816	$	5,707	$	2,409	$	1,114	$	3,006	$	42,830

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

	January 29, 2023
	2023		2022		2021		2020		2019		Prior Years		Revolving Charge Accounts		Total
Retail customer receivables:
Agriculture and turf
Current	$	2,939	$	12,435	$	7,228	$	3,660	$	1,600	$	823	$	2,753	$	31,438
30-59 days past due		2		39		39		54		13		44		28		219
60-89 days past due		1		15		14		20		5		15		6		76
90+ days past due				1				3		1						5
Non-performing				40		58		41		27		34		8		208
Construction and forestry
Current		674		2,692		1,702		684		224		80		99		6,155
30-59 days past due		2		18		29		36		16		52		5		158
60-89 days past due				9		17		18		8		24		2		78
90+ days past due				1		2		1		2		1				7
Non-performing				46		58		30		16		7		1		158
Total retail customer receivables	$	3,618	$	15,296	$	9,147	$	4,547	$	1,912	$	1,080	$	2,902	$	38,502

Wholesale Receivables

Financing Receivables

Credit Quality Analysis

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

	January 28, 2024
	2024		2023		2022		2021		2020		Prior Years		Revolving		Total
Wholesale receivables:
Agriculture and turf
Current	$	266	$	463	$	68	$	6	$	3	$	1	$	5,757	$	6,564
30+ days past due				1												1
Non-performing												1				1
Construction and forestry
Current		6		14		4		19				1		863		907
30+ days past due
Non-performing
Total wholesale receivables	$	272	$	478	$	72	$	25	$	3	$	3	$	6,620	$	7,473

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

	January 29, 2023
	2023		2022		2021		2020		2019		Prior Years		Revolving		Total
Wholesale receivables:
Agriculture and turf
Current	$	115	$	285	$	48	$	21	$	4	$	1	$	2,654	$	3,128
30+ days past due
Non-performing								1								1
Construction and forestry
Current		7		7		24		2				1		459		500
30+ days past due
Non-performing
Total wholesale receivables	$	122	$	292	$	72	$	24	$	4	$	2	$	3,113	$	3,629

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SECURITIZATION OF FINANCING RECEIVABLES (Tables)

3 Months Ended

Jan. 28, 2024

SECURITIZATION OF FINANCING RECEIVABLES

Components of Consolidated Restricted Assets, Secured Borrowings and Other Liabilities Related to Securitization Transactions

The components of securitization programs were as follows:

	January 28		October 29		January 29
	2024		2023		2023
Financing receivables securitized (retail notes)	$	6,418	$	7,357	$	5,102
Allowance for credit losses		(18)		(22)		(13)
Other assets (primarily restricted cash)		140		152		97
Total restricted securitized assets	$	6,540	$	7,487	$	5,186
Short-term securitization borrowings	$	6,116	$	6,995	$	4,864
Accrued interest on borrowings		10		13		6
Total liabilities related to restricted securitized assets	$	6,126	$	7,008	$	4,870

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INVENTORIES (Tables)

3 Months Ended

Jan. 28, 2024

INVENTORIES

Major Classification of Inventories

If all inventories had been valued on a “first-in, first-out” (FIFO) basis, the estimated inventories by major classification would have been as follows:

	January 28		October 29		January 29
	2024		2023		2023
Raw materials and supplies	$	4,117	$	4,080	$	4,975
Work-in-process		1,223		1,010		1,478
Finished goods and parts		6,146		5,435		6,347
Total FIFO value		11,486		10,525		12,800
Excess of FIFO over LIFO		2,549		2,365		2,744
Inventories	$	8,937	$	8,160	$	10,056

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GOODWILL AND OTHER INTANGIBLE ASSETS - NET (Tables)

3 Months Ended

Jan. 28, 2024

GOODWILL AND OTHER INTANGIBLE ASSETS - NET

Changes in Goodwill by Operating Segments

The changes in amounts of goodwill by operating segments were as follows. There were no accumulated goodwill impairment losses.

	Production & Precision Ag		Small Ag & Turf		Construction & Forestry		Total
Goodwill at October 30, 2022	$	646	$	318	$	2,723	$	3,687
Translation adjustments		15		7		182		204
Goodwill at January 29, 2023	$	661	$	325	$	2,905	$	3,891
Goodwill at October 29, 2023	$	702	$	363	$	2,835	$	3,900
Translation adjustments		4		2		60		66
Goodwill at January 28, 2024	$	706	$	365	$	2,895	$	3,966

Components of Other Intangible Assets

The components of other intangible assets were as follows:

	January 28		October 29		January 29
	2024		2023		2023
Customer lists and relationships	$	509	$	501	$	522
Technology, patents, trademarks, and other		1,412		1,387		1,387
Total at cost		1,921		1,888		1,909
Less accumulated amortization:
Customer lists and relationships		207		195		184
Technology, patents, trademarks, and other		602		560		470
Total accumulated amortization		809		755		654
Other intangible assets – net	$	1,112	$	1,133	$	1,255

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SHORT-TERM BORROWINGS (Tables)

3 Months Ended

Jan. 28, 2024

SHORT-TERM BORROWINGS

Short-Term Borrowings

Short-term borrowings were as follows:

	January 28		October 29		January 29
	2024		2023		2023
Commercial paper	$	8,378	$	9,100	$	6,425
Notes payable to banks		310		483		303
Finance lease obligations due within one year		27		25		23
Long-term borrowings due within one year		8,402		8,331		7,378
Short-term borrowings	$	17,117	$	17,939	$	14,129

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ACCOUNTS PAYABLE AND ACCRUED EXPENSES (Tables)

3 Months Ended

Jan. 28, 2024

ACCOUNTS PAYABLE AND ACCRUED EXPENSES

Accounts Payable and Accrued Expenses

Accounts payable and accrued expenses consisted of the following:

	January 28		October 29		January 29
	2024		2023		2023
Accounts payable:
Trade payables	$	3,184	$	3,467	$	3,616
Dividends payable		413		388		358
Operating lease liabilities		293		281		305
Deposits withheld from dealers and merchants		153		163		153
Payables to unconsolidated affiliates		6		6		10
Other		183		153		156
Accrued expenses:
Employee benefits		1,107		2,152		1,015
Product warranties		1,589		1,610		1,444
Accrued taxes		1,364		1,558		1,336
Derivative liabilities		744		1,130		891
Dealer sales discounts		243		1,243		256
Extended warranty premium		1,047		1,021		901
Unearned revenue (contractual liability)		700		676		601
Unearned operating lease revenue		456		451		406
Accrued interest		502		434		371
Other		1,377		1,397		1,289
Accounts payable and accrued expenses	$	13,361	$	16,130	$	13,108

Amounts are presented net of eliminations, which primarily consist of dealer sales incentives with a right of set-off against trade receivables of $2,410 at January 28, 2024, $2,228 at October 29, 2023, and $1,540 at January 29, 2023. Other eliminations were made for accrued taxes and other accrued expenses.

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LONG-TERM BORROWINGS (Tables)

3 Months Ended

Jan. 28, 2024

LONG-TERM BORROWINGS

Long-Term Borrowings

Long-term borrowings consisted of:

	January 28		October 29		January 29
	2024		2023		2023
Underwritten term debt
U.S. dollar notes and debentures:
2.75% notes due 2025	$	700	$	700	$	700
6.55% debentures due 2028		200		200		200
5.375% notes due 2029		500		500		500
3.10% notes due 2030		700		700		700
8.10% debentures due 2030		250		250		250
7.125% notes due 2031		300		300		300
3.90% notes due 2042		1,250		1,250		1,250
2.875% notes due 2049		500		500		500
3.75% notes due 2050		850		850		850
Euro notes:
1.375% notes due 2024 (€800 principal)						871
1.85% notes due 2028 (€600 principal)		651		634		653
2.20% notes due 2032 (€600 principal)		651		634		653
1.65% notes due 2039 (€650 principal)		705		687		708
Serial issuances:
Medium-term notes		31,001		29,638		25,618
Other notes and finance lease obligations		1,810		1,769		1,440
Less debt issuance costs and debt discounts		(135)		(135)		(122)
Long-term borrowings	$	39,933	$	38,477	$	35,071

Medium-term notes due through 2033 are primarily offered by prospectus and issued at fixed and variable rates. The principal balances of the medium-term notes were $31,808, $30,902, and $26,367 at January 28, 2024, October 29, 2023, and January 29, 2023, respectively. All outstanding notes and debentures are senior unsecured borrowings and rank equally with each other.

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LEASES - LESSOR (Tables)

3 Months Ended

Jan. 28, 2024

LEASES - LESSOR

Schedule of Lease Revenues Earned

Lease revenues earned by us follow:

	Three Months Ended
	January 28		January 29
	2024		2023
Sales-type and direct finance lease revenues	$	47	$	41
Operating lease revenues		339		321
Variable lease revenues		4		6
Total lease revenues	$	390	$	368

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COMMITMENTS AND CONTINGENCIES (Tables)

3 Months Ended

Jan. 28, 2024

COMMITMENTS AND CONTINGENCIES

Warranty Reconciliation

The reconciliation of the changes in the warranty liability follows:

	Three Months Ended
	January 28		January 29
	2024		2023
Beginning of period balance	$	1,610	$	1,427
Warranty claims paid		(309)		(262)
New product warranty accruals		281		256
Foreign exchange		7		23
End of period balance	$	1,589	$	1,444

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FAIR VALUE MEASUREMENTS (Tables)

3 Months Ended

Jan. 28, 2024

FAIR VALUE MEASUREMENTS

Fair Values of Financial Instruments

The fair values of financial instruments that do not approximate the carrying values were as follows. Long-term borrowings exclude finance lease liabilities.

