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FINANCING RECEIVABLES (Tables) | 3 Months Ended
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Feb. 02, 2020
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:
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | February 2, 2020 | ​
​ |  | ​ | ​ |  | ​ | ​ |  | 90 Days |  | ​ | ​ |
​ | ​ | 30-59 Days | ​ | 60-89 Days | ​ | or Greater | ​ | Total | ​
​ | ​ | Past Due | ​ | Past Due | ​ | Past Due | ​ | Past Due | ​
Retail Notes: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Agriculture and turf |  | $ | 150 |  | $ | 65 |  | $ | 3 |  | $ | 218 | ​
Construction and forestry | ​ | ​ | 96 | ​ | ​ | 36 | ​ | ​ | 19 | ​ | ​ | 151 | ​
Other: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Agriculture and turf | ​ | ​ | 66 | ​ | ​ | 21 | ​ | ​ | 1 | ​ | ​ | 88 | ​
Construction and forestry | ​ | ​ | 29 | ​ | ​ | 11 | ​ | ​ | ​ | ​ | ​ | 40 | ​
Total |  | $ | 341 |  | $ | 133 |  | $ | 23 |  | $ | 497 | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | ​ | ​ | ​ | ​ | ​ | ​ |  | ​ | ​ | Total | ​
​ | ​ | Total | ​ | Total | ​ | ​ | ​ | ​ | Financing | ​
​ | ​ | Past Due | ​ | Non-Performing | ​ | Current | ​ | Receivables | ​
Retail Notes: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Agriculture and turf |  | $ | 218 |  | $ | 283 |  | $ | 18,514 |  | $ | 19,015 | ​
Construction and forestry | ​ | ​ | 151 | ​ | ​ | 131 | ​ | ​ | 3,488 | ​ | ​ | 3,770 | ​
Other: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Agriculture and turf | ​ | ​ | 88 | ​ | ​ | 100 | ​ | ​ | 7,457 | ​ | ​ | 7,645 | ​
Construction and forestry | ​ | ​ | 40 | ​ | ​ | 28 | ​ | ​ | 1,431 | ​ | ​ | 1,499 | ​
Total |  | $ | 497 |  | $ | 542 |  | $ | 30,890 | ​ | ​ | 31,929 | ​
Less allowance for credit losses | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | 157 | ​
Total financing receivables – net | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ |  | $ | 31,772 | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | November 3, 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 | ​ | $ | 138 | ​ | $ | 73 | ​ | $ | 1 | ​ | $ | 212 | ​
Construction and forestry | ​ |  | 79 | ​ | ​ | 29 |  | ​ | 4 |  | ​ | 112 |
Other: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Agriculture and turf | ​ |  | 39 | ​ | ​ | 19 |  | ​ | 1 |  | ​ | 59 |
Construction and forestry | ​ |  | 26 | ​ | ​ | 7 |  | ​ | ​ |  | ​ | 33 |
Total | ​ | $ | 282 | ​ | $ | 128 | ​ | $ | 6 | ​ | $ | 416 | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ |  | ​ | ​ |  | Total |
​ | ​ | Total | ​ | Total |  | ​ | ​ | ​ | Financing |
​ | ​ | Past Due | ​ | Non-Performing | ​ | Current | ​ | Receivables |
Retail Notes: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Agriculture and turf | ​ | $ | 212 | ​ | $ | 268 | ​ | $ | 18,931 | ​ | $ | 19,411 | ​
Construction and forestry | ​ | ​ | 112 |  | ​ | 127 |  | ​ | 3,450 |  | ​ | 3,689 |
Other: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Agriculture and turf | ​ | ​ | 59 |  | ​ | 28 |  | ​ | 8,986 |  | ​ | 9,073 |
Construction and forestry | ​ | ​ | 33 |  | ​ | 26 |  | ​ | 1,496 |  | ​ | 1,555 |
Total | ​ | $ | 416 | ​ | $ | 449 | ​ | $ | 32,863 | ​ | ​ | 33,728 |
Less allowance for credit losses | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | 150 |
Total financing receivables – net | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | $ | 33,578 | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | January 27, 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 |  | $ | 162 | ​ | $ | 63 |  | $ | 1 |  | $ | 226 |
Construction and forestry | ​ | ​ | 102 | ​ | ​ | 47 | ​ |  | 1 | ​ | ​ | 150 | ​
Other: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Agriculture and turf | ​ | ​ | 65 | ​ | ​ | 23 | ​ |  | 1 | ​ | ​ | 89 | ​
Construction and forestry | ​ | ​ | 16 | ​ | ​ | 8 | ​ |  | ​ | ​ | ​ | 24 | ​
Total | ​ | $ | 345 | ​ | $ | 141 | ​ | $ | 3 | ​ | $ | 489 | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | Total | ​
​ | ​ | Total | ​ | Total | ​ | ​ | ​ | ​ | Financing | ​
​ | ​ | Past Due | ​ | Non-Performing | ​ | Current | ​ | Receivables | ​
Retail Notes: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Agriculture and turf | ​ | $ | 226 | ​ | $ | 296 | ​ | $ | 17,408 | ​ | $ | 17,930 | ​
Construction and forestry | ​ | ​ | 150 | ​ |  | 107 | ​ |  | 3,092 | ​ | ​ | 3,349 | ​
