Fair Value Measurements (Tables)

12 Months Ended

Oct. 31, 2016

The fair values of financial instruments that do not approximate the carrying values at October 31 were as follows (in millions of dollars):


	2016				2015
	Carrying		Fair		Carrying		Fair
	Value		Value *		Value		Value *
Receivables financed – net	$	22,476.3	$	22,429.5	$	24,148.0	$	24,126.5
Retail notes securitized – net		5,126.5		5,114.2		4,834.6		4,820.5
Securitization borrowings		5,002.5		5,004.9		4,590.0		4,590.2
Current maturities of long-term borrowings		4,510.7		4,530.0		4,465.4		4,478.7
Long-term borrowings		16,568.9		16,724.5		16,980.5		17,007.6

* 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 October 31 at fair value as Level 2 measurements on a recurring basis were as follows (in millions of dollars):


	2016		2015

Receivables from John Deere
Derivatives:
Interest rate contracts	$	241.8	$	241.6
Cross-currency interest rate contracts		10.2		11.5
Other assets
Derivatives:
Interest rate contracts		35.3		83.7
Foreign exchange contracts		13.8		11.3
Total assets *	$	301.1	$	348.1

Other payables to John Deere
Derivatives:
Interest rate contracts	$	24.0	$	22.4
Cross-currency interest rate contracts				.1
Accounts payable and accrued expenses
Derivatives:
Interest rate contracts				19.8
Foreign exchange contracts		4.3		5.6
Total liabilities	$	28.3	$	47.9

* Excluded from this table were 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 at October 31 were as follows (in millions of dollars):


	Fair Value *				Losses *
	2016		2015		2016		2015		2014
Equipment on operating leases - net	$	654.4	$	478.7	$	31.1	$	10.3
Other assets		184.0		96.2		28.6		9.1
Total	$	838.4	$	574.9	$	59.7	$	19.4

* See Receivables with specific allowances in Note 5 that were not significant. See Note 7 for impairments on lease residual values.