DEERE & CO 10-Q

Item 1. FINANCIAL STATEMENTS ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ DEERE & COMPANY ​ STATEMENTS OF CONSOLIDATED INCOME ​ For the Three and Nine Months Ended July 27, 2025 and July 28, 2024 ​ (In millions of dollars and shares except per share amounts) Unaudited ​ ​ ​ Three Months Ended ​ Nine Months Ended ​ ​ 2025 2024 2025 2024 Net Sales and Revenues ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net sales $ 10,357 ​ $ 11,387 $ 28,338 ​ $ 35,484 ​ Finance and interest income ​ ​ 1,426 ​ 1,461 ​ ​ 4,233 ​ 4,207 ​ Other income ​ ​ 235 ​ 304 ​ ​ 719 ​ 881 ​ Total ​ ​ 12,018 ​ 13,152 ​ ​ 33,290 ​ 40,572 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Costs and Expenses ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Cost of sales ​ ​ 7,570 ​ 7,848 ​ ​ 20,215 ​ 24,205 ​ Research and development expenses ​ ​ 556 ​ 567 ​ ​ 1,631 ​ 1,664 ​ Selling, administrative and general expenses ​ ​ 1,217 ​ 1,278 ​ ​ 3,387 ​ 3,608 ​ Interest expense ​ ​ 794 ​ 840 ​ ​ 2,408 ​ 2,478 ​ Other operating expenses ​ ​ 281 ​ 264 ​ ​ 817 ​ 930 ​ Total ​ ​ 10,418 ​ 10,797 ​ ​ 28,458 ​ 32,885 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Income of Consolidated Group before Income Taxes ​ ​ 1,600 ​ 2,355 ​ ​ 4,832 ​ 7,687 ​ Provision for income taxes ​ ​ 339 ​ 625 ​ ​ 905 ​ 1,845 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Income of Consolidated Group ​ ​ 1,261 ​ 1,730 ​ ​ 3,927 ​ 5,842 ​ Equity in income of unconsolidated affiliates ​ ​ 10 ​ 1 ​ ​ 11 ​ 4 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net Income ​ ​ 1,271 ​ 1,731 ​ ​ 3,938 ​ 5,846 ​ Less: Net loss attributable to noncontrolling interests ​ ​ ( 18 ) ​ ( 3 ) ​ ​ ( 24 ) ​ ( 9 ) ​ Net Income Attributable to Deere & Company $ 1,289 ​ $ 1,734 $ 3,962 ​ $ 5,855 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Per Share Data ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Basic $ 4.76 ​ $ 6.32 $ 14.61 ​ $ 21.13 ​ Diluted ​ 4.75 ​ ​ 6.29 ​ 14.57 ​ ​ 21.04 ​ Dividends declared ​ ​ 1.62 ​ ​ 1.47 ​ ​ 4.86 ​ ​ 4.41 ​ Dividends paid ​ ​ 1.62 ​ ​ 1.47 ​ ​ 4.71 ​ ​ 4.29 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Average Shares Outstanding ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Basic ​ ​ 270.7 ​ 274.5 ​ ​ 271.1 ​ 277.1 ​ Diluted ​ ​ 271.4 ​ 275.6 ​ ​ 271.9 ​ 278.2 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ See Condensed Notes to Interim Consolidated Financial Statements. ​ 2 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ DEERE & COMPANY ​ STATEMENTS OF CONSOLIDATED COMPREHENSIVE INCOME ​ For the Three and Nine Months Ended July 27, 2025 and July 28, 2024 ​ (In millions of dollars) Unaudited ​ ​ ​ Three Months Ended ​ Nine Months Ended ​ ​ 2025 2024 2025 2024 Net Income $ 1,271 ​ $ 1,731 $ 3,938 ​ $ 5,846 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Other Comprehensive Income (Loss), Net of Income Taxes ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Retirement benefits adjustment ​ ​ ( 22 ) ​ ( 21 ) ​ ​ ( 17 ) ​ ( 129 ) ​ Cumulative translation adjustment ​ ​ 311 ​ ( 170 ) ​ ​ 611 ​ ( 113 ) ​ Unrealized gain (loss) on derivatives ​ ​ 8 ​ ( 29 ) ​ ​ ( 1 ) ​ ( 36 ) ​ Unrealized gain on debt securities ​ ​ 3 ​ 23 ​ ​ 12 ​ 24 ​ Other Comprehensive Income (Loss), Net of Income Taxes ​ ​ 300 ​ ( 197 ) ​ ​ 605 ​ ( 254 ) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Comprehensive Income ​ ​ 1,571 ​ 1,534 ​ ​ 4,543 ​ 5,592 ​ Less: Comprehensive loss attributable to noncontrolling interests ​ ​ ( 16 ) ​ ( 3 ) ​ ​ ( 18 ) ​ ( 8 ) ​ Comprehensive Income Attributable to Deere & Company $ 1,587 ​ $ 1,537 $ 4,561 ​ $ 5,600 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ See Condensed Notes to Interim Consolidated Financial Statements. ​ 3 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ DEERE & COMPANY ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ CONDENSED CONSOLIDATED BALANCE SHEETS ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (In millions of dollars) Unaudited ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ July 27 October 27 July 28 ​ ​ 2025 ​ 2024 ​ 2024 Assets ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Cash and cash equivalents $ 8,580 ​ $ 7,324 ​ $ 7,004 ​ Marketable securities ​ ​ 1,407 ​ 1,154 ​ 1,140 ​ Trade accounts and notes receivable – net ​ ​ 6,103 ​ 5,326 ​ 7,469 ​ Financing receivables – net ​ ​ 43,930 ​ 44,309 ​ 43,896 ​ Financing receivables securitized – net ​ ​ 7,948 ​ 8,723 ​ 8,274 ​ Other receivables ​ ​ 2,826 ​ 2,545 ​ 2,270 ​ Equipment on operating leases – net ​ ​ 7,512 ​ 7,451 ​ 7,118 ​ Inventories ​ ​ 7,713 ​ 7,093 ​ 7,696 ​ Property and equipment – net ​ ​ 7,713 ​ 7,580 ​ 7,092 ​ Goodwill ​ ​ 4,209 ​ 3,959 ​ 3,960 ​ Other intangible assets – net ​ ​ 926 ​ 999 ​ 1,030 ​ Retirement benefits ​ ​ 3,182 ​ 2,921 ​ 3,126 ​ Deferred income taxes ​ ​ 2,209 ​ 2,086 ​ 1,898 ​ Other assets ​ ​ 3,559 ​ 2,906 ​ 2,903 ​ Assets held for sale ​ ​ ​ ​ ​ 2,944 ​ 2,965 ​ Total Assets $ 107,817 ​ $ 107,320 ​ $ 107,841 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Liabilities and Stockholders’ Equity ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Liabilities ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Short-term borrowings ​ $ 14,607 ​ $ 13,533 ​ $ 15,294 ​ Short-term securitization borrowings ​ ​ 7,610 ​ 8,431 ​ 7,869 ​ Accounts payable and accrued expenses ​ ​ 13,582 ​ 14,543 ​ 14,397 ​ Deferred income taxes ​ ​ 489 ​ 478 ​ 481 ​ Long-term borrowings ​ ​ 44,429 ​ 43,229 ​ 42,692 ​ Retirement benefits and other liabilities ​ ​ 1,836 ​ 2,354 ​ 2,156 ​ Liabilities held for sale ​ ​ ​ ​ ​ 1,827 ​ 1,803 ​ Total liabilities ​ ​ 82,553 ​ 84,395 ​ 84,692 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Commitments and contingencies (Note 16) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Redeemable noncontrolling interest ​ ​ 84 ​ ​ 82 ​ ​ 84 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Stockholders’ Equity ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Common stock, $ 1 par value (issued shares at July 27, 2025 – 536,431,204 ) ​ ​ 5,620 ​ 5,489 ​ 5,441 ​ Common stock in treasury ​ ​ ( 36,361 ) ​ ( 35,349 ) ​ ( 34,570 ) ​ Retained earnings ​ ​ 59,023 ​ 56,402 ​ 55,559 ​ Accumulated other comprehensive income (loss) ​ ​ ( 3,107 ) ​ ( 3,706 ) ​ ( 3,368 ) ​ Total Deere & Company stockholders’ equity ​ ​ 25,175 ​ 22,836 ​ 23,062 ​ Noncontrolling interests ​ ​ 5 ​ 7 ​ 3 ​ Total stockholders’ equity ​ ​ 25,180 ​ 22,843 ​ 23,065 ​ Total Liabilities and Stockholders’ Equity ​ $ 107,817 ​ $ 107,320 ​ $ 107,841 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ See Condensed Notes to Interim Consolidated Financial Statements. ​ 4 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ DEERE & COMPANY ​ ​ ​ ​ ​ ​ ​ STATEMENTS OF CONSOLIDATED CASH FLOWS ​ ​ ​ ​ ​ ​ ​ For the Nine Months Ended July 27, 2025 and July 28, 2024 ​ ​ ​ ​ ​ ​ ​ (In millions of dollars) Unaudited ​ ​ ​ ​ ​ ​ ​ ​ 2025 2024 Cash Flows from Operating Activities ​ ​ ​ ​ ​ Net income $ 3,938 ​ $ 5,846 ​ Adjustments to reconcile net income to net cash provided by operating activities: ​ ​ ​ ​ ​ ​ ​ Provision for credit losses ​ ​ 258 ​ 222 ​ Provision for depreciation and amortization ​ ​ 1,668 ​ 1,598 ​ Impairments and other adjustments ​ ​ 29 ​ 53 ​ Share-based compensation expense ​ ​ 104 ​ 159 ​ Credit for deferred income taxes ​ ​ ( 102 ) ​ ( 125 ) ​ Changes in assets and liabilities: ​ ​ ​ ​ ​ ​ ​ Receivables related to sales ​ ​ ( 494 ) ​ ( 2,446 ) ​ Inventories ​ ​ ( 526 ) ​ 234 ​ Accounts payable and accrued expenses ​ ​ ( 717 ) ​ ( 1,015 ) ​ Accrued income taxes payable/receivable ​ ​ ( 147 ) ​ 31 ​ Retirement benefits ​ ​ ( 813 ) ​ ( 246 ) ​ Other ​ ​ 266 ​ ( 172 ) ​ Net cash provided by operating activities ​ ​ 3,464 ​ 4,139 ​ ​ ​ ​ ​ ​ ​ ​ ​ Cash Flows from Investing Activities ​ ​ ​ ​ ​ ​ ​ Collections of receivables (excluding receivables related to sales) ​ ​ 19,712 ​ 19,143 ​ Proceeds from maturities and sales of marketable securities ​ ​ 359 ​ 333 ​ Proceeds from sales of equipment on operating leases ​ ​ 1,408 ​ 1,451 ​ Cost of receivables acquired (excluding receivables related to sales) ​ ​ ( 18,962 ) ​ ( 21,113 ) ​ Acquisitions of businesses, net of cash acquired ​ ​ ( 89 ) ​ ​ ​ Purchases of marketable securities ​ ​ ( 598 ) ​ ( 572 ) ​ Purchases of property and equipment ​ ​ ( 852 ) ​ ( 1,043 ) ​ Cost of equipment on operating leases acquired ​ ​ ( 2,009 ) ​ ( 2,165 ) ​ Collections of receivables from unconsolidated affiliates ​ ​ 334 ​ ​ ​ Collateral on derivatives – net ​ ​ 127 ​ ​ 390 ​ Other ​ ​ ( 231 ) ​ ( 95 ) ​ Net cash used for investing activities ​ ​ ( 801 ) ​ ( 3,671 ) ​ ​ ​ ​ ​ ​ ​ ​ ​ Cash Flows from Financing Activities ​ ​ ​ ​ ​ ​ ​ Net payments in short-term borrowings (original maturities three months or less) ​ ​ ( 2,060 ) ​ ( 992 ) ​ Proceeds from borrowings issued (original maturities greater than three months) ​ ​ 10,707 ​ 15,512 ​ Payments of borrowings (original maturities greater than three months) ​ ​ ( 7,743 ) ​ ( 10,792 ) ​ Repurchases of common stock ​ ​ ( 1,136 ) ​ ( 3,227 ) ​ Dividends paid ​ ​ ( 1,282 ) ​ ( 1,202 ) ​ Other ​ ​ ( 43 ) ​ ( 88 ) ​ Net cash used for financing activities ​ ​ ( 1,557 ) ​ ( 789 ) ​ ​ ​ ​ ​ ​ ​ ​ ​ Effect of Exchange Rate Changes on Cash, Cash Equivalents, and Restricted Cash ​ ​ 108 ​ ( 6 ) ​ ​ ​ ​ ​ ​ ​ ​ ​ Net Increase (Decrease) in Cash, Cash Equivalents, and Restricted Cash ​ ​ 1,214 ​ ​ ( 327 ) ​ Cash, Cash Equivalents, and Restricted Cash at Beginning of Period ​ ​ 7,633 ​ 7,620 ​ Cash, Cash Equivalents, and Restricted Cash at End of Period ​ $ 8,847 ​ $ 7,293 ​ ​ ​ ​ ​ ​ ​ ​ ​ Components of Cash, Cash Equivalents, and Restricted Cash ​ ​ ​ ​ ​ ​ ​ Cash and cash equivalents ​ $ 8,580 ​ $ 7,004 ​ Cash, cash equivalents, and restricted cash (Assets held for sale) ​ ​ ​ ​ ​ 108 ​ Restricted cash (Other assets) ​ ​ 267 ​ ​ 181 ​ Total Cash, Cash Equivalents, and Restricted Cash ​ $ 8,847 ​ $ 7,293 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ See Condensed Notes to Interim Consolidated Financial Statements. ​ 5 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ DEERE & COMPANY ​ STATEMENTS OF CHANGES IN CONSOLIDATED STOCKHOLDERS’ EQUITY ​ For the Three and Nine Months Ended July 27, 2025 and July 28, 2024 ​ (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 ​ Three Months Ended July 28, 2024 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Balance April 28, 2024 $ 22,688 ​ $ 5,391 ​ $ ( 33,764 ) ​ $ 54,228 ​ $ ( 3,171 ) ​ $ 4 ​ ​ $ 98 ​ Net income (loss) ​ 1,734 ​ ​ ​ ​ ​ ​ ​ ​ 1,734 ​ ​ ​ ​ ​ ​ ​ ​ ​ ( 3 ) ​ Other comprehensive loss ​ ( 197 ) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ( 197 ) ​ ​ ​ ​ ​ ​ ​ ​ Repurchases of common stock ​ ( 812 ) ​ ​ ​ ​ ​ ( 812 ) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Treasury shares reissued ​ 6 ​ ​ ​ ​ ​ 6 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Dividends declared ​ ( 404 ) ​ ​ ​ ​ ​ ​ ​ ​ ( 403 ) ​ ​ ​ ​ ​ ( 1 ) ​ ​ ​ ​ ​ Noncontrolling interest redemption (Note 21) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ( 10 ) ​ Share based awards and other ​ 50 ​ ​ 50 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ( 1 ) ​ Balance July 28, 2024 ​ $ 23,065 ​ $ 5,441 ​ $ ( 34,570 ) ​ $ 55,559 ​ $ ( 3,368 ) ​ $ 3 ​ ​ $ 84 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Nine Months Ended July 28, 2024 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Balance October 29, 2023 $ 21,789 ​ $ 5,303 ​ $ ( 31,335 ) ​ $ 50,931 ​ $ ( 3,114 ) ​ $ 4 ​ ​ $ 97 Net income (loss) ​ 5,856 ​ ​ ​ ​ ​ ​ ​ ​ 5,855 ​ ​ ​ ​ ​ 1 ​ ​ ​ ( 10 ) ​ Other comprehensive income (loss) ​ ( 254 ) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ( 254 ) ​ ​ ​ ​ ​ ​ 1 ​ Repurchases of common stock ​ ( 3,257 ) ​ ​ ​ ​ ​ ( 3,257 ) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Treasury shares reissued ​ 22 ​ ​ ​ ​ ​ 22 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Dividends declared ​ ( 1,223 ) ​ ​ ​ ​ ​ ​ ​ ​ ( 1,221 ) ​ ​ ​ ​ ​ ( 2 ) ​ ​ ​ ​ ​ Noncontrolling interest redemption (Note 21) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ( 10 ) ​ Share based awards and other ​ 132 ​ ​ 138 ​ ​ ​ ​ ​ ( 6 ) ​ ​ ​ ​ ​ ​ ​ ​ ​ 6 ​ Balance July 28, 2024 ​ $ 23,065 ​ $ 5,441 ​ $ ( 34,570 ) ​ $ 55,559 ​ $ ( 3,368 ) ​ $ 3 ​ ​ $ 84 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended July 27, 2025 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Balance April 27, 2025 ​ $ 24,295 ​ $ 5,565 ​ $ ( 36,064 ) ​ $ 58,191 ​ $ ( 3,405 ) ​ $ 8 ​ ​ $ 83 ​ Net income (loss) ​ ​ 1,290 ​ ​ ​ ​ ​ ​ ​ ​ 1,289 ​ ​ ​ ​ ​ 1 ​ ​ ​ ( 19 ) ​ Other comprehensive income ​ ​ 298 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 298 ​ ​ ​ ​ ​ ​ 2 ​ Repurchases of common stock ​ ​ ( 301 ) ​ ​ ​ ​ ​ ( 301 ) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Treasury shares reissued ​ ​ 4 ​ ​ ​ ​ ​ 4 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Dividends declared ​ ​ ( 439 ) ​ ​ ​ ​ ​ ​ ​ ​ ( 439 ) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Share based awards and other ​ ​ 33 ​ ​ 55 ​ ​ ​ ​ ​ ( 18 ) ​ ​ ​ ​ ​ ( 4 ) ​ ​ ​ 18 ​ Balance July 27, 2025 ​ $ 25,180 ​ $ 5,620 ​ $ ( 36,361 ) ​ $ 59,023 ​ $ ( 3,107 ) ​ $ 5 ​ ​ $ 84 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Nine Months Ended July 27, 2025 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Balance October 27, 2024 ​ $ 22,843 ​ $ 5,489 ​ $ ( 35,349 ) ​ $ 56,402 ​ $ ( 3,706 ) ​ $ 7 ​ ​ $ 82 ​ Net income (loss) ​ ​ 3,963 ​ ​ ​ ​ ​ ​ ​ ​ 3,962 ​ ​ ​ ​ ​ 1 ​ ​ ​ ( 25 ) ​ Other comprehensive income ​ ​ 599 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 599 ​ ​ ​ ​ ​ ​ 6 ​ Repurchases of common stock ​ ​ ( 1,047 ) ​ ​ ​ ​ ​ ( 1,047 ) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Treasury shares reissued ​ ​ 35 ​ ​ ​ ​ ​ 35 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Dividends declared ​ ​ ( 1,320 ) ​ ​ ​ ​ ​ ​ ​ ​ ( 1,320 ) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Share based awards and other ​ ​ 107 ​ ​ 131 ​ ​ ​ ​ ​ ( 21 ) ​ ​ ​ ​ ​ ( 3 ) ​ ​ ​ 21 ​ Balance July 27, 2025 ​ $ 25,180 ​ $ 5,620 ​ $ ( 36,361 ) ​ $ 59,023 ​ $ ( 3,107 ) ​ $ 5 ​ ​ $ 84 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 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 (John Deere Financial or 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 third quarter ends for fiscal years 2025 and 2024 were July 27, 2025 and July 28, 2024, respectively. Both quarters contained 13 weeks, while both year-to-date periods contained 39 weeks. Fiscal year 2025 will contain 53 weeks, with the additional week occurring in the fourth quarter. 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. Certain prior period amounts have been reclassified to conform to current period presentation. Variable Interest Entity We have a 50 % ownership interest in Banco John Deere S.A. (BJD), an equity method investment that finances retail and wholesale loans for agricultural, construction, and forestry equipment in Brazil. This investment was established in February 2025 through the sale of 50 % ownership of a former subsidiary (see Note 20). BJD is a variable interest entity (VIE) as we provide funding and are exposed to losses that are disproportionate to our voting rights. However, we are not the primary beneficiary of the VIE because the power over significant activities, including the strategic plan, budget, credit policies, and funding guidelines, is shared among equity holders through an equally represented board of directors. Financial results of BJD are reported in “Equity in income of unconsolidated affiliates.” The related investment in unconsolidated affiliates is included in “Other assets” on the condensed consolidated balance sheets, while short-term and long-term funding is recorded in receivables from unconsolidated affiliates and included in “Other receivables.” Our carrying value of receivables from and investments in BJD and maximum exposure to loss at July 27, 2025 follows: ​ ​ ​ ​ ​ ​ ​ July 27 ​ ​ ​ 2025 ​ Receivables from unconsolidated affiliates – "Other receivables" ​ $ 516 ​ Investments in unconsolidated affiliates – "Other assets" ​ ​ 395 ​ Carrying value of assets related to VIE ​ ​ 911 ​ Guarantees ​ ​ 153 ​ Maximum exposure to loss ​ $ 1,064 ​ ​ Guarantees primarily include BJD debt related to government funding that existed prior to the deconsolidation of BJD, and no contractual liability is recorded by us on our condensed consolidated balance sheets. The maximum exposure to loss is not an indication of our expected loss exposure. ​ (2)    Summary of Significant Accounting Policies and New Accounting PROnouncements 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. 7 ​ New Accounting Pronouncements Adopted 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 2025, none of which had a material effect on our consolidated financial statements. ​ ​ No. 2023-05 — Business Combinations – Joint Venture Formations (Subtopic 805-60): Recognition and Initial Measurement ​ No. 2022-03 — Fair Value Measurement (Topic 820): Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions ​ ​ Accounting Pronouncements to be Adopted In July 2025, the FASB issued ASU 2025-05 , Financial Instruments – Credit Losses (Topic 326): Measurement of Credit Losses for Accounts Receivable and Contract Assets, which provides a practical expedient for estimating expected credit losses on short-term receivables from sales transactions. The ASU will be effective for us beginning with our interim reporting for fiscal year 2027, with early adoption permitted. We are assessing the effect of this update on our financial results. In November 2024, the FASB issued ASU 2024-03 , Income Statement – Reporting Comprehensive Income – Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses, which expands disclosures about specific expense categories presented on the face of the income statement. In January 2025, the FASB issued ASU 2025-01 , Income Statement – Reporting Comprehensive Income – Expense Disaggregation Disclosures (Subtopic 220-40), which clarifies the effective date of ASU 2024-03. The ASU will be effective for us beginning with our annual reporting for fiscal year 2028 and interim periods thereafter. We are assessing the effect of ASU 2024-03 on our related disclosures. 