Receivables (Tables)

6 Months Ended

Apr. 28, 2019

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 28, 2019
					90 Days
	30-59 Days		60-89 Days		or Greater		Total
	Past Due		Past Due		Past Due		Past Due
Retail notes:
Agriculture and turf	$	116.7	$	66.8	$	.7	$	184.2
Construction and forestry		86.7		39.8				126.5
Revolving charge accounts:
Agriculture and turf		23.6		11.8				35.4
Construction and forestry		3.7		1.3				5.0
Wholesale receivables:
Agriculture and turf		5.1		2.1		.8		8.0
Construction and forestry		.4						.4
Financing leases:
Agriculture and turf		4.4		1.7		.1		6.2
Construction and forestry		2.6		.7				3.3
Total Receivables	$	243.2	$	124.2	$	1.6	$	369.0

	Total		Total Non-				Total
	Past Due		Performing		Current		Receivables
Retail notes:
Agriculture and turf	$	184.2	$	197.7	$	14,621.5	$	15,003.4
Construction and forestry		126.5		110.7		2,774.4		3,011.6
Revolving charge accounts:
Agriculture and turf		35.4		47.1		3,059.2		3,141.7
Construction and forestry		5.0		1.0		88.2		94.2
Wholesale receivables:
Agriculture and turf		8.0		6.2		8,606.6		8,620.8
Construction and forestry		.4		4.5		2,184.0		2,188.9
Financing leases:
Agriculture and turf		6.2		11.6		462.9		480.7
Construction and forestry		3.3		2.9		140.1		146.3
Total Receivables	$	369.0	$	381.7	$	31,936.9	$	32,687.6

	October 28, 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	$	119.7	$	67.5	$	57.5	$	244.7
Construction and forestry		75.9		44.8		49.7		170.4
Revolving charge accounts:
Agriculture and turf		22.8		8.3		4.6		35.7
Construction and forestry		4.0		1.2		.8		6.0
Wholesale receivables:
Agriculture and turf		1.7		.4		1.1		3.2
Construction and forestry		1.2						1.2
Financing leases:
Agriculture and turf		9.9		6.1		2.3		18.3
Construction and forestry		1.7		1.1		.9		3.7
Total Receivables	$	236.9	$	129.4	$	116.9	$	483.2

	Total		Total Non-				Total
	Past Due		Performing		Current		Receivables
Retail notes:
Agriculture and turf	$	244.7	$	95.9	$	14,838.6	$	15,179.2
Construction and forestry		170.4		28.5		2,732.8		2,931.7
Revolving charge accounts:
Agriculture and turf		35.7		1.3		3,659.2		3,696.2
Construction and forestry		6.0				95.4		101.4
Wholesale receivables:
Agriculture and turf		3.2		7.3		6,135.5		6,146.0
Construction and forestry		1.2				1,820.4		1,821.6
Financing leases:
Agriculture and turf		18.3		8.4		597.5		624.2
Construction and forestry		3.7		.6		142.1		146.4
Total Receivables	$	483.2	$	142.0	$	30,021.5	$	30,646.7

	April 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	$	104.1	$	51.1	$	40.1	$	195.3
Construction and forestry		89.7		43.2		34.3		167.2
Revolving charge accounts:
Agriculture and turf		16.4		9.7		25.4		51.5
Construction and forestry		2.9		1.6		.7		5.2
Wholesale receivables:
Agriculture and turf		3.0		1.8		2.1		6.9
Construction and forestry		.6						.6
Financing leases:
Agriculture and turf		12.7		3.2		.9		16.8
Construction and forestry		2.2		1.2		.7		4.1
Total Receivables	$	231.6	$	111.8	$	104.2	$	447.6

	Total		Total Non-				Total
	Past Due		Performing		Current		Receivables
Retail notes:
Agriculture and turf	$	195.3	$	70.6	$	13,917.1	$	14,183.0
Construction and forestry		167.2		28.8		2,528.0		2,724.0
Revolving charge accounts:
Agriculture and turf		51.5		1.5		3,015.3		3,068.3
Construction and forestry		5.2		.1		78.9		84.2
Wholesale receivables:
Agriculture and turf		6.9		5.9		7,552.2		7,565.0
Construction and forestry		.6				1,564.1		1,564.7
Financing leases:
Agriculture and turf		16.8		9.3		494.8		520.9
Construction and forestry		4.1		1.0		140.8		145.9
Total Receivables	$	447.6	$	117.2	$	29,291.2	$	29,856.0

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 28, 2019
			Revolving
	Retail		Charge		Wholesale		Financing		Total
	Notes		Accounts		Receivables		Leases		Receivables
Allowance:
Beginning of period balance	$	51.2	$	42.3	$	7.9	$	5.3	$	106.7
Provision for credit losses		8.1		16.3		.2		1.5		26.1
Write-offs		(6.4)		(21.5)				(1.0)		(28.9)
Recoveries		1.3		5.2				.2		6.7
Translation adjustments		(.1)				(.1)				(.2)
End of period balance	$	54.1	$	42.3	$	8.0	$	6.0	$	110.4

