Receivables (Tables)

3 Months Ended

Jan. 31, 2013

Receivables

Aging of Past Due and Non-Performing Receivables

An aging of past due and non-performing Receivables was as follows (in millions of dollars):

		January 31, 2013
		30-59 Days Past Due		60-89 Days Past Due		90 Days or Greater Past Due *		Total Past Due
Retail notes:
Agriculture and turf equipment	$		71.1	$	20.4	$	14.2	$	105.7
Construction and forestry equipment		39.8		16.7		8.1		64.6
Revolving charge accounts:
Agriculture and turf equipment		14.8		4.4		1.6		20.8
Construction and forestry equipment		2.1		.8		.6		3.5
Wholesale receivables:
Agriculture and turf equipment		2.6		2.0		5.1		9.7
Construction and forestry equipment		5.5				.1		5.6
Financing leases:
Agriculture and turf equipment		6.3		2.0		.6		8.9
Construction and forestry equipment		2.0		.4		.1		2.5
Operating loans:
Agriculture and turf equipment				.1				.1
Total Receivables	$		144.2	$	46.8	$	30.4	$	221.4
		Total Past Due		Total Non- Performing		Current		Total Receivables
Retail notes:
Agriculture and turf equipment	$		105.7	$	37.0	$	14,235.4	$	14,378.1
Construction and forestry equipment		64.6		13.3		1,400.8		1,478.7
Revolving charge accounts:
Agriculture and turf equipment		20.8		.7		1,674.3		1,695.8
Construction and forestry equipment		3.5				56.0		59.5
Wholesale receivables:
Agriculture and turf equipment		9.7		.4		5,956.6		5,966.7
Construction and forestry equipment		5.6				919.1		924.7
Financing leases:
Agriculture and turf equipment		8.9		9.1		354.4		372.4
Construction and forestry equipment		2.5		1.0		141.5		145.0
Operating loans:
Agriculture and turf equipment		.1		.1		40.6		40.8
Total Receivables	$		221.4	$	61.6	$	24,778.7	$	25,061.7

*       Receivables that are 90 days or greater past due and still accruing finance income.

		October 31, 2012
		30-59 Days Past Due		60-89 Days Past Due		90 Days or Greater Past Due *		Total Past Due
Retail notes:
Agriculture and turf equipment	$		52.6	$	21.8	$	14.3	$	88.7
Construction and forestry equipment		38.6		17.0		8.7		64.3
Revolving charge accounts:
Agriculture and turf equipment		12.3		3.6		1.6		17.5
Construction and forestry equipment		2.4		.7		.3		3.4
Wholesale receivables:
Agriculture and turf equipment		2.3		3.8		6.6		12.7
Construction and forestry equipment		1.2				1.5		2.7
Financing leases:
Agriculture and turf equipment		7.0		1.7		.7		9.4
Construction and forestry equipment		.8		.3				1.1
Operating loans:
Agriculture and turf equipment
Total Receivables	$		117.2	$	48.9	$	33.7	$	199.8
		Total Past Due		Total Non- Performing		Current		Total Receivables
Retail notes:
Agriculture and turf equipment	$		88.7	$	37.8	$	14,207.3	$	14,333.8
Construction and forestry equipment		64.3		13.1		1,317.6		1,395.0
Revolving charge accounts:
Agriculture and turf equipment		17.5		.8		2,343.0		2,361.3
Construction and forestry equipment		3.4				63.0		66.4
Wholesale receivables:
Agriculture and turf equipment		12.7		.4		5,394.4		5,407.5
Construction and forestry equipment		2.7				1,072.9		1,075.6
Financing leases:
Agriculture and turf equipment		9.4		9.2		356.5		375.1
Construction and forestry equipment		1.1		1.9		144.3		147.3
Operating loans:
Agriculture and turf equipment						42.3		42.3
Total Receivables	$		199.8	$	63.2	$	24,941.3	$	25,204.3

*       Receivables that are 90 days or greater past due and still accruing finance income.

