Fair Value Measurements (Tables)

12 Months Ended

Oct. 31, 2014

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):

	2014				2013
	Carrying Value		Fair Value *		Carrying Value		Fair Value *
Receivables financed - net	$	25,791.2	$	25,716.9	$	24,568.8	$	24,458.9
Retail notes securitized - net	4,602.3		4,573.4		4,153.1		4,124.4
Securitization borrowings	4,558.5		4,561.6		4,109.1		4,112.8
Current maturities of long-term borrowings	3,899.0		3,910.1		3,602.2		3,623.1
Long-term borrowings	17,056.3		17,212.9		14,195.1		14,331.3

* 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):

	2014		2013
Receivables from John Deere
Derivatives:
Interest rate contracts	$	183.7	$	175.5
Cross-currency interest rate contracts	2.8		1.1
Other assets
Derivatives:
Interest rate contracts	117.3		156.8
Foreign exchange contracts	3.1		1.0
Cross-currency interest rate contracts			.1
Total assets *	$	306.9	$	334.5
Other payables to John Deere
Derivatives:
Interest rate contracts	$	52.2	$	84.8
Cross-currency interest rate contracts			1.1
Accounts payable and accrued expenses
Derivatives:
Interest rate contracts	23.0		29.9
Foreign exchange contracts	8.6		15.8
Cross-currency interest rate contracts			16.0
Total liabilities	$	83.8	$	147.6

* 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 from Impairments

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

	Fair Value				(Gains) / Losses
	2014		2013		2014			2013		2012
Receivables:
Retail notes	$	5.3			$	1.7
Revolving charge accounts					.2					$	.5
Wholesale receivables										.1
Operating loans			$	14.3	(3.7		)	$	3.7
Total Receivables	$	5.3	$	14.3	$	(1.8	)	$	3.7	$	.6