Receivables (Tables)

6 Months Ended

Apr. 30, 2017

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):

	April 30, 2017
					90 Days
	30-59 Days		60-89 Days		or Greater		Total
	Past Due		Past Due		Past Due		Past Due
Retail notes:
Agriculture and turf	$	104.8	$	65.9	$	59.2	$	229.9
Construction and forestry		77.5		43.7		32.9		154.1
Revolving charge accounts:
Agriculture and turf		19.9		7.5		24.4		51.8
Construction and forestry		2.4		.8		.6		3.8
Wholesale receivables:
Agriculture and turf		2.2		1.9		1.1		5.2
Construction and forestry						1.5		1.5
Financing leases:
Agriculture and turf		13.6		2.9		2.2		18.7
Construction and forestry		3.0		.9		.9		4.8
Total Receivables	$	223.4	$	123.6	$	122.8	$	469.8

	Total		Total Non-				Total
	Past Due		Performing		Current		Receivables
Retail notes:
Agriculture and turf	$	229.9	$	80.9	$	13,768.3	$	14,079.1
Construction and forestry		154.1		24.0		2,352.2		2,530.3
Revolving charge accounts:
Agriculture and turf		51.8		2.3		2,854.6		2,908.7
Construction and forestry		3.8				78.2		82.0
Wholesale receivables:
Agriculture and turf		5.2		.2		6,385.5		6,390.9
Construction and forestry		1.5				1,155.7		1,157.2
Financing leases:
Agriculture and turf		18.7		6.1		419.0		443.8
Construction and forestry		4.8		2.0		145.7		152.5
Total Receivables	$	469.8	$	115.5	$	27,159.2	$	27,744.5

	October 30, 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	$	106.3	$	51.0	$	59.6	$	216.9
Construction and forestry		73.6		32.4		25.1		131.1
Revolving charge accounts:
Agriculture and turf		12.9		3.5		2.1		18.5
Construction and forestry		2.4		.7		.4		3.5
Wholesale receivables:
Agriculture and turf		5.5		1.3		1.5		8.3
Construction and forestry						1.4		1.4
Financing leases:
Agriculture and turf		8.8		4.6		3.6		17.0
Construction and forestry		2.8		1.6		.2		4.6
Total Receivables	$	212.3	$	95.1	$	93.9	$	401.3

	Total		Total Non-				Total
	Past Due		Performing		Current		Receivables
Retail notes:
Agriculture and turf	$	216.9	$	90.2	$	14,658.7	$	14,965.8
Construction and forestry		131.1		23.7		2,347.6		2,502.4
Revolving charge accounts:
Agriculture and turf		18.5		1.3		2,979.2		2,999.0
Construction and forestry		3.5				76.0		79.5
Wholesale receivables:
Agriculture and turf		8.3		.3		5,530.7		5,539.3
Construction and forestry		1.4				1,021.8		1,023.2
Financing leases:
Agriculture and turf		17.0		6.1		409.0		432.1
Construction and forestry		4.6		2.6		166.0		173.2
Total Receivables	$	401.3	$	124.2	$	27,189.0	$	27,714.5

	May 1, 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	$	121.0	$	54.7	$	66.1	$	241.8
Construction and forestry		75.0		28.3		28.1		131.4
Revolving charge accounts:
Agriculture and turf		16.9		6.1		30.5		53.5
Construction and forestry		2.1		1.0		.5		3.6
Wholesale receivables:
Agriculture and turf		1.9		5.9		.5		8.3
Construction and forestry		2.6				2.2		4.8
Financing leases:
Agriculture and turf		8.0		2.7		.9		11.6
Construction and forestry		2.7		.8		.4		3.9
Total Receivables	$	230.2	$	99.5	$	129.2	$	458.9

	Total		Total Non-				Total
	Past Due		Performing		Current		Receivables
Retail notes:
Agriculture and turf	$	241.8	$	61.8	$	14,687.9	$	14,991.5
Construction and forestry		131.4		20.0		2,350.4		2,501.8
Revolving charge accounts:
Agriculture and turf		53.5		1.9		2,453.2		2,508.6
Construction and forestry		3.6				69.5		73.1
Wholesale receivables:
Agriculture and turf		8.3		11.8		7,516.5		7,536.6
Construction and forestry		4.8				1,169.6		1,174.4
Financing leases:
Agriculture and turf		11.6		9.3		338.4		359.3
Construction and forestry		3.9		3.6		170.6		178.1
Total Receivables	$	458.9	$	108.4	$	28,756.1	$	29,323.4

