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FINANCING RECEIVABLES (Tables) | 6 Months Ended
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May 02, 2021
Financing Receivables |
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 during the periods:
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Retail Notes | ​ | Revolving | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | & Financing | ​ | Charge | ​ | Wholesale | ​ | ​ | ​ | ​
​ | ​ | Leases | ​ | Accounts | ​ | Receivables | ​ | Total | ​
Three Months Ended May 2, 2021 | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Allowance: |  |  |  |  |  |  |  |  |  |  | ​ | ​ |
Beginning of period balance |  | $ | 180 |  | $ | 24 | ​ | $ | 7 | ​ | $ | 211 | ​
Provision (credit) | ​ | ​ | (17) | ​ | ​ | (6) | ​ | ​ | ​ | ​ | ​ | (23) | ​
Write-offs | ​ | ​ | (15) | ​ | ​ | (9) | ​ | ​ | ​ | ​ | ​ | (24) | ​
Recoveries | ​ | ​ | 4 | ​ | ​ | 10 | ​ | ​ | ​ | ​ | ​ | 14 | ​
End of period balance |  | $ | 152 |  | $ | 19 | ​ | $ | 7 | ​ | $ | 178 | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Six Months Ended May 2, 2021 | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Allowance: |  | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Beginning of period balance |  | $ | 133 |  | $ | 43 | ​ | $ | 8 | ​ | $ | 184 | ​
ASU No. 2016-13 adoption | ​ | ​ | 44 | ​ | ​ | (13) | ​ | ​ | ​ | ​ | ​ | 31 | ​
Provision (credit) | ​ | ​ | (13) | ​ | ​ | (16) | ​ | ​ | (1) | ​ | ​ | (30) | ​
Write-offs | ​ | ​ | (23) | ​ | ​ | (14) | ​ | ​ | ​ | ​ | ​ | (37) | ​
Recoveries | ​ | ​ | 10 | ​ | ​ | 19 | ​ | ​ | ​ | ​ | ​ | 29 | ​
Translation adjustments | ​ | ​ | 1 | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | 1 | ​
End of period balance |  | $ | 152 |  | $ | 19 | ​ | $ | 7 | ​ | $ | 178 | ​
Financing receivables: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
End of period balance |  | $ | 28,979 |  | $ | 3,348 | ​ | $ | 2,952 | ​ | $ | 35,279 | ​
| ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Retail Notes | ​ | Revolving | ​ | ​ | ​ | ​ | ​ | ​ |
​ | ​ | & Financing | ​ | Charge | ​ | Wholesale | ​ | ​ | ​ |
​ | ​ | Leases | ​ | Accounts | ​ | Receivables | ​ | Total | ​
Three Months Ended May 3, 2020 | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Allowance: |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  | ​
Beginning of period balance | ​ | $ | 106 |  | $ | 40 | ​ | $ | 11 | ​ | $ | 157 | ​
Provision | ​ |  | 65 | ​ | ​ | 20 | ​ | ​ | ​ | ​ |  | 85 | ​
Write-offs | ​ |  | (26) | ​ | ​ | (23) | ​ | ​ | ​ | ​ |  | (49) | ​
Recoveries | ​ |  | 3 | ​ | ​ | 6 | ​ | ​ | ​ | ​ |  | 9 | ​
Translation adjustments | ​ |  | (7) | ​ | ​ | ​ | ​ | ​ | ​ | ​ |  | (7) | ​
End of period balance | ​ | $ | 141 | ​ | $ | 43 | ​ | $ | 11 | ​ | $ | 195 | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Six Months Ended May 3, 2020 | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Allowance: |  |  |  |  |  |  |  |  |  |  | ​ | ​ | ​
Beginning of period balance | ​ | $ | 107 |  | $ | 40 | ​ | $ | 3 | ​ | $ | 150 | ​
Provision | ​ |  | 82 | ​ | ​ | 18 | ​ | ​ | 6 | ​ |  | 106 | ​
Write-offs | ​ |  | (45) | ​ | ​ | (29) | ​ | ​ | ​ | ​ |  | (74) | ​
Recoveries | ​ |  | 6 | ​ | ​ | 14 | ​ | ​ | ​ | ​ |  | 20 | ​
Translation adjustments | ​ | ​ | (9) | ​ | ​ | ​ | ​ | ​ | 2 | ​ |  | (7) | ​
End of period balance | ​ | $ | 141 | ​ | $ | 43 | ​ | $ | 11 | ​ | $ | 195 | ​
Financing receivables: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
End of period balance | ​ | $ | 24,404 |  | $ | 3,454 | ​ | $ | 4,278 | ​ | $ | 32,136 | ​
Customer Receivables |
Financing Receivables |
