Receivables (Tables)

3 Months Ended

Jan. 26, 2025

Receivables

Accrued finance income and lease revenue reversed on non-performing Receivables, and finance income and lease revenue recognized from cash payments on non-performing Receivables

Accrued finance income and lease revenue reversed on non-performing Receivables, and finance income and lease revenue recognized from cash payments on non-performing Receivables were as follows:

	Three Months Ended
	January 26		January 28
	2025		2024
Accrued finance income and lease revenue reversed	$	13.4	$	6.7
Finance income and lease revenue recognized on cash payments		11.2		5.9

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:

	Three Months Ended January 26, 2025
	Retail Notes		Revolving
	& Financing		Charge		Wholesale		Total
	Leases		Accounts		Receivables		Receivables
Allowance for credit losses:
Beginning of period balance	$	192.4	$	7.6	$	27.5	$	227.5
Provision (credit) for credit losses*		62.3		1.9		(3.6)		60.6
Write-offs		(42.4)		(12.5)		(.2)		(55.1)
Recoveries		2.2		8.7				10.9
Translation adjustments		(.3)				(1.6)		(1.9)
End of period balance	$	214.2	$	5.7	$	22.1	$	242.0
Receivables:
End of period balance	$	34,423.0	$	3,220.2	$	12,783.2	$	50,426.4

	Three Months Ended January 28, 2024
	Retail Notes		Revolving
	& Financing		Charge		Wholesale		Total
	Leases		Accounts		Receivables		Receivables
Allowance for credit losses:
Beginning of period balance	$	114.9	$	20.4	$	11.1	$	146.4
Provision (credit) for credit losses*		22.8		(2.0)		(.4)		20.4
Write-offs		(24.3)		(10.7)				(35.0)
Recoveries		1.7		7.6				9.3
Translation adjustments						(1.5)		(1.5)
End of period balance	$	115.1	$	15.3	$	9.2	$	139.6
Receivables:
End of period balance	$	33,385.1	$	2,925.5	$	14,542.8	$	50,853.4

^* Excludes provision (credit) for credit losses on unfunded commitments of $(.2) and $.6 for the three months ended January 26, 2025 and January 28, 2024, respectively. The estimated credit losses related to unfunded commitments are recorded in “Accounts payable and accrued expenses.”

Ending Amortized Cost and Performance of Receivables Modified

We continue to monitor the performance of Receivables that are modified with borrowers experiencing financial difficulty. The ending amortized cost and performance of Receivables modified during the prior twelve months ended January 26, 2025 and January 28, 2024 were as follows:

	January 26		January 28
	2025		2024*
Current	$	63.9	$	8.6
30-59 days past due		6.6		.1
60-89 days past due		4.0
90+ days past due		3.0
Non-performing		13.1		.6
Total	$	90.6	$	9.3

^*  In accordance with the adoption date of the accounting modification guidance, this period includes Receivables modified during the prior three months.

Customer Receivables

Receivables

Credit Quality and Aging Analysis

The credit quality and aging analysis of Customer Receivables by year of origination was as follows:

	January 26, 2025
	2025		2024		2023		2022		2021		Prior Years		Revolving Charge Accounts		Total
Customer Receivables:
Agriculture and turf
Current	$	2,152.3	$	11,464.4	$	6,777.2	$	4,157.4	$	2,226.8	$	832.9	$	2,948.5	$	30,559.5
30-59 days past due		7.5		101.9		81.8		45.3		23.6		10.8		125.7		396.6
60-89 days past due		.3		38.4		33.0		17.2		9.3		4.6		23.3		126.1
90+ days past due				2.2		.8		.3		3.4		.4				7.1
Non-performing				42.1		112.8		74.5		40.0		30.2		14.1		313.7
Construction and forestry
Current		803.9		2,392.2		1,381.0		742.0		292.8		59.3		99.6		5,770.8
30-59 days past due		6.5		65.1		37.5		24.4		10.2		2.3		5.3		151.3
60-89 days past due				26.8		17.1		9.5		4.0		1.3		2.5		61.2
90+ days past due				.8		.1		.2				.2				1.3
Non-performing				61.4		93.7		53.5		32.3		13.5		1.2		255.6
Total Customer Receivables	$	2,970.5	$	14,195.3	$	8,535.0	$	5,124.3	$	2,642.4	$	955.5	$	3,220.2	$	37,643.2
Write-offs for the three months ended January 26, 2025:
Agriculture and turf			$	4.5	$	8.4	$	4.8	$	1.6	$	2.2	$	10.0	$	31.5
Construction and forestry				7.8		7.5		3.9		1.3		.4		2.5		23.4
Total			$	12.3	$	15.9	$	8.7	$	2.9	$	2.6	$	12.5	$	54.9

