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FINANCING RECEIVABLES (Tables) | 9 Months Ended
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Aug. 01, 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 August 1, 2021 | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Allowance: |  |  |  |  |  |  |  |  |  |  | ​ | ​ |
Beginning of period balance |  | $ | 152 |  | $ | 19 | ​ | $ | 7 | ​ | $ | 178 | ​
Provision | ​ | ​ | 3 | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | 3 | ​
Write-offs | ​ | ​ | (14) | ​ | ​ | (9) | ​ | ​ | ​ | ​ | ​ | (23) | ​
Recoveries | ​ | ​ | 8 | ​ | ​ | 8 | ​ | ​ | ​ | ​ | ​ | 16 | ​
End of period balance |  | $ | 149 |  | $ | 18 | ​ | $ | 7 | ​ | $ | 174 | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Nine Months Ended August 1, 2021 | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Allowance: |  | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Beginning of period balance |  | $ | 133 |  | $ | 43 | ​ | $ | 8 | ​ | $ | 184 | ​
ASU No. 2016-13 adoption | ​ | ​ | 44 | ​ | ​ | (13) | ​ | ​ | ​ | ​ | ​ | 31 | ​
Provision (credit) | ​ | ​ | (9) | ​ | ​ | (16) | ​ | ​ | (1) | ​ | ​ | (26) | ​
Write-offs | ​ | ​ | (38) | ​ | ​ | (23) | ​ | ​ | ​ | ​ | ​ | (61) | ​
Recoveries | ​ | ​ | 17 | ​ | ​ | 27 | ​ | ​ | ​ | ​ | ​ | 44 | ​
Translation adjustments | ​ | ​ | 2 | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | 2 | ​
End of period balance |  | $ | 149 |  | $ | 18 | ​ | $ | 7 | ​ | $ | 174 | ​
Financing receivables: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
End of period balance |  | $ | 30,235 |  | $ | 3,772 | ​ | $ | 3,017 | ​ | $ | 37,024 | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Retail Notes | ​ | Revolving | ​ | ​ | ​ | ​ | ​ | ​ |
​ | ​ | & Financing | ​ | Charge | ​ | Wholesale | ​ | ​ | ​ |
​ | ​ | Leases | ​ | Accounts | ​ | Receivables | ​ | Total | ​
Three Months Ended August 2, 2020 | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Allowance: |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  | ​
Beginning of period balance | ​ | $ | 141 |  | $ | 43 | ​ | $ | 11 | ​ | $ | 195 | ​
Provision (credit) | ​ |  | 6 | ​ | ​ | 14 | ​ | ​ | (2) | ​ |  | 18 | ​
Write-offs | ​ |  | (9) | ​ | ​ | (22) | ​ | ​ | ​ | ​ |  | (31) | ​
Recoveries | ​ |  | 7 | ​ | ​ | 8 | ​ | ​ | ​ | ​ |  | 15 | ​
Translation adjustments | ​ |  | 3 | ​ | ​ | ​ | ​ | ​ | ​ | ​ |  | 3 | ​
End of period balance | ​ | $ | 148 | ​ | $ | 43 | ​ | $ | 9 | ​ | $ | 200 | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Nine Months Ended August 2, 2020 | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Allowance: |  |  |  |  |  |  |  |  |  |  | ​ | ​ | ​
Beginning of period balance | ​ | $ | 107 |  | $ | 40 | ​ | $ | 3 | ​ | $ | 150 | ​
Provision | ​ |  | 88 | ​ | ​ | 32 | ​ | ​ | 4 | ​ |  | 124 | ​
Write-offs | ​ |  | (53) | ​ | ​ | (51) | ​ | ​ | ​ | ​ |  | (104) | ​
Recoveries | ​ |  | 12 | ​ | ​ | 22 | ​ | ​ | ​ | ​ |  | 34 | ​
Translation adjustments | ​ | ​ | (6) | ​ | ​ | ​ | ​ | ​ | 2 | ​ |  | (4) | ​
End of period balance | ​ | $ | 148 | ​ | $ | 43 | ​ | $ | 9 | ​ | $ | 200 | ​
Financing receivables: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