	Six Months Ended
	April 28, 2019
			Revolving
	Retail		Charge		Wholesale		Financing		Total
	Notes		Accounts		Receivables		Leases		Receivables
Allowance:
Beginning of period balance	$	51.6	$	42.3	$	8.0	$	4.8	$	106.7
Provision (credit) for credit losses		12.6		15.4		(3.7)		2.6		26.9
Write-offs		(13.2)		(25.4)				(1.6)		(40.2)
Recoveries		3.2		10.0		3.6		.2		17.0
Translation adjustments		(.1)				.1
End of period balance	$	54.1	$	42.3	$	8.0	$	6.0	$	110.4
Balance individually evaluated *	$	1.8			$	2.9	$	.7	$	5.4
Receivables:
End of period balance	$	18,015.0	$	3,235.9	$	10,809.7	$	627.0	$	32,687.6
Balance individually evaluated *	$	73.6	$	2.4	$	9.4	$	1.1	$	86.5

*    Remainder is collectively evaluated.

	Three Months Ended
	April 29, 2018
			Revolving
	Retail		Charge		Wholesale		Financing		Total
	Notes		Accounts		Receivables		Leases		Receivables
Allowance:
Beginning of period balance	$	55.8	$	39.7	$	10.2	$	8.4	$	114.1
Provision for credit losses		3.7		8.8		.3		.5		13.3
Write-offs		(4.7)		(14.3)		(.4)		(.6)		(20.0)
Recoveries		2.0		5.5				.2		7.7
Translation adjustments		(.2)				(.2)		.1		(.3)
End of period balance	$	56.6	$	39.7	$	9.9	$	8.6	$	114.8

	Six Months Ended
	April 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		6.0		8.4		.4		1.3		16.1
Write-offs		(9.9)		(18.9)		(.5)		(1.5)		(30.8)
Recoveries		4.6		10.6				.3		15.5
Translation adjustments		.2		(.1)		.1				.2
End of period balance	$	56.6	$	39.7	$	9.9	$	8.6	$	114.8
Balance individually evaluated *	$	.1			$	2.5	$	.1	$	2.7
Receivables:
End of period balance	$	16,907.0	$	3,152.5	$	9,129.7	$	666.8	$	29,856.0
Balance individually evaluated *	$	45.8	$	1.1	$	10.3	$	.2	$	57.4

*    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 28, 2019 *
Receivables with specific allowance:
Retail notes	$	4.8	$	4.6	$	1.8	$	4.9
Wholesale receivables		5.9		5.9		2.9		5.8
Financing leases		.7		.6		.7		.7
Total with specific allowance		11.4		11.1		5.4		11.4
Receivables without specific allowance:
Retail notes		25.3		24.8				26.5
Wholesale receivables		1.3		1.3				.5
Total without specific allowance		26.6		26.1				27.0
Total	$	38.0	$	37.2	$	5.4	$	38.4
Agriculture and turf	$	32.7	$	32.1	$	5.1	$	33.1
Construction and forestry		5.3		5.1		.3		5.3
Total	$	38.0	$	37.2	$	5.4	$	38.4
October 28, 2018 *
Receivables with specific allowance:
Retail notes	$	.8	$	.6	$	.1	$	.9
Wholesale receivables		5.8		5.8		2.8		6.7
Total with specific allowance		6.6		6.4		2.9		7.6
Receivables without specific allowance:
Retail notes		23.9		23.6				26.1
Wholesale receivables		2.4		2.4				2.6
Total without specific allowance		26.3		26.0				28.7
Total	$	32.9	$	32.4	$	2.9	$	36.3
Agriculture and turf	$	28.8	$	28.4	$	2.9	$	31.7
Construction and forestry		4.1		4.0				4.6
Total	$	32.9	$	32.4	$	2.9	$	36.3
April 29, 2018 *
Receivables with specific allowance:
Retail notes	$	.8	$	.8	$	.1	$	.9
Wholesale receivables		6.7		6.7		2.5		8.1
Financing leases		.2		.2		.1		.2
Total with specific allowance		7.7		7.7		2.7		9.2
Receivables without specific allowance:
Retail notes		25.7		25.6				26.6
Wholesale receivables		1.9		1.8				4.2
Total without specific allowance		27.6		27.4				30.8
Total	$	35.3	$	35.1	$	2.7	$	40.0
Agriculture and turf	$	29.4	$	29.2	$	2.6	$	33.8
Construction and forestry		5.9		5.9		.1		6.2
Total	$	35.3	$	35.1	$	2.7	$	40.0

*    Finance income recognized was not material.