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RECEIVABLES (Tables) | 12 Months Ended
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Oct. 31, 2014
Accounts, Notes, Loans and Financing Receivable |
Schedule of Financing Receivable Installments | Financing receivable installments, including unearned finance income, at October 31 are scheduled as follows in millions of dollars:
|  | 2014 |  | 2013 |
|  | Unrestricted/Securitized |  | Unrestricted/Securitized |
Due in months: |  |  |  |  |  |  |  |  |
0 – 12 |  | $ | 14,357 |  | $ | 1,878 |  | $ | 13,343 |  | $ | 1,663 |
13 – 24 |  | 5,254 |  | 1,331 |  | 4,879 |  | 1,177 |
25 – 36 |  | 4,053 |  | 880 |  | 3,750 |  | 808 |
37 – 48 |  | 2,819 |  | 457 |  | 2,620 |  | 422 |
49 – 60 |  | 1,575 |  | 120 |  | 1,610 |  | 130 |
Thereafter |  | 414 |  | 6 |  | 396 |  | 9 |
Total |  | $ | 28,472 |  | $ | 4,672 |  | $ | 26,598 |  | $ | 4,209 |
Age Analysis of Past Due Financing Receivables Still Accruing Interest and Non-Performing Financing Receivables | An age analysis of past due financing receivables that are still accruing interest and non-performing financing receivables at October 31, 2014 follows in millions of dollars:
|  | 30-59 |  | 60-89 |  | 90 Days |  |  |
|  | Days |  | Days |  | or Greater |  | Total |
|  | Past Due |  | Past Due |  | Past Due |  | Past Due |
Retail Notes: |  |  |  |  |  |  |  |  |
Agriculture and turf |  | $ | 93 |  | $ | 34 |  | $ | 28 |  | $ | 155 |
Construction and forestry |  | 54 |  | 16 |  | 7 |  | 77 |
Other: |  |  |  |  |  |  |  |  |
Agriculture and turf |  | 23 |  | 12 |  | 2 |  | 37 |
Construction and forestry |  | 12 |  | 3 |  | 4 |  | 19 |
Total |  | $ | 182 |  | $ | 65 |  | $ | 41 |  | $ | 288 |
|  |  |  | Total |  |  |  | Total |
|  | Total |  | Non- |  |  |  | Financing |
|  | Past Due |  | Performing |  | Current |  | Receivables |
Retail Notes: |  |  |  |  |  |  |  |  |
Agriculture and turf |  | $ | 155 |  | $ | 107 |  | $ | 19,966 |  | $ | 20,228 |
Construction and forestry |  | 77 |  | 17 |  | 2,462 |  | 2,556 |
Other: |  |  |  |  |  |  |  |  |
Agriculture and turf |  | 37 |  | 15 |  | 8,208 |  | 8,260 |
Construction and forestry |  | 19 |  | 2 |  | 1,134 |  | 1,155 |
Total |  | $ | 288 |  | $ | 141 |  | $ | 31,770 |  | 32,199 |
Less allowance for credit losses |  |  |  |  |  |  |  | 175 |
Total financing receivables - net |  |  |  |  |  |  |  | $ | 32,024 |
An age analysis of past due financing receivables that are still accruing interest and non-performing financing receivables at October 31, 2013 follows in millions of dollars:
|  | 30-59 |  | 60-89 |  | 90 Days |  |  |
|  | Days |  | Days |  | or Greater |  | Total |
|  | Past Due |  | Past Due |  | Past Due |  | Past Due |
Retail Notes: |  |  |  |  |  |  |  |  |
Agriculture and turf |  | $ | 75 |  | $ | 26 |  | $ | 20 |  | $ | 121 |
Construction and forestry |  | 39 |  | 14 |  | 9 |  | 62 |
Other: |  |  |  |  |  |  |  |  |
Agriculture and turf |  | 28 |  | 9 |  | 5 |  | 42 |
Construction and forestry |  | 12 |  | 4 |  | 3 |  | 19 |
Total |  | $ | 154 |  | $ | 53 |  | $ | 37 |  | $ | 244 |
|  |  |  | Total |  |  |  | Total |
|  | Total |  | Non- |  |  |  | Financing |
|  | Past Due |  | Performing |  | Current |  | Receivables |
Retail Notes: |  |  |  |  |  |  |  |  |
Agriculture and turf |  | $ | 121 |  | $ | 102 |  | $ | 18,942 |  | $ | 19,165 |
Construction and forestry |  | 62 |  | 12 |  | 1,921 |  | 1,995 |
Other: |  |  |  |  |  |  |  |  |
Agriculture and turf |  | 42 |  | 13 |  | 7,613 |  | 7,668 |
Construction and forestry |  | 19 |  | 3 |  | 1,109 |  | 1,131 |
Total |  | $ | 244 |  | $ | 130 |  | $ | 29,585 |  | 29,959 |
Less allowance for credit losses |  |  |  |  |  |  |  | 173 |
Total financing receivables - net |  |  |  |  |  |  |  | $ | 29,786 |
Analysis of the Allowance for Credit Losses and Investment in Financing Receivables | An analysis of the allowance for credit losses and investment in financing receivables follows in millions of dollars:
|  |  |  | Revolving |  |  |  |  |
|  | Retail |  | Charge |  |  |  |  |
|  | Notes |  | Accounts |  | Other |  | Total |
2014 |  |  |  |  |  |  |  |  |
Allowance: |  |  |  |  |  |  |  |  |
Beginning of year balance |  | $ | 101 |  | $ | 41 |  | $ | 31 |  | $ | 173 |
Provision |  | 18 |  | 11 |  | 2 |  | 31 |
Write-offs |  | (16) |  | (26) |  | (7) |  | (49) |
Recoveries |  | 11 |  | 15 |  |  |  | 26 |
Translation adjustments |  | (5) |  |  |  | (1) |  | (6) |
End of year balance* |  | $ | 109 |  | $ | 41 |  | $ | 25 |  | $ | 175 |
Financing receivables: |  |  |  |  |  |  |  |  |
End of year balance |  | $ | 22,784 |  | $ | 2,603 |  | $ | 6,812 |  | $ | 32,199 |
Balance individually evaluated |  | $ | 26 |  |  |  | $ | 1 |  | $ | 27 |
* Individual allowances were not significant.
