SECURITIZATION OF FINANCING RECEIVABLES (Tables)

12 Months Ended

Nov. 01, 2020

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 at November 1, 2020 in millions of dollars:

	2020
Carrying value of liabilities	$	1,275
Maximum exposure to loss		1,327

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 at November 1, 2020 and November 3, 2019 were as follows in millions of dollars:

	2020		2019
Financing receivables securitized (retail notes)	$	4,716	$	4,395
Allowance for credit losses		(13)		(12)
Other assets		98		82
Total restricted securitized assets	$	4,801	$	4,465

The components of consolidated secured borrowings and other liabilities related to securitizations at November 1, 2020 and November 3, 2019 were as follows in millions of dollars:

	2020		2019
Short-term securitization borrowings	$	4,682	$	4,321
Accrued interest on borrowings		3		6
Total liabilities related to restricted securitized assets	$	4,685	$	4,327