Company Quick10K Filing
Quick10K
Deere John Capital
10-Q 2019-07-28 Quarter: 2019-07-28
10-Q 2019-04-28 Quarter: 2019-04-28
10-Q 2019-01-27 Quarter: 2019-01-27
10-K 2018-10-28 Annual: 2018-10-28
10-Q 2018-07-29 Quarter: 2018-07-29
10-Q 2018-04-29 Quarter: 2018-04-29
10-Q 2018-01-28 Quarter: 2018-01-28
10-K 2017-10-29 Annual: 2017-10-29
10-Q 2017-07-30 Quarter: 2017-07-30
10-Q 2017-04-30 Quarter: 2017-04-30
10-Q 2017-01-29 Quarter: 2017-01-29
10-K 2016-10-31 Annual: 2016-10-31
10-Q 2016-07-31 Quarter: 2016-07-31
10-Q 2016-04-30 Quarter: 2016-04-30
10-Q 2016-01-31 Quarter: 2016-01-31
10-K 2015-10-31 Annual: 2015-10-31
10-Q 2015-07-31 Quarter: 2015-07-31
10-Q 2015-04-30 Quarter: 2015-04-30
10-Q 2015-01-31 Quarter: 2015-01-31
10-K 2014-10-31 Annual: 2014-10-31
10-Q 2014-07-31 Quarter: 2014-07-31
10-Q 2014-04-30 Quarter: 2014-04-30
10-Q 2014-01-31 Quarter: 2014-01-31
8-K 2019-09-12 Exhibits
8-K 2019-08-16
8-K 2019-07-18 Exhibits
8-K 2019-06-07 Exhibits
8-K 2019-05-17
8-K 2019-03-07 Exhibits
8-K 2019-02-15 Exhibits
8-K 2019-01-10 Exhibits
8-K 2018-11-21 Exhibits
8-K 2018-10-12 Exhibits
8-K 2018-09-10 Exhibits
8-K 2018-08-17 Exhibits
8-K 2018-06-07 Exhibits
8-K 2018-05-18
8-K 2018-03-13 Exhibits
8-K 2018-02-16
8-K 2018-01-08 Exhibits
BYND Beyond Meat 9,949
PD PagerDuty 2,922
GLTR ETFS Precious Metals Basket Trust 421
PHH PHH 354
HLIX Helix TCS 60
ARAO Aurasource 9
AHNR Athena Silver 0
TIGR UP Fintech 0
SFOR Strikeforce Technologies 0
IMUN Immune Therapeutics 0
JDCC 2019-07-28
Part I. Financial Information
Item 1. Financial Statements.
Item 2.   Management's Discussion and Analysis of Financial Condition and Results of Operations.
Item 3. Quantitative and Qualitative Disclosures About Market Risk.
Item 4. Controls and Procedures.
Part II. Other Information
Item 1. Legal Proceedings.
Item 1A. Risk Factors.
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds.
Item 3. Defaults Upon Senior Securities.
Item 4. Mine Safety Disclosures.
Item 5. Other Information.
Item 6. Exhibits.
EX-31.1 jdcc-20190728ex311035ffb.htm
EX-31.2 jdcc-20190728ex312c4db14.htm
EX-32 jdcc-20190728xex32.htm

Deere John Capital Earnings 2019-07-28

JDCC 10Q Quarterly Report

Balance SheetIncome StatementCash Flow

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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 10-Q

(Mark One)

QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended July 28, 2019

or

TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from ____ to ____

Commission file no: 1-6458

JOHN DEERE CAPITAL CORPORATION

(Exact name of registrant as specified in its charter)

Delaware
(State of Incorporation)

36-2386361
(IRS Employer Identification No.)

10587 Double R Boulevard, Suite 100
Reno, Nevada 89521
(Address of principal executive offices)

Telephone Number: (775) 786-5527

Securities Registered Pursuant to Section 12(b) of the Act:

Title of each class

Trading symbol

Name of each exchange on which registered

2.75% Senior Notes Due 2022

DE22B

New York Stock Exchange

Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.

Yes No

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).

Yes No

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer”, “smaller reporting company”, and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer

Accelerated filer

Non-accelerated filer

Smaller reporting company

Emerging growth company

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).