2013 |  |  |  |  |  |  |  |  |
Allowance: |  |  |  |  |  |  |  |  |
Beginning of year balance |  | $ | 110 |  | $ | 40 |  | $ | 27 |  | $ | 177 |
Provision (credit) |  | (2) |  | 5 |  | 7 |  | 10 |
Write-offs |  | (11) |  | (21) |  | (3) |  | (35) |
Recoveries |  | 9 |  | 17 |  | 1 |  | 27 |
Translation adjustments |  | (5) |  |  |  | (1) |  | (6) |
End of year balance* |  | $ | 101 |  | $ | 41 |  | $ | 31 |  | $ | 173 |
Financing receivables: |  |  |  |  |  |  |  |  |
End of year balance |  | $ | 21,160 |  | $ | 2,593 |  | $ | 6,206 |  | $ | 29,959 |
Balance individually evaluated |  | $ | 21 |  |  |  |  | $ | 33 |  | $ | 54 |
* Individual allowances were not significant.
|  |  |  | Revolving |  |  |  |  |
|  | Retail |  | Charge |  |  |  |  |
|  | Notes |  | Accounts |  | Other |  | Total |
2012 |  |  |  |  |  |  |  |  |
Allowance: |  |  |  |  |  |  |  |  |
Beginning of year balance |  | $ | 130 |  | $ | 40 |  | $ | 27 |  | $ | 197 |
Provision (credit) |  | (12) |  | 8 |  | 3 |  | (1) |
Write-offs |  | (8) |  | (30) |  | (4) |  | (42) |
Recoveries |  | 10 |  | 22 |  | 1 |  | 33 |
Translation adjustments |  | (10) |  |  |  |  |  | (10) |
End of year balance* |  | $ | 110 |  | $ | 40 |  | $ | 27 |  | $ | 177 |
Financing receivables: |  |  |  |  |  |  |  |  |
End of year balance |  | $ | 18,251 |  | $ | 2,488 |  | $ | 5,215 |  | $ | 25,954 |
Balance individually evaluated |  | $ | 11 |  | $ | 1 |  | $ | 1 |  | $ | 13 |
* Individual allowances were not significant.
Analysis of the Impaired Financing Receivables | An analysis of the impaired financing receivables at October 31 follows in millions of dollars:
|  |  |  | Unpaid |  |  |  | Average
|  | Recorded |  | Principal |  | Specific |  | Recorded
|  | Investment |  | Balance |  | Allowance |  | Investment
2014* |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Receivables with specific allowance*** |  |  | $ | 9 |  |  |  | $ | 9 |  |  |  | $ | 2 |  |  |  | $ | 10 |
Receivables without a specific allowance*** |  |  | 6 |  |  |  | 6 |  |  |  |  |  |  |  | 7 |
Total |  |  | $ | 15 |  |  |  | $ | 15 |  |  |  | $ | 2 |  |  |  | $ | 17 |
Agriculture and turf |  |  | $ | 12 |  |  |  | $ | 12 |  |  |  | $ | 2 |  |  |  | $ | 13 |
Construction and forestry |  |  | $ | 3 |  |  |  | $ | 3 |  |  |  |  |  |  |  | $ | 4 |
|  |  |  | Unpaid |  |  |  | Average
|  | Recorded |  | Principal |  | Specific |  | Recorded
|  | Investment |  | Balance |  | Allowance |  | Investment
2013* |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Receivables with specific allowance** |  |  | $ | 18 |  |  |  | $ | 18 |  |  |  | $ | 4 |  |  |  | $ | 19 |
Receivables without a specific allowance*** |  |  | 8 |  |  |  | 8 |  |  |  |  |  |  |  | 8 |
Total |  |  | $ | 26 |  |  |  | $ | 26 |  |  |  | $ | 4 |  |  |  | $ | 27 |
Agriculture and turf |  |  | $ | 23 |  |  |  | $ | 23 |  |  |  | $ | 4 |  |  |  | $ | 24 |
Construction and forestry |  |  | $ | 3 |  |  |  | $ | 3 |  |  |  |  |  |  |  | $ | 3 |
* Finance income recognized was not material. ** Primarily operating loans and retail notes. ***Primarily retail notes.