	October 27, 2024
	2024		2023		2022		2021		2020		Prior Years		Revolving Charge Accounts		Total
Customer Receivables:
Agriculture and turf
Current	$	12,957.7	$	7,528.9	$	4,715.5	$	2,633.1	$	915.6	$	232.8	$	4,351.5	$	33,335.1
30-59 days past due		39.5		93.3		49.2		25.2		10.6		3.6		39.2		260.6
60-89 days past due		18.4		43.7		16.7		8.8		7.0		1.9		12.3		108.8
90+ days past due		.4		.9		.3		2.2		.2						4.0
Non-performing		22.2		84.9		69.9		40.4		18.4		11.7		13.9		261.4
Construction and forestry
Current		2,636.0		1,564.0		893.1		380.1		83.2		41.9		114.2		5,712.5
30-59 days past due		49.4		41.3		23.2		9.8		2.5		1.5		4.0		131.7
60-89 days past due		20.0		23.5		8.2		5.8		1.5		.3		1.8		61.1
90+ days past due		.4		.5		.1		.2		.2						1.4
Non-performing		38.2		89.4		64.5		30.6		8.5		3.8		1.9		236.9
Total Customer Receivables	$	15,782.2	$	9,470.4	$	5,840.7	$	3,136.2	$	1,047.7	$	297.5	$	4,538.8	$	40,113.5
Write-offs for the twelve months ended October 27, 2024:
Agriculture and turf	$	4.0	$	29.2	$	23.5	$	10.3	$	9.9	$	3.1	$	86.0	$	166.0
Construction and forestry		8.2		33.4		23.4		10.3		4.7		2.5		7.8		90.3
Total	$	12.2	$	62.6	$	46.9	$	20.6	$	14.6	$	5.6	$	93.8	$	256.3

	January 28, 2024
	2024		2023		2022		2021		2020		Prior Years		Revolving Charge Accounts		Total
Customer Receivables:
Agriculture and turf
Current	$	2,740.5	$	11,557.0	$	6,550.6	$	3,954.2	$	1,692.4	$	667.3	$	2,719.3	$	29,881.3
30-59 days past due		4.5		105.0		58.5		40.8		18.8		10.0		69.7		307.3
60-89 days past due		.5		45.9		19.3		12.7		6.1		4.3		15.8		104.6
90+ days past due				1.1		.5		3.0		4.4		.3				9.3
Non-performing		.3		39.1		78.6		48.7		26.9		24.8		10.4		228.8
Construction and forestry
Current		677.8		2,156.0		1,400.8		716.3		216.8		94.0		101.2		5,362.9
30-59 days past due		7.2		64.9		35.5		24.1		7.8		3.3		5.3		148.1
60-89 days past due		.4		24.2		19.2		11.7		5.7		2.8		2.2		66.2
90+ days past due						.2						.2				.4
Non-performing				55.3		74.8		44.6		17.9		7.5		1.6		201.7
Total Customer Receivables	$	3,431.2	$	14,048.5	$	8,238.0	$	4,856.1	$	1,996.8	$	814.5	$	2,925.5	$	36,310.6
Write-offs for the three months ended January 28, 2024:
Agriculture and turf			$	1.5	$	2.9	$	1.8	$	3.6	$	.6	$	8.8	$	19.2
Construction and forestry	$	.2		5.5		4.5		2.2		.8		.7		1.9		15.8
Total	$	.2	$	7.0	$	7.4	$	4.0	$	4.4	$	1.3	$	10.7	$	35.0

Wholesale Receivables

Receivables

Credit Quality and Aging Analysis

The credit quality and aging analysis of wholesale receivables was as follows:

	January 26		October 27		January 28
		2025		2024		2024
Wholesale receivables:
Agriculture and turf
Current	$	9,791.4	$	10,439.1	$	10,924.9
30-59 days past due		6.4		4.5		9.8
60-89 days past due		7.9		4.2		17.4
90+ days past due		9.3		10.2		34.7
Non-performing		29.0		35.3		5.8
Construction and forestry
Current		2,917.3		3,599.9		3,533.5
30-59 days past due		4.1		8.1		4.5
60-89 days past due		4.1		5.1		2.2
90+ days past due		13.7		7.7		10.0
Total wholesale receivables	$	12,783.2	$	14,114.1	$	14,542.8