	January 28, 2024				October 29, 2023				January 29, 2023
	Carrying Value		Fair Value		Carrying Value		Fair Value		Carrying Value		Fair Value
Financing receivables – net	$	43,708	$	43,236	$	43,673	$	42,777	$	36,882	$	35,894
Financing receivables securitized – net		6,400		6,225		7,335		7,056		5,089		4,869
Short-term securitization borrowings		6,116		6,104		6,995		6,921		4,864		4,785
Long-term borrowings due within one year		8,402		8,283		8,331		8,156		7,378		7,220
Long-term borrowings		39,878		39,321		38,428		36,873		35,035		34,149

Fair value measurements above were Level 3 for all financing 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 follow, excluding our cash equivalents, which were carried at a cost that approximates fair value and consisted of money market funds and time deposits.

	January 28		October 29		January 29
	2024		2023		2023
Level 1:
Marketable securities
International equity securities	$	5	$	3	$	2
International mutual funds securities		57		101
U.S. equity fund		105		86		86
U.S. fixed income fund		34		32		118
U.S. government debt securities		274		78		64
Total Level 1 marketable securities		475		300		270
Level 2:
Marketable securities
Corporate debt securities		220		244		209
International debt securities		87		1		18
Mortgage-backed securities		161		185		157
Municipal debt securities		69		75		71
U.S. government debt securities		124		141		127
Total Level 2 marketable securities		661		646		582
Other assets – Derivatives		253		292		360
Accounts payable and accrued expenses – Derivatives		744		1,130		891
Level 3:
Accounts payable and accrued expenses – Deferred consideration		176		186		225

The mortgage-backed securities are primarily issued by U.S. government sponsored enterprises.

Contractual Maturities of Debt Securities

The contractual maturities of debt securities at January 28, 2024 follow:

	Amortized		Fair
	Cost		Value
Due in one year or less	$	22	$	21
Due after one through five years		242		194
Due after five through 10 years		421		398
Due after 10 years		192		161
Mortgage-backed securities		189		161
Debt securities	$	1,066	$	935

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DERIVATIVE INSTRUMENTS (Tables)

3 Months Ended

Jan. 28, 2024

DERIVATIVE INSTRUMENTS

Fair Values of Derivative Instruments in Consolidated Balance Sheets

Fair values of our derivative instruments and the associated notional amounts were as follows. Assets are recorded in “Other assets,” while liabilities are recorded in “Accounts payable and accrued expenses.”

	January 28, 2024						October 29, 2023						January 29, 2023
			Fair Value						Fair Value						Fair Value
	Notional		Assets		Liabilities		Notional		Assets		Liabilities		Notional		Assets		Liabilities
Cash flow hedges:
Interest rate contracts	$	2,200	$	27	$	4	$	1,500	$	45			$	1,950	$	69
Fair value hedges:
Interest rate contracts		12,633		58		592		12,691			$	970		10,802		21	$	678
Not designated as hedging instruments:
Interest rate contracts		14,200		129		82		13,853		169		98		11,147		188		97
Foreign exchange contracts		7,856		39		53		8,117		75		54		9,304		71		110
Cross-currency interest rate contracts		189				13		176		3		8		234		11		6

Amounts Recorded in the Consolidated Balance Sheets Related to Borrowings Designated in Fair Value Hedging Relationships

The amounts recorded in the consolidated balance sheets related to borrowings designated in fair value hedging relationships were as follows. Fair value hedging adjustments are included in the carrying amount of the hedged item.

	Active Hedging Relationships				Discontinued Hedging Relationships
	Carrying Amount		Cumulative Fair Value		Carrying Amount of		Cumulative Fair Value
	of Hedged Item		Hedging Amount		Formerly Hedged Item		Hedging Amount
January 28, 2024
Short-term borrowings	$	288	$	(9)	$	1,960	$	10
Long-term borrowings		11,745		(537)		7,711		(270)
October 29, 2023
Short-term borrowings					$	1,814	$	15
Long-term borrowings	$	11,660	$	(976)		7,144		(288)
January 29, 2023
Short-term borrowings					$	1,915	$	15
Long-term borrowings	$	10,088	$	(666)		5,506		(83)

Gains (Losses) Related to Derivative Instruments on Statements of Consolidated Income

  The classification and gains (losses) including accrued interest expense related to derivative instruments on the statements of consolidated income consisted of the following:

	Three Months Ended
	January 28		January 29
	2024		2023
Fair Value Hedges
Interest rate contracts - Interest expense	$	344	$	239
Cash Flow Hedges
Recognized in OCI:
Interest rate contracts - OCI (pretax)	$	(8)	$	(1)
Reclassified from OCI:
Interest rate contracts - Interest expense		11		15
Not Designated as Hedges
Interest rate contracts - Net sales			$	(7)
Interest rate contracts - Interest expense	$	(9)		(8)
Foreign exchange contracts - Net sales		5		1
Foreign exchange contracts - Cost of sales		(30)		5
Foreign exchange contracts - Other operating expenses		(181)		(142)
Total not designated	$	(215)	$	(151)

Impact on Derivative Assets and Liabilities Related to Netting Arrangements and Collateral

Derivatives are recorded without offsetting for netting arrangements or collateral. The impact on the derivative assets and liabilities related to netting arrangements and any collateral received or paid follows:

	Gross Amounts		Netting
January 28, 2024	Recognized		Arrangements		Collateral		Net Amount
Assets	$	253	$	(112)	$	(19)	$	122
Liabilities		744		(112)		(368)		264
	Gross Amounts		Netting
October 29, 2023	Recognized		Arrangements		Collateral		Net Amount
Assets	$	292	$	(152)			$	140
Liabilities		1,130		(152)	$	(659)		319
	Gross Amounts		Netting
January 29, 2023	Recognized		Arrangements		Collateral		Net Amount
Assets	$	360	$	(162)	$	(47)	$	151
Liabilities		891		(162)		(349)		380

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SHARE-BASED AWARDS (Tables)

3 Months Ended

Jan. 28, 2024

SHARE-BASED AWARDS

Restricted Stock Units Granted and Weighted-Average Grant Date Fair Values

During the three months ended January 28, 2024, the restricted stock units (RSUs) granted in thousands of shares and the weighted-average grant date fair values, using the closing price of our common stock on the grant date, in dollars follow:

		Grant Date
	Shares	Fair Value
Service-based	360	$	377.04
Performance/service-based	52		360.53
Market/service-based	52		370.87

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ORGANIZATION AND CONSOLIDATION (Details)	3 Months Ended
	Jan. 28, 2024	Jan. 29, 2023
ORGANIZATION AND CONSOLIDATION
Fiscal period duration	91 days	91 days

XML

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES AND NEW ACCOUNTING STANDARDS (Details)	Jan. 28, 2024
ASU 2022-04
New Accounting Standards
Change in Accounting Principle, Accounting Standards Update, Adopted [true false]	true
ASU 2022-02
New Accounting Standards
Change in Accounting Principle, Accounting Standards Update, Adopted [true false]	true
ASU 2022-01
New Accounting Standards
Change in Accounting Principle, Accounting Standards Update, Adopted [true false]	true
ASU 2021-08
New Accounting Standards
Change in Accounting Principle, Accounting Standards Update, Adopted [true false]	true
ASU 2023-09
New Accounting Standards
Change in Accounting Principle, Accounting Standards Update, Adopted [true false]	false
ASU 2023-07
New Accounting Standards
Change in Accounting Principle, Accounting Standards Update, Adopted [true false]	false
ASU 2023-06
New Accounting Standards
Change in Accounting Principle, Accounting Standards Update, Adopted [true false]	false
ASU 2023-05
New Accounting Standards
Change in Accounting Principle, Accounting Standards Update, Adopted [true false]	false
ASU 2022-03
New Accounting Standards
Change in Accounting Principle, Accounting Standards Update, Adopted [true false]	false

