SECURITIZATION OF FINANCING RECEIVABLES (Tables)

3 Months Ended

Jan. 31, 2014

SECURITIZATION OF FINANCING RECEIVABLES

Unconsolidated Conduits, Carrying Amount of Liabilities Compared to Maximum Exposure to Loss

The Company’s carrying amount of the liabilities to the unconsolidated conduits, compared to the maximum exposure to loss related to these conduits, which would only be incurred in the event of a complete loss on the restricted assets, was as follows in millions of dollars:

	January 31, 2014
Carrying value of liabilities	$	1,044
Maximum exposure to loss		1,069

Components of Consolidated Restricted Assets, Secured Borrowings and Other Liabilities Related to Securitization Transactions

The components of consolidated restricted assets related to secured borrowings in securitization transactions follow in millions of dollars:

	January 31 2014		October 31 2013		January 31 2013
Financing receivables securitized (retail notes)	$	3,502	$	4,167	$	3,047
Allowance for credit losses	(11)		(14)		(14)
Other assets	97		100		83
Total restricted securitized assets	$	3,588	$	4,253	$	3,116

The components of consolidated secured borrowings and other liabilities related to securitizations follow in millions of dollars:

	January 31 2014		October 31 2013		January 31 2013
Short-term securitization borrowings	$	3,491	$	4,109	$	3,044
Accrued interest on borrowings	1		1		1
Total liabilities related to restricted securitized assets	$	3,492	$	4,110	$	3,045