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FINANCING RECEIVABLES (Tables)

3 Months Ended

Jan. 29, 2023

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 29, 2023
		Retail Notes			Revolving
		& Financing			Charge			Wholesale
		Leases			Accounts			Receivables			Total
Allowance:
Beginning of period balance		$	299		$	22		$	4		$	325
Provision (credit)			15			(4)						11
Provision transferred to held for sale			(142)									(142)
Provision (credit) subtotal			(127)			(4)						(131)
Write-offs			(18)			(7)						(25)
Recoveries			4			5			1			10
Translation adjustments			(18)						(1)			(19)
End of period balance		$	140		$	16		$	4		$	160

Financing receivables:
End of period balance		$	35,600		$	2,902		$	3,629		$	42,131


		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

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 29, 2023
		2023			2022			2021			2020			2019			Prior Years			Revolving Charge Accounts			Total
Retail customer receivables:
Agriculture and turf
Current		$	2,939		$	12,435		$	7,228		$	3,660		$	1,600		$	823		$	2,753		$	31,438
30-59 days past due			2			39			39			54			13			44			28			219
60-89 days past due			1			15			14			20			5			15			6			76
90+ days past due						1						3			1									5
Non-performing						40			58			41			27			34			8			208
Construction and forestry
Current			674			2,692			1,702			684			224			80			99			6,155
30-59 days past due			2			18			29			36			16			52			5			158
60-89 days past due						9			17			18			8			24			2			78
90+ days past due						1			2			1			2			1						7
Non-performing						46			58			30			16			7			1			158
Total retail customer receivables		$	3,618		$	15,296		$	9,147		$	4,547		$	1,912		$	1,080		$	2,902		$	38,502


		October 30, 2022
		2022			2021			2020			2019			2018			Prior Years			Revolving Charge Accounts			Total
Retail customer receivables:
Agriculture and turf
Current		$	13,500		$	7,984		$	4,091		$	1,875		$	785		$	200		$	4,111		$	32,546
30-59 days past due			46			63			36			17			7			3			19			191
60-89 days past due			14			25			13			6			2			1			5			66
90+ days past due			1																					1
Non-performing			27			60			44			28			18			19			8			204
Construction and forestry
Current			2,964			1,974			842			292			73			12			108			6,265
30-59 days past due			53			52			23			9			2			1			3			143
60-89 days past due			19			16			7			3			1						1			47
90+ days past due			1			4			1			3						1						10
Non-performing			25			61			34			19			7			3						149
Total retail customer receivables		$	16,650		$	10,239		$	5,091		$	2,252		$	895		$	240		$	4,255		$	39,622


		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

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 29, 2023
		2023			2022			2021			2020			2019			Prior Years			Revolving			Total
Wholesale receivables:
Agriculture and turf
Current		$	115		$	285		$	48		$	21		$	4		$	1		$	2,654		$	3,128
30+ days past due
Non-performing												1												1
Construction and forestry
Current			7			7			24			2						1			459			500
30+ days past due
Non-performing
Total wholesale receivables		$	122		$	292		$	72		$	24		$	4		$	2		$	3,113		$	3,629


		October 30, 2022
		2022			2021			2020			2019			2018			Prior Years			Revolving			Total
Wholesale receivables:
Agriculture and turf
Current		$	387		$	64		$	27		$	4					$	2		$	2,371		$	2,855
30+ days past due
Non-performing												1												1
Construction and forestry
Current			7			29			2			1						1			377			417
30+ days past due
Non-performing
Total wholesale receivables		$	394		$	93		$	29		$	6					$	3		$	2,748		$	3,273


		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