SECURITIZATION OF FINANCING RECEIVABLES (Tables)

3 Months Ended

Jan. 31, 2016

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, 2016
Carrying value of liabilities	$	1,355
Maximum exposure to loss		1,405

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		October 31		January 31
	2016		2015		2015
Financing receivables securitized (retail notes)	$	4,015	$	4,848	$	3,905
Allowance for credit losses		(12)		(13)		(12)
Other assets		79		109		100
Total restricted securitized assets	$	4,082	$	4,944	$	3,993

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

	January 31		October 31		January 31
	2016		2015		2015
Short-term securitization borrowings	$	3,879	$	4,590	$	3,888
Accrued interest on borrowings		2		2		2
Total liabilities related to restricted securitized assets	$	3,881	$	4,592	$	3,890