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SECURITIZATION OF FINANCING RECEIVABLES

6 Months Ended

Apr. 30, 2023

SECURITIZATION OF FINANCING RECEIVABLES

SECURITIZATION OF FINANCING RECEIVABLES

(9)  Securitization of Financing Receivables

As a part of its overall funding strategy, the Company periodically transfers certain financing receivables (retail notes) into VIEs that are special purpose entities (SPEs), or non-VIE banking operations, as part of its asset-backed securities programs (securitizations). The structure of these transactions is such that the transfer of the retail notes does not meet the accounting criteria for sales of receivables, and is, therefore, accounted for as a secured borrowing. SPEs utilized in securitizations of retail notes differ from other entities included in the Company’s consolidated statements because the assets they hold are legally isolated. Use of the assets held by the SPEs or the non-VIEs is restricted by terms of the documents governing the securitization transactions.

The components of consolidated restricted assets, secured borrowings, and other liabilities related to secured borrowings in securitization transactions were as follows in millions of dollars:

​	​	​	​	​	​	​	​	​	​	​
​		April 30			October 30			May 1
​	​	2023		​	2022		​	2022
Financing receivables securitized (retail notes)		$	5,674	​	$	5,952	​	$	4,085	​
Allowance for credit losses	​	​	(15)	​		(16)	​		(12)	​
Other assets (primarily restricted cash)	​	​	115	​		155	​		124	​
Total restricted securitized assets		$	5,774	​	$	6,091	​	$	4,197	​
​	​	​	​	​	​	​	​	​	​	​
Short-term securitization borrowings	​	$	5,379	​	$	5,711	​	$	4,006	​
Accrued interest on borrowings	​	​	8	​	​	6	​		2	​
Total liabilities related to restricted securitized assets	​	$	5,387	​	$	5,717	​	$	4,008	​

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- Definition

The entire disclosure for a transferor's continuing involvement in financial assets that it has transferred in a securitization or asset-backed financing arrangement, the nature of any restrictions on assets reported by an entity in its statement of financial position that relate to a transferred financial asset (including the carrying amounts of such assets), how servicing assets and servicing liabilities are reported, and (for securitization or asset-backed financing arrangements accounted for as sales) when a transferor has continuing involvement with the transferred financial assets and transfers of financial assets accounted for as secured borrowings, how the transfer of financial assets affects an entity's financial position, financial performance, and cash flows.

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