Receivables (Tables)

3 Months Ended

Jan. 30, 2022

Receivables

Analysis of the Allowance for Credit Losses and Investment in Receivables

An analysis of the allowance for credit losses and investment in Receivables during 2022 was as follows (in millions of dollars):

	Three Months Ended
	January 30, 2022
	Retail Notes		Revolving
	& Financing		Charge		Wholesale		Total
	Leases		Accounts		Receivables		Receivables
Allowance:
Beginning of period balance	$	96.5	$	20.8	$	11.7	$	129.0
Provision (credit) for credit losses*		7.9		(9.4)		.1		(1.4)
Write-offs		(12.5)		(4.0)				(16.5)
Recoveries		2.9		7.8				10.7
Translation adjustments		(.1)				(.3)		(.4)
End of period balance	$	94.7	$	15.2	$	11.5	$	121.4
Receivables:
End of period balance	$	26,732.4	$	2,684.8	$	6,312.0	$	35,729.2

*Excludes provision for credit losses on unfunded commitments of $.2 million. The estimated credit losses related to unfunded commitments are recorded in accounts payable and accrued expenses on the consolidated balance sheet.

An analysis of the allowance for credit losses and investment in Receivables during 2021 was as follows (in millions of dollars):

	Three Months Ended
	January 31, 2021
	Retail Notes		Revolving
	& Financing		Charge		Wholesale		Total
	Leases		Accounts		Receivables		Receivables
Allowance:
Beginning of period balance	$	76.9	$	42.3	$	9.9	$	129.1
ASU No. 2016-13 adoption		32.5		(12.2)		(.6)		19.7
Provision (credit) for credit losses*		6.7		(9.7)				(3.0)
Write-offs		(4.1)		(5.3)				(9.4)
Recoveries		2.8		9.2				12.0
Translation adjustments		.9				.2		1.1
End of period balance	$	115.7	$	24.3	$	9.5	$	149.5
Receivables:
End of period balance	$	23,032.1	$	2,621.7	$	7,835.5	$	33,489.3

*Excludes provision for credit losses on unfunded commitments of $2.4 million. The estimated credit losses related to unfunded commitments are recorded in accounts payable and accrued expenses on the consolidated balance sheet.

Customer Receivables

Receivables

Credit Quality Analysis

The credit quality analysis of retail notes, financing leases, and revolving charge accounts (collectively, Customer Receivables) by year of origination was as follows (in millions of dollars):

	January 30, 2022
	2022		2021		2020		2019		2018		Prior		Revolving Charge Accounts		Total
Customer Receivables:
Agriculture and turf
Current	$	2,181.1	$	10,156.1	$	5,099.4	$	2,469.2	$	1,175.8	$	539.0	$	2,565.0	$	24,185.6
30-59 days past due		4.4		67.7		39.7		23.8		12.6		5.7		23.5		177.4
60-89 days past due		.2		17.5		13.3		7.6		4.2		2.2		4.7		49.7
90+ days past due				1.5				.1		.1		.1				1.8
Non-performing		.4		27.9		45.0		26.0		22.1		20.0		5.9		147.3
Construction and forestry
Current		625.7		2,131.1		1,050.4		471.3		159.0		39.5		80.8		4,557.8
30-59 days past due		7.4		58.5		32.1		18.0		5.5		1.6		2.6		125.7
60-89 days past due				20.5		15.1		6.5		1.9		.7		1.1		45.8
90+ days past due				1.0		1.8		2.0								4.8
Non-performing		.4		26.4		44.7		30.2		12.1		6.3		1.2		121.3
Total Customer Receivables	$	2,819.6	$	12,508.2	$	6,341.5	$	3,054.7	$	1,393.3	$	615.1	$	2,684.8	$	29,417.2