XML

REVENUE RECOGNITION - Primary Geographic Market, Major Product Line, and Timing (Details) - USD ($) $ in Millions	3 Months Ended
	Jan. 28, 2024	Jan. 29, 2023
Revenue Recognition
Net sales and revenues	$ 12,185	$ 12,652
Revenue Recognized at a Point in Time
Revenue Recognition
Net sales and revenues	10,682	11,530
Revenue Recognized Over Time
Revenue Recognition
Net sales and revenues	1,503	1,122
Production Agriculture
Revenue Recognition
Net sales	4,791	5,112
Small Agriculture
Revenue Recognition
Net sales	1,718	2,194
Turf
Revenue Recognition
Net sales	649	719
Construction
Revenue Recognition
Net sales	1,483	1,483
Compact Construction
Revenue Recognition
Net sales	626	473
Roadbuilding
Revenue Recognition
Net sales	763	818
Forestry
Revenue Recognition
Net sales	292	356
Financial Products
Revenue Recognition
Financial	1,480	1,102
Other
Revenue Recognition
Other net sales and revenues	383	395
United States
Revenue Recognition
Net sales and revenues	7,131	6,907
Canada
Revenue Recognition
Net sales and revenues	886	931
Western Europe
Revenue Recognition
Net sales and revenues	1,421	1,459
Central Europe and CIS
Revenue Recognition
Net sales and revenues	354	412
Latin America
Revenue Recognition
Net sales and revenues	1,303	1,827
Asia, Africa, Oceania, and Middle East
Revenue Recognition
Net sales and revenues	1,090	1,116
Production & Precision Ag (PPA)
Revenue Recognition
Net sales and revenues	5,043	5,303
Production & Precision Ag (PPA) | Revenue Recognized at a Point in Time
Revenue Recognition
Net sales and revenues	4,955	5,248
Production & Precision Ag (PPA) | Revenue Recognized Over Time
Revenue Recognition
Net sales and revenues	88	55
Production & Precision Ag (PPA) | Production Agriculture
Revenue Recognition
Net sales	4,791	5,112
Production & Precision Ag (PPA) | Financial Products
Revenue Recognition
Financial	60	31
Production & Precision Ag (PPA) | Other
Revenue Recognition
Other net sales and revenues	192	160
Production & Precision Ag (PPA) | United States
Revenue Recognition
Net sales and revenues	2,721	2,628
Production & Precision Ag (PPA) | Canada
Revenue Recognition
Net sales and revenues	386	360
Production & Precision Ag (PPA) | Western Europe
Revenue Recognition
Net sales and revenues	503	501
Production & Precision Ag (PPA) | Central Europe and CIS
Revenue Recognition
Net sales and revenues	179	202
Production & Precision Ag (PPA) | Latin America
Revenue Recognition
Net sales and revenues	819	1,237
Production & Precision Ag (PPA) | Asia, Africa, Oceania, and Middle East
Revenue Recognition
Net sales and revenues	435	375
Small Ag & Turf (SAT)
Revenue Recognition
Net sales and revenues	2,492	3,054
Small Ag & Turf (SAT) | Revenue Recognized at a Point in Time
Revenue Recognition
Net sales and revenues	2,456	3,029
Small Ag & Turf (SAT) | Revenue Recognized Over Time
Revenue Recognition
Net sales and revenues	36	25
Small Ag & Turf (SAT) | Small Agriculture
Revenue Recognition
Net sales	1,718	2,194
Small Ag & Turf (SAT) | Turf
Revenue Recognition
Net sales	649	719
Small Ag & Turf (SAT) | Financial Products
Revenue Recognition
Financial	26	18
Small Ag & Turf (SAT) | Other
Revenue Recognition
Other net sales and revenues	99	123
Small Ag & Turf (SAT) | United States
Revenue Recognition
Net sales and revenues	1,345	1,665
Small Ag & Turf (SAT) | Canada
Revenue Recognition
Net sales and revenues	118	146
Small Ag & Turf (SAT) | Western Europe
Revenue Recognition
Net sales and revenues	517	564
Small Ag & Turf (SAT) | Central Europe and CIS
Revenue Recognition
Net sales and revenues	73	123
Small Ag & Turf (SAT) | Latin America
Revenue Recognition
Net sales and revenues	98	156
Small Ag & Turf (SAT) | Asia, Africa, Oceania, and Middle East
Revenue Recognition
Net sales and revenues	341	400
Construction & Forestry (CF)
Revenue Recognition
Net sales and revenues	3,274	3,255
Construction & Forestry (CF) | Revenue Recognized at a Point in Time
Revenue Recognition
Net sales and revenues	3,243	3,230
Construction & Forestry (CF) | Revenue Recognized Over Time
Revenue Recognition
Net sales and revenues	31	25
Construction & Forestry (CF) | Construction
Revenue Recognition
Net sales	1,483	1,483
Construction & Forestry (CF) | Compact Construction
Revenue Recognition
Net sales	626	473
Construction & Forestry (CF) | Roadbuilding
Revenue Recognition
Net sales	763	818
Construction & Forestry (CF) | Forestry
Revenue Recognition
Net sales	292	356
Construction & Forestry (CF) | Financial Products
Revenue Recognition
Financial	18	13
Construction & Forestry (CF) | Other
Revenue Recognition
Other net sales and revenues	92	112
Construction & Forestry (CF) | United States
Revenue Recognition
Net sales and revenues	2,095	1,901
Construction & Forestry (CF) | Canada
Revenue Recognition
Net sales and revenues	210	275
Construction & Forestry (CF) | Western Europe
Revenue Recognition
Net sales and revenues	361	365
Construction & Forestry (CF) | Central Europe and CIS
Revenue Recognition
Net sales and revenues	94	75
Construction & Forestry (CF) | Latin America
Revenue Recognition
Net sales and revenues	256	339
Construction & Forestry (CF) | Asia, Africa, Oceania, and Middle East
Revenue Recognition
Net sales and revenues	258	300
Financial Services (FS)
Revenue Recognition
Financial	1,376	1,040
Financial Services (FS) | Revenue Recognized at a Point in Time
Revenue Recognition
Financial	28	23
Financial Services (FS) | Revenue Recognized Over Time
Revenue Recognition
Financial	1,348	1,017
Financial Services (FS) | Financial Products
Revenue Recognition
Financial	1,376	1,040
Financial Services (FS) | United States
Revenue Recognition
Financial	970	713
Financial Services (FS) | Canada
Revenue Recognition
Financial	172	150
Financial Services (FS) | Western Europe
Revenue Recognition
Financial	40	29
Financial Services (FS) | Central Europe and CIS
Revenue Recognition
Financial	8	12
Financial Services (FS) | Latin America
Revenue Recognition
Financial	130	95
Financial Services (FS) | Asia, Africa, Oceania, and Middle East
Revenue Recognition
Financial	$ 56	$ 41

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REVENUE RECOGNITION - Deferred Revenue (Details) - USD ($) $ in Millions	3 Months Ended
	Jan. 28, 2024	Jan. 29, 2023	Oct. 29, 2023
Deferred Revenue
Deferred revenue received	$ 1,747	$ 1,502	$ 1,697
Revenue recognized from deferred revenue	$ 230	$ 215

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REVENUE RECOGNITION - Unsatisfied Performance Obligations (Details) $ in Millions	Jan. 28, 2024 USD ($)
Unsatisfied performance obligations
Unsatisfied performance obligations for contracts with an original duration greater than one year	$ 1,531
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-01-29
Unsatisfied performance obligations
Unsatisfied performance obligations for contracts with an original duration greater than one year	$ 373
Period estimated revenue to be recognized	9 months
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-10-28
Unsatisfied performance obligations
Unsatisfied performance obligations for contracts with an original duration greater than one year	$ 409
Period estimated revenue to be recognized	12 months
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2025-11-03
Unsatisfied performance obligations
Unsatisfied performance obligations for contracts with an original duration greater than one year	$ 304
Period estimated revenue to be recognized	12 months
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2026-11-02
Unsatisfied performance obligations
Unsatisfied performance obligations for contracts with an original duration greater than one year	$ 179
Period estimated revenue to be recognized	12 months
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2027-11-01
Unsatisfied performance obligations
Unsatisfied performance obligations for contracts with an original duration greater than one year	$ 108
Period estimated revenue to be recognized	12 months
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2028-10-30
Unsatisfied performance obligations
Unsatisfied performance obligations for contracts with an original duration greater than one year	$ 74
Period estimated revenue to be recognized	12 months
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2029-10-29
Unsatisfied performance obligations
Unsatisfied performance obligations for contracts with an original duration greater than one year	$ 84
Period estimated revenue to be recognized	24 months

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OTHER COMPREHENSIVE INCOME ITEMS - After-Tax Components (Details) - USD ($) $ in Millions	Jan. 28, 2024	Oct. 29, 2023	Jan. 29, 2023
Accumulated other comprehensive income (loss)
Total accumulated other comprehensive income (loss)	$ 22,075	$ 21,785	$ 21,332
Accumulated Other Comprehensive Income (Loss)
Accumulated other comprehensive income (loss)
Total accumulated other comprehensive income (loss)	(2,863)	(3,114)	(2,372)
Retirement Benefits Adjustment
Accumulated other comprehensive income (loss)
Total accumulated other comprehensive income (loss)	(866)	(845)	(400)
Cumulative Translation Adjustment
Accumulated other comprehensive income (loss)
Total accumulated other comprehensive income (loss)	(1,877)	(2,151)	(1,913)
Unrealized Gain (Loss) on Derivatives
Accumulated other comprehensive income (loss)
Total accumulated other comprehensive income (loss)	(23)	(8)	8
Unrealized Gain (Loss) on Debt Securities
Accumulated other comprehensive income (loss)
Total accumulated other comprehensive income (loss)	$ (97)	$ (110)	$ (67)

