Receivables (Tables)

9 Months Ended

Jul. 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):

	July 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	$	114.9	$	54.1	$	71.4	$	240.4
Construction and forestry		71.8		36.0		26.0		133.8
Revolving charge accounts:
Agriculture and turf		14.5		3.4		6.3		24.2
Construction and forestry		2.3		1.0		.4		3.7
Wholesale receivables:
Agriculture and turf		7.9		3.0		.7		11.6
Construction and forestry		.1		.1		3.1		3.3
Financing leases:
Agriculture and turf		9.0		3.0		3.1		15.1
Construction and forestry		2.7		.4		.4		3.5
Total Receivables	$	223.2	$	101.0	$	111.4	$	435.6

	Total		Total Non-				Total
	Past Due		Performing		Current		Receivables
Retail notes:
Agriculture and turf	$	240.4	$	77.6	$	14,684.0	$	15,002.0
Construction and forestry		133.8		21.9		2,333.9		2,489.6
Revolving charge accounts:
Agriculture and turf		24.2		.9		2,833.6		2,858.7
Construction and forestry		3.7				74.9		78.6
Wholesale receivables:
Agriculture and turf		11.6		10.4		6,777.9		6,799.9
Construction and forestry		3.3				1,063.7		1,067.0
Financing leases:
Agriculture and turf		15.1		6.8		376.6		398.5
Construction and forestry		3.5		2.6		173.0		179.1
Total Receivables	$	435.6	$	120.2	$	28,317.6	$	28,873.4

	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

	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

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, 2016
			Revolving
	Retail		Charge		Wholesale		Financing		Total
	Notes		Accounts		Receivables		Leases		Receivables
Allowance:
Beginning of period balance	$	55.5	$	39.7	$	8.4	$	8.8	$	112.4
Provision for credit losses		7.2		22.0		.1		.5		29.8
Write-offs		(7.2)		(27.4)		(.1)		(.8)		(35.5)
Recoveries		1.4		5.4		.1		.1		7.0
Other changes (primarily translation adjustments)		(.2)				(.1)		(.1)		(.4)
End of period balance	$	56.7	$	39.7	$	8.4	$	8.5	$	113.3

	Nine Months Ended
	July 31, 2016
Allowance:
Beginning of period balance	$	53.3	$	39.7	$	8.1	$	8.7	$	109.8
Provision for credit losses		21.5		34.0		.2		1.7		57.4
Write-offs		(22.3)		(48.4)		(.1)		(1.9)		(72.7)
Recoveries		4.4		14.4		.1		.3		19.2
Other changes (primarily translation adjustments)		(.2)				.1		(.3)		(.4)
End of period balance	$	56.7	$	39.7	$	8.4	$	8.5	$	113.3
Balance individually evaluated *	$	2.9			$	1.3			$	4.2
Receivables:
End of period balance	$	17,491.6	$	2,937.3	$	7,866.9	$	577.6	$	28,873.4
Balance individually evaluated *	$	39.9	$	2.3	$	13.0	$	.9	$	56.1

*    Remainder is collectively evaluated.

	Three Months Ended
	July 31, 2015
			Revolving
	Retail		Charge		Wholesale		Financing		Total
	Notes		Accounts		Receivables		Leases		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.

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, 2016 *
Receivables with specific allowance:
Retail notes	$	13.0	$	12.3	$	2.9	$	13.2
Wholesale receivables		10.4		10.4		1.3		11.0
Total with specific allowance		23.4		22.7		4.2		24.2
Receivables without specific allowance:
Retail notes		6.5		6.4				7.8
Wholesale receivables		.3		.3				.5
Total without specific allowance		6.8		6.7				8.3
Total	$	30.2	$	29.4	$	4.2	$	32.5
Agriculture and turf	$	24.5	$	23.8	$	3.8	$	26.4
Construction and forestry		5.7		5.6		.4		6.1
Total	$	30.2	$	29.4	$	4.2	$	32.5
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
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

*    Finance income recognized was not material.