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COMMITMENTS AND CONTINGENCIES | 12 Months Ended
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Oct. 29, 2023
COMMITMENTS AND CONTINGENCIES |
COMMITMENTS AND CONTINGENCIES | 20. 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 warranty reconciliation follows: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | 2023 |  | 2022 |
Beginning of year balance |  | $ | 1,427 |  | $ | 1,312 |
Warranty claims paid | ​ |  | (1,181) | ​ |  | (951) | ​
New product warranty accruals | ​ |  | 1,347 | ​ |  | 1,090 | ​
Foreign exchange | ​ |  | 17 | ​ |  | (24) | ​
End of year balance |  | $ | 1,610 |  | $ | 1,427 | ​
​ ​ The costs for extended warranty programs are recognized as incurred. See Note 9 for extended warranty claim costs. In certain international markets, we provide guarantees to banks for the retail financing of John Deere equipment. At the end of ​ 2023, the notional value of these guarantees was $239. We may repossess the equipment collateralizing the receivables. At October 29, 2023, the accrued losses under these guarantees were not material. We also had other miscellaneous contingent liabilities totaling approximately $105 at October 29, 2023. The accrued liability for these contingencies was not material. At October 29, 2023, we had commitments of approximately $634 for the construction and acquisition of property and equipment. We have commitments to extend credit to customers. The commitments are in the form of lines of credit and other pre-approved credit arrangements. We have the right to cancel or amend the terms of these commitments at any time. These commitments are not expected to be fully drawn upon; therefore, the total commitment amounts likely do not represent a future cash requirement. The commitments to extend credit at October 29, 2023 were:
| ● | $9.3 billion to John Deere dealers, and
| ● | $32.4 billion to retail customers.
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 matters),
| ● | retail credit,
| ● | employment,
| ● | patent,
| ● | trademark, and
| ● | antitrust matters.

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