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COMMITMENTS AND CONTINGENCIES | 6 Months Ended
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Apr. 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 | ​ | Six Months Ended |
​ | ​ | April 28 | ​ | April 30 | ​ | April 28 | ​ | April 30 |
​ | ​ | 2024 | ​ | 2023 | ​ | 2024 | ​ | 2023 |
Beginning of period balance |  | $ | 1,589 |  | $ | 1,444 |  | $ | 1,610 |  | $ | 1,427 | ​
Warranty claims paid | ​ | ​ | (324) | ​ |  | (274) | ​ | ​ | (634) | ​ |  | (536) | ​
New product warranty accruals | ​ | ​ | 310 | ​ |  | 386 | ​ | ​ | 591 | ​ |  | 642 | ​
Foreign exchange | ​ | ​ | (9) | ​ |  | 6 | ​ | ​ | (1) | ​ |  | 29 | ​
End of period balance | ​ | $ | 1,566 | ​ | $ | 1,562 | ​ | $ | 1,566 | ​ | $ | 1,562 | ​
​ 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 April 28, 2024, the notional value of these guarantees was $146. We may repossess the equipment collateralizing the receivables. At April 28, 2024, the accrued losses under these agreements were not material. We also had other miscellaneous contingent liabilities and guarantees totaling approximately $140 at April 28, 2024. The accrued liability for these contingencies was $20 at April 28, 2024. At April 28, 2024, we had commitments of approximately $560 for the construction and acquisition of property and equipment. Also, at April 28, 2024, we had restricted assets of $225, classified as “Other assets.” We are subject to various unresolved legal actions. The accrued losses on these matters were not material at April 28, 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 liability), retail credit, employment, patent, trademark, and antitrust matters.

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