Fair Value Measurements (Tables)

3 Months Ended

Jan. 27, 2019

The fair values of financial instruments that do not approximate the carrying values were as follows (in millions of dollars):


	January 27, 2019				October 28, 2018				January 28, 2018
	Carrying		Fair		Carrying		Fair		Carrying		Fair
	Value		Value *		Value		Value *		Value		Value *
Receivables financed – net	$	25,536.7	$	25,408.9	$	26,594.7	$	26,390.4	$	23,426.9	$	23,266.2
Retail notes securitized – net		4,495.8		4,454.4		3,945.3		3,894.6		4,349.1		4,303.3
Securitization borrowings		4,397.1		4,391.1		3,881.7		3,869.5		4,302.5		4,293.4
Current maturities of long-term borrowings		4,330.7		4,322.4		4,587.6		4,577.8		5,321.9		5,335.9
Long-term borrowings		19,575.0		19,663.9		19,432.2		19,535.8		17,520.2		17,729.8

* Fair value measurements above were Level 3 for all Receivables and Level 2 for all borrowings.

Assets and Liabilities Measured at Fair Value as Level 2 Measurements on a Recurring Basis

Assets and liabilities measured at fair value as Level 2 measurements on a recurring basis were as follows (in millions of dollars):


	January 27		October 28		January 28
	2019		2018		2018
Marketable securities
International debt securities	$	4.0
Receivables from John Deere
Derivatives:
Interest rate contracts		65.3	$	55.9	$	64.7
Cross-currency interest rate contracts		1.6		3.4		3.5
Other assets
Derivatives:
Interest rate contracts		.2		.4		9.5
Foreign exchange contracts		11.1		22.0
Total assets *	$	82.2	$	81.7	$	77.7

Other payables to John Deere
Derivatives:
Interest rate contracts	$	225.0	$	342.4	$	245.0
Cross-currency interest rate contracts		2.0		.1		2.0
Accounts payable and accrued expenses
Derivatives:
Foreign exchange contracts		12.3		1.4		40.9
Total liabilities	$	239.3	$	343.9	$	287.9

* Excluded from this table were the Company’s cash equivalents, which were carried at cost that approximates fair value. The cash equivalents consist primarily of time deposits and money market funds.