Fair Value Measurements (Tables)

6 Months Ended

Apr. 28, 2019

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


	April 28, 2019				October 28, 2018				April 29, 2018
	Carrying		Fair		Carrying		Fair		Carrying		Fair
	Value		Value *		Value		Value *		Value		Value *
Receivables financed – net	$	27,822.5	$	27,765.7	$	26,594.7	$	26,390.4	$	25,418.0	$	25,259.1
Retail notes securitized – net		4,754.7		4,726.6		3,945.3		3,894.6		4,323.2		4,272.5
Securitization borrowings		4,643.9		4,652.5		3,881.7		3,869.5		4,287.9		4,273.9
Current maturities of long-term borrowings		4,629.7		4,619.4		4,587.6		4,577.8		5,664.8		5,665.7
Long-term borrowings		19,705.9		19,924.3		19,432.2		19,535.8		17,596.9		17,661.7

* 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):


	April 28		October 28		April 29
	2019		2018		2018
Marketable securities
International debt securities	$	4.0
Receivables from John Deere
Derivatives:
Interest rate contracts		112.4	$	55.9	$	70.2
Cross-currency interest rate contracts		1.1		3.4		3.0
Other assets
Derivatives:
Interest rate contracts		.1		.4		.9
Foreign exchange contracts		36.6		22.0		30.1
Total assets *	$	154.2	$	81.7	$	104.2

Other payables to John Deere
Derivatives:
Interest rate contracts	$	142.4	$	342.4	$	341.0
Cross-currency interest rate contracts		2.2		.1		1.6
Accounts payable and accrued expenses
Derivatives:
Foreign exchange contracts		4.5		1.4
Total liabilities	$	149.1	$	343.9	$	342.6

* 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.