Receivables (Tables)

3 Months Ended

Jan. 31, 2014

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):

	January 31, 2014
	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	$	93.3	$	33.3	$	21.8	$	148.4
Construction and forestry equipment	50.2		19.4		9.9		79.5
Revolving charge accounts:
Agriculture and turf equipment	19.9		5.0		1.7		26.6
Construction and forestry equipment	4.0		1.3		.5		5.8
Wholesale receivables:
Agriculture and turf equipment	11.1		5.2		6.3		22.6
Construction and forestry equipment	.2		.2		.2		.6
Financing leases:
Agriculture and turf equipment	4.4		3.9		1.4		9.7
Construction and forestry equipment	2.9		.4		.4		3.7
Operating loans:
Agriculture and turf equipment
Total Receivables	$	186.0	$	68.7	$	42.2	$	296.9

		Total Past Due	Total Non- Performing		Current		Total Receivables
Retail notes:
Agriculture and turf equipment	$	148.4	$	42.0	$	16,251.1	$	16,441.5
Construction and forestry equipment	79.5		14.1		1,787.2		1,880.8
Revolving charge accounts:
Agriculture and turf equipment	26.6		1.0		1,665.0		1,692.6
Construction and forestry equipment	5.8		.1		61.5		67.4
Wholesale receivables:
Agriculture and turf equipment	22.6		.5		6,795.4		6,818.5
Construction and forestry equipment	.6				819.2		819.8
Financing leases:
Agriculture and turf equipment	9.7		11.4		353.2		374.3
Construction and forestry equipment	3.7		.9		151.0		155.6
Operating loans:
Agriculture and turf equipment					25.3		25.3
Total Receivables	$	296.9	$	70.0	$	27,908.9	$	28,275.8

	October 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	$	67.8	$	23.3	$	17.1	$	108.2
Construction and forestry equipment	38.4		14.4		8.6		61.4
Revolving charge accounts:
Agriculture and turf equipment	14.6		4.5		2.2		21.3
Construction and forestry equipment	2.3		1.0		.5		3.8
Wholesale receivables:
Agriculture and turf equipment	10.0		4.9		3.0		17.9
Construction and forestry equipment	.3		.1		.9		1.3
Financing leases:
Agriculture and turf equipment	10.2		4.0		2.3		16.5
Construction and forestry equipment	2.2		.5				2.7
Operating loans:
Agriculture and turf equipment	.1						.1
Total Receivables	$	145.9	$	52.7	$	34.6	$	233.2

	Total Past Due		Total Non- Performing		Current		Total Receivables
Retail notes:
Agriculture and turf equipment	$	108.2	$	34.1	$	16,359.3	$	16,501.6
Construction and forestry equipment	61.4		11.4		1,672.1		1,744.9
Revolving charge accounts:
Agriculture and turf equipment	21.3		.9		2,438.0		2,460.2
Construction and forestry equipment	3.8				70.9		74.7
Wholesale receivables:
Agriculture and turf equipment	17.9		.3		6,541.1		6,559.3
Construction and forestry equipment	1.3				904.1		905.4
Financing leases:
Agriculture and turf equipment	16.5		11.0		379.0		406.5
Construction and forestry equipment	2.7		2.0		144.1		148.8
Operating loans:
Agriculture and turf equipment	.1		.3		31.5		31.9
Total Receivables	$	233.2	$	60.0	$	28,540.1	$	28,833.3

	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

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):

	Retail Notes			Revolving Charge Accounts			Wholesale Receivables		Other			Total Receivables
January 31, 2014
Allowance:
Beginning of period balance	$	50.7		$	39.7		$	6.4	$	14.6		$	111.4
Provision for credit losses	1.0			1.1					.2			2.3
Write-offs	(2.3		)	(4.5		)			(.3		)	(7.1		)
Recoveries	1.4			3.4								4.8
Other changes (primarily translation adjustments)	(.4		)									(.4		)
End of period balance	$	50.4		$	39.7		$	6.4	$	14.5		$	111.0
Balance individually evaluated *							$	.1	$	3.7		$	3.8
Receivables:
End of period balance	$	18,322.3		$	1,760.0		$	7,638.3	$	555.2		$	28,275.8
Balance individually evaluated *	$	14.0		$	.2		$	.3	$	25.5		$	40.0
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

* 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, 2014 *
Receivables with specific allowance:
Wholesale receivables	$	.1	$	.1	$	.1	$	.1
Operating loans	17.7		17.7		3.7		18.0
Total with specific allowance	17.8		17.8		3.8		18.1
Receivables without specific allowance:
Retail notes	6.5		6.3				6.9
Total without specific allowance	6.5		6.3				6.9
Total	$	24.3	$	24.1	$	3.8	$	25.0
Agriculture and turf	$	22.4	$	22.2	$	3.8	$	23.0
Construction and forestry	1.9		1.9				2.0
Total	$	24.3	$	24.1	$	3.8	$	25.0
October 31, 2013 *
Receivables with specific allowance:
Wholesale receivables	$	.1	$	.1	$	.1	$	.2
Operating loans	18.0		17.9		3.7		18.8
Total with specific allowance	18.1		18.0		3.8		19.0
Receivables without specific allowance:
Retail notes	7.2		7.1				8.0
Total without specific allowance	7.2		7.1				8.0
Total	$	25.3	$	25.1	$	3.8	$	27.0
Agriculture and turf	$	23.2	$	23.0	$	3.8	$	24.6
Construction and forestry	2.1		2.1				2.4
Total	$	25.3	$	25.1	$	3.8	$	27.0
January 31, 2013 *
Receivables with specific allowance:
Wholesale receivables	$	.2	$	.2	$	.1	$	.2
Total with specific allowance	.2		.2		.1		.2
Receivables without specific allowance:
Retail notes	8.5		8.3				8.5
Total without specific allowance	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
Total	$	8.7	$	8.5	$	.1	$	8.7

* Finance income recognized was not material.