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FINANCING RECEIVABLES (Tables)

6 Months Ended

Apr. 28, 2019

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 28, 2019
								90 Days
		30-59 Days			60-89 Days			or Greater			Total
		Past Due			Past Due			Past Due			Past Due
Retail Notes:
Agriculture and turf		$	139		$	73		$	1		$	213
Construction and forestry			90			40			1			131
Other:
Agriculture and turf			33			16						49
Construction and forestry			19			4						23
Total		$	281		$	133		$	2		$	416
											Total
		Total			Total						Financing
		Past Due			Non-Performing			Current			Receivables
Retail Notes:
Agriculture and turf		$	213		$	293		$	17,644		$	18,150
Construction and forestry			131			124			3,120			3,375
Other:
Agriculture and turf			49			67			7,861			7,977
Construction and forestry			23			10			1,331			1,364
Total		$	416		$	494		$	29,956			30,866
Less allowance for credit losses												182
Total financing receivables – net											$	30,684

		October 28, 2018
								90 Days
		30-59 Days			60-89 Days			or Greater			Total
		Past Due			Past Due			Past Due			Past Due
Retail Notes:
Agriculture and turf		$	133		$	74		$	63		$	270
Construction and forestry			79			45			52			176
Other:
Agriculture and turf			36			16			8			60
Construction and forestry			18			5			3			26
Total		$	266		$	140		$	126		$	532
											Total
		Total			Total						Financing
		Past Due			Non-Performing			Current			Receivables
Retail Notes:
Agriculture and turf		$	270		$	201		$	17,836		$	18,307
Construction and forestry			176			40			3,101			3,317
Other:
Agriculture and turf			60			15			8,274			8,349
Construction and forestry			26			3			1,252			1,281
Total		$	532		$	259		$	30,463			31,254
Less allowance for credit losses												178
Total financing receivables – net											$	31,076

		April 29, 2018
								90 Days
		30-59 Days			60-89 Days			or Greater			Total
		Past Due			Past Due			Past Due			Past Due
Retail Notes:
Agriculture and turf		$	117		$	58		$	44		$	219
Construction and forestry			97			44			36			177
Other:
Agriculture and turf			32			16			28			76
Construction and forestry			11			4			2			17
Total		$	257		$	122		$	110		$	489
											Total
		Total			Total						Financing
		Past Due			Non-Performing			Current			Receivables
Retail Notes:
Agriculture and turf		$	219		$	171		$	17,014		$	17,404
Construction and forestry			177			42			2,899			3,118
Other:
Agriculture and turf			76			16			7,072			7,164
Construction and forestry			17			4			1,192			1,213
Total		$	489		$	233		$	28,177			28,899
Less allowance for credit losses												187
Total financing receivables – net											$	28,712

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:

					Revolving
		Retail			Charge
		Notes			Accounts			Other			Total
Three Months Ended April 28, 2019
Allowance:
Beginning of period balance		$	111		$	43		$	23		$	177
Provision			9			17			3			29
Write-offs			(9)			(22)			(2)			(33)
Recoveries			6			5						11
Translation adjustments			(2)									(2)
End of period balance *		$	115		$	43		$	24		$	182
Six Months Ended April 28, 2019
Allowance:
Beginning of period balance		$	113		$	43		$	22		$	178
Provision			15			16			5			36
Write-offs			(20)			(26)			(3)			(49)
Recoveries			10			10						20
Translation adjustments			(3)									(3)
End of period balance *		$	115		$	43		$	24		$	182
Financing receivables:
End of period balance		$	21,525		$	3,299		$	6,042		$	30,866
Balance individually evaluated **		$	151		$	2		$	15		$	168

* Individual allowances were not significant.

** Remainder is collectively evaluated.

					Revolving
		Retail			Charge
		Notes			Accounts			Other			Total
Three Months Ended April 29, 2018
Allowance:
Beginning of period balance		$	123		$	40		$	27		$	190
Provision			5			9			2			16
Write-offs			(7)			(15)			(1)			(23)
Recoveries			4			6						10
Translation adjustments			(5)						(1)			(6)
End of period balance *		$	120		$	40		$	27		$	187
Six Months Ended April 29, 2018
Allowance:
Beginning of period balance		$	121		$	40		$	26		$	187
Provision			5			9			4			18
Write-offs			(14)			(20)			(3)			(37)
Recoveries			10			11						21
Translation adjustments			(2)									(2)
End of period balance *		$	120		$	40		$	27		$	187
Financing receivables:
End of period balance		$	20,522		$	3,205		$	5,172		$	28,899
Balance individually evaluated **		$	120		$	1		$	15		$	136

* Individual allowances were not significant.

** Remainder is collectively evaluated.

Analysis of the Impaired Financing Receivables

An analysis of the impaired financing receivables in millions of dollars follows:

					Unpaid						Average
		Recorded			Principal			Specific			Recorded
		Investment			Balance			Allowance			Investment
April 28, 2019*
Receivables with specific allowance **		$	35		$	34		$	14		$	36
Receivables without a specific allowance **			37			35						39
Total		$	72		$	69		$	14		$	75
Agriculture and turf		$	54		$	53		$	11		$	57
Construction and forestry		$	18		$	16		$	3		$	18
October 28, 2018*
Receivables with specific allowance **		$	28		$	27		$	10		$	30
Receivables without a specific allowance **			37			35						41
Total		$	65		$	62		$	10		$	71
Agriculture and turf		$	50		$	48		$	9		$	54
Construction and forestry		$	15		$	14		$	1		$	17
April 29, 2018*
Receivables with specific allowance **		$	33		$	31		$	10		$	34
Receivables without a specific allowance **			41			40						43
Total		$	74		$	71		$	10		$	77
Agriculture and turf		$	52		$	51		$	9		$	54
Construction and forestry		$	22		$	20		$	1		$	23

* Finance income recognized was not material.

** Primarily retail notes.

X

- Definition

Tabular disclosure of impaired financing receivables.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 310
-SubTopic 10
-Section 50
-Paragraph 15
-URI http://asc.fasb.org/extlink&oid=84173941&loc=d3e5212-111524

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- Definition

Tabular disclosure of financing receivables that are past due but not impaired, financing receivables that are 90 days past due and still accruing, and financing receivables on nonaccrual status.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 310
-SubTopic 10
-Section 50
-Paragraph 7A
-URI http://asc.fasb.org/extlink&oid=84173941&loc=SL6953401-111524

Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 310
-SubTopic 10
-Section 50
-Paragraph 7
-URI http://asc.fasb.org/extlink&oid=84173941&loc=d3e5111-111524

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- Definition

Tabular disclosure of the activity in the total allowance for credit losses related to financing receivables (such as loans or lease receivables) for entities that have an unclassified balance sheet, including the balance in the allowance at the beginning and end of each period, additions charged to operations, direct write-downs charged against the allowance, and recoveries of amounts previously charged off.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 310
-SubTopic 10
-Section 50
-Paragraph 11B
-Subparagraph (c)
-URI http://asc.fasb.org/extlink&oid=84173941&loc=SL6953423-111524

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