End of period balance | ​ | $ | 25,682 |  | $ | 3,997 | ​ | $ | 3,804 | ​ | $ | 33,483 | ​
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 August 1, 2021:
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Year of Origination | ​
​ | ​ | 2021 | ​ | 2020 | ​ | 2019 | ​ | 2018 | ​ | 2017 | ​ | Prior | ​ | Revolving Charge Accounts | ​ | Total | ​
Customer receivables: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | ​
Agriculture and turf | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Current | ​ | $ | 9,159 | ​ | $ | 7,516 | ​ | $ | 3,938 | ​ | $ | 2,053 | ​ | $ | 910 | ​ | $ | 317 | ​ | $ | 3,658 | ​ | $ | 27,551 | ​
30-59 days past due | ​ | ​ | 38 | ​ | ​ | 54 | ​ | ​ | 35 | ​ | ​ | 19 | ​ | ​ | 7 | ​ | ​ | 3 | ​ | ​ | 13 | ​ | ​ | 169 | ​
60-89 days past due | ​ | ​ | 14 | ​ | ​ | 28 | ​ | ​ | 15 | ​ | ​ | 6 | ​ | ​ | 3 | ​ | ​ | 1 | ​ | ​ | 4 | ​ | ​ | 71 | ​
90+ days past due | ​ | ​ | ​ | ​ | ​ | 1 | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | 1 | ​
Non-performing | ​ | ​ | 12 | ​ | ​ | 58 | ​ | ​ | 63 | ​ | ​ | 42 | ​ | ​ | 22 | ​ | ​ | 30 | ​ | ​ | 6 | ​ | ​ | 233 | ​
Construction and forestry | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Current | ​ | ​ | 2,327 | ​ | ​ | 1,845 | ​ | ​ | 938 | ​ | ​ | 357 | ​ | ​ | 84 | ​ | ​ | 13 | ​ | ​ | 86 | ​ | ​ | 5,650 | ​
30-59 days past due | ​ | ​ | 35 | ​ | ​ | 44 | ​ | ​ | 26 | ​ | ​ | 9 | ​ | ​ | 4 | ​ | ​ | 1 | ​ | ​ | 3 | ​ | ​ | 122 | ​
60-89 days past due | ​ | ​ | 13 | ​ | ​ | 19 | ​ | ​ | 10 | ​ | ​ | 5 | ​ | ​ | 1 | ​ | ​ | 1 | ​ | ​ | 1 | ​ | ​ | 50 | ​
90+ days past due | ​ | ​ | 4 | ​ | ​ | 2 | ​ | ​ | 9 | ​ | ​ | 5 | ​ | ​ | 6 | ​ | ​ | 2 | ​ | ​ | ​ | ​ | ​ | 28 | ​
Non-performing | ​ | ​ | 12 | ​ | ​ | 47 | ​ | ​ | 41 | ​ | ​ | 19 | ​ | ​ | 8 | ​ | ​ | 4 | ​ | ​ | 1 | ​ | ​ | 132 | ​
Total customer receivables | ​ | $ | 11,614 | ​ | $ | 9,614 | ​ | $ | 5,075 | ​ | $ | 2,515 | ​ | $ | 1,045 | ​ | $ | 372 | ​ | $ | 3,772 | ​ | $ | 34,007 | ​
Age Credit Quality Analysis | The credit quality analysis of customer receivables was as follows in millions of dollars at November 1, 2020 and August 2, 2020:
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | November 1, 2020 | ​ | August 2, 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 | ​ | $ | 20,261 | ​ | $ | 3,876 | ​ | $ | 24,137 | ​
30-59 days past due | ​ | ​ | 135 | ​ | ​ | 13 | ​ | ​ | 148 | ​ | ​ | 148 | ​ | ​ | 20 | ​ | ​ | 168 | ​
60-89 days past due | ​ | ​ | 64 | ​ | ​ | 4 | ​ | ​ | 68 | ​ | ​ | 77 | ​ | ​ | 3 | ​ | ​ | 80 | ​
90+ days past due | ​ | ​ | 2 | ​ | ​ | ​ | ​ | ​ | 2 | ​ | ​ | 4 | ​ | ​ | ​ | ​ | ​ | 4 | ​
Non-performing | ​ | ​ | 263 | ​ | ​ | 6 | ​ | ​ | 269 | ​ | ​ | 329 | ​ | ​ | 8 | ​ | ​ | 337 | ​
Construction and forestry | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Current | ​ | ​ | 4,859 | ​ | ​ | 88 | ​ | ​ | 4,947 | ​ | ​ | 4,582 | ​ | ​ | 85 | ​ | ​ | 4,667 | ​
30-59 days past due | ​ | ​ | 111 | ​ | ​ | 2 | ​ | ​ | 113 | ​ | ​ | 90 | ​ | ​ | 3 | ​ | ​ | 93 | ​
60-89 days past due | ​ | ​ | 55 | ​ | ​ | 1 | ​ | ​ | 56 | ​ | ​ | 40 | ​ | ​ | 1 | ​ | ​ | 41 | ​
