Receivables (Tables)

9 Months Ended

Jul. 31, 2014

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

					July 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	$	69.5	$	30.2		$	24.3	$	124.0
Construction and forestry equipment	60.1		19.3			12.0		91.4
Revolving charge accounts:
Agriculture and turf equipment	13.6		3.1			3.0		19.7
Construction and forestry equipment	3.5		.9			.4		4.8
Wholesale receivables:
Agriculture and turf equipment	5.8		1.3			2.7		9.8
Construction and forestry equipment	.6		.1			1.5		2.2
Financing leases:
Agriculture and turf equipment	4.8		5.6			1.0		11.4
Construction and forestry equipment	3.9		.6			.5		5.0
Operating loans:
Agriculture and turf equipment
Total Receivables	$	161.8	$	61.1		$	45.4	$	268.3

		Total Past Due	Total Non- Performing			Current		Total Receivables
Retail notes:
Agriculture and turf equipment	$	124.0	$	51.0		$	16,740.7	$	16,915.7
Construction and forestry equipment		91.4	16.3			1,964.2		2,071.9
Revolving charge accounts:
Agriculture and turf equipment		19.7	1.3			2,392.2		2,413.2
Construction and forestry equipment		4.8				75.8		80.6
Wholesale receivables:
Agriculture and turf equipment		9.8	82.9			8,236.2		8,328.9
Construction and forestry equipment		2.2	.8			1,013.5		1,016.5
Financing leases:
Agriculture and turf equipment		11.4	13.3			391.1		415.8
Construction and forestry equipment		5.0	3.9			156.1		165.0
Operating loans:
Agriculture and turf equipment						8.7		8.7
Total Receivables	$	268.3	$	169.5		$	30,978.5	$	31,416.3

	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

	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

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

	Three Months Ended
	July 31, 2014
	Retail Notes			Revolving Charge Accounts			Wholesale Receivables			Other			Total Receivables
Allowance:
Beginning of period balance	$	53.4		$	39.7		$	6.6		$	10.0		$	109.7
Provision for credit losses	1.9			6.3			8.4			.5			17.1
Write-offs	(2.7		)	(10.1		)				(.2		)	(13.0		)
Recoveries	1.5			4.0						.1			5.6
End of period balance	$	54.1		$	39.9		$	15.0		$	10.4		$	119.4

	Nine Months Ended
	July 31, 2014
Allowance:
Beginning of period balance	$	50.7		$	39.7		$	6.4		$	14.6		$	111.4
Provision (credit) for credit losses	9.4			9.7			8.7			(3.8		)	24.0
Write-offs	(9.7		)	(20.3		)	(.3		)	(.6		)	(30.9		)
Recoveries	3.9			10.8			.1			.2			15.0
Other changes (primarily translation adjustments)	(.2		)				.1						(.1		)
End of period balance	$	54.1		$	39.9		$	15.0		$	10.4		$	119.4
Balance individually evaluated *	$	1.5		$	.2		$	8.4		$	1.8		$	11.9

Receivables:
End of period balance	$	18,987.6		$	2,493.8		$	9,345.4		$	589.5		$	31,416.3
Balance individually evaluated *	$	43.8		$	.9		$	91.4		$	9.8		$	145.9

* Remainder is collectively evaluated.

	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.

An analysis of impaired Receivables was as follows (in millions of dollars):

	Recorded Investment		Unpaid Principal Balance		Specific Allowance		Average Recorded Investment
July 31, 2014 *
Receivables with specific allowance:
Retail notes	$	13.7	$	13.7	$	1.5	$	13.7
Revolving charge accounts	.2		.2		.2		.2
Wholesale receivables	91.2		91.2		8.4		91.2
Operating loans	8.7		8.6		1.8		10.6
Total with specific allowance	113.8		113.7		11.9		115.7

Receivables without specific allowance:
Retail notes	5.3		5.1				6.1
Total without specific allowance	5.3		5.1				6.1
Total	$	119.1	$	118.8	$	11.9	$	121.8

Agriculture and turf	$	116.6	$	116.4	$	11.8	$	119.1
Construction and forestry	2.5		2.4		.1		2.7
Total	$	119.1	$	118.8	$	11.9	$	121.8

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

July 31, 2013 *
Receivables with specific allowance:
Wholesale receivables	$	.2	$	.2	$	.2	$	.2
Operating loans	18.3		18.2		3.7		18.9
Total with specific allowance	18.5		18.4		3.9		19.1

Receivables without specific allowance:
Retail notes	7.5		7.4				8.1
Total without specific allowance	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
Total	$	26.0	$	25.8	$	3.9	$	27.2

* Finance income recognized was not material.