XML 39 R22.htm IDEA: XBRL DOCUMENT

RECEIVABLES (Tables)

6 Months Ended

Apr. 28, 2024

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

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:


	Three Months Ended				Six Months Ended
	April 28		April 30		April 28		April 30
	2024		2023		2024		2023
Accrued finance income and lease revenue reversed	$	12.1	$	5.1	$	18.8	$	7.9
Finance income and lease revenue recognized on cash payments		9.2		4.6		15.1		7.7

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:


	Three Months Ended April 28, 2024
	Retail Notes		Revolving
	& Financing		Charge		Wholesale		Total
	Leases		Accounts		Receivables		Receivables
Allowance:
Beginning of period balance	$	115.1	$	15.3	$	9.2	$	139.6
Provision for credit losses*		54.8		22.8				77.6
Write-offs		(28.1)		(23.0)				(51.1)
Recoveries		2.4		5.8		.2		8.4
Translation adjustments						(.1)		(.1)
End of period balance	$	144.2	$	20.9	$	9.3	$	174.4


	Six Months Ended April 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*		77.6		20.8		(.4)		98.0
Write-offs		(52.4)		(33.7)				(86.1)
Recoveries		4.1		13.4		.2		17.7
Translation adjustments						(1.6)		(1.6)
End of period balance	$	144.2	$	20.9	$	9.3	$	174.4

Receivables:
End of period balance	$	33,833.2	$	3,791.4	$	16,694.6	$	54,319.2


	Three Months Ended April 30, 2023
	Retail Notes		Revolving
	& Financing		Charge		Wholesale		Total
	Leases		Accounts		Receivables		Receivables
Allowance:
Beginning of period balance	$	94.8	$	16.0	$	10.9	$	121.7
Provision for credit losses*		18.6		8.2		.2		27.0
Write-offs		(14.3)		(10.5)				(24.8)
Recoveries		4.2		5.6				9.8
Translation adjustments		(.1)				.1
End of period balance	$	103.2	$	19.3	$	11.2	$	133.7

	Six Months Ended April 30, 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*		25.4		4.5		(.3)		29.6
Write-offs		(24.5)		(18.0)		(.1)		(42.6)
Recoveries		6.6		10.9		.6		18.1
Translation adjustments		.3				(.1)		.2
End of period balance	$	103.2	$	19.3	$	11.2	$	133.7

Receivables:
End of period balance	$	30,503.7	$	3,699.4	$	12,880.4	$	47,083.5

* Excludes provision (credit) for credit losses on unfunded commitments of $1.7 and $2.3 for the three and six months ended April 28, 2024, respectively, and $(.3) and $.6 for the three and six months ended April 30, 2023, respectively. The estimated credit losses related to unfunded commitments are recorded in “Accounts payable and accrued expenses.”

Write-offs by Year of Origination

Write-offs by year of origination were as follows:


	Six Months Ended April 28, 2024
	2024		2023		2022		2021		2020		Prior Years		Revolving		Total
Customer Receivables:
Agriculture and turf	$	.4	$	6.8	$	7.7	$	3.6	$	5.0	$	1.1	$	29.8	$	54.4
Construction and forestry		.2		10.1		8.7		4.7		2.8		1.3		3.9		31.7
Total	$	.6	$	16.9	$	16.4	$	8.3	$	7.8	$	2.4	$	33.7	$	86.1

Customer Receivables

Receivables

Credit Quality Analysis

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


	April 28, 2024
	2024		2023		2022		2021		2020		Prior Years		Revolving Charge Accounts		Total
Customer Receivables:
Agriculture and turf
Current	$	6,333.8	$	10,014.8	$	5,872.1	$	3,444.6	$	1,394.3	$	484.1	$	3,569.6	$	31,113.3
30-59 days past due		29.4		89.3		47.5		31.7		13.2		5.2		26.0		242.3
60-89 days past due		6.2		39.7		19.7		8.3		5.3		2.5		11.7		93.4
90+ days past due		.1		2.6		.7		2.5		4.8		.2				10.9
Non-performing		2.8		70.0		71.7		48.2		24.3		20.7		68.6		306.3
Construction and forestry
Current		1,319.7		1,946.0		1,222.6		591.7		163.4		70.3		107.3		5,421.0
30-59 days past due		23.0		51.3		31.3		17.2		7.0		2.9		4.6		137.3
60-89 days past due		7.3		31.2		12.2		9.2		2.7		1.0		1.7		65.3
90+ days past due		.3		.5		3.2		.4		.1						4.5
Non-performing		4.0		82.9		75.3		42.8		15.9		7.5		1.9		230.3
Total	$	7,726.6	$	12,328.3	$	7,356.3	$	4,196.6	$	1,631.0	$	594.4	$	3,791.4	$	37,624.6


	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


	April 30, 2023
	2023		2022		2021		2020		2019		Prior Years		Revolving Charge Accounts		Total
Customer Receivables:
Agriculture and turf
Current	$	5,762.9	$	9,434.5	$	5,598.5	$	2,662.7	$	1,034.1	$	392.3	$	3,539.3	$	28,424.3
30-59 days past due		8.6		48.8		50.1		29.1		16.5		7.8		14.2		175.1
60-89 days past due		1.1		9.8		20.1		16.9		3.1		1.9		7.7		60.6
90+ days past due				.2		.4		.1		.1		.1				.9
Non-performing		5.4		45.2		37.0		25.5		14.0		16.0		24.9		168.0
Construction and forestry
Current		1,168.7		1,954.1		1,179.4		440.4		132.8		49.4		106.6		5,031.4
30-59 days past due		5.6		30.5		23.9		22.9		20.8		9.5		3.7		116.9
60-89 days past due		.2		5.5		13.2		10.9		13.5		11.7		1.8		56.8
90+ days past due				1.3				.1		1.3						2.7
Non-performing		4.4		59.9		56.1		29.4		9.6		5.8		1.2		166.4
Total	$	6,956.9	$	11,589.8	$	6,978.7	$	3,238.0	$	1,245.8	$	494.5	$	3,699.4	$	34,203.1

Wholesale Receivables

Receivables

Credit Quality Analysis

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


	April 28, 2024
	2024		2023		2022		2021		2020		Prior Years		Revolving		Total
Wholesale receivables:
Agriculture and turf
Current	$	440.0	$	314.2	$	50.0	$	1.6	$	1.6	$	1.6	$	11,585.7	$	12,394.7
30+ days past due														45.4		45.4
Non-performing														5.8		5.8
Construction and forestry
Current		11.3		12.7		1.9		18.8		.1				4,184.0		4,228.8
30+ days past due														19.9		19.9
Non-performing
Total	$	451.3	$	326.9	$	51.9	$	20.4	$	1.7	$	1.6	$	15,840.8	$	16,694.6


	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


	April 30, 2023
	2023		2022		2021		2020		2019		Prior Years		Revolving		Total
Wholesale receivables:
Agriculture and turf
Current	$	258.8	$	196.6	$	34.3	$	14.7	$	2.0	$	1.1	$	9,844.4	$	10,351.9
30+ days past due										.1				6.7		6.8
Non-performing														6.0		6.0
Construction and forestry
Current		9.1		3.5		22.9		.6		.2		.1		2,470.2		2,506.6
30+ days past due		.1												9.0		9.1
Non-performing
Total	$	268.0	$	200.1	$	57.2	$	15.3	$	2.3	$	1.2	$	12,336.3	$	12,880.4