Fair Value Measurements (Tables)

3 Months Ended

Jan. 31, 2015

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):

	January 31, 2015		October 31, 2014			January 31, 2014
	Carrying Value	Fair Value *		Carrying Value	Fair Value *		Carrying Value	Fair Value *
Receivables financed – net	$ 24,993.9	$ 24,927.3		$ 25,791.2	$ 25,716.9		$ 24,673.9	$ 24,557.4
Retail notes securitized – net	3,893.3	3,867.6		4,602.3	4,573.4		3,490.9	3,463.3
Securitization borrowings	3,887.9	3,891.2		4,558.5	4,561.6		3,490.8	3,492.4
Current maturities of long-term borrowings	3,704.3	3,712.4		3,899.0	3,910.1		3,903.1	3,911.9
Long-term borrowings	17,051.4	17,242.9		17,056.3	17,212.9		14,685.3	14,851.9

                        *  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):

	January 31		October 31		January 31
	2015		2014		2014
Receivables from John Deere
Derivatives:
Interest rate contracts	$	316.2	$	183.7	$	165.1
Cross-currency interest rate contracts		10.4		2.8		4.2
Other assets
Derivatives:
Interest rate contracts		122.2		117.3		147.3
Foreign exchange contracts		25.7		3.1		13.0
Cross-currency interest rate contracts						.1
Total assets *	$	474.5	$	306.9	$	329.7
Other payables to John Deere
Derivatives:
Interest rate contracts	$	22.1	$	52.2	$	108.5
Accounts payable and accrued expenses
Derivatives:
Interest rate contracts		27.1		23.0		29.3
Foreign exchange contracts		2.4		8.6		6.2
Total liabilities	$	51.6	$	83.8	$	144.0

* 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

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

	Fair Value *
	January 31	October 31	January 31
	2015	2014	2014
Receivables:
Retail notes	$  4.1	$ 5.3
Operating loans			$  14.0
Total Receivables	$  4.1	$ 5.3	$  14.0

* There were no gains or losses recorded for the three months ended January 31, 2015 or 2014.