Yes No

At July 28, 2019, 2,500 shares of common stock, without par value, of the registrant were outstanding, all of which were owned by John Deere Financial Services, Inc., a wholly-owned subsidiary of Deere & Company.

The registrant meets the conditions set forth in General Instruction H(1)(a) and (b) of Form 10-Q and is therefore filing this Form with certain reduced disclosures as permitted by those instructions.

PART I. FINANCIAL INFORMATION

Item 1.     Financial Statements.

John Deere Capital Corporation and Subsidiaries

Statement of Consolidated Income

(Unaudited)

(in millions)

Three Months Ended 

Nine Months Ended 

 

July 28

July 29

July 28

July 29

 

    

2019

    

2018

    

2019

    

2018

 

Revenues

Finance income earned on retail notes

$

241.5

$

193.7

$

665.0

$

562.6

Revolving charge account income

 

94.3

 

91.7

 

243.0

 

235.6

Finance income earned on wholesale receivables

 

141.9

 

122.8

 

400.9

 

332.0

Lease revenues

 

256.7

 

231.2

 

741.6

 

670.9

Other income

 

7.4

 

21.7

 

55.1

 

62.7

Total revenues

 

741.8

 

661.1

 

2,105.6

 

1,863.8

Expenses

Interest expense

 

256.2

 

196.1

 

734.7

530.5

Operating expenses:

Administrative and operating expenses

 

102.6

 

92.4

 

313.3

306.7

Fees paid to John Deere

 

15.2

 

22.0

 

42.0

55.0

Provision for credit losses

 

23.4

 

27.6

 

50.3

43.7

Depreciation of equipment on operating leases

 

188.0

 

173.3

 

544.3

511.1

Total operating expenses

 

329.2

 

315.3

 

949.9

 

916.5

Total expenses

 

585.4

 

511.4

 

1,684.6

 

1,447.0

Income of consolidated group before income taxes

 

156.4

 

149.7

 

421.0

 

416.8

Provision (credit) for income taxes

 

11.8

 

30.0

 

71.4

 

(220.3)

Income of consolidated group

 

144.6

 

119.7

 

349.6

 

637.1

Equity in income of unconsolidated affiliate

 

.4

 

.4

 

1.4

 

1.6

Net income

 

145.0

 

120.1

 

351.0

 

638.7

Less: Net income (loss) attributable to noncontrolling interests

.2

(.1)

.2

(.1)

Net income attributable to the Company

$

144.8

$

120.2

$

350.8

$

638.8

See Condensed Notes to Interim Consolidated Financial Statements.

2

John Deere Capital Corporation and Subsidiaries

Statement of Consolidated Comprehensive Income

(Unaudited)

(in millions)

Three Months Ended 

Nine Months Ended 

 

July 28

July 29

July 28

July 29

 

  

2019

  

2018

  

2019

  

2018

 

Net income

$

145.0

$

120.1

$

351.0

$

638.7

Other comprehensive income (loss), net of income taxes

Cumulative translation adjustment

 

(3.4)

(19.3)

(9.8)

(5.5)

Unrealized gain (loss) on derivatives

 

(6.2)

(.8)

(21.3)

9.4

Other comprehensive income (loss), net of income taxes

 

(9.6)

 

(20.1)

 

(31.1)

 

3.9

Comprehensive income of consolidated group

 

135.4

 

100.0

 

319.9

 

642.6

Less: Comprehensive income (loss) attributable to noncontrolling interests

.2

(.1)

.2

(.1)

Comprehensive income attributable to the Company

$

135.2

$

100.1

$

319.7

$

642.7

See Condensed Notes to Interim Consolidated Financial Statements.

