Receivables (Tables)

6 Months Ended

Apr. 29, 2018

Receivables

Age Analysis of past due Receivables that are still accruing interest and non-performing Receivables

An age analysis of past due Receivables that are still accruing interest and non-performing Receivables was as follows (in millions of dollars):

	April 29, 2018
					90 Days
	30-59 Days		60-89 Days		or Greater		Total
	Past Due		Past Due		Past Due		Past Due
Retail notes:
Agriculture and turf	$	104.1	$	51.1	$	40.1	$	195.3
Construction and forestry		89.7		43.2		34.3		167.2
Revolving charge accounts:
Agriculture and turf		16.4		9.7		25.4		51.5
Construction and forestry		2.9		1.6		.7		5.2
Wholesale receivables:
Agriculture and turf		3.0		1.8		2.1		6.9
Construction and forestry		.6						.6
Financing leases:
Agriculture and turf		12.7		3.2		.9		16.8
Construction and forestry		2.2		1.2		.7		4.1
Total Receivables	$	231.6	$	111.8	$	104.2	$	447.6

	Total		Total Non-				Total
	Past Due		Performing		Current		Receivables
Retail notes:
Agriculture and turf	$	195.3	$	70.6	$	13,917.1	$	14,183.0
Construction and forestry		167.2		28.8		2,528.0		2,724.0
Revolving charge accounts:
Agriculture and turf		51.5		1.5		3,015.3		3,068.3
Construction and forestry		5.2		.1		78.9		84.2
Wholesale receivables:
Agriculture and turf		6.9		5.9		7,552.2		7,565.0
Construction and forestry		.6				1,564.1		1,564.7
Financing leases:
Agriculture and turf		16.8		9.3		494.8		520.9
Construction and forestry		4.1		1.0		140.8		145.9
Total Receivables	$	447.6	$	117.2	$	29,291.2	$	29,856.0

	October 29, 2017
					90 Days
	30-59 Days		60-89 Days		or Greater		Total
	Past Due		Past Due		Past Due		Past Due
Retail notes:
Agriculture and turf	$	106.2	$	48.3	$	45.3	$	199.8
Construction and forestry		73.0		31.9		39.2		144.1
Revolving charge accounts:
Agriculture and turf		15.4		5.6		2.3		23.3
Construction and forestry		2.9		1.1		.3		4.3
Wholesale receivables:
Agriculture and turf		4.5		1.6		2.4		8.5
Construction and forestry		.1		.1		.1		.3
Financing leases:
Agriculture and turf		8.9		7.5		3.6		20.0
Construction and forestry		.5		1.1		.1		1.7
Total Receivables	$	211.5	$	97.2	$	93.3	$	402.0

	Total		Total Non-				Total
	Past Due		Performing		Current		Receivables
Retail notes:
Agriculture and turf	$	199.8	$	63.1	$	14,379.9	$	14,642.8
Construction and forestry		144.1		24.2		2,403.5		2,571.8
Revolving charge accounts:
Agriculture and turf		23.3		1.8		3,458.7		3,483.8
Construction and forestry		4.3				84.5		88.8
Wholesale receivables:
Agriculture and turf		8.5		10.8		5,469.6		5,488.9
Construction and forestry		.3				1,405.1		1,405.4
Financing leases:
Agriculture and turf		20.0		6.2		541.3		567.5
Construction and forestry		1.7		1.7		143.3		146.7
Total Receivables	$	402.0	$	107.8	$	27,885.9	$	28,395.7

	April 30, 2017
					90 Days
	30-59 Days		60-89 Days		or Greater		Total
	Past Due		Past Due		Past Due		Past Due
Retail notes:
Agriculture and turf	$	104.8	$	65.9	$	59.2	$	229.9
Construction and forestry		77.5		43.7		32.9		154.1
Revolving charge accounts:
Agriculture and turf		19.9		7.5		24.4		51.8
Construction and forestry		2.4		.8		.6		3.8
Wholesale receivables:
Agriculture and turf		2.2		1.9		1.1		5.2
Construction and forestry						1.5		1.5
Financing leases:
Agriculture and turf		13.6		2.9		2.2		18.7
Construction and forestry		3.0		.9		.9		4.8
Total Receivables	$	223.4	$	123.6	$	122.8	$	469.8

	Total		Total Non-				Total
	Past Due		Performing		Current		Receivables
Retail notes:
Agriculture and turf	$	229.9	$	80.9	$	13,768.3	$	14,079.1
Construction and forestry		154.1		24.0		2,352.2		2,530.3
Revolving charge accounts:
Agriculture and turf		51.8		2.3		2,854.6		2,908.7
Construction and forestry		3.8				78.2		82.0
Wholesale receivables:
Agriculture and turf		5.2		.2		6,385.5		6,390.9
Construction and forestry		1.5				1,155.7		1,157.2
Financing leases:
Agriculture and turf		18.7		6.1		419.0		443.8
Construction and forestry		4.8		2.0		145.7		152.5
Total Receivables	$	469.8	$	115.5	$	27,159.2	$	27,744.5

Analysis of the Allowance for Credit Losses and Investment in Receivables

An analysis of the allowance for credit losses and investment in Receivables was as follows (in millions of dollars):

