v3.26.1
LONG-TERM BORROWINGS
9 Months Ended
Aug. 02, 2026
LONG-TERM BORROWINGS  
LONG-TERM BORROWINGS

(15)  Long-Term Borrowings

Long-term borrowings were as follows in millions:

August 2

November 2

July 27

  ​

2026

  ​

2025

  ​

2025

Underwritten term debt:

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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*

 

485

 

498

7.125% notes due 2031

 

300

 

300

 

300

4.85% notes due 2031*

 

298

 

 

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)

692

694

705

2.20% notes due 2032 (€600 principal)

692

694

705

1.65% notes due 2039 (€650 principal)

749

752

764

Serial issuances:

Medium-term notes*

 

30,716

34,041

35,428

Other notes and finance lease obligations

 

584

 

470

 

438

Less: debt issuance costs and debt discounts

(140)

(155)

(161)

Long-term borrowings

 

$

40,626

$

43,544

$

44,429

* Includes fair value hedge adjustments related to derivatives.

The 4.15% notes due 2030 and 4.85% notes due 2031 listed above were issued on October 9, 2025, and July 15, 2026, respectively, by Deere Funding Canada Corporation (DFCC), an indirect wholly-owned finance subsidiary of Deere & Company. These notes are fully and unconditionally guaranteed on a senior unsecured basis only by Deere & Company and, therefore, rank equally with all our outstanding notes and debentures. No other subsidiaries of Deere & Company have guaranteed these notes. We have elected to exclude summarized financial information in accordance with the exception provided in Rule 13-01 of Regulation S-X.

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, 4.85% notes due 2031, and medium-term notes were as follows:

August 2

November 2

July 27

2026

2025

2025

4.15% notes due 2030

$

500

$

500

4.85% notes due 2031

300

Medium-term notes

31,191

34,241

$

35,699