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 ASU will be effective for us beginning with our annual reporting for 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. ​ ​ No. 2024-04 — Debt – Debt with Conversion and Other Options (Subtopic 470-20): Induced Conversions of Convertible Debt Instruments ​ No. 2023-07 — Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures ​ No. 2023-06 — Disclosure Improvements: Codification Amendments in Response to the SEC’s Disclosure Update and Simplification Initiative ​ ​ 8 ​ (3)    Revenue Recognition Our net sales and revenues by primary geographic market, major product line, and timing of revenue recognition follow: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended July 27, 2025 ​ ​ PPA SAT CF FS Total ​ Primary geographic markets: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ United States ​ $ 1,684 ​ $ 1,537 ​ $ 1,687 ​ $ 1,100 ​ $ 6,008 ​ Canada ​ ​ 335 ​ ​ 148 ​ ​ 222 ​ 190 ​ 895 ​ Western Europe ​ ​ 677 ​ ​ 757 ​ ​ 550 ​ 45 ​ 2,029 ​ Central Europe and CIS ​ ​ 301 ​ ​ 130 ​ ​ 103 ​ 2 ​ 536 ​ Latin America ​ ​ 1,055 ​ ​ 124 ​ ​ 252 ​ 28 ​ 1,459 ​ Asia, Africa, Oceania, and Middle East ​ ​ 332 ​ ​ 393 ​ ​ 313 ​ ​ 53 ​ ​ 1,091 ​ Total ​ $ 4,384 ​ $ 3,089 ​ $ 3,127 ​ $ 1,418 ​ $ 12,018 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Major product lines: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Production agriculture ​ $ 4,183 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ $ 4,183 ​ Small agriculture ​ ​ ​ ​ $ 2,189 ​ ​ ​ ​ ​ ​ 2,189 ​ Turf ​ ​ ​ ​ ​ 760 ​ ​ ​ ​ ​ ​ 760 ​ Construction ​ ​ ​ ​ ​ ​ ​ $ 1,207 ​ ​ ​ 1,207 ​ Compact construction ​ ​ ​ ​ ​ ​ ​ ​ 491 ​ ​ ​ ​ ​ 491 ​ Roadbuilding ​ ​ ​ ​ ​ ​ ​ ​ 1,013 ​ ​ ​ 1,013 ​ Forestry ​ ​ ​ ​ ​ ​ ​ ​ 292 ​ ​ ​ 292 ​ Financial products ​ ​ 66 ​ ​ 37 ​ ​ 23 ​ $ 1,418 ​ 1,544 ​ Other ​ ​ 135 ​ ​ 103 ​ ​ 101 ​ ​ ​ 339 ​ Total ​ $ 4,384 ​ $ 3,089 ​ $ 3,127 ​ $ 1,418 ​ $ 12,018 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Revenue recognized: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ At a point in time ​ $ 4,270 ​ $ 3,032 ​ $ 3,085 ​ $ 36 ​ $ 10,423 ​ Over time ​ ​ 114 ​ ​ 57 ​ ​ 42 ​ ​ 1,382 ​ ​ 1,595 ​ Total ​ $ 4,384 ​ $ 3,089 ​ $ 3,127 ​ $ 1,418 ​ $ 12,018 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Nine Months Ended July 27, 2025 ​ ​ ​ PPA SAT CF FS Total ​ Primary geographic markets: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ United States ​ $ 5,752 ​ $ 4,112 ​ $ 4,517 ​ $ 3,257 ​ $ 17,638 ​ Canada ​ ​ 1,345 ​ ​ 380 ​ ​ 531 ​ 549 ​ 2,805 ​ Western Europe ​ ​ 1,566 ​ ​ 1,776 ​ ​ 1,391 ​ 132 ​ 4,865 ​ Central Europe and CIS ​ ​ 607 ​ ​ 268 ​ ​ 261 ​ 9 ​ 1,145 ​ Latin America ​ ​ 2,765 ​ ​ 320 ​ ​ 677 ​ 165 ​ 3,927 ​ Asia, Africa, Oceania, and Middle East ​ ​ 849 ​ ​ 1,086 ​ ​ 814 ​ ​ 161 ​ ​ 2,910 ​ Total ​ $ 12,884 ​ $ 7,942 ​ $ 8,191 ​ $ 4,273 ​ $ 33,290 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Major product lines: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Production agriculture ​ $ 12,321 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ $ 12,321 ​ Small agriculture ​ ​ ​ ​ $ 5,387 ​ ​ ​ ​ ​ ​ 5,387 ​ Turf ​ ​ ​ ​ ​ 2,180 ​ ​ ​ ​ ​ ​ 2,180 ​ Construction ​ ​ ​ ​ ​ ​ ​ $ 3,159 ​ ​ ​ 3,159 ​ Compact construction ​ ​ ​ ​ ​ ​ ​ ​ 1,358 ​ ​ ​ ​ ​ 1,358 ​ Roadbuilding ​ ​ ​ ​ ​ ​ ​ ​ 2,558 ​ ​ ​ 2,558 ​ Forestry ​ ​ ​ ​ ​ ​ ​ ​ 772 ​ ​ ​ ​ 772 ​ Financial products ​ ​ 177 ​ ​ 95 ​ ​ 60 ​ $ 4,273 ​ 4,605 ​ Other ​ ​ 386 ​ ​ 280 ​ ​ 284 ​ ​ ​ 950 ​ Total ​ $ 12,884 ​ $ 7,942 ​ $ 8,191 ​ $ 4,273 ​ $ 33,290 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Revenue recognized: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ At a point in time ​ $ 12,575 ​ $ 7,789 ​ $ 8,080 ​ $ 99 ​ $ 28,543 ​ Over time ​ ​ 309 ​ ​ 153 ​ ​ 111 ​ ​ 4,174 ​ ​ 4,747 ​ Total ​ $ 12,884 ​ $ 7,942 ​ $ 8,191 ​ $ 4,273 ​ $ 33,290 ​ ​ 9 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended July 28, 2024 ​ ​ PPA SAT CF FS Total ​ Primary geographic markets: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ United States ​ $ 2,839 ​ $ 1,824 ​ $ 1,967 ​ $ 1,076 ​ $ 7,706 ​ Canada ​ ​ 489 ​ ​ 207 ​ ​ 183 ​ 191 ​ 1,070 ​ Western Europe ​ ​ 522 ​ ​ 542 ​ ​ 432 ​ ​ 64 ​ 1,560 ​ Central Europe and CIS ​ ​ 201 ​ ​ 70 ​ ​ 106 ​ ​ 12 ​ 389 ​ Latin America ​ ​ 841 ​ ​ 125 ​ ​ 305 ​ ​ 94 ​ 1,365 ​ Asia, Africa, Oceania, and Middle East ​ ​ 350 ​ ​ 360 ​ ​ 300 ​ ​ 52 ​ ​ 1,062 ​ Total ​ $ 5,242 ​ $ 3,128 ​ $ 3,293 ​ $ 1,489 ​ $ 13,152 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Major product lines: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Production agriculture ​ $ 5,038 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ $ 5,038 ​ Small agriculture ​ ​ ​ ​ $ 2,168 ​ ​ ​ ​ ​ ​ 2,168 ​ Turf ​ ​ ​ ​ ​ 825 ​ ​ ​ ​ ​ ​ 825 ​ Construction ​ ​ ​ ​ ​ ​ ​ $ 1,308 ​ ​ ​ 1,308 ​ Compact construction ​ ​ ​ ​ ​ ​ ​ ​ 643 ​ ​ ​ ​ ​ 643 ​ Roadbuilding ​ ​ ​ ​ ​ ​ ​ ​ 961 ​ ​ ​ 961 ​ Forestry ​ ​ ​ ​ ​ ​ ​ ​ 269 ​ ​ ​ 269 ​ Financial products ​ ​ 65 ​ ​ 33 ​ ​ 8 ​ $ 1,489 ​ 1,595 ​ Other ​ ​ 139 ​ ​ 102 ​ ​ 104 ​ ​ ​ 345 ​ Total ​ $ 5,242 ​ $ 3,128 ​ $ 3,293 ​ $ 1,489 ​ $ 13,152 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Revenue recognized: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ At a point in time ​ $ 5,143 ​ $ 3,084 ​ $ 3,269 ​ $ 35 ​ $ 11,531 ​ Over time ​ ​ 99 ​ ​ 44 ​ ​ 24 ​ ​ 1,454 ​ ​ 1,621 ​ Total ​ $ 5,242 ​ $ 3,128 ​ $ 3,293 ​ $ 1,489 ​ $ 13,152 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Nine Months Ended July 28, 2024 ​ ​ PPA SAT CF FS Total ​ Primary geographic markets: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ United States ​ $ 9,441 ​ $ 5,011 ​ $ 6,563 ​ $ 3,041 ​ $ 24,056 ​ Canada ​ ​ 1,475 ​ ​ 492 ​ ​ 635 ​ ​ 538 ​ 3,140 ​ Western Europe ​ ​ 1,684 ​ ​ 1,747 ​ ​ 1,263 ​ ​ 144 ​ 4,838 ​ Central Europe and CIS ​ ​ 655 ​ ​ 223 ​ ​ 291 ​ ​ 28 ​ 1,197 ​ Latin America ​ ​ 2,510 ​ ​ 326 ​ ​ 895 ​ ​ 346 ​ 4,077 ​ Asia, Africa, Oceania, and Middle East ​ ​ 1,199 ​ ​ 1,074 ​ ​ 829 ​ ​ 162 ​ ​ 3,264 ​ Total ​ $ 16,964 ​ $ 8,873 ​ $ 10,476 ​ $ 4,259 ​ $ 40,572 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Major product lines: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Production agriculture ​ $ 16,336 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ $ 16,336 ​ Small agriculture ​ ​ ​ ​ $ 5,984 ​ ​ ​ ​ ​ ​ ​ 5,984 ​ Turf ​ ​ ​ ​ ​ 2,491 ​ ​ ​ ​ ​ ​ ​ 2,491 ​ Construction ​ ​ ​ ​ ​ ​ ​ $ 4,528 ​ ​ ​ ​ 4,528 ​ Compact construction ​ ​ ​ ​ ​ ​ ​ ​ 1,964 ​ ​ ​ ​ ​ 1,964 ​ Roadbuilding ​ ​ ​ ​ ​ ​ ​ ​ 2,804 ​ ​ ​ ​ 2,804 ​ Forestry ​ ​ ​ ​ ​ ​ ​ ​ 832 ​ ​ ​ ​ 832 ​ Financial products ​ ​ 164 ​ ​ 91 ​ ​ 43 ​ $ 4,259 ​ 4,557 ​ Other ​ ​ 464 ​ ​ 307 ​ ​ 305 ​ ​ ​ ​ 1,076 ​ Total ​ $ 16,964 ​ $ 8,873 ​ $ 10,476 ​ $ 4,259 ​ $ 40,572 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Revenue recognized: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ At a point in time ​ $ 16,707 ​ $ 8,753 ​ $ 10,395 ​ $ 97 ​ $ 35,952 ​ Over time ​ ​ 257 ​ ​ 120 ​ ​ 81 ​ ​ 4,162 ​ ​ 4,620 ​ Total ​ $ 16,964 ​ $ 8,873 ​ $ 10,476 ​ $ 4,259 ​ $ 40,572 ​ ​ 10 ​ We invoice in advance of recognizing the revenue of certain products and 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 $ 2,100 , $ 1,923 , and $ 1,895 at July 27, 2025, October 27, 2024, and July 28, 2024, respectively. The contract liability is reduced as the revenue is recognized. Revenue recognized from deferred revenue that was recorded as a contract liability at the beginning of the fiscal year was $ 125 and $ 126 during the three months and $ 498 and $ 484 during the nine months ended July 27, 2025 and July 28, 2024, respectively. The amount of unsatisfied performance obligations for contracts with an original duration greater than one year was $ 1,823 at July 27, 2025. The estimated revenue to be recognized by fiscal year follows: remainder of 2025 – $ 182 , 2026 – $ 504 , 2027 – $ 425 , 2028 – $ 302 , 2029 – $ 190 , 2030 – $ 140 , and later years – $ 80 . 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: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ July 27 ​ October 27 ​ July 28 ​ ​ ​ 2025 ​ 2024 ​ 2024 ​ Retirement benefits adjustment ​ $ ( 1,291 ) ​ $ ( 1,274 ) ​ $ ( 974 ) ​ Cumulative translation adjustment ​ ​ ( 1,681 ) ​ ​ ( 2,286 ) ​ ​ ( 2,264 ) ​ Unrealized gain (loss) on derivatives ​ ​ ( 73 ) ​ ​ ( 72 ) ​ ​ ( 44 ) ​ Unrealized gain (loss) on debt securities ​ ​ ( 62 ) ​ ​ ( 74 ) ​ ​ ( 86 ) ​ Accumulated other comprehensive income (loss) ​ $ ( 3,107 ) ​ $ ( 3,706 ) ​ $ ( 3,368 ) ​ ​ 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 July 27, 2025 ​ Amount ​ Credit ​ Amount Cumulative translation adjustment $ 311 $ ( 2 ) $ 309 ​ Unrealized gain (loss) on interest rate derivatives: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Unrealized hedging gain (loss) ​ ​ 7 ​ ​ ( 1 ) ​ ​ 6 ​ Reclassification of realized (gain) loss to Interest expense ​ ​ 3 ​ ​ ( 1 ) ​ ​ 2 ​ Net unrealized gain (loss) on derivatives ​ ​ 10 ​ ​ ( 2 ) ​ ​ 8 ​ Unrealized gain (loss) on debt securities: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Unrealized holding gain (loss) ​ ​ 4 ​ ​ ( 1 ) ​ ​ 3 ​ Reclassification of realized (gain) loss to Other income ​ ​ 1 ​ ​ ( 1 ) ​ ​ ​ ​ Net unrealized gain (loss) on debt securities ​ ​ 5 ​ ​ ( 2 ) ​ ​ 3 ​ Retirement benefits adjustment: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net actuarial gain (loss) ​ ​ ( 40 ) ​ ​ 10 ​ ​ ( 30 ) ​ Reclassification to Other operating expenses through amortization of: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Actuarial (gain) loss ​ ​ ( 12 ) ​ ​ 3 ​ ​ ( 9 ) ​ Prior service (credit) cost ​ ​ 9 ​ ​ ( 2 ) ​ ​ 7 ​ Settlements/curtailment ​ ​ 13 ​ ​ ( 3 ) ​ ​ 10 ​ Net unrealized gain (loss) on retirement benefits adjustment ​ ​ ( 30 ) ​ ​ 8 ​ ​ ( 22 ) ​ Total other comprehensive income (loss) $ 296 ​ $ 2 ​ $ 298 ​ ​ 11 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Before Tax After ​ ​ Tax ​ (Expense) ​ Tax Nine Months Ended July 27, 2025 ​ Amount ​ Credit ​ Amount Cumulative translation adjustment $ 611 $ ( 6 ) $ 605 ​ Unrealized gain (loss) on interest rate derivatives: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Unrealized hedging gain (loss) ​ ​ 3 ​ ​ ​ ​ ​ 3 ​ Reclassification of realized (gain) loss to Interest expense ​ ​ ( 5 ) ​ ​ 1 ​ ​ ( 4 ) ​ Net unrealized gain (loss) on derivatives ​ ​ ( 2 ) ​ ​ 1 ​ ​ ( 1 ) ​ Unrealized gain (loss) on debt securities: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Unrealized holding gain (loss) ​ ​ 15 ​ ​ ( 5 ) ​ ​ 10 ​ Reclassification of realized (gain) loss to Other income ​ ​ 3 ​ ​ ( 1 ) ​ ​ 2 ​ Net unrealized gain (loss) on debt securities ​ ​ 18 ​ ​ ( 6 ) ​ ​ 12 ​ Retirement benefits adjustment: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net actuarial gain (loss) ​ ​ ( 28 ) ​ ​ 7 ​ ​ ( 21 ) ​ Reclassification to Other operating expenses through amortization of: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Actuarial (gain) loss ​ ​ ( 37 ) ​ ​ 9 ​ ​ ( 28 ) ​ Prior service (credit) cost ​ ​ 26 ​ ​ ( 6 ) ​ ​ 20 ​ Settlements/curtailment ​ ​ 16 ​ ​ ( 4 ) ​ ​ 12 ​ Net unrealized