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ORGANIZATION AND CONSOLIDATION | 6 Months Ended
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May 03, 2026
ORGANIZATION AND CONSOLIDATION |
ORGANIZATION AND CONSOLIDATION | (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,” “Deere,” “we,” “us,” or “our” include our consolidated subsidiaries, unless otherwise stated. We manage our business through the following operating segments: Production & Precision Agriculture (PPA), Small Agriculture & Turf (SAT), Construction & Forestry (CF), and Financial Services (John Deere Financial or FS). References to “equipment operations” include PPA, SAT, and CF, while 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 second quarter ends for fiscal years 2026 and 2025 were May 3, 2026, and April 27, 2025, respectively. Both quarters contained 13 weeks, while both year-to-date periods contained 26 weeks. Fiscal year 2025 contained 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 near the end of October and the associated periods in those fiscal years. All amounts are presented in millions of U.S. dollars, unless otherwise specified. Certain prior period amounts have been reclassified to conform to current period presentation. Variable Interest Entities We consolidate certain variable interest entities (VIEs) related to retail note securitizations (see Note 10). 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 21). BJD is a 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 (loss) 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 were as follows:
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | May 3 | ​ | November 2 | ​ | April 27 | ​
​ | ​ | 2026 | ​ | 2025 | ​ | 2025 | ​
Receivables from unconsolidated affiliates – “Other receivables” | ​ | $ | 279 | ​ | $ | 394 | ​ | $ | 564 | ​
Investments in unconsolidated affiliates – “Other assets” | ​ | ​ | 409 | ​ | ​ | 405 | ​ | ​ | 372 | ​
Carrying value of assets related to VIE | ​ | ​ | 688 | ​ | ​ | 799 | ​ | ​ | 936 | ​
Guarantees | ​ | ​ | 172 | ​ | ​ | 157 | ​ | ​ | 156 | ​
Maximum exposure to loss | ​ | $ | 860 | ​ | $ | 956 | ​ | $ | 1,092 | ​
​ Guarantees primarily include BJD debt related to government funding that existed prior to the deconsolidation of BJD. We did not record a contractual liability related to these guarantees on our condensed consolidated balance sheets.

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