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RECEIVABLES (Tables) | 12 Months Ended
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Oct. 31, 2015
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:
|  | 2015 |  | 2014 |
|  | Unrestricted/Securitized |  | Unrestricted/Securitized |
Due in months: |  |  |  |  |  |  |  |  |  |  |  |  |
0 – 12 |  | $ | 13,006 |  | $ | 2,057 |  | $ | 14,357 |  | $ | 1,878 |
13 – 24 |  |  | 4,987 |  |  | 1,418 |  |  | 5,254 |  |  | 1,331 |
25 – 36 |  |  | 3,719 |  |  | 921 |  |  | 4,053 |  |  | 880 |
37 – 48 |  |  | 2,444 |  |  | 426 |  |  | 2,819 |  |  | 457 |
49 – 60 |  |  | 1,283 |  |  | 95 |  |  | 1,575 |  |  | 120 |
Thereafter |  |  | 348 |  |  | 5 |  |  | 414 |  |  | 6 |
Total |  | $ | 25,787 |  | $ | 4,922 |  | $ | 28,472 |  | $ | 4,672 |
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 follows in millions of dollars:
|  | 30-59 |  | 60-89 |  | 90 Days |  |  |  |
|  | Days |  | Days |  | or Greater |  | Total |
|  | Past Due |  | Past Due |  | Past Due |  | Past Due |
2015 |  |  |  |  |  |  |  |  |  |  |  |  |
Retail Notes: |  |  |  |  |  |  |  |  |  |  |  |  |
Agriculture and turf |  | $ | 112 |  | $ | 54 |  | $ | 47 |  | $ | 213 |
Construction and forestry |  |  | 64 |  |  | 29 |  |  | 12 |  |  | 105 |
Other: |  |  |  |  |  |  |  |  |  |  |  |  |
Agriculture and turf |  |  | 26 |  |  | 12 |  |  | 4 |  |  | 42 |
Construction and forestry |  |  | 13 |  |  | 5 |  |  | 3 |  |  | 21 |
Total |  | $ | 215 |  | $ | 100 |  | $ | 66 |  | $ | 381 |
|  |  |  |  | Total |  |  |  |  | Total |
|  | Total |  | Non- |  |  |  |  | Financing |
|  | Past Due |  | Performing |  | Current |  | Receivables |
Retail Notes: |  |  |  |  |  |  |  |  |  |  |  |  |
Agriculture and turf |  | $ | 213 |  | $ | 98 |  | $ | 18,574 |  | $ | 18,885 |
Construction and forestry |  |  | 105 |  |  | 21 |  |  | 2,556 |  |  | 2,682 |
Other: |  |  |  |  |  |  |  |  |  |  |  |  |
Agriculture and turf |  |  | 42 |  |  | 13 |  |  | 7,175 |  |  | 7,230 |
Construction and forestry |  |  | 21 |  |  | 10 |  |  | 973 |  |  | 1,004 |
Total |  | $ | 381 |  | $ | 142 |  | $ | 29,278 |  |  | 29,801 |
Less allowance for credit losses |  |  | 157 |
Total financing receivables - net |  | $ | 29,644 |
|  | 30-59 |  | 60-89 |  | 90 Days |  |  |  |
|  | Days |  | Days |  | or Greater |  | Total |
|  | Past Due |  | Past Due |  | Past Due |  | Past Due |
2014 |  |  |  |  |  |  |  |  |  |  |  |  |
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 |
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 |
2015 |  |  |  |  |  |  |  |  |  |  |  |  |
Allowance: |  |  |  |  |  |  |  |  |  |  |  |  |
Beginning of year balance |  | $ | 109 |  | $ | 41 |  | $ | 25 |  | $ | 175 |
Provision |  |  | 22 |  |  | 21 |  |  | 3 |  |  | 46 |
Write-offs |  |  | (26) |  |  | (37) |  |  | (4) |  |  | (67) |
Recoveries |  |  | 10 |  |  | 15 |  |  | 1 |  |  | 26 |
Translation adjustments |  |  | (20) |  |  |  |  |  | (3) |  |  | (23) |
End of year balance* |  | $ | 95 |  | $ | 40 |  | $ | 22 |  | $ | 157 |
Financing receivables: |  |  |  |  |  |  |  |  |  |  |  |  |
End of year balance |  | $ | 21,567 |  | $ | 2,740 |  | $ | 5,494 |  | $ | 29,801 |
Balance individually evaluated |  | $ | 40 |  |  |  |  | $ | 6 |  | $ | 46 |
*Individual allowances were not significant.