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OTHER COMPREHENSIVE INCOME ITEMS - Amounts Recorded in and Reclassifications out of (Details) - USD ($) $ in Millions	3 Months Ended
	Jan. 28, 2024	Jan. 29, 2023
Other Comprehensive Income (Loss), Before Tax
Interest expense	$ (802)	$ (479)
Other operating expenses	(369)	(299)
Total other comprehensive income (loss), before tax	235	674
Other Comprehensive Income (Loss), Tax (Expense) Credit
Total other comprehensive income (loss), tax (expense) credit	16	10
Other Comprehensive Income (Loss), After Tax
Other comprehensive income (loss), net of income taxes	251	684
Cumulative Translation Adjustment
Other Comprehensive Income (Loss), Before Tax
Total other comprehensive income (loss), before tax	273	669
Other Comprehensive Income (Loss), Tax (Expense) Credit
Total other comprehensive income (loss), tax (expense) credit	1	12
Other Comprehensive Income (Loss), After Tax
Other comprehensive income (loss), net of income taxes	274	681
Unrealized Gain (Loss) on Derivatives
Other Comprehensive Income (Loss), Before Tax
Other comprehensive income (loss) before reclassification, before tax	(8)	(1)
Total other comprehensive income (loss), before tax	(19)	(16)
Other Comprehensive Income (Loss), Tax (Expense) Credit
Other comprehensive income (loss) before reclassification, tax (expense) credit	2
Total other comprehensive income (loss), tax (expense) credit	4	3
Other Comprehensive Income (Loss), After Tax
Other comprehensive income (loss) before reclassification, after tax	(6)	(1)
Other comprehensive income (loss), net of income taxes	(15)	(13)
Unrealized Gain (Loss) on Derivatives | Interest Rate Contracts (Swaps) | Reclassification out of Accumulated Other Comprehensive Income (Loss)
Other Comprehensive Income (Loss), Before Tax
Interest expense	(11)	(15)
Other Comprehensive Income (Loss), Tax (Expense) Credit
Reclassification from accumulated other comprehensive income, tax (expense) credit	2	3
Other Comprehensive Income (Loss), After Tax
Reclassification from accumulated other comprehensive income, after tax	(9)	(12)
Unrealized Gain (Loss) on Debt Securities
Other Comprehensive Income (Loss), Before Tax
Other comprehensive income (loss) before reclassification, before tax	1	34
Total other comprehensive income (loss), before tax	9	34
Other Comprehensive Income (Loss), Tax (Expense) Credit
Other comprehensive income (loss) before reclassification, tax (expense) credit	6	(7)
Total other comprehensive income (loss), tax (expense) credit	4	(7)
Other Comprehensive Income (Loss), After Tax
Other comprehensive income (loss) before reclassification, after tax	7	27
Other comprehensive income (loss), net of income taxes	13	27
Unrealized Gain (Loss) on Debt Securities | Reclassification out of Accumulated Other Comprehensive Income (Loss)
Other Comprehensive Income (Loss), Before Tax
Other income	8
Other Comprehensive Income (Loss), Tax (Expense) Credit
Reclassification from accumulated other comprehensive income, tax (expense) credit	(2)
Other Comprehensive Income (Loss), After Tax
Reclassification from accumulated other comprehensive income, after tax	6
Retirement Benefits Adjustment
Other Comprehensive Income (Loss), Before Tax
Other comprehensive income (loss) before reclassification, before tax	(17)	(1)
Total other comprehensive income (loss), before tax	(28)	(13)
Other Comprehensive Income (Loss), Tax (Expense) Credit
Other comprehensive income (loss) before reclassification, tax (expense) credit	4
Total other comprehensive income (loss), tax (expense) credit	7	2
Other Comprehensive Income (Loss), After Tax
Other comprehensive income (loss) before reclassification, after tax	(13)	(1)
Other comprehensive income (loss), net of income taxes	(21)	(11)
Actuarial (Gain) Loss | Reclassification out of Accumulated Other Comprehensive Income (Loss)
Other Comprehensive Income (Loss), Before Tax
Other operating expenses	(20)	(21)
Other Comprehensive Income (Loss), Tax (Expense) Credit
Reclassification from accumulated other comprehensive income, tax (expense) credit	5	5
Other Comprehensive Income (Loss), After Tax
Reclassification from accumulated other comprehensive income, after tax	(15)	(16)
Prior Service (Credit) Cost | Reclassification out of Accumulated Other Comprehensive Income (Loss)
Other Comprehensive Income (Loss), Before Tax
Other operating expenses	9	9
Other Comprehensive Income (Loss), Tax (Expense) Credit
Reclassification from accumulated other comprehensive income, tax (expense) credit	(2)	(3)
Other Comprehensive Income (Loss), After Tax
Reclassification from accumulated other comprehensive income, after tax	$ 7	$ 6

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EARNINGS PER SHARE (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	3 Months Ended
	Jan. 28, 2024	Jan. 29, 2023
EARNINGS PER SHARE
Net income attributable to Deere & Company	$ 1,751	$ 1,959
Average shares outstanding	279.9	297.6
Basic (in dollars per share)	$ 6.25	$ 6.58
Diluted Earnings Per Share
Average shares outstanding	279.9	297.6
Effect of dilutive stock options and restricted stock awards (in shares)	1.2	1.5
Total potential shares outstanding	281.1	299.1
Diluted (in dollars per share)	$ 6.23	$ 6.55
Shares excluded from EPS calculation, as antidilutive	0.2	0.1

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PENSION AND OTHER POSTRETIREMENT BENEFITS - Components of Net Periodic (Benefit) Cost (Details) - USD ($) $ in Millions	3 Months Ended
	Jan. 28, 2024	Jan. 29, 2023
Pensions
Net Periodic (Benefit) Cost
Service cost	$ 58	$ 60
Interest cost	$ 136	$ 133
Location of interest cost	Other operating expenses	Other operating expenses
Expected return on plan assets	$ (241)	$ (212)
Location of expected return on plan assets	Other operating expenses	Other operating expenses
Amortization of actuarial gain	$ (4)	$ (5)
Location of amortization of actuarial gain	Other operating expenses	Other operating expenses
Amortization of prior service (credit) cost	$ 10	$ 10
Location of amortization of prior service (credit) cost	Other operating expenses	Other operating expenses
Net (benefit) cost	$ (41)	$ (14)
OPEB
Net Periodic (Benefit) Cost
Service cost	5	7
Interest cost	$ 43	$ 43
Location of interest cost	Other operating expenses	Other operating expenses
Expected return on plan assets	$ (27)	$ (29)
Location of expected return on plan assets	Other operating expenses	Other operating expenses
Amortization of actuarial gain	$ (16)	$ (16)
Location of amortization of actuarial gain	Other operating expenses	Other operating expenses
Amortization of prior service (credit) cost	$ (1)	$ (1)
Location of amortization of prior service (credit) cost	Other operating expenses	Other operating expenses
Net (benefit) cost	$ 4	$ 4

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PENSION AND OTHER POSTRETIREMENT BENEFITS - Employer Contributions (Details) $ in Millions	3 Months Ended
	Jan. 28, 2024 USD ($)
Pensions
Employer Contributions
Contributed	$ 24
Expected contributions remainder of the year	61
OPEB
Employer Contributions
Contributed	106
Expected contributions remainder of the year	34
OPEB | United States
Employer Contributions
Employer voluntary contribution	$ 60

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SEGMENT DATA (Details) - USD ($) $ in Millions	3 Months Ended
	Jan. 28, 2024	Jan. 29, 2023	Oct. 29, 2023
Net Sales and Revenues
Net sales and revenues	$ 12,185	$ 12,652
% Change - Net sales and revenues	(4.00%)
Operating Profit
Net income attributable to Deere & Company	$ 1,751	1,959
% Change - Net income attributable to Deere & Company	(11.00%)
Identifiable Assets
Total Assets	$ 101,371	91,620	$ 104,087
Operating Segments (Other)
Reconciling items	26	(22)
Income taxes	$ (469)	(537)
% Change - Income taxes	(13.00%)
Operating Segment
Operating Profit
Total operating profit	$ 2,194	2,518
% Change - Operating profit	(13.00%)
Corporate
Identifiable Assets
Total Assets	$ 10,615	10,381	13,134
Other Revenues
Net Sales and Revenues
Other revenues	$ 323	210
% Change - Other revenues	54.00%
Production & Precision Ag (PPA)
Net Sales and Revenues
Net sales and revenues	$ 5,043	5,303
Production & Precision Ag (PPA) | Operating Segment
Net Sales and Revenues
Intersegment sales and revenues	$ 8	5
% Change - Intersegment sales and revenues	60.00%
Operating Profit
Total operating profit	$ 1,045	1,208
% Change - Operating profit	(13.00%)
Identifiable Assets
Total Assets	$ 9,059	9,393	8,734
Small Ag & Turf (SAT)
Net Sales and Revenues
Net sales and revenues	2,492	3,054
Small Ag & Turf (SAT) | Operating Segment
Net Sales and Revenues
Intersegment sales and revenues	$ 1	3
% Change - Intersegment sales and revenues	(67.00%)
Operating Profit
Total operating profit	$ 326	447
% Change - Operating profit	(27.00%)
Identifiable Assets
Total Assets	$ 4,426	4,893	4,348
Construction & Forestry (CF)
Net Sales and Revenues
Net sales and revenues	3,274	3,255
Construction & Forestry (CF) | Operating Segment
Operating Profit
Total operating profit	$ 566	625
% Change - Operating profit	(9.00%)
Identifiable Assets
Total Assets	$ 7,371	7,232	7,139
Financial Services (FS)
Net Sales and Revenues
Financial revenues	1,376	1,040
Financial Services (FS) | Operating Segment
Net Sales and Revenues
Financial revenues	$ 1,376	1,040
% Change - Financial revenues	32.00%
Intersegment sales and revenues	$ 176	204
% Change - Intersegment sales and revenues	(14.00%)
Operating Profit
Total operating profit	$ 257	238
% Change - Operating profit	8.00%
Identifiable Assets
Total Assets	$ 69,900	59,721	$ 70,732
Net Sales
Net Sales and Revenues
Net sales and revenues	10,486	11,402
Net Sales | Production & Precision Ag (PPA) | Operating Segment
Net Sales and Revenues
Net sales	$ 4,849	5,198
% Change - Net sales	(7.00%)
Net Sales | Small Ag & Turf (SAT) | Operating Segment
Net Sales and Revenues
Net sales	$ 2,425	3,001
% Change - Net sales	(19.00%)
Net Sales | Construction & Forestry (CF) | Operating Segment
Net Sales and Revenues
Net sales	$ 3,212	$ 3,203