		January 31, 2012
		30-59 Days Past Due		60-89 Days Past Due		90 Days or Greater Past Due *		Total Past Due
Retail notes:
Agriculture and turf equipment	$		60.6	$	26.5	$	22.2	$	109.3
Construction and forestry equipment		36.4		15.9		9.9		62.2
Revolving charge accounts:
Agriculture and turf equipment		15.9		7.3		2.9		26.1
Construction and forestry equipment		2.8		.9		.3		4.0
Wholesale receivables:
Agriculture and turf equipment		3.0		.4		1.4		4.8
Construction and forestry equipment		2.0		.1		.2		2.3
Financing leases:
Agriculture and turf equipment		1.6		3.4		.7		5.7
Construction and forestry equipment		1.7		1.1		.2		3.0
Operating loans:
Agriculture and turf equipment
Total Receivables	$		124.0	$	55.6	$	37.8	$	217.4
		Total Past Due		Total Non- Performing		Current		Total Receivables
Retail notes:
Agriculture and turf equipment	$		109.3	$	41.2	$	12,464.6	$	12,615.1
Construction and forestry equipment		62.2		15.4		1,140.3		1,217.9
Revolving charge accounts:
Agriculture and turf equipment		26.1		.7		1,682.1		1,708.9
Construction and forestry equipment		4.0				49.4		53.4
Wholesale receivables:
Agriculture and turf equipment		4.8		4.6		4,615.7		4,625.1
Construction and forestry equipment		2.3				723.9		726.2
Financing leases:
Agriculture and turf equipment		5.7		9.8		279.7		295.2
Construction and forestry equipment		3.0		2.1		134.2		139.3
Operating loans:
Agriculture and turf equipment				1.4		74.1		75.5
Total Receivables	$		217.4	$	75.2	$	21,164.0	$	21,456.6

*       Receivables that are 90 days or greater past due and still accruing finance income.

Analysis of the Allowance for Credit Losses and Investment in Receivables

An analysis of the allowance for credit losses and investment in Receivables during the periods was as follows (in millions of dollars):

	Retail Notes			Revolving Charge Accounts			Wholesale Receivables			Other			Total Receivables
January 31, 2013
Allowance:
Beginning of period balance	$	56.4		$	40.2		$	5.9		$	11.5		$	114.0
Provision (credit) for credit losses	1.0			(.2		)	.1			(.2		)	.7
Write-offs	(2.9		)	(4.2		)				(.4		)	(7.5		)
Recoveries	1.9			4.0						.2			6.1
Other changes (primarily translation adjustments)	.1			(.1		)	.1						.1
End of period balance	$	56.5		$	39.7		$	6.1		$	11.1		$	113.4
Balance individually evaluated *							$	.1					$	.1
Receivables:
End of period balance	$	15,856.8		$	1,755.3		$	6,891.4		$	558.2		$	25,061.7
Balance individually evaluated *	$	11.1		$	.6		$	.2					$	11.9
January 31, 2012
Allowance:
Beginning of period balance	$	67.8		$	39.7		$	6.0		$	12.8		$	126.3
Provision (credit) for credit losses	(4.6		)	1.0			.2			.6			(2.8		)
Write-offs	(2.1		)	(6.5		)				(.8		)	(9.4		)
Recoveries	1.5			5.5						.1			7.1
Other changes (primarily translation adjustments)	(.2		)				(.1		)	(.1		)	(.4		)
End of period balance	$	62.4		$	39.7		$	6.1		$	12.6		$	120.8
Balance individually evaluated *	$	.5					$	.2					$	.7
Receivables:
End of period balance	$	13,833.0		$	1,762.3		$	5,351.3		$	510.0		$	21,456.6
Balance individually evaluated *	$	12.2		$	.2		$	4.4					$	16.8

*       Remainder is collectively evaluated.

Analysis of Impaired Receivables

An analysis of  impaired Receivables was as follows (in millions of dollars):

	Recorded Investment		Unpaid Principal Balance		Specific Allowance		Average Recorded Investment
January 31, 2013 *
Receivables with specific allowance:
Wholesale receivables	$	.2	$	.2	$	.1	$	.2
Receivables without specific allowance:
Retail notes	8.5		8.3				8.5
Total	$	8.7	$	8.5	$	.1	$	8.7
Agriculture and turf	$	6.1	$	5.9	$	.1	$	6.1
Construction and forestry	$	2.6	$	2.6			$	2.6
October 31, 2012 *
Receivables with specific allowance:
Revolving charge accounts	$	.5	$	.5	$	.5	$	.5
Wholesale receivables	.2		.2		.1		.2
Total	.7		.7		.6		.7
Receivables without specific allowance:
Retail notes	8.5		8.4				8.4
Total	$	9.2	$	9.1	$	.6	$	9.1
Agriculture and turf	$	6.5	$	6.4	$	.6	$	6.1
Construction and forestry	$	2.7	$	2.7			$	3.0
January 31, 2012 *
Receivables with specific allowance:
Retail notes	$	.8	$	.8	$	.5	$	.8
Wholesale receivables	4.3		4.3		.2		4.1
Total	5.1		5.1		.7		4.9
Receivables without specific allowance:
Retail notes	9.7		9.6				9.2
Total	$	14.8	$	14.7	$	.7	$	14.1
Agriculture and turf	$	10.8	$	10.8	$	.7	$	9.9
Construction and forestry	$	4.0	$	3.9			$	4.2

* Finance income recognized was not material.