Fair Value Measurements (Tables)

6 Months Ended

Apr. 30, 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):

	April 30, 2015		October 31, 2014		April 30, 2014
	Carrying Value	Fair Value *	Carrying Value	Fair Value *	Carrying Value	Fair Value *
Receivables financed – net	$  25,282.1	$ 25,252.7	$ 25,791.2	$ 25,716.9	$ 25,902.4	$ 25,793.7
Retail notes securitized – net	4,741.1	4,716.0	4,602.3	4,573.4	4,345.5	4,308.3
Securitization borrowings	4,702.7	4,706.9	4,558.5	4,561.6	4,329.5	4,333.3
Current maturities of long-term borrowings	4,063.7	4,069.3	3,899.0	3,910.1	3,625.2	3,639.7
Long-term borrowings	16,561.4	16,756.5	17,056.3	17,212.9	15,546.3	15,741.9

*  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):

	April 30		October 31		April 30
	2015		2014		2014
Receivables from John Deere
Derivatives:
Interest rate contracts	$	216.4	$	183.7	$	153.4
Cross-currency interest rate contracts	12.4		2.8		2.1
Other assets
Derivatives:
Interest rate contracts	97.4		117.3		127.9
Foreign exchange contracts	.6		3.1		2.9
Total assets *	$	326.8	$	306.9	$	286.3
Other payables to John Deere
Derivatives:
Interest rate contracts	$	32.3	$	52.2	$	107.0
Cross-currency interest rate contracts					.3
Accounts payable and accrued expenses
Derivatives:
Interest rate contracts	21.5		23.0		24.7
Foreign exchange contracts	19.7		8.6		7.7
Total liabilities	$	73.5	$	83.8	$	139.7

* 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			(Gains) / Losses
				Three Months Ended		Six Months Ended
	April 30	October 31	April 30	April 30		April 30
	2015	2014	2014	2015	2014	2015	2014
Receivables:
Retail notes	$    1.1	$   5.3
Operating loans			$  8.1		$  (1.9)		$  (1.9)
Total Receivables	$    1.1	$   5.3	$  8.1		$  (1.9)		$  (1.9)