Receivables (Tables)

9 Months Ended

Jul. 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):

	July 31, 2015
					90 Days
	30-59 Days		60-89 Days		or Greater		Total
	Past Due		Past Due		Past Due		Past Due
Retail notes:
Agriculture and turf	$	82.2	$	38.3	$	47.7	$	168.2
Construction and forestry		63.0		19.9		13.6		96.5
Revolving charge accounts:
Agriculture and turf		9.7		2.9		3.3		15.9
Construction and forestry		1.7		.8		.6		3.1
Wholesale receivables:
Agriculture and turf		3.5		.3		1.6		5.4
Construction and forestry		1.3				1.4		2.7
Financing leases:
Agriculture and turf		5.8		7.3		2.3		15.4
Construction and forestry		2.3		1.4		1.0		4.7
Total Receivables	$	169.5	$	70.9	$	71.5	$	311.9

	Total		Total Non-				Total
	Past Due		Performing		Current		Receivables
Retail notes:
Agriculture and turf	$	168.2	$	48.8	$	15,911.9	$	16,128.9
Construction and forestry		96.5		15.9		2,313.6		2,426.0
Revolving charge accounts:
Agriculture and turf		15.9		1.2		2,518.0		2,535.1
Construction and forestry		3.1				80.2		83.3
Wholesale receivables:
Agriculture and turf		5.4		.4		7,173.6		7,179.4
Construction and forestry		2.7				1,478.4		1,481.1
Financing leases:
Agriculture and turf		15.4		8.2		342.3		365.9
Construction and forestry		4.7		5.5		162.8		173.0
Total Receivables	$	311.9	$	80.0	$	29,980.8	$	30,372.7

	October 31, 2014
					90 Days
	30-59 Days		60-89 Days		or Greater		Total
	Past Due		Past Due		Past Due		Past Due
Retail notes:
Agriculture and turf	$	85.0	$	30.8	$	24.0	$	139.8
Construction and forestry		53.6		15.6		7.0		76.2
Revolving charge accounts:
Agriculture and turf		11.3		3.7		.9		15.9
Construction and forestry		2.4		1.2		.3		3.9
Wholesale receivables:
Agriculture and turf		4.1		3.4		4.5		12.0
Construction and forestry		.2				1.5		1.7
Financing leases:
Agriculture and turf		7.5		5.1		.6		13.2
Construction and forestry		2.5		.8		.2		3.5
Total Receivables	$	166.6	$	60.6	$	39.0	$	266.2

	Total		Total Non-				Total
	Past Due		Performing		Current		Receivables
Retail notes:
Agriculture and turf	$	139.8	$	41.8	$	17,023.9	$	17,205.5
Construction and forestry		76.2		14.3		2,165.3		2,255.8
Revolving charge accounts:
Agriculture and turf		15.9		1.1		2,437.0		2,454.0
Construction and forestry		3.9		.1		77.9		81.9
Wholesale receivables:
Agriculture and turf		12.0		1.1		6,961.0		6,974.1
Construction and forestry		1.7				943.3		945.0
Financing leases:
Agriculture and turf		13.2		11.5		396.0		420.7
Construction and forestry		3.5		1.3		164.1		168.9
Total Receivables	$	266.2	$	71.2	$	30,168.5	$	30,505.9

	July 31, 2014
					90 Days
	30-59 Days		60-89 Days		or Greater		Total
	Past Due		Past Due		Past Due		Past Due
Retail notes:
Agriculture and turf	$	69.5	$	30.2	$	24.3	$	124.0
Construction and forestry		60.1		19.3		12.0		91.4
Revolving charge accounts:
Agriculture and turf		13.6		3.1		3.0		19.7
Construction and forestry		3.5		.9		.4		4.8
Wholesale receivables:
Agriculture and turf		5.8		1.3		2.7		9.8
Construction and forestry		.6		.1		1.5		2.2
Financing leases:
Agriculture and turf		4.8		5.6		1.0		11.4
Construction and forestry		3.9		.6		.5		5.0
Operating loans:
Agriculture and turf
Total Receivables	$	161.8	$	61.1	$	45.4	$	268.3

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

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
	July 31, 2015
			Revolving
	Retail		Charge		Wholesale				Total
	Notes		Accounts		Receivables		Other		Receivables
Allowance:
Beginning of period balance	$	55.7	$	39.9	$	7.2	$	8.4	$	111.2
Provision for credit losses		3.2		13.4		.3		.5		17.4
Write-offs		(6.4)		(18.2)		(.1)		(.6)		(25.3)
Recoveries		2.1		4.6		.1				6.8
Other changes (primarily translation adjustments)		(.2)				(.1)				(.3)
End of period balance	$	54.4	$	39.7	$	7.4	$	8.3	$	109.8

	Nine Months Ended
	July 31, 2015
Allowance:
Beginning of period balance	$	56.1	$	39.9	$	7.6	$	8.8	$	112.4
Provision (credit) for credit losses		7.8		20.9		(.1)		.9		29.5
Write-offs		(13.8)		(33.0)		(.3)		(1.1)		(48.2)
Recoveries		5.1		11.9		.5				17.5
Other changes (primarily translation adjustments)		(.8)				(.3)		(.3)		(1.4)
End of period balance	$	54.4	$	39.7	$	7.4	$	8.3	$	109.8
Balance individually evaluated *	$	.8							$	.8
Receivables:
End of period balance	$	18,554.9	$	2,618.4	$	8,660.5	$	538.9	$	30,372.7
Balance individually evaluated *	$	19.5	$	3.0	$	1.2			$	23.7

*    Remainder is collectively evaluated.

	Three Months Ended
	July 31, 2014
			Revolving
	Retail		Charge		Wholesale				Total
	Notes		Accounts		Receivables		Other		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.

Analysis of Impaired Receivables

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

			Unpaid				Average
	Recorded		Principal		Specific		Recorded
	Investment		Balance		Allowance		Investment
July 31, 2015*
Receivables with specific allowance:
Retail notes	$	4.6	$	4.4	$	.8	$	7.8
Total with specific allowance		4.6		4.4		.8		7.8
Receivables without specific allowance:
Retail notes		10.9		10.7				12.1
Wholesale receivables		.6		.6				.6
Total without specific allowance		11.5		11.3				12.7
Total	$	16.1	$	15.7	$	.8	$	20.5
Agriculture and turf	$	11.7	$	11.3	$	.8	$	15.9
Construction and forestry		4.4		4.4				4.6
Total	$	16.1	$	15.7	$	.8	$	20.5
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
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

*    Finance income recognized was not material.