We monitor the credit quality of Receivables based on delinquency status, defined as follows:

Accrued finance income and lease revenue reversed on non-performing Receivables, and finance income and lease revenue recognized from cash payments on non-performing Receivables were as follows:

Total Receivable balances represent principal plus accrued interest. Receivable balances are written off to the allowance for credit losses when, in the judgment of management, they are considered uncollectible. Write-offs generally occur when Customer Receivables are 120 days delinquent, and on a case-by-case basis when wholesale receivables are 60 days delinquent. In these situations, we repossess available collateral or designate the account for litigation, and the estimated uncollectible amount is written off to the allowance for credit losses.

The credit quality analysis of Customer Receivables by year of origination was as follows:


	January 28, 2024
	2024		2023		2022		2021		2020		Prior Years		Revolving Charge Accounts		Total
Customer Receivables:
Agriculture and turf
Current	$	2,740.5	$	11,557.0	$	6,550.6	$	3,954.2	$	1,692.4	$	667.3	$	2,719.3	$	29,881.3
30-59 days past due		4.5		105.0		58.5		40.8		18.8		10.0		69.7		307.3
60-89 days past due		.5		45.9		19.3		12.7		6.1		4.3		15.8		104.6
90+ days past due				1.1		.5		3.0		4.4		.3				9.3
Non-performing		.3		39.1		78.6		48.7		26.9		24.8		10.4		228.8
Construction and forestry
Current		677.8		2,156.0		1,400.8		716.3		216.8		94.0		101.2		5,362.9
30-59 days past due		7.2		64.9		35.5		24.1		7.8		3.3		5.3		148.1
60-89 days past due		.4		24.2		19.2		11.7		5.7		2.8		2.2		66.2
90+ days past due						.2						.2				.4
Non-performing				55.3		74.8		44.6		17.9		7.5		1.6		201.7
Total	$	3,431.2	$	14,048.5	$	8,238.0	$	4,856.1	$	1,996.8	$	814.5		2,925.5	$	36,310.6


	October 29, 2023
	2023		2022		2021		2020		2019		Prior Years		Revolving Charge Accounts		Total
Customer Receivables:
Agriculture and turf
Current	$	12,998.3	$	7,208.2	$	4,459.1	$	1,970.4	$	666.3	$	179.3	$	4,424.8	$	31,906.4
30-59 days past due		46.8		66.6		34.6		18.7		8.2		2.9		28.1		205.9
60-89 days past due		15.8		22.0		14.8		7.8		3.3		1.3		8.6		73.6
90+ days past due		1.4		.8		2.7		2.9		.1		.1				8.0
Non-performing		25.9		63.7		44.5		25.0		12.9		12.0		7.2		191.2
Construction and forestry
Current		2,343.4		1,586.2		859.0		279.2		65.3		27.3		118.6		5,279.0
30-59 days past due		44.4		28.1		24.8		8.6		3.4		.4		4.1		113.8
60-89 days past due		17.8		11.4		11.8		4.5		1.0		.2		1.8		48.5
90+ days past due		.1		1.2		.1		.1								1.5
Non-performing		34.1		67.5		51.2		20.7		7.5		4.0		1.2		186.2
Total	$	15,528.0	$	9,055.7	$	5,502.6	$	2,337.9	$	768.0	$	227.5	$	4,594.4	$	38,014.1


	January 29, 2023
	2023		2022		2021		2020		2019		Prior Years		Revolving Charge Accounts		Total
Customer Receivables:
Agriculture and turf
Current	$	2,452.2	$	10,749.5	$	6,302.5	$	3,104.4	$	1,289.3	$	565.0	$	2,686.3	$	27,149.2
30-59 days past due		1.7		29.4		29.2		48.2		10.4		42.8		27.2		188.9
60-89 days past due		1.3		12.2		10.5		18.0		3.7		14.1		5.9		65.7
90+ days past due				1.2		.2		2.9		1.0		.2				5.5
Non-performing		.3		35.1		43.3		29.1		15.0		19.6		7.8		150.2
Construction and forestry
Current		553.7		2,156.3		1,339.0		538.4		177.7		68.5		99.0		4,932.6
30-59 days past due		1.5		9.9		23.6		34.3		15.7		52.1		4.6		141.7
60-89 days past due		.4		4.3		15.7		17.7		6.4		23.0		2.0		69.5
90+ days past due				.1		.2		.4		.2						.9
Non-performing				38.9		51.8		26.1		13.0		6.5		1.2		137.5
Total	$	3,011.1	$	13,036.9	$	7,816.0	$	3,819.5	$	1,532.4	$	791.8	$	2,834.0	$	32,841.7

The credit quality analysis of wholesale receivables by year of origination was as follows:


	January 28, 2024
	2024		2023		2022		2021		2020		Prior Years		Revolving		Total
Wholesale receivables:
Agriculture and turf
Current	$	199.8	$	450.3	$	67.6	$	4.8	$	2.6	$	1.3	$	10,198.5	$	10,924.9
30+ days past due				.6										61.3		61.9
Non-performing														5.8		5.8
Construction and forestry
Current		5.6		10.7		2.2		19.3		.1		.1		3,495.5		3,533.5
30+ days past due														16.7		16.7
Non-performing
Total	$	205.4	$	461.6	$	69.8	$	24.1	$	2.7	$	1.4	$	13,777.8	$	14,542.8


