Receivables (Tables)

9 Months Ended

Aug. 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):

	August 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	$	100.9	$	49.2	$	1.5	$	151.6
Construction and forestry		58.5		11.9				70.4
Revolving charge accounts:
Agriculture and turf		18.3		3.5				21.8
Construction and forestry		2.6		1.0				3.6
Wholesale receivables:
Agriculture and turf		10.9		1.1		1.4		13.4
Construction and forestry		3.4		.3		1.1		4.8
Financing leases:
Agriculture and turf		13.4		10.2		2.1		25.7
Construction and forestry		1.9		2.7				4.6
Total Receivables	$	209.9	$	79.9	$	6.1	$	295.9

	Total		Total Non-				Total
	Past Due		Performing		Current		Receivables
Retail notes:
Agriculture and turf	$	151.6	$	190.8	$	16,628.5	$	16,970.9
Construction and forestry		70.4		76.9		3,440.4		3,587.7
Revolving charge accounts:
Agriculture and turf		21.8		7.4		3,794.6		3,823.8
Construction and forestry		3.6		.7		90.2		94.5
Wholesale receivables:
Agriculture and turf		13.4		3.8		6,905.0		6,922.2
Construction and forestry		4.8		2.2		1,499.6		1,506.6
Financing leases:
Agriculture and turf		25.7		14.1		560.4		600.2
Construction and forestry		4.6		6.4		132.4		143.4
Total Receivables	$	295.9	$	302.3	$	33,051.1	$	33,649.3

	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

	July 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	$	107.7	$	53.0	$	2.8	$	163.5
Construction and forestry		82.3		33.6				115.9
Revolving charge accounts:
Agriculture and turf		22.4		5.1				27.5
Construction and forestry		3.9		1.4				5.3
Wholesale receivables:
Agriculture and turf		4.4		.2		.7		5.3
Construction and forestry		1.1		1.5		.2		2.8
Financing leases:
Agriculture and turf		11.9		13.3		.2		25.4
Construction and forestry		2.8		.5				3.3
Total Receivables	$	236.5	$	108.6	$	3.9	$	349.0

	Total		Total Non-				Total
	Past Due		Performing		Current		Receivables
Retail notes:
Agriculture and turf	$	163.5	$	173.2	$	15,139.6	$	15,476.3
Construction and forestry		115.9		115.6		2,888.8		3,120.3
Revolving charge accounts:
Agriculture and turf		27.5		10.0		3,662.4		3,699.9
Construction and forestry		5.3		1.4		92.1		98.8
Wholesale receivables:
Agriculture and turf		5.3		6.1		8,065.2		8,076.6
Construction and forestry		2.8		3.6		2,216.5		2,222.9
Financing leases:
Agriculture and turf		25.4		22.1		524.5		572.0
Construction and forestry		3.3		2.4		139.2		144.9
Total Receivables	$	349.0	$	334.4	$	32,728.3	$	33,411.7

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
	August 2, 2020
			Revolving
	Retail		Charge		Wholesale		Financing		Total
	Notes		Accounts		Receivables		Leases		Receivables
Allowance:
Beginning of period balance	$	83.3	$	42.3	$	9.1	$	5.1	$	139.8
Provision (credit) for credit losses		2.9		13.2		(.5)		.4		16.0
Write-offs		(5.0)		(21.3)		(.1)		(.5)		(26.9)
Recoveries		2.1		8.1		.4		.3		10.9
Translation adjustments		.4				.4				.8
End of period balance	$	83.7	$	42.3	$	9.3	$	5.3	$	140.6

	Nine Months Ended
	August 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		69.5		31.3		(1.0)		1.0		100.8
Write-offs		(38.3)		(50.1)		(.9)		(1.3)		(90.6)
Recoveries		4.0		21.8		1.3		.5		27.6
Translation adjustments		.2				2.3		(.3)		2.2
End of period balance	$	83.7	$	42.3	$	9.3	$	5.3	$	140.6
Balance individually evaluated *	$	1.7			$	4.9			$	6.6
Receivables:
End of period balance	$	20,558.6	$	3,918.3	$	8,428.8	$	743.6	$	33,649.3
Balance individually evaluated *	$	101.1	$	.9	$	17.0	$	1.0	$	120.0

*    Remainder is collectively evaluated.

	Three Months Ended
	July 28, 2019
			Revolving
	Retail		Charge		Wholesale		Financing		Total
	Notes		Accounts		Receivables		Leases		Receivables
Allowance:
Beginning of period balance	$	54.1	$	42.3	$	8.0	$	6.0	$	110.4
Provision (credit) for credit losses		5.5		17.9		(.3)		.3		23.4
Write-offs		(7.2)		(25.4)		(.1)		(.5)		(33.2)
Recoveries		1.8		7.5		.4		.1		9.8
End of period balance	$	54.2	$	42.3	$	8.0	$	5.9	$	110.4

	Nine Months Ended
	July 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		18.1		33.3		(4.0)		2.9		50.3
Write-offs		(20.4)		(50.8)		(.1)		(2.1)		(73.4)
Recoveries		5.0		17.5		4.0		.3		26.8
Translation adjustments		(.1)				.1
End of period balance	$	54.2	$	42.3	$	8.0	$	5.9	$	110.4
Balance individually evaluated *	$	2.0			$	2.9	$	.6	$	5.5
Receivables:
End of period balance	$	18,596.6	$	3,798.7	$	10,299.5	$	716.9	$	33,411.7
Balance individually evaluated *	$	60.8	$	.2	$	10.1	$	1.7	$	72.8

*    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
August 2, 2020 *
Receivables with specific allowance:
Retail notes	$	2.7	$	2.6	$	1.7	$	3.1
Wholesale receivables		14.8		14.8		4.9		15.2
Total with specific allowance		17.5		17.4		6.6		18.3
Receivables without specific allowance:
Retail notes		27.2		26.5				28.1
Wholesale receivables		2.2		2.2				2.2
Total without specific allowance		29.4		28.7				30.3
Total	$	46.9	$	46.1	$	6.6	$	48.6
Agriculture and turf	$	41.5	$	40.8	$	6.6	$	42.9
Construction and forestry		5.4		5.3				5.7
Total	$	46.9	$	46.1	$	6.6	$	48.6
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
July 28, 2019 *
Receivables with specific allowance:
Retail notes	$	4.8	$	4.6	$	2.0	$	4.8
Wholesale receivables		5.3		5.3		2.9		5.8
Financing leases		.6		.5		.6		.6
Total with specific allowance		10.7		10.4		5.5		11.2
Receivables without specific allowance:
Retail notes		23.3		22.8				25.4
Wholesale receivables		4.8		4.8				4.3
Total without specific allowance		28.1		27.6				29.7
Total	$	38.8	$	38.0	$	5.5	$	40.9
Agriculture and turf	$	30.7	$	30.1	$	5.2	$	32.2
Construction and forestry		8.1		7.9		.3		8.7
Total	$	38.8	$	38.0	$	5.5	$	40.9

*    Finance income recognized was not material.