Credit Quality Analysis | The credit quality analysis of retail notes, financing leases, and revolving charge accounts (collectively, customer receivables), was as follows in millions of dollars at May 2, 2021:
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Year of Origination | ​
​ | ​ | 2021 | ​ | 2020 | ​ | 2019 | ​ | 2018 | ​ | 2017 | ​ | Prior | ​ | Revolving Charge Accounts | ​ | Total | ​
Customer receivables: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | ​
Agriculture and turf | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Current | ​ | $ | 6,017 | ​ | $ | 8,375 | ​ | $ | 4,436 | ​ | $ | 2,402 | ​ | $ | 1,136 | ​ | $ | 494 | ​ | $ | 3,221 | ​ | $ | 26,081 | ​
30-59 days past due | ​ | ​ | 20 | ​ | ​ | 64 | ​ | ​ | 41 | ​ | ​ | 19 | ​ | ​ | 10 | ​ | ​ | 5 | ​ | ​ | 20 | ​ | ​ | 179 | ​
60-89 days past due | ​ | ​ | 5 | ​ | ​ | 34 | ​ | ​ | 18 | ​ | ​ | 9 | ​ | ​ | 4 | ​ | ​ | 2 | ​ | ​ | 5 | ​ | ​ | 77 | ​
90+ days past due | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | 1 | ​ | ​ | 1 | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | 2 | ​
Non-performing | ​ | ​ | 2 | ​ | ​ | 51 | ​ | ​ | 69 | ​ | ​ | 54 | ​ | ​ | 29 | ​ | ​ | 33 | ​ | ​ | 16 | ​ | ​ | 254 | ​
Construction and forestry | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Current | ​ | ​ | 1,568 | ​ | ​ | 2,077 | ​ | ​ | 1,106 | ​ | ​ | 454 | ​ | ​ | 118 | ​ | ​ | 22 | ​ | ​ | 81 | ​ | ​ | 5,426 | ​
30-59 days past due | ​ | ​ | 21 | ​ | ​ | 43 | ​ | ​ | 35 | ​ | ​ | 14 | ​ | ​ | 5 | ​ | ​ | 1 | ​ | ​ | 3 | ​ | ​ | 122 | ​
60-89 days past due | ​ | ​ | 6 | ​ | ​ | 13 | ​ | ​ | 12 | ​ | ​ | 7 | ​ | ​ | 3 | ​ | ​ | 1 | ​ | ​ | 1 | ​ | ​ | 43 | ​
90+ days past due | ​ | ​ | ​ | ​ | ​ | 2 | ​ | ​ | 10 | ​ | ​ | 5 | ​ | ​ | 6 | ​ | ​ | 3 | ​ | ​ | ​ | ​ | ​ | 26 | ​
Non-performing | ​ | ​ | 1 | ​ | ​ | 38 | ​ | ​ | 37 | ​ | ​ | 22 | ​ | ​ | 11 | ​ | ​ | 7 | ​ | ​ | 1 | ​ | ​ | 117 | ​
Total customer receivables | ​ | $ | 7,640 | ​ | $ | 10,697 | ​ | $ | 5,765 | ​ | $ | 2,987 | ​ | $ | 1,322 | ​ | $ | 568 | ​ | $ | 3,348 | ​ | $ | 32,327 | ​
Age Credit Quality Analysis | ​ The credit quality analysis of customer receivables was as follows in millions of dollars at November 1, 2020 and May 3, 2020:
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | November 1, 2020 | ​ | May 3, 2020 | ​
​ | ​ | Retail Notes & Financing Leases | ​ | Revolving Charge Accounts | ​ | Total | ​ | Retail Notes & Financing Leases | ​ | Revolving Charge Accounts | ​ | Total | ​
Customer receivables: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Agriculture and turf | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Current | ​ | $ | 21,597 | ​ | $ | 3,787 | ​ | $ | 25,384 | ​ | $ | 19,178 | ​ | $ | 3,282 | ​ | $ | 22,460 | ​
30-59 days past due | ​ | ​ | 135 | ​ | ​ | 13 | ​ | ​ | 148 | ​ | ​ | 215 | ​ | ​ | 32 | ​ | ​ | 247 | ​
60-89 days past due | ​ | ​ | 64 | ​ | ​ | 4 | ​ | ​ | 68 | ​ | ​ | 103 | ​ | ​ | 13 | ​ | ​ | 116 | ​
90+ days past due | ​ | ​ | 2 | ​ | ​ | ​ | ​ | ​ | 2 | ​ | ​ | 3 | ​ | ​ | ​ | ​ | ​ | 3 | ​
Non-performing | ​ | ​ | 263 | ​ | ​ | 6 | ​ | ​ | 269 | ​ | ​ | 310 | ​ | ​ | 42 | ​ | ​ | 352 | ​
Construction and forestry | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Current | ​ | ​ | 4,859 | ​ | ​ | 88 | ​ | ​ | 4,947 | ​ | ​ | 4,169 | ​ | ​ | 78 | ​ | ​ | 4,247 | ​
30-59 days past due | ​ | ​ | 111 | ​ | ​ | 2 | ​ | ​ | 113 | ​ | ​ | 174 | ​ | ​ | 4 | ​ | ​ | 178 | ​
60-89 days past due | ​ | ​ | 55 | ​ | ​ | 1 | ​ | ​ | 56 | ​ | ​ | 58 | ​ | ​ | 2 | ​ | ​ | 60 | ​
90+ days past due | ​ | ​ | 14 | ​ | ​ | ​ | ​ | ​ | 14 | ​ | ​ | 18 | ​ | ​ | ​ | ​ | ​ | 18 | ​