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FINANCING RECEIVABLES - Delinquency Status (Details)	3 Months Ended
	Jan. 28, 2024
FINANCING RECEIVABLES
Financing Receivable, Practical Expedient, Accrued Interest Exclusion [true false]	false
Threshold for past due balances	30 days
Generally the threshold for a financing receivable to be considered non-performing	90 days
Generally the threshold when a receivable is delinquent and the estimated uncollectible amount is written off	120 days

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FINANCING RECEIVABLES - Retail Notes, Financing Leases, and Revolving Charge Accounts Credit Quality Analysis (Details) - USD ($) $ in Millions	Jan. 28, 2024	Oct. 29, 2023	Jan. 29, 2023
Credit Quality Analysis
Total retail customer receivables	$ 50,303		$ 42,131
Retail Customer Receivables
Credit Quality Analysis
2024 and 2023, respectively	4,066	$ 18,340	3,618
2023 and 2022, respectively	16,712	10,705	15,296
2022 and 2021, respectively	9,816	6,421	9,147
2021 and 2020, respectively	5,707	2,791	4,547
2020 and 2019, respectively	2,409	987	1,912
Prior years	1,114	341	1,080
Revolving charge accounts	3,006	4,698	2,902
Total retail customer receivables	42,830	44,283	38,502
Retail Customer Receivables | Agriculture and Turf | 30-59 Days Past Due
Credit Quality Analysis
2024 and 2023, respectively	5	62	2
2023 and 2022, respectively	122	75	39
2022 and 2021, respectively	66	39	39
2021 and 2020, respectively	47	21	54
2020 and 2019, respectively	22	9	13
Prior years	11	3	44
Revolving charge accounts	71	29	28
Total retail customer receivables	344	238	219
Retail Customer Receivables | Agriculture and Turf | 60-89 Days Past Due
Credit Quality Analysis
2024 and 2023, respectively	1	18	1
2023 and 2022, respectively	50	26	15
2022 and 2021, respectively	26	18	14
2021 and 2020, respectively	15	10	20
2020 and 2019, respectively	7	4	5
Prior years	5	2	15
Revolving charge accounts	16	9	6
Total retail customer receivables	120	87	76
Retail Customer Receivables | Agriculture and Turf | 90 Days or Greater Past Due
Credit Quality Analysis
2024 and 2023, respectively		2
2023 and 2022, respectively	1	1	1
2022 and 2021, respectively	1	3
2021 and 2020, respectively	3	3	3
2020 and 2019, respectively	4		1
Total retail customer receivables	9	9	5
Retail Customer Receivables | Agriculture and Turf | Current
Credit Quality Analysis
2024 and 2023, respectively	3,248	15,191	2,939
2023 and 2022, respectively	13,626	8,430	12,435
2022 and 2021, respectively	7,731	5,120	7,228
2021 and 2020, respectively	4,577	2,334	3,660
2020 and 2019, respectively	2,032	853	1,600
Prior years	931	280	823
Revolving charge accounts	2,798	4,526	2,753
Total retail customer receivables	34,943	36,734	31,438
Retail Customer Receivables | Agriculture and Turf | Non-performing
Credit Quality Analysis
2024 and 2023, respectively		30
2023 and 2022, respectively	49	78	40
2022 and 2021, respectively	95	62	58
2021 and 2020, respectively	66	33	41
2020 and 2019, respectively	34	22	27
Prior years	42	22	34
Revolving charge accounts	11	8	8
Total retail customer receivables	297	255	208
Retail Customer Receivables | Construction and Forestry | 30-59 Days Past Due
Credit Quality Analysis
2024 and 2023, respectively	8	49	2
2023 and 2022, respectively	73	34	18
2022 and 2021, respectively	46	27	29
2021 and 2020, respectively	26	9	36
2020 and 2019, respectively	8	4	16
Prior years	3		52
Revolving charge accounts	5	4	5
Total retail customer receivables	169	127	158
Retail Customer Receivables | Construction and Forestry | 60-89 Days Past Due
Credit Quality Analysis
2024 and 2023, respectively		19
2023 and 2022, respectively	26	14	9
2022 and 2021, respectively	20	12	17
2021 and 2020, respectively	13	5	18
2020 and 2019, respectively	6	2	8
Prior years	3		24
Revolving charge accounts	2	2	2
Total retail customer receivables	70	54	78
Retail Customer Receivables | Construction and Forestry | 90 Days or Greater Past Due
Credit Quality Analysis
2023 and 2022, respectively		6	1
2022 and 2021, respectively	2	1	2
2021 and 2020, respectively	1		1
2020 and 2019, respectively			2
Prior years	1	1	1
Total retail customer receivables	4	8	7
Retail Customer Receivables | Construction and Forestry | Current
Credit Quality Analysis
2024 and 2023, respectively	803	2,927	674
2023 and 2022, respectively	2,698	1,961	2,692
2022 and 2021, respectively	1,743	1,084	1,702
2021 and 2020, respectively	911	353	684
2020 and 2019, respectively	276	84	224
Prior years	109	29	80
Revolving charge accounts	101	119	99
Total retail customer receivables	6,641	6,557	6,155
Retail Customer Receivables | Construction and Forestry | Non-performing
Credit Quality Analysis
2024 and 2023, respectively	1	42
2023 and 2022, respectively	67	80	46
2022 and 2021, respectively	86	55	58
2021 and 2020, respectively	48	23	30
2020 and 2019, respectively	20	9	16
Prior years	9	4	7
Revolving charge accounts	2	1	1
Total retail customer receivables	$ 233	$ 214	$ 158

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FINANCING RECEIVABLES - Wholesale Receivables Credit Quality Analysis (Details) - USD ($) $ in Millions	Jan. 28, 2024	Oct. 29, 2023	Jan. 29, 2023
Credit Quality Analysis
Total wholesale receivables	$ 50,303		$ 42,131
Wholesale Receivables
Credit Quality Analysis
2024 and 2023, respectively	272	$ 654	122
2023 and 2022, respectively	478	98	292
2022 and 2021, respectively	72	41	72
2021 and 2020, respectively	25	4	24
2020 and 2019, respectively	3	2	4
Prior years	3	236	2
Revolving	6,620	5,887	3,113
Total wholesale receivables	7,473	6,922	3,629
Wholesale Receivables | Agriculture and Turf | 30+ days past due
Credit Quality Analysis
2023 and 2022, respectively	1
Total wholesale receivables	1
Wholesale Receivables | Agriculture and Turf | Current
Credit Quality Analysis
2024 and 2023, respectively	266	631	115
2023 and 2022, respectively	463	93	285
2022 and 2021, respectively	68	21	48
2021 and 2020, respectively	6	4	21
2020 and 2019, respectively	3	1	4
Prior years	1	160	1
Revolving	5,757	5,175	2,654
Total wholesale receivables	6,564	6,085	3,128
Wholesale Receivables | Agriculture and Turf | Non-performing
Credit Quality Analysis
2021 and 2020, respectively			1
2020 and 2019, respectively		1
Prior years	1
Total wholesale receivables	1	1	1
Wholesale Receivables | Construction and Forestry | Current
Credit Quality Analysis
2024 and 2023, respectively	6	23	7
2023 and 2022, respectively	14	5	7
2022 and 2021, respectively	4	20	24
2021 and 2020, respectively	19		2
Prior years	1	76	1
Revolving	863	712	459
Total wholesale receivables	$ 907	$ 836	$ 500

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FINANCING RECEIVABLES - Allowance for Credit Losses (Details) - USD ($) $ in Millions	3 Months Ended
	Jan. 28, 2024	Jan. 29, 2023	Oct. 29, 2023
Allowance:
Beginning of period balance	$ 197	$ 325
Provision (credit)		11
Provision (credit) subtotal	33	(131)
Write-offs	(42)	(25)
Recoveries	9	10
Translation adjustments	(2)	(19)
End of period balance	195	160
Financing receivables:
End of period balance	50,303	42,131
Russia
Allowance:
Provision transferred to held for sale		(142)
Retail Customer Receivables
Allowance:
Write-offs	(42)
Financing receivables:
End of period balance	42,830	38,502	$ 44,283
Retail Notes & Financing Leases
Allowance:
Beginning of period balance	172	299
Provision (credit)		15
Provision (credit) subtotal	35	(127)
Write-offs	(31)	(18)
Recoveries	1	4
Translation adjustments		(18)
End of period balance	177	140
Financing receivables:
End of period balance	39,824	35,600
Retail Notes & Financing Leases | Russia
Allowance:
Provision transferred to held for sale		(142)
Revolving Charge Accounts
Allowance:
Beginning of period balance	21	22
Provision (credit)		(4)
Provision (credit) subtotal	(2)	(4)
Write-offs	(11)	(7)
Recoveries	8	5
End of period balance	16	16
Financing receivables:
End of period balance	3,006	2,902
Wholesale Receivables
Allowance:
Beginning of period balance	4	4
Recoveries		1
Translation adjustments	(2)	(1)
End of period balance	2	4
Financing receivables:
End of period balance	$ 7,473	$ 3,629	$ 6,922

