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SECURITIZATION OF FINANCING RECEIVABLES | 6 Months Ended
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May 03, 2026
SECURITIZATION OF FINANCING RECEIVABLES |
SECURITIZATION OF FINANCING RECEIVABLES | (10) Securitization of Financing Receivables Our funding strategy includes receivable securitizations, which allows us to receive cash for financing receivables immediately. While these securitization programs are administered in various forms, they are accomplished in the following basic steps:
| 1. | We transfer financing receivables into a bankruptcy-remote special purpose entity (SPE).
| 2. | The SPE issues debt to investors. The debt is secured by the financing receivables.
| 3. | Investors are paid back based on cash receipts from the financing receivables.
As part of step 1, these receivables are legally isolated from the claims of our general creditors. This ensures cash receipts from the financing receivables are accessible to pay back securitization program investors. The structure of these transactions does not meet the accounting criteria for a sale of receivables. As a result, they are accounted for as secured borrowings. The receivables and borrowings remain on our balance sheet and are separately reported as “Financing receivables securitized – net” and “Short-term securitization borrowings,” respectively. SPEs are consolidated as VIEs when we have the power to direct the activities that most significantly impact the SPEs’ economic performance and the obligation to absorb losses or the right to receive benefits that could potentially be significant to the SPEs. The components of securitization programs were as follows:
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | May 3 | ​ ​ ​ | November 2 | ​ ​ ​ | April 27 |
​ | ​ | 2026 | ​ | 2025 | ​ | 2025 |
Financing receivables securitized (retail notes) |  | $ | 6,138 | ​ | $ | 6,872 | ​ | $ | 7,812 | ​
Allowance for credit losses | ​ | ​ | (38) | ​ |  | (41) | ​ |  | (47) | ​
Other assets (primarily restricted cash) | ​ | ​ | 161 | ​ |  | 171 | ​ |  | 183 | ​
Total restricted securitized assets |  | $ | 6,261 | ​ | $ | 7,002 | ​ | $ | 7,948 | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Short-term securitization borrowings | ​ | $ | 5,929 | ​ | $ | 6,596 | ​ | $ | 7,562 | ​
Accrued interest on borrowings | ​ | ​ | 13 | ​ | ​ | 15 | ​ |  | 12 | ​
Total liabilities related to restricted securitized assets | ​ | $ | 5,942 | ​ | $ | 6,611 | ​ | $ | 7,574 | ​
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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. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 815 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Publisher FASB -URI 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