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FINANCING RECEIVABLES (Tables) | 9 Months Ended
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Jul. 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:
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | July 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 |  | $ | 136 |  | $ | 63 |  | $ | 3 |  | $ | 202 | ​
Construction and forestry | ​ | ​ | 87 | ​ | ​ | 35 | ​ | ​ | 2 | ​ | ​ | 124 | ​
Other: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Agriculture and turf | ​ | ​ | 38 | ​ | ​ | 22 | ​ | ​ | ​ | ​ | ​ | 60 | ​
Construction and forestry | ​ | ​ | 17 | ​ | ​ | 7 | ​ | ​ | ​ | ​ | ​ | 24 | ​
Total |  | $ | 278 |  | $ | 127 |  | $ | 5 |  | $ | 410 | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | ​ | ​ | ​ | ​ | ​ | ​ |  | ​ | ​ | Total | ​
​ | ​ | Total | ​ | Total | ​ | ​ | ​ | ​ | Financing | ​
​ | ​ | Past Due | ​ | Non-Performing | ​ | Current | ​ | Receivables | ​
Retail Notes: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Agriculture and turf |  | $ | 202 |  | $ | 301 |  | $ | 18,038 |  | $ | 18,541 | ​
Construction and forestry | ​ | ​ | 124 | ​ | ​ | 135 | ​ | ​ | 3,249 | ​ | ​ | 3,508 | ​
Other: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Agriculture and turf | ​ | ​ | 60 | ​ | ​ | 37 | ​ | ​ | 8,833 | ​ | ​ | 8,930 | ​
Construction and forestry | ​ | ​ | 24 | ​ | ​ | 14 | ​ | ​ | 1,417 | ​ | ​ | 1,455 | ​
Total |  | $ | 410 |  | $ | 487 |  | $ | 31,537 | ​ | ​ | 32,434 | ​
Less allowance for credit losses | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | 185 | ​
Total financing receivables – net | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ |  | $ | 32,249 | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | 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 | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | July 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 |  | $ | 138 | ​ | $ | 53 |  | $ | 54 |  | $ | 245 |
Construction and forestry | ​ | ​ | 105 | ​ | ​ | 43 | ​ |  | 50 | ​ | ​ | 198 | ​
Other: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Agriculture and turf | ​ | ​ | 37 | ​ | ​ | 14 | ​ |  | 12 | ​ | ​ | 63 | ​
Construction and forestry | ​ | ​ | 12 | ​ | ​ | 6 | ​ |  | 3 | ​ | ​ | 21 | ​
Total | ​ | $ | 292 | ​ | $ | 116 | ​ | $ | 119 | ​ | $ | 527 | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | Total | ​
​ | ​ | Total | ​ | Total | ​ | ​ | ​ | ​ | Financing | ​
​ | ​ | Past Due | ​ | Non-Performing | ​ | Current | ​ | Receivables | ​
Retail Notes: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Agriculture and turf | ​ | $ | 245 | ​ | $ | 203 | ​ | $ | 17,048 | ​ | $ | 17,496 | ​
Construction and forestry | ​ | ​ | 198 | ​ |  | 42 | ​ |  | 2,967 | ​ | ​ | 3,207 | ​
Other: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Agriculture and turf | ​ | ​ | 63 | ​ |  | 14 | ​ |  | 8,009 | ​ | ​ | 8,086 | ​
Construction and forestry | ​ | ​ | 21 | ​ |  | 3 | ​ |  | 1,249 | ​ | ​ | 1,273 | ​
Total | ​ | $ | 527 | ​ | $ | 262 | ​ | $ | 29,273 | ​ | ​ | 30,062 | ​
Less allowance for credit losses | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | 187 | ​
Total financing receivables – net | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | $ | 29,875 | ​
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 July 28, 2019 | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Allowance: |  |  |  |  |  |  |  |  |  |  | ​ | ​ |
Beginning of period balance |  | $ | 115 |  | $ | 43 | ​ | $ | 24 | ​ | $ | 182 | ​
Provision | ​ | ​ | 7 | ​ | ​ | 18 | ​ | ​ | 1 | ​ | ​ | 26 | ​
Write-offs | ​ | ​ | (9) | ​ | ​ | (26) | ​ | ​ | (1) | ​ | ​ | (36) | ​
Recoveries | ​ | ​ | 5 | ​ | ​ | 8 | ​ | ​ | ​ | ​ | ​ | 13 | ​
Translation adjustments | ​ | ​ | 2 | ​ | ​ | ​ | ​ | ​ | (2) | ​ | ​ | ​ | ​
End of period balance * |  | $ | 120 |  | $ | 43 | ​ | $ | 22 | ​ | $ | 185 | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Nine Months Ended July 28, 2019 | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Allowance: |  | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Beginning of period balance |  | $ | 113 |  | $ | 43 | ​ | $ | 22 | ​ | $ | 178 | ​
Provision | ​ | ​ | 21 | ​ | ​ | 34 | ​ | ​ | 7 | ​ | ​ | 62 | ​
Write-offs | ​ | ​ | (29) | ​ | ​ | (51) | ​ | ​ | (5) | ​ | ​ | (85) | ​
Recoveries | ​ | ​ | 15 | ​ | ​ | 17 | ​ | ​ | 1 | ​ | ​ | 33 | ​
Translation adjustments | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | (3) | ​ | ​ | (3) | ​
End of period balance * |  | $ | 120 |  | $ | 43 | ​ | $ | 22 | ​ | $ | 185 | ​
Financing receivables: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
End of period balance |  | $ | 22,049 |  | $ | 3,877 | ​ | $ | 6,508 | ​ | $ | 32,434 | ​
Balance individually evaluated ** |  | $ | 145 |  | ​ | ​ | ​ | $ | 10 | ​ | $ | 155 | ​
* Individual allowances were not significant. ** Remainder is collectively evaluated.