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FINANCING RECEIVABLES - Write-offs by Year of Origination (Details) - USD ($) $ in Millions	3 Months Ended
	Jan. 28, 2024	Jan. 29, 2023
Write-offs by Year of Origination
Total	$ 42	$ 25
Retail Customer Receivables
Write-offs by Year of Origination
2023	8
2022	11
2021	5
2020	5
Prior Years	2
Revolving Charge Accounts	11
Total	42
Retail Customer Receivables | Agriculture and Turf
Write-offs by Year of Origination
2023	2
2022	4
2021	3
2020	4
Prior Years	1
Revolving Charge Accounts	9
Total	23
Retail Customer Receivables | Construction and Forestry
Write-offs by Year of Origination
2023	6
2022	7
2021	2
2020	1
Prior Years	1
Revolving Charge Accounts	2
Total	$ 19

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FINANCING RECEIVABLES - Modifications (Details) $ in Millions	3 Months Ended
	Jan. 28, 2024 USD ($)
Modifications
Amortized cost of modified loans	$ 17
Modifications (as a percent)	0.03%
Commitments to provide additional financing to customers whose accounts were modified	$ 0
Current
Modifications
Amortized cost of modified loans	16
Non-performing
Modifications
Amortized cost of modified loans	$ 1

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SECURITIZATION OF FINANCING RECEIVABLES (Details) - USD ($) $ in Millions	Jan. 28, 2024	Oct. 29, 2023	Jan. 29, 2023
Securitization of Financing Receivables
Other assets	$ 2,578	$ 2,503	$ 2,597
Total Assets	101,371	104,087	91,620
Short-term securitization borrowings	6,116	6,995	4,864
Accrued interest on borrowings - securitization transactions	10	13	6
Total liabilities related to restricted securitized assets	6,126	7,008	4,870
Securitized
Securitization of Financing Receivables
Financing receivables securitized (retail notes)	6,418	7,357	5,102
Allowance for credit losses	(18)	(22)	(13)
Other assets	140	152	97
Total Assets	$ 6,540	$ 7,487	$ 5,186

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INVENTORIES (Details) - USD ($) $ in Millions	Jan. 28, 2024	Oct. 29, 2023	Jan. 29, 2023
INVENTORIES
Raw materials and supplies	$ 4,117	$ 4,080	$ 4,975
Work-in-process	1,223	1,010	1,478
Finished goods and parts	6,146	5,435	6,347
Total FIFO value	11,486	10,525	12,800
Excess of FIFO over LIFO	2,549	2,365	2,744
Inventories	$ 8,937	$ 8,160	$ 10,056

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GOODWILL AND OTHER INTANGIBLE ASSETS - NET - Goodwill (Details) - USD ($) $ in Millions	3 Months Ended
	Jan. 28, 2024	Jan. 29, 2023
Changes in Amounts of Goodwill
Goodwill - net, beginning balance	$ 3,900	$ 3,687
Translation adjustments	66	204
Goodwill - net, ending balance	3,966	3,891
Production & Precision Ag (PPA)
Changes in Amounts of Goodwill
Goodwill - net, beginning balance	702	646
Translation adjustments	4	15
Goodwill - net, ending balance	706	661
Small Ag & Turf (SAT)
Changes in Amounts of Goodwill
Goodwill - net, beginning balance	363	318
Translation adjustments	2	7
Goodwill - net, ending balance	365	325
Construction & Forestry (CF)
Changes in Amounts of Goodwill
Goodwill - net, beginning balance	2,835	2,723
Translation adjustments	60	182
Goodwill - net, ending balance	$ 2,895	$ 2,905

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GOODWILL AND OTHER INTANGIBLE ASSETS - NET - Intangible Assets (Details) - USD ($) $ in Millions	Jan. 28, 2024	Oct. 29, 2023	Jan. 29, 2023
Amortized intangible assets:
Total at cost	$ 1,921	$ 1,888	$ 1,909
Total accumulated amortization	809	755	654
Other intangible assets - net	1,112	1,133	1,255
Customer Lists and Relationships
Amortized intangible assets:
Total at cost	509	501	522
Total accumulated amortization	207	195	184
Technology, Patents, Trademarks and Other
Amortized intangible assets:
Total at cost	1,412	1,387	1,387
Total accumulated amortization	$ 602	$ 560	$ 470

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GOODWILL AND OTHER INTANGIBLE ASSETS - NET - Amortization Expense (Details) - USD ($) $ in Millions	3 Months Ended
	Jan. 28, 2024	Jan. 29, 2023
Amortized Intangible Assets:
Amortization expense of other intangible assets	$ 42	$ 39
Amortization expense of other intangible assets - remainder of 2024	131
Amortization expense of other intangible assets - 2025	144
Amortization expense of other intangible assets - 2026	121
Amortization expense of other intangible assets - 2027	119
Amortization expense of other intangible assets - 2028	87
Amortization expense of other intangible assets - 2029	$ 74

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SHORT-TERM BORROWINGS (Details) - USD ($) $ in Millions	Jan. 28, 2024	Oct. 29, 2023	Jan. 29, 2023
Short-term borrowings
Short-term borrowings	$ 17,117	$ 17,939	$ 14,129
Commercial Paper
Short-term borrowings
Short-term borrowings	8,378	9,100	6,425
Notes Payable to Banks
Short-term borrowings
Short-term borrowings	310	483	303
Finance Lease Obligations Due Within One Year
Short-term borrowings
Short-term borrowings	27	25	23
Long-term Borrowings Due Within One Year
Short-term borrowings
Short-term borrowings	$ 8,402	$ 8,331	$ 7,378

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ACCOUNTS PAYABLE AND ACCRUED EXPENSES (Details) - USD ($) $ in Millions	Jan. 28, 2024	Oct. 29, 2023	Jan. 29, 2023	Oct. 30, 2022
Accounts payable:
Dividends payable	$ 413	$ 388	$ 358
Operating lease liabilities	$ 293	$ 281	$ 305
Location of operating lease, liability	Accounts payable and accrued expenses	Accounts payable and accrued expenses	Accounts payable and accrued expenses
Deposits withheld from dealers and merchants	$ 153	$ 163	$ 153
Other	183	153	156
Accrued expenses:
Employee benefits	1,107	2,152	1,015
Product warranties	1,589	1,610	1,444	$ 1,427
Accrued taxes	1,364	1,558	1,336
Derivative liabilities	744	1,130	891
Dealer sales discounts	243	1,243	256
Extended warranty premium	1,047	1,021	901
Unearned revenue (contractual liability)	700	676	601
Unearned operating lease revenue	456	451	406
Accrued interest	502	434	371
Other	1,377	1,397	1,289
Accounts payable and accrued expenses	13,361	16,130	13,108
Eliminations | Trade Accounts and Notes Receivable
Accrued expenses:
Dealer sales incentive accruals with a right of set-off against trade receivables	2,410	2,228	1,540
Nonrelated Party
Accounts payable:
Trade payables	3,184	3,467	3,616
Related Party
Accounts payable:
Trade payables	$ 6	$ 6	$ 10

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LONG-TERM BORROWINGS (Details) € in Millions, $ in Millions	Jan. 28, 2024 USD ($)	Jan. 28, 2024 EUR (€)	Oct. 29, 2023 USD ($)	Oct. 29, 2023 EUR (€)	Jan. 29, 2023 USD ($)	Jan. 29, 2023 EUR (€)
Long-term borrowings
Less: debt issuance costs and debt discounts	$ (135)		$ (135)		$ (122)
Total long-term borrowings	39,933		38,477		35,071
2.75% Notes Due 2025
Long-term borrowings
Long-term borrowings, gross	$ 700		$ 700		$ 700
Debt instrument, stated interest rate	2.75%	2.75%	2.75%	2.75%	2.75%	2.75%
6.55% Debentures Due 2028
Long-term borrowings
Long-term borrowings, gross	$ 200		$ 200		$ 200
Debt instrument, stated interest rate	6.55%	6.55%	6.55%	6.55%	6.55%	6.55%
5.375% Notes Due 2029
Long-term borrowings
Long-term borrowings, gross	$ 500		$ 500		$ 500
Debt instrument, stated interest rate	5.375%	5.375%	5.375%	5.375%	5.375%	5.375%
3.10% Notes Due 2030
Long-term borrowings
Long-term borrowings, gross	$ 700		$ 700		$ 700
Debt instrument, stated interest rate	3.10%	3.10%	3.10%	3.10%	3.10%	3.10%
8.10% Debentures Due 2030
Long-term borrowings
Long-term borrowings, gross	$ 250		$ 250		$ 250
Debt instrument, stated interest rate	8.10%	8.10%	8.10%	8.10%	8.10%	8.10%
7.125% Notes Due 2031
Long-term borrowings
Long-term borrowings, gross	$ 300		$ 300		$ 300
Debt instrument, stated interest rate	7.125%	7.125%	7.125%	7.125%	7.125%	7.125%
3.90% Notes Due 2042
Long-term borrowings
Long-term borrowings, gross	$ 1,250		$ 1,250		$ 1,250
Debt instrument, stated interest rate	3.90%	3.90%	3.90%	3.90%	3.90%	3.90%
2.875% Notes Due 2049
Long-term borrowings
Long-term borrowings, gross	$ 500		$ 500		$ 500
Debt instrument, stated interest rate	2.875%	2.875%	2.875%	2.875%	2.875%	2.875%
3.75% Notes Due 2050
Long-term borrowings
Long-term borrowings, gross	$ 850		$ 850		$ 850
Debt instrument, stated interest rate	3.75%	3.75%	3.75%	3.75%	3.75%	3.75%
1.375% Notes Due 2024
Long-term borrowings
Long-term borrowings, gross					$ 871
Debt instrument, stated interest rate					1.375%	1.375%
Principal amount | €						€ 800
1.85% Notes Due 2028
Long-term borrowings
Long-term borrowings, gross	$ 651		$ 634		$ 653
Debt instrument, stated interest rate	1.85%	1.85%	1.85%	1.85%	1.85%	1.85%
Principal amount | €		€ 600		€ 600		€ 600
2.20% Notes Due 2032
Long-term borrowings
Long-term borrowings, gross	$ 651		$ 634		$ 653
Debt instrument, stated interest rate	2.20%	2.20%	2.20%	2.20%	2.20%	2.20%
Principal amount | €		€ 600		€ 600		€ 600
1.65% Notes Due 2039
Long-term borrowings
Long-term borrowings, gross	$ 705		$ 687		$ 708
Debt instrument, stated interest rate	1.65%	1.65%	1.65%	1.65%	1.65%	1.65%
Principal amount | €		€ 650		€ 650		€ 650
Medium-term Notes
Long-term borrowings
Long-term borrowings, gross	$ 31,001		$ 29,638		$ 25,618
Principal amount	31,808		30,902		26,367
Other Notes and Finance Lease Obligations
Long-term borrowings
Long-term borrowings, gross	$ 1,810		$ 1,769		$ 1,440