	October 29, 2023
	2023		2022		2021		2020		2019		Prior Years		Revolving		Total
Wholesale receivables:
Agriculture and turf
Current	$	609.5	$	92.6	$	20.0	$	3.9	$	.7	$	159.9	$	9,270.1	$	10,156.7
30+ days past due														45.8		45.8
Non-performing														5.7		5.7
Construction and forestry
Current		19.4		2.5		19.9		.2		.1		75.2		2,987.6		3,104.9
30+ days past due														17.0		17.0
Non-performing
Total	$	628.9	$	95.1	$	39.9	$	4.1	$	.8	$	235.1	$	12,326.2	$	13,330.1


	January 29, 2023
	2023		2022		2021		2020		2019		Prior Years		Revolving		Total
Wholesale receivables:
Agriculture and turf
Current	$	114.6	$	283.2	$	45.7	$	20.2	$	3.7	$	1.2	$	7,349.9	$	7,818.5
30+ days past due				.3										9.2		9.5
Non-performing														5.9		5.9
Construction and forestry
Current		5.8		3.8		23.7		1.0		.3		.1		1,875.8		1,910.5
30+ days past due														7.7		7.7
Non-performing
Total	$	120.4	$	287.3	$	69.4	$	21.2	$	4.0	$	1.3	$	9,248.5	$	9,752.1

The allowance for credit losses is an estimate of the credit losses expected over the life of our Receivable portfolio. Non-performing Receivables are included in the estimate of expected credit losses. The allowance is measured on a collective basis for receivables with similar risk characteristics. Receivables that do not share risk characteristics are evaluated on an individual basis. Risk characteristics include:

Recoveries from freestanding credit enhancements, such as dealer deposits, and certain credit insurance contracts are not included in the estimate of expected credit losses. Recoveries from dealer deposits are recognized in “Other income” when the dealer’s deposit account is charged. During the three months ended January 28, 2024 and January 29, 2023, recoveries from freestanding credit enhancements recorded in other income were $7.3 and $2.0, respectively.

An analysis of the allowance for credit losses and investment in Receivables was as follows:


	Three Months Ended January 28, 2024
	Retail Notes		Revolving
	& Financing		Charge		Wholesale		Total
	Leases		Accounts		Receivables		Receivables
Allowance:
Beginning of period balance	$	114.9	$	20.4	$	11.1	$	146.4
Provision (credit) for credit losses*		22.8		(2.0)		(.4)		20.4
Write-offs		(24.3)		(10.7)				(35.0)
Recoveries		1.7		7.6				9.3
Translation adjustments						(1.5)		(1.5)
End of period balance	$	115.1	$	15.3	$	9.2	$	139.6

Receivables:
End of period balance	$	33,385.1	$	2,925.5	$	14,542.8	$	50,853.4

	Three Months Ended January 29, 2023
	Retail Notes		Revolving
	& Financing		Charge		Wholesale		Total
	Leases		Accounts		Receivables		Receivables
Allowance:
Beginning of period balance	$	95.4	$	21.9	$	11.1	$	128.4
Provision (credit) for credit losses*		6.8		(3.7)		(.5)		2.6
Write-offs		(10.2)		(7.5)		(.1)		(17.8)
Recoveries		2.4		5.3		.6		8.3
Translation adjustments		.4				(.2)		.2
End of period balance	$	94.8	$	16.0	$	10.9	$	121.7

Receivables:
End of period balance	$	30,007.7	$	2,834.0	$	9,752.1	$	42,593.8

* Excludes provision for credit losses on unfunded commitments of $.6 and $.9 for the three months ended January 28, 2024 and January 29, 2023, respectively. The estimated credit losses related to unfunded commitments are recorded in “Accounts payable and accrued expenses.”

The allowance for credit losses decreased slightly in the first three months of 2024, primarily due to a seasonal decline in the revolving charge account portfolio. We continue to monitor the economy as part of the allowance setting process, including potential impacts of inflation and interest rates, among other factors, and qualitative adjustments to the allowance are incorporated as necessary.


	Three Months Ended January 28, 2024
	2024		2023		2022		2021		2020		Prior Years		Revolving		Total
Customer Receivables:
Agriculture and turf			$	1.5	$	2.9	$	1.8	$	3.6	$	.6	$	8.8	$	19.2
Construction and forestry	$	.2		5.5		4.5		2.2		.8		.7		1.9		15.8
Total	$	.2	$	7.0	$	7.4	$	4.0	$	4.4	$	1.3	$	10.7	$	35.0

We occasionally grant contractual modifications to customers experiencing financial difficulties. Before offering a modification, we evaluate the ability of the customer to meet the modified payment terms. Modifications offered include payment deferrals, term extensions, or a combination thereof. Finance charges continue to accrue during the deferral or extension period. Our allowance for credit losses incorporates historical loss information, including the effects of loan modifications with customers. Therefore, additional adjustments to the allowance are generally not recorded upon modification of a loan.

The ending amortized cost of loans modified with borrowers experiencing financial difficulty during the three months ended January 28, 2024 was $9.3, of which $8.6 was current, $.1 was 30-59 days past due, and $.6 was non-performing. These modifications represented .02 percent of our Receivable portfolio at January 28, 2024.

Defaults and subsequent write-offs of loans modified in the prior twelve months were not significant during the three months ended January 28, 2024. In addition, at January 28, 2024, we had no commitments to provide additional financing to these customers.

Prior to adopting ASU 2022-02, modifications of loans to borrowers experiencing financial difficulty were considered troubled debt restructurings when the modification resulted in a concession we would not otherwise consider. During the three months ended January 29, 2023, we identified 36 Receivable contracts, primarily retail notes, as troubled debt restructurings with aggregate balances of $1.0 pre-modification and $1.0 post-modification. During this same period, there were no significant troubled debt restructurings that subsequently defaulted and were written off.