	October 31, 2021
	2021		2020		2019		2018		2017		Prior		Revolving Charge Accounts		Total
Customer Receivables:
Agriculture and turf
Current	$	11,318.1	$	5,719.1	$	2,842.5	$	1,431.0	$	582.8	$	119.9	$	3,620.9	$	25,634.3
30-59 days past due		34.7		47.5		24.2		13.7		5.9		2.9		13.1		142.0
60-89 days past due		12.8		17.4		8.4		5.1		2.4		.7		3.2		50.0
90+ days past due		.5		.5		.1		.2		.1						1.4
Non-performing		20.1		44.5		26.4		22.3		10.6		12.5		6.4		142.8
Construction and forestry
Current		2,356.4		1,198.5		573.5		215.6		42.5		5.4		92.3		4,484.2
30-59 days past due		36.6		33.0		21.1		5.8		2.0		.1		2.7		101.3
60-89 days past due		12.5		8.4		5.0		2.6		.5		.2		1.0		30.2
90+ days past due		.1		.4		.9				.1						1.5
Non-performing		21.9		50.0		33.9		15.1		6.3		2.9		.5		130.6
Total Customer Receivables	$	13,813.7	$	7,119.3	$	3,536.0	$	1,711.4	$	653.2	$	144.6	$	3,740.1	$	30,718.3

	January 31, 2021
	2021		2020		2019		2018		2017		Prior		Revolving Charge Accounts		Total
Customer Receivables:
Agriculture and turf
Current	$	2,233.8	$	8,126.9	$	4,264.4	$	2,338.4	$	1,137.2	$	464.9	$	2,498.1	$	21,063.7
30-59 days past due		2.7		50.0		35.1		24.4		10.8		6.0		26.3		155.3
60-89 days past due		.1		13.8		11.7		8.4		3.7		2.8		4.2		44.7
90+ days past due						.8		.2		.1		.2				1.3
Non-performing		.3		34.4		52.5		40.2		21.6		24.0		6.5		179.5
Construction and forestry
Current		582.3		1,723.8		974.0		447.5		123.4		30.1		81.8		3,962.9
30-59 days past due		3.7		46.8		27.9		14.5		4.7		1.2		2.9		101.7
60-89 days past due		.4		12.8		15.1		6.5		2.1		.6		1.2		38.7
90+ days past due				8.6		4.9										13.5
Non-performing				23.5		28.8		22.4		11.0		6.1		.7		92.5
Total Customer Receivables	$	2,823.3	$	10,040.6	$	5,415.2	$	2,902.5	$	1,314.6	$	535.9	$	2,621.7	$	25,653.8

Wholesale Receivables

Receivables

Credit Quality Analysis

The credit quality analysis of wholesale receivables by year of origination was as follows (in millions of dollars):

	January 30, 2022
	2022		2021		2020		2019		2018		Prior		Revolving		Total
Wholesale receivables:
Agriculture and turf
Current	$	101.1	$	237.1	$	54.2	$	11.3	$	6.5	$	2.1	$	4,510.5	$	4,922.8
30+ days past due														12.6		12.6
Non-performing														6.3		6.3
Construction and forestry
Current		3.5		35.7		2.3		2.7		.2				1,324.9		1,369.3
30+ days past due														1.0		1.0
Non-performing
Total wholesale receivables	$	104.6	$	272.8	$	56.5	$	14.0	$	6.7	$	2.1	$	5,855.3	$	6,312.0

	October 31, 2021
	2021		2020		2019		2018		2017		Prior		Revolving		Total
Wholesale receivables:
Agriculture and turf
Current	$	339.6	$	77.1	$	21.1	$	9.2	$	2.7	$	.4	$	4,233.4	$	4,683.5
30+ days past due														12.0		12.0
Non-performing														6.7		6.7
Construction and forestry
Current		39.4		4.0		3.4		.3						1,199.6		1,246.7
30+ days past due														2.4		2.4
Non-performing
Total wholesale receivables	$	379.0	$	81.1	$	24.5	$	9.5	$	2.7	$	.4	$	5,454.1	$	5,951.3

	January 31, 2021
	2021		2020		2019		2018		2017		Prior		Revolving		Total
Wholesale receivables:
Agriculture and turf
Current	$	78.5	$	216.5	$	61.5	$	17.8	$	7.5	$	1.3	$	6,092.5	$	6,475.6
30+ days past due				.2										12.4		12.6
Non-performing														4.1		4.1
Construction and forestry
Current		2.6		7.9		5.4		.6						1,323.3		1,339.8
30+ days past due														3.4		3.4
Non-performing
Total wholesale receivables	$	81.1	$	224.6	$	66.9	$	18.4	$	7.5	$	1.3	$	7,435.7	$	7,835.5