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LEASES - LESSOR - Lease Revenues (Details) - USD ($) $ in Millions	3 Months Ended
	Jan. 28, 2024	Jan. 29, 2023
LEASES - LESSOR
Sales-type and direct finance lease revenues	$ 47	$ 41
Operating lease revenues	339	321
Variable lease revenues	4	6
Total lease revenues	$ 390	$ 368

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COMMITMENTS AND CONTINGENCIES - Warranty (Details) - USD ($) $ in Millions	3 Months Ended
	Jan. 28, 2024	Jan. 29, 2023
Warranty Liability Reconciliation
Beginning of period balance	$ 1,610	$ 1,427
Warranty claims paid	(309)	(262)
New product warranty accruals	281	256
Foreign exchange	7	23
End of period balance	$ 1,589	$ 1,444

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COMMITMENTS AND CONTINGENCIES - Other (Details) $ in Millions	3 Months Ended
	Jan. 28, 2024 USD ($)
Long Term Purchase Commitments
Commitments for the construction and acquisition of property and equipment	$ 597
Restricted Assets and Other Contingent Liabilities
Other restricted assets	214
Miscellaneous contingent liabilities and guarantees	115
Guarantees, Third-party Receivables
Guarantee Obligations
Guarantee obligations maximum exposure	$ 166

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FAIR VALUE MEASUREMENTS - Financial Instruments (Details) - USD ($) $ in Millions	Jan. 28, 2024	Oct. 29, 2023	Jan. 29, 2023
Fair Values of Financial Instruments
Short-term securitization borrowings	$ 6,116	$ 6,995	$ 4,864
Unrestricted
Fair Values of Financial Instruments
Financing receivables - net	43,708	43,673	36,882
Securitized
Fair Values of Financial Instruments
Financing receivables - net	$ 6,400	$ 7,335	$ 5,089
Location of liability for pledged asset	Short-term securitization borrowings	Short-term securitization borrowings	Short-term securitization borrowings
Level 2
Fair Values of Financial Instruments
Short-term securitization borrowings	$ 6,104	$ 6,921	$ 4,785
Long-term borrowings due within one year	8,283	8,156	7,220
Long-term borrowings	39,321	36,873	34,149
Level 3 | Unrestricted
Fair Values of Financial Instruments
Financing receivables - net	43,236	42,777	35,894
Level 3 | Securitized
Fair Values of Financial Instruments
Financing receivables - net	$ 6,225	$ 7,056	$ 4,869
Location of liability for pledged asset	Short-term securitization borrowings	Short-term securitization borrowings	Short-term securitization borrowings
Carrying Value
Fair Values of Financial Instruments
Short-term securitization borrowings	$ 6,116	$ 6,995	$ 4,864
Long-term borrowings due within one year	8,402	8,331	7,378
Long-term borrowings	39,878	38,428	35,035
Carrying Value | Unrestricted
Fair Values of Financial Instruments
Financing receivables - net	43,708	43,673	36,882
Carrying Value | Securitized
Fair Values of Financial Instruments
Financing receivables - net	$ 6,400	$ 7,335	$ 5,089
Location of liability for pledged asset	Short-term securitization borrowings	Short-term securitization borrowings	Short-term securitization borrowings

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FAIR VALUE MEASUREMENTS - Assets and Liaibilities - Recurring (Details) - USD ($) $ in Millions	Jan. 28, 2024	Oct. 29, 2023	Jan. 29, 2023
Assets and Liabilities Measured at Fair Value on a Recurring Basis
Marketable securities	$ 1,136	$ 946	$ 852
Derivative assets	253	292	360
Derivative liabilities	744	1,130	891
Assets and Liabilities Measured at Fair Value on a Recurring Basis | Level 1
Assets and Liabilities Measured at Fair Value on a Recurring Basis
Marketable securities	475	300	270
Assets and Liabilities Measured at Fair Value on a Recurring Basis | Level 1 | International Equity Securities
Assets and Liabilities Measured at Fair Value on a Recurring Basis
Marketable securities	5	3	2
Assets and Liabilities Measured at Fair Value on a Recurring Basis | Level 1 | International Mutual Funds Securities
Assets and Liabilities Measured at Fair Value on a Recurring Basis
Marketable securities	57	101
Assets and Liabilities Measured at Fair Value on a Recurring Basis | Level 1 | U.S. Equity Funds
Assets and Liabilities Measured at Fair Value on a Recurring Basis
Marketable securities	105	86	86
Assets and Liabilities Measured at Fair Value on a Recurring Basis | Level 1 | U.S. Fixed Income Fund
Assets and Liabilities Measured at Fair Value on a Recurring Basis
Marketable securities	34	32	118
Assets and Liabilities Measured at Fair Value on a Recurring Basis | Level 1 | U.S. Government Debt Securities
Assets and Liabilities Measured at Fair Value on a Recurring Basis
Marketable securities	274	78	64
Assets and Liabilities Measured at Fair Value on a Recurring Basis | Level 2
Assets and Liabilities Measured at Fair Value on a Recurring Basis
Marketable securities	661	646	582
Assets and Liabilities Measured at Fair Value on a Recurring Basis | Level 2 | Other Assets Member
Assets and Liabilities Measured at Fair Value on a Recurring Basis
Derivative assets	253	292	360
Assets and Liabilities Measured at Fair Value on a Recurring Basis | Level 2 | Accounts Payable and Accrued Expenses
Assets and Liabilities Measured at Fair Value on a Recurring Basis
Derivative liabilities	744	1,130	891
Assets and Liabilities Measured at Fair Value on a Recurring Basis | Level 2 | Corporate Debt Securities
Assets and Liabilities Measured at Fair Value on a Recurring Basis
Marketable securities	220	244	209
Assets and Liabilities Measured at Fair Value on a Recurring Basis | Level 2 | International Debt Securities
Assets and Liabilities Measured at Fair Value on a Recurring Basis
Marketable securities	87	1	18
Assets and Liabilities Measured at Fair Value on a Recurring Basis | Level 2 | Mortgage-backed Securities
Assets and Liabilities Measured at Fair Value on a Recurring Basis
Marketable securities	161	185	157
Assets and Liabilities Measured at Fair Value on a Recurring Basis | Level 2 | Municipal Debt Securities
Assets and Liabilities Measured at Fair Value on a Recurring Basis
Marketable securities	69	75	71
Assets and Liabilities Measured at Fair Value on a Recurring Basis | Level 2 | U.S. Government Debt Securities
Assets and Liabilities Measured at Fair Value on a Recurring Basis
Marketable securities	124	141	127
Assets and Liabilities Measured at Fair Value on a Recurring Basis | Level 3 | Accounts Payable and Accrued Expenses
Assets and Liabilities Measured at Fair Value on a Recurring Basis
Deferred consideration	$ 176	$ 186	$ 225

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FAIR VALUE MEASUREMENTS - Contractual Maturities of Debt Securities (Details) $ in Millions	Jan. 28, 2024 USD ($)
Contractual Maturities of Debt Securities, Amortized Cost
Amortized cost, due in one year or less	$ 22
Amortized cost, due after one through five years	242
Amortized cost, due after five through 10 years	421
Amortized cost, due after 10 years	192
Amortized cost, mortgage-backed securities	189
Amortized cost, debt securities	1,066
Contractual Maturities of Debt Securities, Fair Value
Fair value, due in one year or less	21
Fair value, due after one through five years	194
Fair value, due after five through 10 years	398
Fair value, due after 10 years	161
Fair value, mortgage-backed securities	161
Fair value, debt securities	$ 935

