Fair Value Measurements (Tables)

12 Months Ended

Oct. 31, 2013

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):

	2013				2012
	Carrying Value		Fair Value *		Carrying Value		Fair Value *
Receivables financed - net	$	24,569	$	24,459	$	21,472	$	21,455
Retail notes securitized - net	4,153		4,124		3,618		3,615
Securitization borrowings	4,109		4,113		3,575		3,584
Current maturities of long-term borrowings	3,602		3,623		3,913		3,947
Long-term borrowings	14,195		14,331		14,770		15,048

* 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):

	2013		2012
Receivables from John Deere
Derivatives:
Interest rate contracts	$	175.5	$	355.8
Cross-currency interest rate contracts	1.1		9.9
Other assets
Derivatives:
Interest rate contracts	156.8		227.6
Foreign exchange contracts	1.0		1.9
Cross-currency interest rate contracts	.1		.3
Total assets *	$	334.5	$	595.5
Other payables to John Deere
Derivatives:
Interest rate contracts	$	84.8	$	25.3
Cross-currency interest rate contracts	1.1		2.9
Accounts payable and accrued expenses
Derivatives:
Interest rate contracts	29.9		41.3
Foreign exchange contracts	15.8		5.4
Cross-currency interest rate contracts	16.0		56.4
Total liabilities	$	147.6	$	131.3

* Excluded from this table were cash equivalents, which were carried at cost that approximates fair value. The cash equivalents consist primarily of money market funds that were Level 1 measurements.

Fair Value, Nonrecurring, Level 3 Measurements

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

	Fair Value*				Losses
	2013		2012		2013		2012		2011
Receivables:
Revolving charge accounts							$	.5
Wholesale receivables			$	.1			.1		$	.3
Operating loans	$	14.3			$	3.7
Total Receivables	$	14.3	$	.1	$	3.7	$	.6	$	.3

* Does not include cost to sell.