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RECEIVABLES (Tables) | 12 Months Ended
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Oct. 31, 2016
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:
|  | 2016 |  | 2015 |
|  | Unrestricted/Securitized |  | Unrestricted/Securitized |
Due in months: |  |  |  |  |  |  |  |  |  |  |  |  |
0 – 12 |  | $ | 12,835 |  | $ | 2,269 |  | $ | 13,006 |  | $ | 2,057 |
13 – 24 |  |  | 4,760 |  |  | 1,536 |  |  | 4,987 |  |  | 1,418 |
25 – 36 |  |  | 3,386 |  |  | 931 |  |  | 3,719 |  |  | 921 |
37 – 48 |  |  | 2,219 |  |  | 408 |  |  | 2,444 |  |  | 426 |
49 – 60 |  |  | 1,181 |  |  | 84 |  |  | 1,283 |  |  | 95 |
Thereafter |  |  | 404 |  |  | 7 |  |  | 348 |  |  | 5 |
Total |  | $ | 24,785 |  | $ | 5,235 |  | $ | 25,787 |  | $ | 4,922 |
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 |
2016 |  |  |  |  |  |  |  |  |  |  |  |  |
Retail Notes: |  |  |  |  |  |  |  |  |  |  |  |  |
Agriculture and turf |  | $ | 115 |  | $ | 57 |  | $ | 65 |  | $ | 237 |
Construction and forestry |  |  | 78 |  |  | 32 |  |  | 25 |  |  | 135 |
Other: |  |  |  |  |  |  |  |  |  |  |  |  |
Agriculture and turf |  |  | 26 |  |  | 11 |  |  | 6 |  |  | 43 |
Construction and forestry |  |  | 10 |  |  | 5 |  |  | 4 |  |  | 19 |
Total |  | $ | 229 |  | $ | 105 |  | $ | 100 |  | $ | 434 |
|  |  |  |  | Total |  |  |  |  | Total |
|  | Total |  | Non- |  |  |  |  | Financing |
|  | Past Due |  | Performing |  | Current |  | Receivables |
Retail Notes: |  |  |  |  |  |  |  |  |  |  |  |  |
Agriculture and turf |  | $ | 237 |  | $ | 191 |  | $ | 17,526 |  | $ | 17,954 |
Construction and forestry |  |  | 135 |  |  | 35 |  |  | 2,558 |  |  | 2,728 |
Other: |  |  |  |  |  |  |  |  |  |  |  |  |
Agriculture and turf |  |  | 43 |  |  | 9 |  |  | 7,286 |  |  | 7,338 |
Construction and forestry |  |  | 19 |  |  | 9 |  |  | 957 |  |  | 985 |
Total |  | $ | 434 |  | $ | 244 |  | $ | 28,327 |  |  | 29,005 |
Less allowance for credit losses |  |  | 176 |
Total financing receivables – net |  | $ | 28,829 |
|  | 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 |
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 |
2016 |  |  |  |  |  |  |  |  |  |  |  |  |
Allowance: |  |  |  |  |  |  |  |  |  |  |  |  |
Beginning of year balance |  | $ | 95 |  | $ | 40 |  | $ | 22 |  | $ | 157 |
Provision |  |  | 43 |  |  | 36 |  |  | 5 |  |  | 84 |
Write-offs |  |  | (43) |  |  | (55) |  |  | (5) |  |  | (103) |
Recoveries |  |  | 11 |  |  | 19 |  |  | 1 |  |  | 31 |
Translation adjustments |  |  | 7 |  |  |  |  |  |  |  |  | 7 |
End of year balance* |  | $ | 113 |  | $ | 40 |  | $ | 23 |  | $ | 176 |
Financing receivables: |  |  |  |  |  |  |  |  |  |  |  |  |
End of year balance |  | $ | 20,682 |  | $ | 3,135 |  | $ | 5,188 |  | $ | 29,005 |
Balance individually evaluated |  | $ | 108 |  | $ | 8 |  | $ | 20 |  | $ | 136 |
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 |
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.
