Receivables (Tables)

3 Months Ended

Feb. 02, 2020

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):

	February 2, 2020
					90 Days
	30-59 Days		60-89 Days		or Greater		Total
	Past Due		Past Due		Past Due		Past Due
Retail notes:
Agriculture and turf	$	123.7	$	53.4	$	3.0	$	180.1
Construction and forestry		89.5		34.3				123.8
Revolving charge accounts:
Agriculture and turf		51.4		14.1				65.5
Construction and forestry		4.1		1.4				5.5
Wholesale receivables:
Agriculture and turf		7.6		2.3		1.5		11.4
Construction and forestry		3.8		.1		.3		4.2
Financing leases:
Agriculture and turf		8.2		3.8		.4		12.4
Construction and forestry		1.5		2.2				3.7
Total Receivables	$	289.8	$	111.6	$	5.2	$	406.6

	Total		Total Non-				Total
	Past Due		Performing		Current		Receivables
Retail notes:
Agriculture and turf	$	180.1	$	187.2	$	15,464.8	$	15,832.1
Construction and forestry		123.8		109.4		3,169.9		3,403.1
Revolving charge accounts:
Agriculture and turf		65.5		5.6		2,516.8		2,587.9
Construction and forestry		5.5		1.0		78.8		85.3
Wholesale receivables:
Agriculture and turf		11.4		9.9		7,219.4		7,240.7
Construction and forestry		4.2		1.8		1,899.6		1,905.6
Financing leases:
Agriculture and turf		12.4		12.4		495.1		519.9
Construction and forestry		3.7		4.4		140.2		148.3
Total Receivables	$	406.6	$	331.7	$	30,984.6	$	31,722.9

	November 3, 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	$	120.0	$	64.2	$	1.5	$	185.7
Construction and forestry		73.9		26.6				100.5
Revolving charge accounts:
Agriculture and turf		19.1		9.2				28.3
Construction and forestry		3.2		1.2				4.4
Wholesale receivables:
Agriculture and turf		4.1		1.9		.8		6.8
Construction and forestry		.1		.3		.3		.7
Financing leases:
Agriculture and turf		14.6		7.8		.5		22.9
Construction and forestry		2.8		.7				3.5
Total Receivables	$	237.8	$	111.9	$	3.1	$	352.8

	Total		Total Non-				Total
	Past Due		Performing		Current		Receivables
Retail notes:
Agriculture and turf	$	185.7	$	168.7	$	15,831.5	$	16,185.9
Construction and forestry		100.5		112.9		3,100.8		3,314.2
Revolving charge accounts:
Agriculture and turf		28.3		6.1		3,727.9		3,762.3
Construction and forestry		4.4		.9		95.4		100.7
Wholesale receivables:
Agriculture and turf		6.8		6.3		6,544.6		6,557.7
Construction and forestry		.7		2.9		2,145.5		2,149.1
Financing leases:
Agriculture and turf		22.9		11.6		569.8		604.3
Construction and forestry		3.5		2.5		141.3		147.3
Total Receivables	$	352.8	$	311.9	$	32,156.8	$	32,821.5

	January 27, 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	$	142.7	$	56.3	$	.6	$	199.6
Construction and forestry		95.8		45.3				141.1
Revolving charge accounts:
Agriculture and turf		53.9		17.6				71.5
Construction and forestry		5.6		2.1				7.7
Wholesale receivables:
Agriculture and turf		6.4		.4		.8		7.6
Construction and forestry		.7		.7		2.5		3.9
Financing leases:
Agriculture and turf		7.2		4.5		.7		12.4
Construction and forestry		2.7		3.0				5.7
Total Receivables	$	315.0	$	129.9	$	4.6	$	449.5

	Total		Total Non-				Total
	Past Due		Performing		Current		Receivables
Retail notes:
Agriculture and turf	$	199.6	$	185.9	$	14,398.8	$	14,784.3
Construction and forestry		141.1		98.6		2,736.4		2,976.1
Revolving charge accounts:
Agriculture and turf		71.5		7.4		2,514.1		2,593.0
Construction and forestry		7.7		1.4		83.8		92.9
Wholesale receivables:
Agriculture and turf		7.6		5.1		7,090.8		7,103.5
Construction and forestry		3.9				1,883.0		1,886.9
Financing leases:
Agriculture and turf		12.4		14.3		528.0		554.7
Construction and forestry		5.7		2.9		139.2		147.8
Total Receivables	$	449.5	$	315.6	$	29,374.1	$	30,139.2

