Fair Value Measurements (Tables)

6 Months Ended

Apr. 30, 2014

Fair Value Measurements

Fair Value of Financial Instruments

The fair values of financial instruments that do not approximate the carrying values were as follows (in millions of dollars):

	April 30, 2014				October 31, 2013				April 30, 2013
	Carrying Value		Fair Value *		Carrying Value		Fair Value *		Carrying Value		Fair Value *
Receivables financed – net	$	25,903	$	25,794	$	24,569	$	24,459	$	23,430	$	23,391
Retail notes securitized – net	4,345		4,308		4,153		4,124		3,788		3,785
Securitization borrowings	4,330		4,333		4,109		4,113		3,788		3,794
Current maturities of long-term borrowings	3,625		3,640		3,602		3,623		4,262		4,320
Long-term borrowings	15,546		15,742		14,195		14,331		14,142		14,327

*  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 fair value as Level 2 measurements on a recurring basis were as follows (in millions of dollars):

	April 30		October 31		April 30
	2014		2013		2013
Receivables from John Deere
Derivatives:
Interest rate contracts	$	153.4	$	175.5	$	368.7
Cross-currency interest rate contracts	2.1		1.1
Other assets
Derivatives:
Interest rate contracts	127.9		156.8		196.0
Foreign exchange contracts	2.9		1.0		5.3
Cross-currency interest rate contracts			.1
Total assets *	$	286.3	$	334.5	$	570.0
Other payables to John Deere
Derivatives:
Interest rate contracts	$	107.0	$	84.8	$	21.9
Cross-currency interest rate contracts	.3		1.1		5.6
Accounts payable and accrued expenses
Derivatives:
Interest rate contracts	24.7		29.9		38.4
Foreign exchange contracts	7.7		15.8		10.9
Cross-currency interest rate contracts			16.0		48.6
Total liabilities	$	139.7	$	147.6	$	125.4

* Excluded from this table are the Company’s 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 from Impairments

Fair value, nonrecurring, Level 3 measurements from impairments were as follows (in millions of dollars):

	Fair Value			(Gains) / Losses
				Three Months Ended		Six Months Ended
	April 30	October 31	April 30	April 30		April 30
	2014	2013	2013	2014	2013	2014	2013
Receivables:
Wholesale receivables							$    .1
Operating loans	$    8.1	$   14.3	$    15.0	$    (1.9)	$    3.7	$    (1.9)	3.7
Total Receivables	$    8.1	$   14.3	$    15.0	$(1.9)	$    3.7	$    (1.9)	$  3.8