Receivables (Tables)

3 Months Ended

Jan. 31, 2016

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, 2016
					90 Days
	30-59 Days		60-89 Days		or Greater		Total
	Past Due		Past Due		Past Due		Past Due
Retail notes:
Agriculture and turf	$	130.4	$	56.4	$	62.7	$	249.5
Construction and forestry		66.8		31.5		28.1		126.4
Revolving charge accounts:
Agriculture and turf		25.2		10.3		1.9		37.4
Construction and forestry		2.2		1.2		.5		3.9
Wholesale receivables:
Agriculture and turf		4.5		1.2		1.6		7.3
Construction and forestry		.5				1.4		1.9
Financing leases:
Agriculture and turf		6.9		4.7		1.3		12.9
Construction and forestry		2.5		.9		.8		4.2
Total Receivables	$	239.0	$	106.2	$	98.3	$	443.5

	Total		Total Non-				Total
	Past Due		Performing		Current		Receivables
Retail notes:
Agriculture and turf	$	249.5	$	51.7	$	15,080.7	$	15,381.9
Construction and forestry		126.4		15.5		2,353.3		2,495.2
Revolving charge accounts:
Agriculture and turf		37.4		1.8		2,002.9		2,042.1
Construction and forestry		3.9				66.1		70.0
Wholesale receivables:
Agriculture and turf		7.3		9.5		6,273.5		6,290.3
Construction and forestry		1.9				1,009.0		1,010.9
Financing leases:
Agriculture and turf		12.9		9.5		322.0		344.4
Construction and forestry		4.2		3.0		167.0		174.2
Total Receivables	$	443.5	$	91.0	$	27,274.5	$	27,809.0

	October 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	$	100.2	$	48.8	$	43.3	$	192.3
Construction and forestry		61.7		28.5		12.1		102.3
Revolving charge accounts:
Agriculture and turf		11.4		5.1		.8		17.3
Construction and forestry		2.1		.8		.3		3.2
Wholesale receivables:
Agriculture and turf		2.0		2.1		.6		4.7
Construction and forestry		.8				1.4		2.2
Financing leases:
Agriculture and turf		12.3		5.7		2.2		20.2
Construction and forestry		2.8		.7		.4		3.9
Total Receivables	$	193.3	$	91.7	$	61.1	$	346.1

	Total		Total Non-				Total
	Past Due		Performing		Current		Receivables
Retail notes:
Agriculture and turf	$	192.3	$	45.8	$	15,956.8	$	16,194.9
Construction and forestry		102.3		17.0		2,344.8		2,464.1
Revolving charge accounts:
Agriculture and turf		17.3		1.8		2,579.5		2,598.6
Construction and forestry		3.2		.1		78.9		82.2
Wholesale receivables:
Agriculture and turf		4.7		10.3		5,981.2		5,996.2
Construction and forestry		2.2				1,187.1		1,189.3
Financing leases:
Agriculture and turf		20.2		8.2		360.8		389.2
Construction and forestry		3.9		3.3		170.7		177.9
Total Receivables	$	346.1	$	86.5	$	28,659.8	$	29,092.4

	January 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	$	108.6	$	34.6	$	35.0	$	178.2
Construction and forestry		57.9		25.2		10.6		93.7
Revolving charge accounts:
Agriculture and turf		20.3		5.3		1.1		26.7
Construction and forestry		2.8		.9		.4		4.1
Wholesale receivables:
Agriculture and turf		5.1		3.9		2.1		11.1
Construction and forestry		.1		.1		1.4		1.6
Financing leases:
Agriculture and turf		7.3		3.7		.8		11.8
Construction and forestry		4.1		1.8		.9		6.8
Total Receivables	$	206.2	$	75.5	$	52.3	$	334.0

	Total		Total Non-				Total
	Past Due		Performing		Current		Receivables
Retail notes:
Agriculture and turf	$	178.2	$	42.3	$	16,238.8	$	16,459.3
Construction and forestry		93.7		11.6		2,268.9		2,374.2
Revolving charge accounts:
Agriculture and turf		26.7		1.0		1,738.9		1,766.6
Construction and forestry		4.1				68.7		72.8
Wholesale receivables:
Agriculture and turf		11.1		1.0		6,886.8		6,898.9
Construction and forestry		1.6				884.3		885.9
Financing leases:
Agriculture and turf		11.8		14.1		346.9		372.8
Construction and forestry		6.8		2.3		159.1		168.2
Total Receivables	$	334.0	$	72.3	$	28,592.4	$	28,998.7

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, 2016
			Revolving
	Retail		Charge		Wholesale		Financing		Total
	Notes		Accounts		Receivables		Leases		Receivables
Allowance:
Beginning of period balance	$	53.3	$	39.7	$	8.1	$	8.7	$	109.8
Provision for credit losses		5.4		1.7				.3		7.4
Write-offs		(6.3)		(6.2)						(12.5)
Recoveries		1.1		4.5						5.6
Other changes (primarily translation adjustments)		(.3)						(.2)		(.5)
End of period balance	$	53.2	$	39.7	$	8.1	$	8.8	$	109.8
Balance individually evaluated *					$	1.0	$	.2	$	1.2
Receivables:
End of period balance	$	17,877.1	$	2,112.1	$	7,301.2	$	518.6	$	27,809.0
Balance individually evaluated *	$	20.0	$	2.7	$	10.1	$	.9	$	33.7

	Three Months Ended
	January 31, 2015
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

*    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
January 31, 2016 *
Receivables with specific allowance:
Wholesale receivables	$	9.0	$	9.0	$	1.0	$	9.0
Financing leases		.9		.8		.2		.9
Total with specific allowance		9.9		9.8		1.2		9.9
Receivables without specific allowance:
Retail notes		8.4		8.3				8.5
Wholesale receivables		.5		.5				.6
Total without specific allowance		8.9		8.8				9.1
Total	$	18.8	$	18.6	$	1.2	$	19.0
Agriculture and turf	$	15.1	$	14.9	$	1.0	$	15.2
Construction and forestry		3.7		3.7		.2		3.8
Total	$	18.8	$	18.6	$	1.2	$	19.0
October 31, 2015 *
Receivables with specific allowance:
Wholesale receivables	$	9.7	$	9.7	$	1.0	$	9.7
Financing leases		.8		.7		.2		.7
Total with specific allowance		10.5		10.4		1.2		10.4
Receivables without specific allowance:
Retail notes		9.5		9.5				11.8
Wholesale receivables		.6		.6				.7
Total without specific allowance		10.1		10.1				12.5
Total	$	20.6	$	20.5	$	1.2	$	22.9
Agriculture and turf	$	16.9	$	16.8	$	1.0	$	18.0
Construction and forestry		3.7		3.7		.2		4.9
Total	$	20.6	$	20.5	$	1.2	$	22.9
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

*    Finance income recognized was not material.