Receivables (Tables)

3 Months Ended

Jan. 31, 2015

Receivables

Age Analysis of past due Receivables that are still accruing interest and non-performing Receivables

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

						January 31, 2015
	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	$	108.6		$	34.6		$	35.0	$	178.2
Construction and forestry equipment	57.9			25.2			10.6		93.7
Revolving charge accounts:
Agriculture and turf equipment	20.3			5.3			1.1		26.7
Construction and forestry equipment	2.8			.9			.4		4.1
Wholesale receivables:
Agriculture and turf equipment	5.1			3.9			2.1		11.1
Construction and forestry equipment	.1			.1			1.4		1.6
Financing leases:
Agriculture and turf equipment	7.3			3.7			.8		11.8
Construction and forestry equipment	4.1			1.8			.9		6.8
Total Receivables	$	206.2		$	75.5		$	52.3	$	334.0
			Total Past Due	Total Non- Performing			Current		Total Receivables
Retail notes:
Agriculture and turf equipment	$	178.2		$	42.3		$	16,238.8	$	16,459.3
Construction and forestry equipment	93.7			11.6			2,268.9		2,374.2
Revolving charge accounts:
Agriculture and turf equipment	26.7			1.0			1,738.9		1,766.6
Construction and forestry equipment	4.1						68.7		72.8
Wholesale receivables:
Agriculture and turf equipment	11.1			1.0			6,886.8		6,898.9
Construction and forestry equipment	1.6						884.3		885.9
Financing leases:
Agriculture and turf equipment	11.8			14.1			346.9		372.8
Construction and forestry equipment	6.8			2.3			159.1		168.2
Total Receivables	$	334.0		$	72.3		$	28,592.4	$	28,998.7

					October 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	$	85.0	$	30.8		$	24.0	$	139.8
Construction and forestry equipment	53.6		15.6			7.0		76.2
Revolving charge accounts:
Agriculture and turf equipment	11.3		3.7			.9		15.9
Construction and forestry equipment	2.4		1.2			.3		3.9
Wholesale receivables:
Agriculture and turf equipment	4.1		3.4			4.5		12.0
Construction and forestry equipment	.2					1.5		1.7
Financing leases:
Agriculture and turf equipment	7.5		5.1			.6		13.2
Construction and forestry equipment	2.5		.8			.2		3.5
Total Receivables	$	166.6	$	60.6		$	39.0	$	266.2
	Total Past Due		Total Non- Performing			Current		Total Receivables
Retail notes:
Agriculture and turf equipment	$	139.8	$	41.8		$	17,023.9	$	17,205.5
Construction and forestry equipment	76.2		14.3			2,165.3		2,255.8
Revolving charge accounts:
Agriculture and turf equipment	15.9		1.1			2,437.0		2,454.0
Construction and forestry equipment	3.9		.1			77.9		81.9
Wholesale receivables:
Agriculture and turf equipment	12.0		1.1			6,961.0		6,974.1
Construction and forestry equipment	1.7					943.3		945.0
Financing leases:
Agriculture and turf equipment	13.2		11.5			396.0		420.7
Construction and forestry equipment	3.5		1.3			164.1		168.9
Total Receivables	$	266.2	$	71.2		$	30,168.5	$	30,505.9

	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

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):

	Three Months Ended
	January 31, 2015
	Retail Notes			Revolving Charge Accounts			Wholesale Receivables			Other			Total Receivables
Allowance:
Beginning of period balance	$	56.1		$	39.9		$	7.6		$	8.8		$	112.4
Provision (credit) for credit losses	.9			(.3		)	.1			.2			.9
Write-offs	(2.3		)	(3.6		)	(.2		)				(6.1		)
Recoveries	1.3			3.9									5.2
Other changes (primarily translation adjustments)	(.5		)				(.2		)	(.2		)	(.9		)
End of period balance	$	55.5		$	39.9		$	7.3		$	8.8		$	111.5
Balance individually evaluated *	$	1.7		$	.2		$	.1					$	2.0
Receivables:
End of period balance	$	18,833.5		$	1,839.4		$	7,784.8		$	541.0		$	28,998.7
Balance individually evaluated *	$	23.4		$	.5		$	3.8		$	1.2		$	28.9

	Three Months Ended
	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

* 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, 2015 *
Receivables with specific allowance:
Retail notes	$	5.8	$	5.7	$	1.7	$	6.6
Revolving charge accounts	.2		.2		.2		.2
Wholesale receivables	.1		.1		.1		.1
Total with specific allowance	6.1		6.0		2.0		6.9
Receivables without specific allowance:
Retail notes	5.5		5.3				5.6
Total without specific allowance	5.5		5.3				5.6
Total	$	11.6	$	11.3	$	2.0	$	12.5
Agriculture and turf	$	10.2	$	10.0	$	2.0	$	11.1
Construction and forestry	1.4		1.3				1.4
Total	$	11.6	$	11.3	$	2.0	$	12.5
October 31, 2014 *
Receivables with specific allowance:
Retail notes	$	7.0	$	6.9	$	1.7	$	8.4
Revolving charge accounts	.2		.2		.2		.2
Wholesale receivables	.1		.1		.1		.1
Total with specific allowance	7.3		7.2		2.0		8.7
Receivables without specific allowance:
Retail notes	5.9		5.7				6.1
Total without specific allowance	5.9		5.7				6.1
Total	$	13.2	$	12.9	$	2.0	$	14.8
Agriculture and turf	$	11.7	$	11.4	$	2.0	$	13.0
Construction and forestry	1.5		1.5				1.8
Total	$	13.2	$	12.9	$	2.0	$	14.8
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

* Finance income recognized was not material.