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 |
2016* |  |  |  |  |  |  |  |  |  |  |  |  |
Receivables with specific allowance** |  | $ | 31 |  | $ | 28 |  | $ | 9 |  | $ | 29 |
Receivables without a specific allowance*** |  |  | 29 |  |  | 27 |  |  |  |  |  | 26 |
Total |  | $ | 60 |  | $ | 55 |  | $ | 9 |  | $ | 55 |
Agriculture and turf |  | $ | 33 |  | $ | 30 |  | $ | 8 |  | $ | 27 |
Construction and forestry |  | $ | 27 |  | $ | 25 |  | $ | 1 |  | $ | 28 |
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 |
* 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:
|  | 2016 |  | 2015 |
Taxes receivable |  | $ | 702 |  | $ | 720 |
Other |  |  | 317 |  |  | 271 |
Other receivables |  | $ | 1,019 |  | $ | 991 |
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:
|  | 2016 |  | 2015 |
Trade accounts and notes: |  |  |  |  |  |  |
Agriculture and turf |  | $ | 2,438 |  | $ | 2,278 |
Construction and forestry |  |  | 573 |  |  | 773 |
Trade accounts and notes receivable – net |  | $ | 3,011 |  | $ | 3,051 |
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:
|  | 2016 |  | 2015 |
|  | Unrestricted/Securitized |  | Unrestricted/Securitized |
Retail notes: |  |  |  |  |  |  |  |  |  |  |  |  |
Agriculture and turf |  | $ | 14,152 |  | $ | 4,615 |  | $ | 15,359 |  | $ | 4,236 |
Construction and forestry |  |  | 2,201 |  |  | 620 |  |  | 2,086 |  |  | 686 |
Total |  |  | 16,353 |  |  | 5,235 |  |  | 17,445 |  |  | 4,922 |
Wholesale notes |  |  | 3,971 |  |  |  |  |  | 4,269 |  |  |  |
Revolving charge accounts |  |  | 3,135 |  |  |  |  |  | 2,740 |  |  |  |
Financing leases (direct and sales-type) |  |  | 1,326 |  |  |  |  |  | 1,333 |  |  |  |
Total financing receivables |  |  | 24,785 |  |  | 5,235 |  |  | 25,787 |  |  | 4,922 |
Less: |  |  |  |  |  |  |  |  |  |  |  |  |
Unearned finance income: |  |  |  |  |  |  |  |  |  |  |  |  |
Retail notes |  |  | 812 |  |  | 94 |  |  | 726 |  |  | 74 |
Financing leases |  |  | 109 |  |  |  |  |  | 108 |  |  |  |
Total |  |  | 921 |  |  | 94 |  |  | 834 |  |  | 74 |
Allowance for credit losses |  |  | 162 |  |  | 14 |  |  | 144 |  |  | 13 |
Financing receivables – net |  | $ | 23,702 |  | $ | 5,127 |  | $ | 24,809 |  | $ | 4,835 |
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:
|  | 2016 |  | 2015 |
|  | Unrestricted |  | Unrestricted |
Retail notes*: |  |  |  |  |  |  |
Agriculture and turf |  | $ | 1,896 |  | $ | 1,792 |
Construction and forestry |  |  | 336 |  |  | 356 |
Total |  |  | 2,232 |  |  | 2,148 |
Wholesale notes |  |  | 3,971 |  |  | 4,269 |
Sales-type leases |  |  | 648 |  |  | 690 |
Total |  |  | 6,851 |  |  | 7,107 |
Less: |  |  |  |  |  |  |
Unearned finance income: |  |  |  |  |  |  |
Retail notes |  |  | 202 |  |  | 178 |
Sales-type leases |  |  | 42 |  |  | 45 |
Total |  |  | 244 |  |  | 223 |
Financing receivables related to the company’s sales of equipment |  | $ | 6,607 |  | $ | 6,884 |
* These retail notes generally arise from sales of equipment by company-owned dealers or through direct sales.

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