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FINANCING RECEIVABLES (Tables) | 6 Months Ended
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Apr. 30, 2014
Financing Receivables |
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 in millions of dollars follows:
|  | April 30, 2014 |
|  | 30-59 Days Past Due |  | 60-89 Days Past Due |  | 90 Days or Greater Past Due |  | Total Past Due |
Retail Notes: |  |  |  |  |  |  |  |  |
Agriculture and turf |  | $ | 89 |  | $ | 31 |  |  | $ | 28 |  | $ | 148 |
Construction and forestry |  | 57 |  | 19 |  |  | 12 |  | 88 |
Other: |  |  |  |  |  |  |  |  |  |
Agriculture and turf |  | 24 |  | 13 |  |  | 17 |  | 54 |
Construction and forestry |  | 15 |  | 5 |  |  | 3 |  | 23 |
Total |  | $ | 185 |  | $ | 68 |  |  | $ | 60 |  | $ | 313 |
|  | Total Past Due |  | Total Non- Performing |  | Current |  | Total Financing Receivables |
Retail Notes: |  |  |  |  |  |  |  |  |
Agriculture and turf |  | $ | 148 |  | $ | 102 |  |  | $ | 19,027 |  | $ | 19,277 |
Construction and forestry |  | 88 |  | 14 |  |  | 2,113 |  | 2,215 |
Other: |  |  |  |  |  |  |  |  |  |
Agriculture and turf |  | 54 |  | 17 |  |  | 7,335 |  | 7,406 |
Construction and forestry |  | 23 |  | 4 |  |  | 1,088 |  | 1,115 |
Total |  | $ | 313 |  | $ | 137 |  |  | $ | 29,563 |  |  | 30,013 |
Less allowance for credit losses |  |  |  |  |  |  |  |  |  |  |  |  | 171 |
Total financing receivables - net |  |  |  |  |  |  |  |  |  |  |  | $ | 29,842 |
|  | October 31, 2013 |
|  | 30-59 Days Past Due |  | 60-89 Days Past Due |  | 90 Days or Greater Past Due |  | Total 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 Past Due |  | Total Non-Performing |  | Current |  | Total Financing 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 |
|  | April 30, 2013 |
|  | 30-59 Days Past Due |  | 60-89 Days Past Due |  | 90 Days or Greater Past Due |  | Total Past Due |
Retail Notes: |  |  |  |  |  |  |  |  |
Agriculture and turf |  | $ | 60 |  | $ | 25 |  |  | $ | 19 |  | $ | 104 |
Construction and forestry |  | 44 |  | 17 |  |  | 5 |  | 66 |
Other: |  |  |  |  |  |  |  |  |  |
Agriculture and turf |  | 22 |  | 10 |  |  | 7 |  | 39 |
Construction and forestry |  | 8 |  | 4 |  |  | 4 |  | 16 |
Total |  | $ | 134 |  | $ | 56 |  |  | $ | 35 |  | $ | 225 |
|  | Total Past Due |  | Total Non- Performing |  | Current |  | Total Financing Receivables |
Retail Notes: |  |  |  |  |  |  |  |  |
Agriculture and turf |  | $ | 104 |  | $ | 106 |  |  | $ | 16,973 |  | $ | 17,183 |
Construction and forestry |  | 66 |  | 11 |  |  | 1,666 |  | 1,743 |
Other: |  |  |  |  |  |  |  |  |  |
Agriculture and turf |  | 39 |  | 10 |  |  | 6,543 |  | 6,592 |
Construction and forestry |  | 16 |  | 4 |  |  | 1,171 |  | 1,191 |
Total |  | $ | 225 |  | $ | 131 |  |  | $ | 26,353 |  |  | 26,709 |
Less allowance for credit losses |  |  |  |  |  |  |  |  |  |  |  |  | 176 |
Total financing receivables - net |  |  |  |  |  |  |  |  |  |  |  | $ | 26,533 |
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 in millions of dollars during the periods follows:
|  | Three Months Ended
|  | April 30, 2014
|  | Retail Notes |  | Revolving Charge Accounts |  | Other |  | Total
Allowance: |  |  |  |  |  |  |  |  |  |  |  |
Beginning of period balance |  | $ | 97 |  |  | $ | 40 |  |  | $ | 30 |  |  | $ | 167 |
Provision (credit) |  | 7 |  |  | 2 |  |  | (4 | ) |  | 5 |
Write-offs |  | (5 | ) |  | (6 | ) |  |  |  |  | (11 | )
Recoveries |  | 2 |  |  | 4 |  |  |  |  |  | 6 |
Translation adjustments |  | 4 |  |  |  |  |  |  |  |  | 4 |
End of period balance |  | $ | 105 |  |  | $ | 40 |  |  | $ | 26 |  |  | $ | 171 |
|  | Six Months Ended
|  | April 30, 2014
Allowance: |  |  |  |  |  |  |  |  |  |  |  |
Beginning of period balance |  | $ | 101 |  |  | $ | 41 |  |  | $ | 31 |  |  | $ | 173 |
Provision (credit) |  | 8 |  |  | 3 |  |  | (4 | ) |  | 7 |
Write-offs |  | (8 | ) |  | (11 | ) |  |  |  |  | (19 | )
Recoveries |  | 4 |  |  | 7 |  |  |  |  |  | 11 |
Translation adjustments |  |  |  |  |  |  |  | (1 | ) |  | (1 | )
End of period balance * |  | $ | 105 |  |  | $ | 40 |  |  | $ | 26 |  |  | $ | 171 |
Financing receivables: |  |  |  |  |  |  |  |  |  |  |  |
End of period balance |  | $ | 21,492 |  |  | $ | 2,215 |  |  | $ | 6,306 |  |  | $ | 30,013 |
Balance individually evaluated |  | $ | 21 |  |  | $ | 3 |  |  | $ | 11 |  |  | $ | 35 |
* Individual allowances were not significant.
