XML 56 R45.htm IDEA: XBRL DOCUMENT v3.20.4
Fair Value Measurements (Tables)
12 Months Ended
Nov. 01, 2020
Fair Value Measurements  
Fair Value of Financial Instruments

The fair values of financial instruments that do not approximate the carrying values at November 1, 2020 and November 3, 2019 were as follows (in millions of dollars):

2020

2019

   

Carrying

   

Fair

   

Carrying

   

Fair

 

Value

Value *

Value

Value *

 

Receivables financed – net

$

28,751.6

$

28,931.7

$

28,382.5

$

28,396.6

Retail notes securitized – net

 

4,676.6

 

4,772.9

 

4,338.4

 

4,361.9

Securitization borrowings

 

4,656.2

 

4,697.6

 

4,277.0

 

4,301.7

Current maturities of long-term borrowings

 

5,741.6

 

5,801.1

 

5,716.6

 

5,727.9

Long-term borrowings

 

19,311.1

 

19,784.4

 

21,052.4

 

21,369.9

*    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 November 1, 2020 and November 3, 2019 at fair value as Level 2 measurements on a recurring basis were as follows (in millions of dollars):

2020

    

2019

Marketable securities

International debt securities

$

2.2

$

3.2

Receivables from John Deere

Derivatives:

Interest rate contracts

575.5

331.4

Cross-currency interest rate contracts

 

7.7

 

.5

Other assets

Derivatives:

Foreign exchange contracts

 

3.8

 

1.9

Total assets *

$

589.2

$

337.0

Other payables to John Deere

Derivatives:

Interest rate contracts

$

29.4

$

44.4

Cross-currency interest rate contracts

.7

 

3.0

Accounts payable and accrued expenses

Derivatives:

Foreign exchange contracts

 

.9

 

9.9

Total liabilities

$

31.0

$

57.3

*    Excluded from this table are 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.

Fair Value, Nonrecurring Level 3 Measurements from Impairments

Fair value, nonrecurring Level 3 measurements from impairments at November 1, 2020, November 3, 2019, and October 28, 2018 were as follows (in millions of dollars):

Fair Value

Losses **

 

    

2020 *

    

2019

    

2020

    

2019

    

2018

 

Equipment on operating leases - net

$

340.3

$

855.4

$

21.0

$

59.4

Other assets

56.5

141.9

9.8

18.0

Total

$

396.8

$

997.3

$

30.8

$

77.4

*   Fair value as of May 3, 2020.

**           See Receivables with specific allowances in Note 5 that were not significant. See Note 7 for impairments on lease residual values.