90+ days past due | ​ | ​ | 14 | ​ | ​ | ​ | ​ | ​ | 14 | ​ | ​ | 12 | ​ | ​ | ​ | ​ | ​ | 12 | ​
Non-performing | ​ | ​ | 106 | ​ | ​ | 1 | ​ | ​ | 107 | ​ | ​ | 139 | ​ | ​ | 1 | ​ | ​ | 140 | ​
Total customer receivables | ​ | $ | 27,206 | ​ | $ | 3,902 | ​ | $ | 31,108 | ​ | $ | 25,682 | ​ | $ | 3,997 | ​ | $ | 29,679 | ​
Wholesale Receivables |
Financing Receivables |
Credit Quality Analysis | The credit quality analysis of wholesale receivables was as follows in millions of dollars at August 1, 2021:
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Year of Origination | ​
​ | ​ | 2021 | ​ | 2020 | ​ | 2019 | ​ | 2018 | ​ | 2017 | ​ | Prior | ​ | Revolving | ​ | Total | ​
Wholesale receivables: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | ​
Agriculture and turf | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Current | ​ | $ | 263 | ​ | $ | 110 | ​ | $ | 38 | ​ | $ | 13 | ​ | $ | 3 | ​ | $ | 1 | ​ | $ | 2,256 | ​ | $ | 2,684 | ​
30-59 days past due | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
60-89 days past due | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
90+ days past due | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Non-performing | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | 18 | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | 18 | ​
Construction and forestry | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Current | ​ | ​ | 8 | ​ | ​ | 8 | ​ | ​ | 8 | ​ | ​ | 1 | ​ | ​ | 1 | ​ | ​ | 1 | ​ | ​ | 287 | ​ | ​ | 314 | ​
30-59 days past due | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | 1 | ​ | ​ | ​ | ​ | ​ | 1 | ​
60-89 days past due | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
90+ days past due | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Non-performing | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Total wholesale receivables | ​ | $ | 271 | ​ | $ | 118 | ​ | $ | 64 | ​ | $ | 14 | ​ | $ | 4 | ​ | $ | 3 | ​ | $ | 2,543 | ​ | $ | 3,017 | ​
Age Credit Quality Analysis | The credit quality analysis of wholesale receivables was as follows in millions of dollars at November 1, 2020 and August 2, 2020:
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | November 1 | ​ | August 2 | ​
​ | ​ | 2020 | ​ | 2020 | ​
Wholesale receivables: | ​ | ​ | ​ | ​ | ​ | ​ | ​
Agriculture and turf | ​ | ​ | ​ | ​ | ​ | ​ | ​
Current | ​ | $ | 3,010 | ​ | $ | 3,279 | ​
30-59 days past due | ​ | ​ | ​ | ​ | ​ | ​ | ​
60-89 days past due | ​ | ​ | ​ | ​ | ​ | ​ | ​
90+ days past due | ​ | ​ | ​ | ​ | ​ | ​ | ​
Non-performing | ​ | ​ | 47 | ​ | ​ | 50 | ​
Construction and forestry | ​ | ​ | ​ | ​ | ​ | ​ | ​
Current | ​ | ​ | 472 | ​ | ​ | 473 | ​
30-59 days past due | ​ | ​ | ​ | ​ | ​ | ​ | ​
60-89 days past due | ​ | ​ | ​ | ​ | ​ | ​ | ​
90+ days past due | ​ | ​ | ​ | ​ | ​ | ​ | ​
Non-performing | ​ | ​ | ​ | ​ | ​ | 2 | ​
Total wholesale receivables | ​ | $ | 3,529 | ​ | $ | 3,804 | ​

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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=124255953&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=123577603&loc=SL6953659-111524 + Details
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