SECURITIZATION OF FINANCING RECEIVABLES (Tables)

9 Months Ended

Jul. 31, 2015

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, 2015
Carrying value of liabilities	$	1,798
Maximum exposure to loss		1,923

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		October 31		July 31
	2015		2014		2014
Financing receivables securitized (retail notes)	$	4,751	$	4,616	$	4,276
Allowance for credit losses		(13)		(14)		(12)
Other assets		108		108		102
Total restricted securitized assets	$	4,846	$	4,710	$	4,366

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

	July 31		October 31		July 31
	2015		2014		2014
Short-term securitization borrowings	$	4,595	$	4,559	$	4,143
Accrued interest on borrowings		2		1		1
Total liabilities related to restricted securitized assets	$	4,597	$	4,560	$	4,144