gain (loss) on retirement benefits adjustment ​ ​ ( 23 ) ​ ​ 6 ​ ​ ( 17 ) ​ Total other comprehensive income (loss) $ 604 ​ $ ( 5 ) ​ $ 599 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Before Tax After ​ ​ Tax ​ (Expense) ​ Tax Three Months Ended July 28, 2024 ​ Amount ​ Credit ​ Amount Cumulative translation adjustment $ ( 170 ) ​ ​ $ ( 170 ) ​ Unrealized gain (loss) on interest rate derivatives: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Unrealized hedging gain (loss) ​ ​ ( 15 ) ​ $ 3 ​ ​ ( 12 ) ​ Reclassification of realized (gain) loss to Interest expense ​ ​ ( 22 ) ​ ​ 5 ​ ​ ( 17 ) ​ Net unrealized gain (loss) on derivatives ​ ​ ( 37 ) ​ ​ 8 ​ ​ ( 29 ) ​ Unrealized gain (loss) on debt securities: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Unrealized holding gain (loss) ​ ​ 29 ​ ​ ( 6 ) ​ ​ 23 ​ Net unrealized gain (loss) on debt securities ​ ​ 29 ​ ​ ( 6 ) ​ ​ 23 ​ Retirement benefits adjustment: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net actuarial gain (loss) ​ ​ ( 19 ) ​ ​ 5 ​ ​ ( 14 ) ​ Reclassification to Other operating expenses through amortization of: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Actuarial (gain) loss ​ ​ ( 18 ) ​ ​ 4 ​ ​ ( 14 ) ​ Prior service (credit) cost ​ ​ 8 ​ ​ ( 1 ) ​ ​ 7 ​ Settlements ​ ​ 1 ​ ​ ( 1 ) ​ ​ ​ ​ Net unrealized gain (loss) on retirement benefits adjustment ​ ​ ( 28 ) ​ ​ 7 ​ ​ ( 21 ) ​ Total other comprehensive income (loss) $ ( 206 ) ​ $ 9 ​ $ ( 197 ) ​ ​ 12 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Before Tax After ​ ​ Tax ​ (Expense) ​ Tax Nine Months Ended July 28, 2024 ​ Amount ​ Credit ​ Amount Cumulative translation adjustment $ ( 114 ) $ 1 $ ( 113 ) ​ Unrealized gain (loss) on interest rate derivatives: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Unrealized hedging gain (loss) ​ ​ 3 ​ ​ ​ ​ ​ 3 ​ Reclassification of realized (gain) loss to Interest expense ​ ​ ( 49 ) ​ ​ 10 ​ ​ ( 39 ) ​ Net unrealized gain (loss) on derivatives ​ ​ ( 46 ) ​ ​ 10 ​ ​ ( 36 ) ​ Unrealized gain (loss) on debt securities: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Unrealized holding gain (loss) ​ ​ 17 ​ ​ 1 ​ ​ 18 ​ Reclassification of realized (gain) loss to Other income ​ ​ 8 ​ ​ ( 2 ) ​ ​ 6 ​ Net unrealized gain (loss) on debt securities ​ ​ 25 ​ ​ ( 1 ) ​ ​ 24 ​ Retirement benefits adjustment: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net actuarial gain (loss) ​ ​ ( 145 ) ​ ​ 35 ​ ​ ( 110 ) ​ Reclassification to Other operating expenses through amortization of: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Actuarial (gain) loss ​ ​ ( 54 ) ​ ​ 14 ​ ​ ( 40 ) ​ Prior service (credit) cost ​ ​ 26 ​ ​ ( 6 ) ​ ​ 20 ​ Settlements ​ ​ 2 ​ ​ ( 1 ) ​ ​ 1 ​ Net unrealized gain (loss) on retirement benefits adjustment ​ ​ ( 171 ) ​ ​ 42 ​ ​ ( 129 ) ​ Total other comprehensive income (loss) $ ( 306 ) ​ $ 52 ​ $ ( 254 ) ​ ​ ​ (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 ​ Nine Months Ended ​ ​ July 27 ​ July 28 ​ July 27 ​ July 28 ​ ​ 2025 ​ 2024 ​ 2025 ​ 2024 Net income attributable to Deere & Company $ 1,289 $ 1,734 $ 3,962 $ 5,855 ​ Average shares outstanding ​ ​ 270.7 ​ 274.5 ​ ​ 271.1 ​ 277.1 ​ Basic per share ​ $ 4.76 ​ $ 6.32 ​ $ 14.61 ​ $ 21.13 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Average shares outstanding ​ ​ 270.7 ​ 274.5 ​ ​ 271.1 ​ 277.1 ​ Effect of dilutive stock options and unvested restricted stock units ​ ​ .7 ​ 1.1 ​ ​ .8 ​ 1.1 ​ Total potential shares outstanding ​ ​ 271.4 ​ 275.6 ​ ​ 271.9 ​ 278.2 ​ Diluted per share ​ $ 4.75 ​ $ 6.29 ​ $ 14.57 ​ $ 21.04 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Shares excluded from EPS calculation, as antidilutive ​ ​ .2 ​ ​ .4 ​ ​ .2 ​ ​ .3 ​ ​ ​ 13 ​ (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 ​ Nine Months Ended ​ ​ July 27 ​ July 28 ​ July 27 ​ July 28 ​ ​ 2025 ​ 2024 ​ 2025 ​ 2024 Pensions: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Service cost $ 65 $ 56 $ 190 $ 171 ​ Interest cost ​ ​ 131 ​ 136 ​ ​ 388 ​ 410 ​ Expected return on plan assets ​ ​ ( 256 ) ​ ( 241 ) ​ ​ ( 754 ) ​ ( 723 ) ​ Amortization of actuarial gain ​ ​ ( 1 ) ​ ( 4 ) ​ ​ ( 4 ) ​ ( 13 ) ​ Amortization of prior service cost ​ ​ 10 ​ 9 ​ ​ 29 ​ 29 ​ Settlements/curtailment ​ ​ 13 ​ 1 ​ ​ 16 ​ 2 ​ Net benefit ​ $ ( 38 ) ​ $ ( 43 ) ​ $ ( 135 ) ​ $ ( 124 ) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ OPEB: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Service cost $ 4 $ 4 $ 13 $ 13 ​ Interest cost ​ ​ 39 ​ 44 ​ ​ 117 ​ 131 ​ Expected return on plan assets ​ ​ ( 28 ) ​ ( 27 ) ​ ​ ( 83 ) ​ ( 81 ) ​ Amortization of actuarial gain ​ ​ ( 11 ) ​ ( 14 ) ​ ​ ( 33 ) ​ ( 41 ) ​ Amortization of prior service credit ​ ​ ( 1 ) ​ ( 1 ) ​ ​ ( 3 ) ​ ( 3 ) ​ Net cost ​ $ 3 ​ $ 6 ​ $ 11 ​ $ 19 ​ ​ 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 nine months of 2025, we contributed and expect to contribute the following amounts to our pension and OPEB plans: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Pensions ​ OPEB ​ Contributed $ 79 $ 638 Expected contributions remainder of the year ​ ​ 36 ​ 22 ​ ​ ​ ​ 14 ​ (7)    Segment DATA Information relating to operations by operating segment follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ Nine Months Ended ​ July 27 ​ July 28 ​ % ​ July 27 ​ July 28 ​ % ​ ​ 2025 ​ 2024 ​ Change ​ 2025 ​ 2024 ​ Change Net sales and revenues ​ ​ ​ ​ ​ ​ PPA net sales $ 4,273 ​ $ 5,099 ​ - 16 $ 12,571 ​ $ 16,529 ​ - 24 ​ SAT net sales ​ ​ 3,025 ​ ​ 3,053 ​ - 1 ​ ​ 7,767 ​ ​ 8,663 ​ - 10 ​ CF net sales ​ ​ 3,059 ​ 3,235 ​ - 5 ​ ​ 8,000 ​ 10,292 ​ - 22 ​ FS revenues ​ ​ 1,418 ​ 1,489 ​ - 5 ​ ​ 4,273 ​ 4,259 ​ ​ ​ Other revenues ​ ​ 243 ​ 276 ​ - 12 ​ ​ 679 ​ 829 ​ - 18 ​ Total net sales and revenues $ 12,018 ​ $ 13,152 ​ - 9 $ 33,290 ​ $ 40,572 ​ - 18 ​ Operating profit ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ PPA $ 580 ​ $ 1,162 ​ - 50 $ 2,066 ​ $ 3,857 ​ - 46 ​ SAT ​ ​ 485 ​ ​ 496 ​ - 2 ​ ​ 1,182 ​ ​ 1,393 ​ - 15 ​ CF ​ ​ 237 ​ 448 ​ - 47 ​ ​ 681 ​ 1,682 ​ - 60 ​ FS ​ ​ 266 ​ 191 ​ + 39 ​ ​ 740 ​ 657 ​ + 13 ​ Total operating profit ​ ​ 1,568 ​ 2,297 ​ - 32 ​ ​ 4,669 ​ 7,589 ​ - 38 ​ Reconciling items ​ ​ 60 ​ 62 ​ - 3 ​ ​ 198 ​ 111 ​ + 78 ​ Income taxes ​ ​ ( 339 ) ​ ( 625 ) ​ - 46 ​ ​ ( 905 ) ​ ( 1,845 ) ​ - 51 ​ Net income attributable to Deere & Company $ 1,289 ​ $ 1,734 ​ - 26 $ 3,962 ​ $ 5,855 ​ - 32 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Intersegment sales and revenues: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ PPA net sales ​ ​ ​ $ 4 ​ ​ ​ ​ ​ $ 18 ​ ​ ​ SAT net sales ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2 ​ ​ ​ CF net sales ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ FS revenues ​ $ 126 ​ 178 ​ - 29 ​ $ 345 ​ 548 ​ - 37 ​ ​ 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, and net income attributable to noncontrolling interests. Identifiable operating assets were as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ July 27 October 27 ​ July 28 ​ ​ 2025 ​ 2024 ​ 2024 PPA $ 8,902 ​ $ 8,696 ​ $ 8,750 ​ SAT ​ ​ 4,008 ​ ​ 4,130 ​ ​ 4,079 ​ CF ​ ​ 7,846 ​ 7,137 ​ 7,129 ​ FS ​ ​ 71,722 ​ 73,612 ​ 74,981 ​ Corporate ​ ​ 15,339 ​ 13,745 ​ 12,902 ​ Total assets $ 107,817 ​ $ 107,320 ​ $ 107,841 ​ ​ (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. 15 ​ The credit quality and aging analysis of retail notes, financing leases, and revolving charge accounts (collectively, retail customer receivables) by year of origination was as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ July 27, 2025 ​ ​ ​ 2025 ​ 2024 ​ 2023 ​ 2022 ​ 2021 ​ Prior Years ​ Revolving Charge Accounts ​ Total ​ Retail customer receivables: ​ Agriculture and turf ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Current ​ $ 8,633 ​ $ 9,774 ​ $ 6,044 ​ $ 3,554 ​ $ 1,669 ​ $ 483 ​ $ 4,632 ​ $ 34,789 ​ 30-59 days past due ​ ​ 47 ​ ​ 92 ​ ​ 65 ​ ​ 34 ​ ​ 18 ​ ​ 6 ​ ​ 44 ​ ​ 306 ​ 60-89 days past due ​ ​ 19 ​ ​ 52 ​ ​ 31 ​ ​ 22 ​ ​ 9 ​ ​ 3 ​ ​ 12 ​ ​ 148 ​ 90+ days past due ​ ​ ​ ​ ​ 5 ​ ​ 1 ​ ​ 1 ​ ​ 2 ​ ​ ​ ​ ​ ​ ​ ​ 9 ​ Non-performing ​ ​ 13 ​ ​ 116 ​ ​ 120 ​ ​ 70 ​ ​ 41 ​ ​ 23 ​ ​ 14 ​ ​ 397 ​ Construction and forestry ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Current ​ ​ 2,288 ​ ​ 2,304 ​ ​ 1,236 ​ ​ 592 ​ ​ 195 ​ ​ 26 ​ ​ 114 ​ ​ 6,755 ​ 30-59 days past due ​ ​ 36 ​ ​ 72 ​ ​ 43 ​ ​ 19 ​ ​ 7 ​ ​ 2 ​ ​ 4 ​ ​ 183 ​ 60-89 days past due ​ ​ 18 ​ ​ 28 ​ ​ 18 ​ ​ 6 ​ ​ 3 ​ ​ 2 ​ ​ 2 ​ ​ 77 ​ 90+ days past due ​ ​ ​ ​ ​ 6 ​ ​ ​ ​ ​ 2 ​ ​ ​ ​ ​ 1 ​ ​ ​ ​ ​ 9 ​ Non-performing ​ ​ 20 ​ ​ 96 ​ ​ 88 ​ ​ 48 ​ ​ 23 ​ ​ 9 ​ ​ 2 ​ ​ 286 ​ Total retail customer receivables ​ $ 11,074 ​ $ 12,545 ​ $ 7,646 ​ $ 4,348 ​ $ 1,967 ​ $ 555 ​ $ 4,824 ​ $ 42,959 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Write-offs for the nine months ended July 27, 2025: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Agriculture and turf ​ $ 3 ​ $ 25 ​ $ 28 ​ $ 16 ​ $ 5 ​ $ 5 ​ $ 97 ​ $ 179 ​ Construction and forestry ​ ​ 3 ​ ​ 30 ​ ​ 25 ​ ​ 9 ​ ​ 2 ​ ​ 2 ​ ​ 5 ​ ​ 76 ​ Total ​ $ 6 ​ $ 55 ​ $ 53 ​ $ 25 ​ $ 7 ​ $ 7 ​ $ 102 ​ $ 255 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ October 27, 2024 ​ ​ ​ 2024 ​ 2023 ​ 2022 ​ 2021 ​ 2020 ​ Prior Years ​ Revolving Charge Accounts ​ Total ​ Retail customer receivables: ​ Agriculture and turf ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Current ​ $ 14,394 ​ $ 8,305 ​ $ 5,191 ​ $ 2,833 ​ $ 992 ​ $ 253 ​ $ 4,465 ​ $ 36,433 ​ 30-59 days past due ​ ​ 44 ​ ​ 101 ​ ​ 55 ​ ​ 27 ​ ​ 11 ​ ​ 4 ​ ​ 40 ​ ​ 282 ​ 60-89 days past due ​ ​ 22 ​ ​ 50 ​ ​ 21 ​ ​ 10 ​ ​ 8 ​ ​ 2 ​ ​ 13 ​ ​ 126 ​ 90+ days past due ​ ​ 1 ​ ​ 1 ​ ​ 1 ​ ​ 2 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 5 ​ Non-performing ​ ​ 23 ​ ​ 91 ​ ​ 76 ​ ​ 50 ​ ​ 20 ​ ​ 13 ​ ​ 15 ​ ​ 288 ​ Construction and forestry ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Current ​ ​ 3,100 ​ ​ 1,841 ​ ​ 1,064 ​ ​ 458 ​ ​ 102 ​ ​ 45 ​ ​ 114 ​ ​ 6,724 ​ 30-59 days past due ​ ​ 54 ​ ​ 47 ​ ​ 25 ​ ​ 10 ​ ​ 3 ​ ​ 2 ​ ​ 4 ​ ​ 145 ​ 60-89 days past due ​ ​ 25 ​ ​ 28 ​ ​ 10 ​ ​ 7 ​ ​ 2 ​ ​ ​ ​ ​ 2 ​ ​ 74 ​ 90+ days past due ​ ​ 1 ​ ​ 4 ​ ​ 3 ​ ​ 1 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 9 ​ Non-performing ​ ​ 40 ​ ​ 94 ​ ​ 67 ​ ​ 32 ​ ​ 9 ​ ​ 5 ​ ​ 1 ​ ​ 248 ​ Total retail customer receivables ​ $ 17,704 ​ $ 10,562 ​ $ 6,513 ​ $ 3,430 ​ $ 1,147 ​ $ 324 ​ $ 4,654 ​ $ 44,334 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Write-offs for the twelve months ended October 27, 2024: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Agriculture and turf ​ $ 5 ​ $ 33 ​ $ 25 ​ $ 11 ​ $ 11 ​ $ 5 ​ $ 87 ​ $ 177 ​ Construction and forestry ​ ​ 9 ​ ​ 38 ​ ​ 30 ​ ​ 11 ​ ​ 5 ​ ​ 3 ​ ​ 8 ​ ​ 104 ​ Total ​ $ 14 ​ $ 71 ​ $ 55 ​ $ 22 ​ $ 16 ​ $ 8 ​ $ 95 ​ $ 281 ​ ​ 16 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ July 28, 2024 ​ ​ ​ 2024 ​ 2023 ​ 2022 ​ 2021 ​ 2020 ​ Prior Years ​ Revolving Charge Accounts ​ Total ​ Retail customer receivables: ​ Agriculture and turf ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Current ​ $ 10,349 ​ $ 9,686 ​ $ 5,849 ​ $ 3,286 ​ $ 1,276 ​ $ 394 ​ $ 4,409 ​ $ 35,249 ​ 30-59 days past due ​ ​ 37 ​ ​ 90 ​ ​ 56 ​ ​ 28 ​ ​ 10 ​ ​ 4 ​ ​ 31 ​ ​ 256 ​ 60-89 days past due ​ ​ 15 ​ ​ 65 ​ ​ 25 ​ ​ 12 ​ ​ 5 ​ ​ 2 ​ ​ 10 ​ ​ 134 ​ 90+ days past due ​ ​ ​ ​ ​ 1 ​ ​ 1 ​ ​ 2 ​ ​ 5 ​ ​ ​ ​ ​ ​ ​ ​ 9 ​ Non-performing ​ ​ 12 ​ ​ 101 ​ ​ 85 ​ ​ 59 ​ ​ 24 ​ ​ 17 ​ ​ 15 ​ ​ 313 ​ Construction and forestry ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Current ​ ​ 2,261 ​ ​ 2,067 ​ ​ 1,249 ​ ​ 583 ​ ​ 147 ​ ​ 60 ​ ​ 111 ​ ​ 6,478 ​ 30-59 days past due ​ ​ 40 ​ ​ 59 ​ ​ 34 ​ ​ 14 ​ ​ 4 ​ ​ 1 ​ ​ 4 ​ ​ 156 ​ 60-89 days past due ​ ​ 12 ​ ​ 25 ​ ​ 14 ​ ​ 9 ​ ​ 2 ​ ​ 1 ​ ​ 1 ​ ​ 64 ​ 90+ days past due ​ ​ 1 ​ ​ 5 ​ ​ 2 ​ ​ 2 ​ ​ ​ ​ ​ 1 ​ ​ ​ ​ ​ 11 ​ Non-performing ​ ​ 21 ​ ​ 94 ​ ​ 72 ​ ​ 38 ​ ​ 13 ​ ​ 6 ​ ​ 2 ​ ​ 246 ​ Total retail customer receivables ​ $ 12,748 ​ $ 12,193 ​ $ 7,387 ​ $ 4,033 ​ $ 1,486 ​ $ 486 ​ $ 4,583 ​ $ 42,916 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Write-offs for the nine months ended July 28, 2024: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Agriculture and turf ​ $ 2 ​ $ 17 ​ $ 17 ​ $ 6 ​ $ 7 ​ $ 3 ​ $ 75 ​ $ 127 ​ Construction and forestry ​ ​ 2 ​ ​ 23 ​ ​ 21 ​ ​ 8 ​ ​ 4 ​ ​ 2 ​ ​ 6 ​ ​ 66 ​ Total ​ $ 4 ​ $ 40 ​ $ 38 ​ $ 14 ​ $ 11 ​ $ 5 ​ $ 81 ​ $ 193 ​ ​ The credit quality and aging analysis of wholesale receivables was as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ July 27 October 27 July 28 ​ ​ 2025 ​ 2024 ​ 2024 ​ Wholesale receivables: ​ ​ ​ ​ ​ ​ ​ Agriculture and turf ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Current ​ $ 7,617 ​ $ 7,568 ​ $ 8,160 ​ 30+ days past due ​ ​ ​ ​ ​ ​ ​ ​ 1 ​ Non-performing ​ ​ 1 ​ ​ 1 ​ ​ 1 ​ Construction and forestry ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Current ​ ​ 1,559 ​ 1,358 ​ 1,308 ​ 30+ days past due ​ ​ ​ ​ ​ ​ 3 ​ Non-performing ​ ​ ​ ​ ​ ​ ​ ​ Total wholesale receivables $ 9,177 ​ $ 8,927 ​ $ 9,473 ​ ​ ​ ​ ​ 17 ​ An analysis of the allowance for credit losses and investment in financing receivables follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Retail Notes ​ Revolving ​ ​ ​ ​ ​ ​ ​ ​ ​ & Financing ​ Charge ​ Wholesale ​ ​ ​ ​ ​ ​ Leases ​ Accounts ​ Receivables ​ Total ​ Three Months Ended July 27, 2025 ​ ​ ​ ​ Allowance: Beginning of period balance $ 243 $ 13 ​ $ 2 ​ $ 258 ​ Provision ​ ​ 49 ​ ​ 33 ​ ​ ​ ​ ​ 82 ​ Write-offs ​ ​ ( 49 ) ​ ​ ( 49 ) ​ ​ ​ ​ ​ ( 98 ) ​ Recoveries ​ ​ 5 ​ ​ 11 ​ ​ ​ ​ ​ 16 ​ End of period balance $ 248 $ 8 ​ $ 2 ​ $ 258 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Nine Months Ended July 27, 2025 ​ ​ ​ Allowance: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Beginning of period balance $ 219 $ 8 ​ $ 2 ​ $ 229 ​ Provision ​ ​ 171 ​ ​ 74 ​ ​ ​ ​ ​ 245 ​ Write-offs ​ ​ ( 153 ) ​ ​ ( 102 ) ​ ​ ​ ​ ​ ( 255 ) ​ Recoveries ​ ​ 11 ​ ​ 28 ​ ​ ​ ​ ​ 39 ​ End of period balance $ 248 $ 8 ​ $ 2 ​ $ 258 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Financing receivables: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ End of period balance $ 38,135 $ 4,824 ​ $ 9,177 ​ $ 52,136 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Retail Notes ​ Revolving ​ ​ ​ ​ ​ ​ ​ ​ & Financing ​ Charge ​ Wholesale ​ ​ ​ ​ ​ Leases ​ Accounts ​ Receivables ​ Total ​ Three Months Ended July 28, 2024 ​ ​ ​ ​ Allowance: ​ Beginning of period balance ​ $ 207 $ 21 ​ $ 2 ​ $ 230 ​ Provision ​ 84 ​ ​ 25 ​ ​ ​ ​ ​ 109 ​ Provision reversal for assets held for sale ​ ​ ( 38 ) ​ ​ ​ ​ ​ ​ ​ ​ ( 38 ) ​ Provision subtotal ​ ​ 46 ​ ​ 25 ​ ​ ​ ​ ​ 71 ​ Write-offs ​ ( 45 ) ​ ​ ( 46 ) ​ ​ ​ ​ ​ ( 91 ) ​ Recoveries ​ 4 ​ ​ 8 ​ ​ ​ ​ ​ 12 ​ Translation adjustments ​ ( 3 ) ​ ​ ​ ​ ​ ​ ​ ​ ( 3 ) ​ End of period balance ​ $ 209 ​ $ 8 ​ $ 2 ​ $ 219 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Nine Months Ended July 28, 2024 ​ ​ ​ Allowance: ​ ​ ​ Beginning of period balance ​ $ 172 $ 21 ​ $ 4 ​ $ 197 ​ Provision ​ 183 ​ ​ 46 ​ ​ ​ ​ ​ 229 ​ Provision reversal for assets held for sale ​ ​ ( 38 ) ​ ​ ​ ​ ​ ​ ​ ​ ( 38 ) ​ Provision subtotal ​ ​ 145 ​ ​ 46 ​ ​ ​ ​ ​ 191 ​ Write-offs ​ ( 112 ) ​ ​ ( 81 ) ​ ​ ​ ​ ​ ( 193 ) ​ Recoveries ​ 9 ​ ​ 22 ​ ​ ​ ​ ​ 31 ​ Translation adjustments ​ ​ ( 5 ) ​ ​ ​ ​ ​ ( 2 ) ​ ​ ( 7 ) ​ End of period balance ​ $ 209 ​ $ 8 ​ $ 2 ​ $ 219 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Financing receivables: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ End of period balance ​ $ 38,333 $ 4,583 ​ $ 9,473 ​ $ 52,389 ​ ​ The allowance for credit losses remained relatively flat in the third quarter of 2025 and increased in the first nine months of 2025, primarily due to higher expected losses on agriculture and turf customer accounts as a result of elevated delinquencies and a decline in market conditions. In the third quarter of 2024, the financial services business in Brazil met the held for sale criteria. The receivables in Brazil were reclassified to “Assets held for sale.” The associated allowance for credit losses was reversed and a valuation allowance for the assets held for sale was recorded (see Note 21). These operations were deconsolidated in the second quarter of 2025 (see Note 20). 18 ​ 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 with the exception of modifications related to bankruptcy proceedings. 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 financing receivables modified with borrowers experiencing financial difficulty was as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ Nine Months Ended ​ ​ July 27 July 28 July 27 July 28 ​ ​ 2025 ​ 2024 ​ 2025 ​ 2024 Modified financing receivables $ 45 $ 23 $ 115 $ 67 ​ Percentage of financing receivables portfolio ​ ​ 0.09 % ​ 0.04 % ​ 0.22 % ​ 0.13 % ​ ​ For the nine months ended July 27, 2025, the financial effects of payment deferrals with borrowers experiencing financial difficulty resulted in a weighted average payment deferral of 7 months to the modified contracts. Term extensions provided to borrowers experiencing financial difficulty added a weighted average of 11 months to the modified contracts. Additionally, modifications with a combination of both payment deferrals and term extensions resulted in a weighted average payment deferral of 5 months and a weighted average term extension of 8 months . We continue to monitor the performance of financing receivables that are modified with borrowers experiencing financial difficulty. The ending amortized cost and performance of financing receivables modified during the prior twelve months ended July 27, 2025 and July 28, 2024 were as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ July 27 July 28 ​ ​ 2025 ​ 2024* ​ Current $ 116 ​ $ 56 ​ 30-59 days past due ​ ​ 5 ​ ​ 4 ​ 60-89 days past due ​ ​ 5 ​ ​ 3 ​ 90+ days past due ​ ​ 2 ​ ​ 1 ​ Non-performing ​ ​ 14 ​ ​ 3 ​ Total $ 142 ​ $ 67 ​ * In accordance with the adoption date of the accounting modification guidance, this period includes receivables modified during the prior nine months. Defaults and subsequent write-offs of loans modified in the prior twelve months were not significant during the three months and the nine months ended July 27, 2025. In addition, at July 27, 2025, commitments to provide additional financing to these customers were not significant. (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 secured borrowings. The receivables and borrowings remain on our balance sheet and are separately reported as “Financing receivables securitized – net” and “Short-term securitization borrowings,” respectively. 