Fair Value Measurements (Tables)

3 Months Ended

Jan. 29, 2017

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


	January 29, 2017				October 30, 2016				January 31, 2016
	Carrying		Fair		Carrying		Fair		Carrying		Fair
	Value		Value *		Value		Value *		Value		Value *
Receivables financed – net	$	22,113.4	$	22,011.2	$	22,476.3	$	22,429.5	$	23,696.0	$	23,639.3
Retail notes securitized – net		4,250.4		4,218.4		5,126.5		5,114.2		4,003.2		3,986.5
Securitization borrowings		4,220.2		4,220.4		4,997.8		5,004.9		3,874.9		3,881.8
Current maturities of long‑term borrowings		5,009.0		5,023.2		4,509.3		4,530.0		4,441.4		4,457.6
Long-term borrowings		15,815.3		16,000.5		16,536.5		16,724.5		17,515.8		17,555.7

* 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 29		October 30		January 31
	2017		2016		2016
Receivables from John Deere
Derivatives:
Interest rate contracts	$	100.3	$	241.8	$	318.9
Cross-currency interest rate contracts		14.0		10.2		13.8
Other assets
Derivatives:
Interest rate contracts		37.2		35.3		89.2
Foreign exchange contracts		.9		13.8		13.6
Total assets *	$	152.4	$	301.1	$	435.5

Other payables to John Deere
Derivatives:
Interest rate contracts	$	104.3	$	24.0	$	19.5
Cross-currency interest rate contracts						.3
Accounts payable and accrued expenses
Derivatives:
Interest rate contracts						21.6
Foreign exchange contracts		12.4		4.3		5.6
Total liabilities	$	116.7	$	28.3	$	47.0

* 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					Losses *
						Three Months Ended
	January 29	October 30		January 31		January 29	January 31
	2017	2016		2016		2017	2016

Equipment on operating leases – net		$	654.4	$	469.3		$	3.8
Other assets			184.0		125.9			8.8
Total		$	838.4	$	595.2		$	12.6

* See Receivables with specific allowances in Note 4 that were not significant.