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FINANCING RECEIVABLES (Tables)

3 Months Ended

Jan. 30, 2022

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 in millions of dollars during the periods follows:


		Three Months Ended January 30, 2022
		Retail Notes			Revolving
		& Financing			Charge			Wholesale
		Leases			Accounts			Receivables			Total
Allowance:
Beginning of period balance		$	138		$	21		$	7		$	166
Provision (credit)			13			(9)			(2)			2
Write-offs			(17)			(5)						(22)
Recoveries			4			8						12
End of period balance		$	138		$	15		$	5		$	158

Financing receivables:
End of period balance		$	31,918		$	2,756		$	2,191		$	36,865


		Three Months Ended January 31, 2021
		Retail Notes			Revolving
		& Financing			Charge			Wholesale
		Leases			Accounts			Receivables			Total
Allowance:
Beginning of period balance		$	133		$	43		$	8		$	184
ASU No. 2016-13 adoption			44			(13)						31
Provision (credit)			5			(10)			(1)			(6)
Write-offs			(8)			(5)						(13)
Recoveries			5			9						14
Translation adjustments			1									1
End of period balance		$	180		$	24		$	7		$	211

Financing receivables:
End of period balance		$	27,810		$	2,685		$	3,085		$	33,580

Retail Customer Receivables

Financing Receivables

Credit Quality Analysis

The credit quality analysis of retail notes, financing leases, and revolving charge accounts (collectively, retail customer receivables) by year of origination was as follows in millions of dollars:


		January 30, 2022
		2022			2021			2020			2019			2018			Prior Years			Revolving Charge Accounts			Total
Retail customer receivables:
Agriculture and turf
Current		$	2,492		$	11,580		$	5,988		$	3,038		$	1,440		$	761		$	2,634		$	27,933
30-59 days past due			5			82			52			30			15			6			25			215
60-89 days past due			1			23			18			10			5			3			5			65
90+ days past due						1																		1
Non-performing			1			33			58			52			31			36			6			217
Construction and forestry
Current			764			2,795			1,376			615			204			49			81			5,884
30-59 days past due			8			68			35			21			6			2			3			143
60-89 days past due						30			17			7			3			1			1			59
90+ days past due						2			3			3			1			8						17
Non-performing						33			48			37			14			7			1			140
Total retail customer receivables		$	3,271		$	14,647		$	7,595		$	3,813		$	1,719		$	873		$	2,756		$	34,674


		October 31, 2021
		2021			2020			2019			2018			2017			Prior Years			Revolving Charge Accounts			Total
Retail customer receivables:
Agriculture and turf
Current		$	12,877		$	6,676		$	3,463		$	1,738		$	728		$	211		$	3,704		$	29,397
30-59 days past due			43			53			29			16			7			3			14			165
60-89 days past due			16			23			12			6			3			1			4			65
90+ days past due						1																		1
Non-performing			23			57			53			32			17			23			7			212
Construction and forestry
Current			3,122			1,575			754			273			57			7			92			5,880
30-59 days past due			50			40			27			7			4			1			3			132
60-89 days past due			15			11			9			6			1						1			43
90+ days past due			1			2			3			3			4			2						15
Non-performing			26			56			39			17			7			3						148
Total retail customer receivables		$	16,173		$	8,494		$	4,389		$	2,098		$	828		$	251		$	3,825		$	36,058


		January 31, 2021
		2021			2020			2019			2018			2017			Prior Years			Revolving Charge Accounts			Total
Retail customer receivables:
Agriculture and turf
Current		$	2,531		$	9,427		$	5,129		$	2,817		$	1,400		$	686		$	2,564		$	24,554
30-59 days past due			4			65			49			30			13			7			27			195
60-89 days past due						20			17			11			5			3			5			61
90+ days past due									1															1
Non-performing						40			78			57			36			46			7			264
Construction and forestry
Current			737			2,251			1,276			573			164			39			77			5,117
30-59 days past due			5			53			32			17			6			1			3			117
60-89 days past due			1			15			16			7			3			1			1			44
90+ days past due						9			13			5			4			2						33
Non-performing						26			34			26			14			8			1			109
Total retail customer receivables		$	3,278		$	11,906		$	6,645		$	3,543		$	1,645		$	793		$	2,685		$	30,495

Wholesale Receivables

Financing Receivables

Credit Quality Analysis

The credit quality analysis of wholesale receivables by year of origination was as follows in millions of dollars:


		January 30, 2022
		2022			2021			2020			2019			2018			Prior Years			Revolving			Total
Wholesale receivables:
Agriculture and turf
Current		$	101		$	244		$	56		$	11		$	7		$	2		$	1,426		$	1,847
30+ days past due
Non-performing												7												7
Construction and forestry
Current			5			38			4			3						1			285			336
30+ days past due																		1						1
Non-performing
Total wholesale receivables		$	106		$	282		$	60		$	21		$	7		$	4		$	1,711		$	2,191


		October 31, 2021
		2021			2020			2019			2018			2017			Prior Years			Revolving			Total
Wholesale receivables:
Agriculture and turf
Current		$	346		$	80		$	22		$	9		$	3					$	1,696		$	2,156
30+ days past due
Non-performing									12															12
Construction and forestry
Current			41			7			7						1		$	1			340			397
30+ days past due																		1						1
Non-performing
Total wholesale receivables		$	387		$	87		$	41		$	9		$	4		$	2		$	2,036		$	2,566


		January 31, 2021
		2021			2020			2019			2018			2017			Prior Years			Revolving			Total
Wholesale receivables:
Agriculture and turf
Current		$	78		$	226		$	67		$	18		$	8		$	1		$	2,297		$	2,695
30+ days past due
Non-performing									35															35
Construction and forestry
Current			3			11			20			2			1			2			315			354
30+ days past due																		1						1
Non-performing
Total wholesale receivables		$	81		$	237		$	122		$	20		$	9		$	4		$	2,612		$	3,085