19 ​ The components of securitization programs were as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ July 27 October 27 July 28 ​ ​ 2025 ​ 2024 ​ 2024 Financing receivables securitized (retail notes) $ 7,996 ​ $ 8,770 ​ $ 8,313 ​ Allowance for credit losses ​ ​ ( 48 ) ​ ( 47 ) ​ ( 39 ) ​ Other assets (primarily restricted cash) ​ ​ 175 ​ 187 ​ 178 ​ Total restricted securitized assets $ 8,123 ​ $ 8,910 ​ $ 8,452 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Short-term securitization borrowings ​ $ 7,610 ​ $ 8,431 ​ $ 7,869 ​ Accrued interest on borrowings ​ ​ 11 ​ ​ 14 ​ 14 ​ Total liabilities related to restricted securitized assets ​ $ 7,621 ​ $ 8,445 ​ $ 7,883 ​ ​ (10)    Inventories A majority of inventories owned by us are valued at cost on the “last-in, first-out” (LIFO) basis. If all inventories valued on a LIFO basis had been valued on a “first-in, first-out” (FIFO) basis, the estimated inventories by major classification would have been as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ July 27 October 27 July 28 ​ ​ 2025 ​ 2024 ​ 2024 Raw materials and supplies $ 3,350 ​ $ 3,486 ​ $ 3,586 ​ Work-in-process ​ ​ 1,139 ​ 930 ​ 988 ​ Finished goods and parts ​ ​ 6,088 ​ 5,364 ​ 5,689 ​ Total FIFO value ​ ​ 10,577 ​ 9,780 ​ 10,263 ​ Excess of FIFO over LIFO ​ ​ 2,864 ​ 2,687 ​ 2,567 ​ Inventories $ 7,713 ​ $ 7,093 ​ $ 7,696 ​ ​ (11)    Goodwill and Other Intangible Assets – Net The changes in amounts of goodwill by operating segments were as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ PPA ​ SAT ​ CF ​ Total Goodwill at October 29, 2023 $ 702 ​ $ 363 ​ $ 2,835 ​ $ 3,900 ​ Translation adjustments ​ ( 1 ) ​ ​ 2 ​ ​ 59 ​ ​ 60 ​ Goodwill at July 28, 2024 ​ $ 701 ​ $ 365 ​ $ 2,894 ​ $ 3,960 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Goodwill at October 27, 2024 ​ $ 701 ​ $ 365 ​ $ 2,893 ​ $ 3,959 ​ Acquisitions (Note 20) ​ ​ 32 ​ ​ ​ ​ ​ 12 ​ ​ 44 ​ Translation adjustments ​ ​ 16 ​ ​ 6 ​ ​ 184 ​ ​ 206 ​ Goodwill at July 27, 2025 ​ $ 749 ​ $ 371 ​ $ 3,089 ​ $ 4,209 ​ ​ The components of other intangible assets were as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ July 27 October 27 July 28 ​ ​ 2025 ​ 2024 ​ 2024 Customer lists and relationships ​ $ 486 ​ $ 508 ​ $ 507 ​ Technology, patents, trademarks, and other ​ ​ 1,526 ​ 1,423 ​ 1,413 ​ Total at cost ​ ​ 2,012 ​ 1,931 ​ 1,920 ​ Less accumulated amortization: ​ ​ ​ ​ ​ ​ ​ ​ Customer lists and relationships ​ ​ ( 255 ) ​ ​ ( 231 ) ​ ​ ( 222 ) ​ Technology, patents, trademarks, and other ​ ​ ( 831 ) ​ ​ ( 701 ) ​ ​ ( 668 ) ​ Total accumulated amortization ​ ​ ( 1,086 ) ​ ​ ( 932 ) ​ ​ ( 890 ) ​ Other intangible assets – net ​ $ 926 ​ $ 999 ​ $ 1,030 ​ ​ The amortization of other intangible assets in the third quarter and the first nine months of 2025 was $ 31 and $ 110 , and for the third quarter and the first nine months of 2024 was $ 41 and $ 124 , respectively. The estimated amortization expense for the next five years is as follows: remainder of 2025 – $ 40 , 2026 – $ 133 , 2027 – $ 127 , 2028 – $ 90 , 2029 – $ 75 , and 2030 – $ 71 . 20 ​ (12)    Short-Term Borrowings Short-term borrowings were as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ July 27 ​ October 27 ​ July 28 ​ ​ 2025 2024 2024 ​ Commercial paper ​ $ 5,322 ​ $ 4,008 ​ $ 5,572 ​ Notes payable to banks ​ ​ 694 ​ ​ 377 ​ ​ 418 ​ Finance lease obligations due within one year ​ ​ 41 ​ ​ 33 ​ ​ 31 ​ Long-term borrowings due within one year ​ 8,550 ​ 9,115 ​ 9,273 ​ Short-term borrowings ​ $ 14,607 ​ $ 13,533 ​ $ 15,294 ​ ​ (13)    Accounts Payable and Accrued Expenses Accounts payable and accrued expenses consisted of the following: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ July 27 October 27 July 28 ​ ​ 2025 ​ 2024 ​ 2024 ​ Accounts payable: ​ Trade payables ​ $ 2,718 $ 2,698 $ 2,580 ​ Dividends payable ​ 443 ​ 405 ​ 407 ​ Operating lease liabilities ​ ​ 285 ​ ​ 270 ​ ​ 258 ​ Deposits withheld from dealers and merchants ​ ​ 137 ​ ​ 152 ​ ​ 151 ​ Payables to unconsolidated affiliates ​ ​ 5 ​ ​ 6 ​ ​ 4 ​ Other ​ 215 ​ 204 ​ 173 ​ Accrued expenses: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Employee benefits ​ 1,356 ​ 1,925 ​ 1,802 ​ Accrued taxes ​ 1,331 ​ 1,509 ​ 1,497 ​ Product warranties ​ ​ 1,273 ​ ​ 1,426 ​ ​ 1,513 ​ Dealer sales discounts ​ ​ 659 ​ ​ 996 ​ ​ 846 ​ Extended warranty premium ​ 1,226 ​ 1,179 ​ 1,129 ​ Derivative liabilities ​ ​ 517 ​ ​ 582 ​ ​ 582 ​ Unearned revenue (contractual liability) ​ 874 ​ 744 ​ 766 ​ Unearned operating lease revenue ​ ​ 517 ​ ​ 495 ​ ​ 480 ​ Accrued interest ​ ​ 474 ​ ​ 455 ​ ​ 478 ​ Parts return liability ​ ​ 423 ​ ​ 420 ​ ​ 404 ​ Other ​ 1,129 ​ 1,077 ​ 1,327 ​ Accounts payable and accrued expenses $ 13,582 $ 14,543 ​ $ 14,397 ​ Amounts are presented net of eliminations, which primarily consist of dealer sales incentives with a right of set-off against trade receivables of $ 2,268 at July 27, 2025, $ 2,121 at October 27, 2024, and $ 2,535 at July 28, 2024. Other eliminations were made for accrued taxes and other accrued expenses. 21 ​ (14)    Long-Term Borrowings Long-term borrowings consisted of: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ July 27 ​ October 27 ​ July 28 ​ ​ 2025 2024 2024 ​ Underwritten term debt ​ U.S. dollar notes and debentures: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 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 ​ 5.45 % notes due 2035 ​ 1,250 ​ ​ ​ ​ ​ 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 ​ 5.70 % notes due 2055 ​ ​ 750 ​ ​ ​ ​ ​ ​ ​ Euro notes: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 1.85 % notes due 2028 (€ 600 principal) ​ ​ 705 ​ ​ 650 ​ ​ 651 ​ 2.20 % notes due 2032 (€ 600 principal) ​ ​ 705 ​ ​ 650 ​ ​ 651 ​ 1.65 % notes due 2039 (€ 650 principal) ​ ​ 764 ​ ​ 704 ​ ​ 705 ​ Serial issuances ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Medium-term notes ​ 35,428 ​ ​ 36,566 ​ ​ 36,057 ​ Other notes and finance lease obligations ​ 438 ​ 265 ​ 232 ​ Less debt issuance costs and debt discounts ​ ​ ( 161 ) ​ ​ ( 156 ) ​ ​ ( 154 ) ​ Long-term borrowings $ 44,429 ​ $ 43,229 ​ $ 42,692 ​ Medium-term notes due through 2034 are primarily offered by prospectus and issued at fixed and variable rates. The principal balances of the medium-term notes were $ 35,699 , $ 37,141 , and $ 36,716 , at July 27, 2025, October 27, 2024, and July 28, 2024, respectively. All outstanding notes and debentures are senior unsecured borrowings and rank equally with each other. (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 ​ Nine Months Ended ​ ​ ​ July 27 ​ July 28 ​ July 27 ​ July 28 ​ ​ ​ 2025 ​ 2024 ​ 2025 ​ 2024 ​ Sales-type and direct finance lease revenues ​ $ 46 ​ $ 50 ​ $ 137 ​ $ 141 ​ Operating lease revenues ​ ​ 374 ​ ​ 358 ​ ​ 1,091 ​ ​ 1,039 ​ Variable lease revenues ​ ​ 5 ​ ​ 4 ​ ​ 14 ​ ​ 13 ​ Total lease revenues ​ $ 425 ​ $ 412 ​ $ 1,242 ​ $ 1,193 ​ ​ (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 ​ Nine Months Ended ​ ​ July 27 ​ July 28 ​ July 27 ​ July 28 ​ ​ 2025 ​ 2024 ​ 2025 ​ 2024 Beginning of period balance $ 1,297 $ 1,566 $ 1,426 $ 1,610 ​ Warranty claims paid ​ ​ ( 336 ) ​ ( 325 ) ​ ​ ( 954 ) ​ ( 959 ) ​ New product warranty accruals ​ ​ 303 ​ 280 ​ ​ 786 ​ 871 ​ Foreign exchange ​ ​ 9 ​ ( 8 ) ​ ​ 15 ​ ( 9 ) ​ End of period balance ​ $ 1,273 ​ $ 1,513 ​ $ 1,273 ​ $ 1,513 ​ ​ The costs for extended warranty programs are recognized as incurred. 22 ​ In certain international markets, we provide guarantees to banks for the retail financing of John Deere equipment. As of July 27, 2025, the notional value of these guarantees was $ 130 . We may repossess the equipment collateralizing the receivables. At July 27, 2025, the accrued losses under these agreements were not material. We also had guarantees to a VIE (see Note 1) totaling $ 153 as of July 27, 2025. We also had other miscellaneous contingent liabilities and guarantees totaling approximately $ 125 at July 27, 2025. The accrued liability for these contingencies was $ 25 at July 27, 2025. At July 27, 2025, we had commitments of approximately $ 630 for the construction and acquisition of property and equipment. Also, at July 27, 2025, we had restricted assets of $ 331 , classified as “Other assets,” which includes restricted cash primarily related to securitization of financing receivables (see Note 9) and cash that is legally restricted as to withdrawal or usage. We are subject to various unresolved legal actions. The accrued losses on these matters were not material at July 27, 2025. We believe the reasonably possible range of losses, if any, for these unresolved legal actions would not have a material effect on our consolidated financial statements. The most prevalent legal claims relate to product liability (including asbestos-related liability), antitrust matters (including class action litigation), employment, patent, and trademark. (17)    FAIR VALUE MEASUREMENTS The fair values of financial instruments that do not approximate the carrying values are presented in the table below. Long-term borrowings exclude finance lease liabilities. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ July 27, 2025 ​ October 27, 2024 ​ July 28, 2024 ​ ​ Carrying Value ​ Fair Value ​ Carrying Value ​ Fair Value ​ Carrying Value ​ Fair Value Financing receivables – net $ 43,930 $ 44,036 $ 44,309 $ 44,336 $ 43,896 $ 43,713 ​ Financing receivables securitized – net ​ ​ 7,948 ​ ​ 7,928 ​ ​ 8,723 ​ ​ 8,654 ​ ​ 8,274 ​ ​ 8,139 ​ Receivables from unconsolidated affiliates ​ ​ 515 ​ ​ 522 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Short-term securitization borrowings ​ ​ 7,610 ​ ​ 7,637 ​ ​ 8,431 ​ ​ 8,453 ​ ​ 7,869 ​ ​ 7,872 ​ Long-term borrowings due within one year ​ ​ 8,550 ​ ​ 8,556 ​ ​ 9,115 ​ 9,079 ​ ​ 9,273 ​ ​ 9,190 ​ Long-term borrowings ​ ​ 44,358 ​ ​ 44,034 ​ ​ 43,157 ​ 42,804 ​ ​ 42,617 ​ ​ 42,076 ​ Fair value measurements above were Level 3 for receivables and Level 2 for all borrowings. Fair values of the financing receivables and receivables from unconsolidated affiliates 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 or at current market interest rates. The fair values of the remaining receivables approximated the carrying amounts. In May 2025 and May 2024, we acquired held-to-maturity marketable securities that mature in less than one year. The carrying value of the held-to-maturity marketable securities was $ 62 and $ 12 as of July 27, 2025 and July 28, 2024 , respectively, which approximated fair values. 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. Certain long-term borrowings have been swapped to current variable interest rates. The carrying values of these long-term borrowings include adjustments related to fair value hedges. 23 ​ 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. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ July 27 October 27 July 28 ​ ​ 2025 ​ 2024 ​ 2024 Level 1: ​ Marketable securities: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ U.S. government debt securities ​ $ 229 ​ $ 239 ​ $ 413 ​ Total Level 1 marketable securities ​ ​ 229 ​ ​ 239 ​ ​ 413 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Level 2: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Marketable securities: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ International fixed income fund ​ ​ 7 ​ ​ ​ ​ ​ ​ ​ Corporate debt securities ​ ​ 477 ​ 423 ​ 220 ​ International debt securities ​ ​ 195 ​ ​ 143 ​ ​ 145 ​ Mortgage-backed securities ​ ​ 223 ​ 165 ​ 154 ​ Municipal debt securities ​ ​ 102 ​ 74 ​ 69 ​ U.S. government debt securities ​ ​ 112 ​ ​ 110 ​ ​ 127 ​ Total Level 2 marketable securities ​ ​ 1,116 ​ 915 ​ 715 ​ Other assets – Derivatives ​ 370 ​ ​ 357 ​ ​ 361 ​ Accounts payable and accrued expenses – Derivatives ​ 517 ​ ​ 582 ​ ​ 582 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Level 3: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Accounts payable and accrued expenses – Deferred consideration ​ ​ 121 ​ ​ 147 ​ ​ 153 ​ The mortgage-backed securities are primarily issued by U.S. government-sponsored enterprises. The contractual maturities of available-for-sale debt securities at July 27, 2025 follow: ​ ​ ​ ​ ​ ​ ​ ​ ​ Amortized Fair ​ ​ Cost ​ Value Due in one year or less $ 94 ​ $ 94 ​ Due after one through five years ​ ​ 382 ​ ​ 375 ​ Due after five through 10 years ​ ​ 480 ​ ​ 463 ​ Due after 10 years ​ ​ 211 ​ ​ 183 ​ Mortgage-backed securities ​ ​ 250 ​ ​ 223 ​ Debt securities $ 1,417 $ 1,338 ​ 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. Fair value, nonrecurring Level 3 measurements from impairments and other adjustments were as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Fair Value ​ Losses (Gains) ​ ​ ​ Three Months Ended ​ Nine Months Ended ​ ​ ​ July 27 ​ October 27 ​ July 28 ​ July 27 ​ July 28 ​ July 27 ​ July 28 ​ ​ 2025 2024 2024 2025 2024 2025 * 2024 Property and equipment – net ​ $ 1 ​ ​ ​ ​ ​ ​ ​ $ 8 ​ ​ ​ ​ $ 8 ​ ​ ​ ​ Other intangible assets – net ​ ​ 3 ​ ​ ​ ​ ​ ​ ​ ​ 53 ​ ​ ​ ​ ​ 53 ​ ​ ​ ​ Other assets ​ ​ ​ ​ $ 23 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Assets held for sale ​ ​ ​ ​ ​ 2,944 ​ $ 2,965 ​ ​ ​ ​ $ 53 ​ ​ ( 32 ) ​ $ 53 ​ * The gain on “Assets held for sale” recorded in the first quarter of 2025 represents a reversal of prior period valuation allowance loss, not in excess of cumulative valuation allowance recorded on “Assets held for sale.” 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. 24 ​ 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. Deferred consideration – The total purchase price consideration for three former Deere-Hitachi joint venture factories acquired in 2022 included supply agreement price increases beyond inflation adjustments. This deferred consideration will be paid as we purchase Deere-branded excavators, components, and service parts from Hitachi under the agreement with a duration that ranges from 5 to 30 years after the acquisition date. The deferred consideration balance is reduced as purchases are made and valued on a discounted cash flow approach using market rates. Property and equipment – net – The valuations were based on the cost approach. The inputs include reproduction cost estimates adjusted for physical deterioration and functional obsolescence (see Note 21). Other intangible assets – net – The impairment of customer relationships and tradename of our external overseas battery operations was measured using an income approach (see Note 21). Other assets (Investments in unconsolidated affiliates) – Other than temporary impairments of investments are measured as the difference between the implied fair value and the carrying value of the investments. The estimated fair value for privately held entities is determined by an income approach (discounted cash flows), which includes inputs such as interest rates and margins. Assets held for sale – The disposal group was measured at the lower of the carrying amount or fair value less cost to sell. Fair value was based on the probable sale price. The inputs included estimates of the final sale price (see Note 21). (18)    Derivative Instruments Fair values of our derivative instruments and the associated notional amounts are presented below. Assets are recorded in “Other assets,” while liabilities are recorded in “Accounts payable and accrued expenses.” ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ July 27, 2025 ​ October 27, 2024 ​ July 28, 2024 ​ ​ ​ ​ Fair Value ​ ​ ​ Fair Value ​ ​ ​ Fair Value ​ ​ Notional ​ Assets ​ Liabilities ​ Notional ​ Assets ​ Liabilities ​ Notional ​ Assets ​ Liabilities Cash flow hedges: Interest rate contracts $ 2,475 ​ ​ ​ ​ $ 29 $ 2,875 ​ $ 3 ​ $ 20 $ 3,475 ​ $ 14 ​ $ 18 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Fair value hedges: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Interest rate contracts ​ ​ 13,753 ​ $ 148 ​ ​ 326 ​ ​ 15,864 ​ ​ 115 ​ ​ 467 ​ ​ 15,165 ​ ​ 119 ​ ​ 486 ​ Cross-currency interest rate contracts ​ ​ 975 ​ ​ 101 ​ ​ ​ ​ ​ 975 ​ ​ 31 ​ ​ ​ ​ ​ 975 ​ ​ 16 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net investment hedges: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Cross-currency interest rate contracts ​ ​ 1,131 ​ ​ ​ ​ ​ 30 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Not designated as hedging instruments: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Interest rate contracts ​ ​ 15,170 ​ ​ 92 ​ ​ 74 ​ ​ 12,518 ​ ​ 97 ​ ​ 75 ​ ​ 13,656 ​ ​ 103 ​ ​ 59 ​ Foreign exchange contracts ​ ​ 7,869 ​ ​ 25 ​ ​ 52 ​ ​ 7,533 ​ ​ 95 ​ ​ 20 ​ ​ 7,529 ​ 99 ​ 16 ​ Cross-currency interest rate contracts ​ ​ 141 ​ ​ 4 ​ ​ 6 ​ ​ 158 ​ ​ 16 ​ ​ ​ ​ ​ 190 ​ 10 ​ 3 ​ ​ 25 ​ The amounts recorded in the consolidated balance sheets related to borrowings designated in fair value hedging relationships are presented in the table below. Fair value hedging adjustments are included in the carrying amount of the hedged item. The carrying amount of the hedged item and formerly hedged item includes long-term borrowings of $ 598 at October 27, 2024 and July 28, 2024, that were in active hedging relationships and also had discontinued hedging relationships. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 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 ​ July 27, 2025 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Short-term borrowings ​ $ 109 ​ $ ( 1 ) ​ $ 2,252 ​ $ ( 22 ) ​ Long-term borrowings ​ ​ 14,497 ​ ​ ( 141 ) ​ ​ 10,396 ​ ​ ( 130 ) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ October 27, 2024 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Short-term borrowings ​ $ 287 ​ $ ( 1 ) ​ $ 1,782 ​ $ 7 ​ Long-term borrowings ​ ​ 16,125 ​ ​ ( 347 ) ​ ​ 8,626 ​ ​ ( 228 ) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ July 28, 2024 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Short-term borrowings ​ $ 286 ​ $ ( 4 ) ​ $ 1,458 ​ $ 9 ​ Long-term borrowings ​ ​ 15,386 ​ ​ ( 394 ) ​ ​ 8,414 ​ ​ ( 264 ) ​ ​ 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 ​ Nine Months Ended ​ ​ July 27 ​ July 28 ​ July 27 ​ July 28 ​ ​ 2025 ​ 2024 ​ 2025 ​ 2024 Fair value hedges: Interest rate contracts – Interest expense $ ( 54 ) ​ $ 373 $ 38 ​ $ 269 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Cash flow hedges: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Recognized in OCI: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Interest rate contracts – OCI (pretax) ​ ​ 7 ​ ​ ( 15 ) ​ ​ 3 ​ ​ 3 ​ Reclassified from OCI: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Interest rate contracts – Interest expense ​ ​ ( 3 ) ​ 22 ​ ​ 5 ​ 49 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net investment hedges: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Interest rate contracts – Interest expense ​ ​ 4 ​ ​ ​ ​ ​ 5 ​ ​ ​ ​ Recognized in OCI: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Interest rate contracts – OCI (pretax) ​ ​ ( 26 ) ​ ​ ​ ​ ​ ( 30 ) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Not designated as hedges: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Interest rate contracts – Interest expense $ 9 ​ $ 4 $ ( 7 ) ​ $ 2 ​ Foreign exchange contracts – Net sales ​ ​ 1 ​ ​ ( 3 ) ​ ​ ( 2 ) ​ ​ ​ ​ Foreign exchange contracts – Cost of sales ​ ​ ( 21 ) ​ 36 ​ ​ 7 ​ ​ 15 ​ Foreign exchange contracts – Other operating expenses ​ ​ ( 79 ) ​ 17 ​ ​ 11 ​ ( 118 ) ​ Total not designated $ ( 90 ) ​ $ 54 $ 9 ​ $ ( 101 ) ​ ​ In April 2025, we entered into a cross-currency interest rate swap as a designated net investment hedge to reduce the foreign currency exposure from investments in foreign subsidiaries. Changes in fair value of the derivative attributable to changes in the spot rate are recorded in “Cumulative translation adjustment” within “Other comprehensive income” (OCI) to offset changes in the value of the net investments being hedged. Effectiveness is assessed using the spot method. The periodic cash settlement of the pay-fixed rate, receive-fixed rate cross-currency swap is recorded in “Interest expense.” 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 July 27, 2025, October 27, 2024, and July 28, 2024, was $ 465 , $ 562 , and $ 566 , respectively. In accordance with the limits established in these agreements, we posted $ 122 , $ 245 , and $ 269 of cash collateral at July 27, 2025, October 27, 2024, and July 28, 2024, respectively. In addition, we paid $ 8 of collateral that was outstanding at July 27, 2025, October 27, 2024, and July 28, 2024 to participate in an international futures market to hedge currency exposure, not included in the table below. 