Schedule of Other Receivables | Other receivables at October 31 consisted of the following in millions of dollars:
|  | 2014 |  | 2013 |
Taxes receivable |  | $ | 697 |  | $ | 868 |
Reinsurance receivables |  | 502 |  | 351 |
Insurance premium receivables |  | 23 |  | 24 |
Other |  | 278 |  | 221 |
Other receivables |  | $ | 1,500 |  | $ | 1,464 |
Trade Accounts and Notes Receivable |
Accounts, Notes, Loans and Financing Receivable |
Schedule of Trade Accounts and Notes Receivable, Financing Receivables, and Financing Receivables Related to the Sale of Equipment | Trade accounts and notes receivable at October 31 consisted of the following in millions of dollars:
|  | 2014 |  | 2013 |
Trade accounts and notes: |  |  |  |  |
Agriculture and turf |  | $ | 2,633 |  | $ | 3,127 |
Construction and forestry |  | 645 |  | 631 |
Trade accounts and notes receivable–net |  | $ | 3,278 |  | $ | 3,758 |
Financing Receivables |
Accounts, Notes, Loans and Financing Receivable |
Schedule of Trade Accounts and Notes Receivable, Financing Receivables, and Financing Receivables Related to the Sale of Equipment | Financing receivables at October 31 consisted of the following in millions of dollars:
|  | 2014 |  | 2013 |
|  | Unrestricted/Securitized |  | Unrestricted/Securitized |
Retail notes: |  |  |  |  |  |  |  |  |
Equipment: |  |  |  |  |  |  |  |  |
Agriculture and turf |  | $ | 16,970 |  | $ | 3,975 |  | $ | 16,209 |  | $ | 3,602 |
Construction and forestry |  | 1,951 |  | 697 |  | 1,449 |  | 607 |
Total |  | 18,921 |  | 4,672 |  | 17,658 |  | 4,209 |
Wholesale notes |  | 5,390 |  |  |  | 4,802 |  |  |
Revolving charge accounts |  | 2,603 |  |  |  | 2,593 |  |  |
Financing leases (direct and sales-type) |  | 1,558 |  |  |  | 1,513 |  |  |
Operating loans |  |  |  |  |  | 32 |  |  |
Total financing receivables |  | 28,472 |  | 4,672 |  | 26,598 |  | 4,209 |
Less: |  |  |  |  |  |  |  |  |
Unearned finance income: |  |  |  |  |  |  |  |  |
Equipment notes |  | 753 |  | 56 |  | 665 |  | 42 |
Financing leases |  | 136 |  |  |  | 141 |  |  |
Total |  | 889 |  | 56 |  | 806 |  | 42 |
Allowance for credit losses |  | 161 |  | 14 |  | 159 |  | 14 |
Financing receivables – net |  | $ | 27,422 |  | $ | 4,602 |  | $ | 25,633 |  | $ | 4,153 |
Financing Receivables | Related to Sales of Equipment |
Accounts, Notes, Loans and Financing Receivable |
Schedule of Trade Accounts and Notes Receivable, Financing Receivables, and Financing Receivables Related to the Sale of Equipment | Financing receivables at October 31 related to the company’s sales of equipment that were included in the table above consisted of the following in millions of dollars:
|  | 2014 |  | 2013 |
|  | Unrestricted |  | Unrestricted |
Retail notes*: |  |  |  |  |
Equipment: |  |  |  |  |
Agriculture and turf |  | $ | 2,125 |  | $ | 2,042 |
Construction and forestry |  | 403 |  | 364 |
Total |  | 2,528 |  | 2,406 |
Wholesale notes |  | 5,390 |  | 4,802 |
Sales-type leases |  | 844 |  | 826 |
Total |  | $ | 8,762 |  | $ | 8,034 |
* These retail notes generally arise from sales of equipment by company-owned dealers or through direct sales.
|  | 2014 |  | 2013 |
|  | Unrestricted |  | Unrestricted |
Less: |  |  |  |  |
Unearned finance income: |  |  |  |  |
Equipment notes |  | $ | 212 |  | $ | 191 |
Sales-type leases |  | 57 |  | 58 |
Total |  | 269 |  | 249 |
Financing receivables related to the company’s sales of equipment |  | $ | 8,493 |  | $ | 7,785 |

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