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
	April 30, 2017
			Revolving
	Retail		Charge		Wholesale		Financing		Total
	Notes		Accounts		Receivables		Leases		Receivables
Allowance:
Beginning of period balance	$	54.7	$	39.7	$	7.0	$	8.5	$	109.9
Provision for credit losses		8.2		15.0				1.4		24.6
Write-offs		(10.7)		(17.1)				(1.5)		(29.3)
Recoveries		2.8		4.8				.1		7.7
Translation adjustments								.1		.1
End of period balance	$	55.0	$	42.4	$	7.0	$	8.6	$	113.0

	Six Months Ended
	April 30, 2017
Allowance:
Beginning of period balance	$	56.3	$	39.7	$	7.2	$	8.5	$	111.7
Provision for credit losses		13.1		12.8				2.4		28.3
Write-offs		(18.1)		(20.2)		(.1)		(2.6)		(41.0)
Recoveries		3.7		10.1				.2		14.0
Translation adjustments						(.1)		.1
End of period balance	$	55.0	$	42.4	$	7.0	$	8.6	$	113.0
Balance individually evaluated *	$	.6	$	2.6			$	.2	$	3.4
Receivables:
End of period balance	$	16,609.4	$	2,990.7	$	7,548.1	$	596.3	$	27,744.5
Balance individually evaluated *	$	83.0	$	4.2	$	1.7	$	.6	$	89.5

*    Remainder is collectively evaluated.

	Three Months Ended
	May 1, 2016
			Revolving
	Retail		Charge		Wholesale		Financing		Total
	Notes		Accounts		Receivables		Leases		Receivables
Allowance:
Beginning of period balance	$	53.2	$	39.7	$	8.1	$	8.8	$	109.8
Provision for credit losses		8.9		10.3		.1		.9		20.2
Write-offs		(8.8)		(14.8)				(1.1)		(24.7)
Recoveries		1.9		4.5				.2		6.6
Translation adjustments		.3				.2				.5
End of period balance	$	55.5	$	39.7	$	8.4	$	8.8	$	112.4

	Six Months Ended
	May 1, 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		14.3		12.0		.1		1.2		27.6
Write-offs		(15.1)		(21.0)				(1.1)		(37.2)
Recoveries		3.0		9.0				.2		12.2
Translation adjustments						.2		(.2)
End of period balance	$	55.5	$	39.7	$	8.4	$	8.8	$	112.4
Balance individually evaluated *	$	1.6			$	1.3	$	.1	$	3.0
Receivables:
End of period balance	$	17,493.3	$	2,581.7	$	8,711.0	$	537.4	$	29,323.4
Balance individually evaluated *	$	33.5	$	1.8	$	16.7	$	1.3	$	53.3

*    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
April 30, 2017 *
Receivables with specific allowance:
Retail notes	$	4.8	$	4.6	$	.6	$	5.0
Revolving charge accounts		2.6		2.6		2.6		2.6
Financing leases		.5		.5		.2		.5
Total with specific allowance		7.9		7.7		3.4		8.1
Receivables without specific allowance:
Retail notes		9.8		9.7				11.2
Wholesale receivables		.2		.2				.2
Total without specific allowance		10.0		9.9				11.4
Total	$	17.9	$	17.6	$	3.4	$	19.5
Agriculture and turf	$	12.0	$	11.9	$	2.9	$	13.1
Construction and forestry		5.9		5.7		.5		6.4
Total	$	17.9	$	17.6	$	3.4	$	19.5
October 30, 2016 *
Receivables with specific allowance:
Retail notes	$	10.2	$	9.9	$	2.3	$	10.6
Wholesale receivables		.3		.3		.2		1.5
Financing leases		.4		.3		.1		.4
Total with specific allowance		10.9		10.5		2.6		12.5
Receivables without specific allowance:
Retail notes		9.5		9.4				10.6
Wholesale receivables		.2		.2				.3
Total without specific allowance		9.7		9.6				10.9
Total	$	20.6	$	20.1	$	2.6	$	23.4
Agriculture and turf	$	11.9	$	11.6	$	1.9	$	10.2
Construction and forestry		8.7		8.5		.7		13.2
Total	$	20.6	$	20.1	$	2.6	$	23.4
May 1, 2016 *
Receivables with specific allowance:
Retail notes	$	9.7	$	9.2	$	1.6	$	9.7
Wholesale receivables		11.8		11.8		1.3		11.8
Financing leases		.5		.4		.1		.3
Total with specific allowance		22.0		21.4		3.0		21.8
Receivables without specific allowance:
Retail notes		10.9		10.8				9.4
Wholesale receivables		.3		.3				.5
Total without specific allowance		11.2		11.1				9.9
Total	$	33.2	$	32.5	$	3.0	$	31.7
Agriculture and turf	$	26.8	$	26.2	$	2.9	$	27.3
Construction and forestry		6.4		6.3		.1		4.4
Total	$	33.2	$	32.5	$	3.0	$	31.7

*    Finance income recognized was not material.