Other: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Agriculture and turf | ​ | ​ | 89 | ​ |  | 28 | ​ |  | 7,213 | ​ | ​ | 7,330 | ​
Construction and forestry | ​ | ​ | 24 | ​ |  | 10 | ​ |  | 1,247 | ​ | ​ | 1,281 | ​
Total | ​ | $ | 489 | ​ | $ | 441 | ​ | $ | 28,960 | ​ | ​ | 29,890 | ​
Less allowance for credit losses | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | 177 | ​
Total financing receivables – net | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | $ | 29,713 | ​
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 February 2, 2020 | ​
​ | ​ | ​ | ​ | ​ | Revolving | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Retail | ​ | Charge | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Notes | ​ | Accounts | ​ | Other | ​ | Total | ​
Allowance: |  |  |  |  |  |  |  |  |  |  | ​ | ​ |
Beginning of period balance |  | $ | 89 |  | $ | 40 | ​ | $ | 21 | ​ | $ | 150 | ​
Provision (credit) | ​ | ​ | 15 | ​ | ​ | (1) | ​ | ​ | 7 | ​ | ​ | 21 | ​
Write-offs | ​ | ​ | (17) | ​ | ​ | (7) | ​ | ​ | (1) | ​ | ​ | (25) | ​
Recoveries | ​ | ​ | 2 | ​ | ​ | 8 | ​ | ​ | ​ | ​ | ​ | 10 | ​
Translation adjustments | ​ | ​ | (1) | ​ | ​ | ​ | ​ | ​ | 2 | ​ | ​ | 1 | ​
End of period balance * |  | $ | 88 |  | $ | 40 | ​ | $ | 29 | ​ | $ | 157 | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Financing receivables: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
End of period balance |  | $ | 22,785 |  | $ | 2,733 | ​ | $ | 6,411 | ​ | $ | 31,929 | ​
Balance individually evaluated ** |  | $ | 170 |  | ​ | ​ | ​ | $ | 86 | ​ | $ | 256 | ​
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Three Months Ended January 27, 2019 |
​ | ​ | ​ | ​ | ​ | Revolving | ​ | ​ | ​ | ​ | ​ | ​ |
​ | ​ | Retail | ​ | Charge | ​ | ​ | ​ | ​ | ​ | ​ |
​ | ​ | Notes | ​ | Accounts | ​ | Other | ​ | Total | ​
Allowance: |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  | ​
Beginning of period balance | ​ | $ | 113 |  | $ | 43 | ​ | $ | 22 | ​ | $ | 178 | ​
Provision (credit) | ​ |  | 6 | ​ | ​ | (1) | ​ | ​ | 2 | ​ |  | 7 | ​
Write-offs | ​ |  | (11) | ​ | ​ | (4) | ​ | ​ | (1) | ​ |  | (16) | ​
Recoveries | ​ |  | 4 | ​ | ​ | 5 | ​ | ​ | ​ | ​ |  | 9 | ​
Translation adjustments | ​ |  | (1) | ​ | ​ | ​ | ​ | ​ | ​ | ​ |  | (1) | ​
End of period balance * | ​ | $ | 111 | ​ | $ | 43 | ​ | $ | 23 | ​ | $ | 177 | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Financing receivables: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
End of period balance | ​ | $ | 21,279 |  | $ | 2,737 | ​ | $ | 5,874 | ​ | $ | 29,890 | ​
Balance individually evaluated ** | ​ | $ | 118 |  | $ | 2 | ​ | $ | 13 | ​ | $ | 133 | ​
* 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 | ​
February 2, 2020* | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Receivables with specific allowance *** |  | $ | 117 |  | $ | 116 |  | $ | 22 | ​ | $ | 119 | ​
Receivables without a specific allowance ** | ​ | ​ | 31 | ​ | ​ | 30 | ​ | ​ | ​ | ​ | ​ | 32 | ​
Total |  | $ | 148 |  | $ | 146 |  | $ | 22 | ​ | $ | 151 | ​
Agriculture and turf |  | $ | 120 |  | $ | 120 |  | $ | 17 | ​ | $ | 123 | ​
Construction and forestry |  | $ | 28 |  | $ | 26 | ​ | $ | 5 |  | $ | 28 | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
November 3, 2019* | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Receivables with specific allowance ** | ​ | $ | 40 | ​ | $ | 39 | ​ | $ | 13 | ​ | $ | 40 | ​
Receivables without a specific allowance ** | ​ |  | 32 | ​ |  | 31 | ​ | ​ | ​ | ​ |  | 37 | ​
Total | ​ | $ | 72 |  | $ | 70 |  | $ | 13 | ​ | $ | 77 | ​
Agriculture and turf | ​ | $ | 49 | ​ | $ | 48 | ​ | $ | 8 | ​ | $ | 52 | ​
Construction and forestry | ​ | $ | 23 | ​ | $ | 22 | ​ | $ | 5 | ​ | $ | 25 | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
January 27, 2019* | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Receivables with specific allowance ** | ​ | $ | 30 | ​ | $ | 30 | ​ | $ | 12 | ​ | $ | 30 | ​
Receivables without a specific allowance ** | ​ |  | 36 | ​ |  | 34 | ​ | ​ | ​ | ​ |  | 36 | ​
Total | ​ | $ | 66 |  | $ | 64 |  | $ | 12 | ​ | $ | 66 | ​
Agriculture and turf | ​ | $ | 49 | ​ | $ | 48 | ​ | $ | 9 | ​ | $ | 49 | ​
Construction and forestry | ​ | $ | 17 | ​ | $ | 16 | ​ | $ | 3 | ​ | $ | 17 | ​
* Finance income recognized was not material. ** Primarily retail notes. *** Primarily retail notes and wholesale receivables.

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