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COMMITMENTS AND CONTINGENCIES | 6 Months Ended
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Apr. 27, 2025
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 27 | ​ | April 28 | ​ | April 27 | ​ | April 28 |
​ | ​ | 2025 | ​ | 2024 | ​ | 2025 | ​ | 2024 |
Beginning of period balance |  | $ | 1,360 |  | $ | 1,589 |  | $ | 1,426 |  | $ | 1,610 | ​
Warranty claims paid | ​ | ​ | (308) | ​ |  | (324) | ​ | ​ | (618) | ​ |  | (634) | ​
New product warranty accruals | ​ | ​ | 227 | ​ |  | 310 | ​ | ​ | 483 | ​ |  | 591 | ​
Foreign exchange | ​ | ​ | 18 | ​ |  | (9) | ​ | ​ | 6 | ​ |  | (1) | ​
End of period balance | ​ | $ | 1,297 | ​ | $ | 1,566 | ​ | $ | 1,297 | ​ | $ | 1,566 | ​
​ 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. As of April 27, 2025, the notional value of these guarantees was $123. We may repossess the equipment collateralizing the receivables. At April 27, 2025, the accrued losses under these agreements were not material. We also had guarantees to a VIE (see Note 1) totaling $156 as of April 27, 2025. We also had other miscellaneous contingent liabilities and guarantees totaling approximately $125 at April 27, 2025. The accrued liability for these contingencies was $25 at April 27, 2025. At April 27, 2025, we had commitments of approximately $505 for the construction and acquisition of property and equipment. Also, at April 27, 2025, we had restricted assets of $250, classified as “Other assets.” We are subject to various unresolved legal actions. The accrued losses on these matters were not material at April 27, 2025. We believe the reasonably possible range of losses 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.

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