|  | Three Months Ended
|  | April 30, 2013
|  | Retail Notes |  | Revolving Charge Accounts |  | Other |  | Total
Allowance: |  |  |  |  |  |  |  |  |  |  |  |
Beginning of period balance |  | $ | 108 |  |  | $ | 40 |  |  | $ | 27 |  |  | $ | 175 |
Provision (credit) |  | (3 | ) |  | 1 |  |  | 4 |  |  | 2 |
Write-offs |  | (3 | ) |  | (4 | ) |  | (1 | ) |  | (8 | )
Recoveries |  | 3 |  |  | 4 |  |  |  |  |  | 7 |
End of period balance |  | $ | 105 |  |  | $ | 41 |  |  | $ | 30 |  |  | $ | 176 |
|  | Six Months Ended
|  | April 30, 2013
Allowance: |  |  |  |  |  |  |  |  |  |  |  |
Beginning of period balance |  | $ | 110 |  |  | $ | 40 |  |  | $ | 27 |  |  | $ | 177 |
Provision (credit) |  | (3 | ) |  | 1 |  |  | 4 |  |  | 2 |
Write-offs |  | (7 | ) |  | (9 | ) |  | (1 | ) |  | (17 | )
Recoveries |  | 5 |  |  | 9 |  |  |  |  |  | 14 |
End of period balance * |  | $ | 105 |  |  | $ | 41 |  |  | $ | 30 |  |  | $ | 176 |
Financing receivables: |  |  |  |  |  |  |  |  |  |  |  |
End of period balance |  | $ | 18,926 |  |  | $ | 2,250 |  |  | $ | 5,533 |  |  | $ | 26,709 |
Balance individually evaluated |  | $ | 17 |  |  |  |  |  | $ | 39 |  |  | $ | 56 |
* Individual allowances were not significant.
Analysis of the Impaired Financing Receivables | An analysis of the impaired financing receivables in millions of dollars follows:
|  | Recorded Investment |  | Unpaid Principal Balance |  | Specific Allowance |  | Average Recorded Investment
April 30, 2014 * |  |  |  |  |  |  |  |
Receivables with specific allowance **** |  | $ | 10 |  | $ | 10 |  | $ | 2 |  | $ | 11
Receivables without a specific allowance *** |  | 6 |  | 6 |  |  |  | 7
Total |  | $ | 16 |  | $ | 16 |  | $ | 2 |  | $ | 18
Agriculture and turf |  | $ | 14 |  | $ | 14 |  | $ | 2 |  | $ | 16
Construction and forestry |  | $ | 2 |  | $ | 2 |  |  |  | $ | 2
October 31, 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
April 30, 2013 * |  |  |  |  |  |  |  |
Receivables with specific allowance ** |  | $ | 19 |  | $ | 19 |  | $ | 4 |  | $ | 20
Receivables without a specific allowance *** |  | 9 |  | 9 |  |  |  | 9
Total |  | $ | 28 |  | $ | 28 |  | $ | 4 |  | $ | 29
Agriculture and turf |  | $ | 24 |  | $ | 24 |  | $ | 4 |  | $ | 25
Construction and forestry |  | $ | 4 |  | $ | 4 |  |  |  | $ | 4
* | Finance income recognized was not material.
** | Primarily operating loans and retail notes.
*** | Primarily retail notes.
**** | Primarily operating loans.

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