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SECURITIZATION OF FINANCING RECEIVABLES (Tables)
9 Months Ended
Jul. 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:

 

 

 

July 31, 2014

 

Carrying value of liabilities

 

$

1,438

 

Maximum exposure to loss

 

1,539

 

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:

 

 

 

July 31
2014

 

October 31
2013

 

July 31
2013

 

Financing receivables securitized (retail notes)

 

$

4,276

 

$

4,167

 

$

3,903

 

Allowance for credit losses

 

(12)

 

(14)

 

(12)

 

Other assets

 

102

 

100

 

95

 

Total restricted securitized assets

 

$

4,366

 

$

4,253

 

$

3,986

 

 

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

 

 

 

July 31
2014

 

October 31
2013

 

July 31
2013

 

Short-term securitization borrowings

 

$

4,143

 

$

4,109

 

$

3,780

 

Accrued interest on borrowings

 

1

 

1

 

1

 

Total liabilities related to restricted securitized assets

 

$

4,144

 

$

4,110

 

$

3,781