Fair Value Measurements (Tables)

9 Months Ended

Jul. 28, 2019

Fair Value Measurements

Fair Value of Financial Instruments

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

	July 28, 2019				October 28, 2018				July 29, 2018
	Carrying		Fair		Carrying		Fair		Carrying		Fair
	Value		Value *		Value		Value *		Value		Value *
Receivables financed – net	$	28,155.1	$	28,165.9	$	26,594.7	$	26,390.4	$	26,200.2	$	26,016.4
Retail notes securitized – net		5,146.2		5,154.2		3,945.3		3,894.6		4,571.4		4,517.4
Securitization borrowings		4,994.8		5,017.6		3,881.7		3,869.5		4,437.5		4,425.9
Current maturities of long-term borrowings		6,269.5		6,276.3		4,587.6		4,577.8		5,111.3		5,111.4
Long-term borrowings		20,035.4		20,298.1		19,432.2		19,535.8		18,591.5		18,704.3

*    Fair value measurements above were Level 3 for all Receivables and Level 2 for all borrowings.

Assets and Liabilities Measured at Fair Value as Level 2 Measurements 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):

	July 28		October 28		July 29
	2019		2018		2018
Marketable securities
International debt securities	$	6.9
Receivables from John Deere
Derivatives:
Interest rate contracts		234.4	$	55.9	$	53.3
Cross-currency interest rate contracts		.9		3.4		2.4
Other assets
Derivatives:
Interest rate contracts		.1		.4		.7
Foreign exchange contracts		4.7		22.0		11.2
Total assets *	$	247.0	$	81.7	$	67.6
Other payables to John Deere
Derivatives:
Interest rate contracts	$	53.3	$	342.4	$	329.5
Cross-currency interest rate contracts		2.0		.1		1.6
Accounts payable and accrued expenses
Derivatives:
Foreign exchange contracts		5.6		1.4		5.6
Total liabilities	$	60.9	$	343.9	$	336.7

*    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 time deposits and money market funds.