26 ​ Derivatives are recorded without offsetting for netting arrangements or collateral. The impact on the derivative assets and liabilities related to netting arrangements and collateral follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Gross Amounts ​ Netting ​ ​ ​ ​ ​ ​ Recognized Arrangements Collateral Net Amount July 27, 2025 ​ Assets $ 370 $ ( 157 ) $ ( 3 ) $ 210 ​ Liabilities ​ ​ 517 ​ ​ ( 157 ) ​ ​ ( 122 ) ​ ​ 238 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ October 27, 2024 ​ ​ ​ ​ Assets ​ $ 357 $ ( 142 ) ​ ​ $ 215 ​ Liabilities ​ ​ 582 ​ ( 142 ) ​ $ ( 246 ) ​ ​ 194 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ July 28, 2024 ​ ​ ​ ​ ​ ​ ​ ​ Assets ​ $ 361 $ ( 154 ) ​ ​ ​ $ 207 ​ Liabilities ​ 582 ​ ​ ( 154 ) ​ $ ( 269 ) ​ 159 ​ ​ ​ (19)    Share-Based Awards We are authorized to grant shares for equity incentive awards. The outstanding shares authorized were 13.7 million at July 27, 2025. During the nine months ended July 27, 2025, we granted stock options to employees for the purchase of 169 thousand shares of common stock at a weighted-average exercise price of $ 448.18 per share and a weighted-average binomial lattice model fair value of $ 116.35 per share at the grant date. At July 27, 2025, options for 1.1 million shares were outstanding with a weighted-average exercise price of $ 317.80 per share. During the nine months ended July 27, 2025, 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 ​ ​ ​ ​ ​ Fair Value ​ ​ ​ Shares ​ (per share) ​ Service-based 308 $ 448.68 Performance/service-based ​ 40 ​ ​ 429.77 ​ Market/service-based (fair value determined using a Monte Carlo model) ​ 40 ​ ​ 591.13 ​ ​ ​ (20)    AcQUISITIONs AND Disposition Acquisitions In 2025, we acquired businesses to advance the capabilities of our existing technology offerings, providing customers with a more comprehensive set of tools to generate and use data to make decisions that improve profitability, efficiency, and sustainability. The combined cost of these acquisitions was $ 89 , net of cash acquired. The businesses were assigned to the PPA and CF segments. Most of the purchase price for these acquisitions was allocated to goodwill and intangible assets. Disposition In February 2025, we completed a transaction with Banco Bradesco S.A. (Bradesco), for Bradesco to invest and become a 50 % owner of our wholly-owned subsidiary in Brazil, BJD. Bradesco contributed capital directly to BJD. The transaction resulted in the deconsolidation of BJD in the second quarter of 2025. BJD finances retail and wholesale loans for agricultural, construction, and forestry equipment and was included in our financial services segment. BJD was a part of our Brazil operations which is considered an integrated single foreign entity. We retained a 50 % equity interest in BJD, which was valued at the deconsolidation date at $ 362 based on the completed transaction with Bradesco and its amount of contributed capital. We are accounting for our investment in BJD using the equity method of accounting and results of its operations are reported in “Equity in income of unconsolidated affiliates.” The related investment in unconsolidated affiliates and receivables from unconsolidated affiliates are reported in “Other assets” and “Other receivables,” respectively, on the condensed consolidated balance sheets. 27 ​ The major classes of the total assets and liabilities of BJD at the time of deconsolidation were as follows: ​ ​ ​ ​ ​ ​ ​ February ​ ​ ​ 2025 ​ Cash and cash equivalents ​ $ 110 ​ Trade accounts and notes receivable – net ​ ​ 119 ​ Financing receivables – net ​ ​ 2,787 ​ Deferred income taxes ​ ​ 33 ​ Other miscellaneous assets ​ ​ 23 ​ Valuation allowance ​ ​ ( 65 ) ​ Total assets ​ $ 3,007 ​ ​ ​ ​ ​ ​ Short-term borrowings ​ $ 495 ​ Accounts payable and accrued expenses ​ ​ 124 ​ Long-term borrowings ​ ​ 1,241 ​ Retirement benefits and other liabilities ​ ​ 1 ​ Total liabilities ​ $ 1,861 ​ ​ ​ ​ ​ ​ Total intercompany payables ​ $ 781 ​ ​ At the time of deconsolidation in February 2025, the additional gain or loss was not significant. BJD was reclassified as held for sale in the third quarter of 2024. Statements of Consolidated Cash Flows – Our noncash transactions as a result of BJD deconsolidation in February 2025 include the following items: derecognition of the above total assets (excluding cash and cash equivalents) and total liabilities, and the recognition of the investment in unconsolidated affiliates and receivables from unconsolidated affiliates (BJD intercompany payables above). The decrease in cash and cash equivalents resulting from deconsolidation of BJD was recorded in investing activities – “Other” in the statements of consolidated cash flows. (21)    Special ItemS 2025 Impairment In the third quarter of 2025, we recorded a non-cash charge of $ 61 pretax ($ 49 after-tax), primarily related to the trade name and customer relationship assets of our external overseas battery operations. Of this amount, $ 53 was recorded in “Selling, administrative and general expenses” and $ 8 in “Cost of sales.” The impairment resulted from slowing external demand for batteries, which indicated that it is probable future cash flows would not cover the carrying value of the assets (see Note 17). Discrete Tax Items In the first quarter of 2025, we recorded favorable net discrete tax items primarily due to tax benefits of $ 110 related to the realization of foreign net operating losses from the consolidation of certain subsidiaries and $ 53 from an adjustment to an uncertain tax position of a foreign subsidiary. Banco John Deere S.A. In February 2025, we completed the transaction with Bradesco (see Note 20) for the sale of 50 % ownership in BJD. BJD was included in our financial services segment and was reclassified as held for sale in the third quarter of 2024. In the first quarter of 2025, a pretax and after-tax gain (reversal of previous losses) of $ 32 was recorded in “Selling, administrative and general expenses” and presented in “Impairments and other adjustments” in the statements of consolidated income and consolidated cash flows, respectively. 2024 Employee-Separation Programs In the third quarter of 2024, we implemented employee-separation programs for our salaried workforce in several geographic areas, including the United States, Europe, Asia, and Latin America. The programs’ main purpose was to help meet our strategic priorities while reducing overlap and redundancy in roles and responsibilities. The programs were largely involuntary in nature with the expense recorded when management committed to a plan, the plan was communicated to the employees, and the employees were not required to provide service beyond the legal notification period. For the limited voluntary employee-separation programs, the expense was recorded in the period in which the employee irrevocably accepted a separation offer. 28 ​ The programs’ total pretax expenses recorded in the third quarter of 2024 were $ 124 . Payments made during the third quarter of 2024 with respect to these program expenses totaled $ 30 . The expenses for the three months and nine months ended July 28, 2024 were recorded as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ PPA SAT CF FS Total ​ Employee-Separation Programs: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Cost of sales ​ $ 18 ​ $ 9 ​ $ 8 ​ ​ ​ ​ $ 35 ​ Research and development expenses ​ ​ 19 ​ ​ 6 ​ ​ 1 ​ ​ ​ ​ ​ 26 ​ Selling, administrative and general expenses ​ ​ 25 ​ ​ 14 ​ ​ 11 ​ $ 9 ​ ​ 59 ​ Total operating profit decrease ​ $ 62 ​ $ 29 ​ $ 20 ​ $ 9 ​ ​ 120 ​ Non-operating profit expenses* ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 4 ​ Total ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ $ 124 ​ * Relates primarily to corporate expenses. Banco John Deere S.A. In the third quarter of 2024, we reclassified the BJD business as held for sale, including a reversal of $ 38 in allowance for credit losses, and the establishment of a $ 53 valuation allowance on the assets held for sale presented in “Impairments and other adjustments” in the statements of consolidated cash flows. The net impact of these entries was a pretax and after-tax loss of $ 15 recorded in “ Selling, administrative and general expenses .” Redeemable Noncontrolling Interest In the third quarter of 2024, we exercised our right to purchase the remaining 20 percent interest in SurePoint Ag Systems, Inc. The arrangement was accounted for as an equity transaction with no gain or loss recorded in the statements of consolidated income. Summary of 2025 and 2024 Special Items The following table summarizes the operating profit impact of the special items recorded for the three months and nine months ended July 27, 2025 and July 28, 2024. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ Nine Months Ended ​ ​ ​ PPA SAT CF FS Total ​ PPA ​ SAT CF FS Total ​ 2025 Expense (benefit): ​ Impairment ​ $ 28 ​ $ 17 ​ $ 16 ​ ​ ​ ​ $ 61 ​ $ 28 ​ $ 17 ​ $ 16 ​ ​ ​ ​ $ 61 ​ BJD measurement ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ $ ( 32 ) ​ ​ ( 32 ) ​ Total expense (benefit) ​ ​ 28 ​ ​ 17 ​ ​ 16 ​ ​ ​ ​ ​ 61 ​ ​ 28 ​ ​ 17 ​ ​ 16 ​ ​ ( 32 ) ​ ​ 29 ​ 2024 Expense: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Employee-separation programs ​ ​ 62 ​ ​ 29 ​ ​ 20 ​ $ 9 ​ ​ 120 ​ ​ 62 ​ ​ 29 ​ ​ 20 ​ ​ 9 ​ ​ 120 ​ BJD measurement ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 15 ​ ​ 15 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 15 ​ ​ 15 ​ Total expense ​ ​ 62 ​ ​ 29 ​ ​ 20 ​ ​ 24 ​ ​ 135 ​ ​ 62 ​ ​ 29 ​ ​ 20 ​ ​ 24 ​ ​ 135 ​ Period over period change ​ $ ( 34 ) ​ $ ( 12 ) ​ $ ( 4 ) ​ $ ( 24 ) ​ $ ( 74 ) ​ $ ( 34 ) ​ $ ( 12 ) ​ $ ( 4 ) ​ $ ( 56 ) ​ $ ( 106 ) ​ ​ ​ ​ (22)    Subsequent Event On August 27, 2025 , a quarterly dividend of $ 1.62 per share was declared at the Board of Directors meeting, payable on November 10, 2025 , to stockholders of record on September 30, 2025 . ​ 29 ​