Fair Value Measurements (Tables)

12 Months Ended

Oct. 31, 2012

Fair Value Measurements

Fair Value of Financial Instruments

The fair values of financial instruments that do not approximate the carrying values at October 31 were as follows (in millions of dollars):

	2012				2011
	Carrying Value		Fair Value *		Carrying Value		Fair Value
Receivables financed - net	$	21,472	$	21,455	$	19,047	$	19,034
Retail notes securitized - net	3,618		3,615		2,905		2,907
Securitization borrowings	3,575		3,584		2,777		2,789
Current maturities of long-term borrowings	3,913		3,947		4,653		4,704
Long-term borrowings	14,770		15,048		11,390		11,751

*  Fair value measurements above were Level 3 for all Receivables and Level 2 for all borrowings.

Assets and Liabilities Measured at Fair Value on a Recurring Basis

Assets and liabilities measured at October 31 at fair value as Level 2 measurements on a recurring basis were as follows (in millions of dollars):

	2012		2011
Receivable from John Deere
Derivatives:
Interest rate contracts	$	355.8	$	168.4
Cross-currency interest rate contracts	9.9		.9
Other assets
Derivatives:
Interest rate contracts	227.6		268.6
Foreign exchange contracts	1.9
Cross-currency interest rate contracts	.3		1.6
Total assets *	$	595.5	$	439.5
Other payables to John Deere
Derivatives:
Interest rate contracts	$	25.3	$	19.6
Cross-currency interest rate contracts	2.9		1.4
Accounts payable and accrued expenses
Derivatives:
Interest rate contracts	41.3		37.0
Foreign exchange contracts	5.4		47.6
Cross-currency interest rate contracts	56.4		5.7
Total liabilities	$	131.3	$	111.3

*Excluded from this table are cash equivalents, which are carried at cost that approximates fair value. The cash equivalents consist primarily of money market funds.

Assets Measured at Fair Value on a Nonrecurring Basis

Fair value, nonrecurring, Level 3 measurements at October 31 were as follows (in millions of dollars):

	Fair Value*				Losses
	2012		2011		2012		2011		2010
Receivables:
Retail notes			$	.3					$	.1
Revolving charge accounts					$	.5
Wholesale receivables	$	.1	4.3		.1		$	.3	1.9
Operating loans			.2						2.7
Total Receivables	$	.1	$	4.8	$	.6	$	.3	$	4.7

*Does not include cost to sell.