Receivables (Tables)

9 Months Ended

Jul. 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):

	July 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	$	96.8	$	43.5	$	49.5	$	189.8
Construction and forestry		90.0		41.4		39.7		171.1
Revolving charge accounts:
Agriculture and turf		15.4		4.5		4.7		24.6
Construction and forestry		2.2		1.0		.5		3.7
Wholesale receivables:
Agriculture and turf		5.7		1.9		4.8		12.4
Construction and forestry		.3				1.4		1.7
Financing leases:
Agriculture and turf		15.3		7.9		2.2		25.4
Construction and forestry		.9		1.8		.1		2.8
Total Receivables	$	226.6	$	102.0	$	102.9	$	431.5

	Total		Total Non-				Total
	Past Due		Performing		Current		Receivables
Retail notes:
Agriculture and turf	$	189.8	$	90.8	$	14,080.2	$	14,360.8
Construction and forestry		171.1		27.4		2,327.1		2,525.6
Revolving charge accounts:
Agriculture and turf		24.6		3.0		3,274.9		3,302.5
Construction and forestry		3.7				84.8		88.5
Wholesale receivables:
Agriculture and turf		12.4		4.6		6,335.9		6,352.9
Construction and forestry		1.7				1,279.6		1,281.3
Financing leases:
Agriculture and turf		25.4		5.5		493.1		524.0
Construction and forestry		2.8		2.0		140.0		144.8
Total Receivables	$	431.5	$	133.3	$	28,015.6	$	28,580.4

	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

	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

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 30, 2017
			Revolving
	Retail		Charge		Wholesale		Financing		Total
	Notes		Accounts		Receivables		Leases		Receivables
Allowance:
Beginning of period balance	$	55.0	$	42.4	$	7.0	$	8.6	$	113.0
Provision for credit losses		10.9		18.4		.5		1.2		31.0
Write-offs		(9.6)		(26.2)		(.1)		(1.3)		(37.2)
Recoveries		1.8		5.1				.1		7.0
Translation adjustments		.2				.2		.1		.5
End of period balance	$	58.3	$	39.7	$	7.6	$	8.7	$	114.3

	Nine Months Ended
	July 30, 2017
Allowance:
Beginning of period balance	$	56.3	$	39.7	$	7.2	$	8.5	$	111.7
Provision for credit losses		24.0		31.2		.5		3.6		59.3
Write-offs		(27.7)		(46.5)		(.2)		(3.8)		(78.2)
Recoveries		5.5		15.2				.3		21.0
Translation adjustments		.2		.1		.1		.1		.5
End of period balance	$	58.3	$	39.7	$	7.6	$	8.7	$	114.3
Balance individually evaluated *	$	3.5			$	.2	$	.1	$	3.8
Receivables:
End of period balance	$	16,886.4	$	3,391.0	$	7,634.2	$	668.8	$	28,580.4
Balance individually evaluated *	$	76.0	$	.8	$	15.8	$	.5	$	93.1

*    Remainder is collectively evaluated.

	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
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
			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		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
Translation adjustments		(.2)				.1		(.3)		(0.4)
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.

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 30, 2017 *
Receivables with specific allowance:
Retail notes	$	20.5	$	19.5	$	3.5	$	23.2
Wholesale receivables		4.7		4.7		.2		4.7
Financing leases		.5		.4		.1		.5
Total with specific allowance		25.7		24.6		3.8		28.4
Receivables without specific allowance:
Retail notes		11.6		11.4				13.7
Wholesale receivables		4.6		4.6				.7
Total without specific allowance		16.2		16.0				14.4
Total	$	41.9	$	40.6	$	3.8	$	42.8
Agriculture and turf	$	35.3	$	34.2	$	3.3	$	35.7
Construction and forestry		6.6		6.4		.5		7.1
Total	$	41.9	$	40.6	$	3.8	$	42.8
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
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

*    Finance income recognized was not material.