DEERE & CO
For the period ended Nov 2, 2025. Filed Dec 18, 2025.
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FY2025 · Filed Dec 18, 2025
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Marketable Securities
10.** MARKETABLE **SECURITIES
We have investments in debt securities classified as held-to-maturity or available-for-sale and equity securities, recorded in “Marketable securities” on the consolidated balance sheets. The purchases, maturities, and sale proceeds for all debt and equity marketable securities during 2025, 2024, and 2023 follow:
| | | | | | | | | | | |
|---|---|---|---|---|---|---|---|---|---|---|
| · · 2025 · · 2024 · · 2023 · | ||||||||||
| Purchases | | $703 | | $1,055 | | $491 | | |||
| Maturities and sale proceeds | | | 486 | | | 832 | | | 186 | |
Debt** **Securities
The amortized cost and fair value of available-for-sale debt securities at the end of 2025 and 2024 follow:
| | | | | | | | | | | | | | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| · · · Gross · Gross · · | |||||||||||||
| · · Amortized · · Unrealized · · Unrealized · · Fair | |||||||||||||
| · · Cost · · Gains · · Losses · · Value | |||||||||||||
| 2025 | | | | | | | | | | | | | |
| Corporate debt securities | | $521 | | $6 | | $17 | | $510 | | ||||
| International debt securities | | | 176 | | | 1 | | | 3 | | | 174 | |
| Mortgage-backed securities* | | 257 | | | 1 | | 24 | | 234 | | |||
| Municipal debt securities | | 115 | | | 1 | | | 3 | | 113 | | ||
| U.S. government debt securities | | | 330 | | | 3 | | | 20 | | 313 | | |
| Total | | $1,399 | | $12 | | $67 | | $1,344 | | ||||
| | | | | | | | | | | | | | |
| 2024 | | | | | | | | | | | | | |
| Corporate debt securities | | $445 | | $1 | | $23 | | $423 | | ||||
| International debt securities | | | 169 | | | | | | 26 | | | 143 | |
| Mortgage-backed securities* | | 193 | | | | | 28 | | 165 | | |||
| Municipal debt securities | | 78 | | | 1 | | | 5 | | 74 | | ||
| U.S. government debt securities | | | 377 | | | | | | 28 | | 349 | | |
| Total | | $1,262 | | $2 | | $110 | | $1,154 | | ||||
*Primarily issued by U.S. government-sponsored enterprises.
The contractual maturities of available-for-sale debt securities at November 2, 2025, follow:
| · · · · · · · | |||||
|---|---|---|---|---|---|
| · Amortized · Fair | |||||
| · Cost · Value · | |||||
| Due in one year or less | | $71 | | $72 | |
| Due after one through five years | | 381 | | 376 | |
| Due after five through 10 years | | 472 | | 465 | |
| Due after 10 years | | 218 | | 197 | |
| Mortgage-backed securities | | 257 | | 234 | |
| Debt securities | | $1,399 | | $1,344 | |
Actual maturities may differ from contractual maturities because some securities may be called or prepaid. Mortgage-backed securities contain prepayment provisions and are not categorized by contractual maturity.
Proceeds of available-for-sale debt securities sold or matured during 2025, 2024, and 2023 were$486,$619, and$37, respectively. Realized gains, realized losses, and unrealized losses that have been continuous for over twelve months on debt securities were not material in 2025, 2024, and 2023.
Unrealized losses were not recognized in income due to the ability and intent to hold to maturity and recover the unrealized losses. We evaluate investments quarterly for impairment and determine credit losses on available-for-sale debt securities using the specific identification method. There wereno allowances for credit lossesnor impairment write-downs in the periods presented. The unrealized losses on securities are due to changes in interest rates and market liquidity.
At November 2, 2025, we also had$60 marketable securities classified as held-to-maturity international corporate debt securities that mature in less than one year. We record held-to-
maturity marketable securities at amortized cost, which approximates fair value.
Equity** **Securities
At November 2, 2025, we also had a$7 investment in an international fixed income fund equity security.
Unrealized gain on equity securities during 2025 and 2024 follows:
| | | | | | | | |
|---|---|---|---|---|---|---|---|
| · · 2025 · · 2024 · | |||||||
| Net gain recognized on equity securities | | | | | $88 | | |
| Less: Net gain on equity securities sold | | | | | | 88 | |
| Unrealized gain on equity securities | | | | | $ | | |
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