Receivables (Tables)

6 Months Ended

May 03, 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):

	May 3, 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	$	151.2	$	75.3	$	2.6	$	229.1
Construction and forestry		97.7		44.3				142.0
Revolving charge accounts:
Agriculture and turf		30.7		11.9				42.6
Construction and forestry		4.0		1.2				5.2
Wholesale receivables:
Agriculture and turf		8.1		.9		2.6		11.6
Construction and forestry		1.5		1.6		1.0		4.1
Financing leases:
Agriculture and turf		19.0		6.8		.7		26.5
Construction and forestry		2.0		1.5				3.5
Total Receivables	$	314.2	$	143.5	$	6.9	$	464.6

	Total		Total Non-				Total
	Past Due		Performing		Current		Receivables
Retail notes:
Agriculture and turf	$	229.1	$	204.4	$	15,692.0	$	16,125.5
Construction and forestry		142.0		121.0		3,150.1		3,413.1
Revolving charge accounts:
Agriculture and turf		42.6		41.4		3,215.9		3,299.9
Construction and forestry		5.2		1.1		82.5		88.8
Wholesale receivables:
Agriculture and turf		11.6		3.4		7,557.5		7,572.5
Construction and forestry		4.1		2.0		1,764.8		1,770.9
Financing leases:
Agriculture and turf		26.5		12.1		487.5		526.1
Construction and forestry		3.5		4.6		136.4		144.5
Total Receivables	$	464.6	$	390.0	$	32,086.7	$	32,941.3

	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

	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

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
	May 3, 2020
			Revolving
	Retail		Charge		Wholesale		Financing		Total
	Notes		Accounts		Receivables		Leases		Receivables
Allowance:
Beginning of period balance	$	48.5	$	39.3	$	9.9	$	5.4	$	103.1
Provision (credit) for credit losses		53.5		19.2		(.3)		.3		72.7
Write-offs		(19.8)		(22.4)				(.4)		(42.6)
Recoveries		1.3		6.2		.1		.1		7.7
Translation adjustments		(.2)				(.6)		(.3)		(1.1)
End of period balance	$	83.3	$	42.3	$	9.1	$	5.1	$	139.8

	Six Months Ended
	May 3, 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		66.6		18.1		(.5)		.6		84.8
Write-offs		(33.3)		(28.8)		(.8)		(.8)		(63.7)
Recoveries		1.9		13.7		.9		.2		16.7
Translation adjustments		(.2)				1.9		(.3)		1.4
End of period balance	$	83.3	$	42.3	$	9.1	$	5.1	$	139.8
Balance individually evaluated *	$	2.5			$	4.7			$	7.2
Receivables:
End of period balance	$	19,538.6	$	3,388.7	$	9,343.4	$	670.6	$	32,941.3
Balance individually evaluated *	$	94.5	$	.1	$	17.6	$	1.0	$	113.2

*    Remainder is collectively evaluated.

	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.

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
May 3, 2020 *
Receivables with specific allowance:
Retail notes	$	4.1	$	4.0	$	2.5	$	4.2
Wholesale receivables		15.5		15.5		4.7		15.9
Total with specific allowance		19.6		19.5		7.2		20.1
Receivables without specific allowance:
Retail notes		24.4		23.9				25.5
Wholesale receivables		2.0		2.0				2.2
Total without specific allowance		26.4		25.9				27.7
Total	$	46.0	$	45.4	$	7.2	$	47.8
Agriculture and turf	$	41.0	$	40.4	$	7.2	$	42.5
Construction and forestry		5.0		5.0				5.3
Total	$	46.0	$	45.4	$	7.2	$	47.8
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
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

*    Finance income recognized was not material.