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.
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 |
2015* |  |  |  |  |  |  |  |  |  |  |  |  |
Receivables with specific allowance** |  | $ | 14 |  | $ | 13 |  | $ | 2 |  | $ | 13 |
Receivables without a specific allowance*** |  |  | 14 |  |  | 14 |  |  |  |  |  | 20 |
Total |  | $ | 28 |  | $ | 27 |  | $ | 2 |  | $ | 33 |
Agriculture and turf |  | $ | 19 |  | $ | 18 |  | $ | 2 |  | $ | 20 |
Construction and forestry |  | $ | 9 |  | $ | 9 |  |  |  |  | $ | 13 |
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 |
*Finance income recognized was not material. **Primarily retail notes. ***Primarily retail notes and wholesale receivables.
Schedule of Other Receivables | Other receivables at October 31 consisted of the following in millions of dollars:
|  | 2015 |  | 2014 |
Taxes receivable |  | $ | 720 |  | $ | 697 |
Reinsurance receivables |  |  |  |  |  | 502 |
Insurance premium receivables |  |  |  |  |  | 23 |
Other |  |  | 271 |  |  | 278 |
Other receivables |  | $ | 991 |  | $ | 1,500 |
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:
|  | 2015 |  | 2014 |
Trade accounts and notes: |  |  |  |  |  |  |
Agriculture and turf |  | $ | 2,278 |  | $ | 2,633 |
Construction and forestry |  |  | 773 |  |  | 645 |
Trade accounts and notes receivable–net |  | $ | 3,051 |  | $ | 3,278 |
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:
|  | 2015 |  | 2014 |
|  | Unrestricted/Securitized |  | Unrestricted/Securitized |
Retail notes: |  |  |  |  |  |  |  |  |  |  |  |  |
Equipment: |  |  |  |  |  |  |  |  |  |  |  |  |
Agriculture and turf |  | $ | 15,359 |  | $ | 4,236 |  | $ | 16,970 |  | $ | 3,975 |
Construction and forestry |  |  | 2,086 |  |  | 686 |  |  | 1,951 |  |  | 697 |
Total |  |  | 17,445 |  |  | 4,922 |  |  | 18,921 |  |  | 4,672 |
Wholesale notes |  |  | 4,269 |  |  |  |  |  | 5,390 |  |  |  |
Revolving charge accounts |  |  | 2,740 |  |  |  |  |  | 2,603 |  |  |  |
Financing leases (direct and sales-type) |  |  | 1,333 |  |  |  |  |  | 1,558 |  |  |  |
Total financing receivables |  |  | 25,787 |  |  | 4,922 |  |  | 28,472 |  |  | 4,672 |
Less: |  |  |  |  |  |  |  |  |  |  |  |  |
Unearned finance income: |  |  |  |  |  |  |  |  |  |  |  |  |
Equipment notes |  |  | 726 |  |  | 74 |  |  | 753 |  |  | 56 |
Financing leases |  |  | 108 |  |  |  |  |  | 136 |  |  |  |
Total |  |  | 834 |  |  | 74 |  |  | 889 |  |  | 56 |
Allowance for credit losses |  |  | 144 |  |  | 13 |  |  | 161 |  |  | 14 |
Financing receivables – net |  | $ | 24,809 |  | $ | 4,835 |  | $ | 27,422 |  | $ | 4,602 |
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:
|  | 2015 |  | 2014 |
|  | Unrestricted |  | Unrestricted |
Retail notes*: |  |  |  |  |  |  |
Equipment: |  |  |  |  |  |  |
Agriculture and turf |  | $ | 1,792 |  | $ | 2,125 |
Construction and forestry |  |  | 356 |  |  | 403 |
Total |  |  | 2,148 |  |  | 2,528 |
Wholesale notes |  |  | 4,269 |  |  | 5,390 |
Sales-type leases |  |  | 690 |  |  | 844 |
Total |  |  | 7,107 |  |  | 8,762 |
Less: |  |  |  |  |  |  |
Unearned finance income: |  |  |  |  |  |  |
Equipment notes |  |  | 178 |  |  | 212 |
Sales-type leases |  |  | 45 |  |  | 57 |
Total |  |  | 223 |  |  | 269 |
Financing receivables related to the company’s sales of equipment |  | $ | 6,884 |  | $ | 8,493 |
*These retail notes generally arise from sales of equipment by company-owned dealers or through direct sales.

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