3

John Deere Capital Corporation and Subsidiaries

Consolidated Balance Sheet

(Unaudited)

(in millions)

July 28

October 28

July 29

 

2019

2018

2018

 

Assets

    

    

    

Cash and cash equivalents

$

649.1

$

608.4

$

1,072.4

Marketable securities

6.9

Receivables:

Retail notes

 

13,437.5

 

14,156.0

 

12,839.1

Retail notes securitized

 

5,159.1

 

3,954.9

 

4,582.9

Revolving charge accounts

 

3,798.7

 

3,797.6

 

3,686.9

Wholesale receivables

 

10,299.5

 

7,967.6

 

9,050.3

Financing leases

 

716.9

 

770.6

 

728.1

Total receivables

 

33,411.7

 

30,646.7

 

30,887.3

Allowance for credit losses

 

(110.4)

 

(106.7)

 

(115.7)

Total receivables – net

 

33,301.3

 

30,540.0

 

30,771.6

Other receivables

 

83.2

 

532.0

 

80.2

Receivables from John Deere

 

235.3

 

59.3

 

55.7

Equipment on operating leases – net

 

5,323.3

 

5,102.5

 

4,861.8

Notes receivable from John Deere

277.3

195.4

191.8

Investment in unconsolidated affiliate

 

16.0

 

15.2

 

15.2

Deferred income taxes

 

36.3

 

36.8

 

40.2

Other assets

 

514.6

 

575.9

 

494.2

Total Assets

$

40,443.3

$

37,665.5

$

37,583.1

Liabilities and Stockholder’s Equity

Short-term borrowings:

Commercial paper and other notes payable

$

1,162.5

$

2,112.9

$

2,198.1

Securitization borrowings

 

4,994.8

 

3,881.7

 

4,437.5

John Deere

 

2,294.8

 

1,376.8

 

1,563.6

Current maturities of long-term borrowings

 

6,269.5

 

4,587.6

 

5,111.3

Total short-term borrowings

 

14,721.6

 

11,959.0

 

13,310.5

Other payables to John Deere

 

55.3

 

342.5

 

331.1

Accounts payable and accrued expenses

 

767.0

 

871.6

 

787.0

Deposits withheld from dealers and merchants

 

138.8

 

166.0

 

169.2

Deferred income taxes

 

615.1

 

824.2

 

458.7

Long-term borrowings

 

20,035.4

 

19,432.2

 

18,591.5

Total liabilities

 

36,333.2

 

33,595.5

 

33,648.0

Commitments and contingencies (Note 7)

Stockholder’s equity:

Common stock, without par value (issued and outstanding – 2,500 shares owned by John Deere Financial Services, Inc.)

 

1,482.8

 

1,482.8

 

1,482.8

Retained earnings

 

2,723.2

 

2,652.4

 

2,503.5

Accumulated other comprehensive income (loss)

 

(97.0)

 

(65.9)

 

(51.9)

Total Company stockholder’s equity

 

4,109.0

 

4,069.3

 

3,934.4

Noncontrolling interests

 

1.1

 

.7

 

.7

Total stockholder’s equity

 

4,110.1

 

4,070.0

 

3,935.1

Total Liabilities and Stockholder’s Equity

$

40,443.3

$

37,665.5

$

37,583.1

See Condensed Notes to Interim Consolidated Financial Statements.

4

John Deere Capital Corporation and Subsidiaries

Statement of Consolidated Cash Flows

For the Nine Months Ended July 28, 2019 and July 29, 2018

(Unaudited)

(in millions)

    

    

2019

    

2018

 

Cash Flows from Operating Activities:

Net income

$

351.0

$

638.7

Adjustments to reconcile net income to net cash

provided by operating activities:

Provision for credit losses

 

50.3

43.7

Provision for depreciation and amortization

 

561.7

528.1

Credit for deferred income taxes

 

(202.9)

(363.8)

Undistributed earnings of unconsolidated affiliate

 

(1.2)

(1.4)

Change in accounts payable and accrued expenses

 

18.4

51.2

Change in accrued income taxes payable/receivable

 

448.0

(47.9)

Other

 

139.6

128.0

Net cash provided by operating activities

 

1,364.9

 

976.6

Cash Flows from Investing Activities:

Cost of receivables acquired (excluding wholesale)

 

(12,884.6)

(12,205.3)

Collections of receivables (excluding wholesale)

 

12,215.9

11,718.7

Increase in wholesale receivables – net

 

(2,362.5)

(2,188.8)

Cost of equipment on operating leases acquired

 

(1,672.5)

(1,560.8)

Proceeds from sales of equipment on operating leases

 

870.4

823.1

Cost of notes receivable with John Deere

(105.2)

(44.8)

Collections of notes receivable with John Deere

31.4

2.5

Purchases of marketable securities

(11.0)

Proceeds from maturities and sales of marketable securities

4.0

Other

 