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
	February 2, 2020
			Revolving
	Retail		Charge		Wholesale		Financing		Total
	Notes		Accounts		Receivables		Leases		Receivables
Allowance:
Beginning of period balance	$	48.3	$	39.3	$	7.6	$	5.4	$	100.6
Provision (credit) for credit losses		13.1		(1.1)		(.2)		.3		12.1
Write-offs		(13.5)		(6.4)		(.8)		(.4)		(21.1)
Recoveries		.6		7.5		.8		.1		9.0
Translation adjustments						2.5				2.5
End of period balance	$	48.5	$	39.3	$	9.9	$	5.4	$	103.1
Balance individually evaluated *	$	2.2			$	5.3			$	7.5
Receivables:
End of period balance	$	19,235.2	$	2,673.2	$	9,146.3	$	668.2	$	31,722.9
Balance individually evaluated *	$	77.6	$	.1	$	18.0	$	.7	$	96.4

	Three Months Ended
	January 27, 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		4.5		(.9)		(3.9)		1.1		.8
Write-offs		(6.8)		(3.9)				(.6)		(11.3)
Recoveries		1.9		4.8		3.6				10.3
Translation adjustments						.2				.2
End of period balance	$	51.2	$	42.3	$	7.9	$	5.3	$	106.7
Balance individually evaluated *	$	.1			$	2.8			$	2.9
Receivables:
End of period balance	$	17,760.4	$	2,685.9	$	8,990.4	$	702.5	$	30,139.2
Balance individually evaluated *	$	56.4	$	1.9	$	7.0			$	65.3

*    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
February 2, 2020 *
Receivables with specific allowance:
Retail notes	$	5.9	$	5.5	$	2.2	$	5.9
Wholesale receivables		14.8		14.8		5.3		15.2
Total with specific allowance		20.7		20.3		7.5		21.1
Receivables without specific allowance:
Retail notes		21.5		21.1				22.7
Wholesale receivables		2.8		2.8				2.8
Total without specific allowance		24.3		23.9				25.5
Total	$	45.0	$	44.2	$	7.5	$	46.6
Agriculture and turf	$	38.4	$	37.8	$	7.3	$	39.8
Construction and forestry		6.6		6.4		.2		6.8
Total	$	45.0	$	44.2	$	7.5	$	46.6
November 3, 2019 *
Receivables with specific allowance:
Retail notes	$	4.9	$	4.6	$	1.9	$	5.0
Wholesale receivables		5.3		5.3		2.9		5.7
Total with specific allowance		10.2		9.9		4.8		10.7
Receivables without specific allowance:
Retail notes		22.9		22.4				25.0
Wholesale receivables		3.9		3.9				4.1
Total without specific allowance		26.8		26.3				29.1
Total	$	37.0	$	36.2	$	4.8	$	39.8
Agriculture and turf	$	30.3	$	29.7	$	4.6	$	32.0
Construction and forestry		6.7		6.5		.2		7.8
Total	$	37.0	$	36.2	$	4.8	$	39.8
January 27, 2019 *
Receivables with specific allowance:
Retail notes	$	.8	$	.7	$	.1	$	.8
Wholesale receivables		5.9		5.9		2.8		5.7
Total with specific allowance		6.7		6.6		2.9		6.5
Receivables without specific allowance:
Retail notes		24.1		23.6				24.1
Wholesale receivables		.1		.1				.4
Total without specific allowance		24.2		23.7				24.5
Total	$	30.9	$	30.3	$	2.9	$	31.0
Agriculture and turf	$	26.4	$	25.9	$	2.9	$	26.6
Construction and forestry		4.5		4.4				4.4
Total	$	30.9	$	30.3	$	2.9	$	31.0

*    Finance income recognized was not material.