Receivables (Tables)

9 Months Ended

Jul. 31, 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):

	July 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	$	55.1	$	22.1	$	15.4	$	92.6
Construction and forestry equipment	46.3		16.7		7.6		70.6
Revolving charge accounts:
Agriculture and turf equipment	14.7		3.1		3.0		20.8
Construction and forestry equipment	3.5		.8		.4		4.7
Wholesale receivables:
Agriculture and turf equipment	4.3		1.5		2.2		8.0
Construction and forestry equipment	.6				1.0		1.6
Financing leases:
Agriculture and turf equipment	9.0		4.6		.8		14.4
Construction and forestry equipment	1.4		.7		.2		2.3
Operating loans:
Agriculture and turf equipment			.1				.1
Total Receivables	$	134.9	$	49.6	$	30.6	$	215.1

	Total Past Due		Total Non- Performing		Current		Total Receivables
Retail notes:
Agriculture and turf equipment	$	92.6	$	35.8	$	15,234.5	$	15,362.9
Construction and forestry equipment	70.6		11.3		1,518.6		1,600.5
Revolving charge accounts:
Agriculture and turf equipment	20.8		1.1		2,427.6		2,449.5
Construction and forestry equipment	4.7				65.2		69.9
Wholesale receivables:
Agriculture and turf equipment	8.0		.3		7,439.9		7,448.2
Construction and forestry equipment	1.6				1,033.3		1,034.9
Financing leases:
Agriculture and turf equipment	14.4		11.3		359.4		385.1
Construction and forestry equipment	2.3		2.5		139.8		144.6
Operating loans:
Agriculture and turf equipment	.1		.3		38.0		38.4
Total Receivables	$	215.1	$	62.6	$	28,256.3	$	28,534.0

	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

	July 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	$	56.0	$	21.9	$	19.5	$	97.4
Construction and forestry equipment	40.3		19.2		8.0		67.5
Revolving charge accounts:
Agriculture and turf equipment	11.5		3.9		2.4		17.8
Construction and forestry equipment	2.7		1.1		.3		4.1
Wholesale receivables:
Agriculture and turf equipment	1.8		.5		1.4		3.7
Construction and forestry equipment	2.1				.6		2.7
Financing leases:
Agriculture and turf equipment	4.3		1.2		.6		6.1
Construction and forestry equipment	1.1		.2		.3		1.6
Operating loans:
Agriculture and turf equipment
Total Receivables	$	119.8	$	48.0	$	33.1	$	200.9

	Total Past Due		Total Non- Performing		Current		Total Receivables
Retail notes:
Agriculture and turf equipment	$	97.4	$	40.7	$	13,099.5	$	13,237.6
Construction and forestry equipment	67.5		14.0		1,214.6		1,296.1
Revolving charge accounts:
Agriculture and turf equipment	17.8		.7		2,417.1		2,435.6
Construction and forestry equipment	4.1				58.6		62.7
Wholesale receivables:
Agriculture and turf equipment	3.7		.3		5,914.1		5,918.1
Construction and forestry equipment	2.7				1,132.8		1,135.5
Financing leases:
Agriculture and turf equipment	6.1		11.9		327.1		345.1
Construction and forestry equipment	1.6		1.7		139.8		143.1
Operating loans:
Agriculture and turf equipment					43.9		43.9
Total Receivables	$	200.9	$	69.3	$	24,347.5	$	24,617.7

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 July 31, 2013
	Retail Notes			Revolving Charge Accounts			Wholesale Receivables		Other			Total Receivables
Allowance:
Beginning of period balance	$	51.1		$	39.7		$	6.4	$	14.9		$	112.1
Provision for credit losses	.6			2.5					.1			3.2
Write-offs	(2.6		)	(6.3		)			(.1		)	(9.0		)
Recoveries	1.8			3.8			.1		.3			6.0
Other changes (primarily translation adjustments)	(.2		)						(.1		)	(.3		)
End of period balance	$	50.7		$	39.7		$	6.5	$	15.1		$	112.0

	Nine Months Ended
	July 31, 2013
Allowance:
Beginning of period balance	$	56.4		$	40.2		$	5.9		$	11.5		$	114.0
Provision (credit) for credit losses	(2.0		)	3.1			.2			3.7			5.0
Write-offs	(7.9		)	(15.1		)	(.2		)	(1.0		)	(24.2		)
Recoveries	4.9			11.5			.2			1.0			17.6
Other changes (primarily translation adjustments)	(.7		)				.4			(.1		)	(.4		)
End of period balance	$	50.7		$	39.7		$	6.5		$	15.1		$	112.0
Balance individually evaluated *							$	.2		$	3.7		$	3.9
Receivables:
End of period balance	$	16,963.4		$	2,519.4		$	8,483.1		$	568.1		$	28,534.0
Balance individually evaluated *	$	15.0		$	.2		$	.2		$	38.0		$	53.4

* Remainder is collectively evaluated.

	Three Months Ended July 31, 2012
	Retail Notes			Revolving Charge Accounts			Wholesale Receivables			Other			Total Receivables
Allowance:
Beginning of period balance	$	62.0		$	39.7		$	6.5		$	11.6		$	119.8
Provision (credit) for credit losses	(4.5		)	5.8			.3			(.3		)	1.3
Write-offs	(1.9		)	(11.2		)	(.1		)	(.4		)	(13.6		)
Recoveries	1.6			5.4						.5			7.5
Other changes (primarily translation adjustments)	(.2		)				(.2		)	.1			(.3		)
End of period balance	$	57.0		$	39.7		$	6.5		$	11.5		$	114.7

	Nine Months Ended
	July 31, 2012
Allowance:
Beginning of period balance	$	67.8		$	39.7		$	6.0		$	12.8		$	126.3
Provision (credit) for credit losses	(10.0		)	8.2			.9			1.2			.3
Write-offs	(5.2		)	(24.7		)	(.3		)	(3.0		)	(33.2		)
Recoveries	4.8			16.5			.1			.6			22.0
Other changes (primarily translation adjustments)	(.4		)				(.2		)	(.1		)	(.7		)
End of period balance	$	57.0		$	39.7		$	6.5		$	11.5		$	114.7
Balance individually evaluated *	$	.3					$	.5					$	.8
Receivables:
End of period balance	$	14,533.7		$	2,498.3		$	7,053.6		$	532.1		$	24,617.7
Balance individually evaluated *	$	17.5					$	.8					$	18.3

* 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
July 31, 2013 *
Receivables with specific allowance:
Wholesale receivables	$	.2	$	.2	$	.2	$	.2
Operating loans	18.3		18.2		3.7		18.9
Total	18.5		18.4		3.9		19.1
Receivables without specific allowance:
Retail notes	7.5		7.4				8.1
Total	$	26.0	$	25.8	$	3.9	$	27.2
Agriculture and turf	$	23.8	$	23.6	$	3.9	$	24.7
Construction and forestry	$	2.2	$	2.2			$	2.5
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
July 31, 2012 *
Receivables with specific allowance:
Retail notes	$	1.1	$	1.0	$	.3	$	1.3
Wholesale receivables	.5		.5		.5		.9
Total	1.6		1.5		.8		2.2
Receivables without specific allowance:
Retail notes	9.6		9.4				8.4
Wholesale receivables	.2		.2				.2
Total	$	11.4	$	11.1	$	.8	$	10.8
Agriculture and turf	$	8.6	$	8.3	$	.8	$	7.7
Construction and forestry	$	2.8	$	2.8			$	3.1

* Finance income recognized was not material.