Fair Value Measurements (Tables)

3 Months Ended

Jan. 28, 2018

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


	January 28, 2018				October 29, 2017				January 29, 2017
	Carrying		Fair		Carrying		Fair		Carrying		Fair
	Value		Value *		Value		Value *		Value		Value *
Receivables financed – net	$	23,426.9	$	23,266.2	$	24,123.1	$	24,016.0	$	22,113.4	$	22,011.2
Retail notes securitized – net		4,349.1		4,303.3		4,158.8		4,129.6		4,250.4		4,218.4
Securitization borrowings		4,302.5		4,293.4		4,118.7		4,118.4		4,220.2		4,220.4
Current maturities of long-term borrowings		5,321.9		5,335.9		5,056.9		5,080.6		5,009.0		5,023.2
Long-term borrowings		17,520.2		17,729.8		17,534.4		17,763.6		15,815.3		16,000.5

* 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 28		October 29		January 29
	2018		2017		2017
Receivables from John Deere
Derivatives:
Interest rate contracts	$	64.7	$	85.4	$	100.3
Cross-currency interest rate contracts		3.5		5.6		14.0
Other assets
Derivatives:
Interest rate contracts		9.5		8.1		37.2
Foreign exchange contracts				24.6		0.9
Total derivative assets *	$	77.7	$	123.7	$	152.4

Other payables to John Deere
Derivatives:
Interest rate contracts	$	245.0	$	125.6	$	104.3
Cross-currency interest rate contracts		2.0		.9
Accounts payable and accrued expenses
Derivatives:
Foreign exchange contracts		40.9		6.0		12.4
Total derivative liabilities	$	287.9	$	132.5	$	116.7

* Excluded from this table were 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.