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | Revolving | ​ | ​ | ​ | ​ | ​ | ​ |
​ | ​ | Retail | ​ | Charge | ​ | ​ | ​ | ​ | ​ | ​ |
​ | ​ | Notes | ​ | Accounts | ​ | Other | ​ | Total | ​
Three Months Ended July 29, 2018 | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Allowance: |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  | ​
Beginning of period balance | ​ | $ | 120 |  | $ | 40 | ​ | $ | 27 | ​ | $ | 187 | ​
Provision | ​ |  | 8 | ​ | ​ | 21 | ​ | ​ | 3 | ​ |  | 32 | ​
Write-offs | ​ |  | (9) | ​ | ​ | (26) | ​ | ​ | (1) | ​ |  | (36) | ​
Recoveries | ​ |  | 3 | ​ | ​ | 5 | ​ | ​ | ​ | ​ |  | 8 | ​
Translation adjustments | ​ |  | (4) | ​ | ​ | ​ | ​ | ​ | ​ | ​ |  | (4) | ​
End of period balance * | ​ | $ | 118 | ​ | $ | 40 | ​ | $ | 29 | ​ | $ | 187 | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Nine Months Ended July 29, 2018 | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Allowance: |  |  |  |  |  |  |  |  |  |  | ​ | ​ | ​
Beginning of period balance | ​ | $ | 121 |  | $ | 40 | ​ | $ | 26 | ​ | $ | 187 | ​
Provision | ​ |  | 13 | ​ | ​ | 29 | ​ | ​ | 7 | ​ |  | 49 | ​
Write-offs | ​ |  | (23) | ​ | ​ | (44) | ​ | ​ | (5) | ​ |  | (72) | ​
Recoveries | ​ |  | 13 | ​ | ​ | 15 | ​ | ​ | 1 | ​ |  | 29 | ​
Translation adjustments | ​ | ​ | (6) | ​ | ​ | ​ | ​ | ​ | ​ | ​ |  | (6) | ​
End of period balance * | ​ | $ | 118 | ​ | $ | 40 | ​ | $ | 29 | ​ | $ | 187 | ​
Financing receivables: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
End of period balance | ​ | $ | 20,703 |  | $ | 3,750 | ​ | $ | 5,609 | ​ | $ | 30,062 | ​
Balance individually evaluated ** | ​ | $ | 120 |  | $ | 1 | ​ | $ | 13 | ​ | $ | 134 | ​
* 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 | ​
July 28, 2019* | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Receivables with specific allowance ** |  | $ | 37 |  | $ | 36 |  | $ | 13 | ​ | $ | 37 | ​
Receivables without a specific allowance ** | ​ | ​ | 35 | ​ | ​ | 33 | ​ | ​ | ​ | ​ | ​ | 39 | ​
Total |  | $ | 72 |  | $ | 69 |  | $ | 13 | ​ | $ | 76 | ​
Agriculture and turf |  | $ | 51 |  | $ | 50 |  | $ | 9 | ​ | $ | 52 | ​
Construction and forestry |  | $ | 21 |  | $ | 19 | ​ | $ | 4 |  | $ | 24 | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
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 | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
July 29, 2018* | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Receivables with specific allowance ** | ​ | $ | 31 | ​ | $ | 30 | ​ | $ | 12 | ​ | $ | 33 | ​
Receivables without a specific allowance ** | ​ |  | 37 | ​ |  | 35 | ​ | ​ | ​ | ​ |  | 40 | ​
Total | ​ | $ | 68 |  | $ | 65 |  | $ | 12 | ​ | $ | 73 | ​
Agriculture and turf | ​ | $ | 51 | ​ | $ | 49 | ​ | $ | 10 | ​ | $ | 54 | ​
Construction and forestry | ​ | $ | 17 | ​ | $ | 16 | ​ | $ | 2 | ​ | $ | 19 | ​
* Finance income recognized was not material. ** Primarily retail notes.

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