Receivables (Tables)

6 Months Ended

Apr. 30, 2013

Receivables

Aging of past due Receivables that are still accruing interest and non-performing Receivables

An aging of past due Receivables that are still accruing interest and non-performing Receivables was as follows (in millions of dollars):

	April 30, 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	$	55.8	$	21.8	$	15.2	$	92.8
Construction and forestry equipment	42.0		16.2		5.2		63.4
Revolving charge accounts:
Agriculture and turf equipment	9.6		5.1		5.5		20.2
Construction and forestry equipment	1.8		.5		.5		2.8
Wholesale receivables:
Agriculture and turf equipment	4.8		1.2		4.3		10.3
Construction and forestry equipment	1.9		.9		.6		3.4
Financing leases:
Agriculture and turf equipment	10.8		4.2		1.1		16.1
Construction and forestry equipment	.8		1.2		1.2		3.2
Operating loans:
Agriculture and turf equipment			.2				.2
Total Receivables	$	127.5	$	51.3	$	33.6	$	212.4
		Total Past Due	Total Non- Performing		Current		Total Receivables
Retail notes:
Agriculture and turf equipment	$	92.8	$	35.2	$	14,471.5	$	14,599.5
Construction and forestry equipment	63.4		11.1		1,445.5		1,520.0
Revolving charge accounts:
Agriculture and turf equipment	20.2		.6		2,122.9		2,143.7
Construction and forestry equipment	2.8				60.7		63.5
Wholesale receivables:
Agriculture and turf equipment	10.3		.3		7,342.3		7,352.9
Construction and forestry equipment	3.4				1,065.5		1,068.9
Financing leases:
Agriculture and turf equipment	16.1		9.8		371.8		397.7
Construction and forestry equipment	3.2		1.0		140.0		144.2
Operating loans:
Agriculture and turf equipment	.2				39.8		40.0
Total Receivables	$	212.4	$	58.0	$	27,060.0	$	27,330.4

	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

	April 30, 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	$	57.1	$	30.9	$	18.9	$	106.9
Construction and forestry equipment	34.5		18.3		8.6		61.4
Revolving charge accounts:
Agriculture and turf equipment	14.2		6.8		8.3		29.3
Construction and forestry equipment	1.7		.7		.4		2.8
Wholesale receivables:
Agriculture and turf equipment	2.3		2.5		1.0		5.8
Construction and forestry equipment	1.4		.2		.1		1.7
Financing leases:
Agriculture and turf equipment	3.2		6.8		.2		10.2
Construction and forestry equipment	.5		.2		.3		1.0
Operating loans:
Agriculture and turf equipment
Total Receivables	$	114.9	$	66.4	$	37.8	$	219.1
	Total Past Due		Total Non- Performing		Current		Total Receivables
Retail notes:
Agriculture and turf equipment	$	106.9	$	39.0	$	12,641.7	$	12,787.6
Construction and forestry equipment	61.4		13.8		1,164.2		1,239.4
Revolving charge accounts:
Agriculture and turf equipment	29.3		.7		2,219.0		2,249.0
Construction and forestry equipment	2.8				55.0		57.8
Wholesale receivables:
Agriculture and turf equipment	5.8		.7		5,638.3		5,644.8
Construction and forestry equipment	1.7				979.6		981.3
Financing leases:
Agriculture and turf equipment	10.2		10.0		295.0		315.2
Construction and forestry equipment	1.0		2.8		134.2		138.0
Operating loans:
Agriculture and turf equipment					67.9		67.9
Total Receivables	$	219.1	$	67.0	$	23,194.9	$	23,481.0

Analysis of the Allowance for Credit Losses and Investment in Receivables

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

	Three Months Ended April 30, 2013
	Retail Notes			Revolving Charge Accounts			Wholesale Receivables		Other			Total Receivables
Allowance:
Beginning of period balance	$	56.5		$	39.7		$	6.1	$	11.1		$	113.4
Provision (credit) for credit losses	(3.6		)	.9			.1		3.7			1.1
Write-offs	(2.5		)	(4.7		)	(.1)		(.4		)	(7.7		)
Recoveries	1.2			3.8					.5			5.5
Other changes (primarily translation adjustments)	(.5		)				.3					(.2		)
End of period balance	$	51.1		$	39.7		$	6.4	$	14.9		$	112.1
	Six Months Ended April 30, 2013
Allowance:
Beginning of period balance	$	56.4		$	40.2		$	5.9	$	11.5		$	114.0
Provision (credit) for credit losses	(2.6		)	.6			.2		3.6			1.8
Write-offs	(5.4		)	(8.8		)	(.2)		(.8		)	(15.2		)
Recoveries	3.1			7.7			.1		.7			11.6
Other changes (primarily translation adjustments)	(.4		)				.4		(.1		)	(.1		)
End of period balance	$	51.1		$	39.7		$	6.4	$	14.9		$	112.1
Balance individually evaluated *							$	.2	$	3.7		$	3.9
Receivables:
End of period balance	$	16,119.5		$	2,207.2		$	8,421.8	$	581.9		$	27,330.4
Balance individually evaluated *	$	17.1					$	.2	$	38.3		$	55.6

* Remainder is collectively evaluated.

	Three Months Ended April 30, 2012
	Retail Notes			Revolving Charge Accounts			Wholesale Receivables		Other			Total Receivables
Allowance:
Beginning of period balance	$	62.4		$	39.7		$	6.1	$	12.6		$	120.8
Provision (credit) for credit losses	(.9		)	1.4			.5		.8			1.8
Write-offs	(1.2		)	(7.0		)	(.1)		(1.9		)	(10.2		)
Recoveries	1.7			5.6					.1			7.4
End of period balance	$	62.0		$	39.7		$	6.5	$	11.6		$	119.8
	Six Months Ended April 30, 2012
Allowance:
Beginning of period balance	$	67.8		$	39.7		$	6.0	$	12.8		$	126.3
Provision (credit) for credit losses	(5.5		)	2.5			.6		1.4			(1.0		)
Write-offs	(3.2		)	(13.5		)	(.2)		(2.7		)	(19.6		)
Recoveries	3.2			11.0			.1		.2			14.5
Other changes (primarily translation adjustments)	(.3		)						(.1		)	(.4		)
End of period balance	$	62.0		$	39.7		$	6.5	$	11.6		$	119.8
Balance individually evaluated *							$	.5				$	.5
Receivables:
End of period balance	$	14,027.0		$	2,306.8		$	6,626.1	$	521.1		$	23,481.0
Balance individually evaluated *	$	9.8		$	1.0		$	1.2				$	12.0

* 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
April 30, 2013 *
Receivables with specific allowance:
Wholesale receivables	$	.2	$	.2	$	.2	$	.2
Operating loans	18.7		18.7		3.7		19.1
Total	18.9		18.9		3.9		19.3
Receivables without specific allowance:
Retail notes	8.2		8.0				8.4
Total	$	27.1	$	26.9	$	3.9	$	27.7
Agriculture and turf	$	24.6	$	24.5	$	3.9	$	25.1
Construction and forestry	$	2.5	$	2.4			$	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
April 30, 2012 *
Receivables with specific allowance:
Wholesale receivables	$	1.0	$	1.0	$	.5	$	1.2
Receivables without specific allowance:
Retail notes	8.0		7.9				8.0
Wholesale receivables	.2		.2				.2
Total	$	9.2	$	9.1	$	.5	$	9.4
Agriculture and turf	$	6.6	$	6.5	$	.5	$	6.2
Construction and forestry	$	2.6	$	2.6			$	3.2

* Finance income recognized was not material.