Fair Value Measurements (Tables)

3 Months Ended

Jan. 31, 2016

The fair values of financial instruments that do not approximate the carrying values were as follows (in millions of dollars):


	January 31, 2016				October 31, 2015				January 31, 2015
	Carrying		Fair		Carrying		Fair		Carrying		Fair
	Value		Value *		Value		Value *		Value		Value *
Receivables financed – net	$	23,696.0	$	23,639.3	$	24,148.0	$	24,126.5	$	24,993.9	$	24,927.3
Retail notes securitized – net		4,003.2		3,986.5		4,834.6		4,820.5		3,893.3		3,867.6
Securitization borrowings		3,878.9		3,881.8		4,590.0		4,590.2		3,887.9		3,891.2
Current maturities of long‑term borrowings		4,442.7		4,457.6		4,465.4		4,478.7		3,704.3		3,712.4
Long‑term borrowings		17,548.5		17,555.7		16,980.5		17,007.6		17,051.4		17,242.9

* 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
	2016		2015		2015
Receivables from John Deere
Derivatives:
Interest rate contracts	$	318.9	$	241.6	$	316.2
Cross-currency interest rate contracts		13.8		11.5		10.4
Other assets
Derivatives:
Interest rate contracts		89.2		83.7		122.2
Foreign exchange contracts		13.6		11.3		25.7
Total assets *	$	435.5	$	348.1	$	474.5

Other payables to John Deere
Derivatives:
Interest rate contracts	$	19.5	$	22.4	$	22.1
Cross-currency interest rate contracts		.3		.1
Accounts payable and accrued expenses
Derivatives:
Interest rate contracts		21.6		19.8		27.1
Foreign exchange contracts		5.6		5.6		2.4
Total liabilities	$	47.0	$	47.9	$	51.6

* 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 from Impairments

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


	Fair Value						(Gains) / Losses
							Three Months Ended
	January 31		October 31		January 31		January 31
	2016		2015		2015		2016		2015
Receivables:
Retail notes					$	4.1
Wholesale receivables	$	8.0	$	8.7
Financing leases		.7		.6
Equipment on operating leases – net		469.3		478.7			$	3.8
Other assets		125.9		96.2				8.8
Total	$	603.9	$	584.2	$	4.1	$	12.6