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DERIVATIVE INSTRUMENTS - Fair Values (Details) - USD ($) $ in Millions	Jan. 28, 2024	Oct. 29, 2023	Jan. 29, 2023
Fair Values of Derivative Instruments
Derivative assets	$ 253	$ 292	$ 360
Derivative liabilities	744	1,130	891
Designated as Hedging Instruments | Cash Flow Hedges Member | Interest Rate Contracts (Swaps)
Fair Values of Derivative Instruments
Notional	2,200	1,500	1,950
Designated as Hedging Instruments | Cash Flow Hedges Member | Interest Rate Contracts (Swaps) | Other Assets Member
Fair Values of Derivative Instruments
Derivative assets	27	45	69
Designated as Hedging Instruments | Cash Flow Hedges Member | Interest Rate Contracts (Swaps) | Accounts Payable and Accrued Expenses
Fair Values of Derivative Instruments
Derivative liabilities	4
Designated as Hedging Instruments | Fair Value Hedges Member | Interest Rate Contracts (Swaps)
Fair Values of Derivative Instruments
Notional	12,633	12,691	10,802
Designated as Hedging Instruments | Fair Value Hedges Member | Interest Rate Contracts (Swaps) | Other Assets Member
Fair Values of Derivative Instruments
Derivative assets	58		21
Designated as Hedging Instruments | Fair Value Hedges Member | Interest Rate Contracts (Swaps) | Accounts Payable and Accrued Expenses
Fair Values of Derivative Instruments
Derivative liabilities	592	970	678
Not Designated as Hedging Instruments | Interest Rate Contracts (Swaps)
Fair Values of Derivative Instruments
Notional	14,200	13,853	11,147
Not Designated as Hedging Instruments | Interest Rate Contracts (Swaps) | Other Assets Member
Fair Values of Derivative Instruments
Derivative assets	129	169	188
Not Designated as Hedging Instruments | Interest Rate Contracts (Swaps) | Accounts Payable and Accrued Expenses
Fair Values of Derivative Instruments
Derivative liabilities	82	98	97
Not Designated as Hedging Instruments | Foreign Exchange Contracts
Fair Values of Derivative Instruments
Notional	7,856	8,117	9,304
Not Designated as Hedging Instruments | Foreign Exchange Contracts | Other Assets Member
Fair Values of Derivative Instruments
Derivative assets	39	75	71
Not Designated as Hedging Instruments | Foreign Exchange Contracts | Accounts Payable and Accrued Expenses
Fair Values of Derivative Instruments
Derivative liabilities	53	54	110
Not Designated as Hedging Instruments | Cross-Currency Interest Rate Contracts
Fair Values of Derivative Instruments
Notional	189	176	234
Not Designated as Hedging Instruments | Cross-Currency Interest Rate Contracts | Other Assets Member
Fair Values of Derivative Instruments
Derivative assets		3	11
Not Designated as Hedging Instruments | Cross-Currency Interest Rate Contracts | Accounts Payable and Accrued Expenses
Fair Values of Derivative Instruments
Derivative liabilities	$ 13	$ 8	$ 6

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DERIVATIVE INSTRUMENTS - Fair Value Hedges (Details) - Fair Value Hedges Member - Interest Rate Contracts (Swaps) - USD ($) $ in Millions	Jan. 28, 2024	Oct. 29, 2023	Jan. 29, 2023
Active Hedging Relationships
Carrying Amount of Hedged Item		$ 11,660	$ 10,088
Location of hedged item		Long-term borrowings	Long-term borrowings
Short-term Borrowings
Active Hedging Relationships
Carrying Amount of Hedged Item	$ 288
Cumulative Fair Value Hedging Amount	(9)
Discontinued Hedging Relationships
Carrying Amount of Formerly Hedged Item	1,960	$ 1,814	$ 1,915
Cumulative Fair Value Hedging Amount - Discontinued	10	15	15
Long-term Borrowings
Active Hedging Relationships
Carrying Amount of Hedged Item	11,745
Cumulative Fair Value Hedging Amount	(537)	(976)	(666)
Discontinued Hedging Relationships
Carrying Amount of Formerly Hedged Item	7,711	7,144	5,506
Cumulative Fair Value Hedging Amount - Discontinued	$ (270)	$ (288)	$ (83)

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DERIVATIVE INSTRUMENTS - Gains (Losses) on Statements of Consolidated Income (Details) - USD ($) $ in Millions	3 Months Ended
	Jan. 28, 2024	Jan. 29, 2023
Classification and gains (losses) including accrued interest expense related to derivative instruments
Not designated as hedges, gains (losses)	$ (215)	$ (151)
Interest Rate Contracts (Swaps)
Classification and gains (losses) including accrued interest expense related to derivative instruments
Cash flow hedges, recognized in OCI	(8)	(1)
Interest Rate Contracts (Swaps) | Net Sales Related to Derivative Instruments
Classification and gains (losses) including accrued interest expense related to derivative instruments
Not designated as hedges, gains (losses)		(7)
Interest Rate Contracts (Swaps) | Interest Expense Member
Classification and gains (losses) including accrued interest expense related to derivative instruments
Fair value hedges, gains (losses)	344	239
Cash flow hedges, reclassified from OCI	11	15
Not designated as hedges, gains (losses)	(9)	(8)
Foreign Exchange Contracts | Net Sales Related to Derivative Instruments
Classification and gains (losses) including accrued interest expense related to derivative instruments
Not designated as hedges, gains (losses)	5	1
Foreign Exchange Contracts | Cost of Sales
Classification and gains (losses) including accrued interest expense related to derivative instruments
Not designated as hedges, gains (losses)	(30)	5
Foreign Exchange Contracts | Other Operating Expense
Classification and gains (losses) including accrued interest expense related to derivative instruments
Not designated as hedges, gains (losses)	$ (181)	$ (142)

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DERIVATIVE INSTRUMENTS - Counterparty Risk and Collateral (Details) - USD ($) $ in Millions	Jan. 28, 2024	Oct. 29, 2023	Jan. 29, 2023
Derivative instruments
Fair value of derivatives with credit-risk-related contingent features in a liability position	$ 691	$ 1,076	$ 781
Cash collateral posted	368	659	349
Derivative Assets
Gross amounts recognized	253	292	360
Netting arrangements	(112)	(152)	(162)
Collateral received	(19)		(47)
Net amount	122	140	151
Derivative Liabilities
Gross amounts recognized	744	1,130	891
Netting arrangements	(112)	(152)	(162)
Collateral paid	(368)	(659)	(349)
Net amount	264	319	380
International Futures Market
Derivative instruments
Collateral paid to participate in an international futures market	$ 8	$ 8	$ 8

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SHARE-BASED AWARDS - Stock Options (Details) - $ / shares shares in Thousands	1 Months Ended	3 Months Ended
	Dec. 24, 2023	Jan. 28, 2024
Share-based Awards, Aggregate Disclosures
Number of additional shares authorized for grant related to stock options and restricted stock units		15,000
Employee Stock Option [Member]
Share-based Awards, Aggregate Disclosures
Options granted (in shares)	216
Options granted, exercise price (in dollars per share)	$ 377.01
Options granted, fair value (in dollars per share)	$ 98.04
Options outstanding (in shares)		1,900
Options outstanding, weighted-average exercise price (in dollars per share)		$ 214.88
Fair value assumptions method used	lattice model

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SHARE-BASED AWARDS - Restricted Stock Units Granted and Weighted-Average Grant Date Fair Values (Details) shares in Thousands	3 Months Ended
	Jan. 28, 2024 $ / shares shares
Restricted Stock Units Service Based [Member]
Share-based Awards, Aggregate Disclosures
Restricted stock units granted (in shares) | shares	360
Restricted stock units granted, weighted-average fair value (in dollars per unit) | $ / shares	$ 377.04
Restricted Stock Units Performance Service Based [Member]
Share-based Awards, Aggregate Disclosures
Restricted stock units granted (in shares) | shares	52
Restricted stock units granted, weighted-average fair value (in dollars per unit) | $ / shares	$ 360.53
Restricted Stock Units Market Service Based [Member]
Share-based Awards, Aggregate Disclosures
Restricted stock units granted (in shares) | shares	52
Restricted stock units granted, weighted-average fair value (in dollars per unit) | $ / shares	$ 370.87
Vesting period under share-based incentive plans	3 years
Fair value assumptions method used	Monte Carlo model
Restricted Stock Units Market Service Based [Member] | Minimum
Share-based Awards, Aggregate Disclosures
Percent of common stock that may be awarded based on metric	0.00%
Restricted Stock Units Market Service Based [Member] | Maximum
Share-based Awards, Aggregate Disclosures
Percent of common stock that may be awarded based on metric	200.00%

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SPECIAL ITEMS (Details) - Sale of Financial Services Business in Russia - Disposal Group, Disposed of by Sale, Not Discontinued Operations - Financial Services (FS) $ in Millions	1 Months Ended
	Mar. 26, 2023 USD ($)
Disposition
Total proceeds, net of restricted cash sold	$ 36
Total assets	31
Total liabilities	5
Cumulative translation loss	$ 10

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SUBSEQUENT EVENTS - Securitization Borrowings (Details) - USD ($) $ in Millions	Feb. 25, 2024	Jan. 28, 2024	Oct. 29, 2023	Jan. 29, 2023
Subsequent Events
Securitization borrowings		$ 6,116	$ 6,995	$ 4,864
Subsequent Events | Short-term Securitization Borrowings
Subsequent Events
Securitization borrowings	$ 529

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SUBSEQUENT EVENTS - Quarterly Dividend (Details) - $ / shares		3 Months Ended
	Feb. 28, 2024	Jan. 28, 2024	Jan. 29, 2023
Subsequent Events
Quarterly dividend declared (in dollars per share)		$ 1.47	$ 1.20
Subsequent Events
Subsequent Events
Quarterly dividend declared (in dollars per share)	$ 1.47

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Pay vs Performance Disclosure - USD ($) $ in Millions	3 Months Ended
	Jan. 28, 2024	Jan. 29, 2023
Pay vs Performance Disclosure
Net Income (Loss)	$ 1,751	$ 1,959

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Insider Trading Arrangements	3 Months Ended
	Jan. 28, 2024
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false