XML 88 R27.htm IDEA: XBRL DOCUMENT
v3.24.3

COMMITMENTS AND CONTINGENCIES | 12 Months Ended
--- | ---
Oct. 27, 2024
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 reconciliation of the changes in the warranty liability follows: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | 2024 |  | 2023 |
Beginning of year balance |  | $ | 1,610 |  | $ | 1,427 |
Warranty claims paid | ​ |  | (1,327) | ​ |  | (1,181) | ​
New product warranty accruals | ​ |  | 1,157 | ​ |  | 1,347 | ​
Foreign exchange | ​ |  | (14) | ​ |  | 17 | ​
End of year balance |  | $ | 1,426 |  | $ | 1,610 | ​
​ ​ 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 2024, the notional value of these guarantees was $141. We may repossess the equipment collateralizing the receivables. At October 27, 2024, the accrued losses under these guarantees were not material. We also had other miscellaneous contingent liabilities totaling approximately $130 at October 27, 2024. The accrued liability for these contingencies was $30 at October 27, 2024. At October 27, 2024, we had commitments of approximately $435 for the construction and acquisition of property and equipment. Also, at October 27, 2024, we had restricted assets of $253, classified as “Other assets.” 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 27, 2024 were:
| ● | $13.8 billion to John Deere dealers, and
| ● | $33.6 billion to retail customers.
We are subject to various unresolved legal actions. The accrued losses on these matters were not material at October 27, 2024. 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),
| ● | employment,
| ● | patent,
| ● | trademark, and
| ● | antitrust matters (including class action litigation).

X
- References No definition available. + Details
Name: | us-gaap_CommitmentsAndContingenciesDisclosureAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition The entire disclosure for commitments, contingencies, and guarantees. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 450 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/450/tableOfContent Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 440 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/440/tableOfContent Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 460 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/460/tableOfContent + Details
Name: | us-gaap_CommitmentsContingenciesAndGuaranteesTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration