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LONG-TERM BORROWINGS | 6 Months Ended
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May 03, 2026
LONG-TERM BORROWINGS |
LONG-TERM BORROWINGS | (15) Long-Term Borrowings Long-term borrowings were as follows in millions:
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | May 3 | ​ | November 2 | ​ | April 27 | ​
​ | ​ | 2026 | ​ | 2025 | ​ | 2025 | ​
Underwritten term debt: | ​ | ​ ​ | ​ ​ ​ ​ ​ ​ ​ ​ | ​ ​ | ​ ​ | ​ ​ ​ ​ ​ ​ ​ ​ | ​ ​ | ​ ​ | ​ ​ ​ ​ ​ ​ ​ ​ | ​
U.S. dollar notes and debentures: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
6.55% debentures due 2028 | ​ | $ | 200 | ​ | $ | 200 | ​ | $ | 200 | ​
5.375% notes due 2029 | ​ |  | 500 | ​ |  | 500 | ​ |  | 500 | ​
3.10% notes due 2030 | ​ | ​ | 700 | ​ | ​ | 700 | ​ | ​ | 700 | ​
8.10% debentures due 2030 | ​ |  | 250 | ​ |  | 250 | ​ |  | 250 | ​
4.15% notes due 2030* | ​ |  | 493 | ​ |  | 498 | ​ | ​ | ​ | ​
7.125% notes due 2031 | ​ |  | 300 | ​ |  | 300 | ​ |  | 300 | ​
5.45% notes due 2035 | ​ |  | 1,250 | ​ |  | 1,250 | ​ |  | 1,250 | ​
3.90% notes due 2042 | ​ |  | 1,250 | ​ |  | 1,250 | ​ |  | 1,250 | ​
2.875% notes due 2049 | ​ | ​ | 500 | ​ | ​ | 500 | ​ | ​ | 500 | ​
3.75% notes due 2050 | ​ | ​ | 850 | ​ | ​ | 850 | ​ | ​ | 850 | ​
5.70% notes due 2055 | ​ | ​ | 750 | ​ | ​ | 750 | ​ | ​ | 750 | ​
Euro notes: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
1.85% notes due 2028 (€600 principal) | ​ | ​ | 704 | ​ | ​ | 694 | ​ | ​ | 683 | ​
2.20% notes due 2032 (€600 principal) | ​ | ​ | 704 | ​ | ​ | 694 | ​ | ​ | 683 | ​
1.65% notes due 2039 (€650 principal) | ​ | ​ | 763 | ​ | ​ | 752 | ​ | ​ | 740 | ​
Serial issuances: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Medium-term notes* |  | ​ | 32,683 | ​ | ​ | 34,041 | ​ | ​ | 33,942 | ​
Other notes and finance lease obligations | ​ |  | 509 | ​ |  | 470 | ​ |  | 372 | ​
Less: debt issuance costs and debt discounts | ​ | ​ | (145) | ​ | ​ | (155) | ​ | ​ | (159) | ​
Long-term borrowings |  | $ | 42,261 | ​ | $ | 43,544 | ​ | $ | 42,811 | ​
* Includes fair value hedge adjustments related to derivatives. The 4.15% notes due 2030 listed above were issued on October 9, 2025, by Deere Funding Canada Corporation (DFCC), an indirect wholly-owned subsidiary. These notes are fully and unconditionally guaranteed on a senior unsecured basis by Deere & Company and, therefore, rank equally with all our outstanding notes and debentures. DFCC financial results were not material to our condensed consolidated financial statements or results of operations, and as a result, we have elected to exclude summarized financial information. Medium-term notes due through 2034 are primarily offered by prospectus and issued at fixed and variable rates. All outstanding notes and debentures are senior unsecured borrowings and rank equally with each other. The principal balances of the 4.15% notes due 2030 and medium-term notes were as follows:
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | May 3 | ​ | November 2 | ​ | April 27 | ​
​ | ​ | 2026 | ​ | 2025 | ​ | 2025 | ​
4.15% notes due 2030 | ​ | $ | 500 | ​ | $ | 500 | ​ | ​ | ​ | ​
Medium-term notes | ​ | ​ | 32,956 | ​ | ​ | 34,241 | ​ | $ | 34,241 | ​
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