	Three Months Ended
	April 29, 2018
			Revolving
	Retail		Charge		Wholesale		Financing		Total
	Notes		Accounts		Receivables		Leases		Receivables
Allowance:
Beginning of period balance	$	55.8	$	39.7	$	10.2	$	8.4	$	114.1
Provision for credit losses		3.7		8.8		.3		.5		13.3
Write-offs		(4.7)		(14.3)		(.4)		(.6)		(20.0)
Recoveries		2.0		5.5				.2		7.7
Translation adjustments		(.2)				(.2)		.1		(.3)
End of period balance	$	56.6	$	39.7	$	9.9	$	8.6	$	114.8

	Six Months Ended
	April 29, 2018
			Revolving
	Retail		Charge		Wholesale		Financing		Total
	Notes		Accounts		Receivables		Leases		Receivables
Allowance:
Beginning of period balance	$	55.7	$	39.7	$	9.9	$	8.5	$	113.8
Provision for credit losses		6.0		8.4		.4		1.3		16.1
Write-offs		(9.9)		(18.9)		(.5)		(1.5)		(30.8)
Recoveries		4.6		10.6				.3		15.5
Translation adjustments		.2		(.1)		.1				.2
End of period balance	$	56.6	$	39.7	$	9.9	$	8.6	$	114.8
Balance individually evaluated *	$	.1			$	2.5	$	.1	$	2.7
Receivables:
End of period balance	$	16,907.0	$	3,152.5	$	9,129.7	$	666.8	$	29,856.0
Balance individually evaluated *	$	45.8	$	1.1	$	10.3	$	.2	$	57.4

*    Remainder is collectively evaluated.

	Three Months Ended
	April 30, 2017
			Revolving
	Retail		Charge		Wholesale		Financing		Total
	Notes		Accounts		Receivables		Leases		Receivables
Allowance:
Beginning of period balance	$	54.7	$	39.7	$	7.0	$	8.5	$	109.9
Provision for credit losses		8.2		15.0				1.4		24.6
Write-offs		(10.7)		(17.1)				(1.5)		(29.3)
Recoveries		2.8		4.8				.1		7.7
Translation adjustments								.1		.1
End of period balance	$	55.0	$	42.4	$	7.0	$	8.6	$	113.0

	Six Months Ended
	April 30, 2017
			Revolving
	Retail		Charge		Wholesale		Financing		Total
	Notes		Accounts		Receivables		Leases		Receivables
Allowance:
Beginning of period balance	$	56.3	$	39.7	$	7.2	$	8.5	$	111.7
Provision for credit losses		13.1		12.8				2.4		28.3
Write-offs		(18.1)		(20.2)		(.1)		(2.6)		(41.0)
Recoveries		3.7		10.1				.2		14.0
Translation adjustments						(.1)		.1
End of period balance	$	55.0	$	42.4	$	7.0	$	8.6	$	113.0
Balance individually evaluated *	$	.6	$	2.6			$	.2	$	3.4
Receivables:
End of period balance	$	16,609.4	$	2,990.7	$	7,548.1	$	596.3	$	27,744.5
Balance individually evaluated *	$	83.0	$	4.2	$	1.7	$	.6	$	89.5

*    Remainder is collectively evaluated.

Analysis of Impaired Receivables

An analysis of impaired Receivables was as follows (in millions of dollars):

			Unpaid				Average
	Recorded		Principal		Specific		Recorded
	Investment		Balance		Allowance		Investment
April 29, 2018 *
Receivables with specific allowance:
Retail notes	$	.8	$	.8	$	.1	$	.9
Wholesale receivables		6.7		6.7		2.5		8.1
Financing leases		.2		.2		.1		.2
Total with specific allowance		7.7		7.7		2.7		9.2
Receivables without specific allowance:
Retail notes		25.7		25.6				26.6
Wholesale receivables		1.9		1.8				4.2
Total without specific allowance		27.6		27.4				30.8
Total	$	35.3	$	35.1	$	2.7	$	40.0
Agriculture and turf	$	29.4	$	29.2	$	2.6	$	33.8
Construction and forestry		5.9		5.9		.1		6.2
Total	$	35.3	$	35.1	$	2.7	$	40.0
October 29, 2017 *
Receivables with specific allowance:
Retail notes	$	2.2	$	2.1	$	.6	$	2.2
Wholesale receivables		11.7		11.7		2.6		11.0
Total with specific allowance		13.9		13.8		3.2		13.2
Receivables without specific allowance:
Retail notes		18.3		18.0				14.0
Wholesale receivables		9.0		9.0				2.3
Total without specific allowance		27.3		27.0				16.3
Total	$	41.2	$	40.8	$	3.2	$	29.5
Agriculture and turf	$	36.0	$	35.6	$	3.2	$	23.9
Construction and forestry		5.2		5.2				5.6
Total	$	41.2	$	40.8	$	3.2	$	29.5
April 30, 2017 *
Receivables with specific allowance:
Retail notes	$	4.8	$	4.6	$	.6	$	5.0
Revolving charge accounts		2.6		2.6		2.6		2.6
Financing leases		.5		.5		.2		.5
Total with specific allowance		7.9		7.7		3.4		8.1
Receivables without specific allowance:
Retail notes		9.8		9.7				11.2
Wholesale receivables		.2		.2				.2
Total without specific allowance		10.0		9.9				11.4
Total	$	17.9	$	17.6	$	3.4	$	19.5
Agriculture and turf	$	12.0	$	11.9	$	2.9	$	13.1
Construction and forestry		5.9		5.7		.5		6.4
Total	$	17.9	$	17.6	$	3.4	$	19.5

*    Finance income recognized was not material.