Non-performing | ​ | ​ | 106 | ​ | ​ | 1 | ​ | ​ | 107 | ​ | ​ | 176 | ​ | ​ | 1 | ​ | ​ | 177 | ​
Total customer receivables | ​ | $ | 27,206 | ​ | $ | 3,902 | ​ | $ | 31,108 | ​ | $ | 24,404 | ​ | $ | 3,454 | ​ | $ | 27,858 | ​
Wholesale Receivables |
Financing Receivables |
Credit Quality Analysis | The credit quality analysis of wholesale receivables was as follows in millions of dollars at May 2, 2021:
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Year of Origination | ​
​ | ​ | 2021 | ​ | 2020 | ​ | 2019 | ​ | 2018 | ​ | 2017 | ​ | Prior | ​ | Revolving | ​ | Total | ​
Wholesale receivables: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | ​
Agriculture and turf | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Current | ​ | $ | 191 | ​ | $ | 144 | ​ | $ | 55 | ​ | $ | 13 | ​ | $ | 4 | ​ | $ | 1 | ​ | $ | 2,146 | ​ | $ | 2,554 | ​
30-59 days past due | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
60-89 days past due | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
90+ days past due | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Non-performing | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | 22 | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | 22 | ​
Construction and forestry | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Current | ​ | ​ | 5 | ​ | ​ | 10 | ​ | ​ | 15 | ​ | ​ | 1 | ​ | ​ | 1 | ​ | ​ | 3 | ​ | ​ | 341 | ​ | ​ | 376 | ​
30-59 days past due | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
60-89 days past due | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
90+ days past due | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Non-performing | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Total wholesale receivables | ​ | $ | 196 | ​ | $ | 154 | ​ | $ | 92 | ​ | $ | 14 | ​ | $ | 5 | ​ | $ | 4 | ​ | $ | 2,487 | ​ | $ | 2,952 | ​
Age Credit Quality Analysis | The credit quality analysis of wholesale receivables was as follows in millions of dollars at November 1, 2020 and May 3, 2020:
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | November 1 | ​ | May 3 | ​
​ | ​ | 2020 | ​ | 2020 | ​
Wholesale receivables: | ​ | ​ | ​ | ​ | ​ | ​ | ​
Agriculture and turf | ​ | ​ | ​ | ​ | ​ | ​ | ​
Current | ​ | $ | 3,010 | ​ | $ | 3,704 | ​
30-59 days past due | ​ | ​ | ​ | ​ | ​ | ​ | ​
60-89 days past due | ​ | ​ | ​ | ​ | ​ | ​ | ​
90+ days past due | ​ | ​ | ​ | ​ | ​ | ​ | ​
Non-performing | ​ | ​ | 47 | ​ | ​ | 62 | ​
Construction and forestry | ​ | ​ | ​ | ​ | ​ | ​ | ​
Current | ​ | ​ | 472 | ​ | ​ | 510 | ​
30-59 days past due | ​ | ​ | ​ | ​ | ​ | ​ | ​
60-89 days past due | ​ | ​ | ​ | ​ | ​ | ​ | ​
90+ days past due | ​ | ​ | ​ | ​ | ​ | ​ | ​
Non-performing | ​ | ​ | ​ | ​ | ​ | 2 | ​
Total wholesale receivables | ​ | $ | 3,529 | ​ | $ | 4,278 | ​

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- Definition Tabular disclosure of financing receivables by credit quality indicator. The credit quality indicator is a statistic about the credit quality of financing receivables. Examples include, but not limited to, consumer credit risk scores, credit-rating-agency ratings, an entity's internal credit risk grades, loan-to-value ratios, collateral, collection experience and other internal metrics. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Publisher FASB -Name Accounting Standards Codification -Topic 326 -SubTopic 20 -Section 50 -Paragraph 5 -URI http://asc.fasb.org/extlink&oid=121599337&loc=SL82919230-210447 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 310 -SubTopic 10 -Section 50 -Paragraph 29 -URI http://asc.fasb.org/extlink&oid=121611835&loc=SL6953659-111524 + Details
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