Receivables (Tables)

9 Months Ended

Jul. 29, 2018

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 29, 2018
					90 Days
	30-59 Days		60-89 Days		or Greater		Total
	Past Due		Past Due		Past Due		Past Due
Retail notes:
Agriculture and turf	$	109.7	$	43.9	$	47.3	$	200.9
Construction and forestry		98.0		41.8		47.8		187.6
Revolving charge accounts:
Agriculture and turf		22.8		6.3		6.2		35.3
Construction and forestry		3.6		1.6		1.0		6.2
Wholesale receivables:
Agriculture and turf		2.4		.5		1.4		4.3
Construction and forestry		2.4		1.7				4.1
Financing leases:
Agriculture and turf		9.6		6.5		5.6		21.7
Construction and forestry		2.4		.8		.1		3.3
Total Receivables	$	250.9	$	103.1	$	109.4	$	463.4

	Total		Total Non-				Total
	Past Due		Performing		Current		Receivables
Retail notes:
Agriculture and turf	$	200.9	$	82.1	$	14,305.5	$	14,588.5
Construction and forestry		187.6		28.0		2,617.9		2,833.5
Revolving charge accounts:
Agriculture and turf		35.3		1.1		3,548.0		3,584.4
Construction and forestry		6.2				96.3		102.5
Wholesale receivables:
Agriculture and turf		4.3		5.2		7,372.1		7,381.6
Construction and forestry		4.1				1,664.6		1,668.7
Financing leases:
Agriculture and turf		21.7		6.1		556.9		584.7
Construction and forestry		3.3		1.4		138.7		143.4
Total Receivables	$	463.4	$	123.9	$	30,300.0	$	30,887.3

	October 29, 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	$	106.2	$	48.3	$	45.3	$	199.8
Construction and forestry		73.0		31.9		39.2		144.1
Revolving charge accounts:
Agriculture and turf		15.4		5.6		2.3		23.3
Construction and forestry		2.9		1.1		.3		4.3
Wholesale receivables:
Agriculture and turf		4.5		1.6		2.4		8.5
Construction and forestry		.1		.1		.1		.3
Financing leases:
Agriculture and turf		8.9		7.5		3.6		20.0
Construction and forestry		.5		1.1		.1		1.7
Total Receivables	$	211.5	$	97.2	$	93.3	$	402.0

	Total		Total Non-				Total
	Past Due		Performing		Current		Receivables
Retail notes:
Agriculture and turf	$	199.8	$	63.1	$	14,379.9	$	14,642.8
Construction and forestry		144.1		24.2		2,403.5		2,571.8
Revolving charge accounts:
Agriculture and turf		23.3		1.8		3,458.7		3,483.8
Construction and forestry		4.3				84.5		88.8
Wholesale receivables:
Agriculture and turf		8.5		10.8		5,469.6		5,488.9
Construction and forestry		.3				1,405.1		1,405.4
Financing leases:
Agriculture and turf		20.0		6.2		541.3		567.5
Construction and forestry		1.7		1.7		143.3		146.7
Total Receivables	$	402.0	$	107.8	$	27,885.9	$	28,395.7

	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

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 29, 2018
			Revolving
	Retail		Charge		Wholesale		Financing		Total
	Notes		Accounts		Receivables		Leases		Receivables
Allowance:
Beginning of period balance	$	56.6	$	39.7	$	9.9	$	8.6	$	114.8
Provision for credit losses		5.9		20.4		.8		.5		27.6
Write-offs		(6.3)		(25.1)		(.2)		(.8)		(32.4)
Recoveries		.8		4.7		.2		.3		6.0
Translation adjustments		(.2)				(.1)				(.3)
End of period balance	$	56.8	$	39.7	$	10.6	$	8.6	$	115.7

	Nine Months Ended
	July 29, 2018
			Revolving
	Retail		Charge		Wholesale		Financing		Total
	Notes		Accounts		Receivables		Leases		Receivables
Allowance:
Beginning of period balance	$	55.7	$	39.7	$	9.9	$	8.5	$	113.8
Provision for credit losses		12.0		28.8		1.1		1.8		43.7
Write-offs		(16.1)		(44.1)		(.6)		(2.3)		(63.1)
Recoveries		5.4		15.3		.1		.6		21.4
Translation adjustments		(.2)				.1				(.1)
End of period balance	$	56.8	$	39.7	$	10.6	$	8.6	$	115.7
Balance individually evaluated *	$	.1			$	3.3	$	.1	$	3.5
Receivables:
End of period balance	$	17,422.0	$	3,686.9	$	9,050.3	$	728.1	$	30,887.3
Balance individually evaluated *	$	55.5	$	.9	$	7.4	$	.2	$	64.0

*    Remainder is collectively evaluated.

	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
			Revolving
	Retail		Charge		Wholesale		Financing		Total
	Notes		Accounts		Receivables		Leases		Receivables
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.

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 29, 2018 *
Receivables with specific allowance:
Retail notes	$	.9	$	.8	$	.1	$	.9
Wholesale receivables		6.4		6.4		3.3		7.6
Financing leases		.2		.2		.1		.2
Total with specific allowance		7.5		7.4		3.5		8.7
Receivables without specific allowance:
Retail notes		24.9		24.7				26.6
Wholesale receivables		.2		.2				.3
Total without specific allowance		25.1		24.9				26.9
Total	$	32.6	$	32.3	$	3.5	$	35.6
Agriculture and turf	$	26.8	$	26.5	$	3.4	$	29.5
Construction and forestry		5.8		5.8		.1		6.1
Total	$	32.6	$	32.3	$	3.5	$	35.6
October 29, 2017 *
Receivables with specific allowance:
Retail notes	$	2.2	$	2.1	$	.6	$	2.2
Wholesale receivables		11.7		11.7		2.6		11.0
Total with specific allowance		13.9		13.8		3.2		13.2
Receivables without specific allowance:
Retail notes		18.3		18.0				14.0
Wholesale receivables		9.0		9.0				2.3
Total without specific allowance		27.3		27.0				16.3
Total	$	41.2	$	40.8	$	3.2	$	29.5
Agriculture and turf	$	36.0	$	35.6	$	3.2	$	23.9
Construction and forestry		5.2		5.2				5.6
Total	$	41.2	$	40.8	$	3.2	$	29.5
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

*    Finance income recognized was not material.