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SECURITIZATION OF FINANCING RECEIVABLES (Tables)
12 Months Ended
Oct. 31, 2021
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 October 31, 2021 in millions of dollars:

  

2021

 

Carrying value of liabilities

$

1,113

 

Maximum exposure to loss

 

1,176

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 October 31, 2021 and November 1, 2020 were as follows in millions of dollars:

  

    2021    

    

    2020  

 

Financing receivables securitized (retail notes)

$

4,673

$

4,716

 

Allowance for credit losses

 

(14)

 

(13)

Other assets

 

107

 

98

Total restricted securitized assets

 

$

4,766

 

$

4,801

The components of consolidated secured borrowings and other liabilities related to securitizations at October 31, 2021 and November 1, 2020 were as follows in millions of dollars:

  

    2021    

    

   2020   

 

Short-term securitization borrowings

$

4,605

$

4,682

 

Accrued interest on borrowings

 

2

 

3

Total liabilities related to restricted securitized assets

 

$

4,607

 

$

4,685