(44.6)

(25.8)

Net cash used for investing activities

 

(3,958.7)

 

(3,481.2)

Cash Flows from Financing Activities:

Increase (decrease) in commercial paper and other notes payable – net

 

(948.8)

157.6

Increase in securitization borrowings – net

 

1,115.4

320.2

Increase in payable to John Deere – net

 

948.1

1,011.8

Proceeds from issuance of long-term borrowings

 

5,150.2

4,680.2

Payments of long-term borrowings

 

(3,332.4)

(3,277.9)

Dividends paid

 

(280.0)

(365.0)

Capital investment from John Deere

.2

.3

Debt issuance costs

 

(25.2)

(22.0)

Net cash provided by financing activities

 

2,627.5

 

2,505.2

Effect of exchange rate changes on cash, cash equivalents, and restricted cash

 

(6.3)

(11.6)

Net increase (decrease) in cash, cash equivalents, and restricted cash

 

27.4

 

(11.0)

Cash, cash equivalents, and restricted cash at beginning of period

 

711.8

 

1,181.4

Cash, cash equivalents, and restricted cash at end of period

$

739.2

$

1,170.4

See Condensed Notes to Interim Consolidated Financial Statements.

5

John Deere Capital Corporation and Subsidiaries

Statement of Changes in Consolidated Stockholder’s Equity

For the Three and Nine Months Ended July 28, 2019 and July 29, 2018

(Unaudited)

(in millions)

Company Stockholder

 

Accumulated

Total

Other

Non-

Stockholder’s

Common

Retained

Comprehensive

Controlling

Equity

Stock

Earnings

Income (Loss)

Interests

 

 

Three Months Ended July 29, 2018

Balance April 29, 2018

$

3,834.8

    

$

1,482.8

    

$

2,383.3

    

$

(31.8)

    

$

.5

Net income (loss)

120.1

120.2

(.1)

Other comprehensive loss

(20.1)

(20.1)

Capital investment

.3

.3

Balance July 29, 2018

$

3,935.1

$

1,482.8

$

2,503.5

$

(51.9)

$

.7

Nine Months Ended July 29, 2018

Balance October 29, 2017

    

$

3,657.2

    

$

1,482.8

    

$

2,229.7

    

$

(55.8)

    

$

.5

Net income (loss)

 

638.7

 

638.8

(.1)

Other comprehensive income

 

3.9

 

3.9

Dividends declared

 

(365.0)

 

(365.0)

Capital investment

 

.3

 

.3

Balance July 29, 2018

$

3,935.1

$

1,482.8

$

2,503.5

$

(51.9)

$

.7

Three Months Ended July 28, 2019

Balance April 28, 2019

$

4,024.6

    

$

1,482.8

    

$

2,628.4

    

$

(87.4)

    

$

.8

Net income

145.0

144.8

.2

Other comprehensive loss

(9.6)

(9.6)

Dividends declared

(50.0)

(50.0)

Capital investment

.1

.1

Balance July 28, 2019

$

4,110.1

$

1,482.8

$

2,723.2

$

(97.0)

$

1.1

Nine Months Ended July 28, 2019

Balance October 28, 2018

$

4,070.0

$

1,482.8

$

2,652.4

$

(65.9)

$

.7

Net income

 

351.0

 

350.8

.2

Other comprehensive loss

 

(31.1)

 

(31.1)

Dividends declared

 

(280.0)

 

(280.0)

Capital investment

.2

.2

Balance July 28, 2019

$

4,110.1

$

1,482.8

$

2,723.2

$

(97.0)

$

1.1

See Condensed Notes to Interim Consolidated Financial Statements.

6

John Deere Capital Corporation and Subsidiaries

Condensed Notes to Interim Consolidated Financial Statements

(Unaudited)

(1)  Organization and Consolidation

The interim consolidated financial statements of John Deere Capital Corporation (Capital Corporation) and its subsidiaries (collectively called the Company) have been prepared by the Company, without audit, pursuant to the rules and regulations of the U.S. Securities and Exchange Commission (SEC). Certain information and footnote disclosures normally included in annual financial statements prepared in accordance with accounting principles generally accepted in the U.S. have been condensed or omitted as permitted by such rules and regulations. All adjustments, consisting of normal recurring adjustments, have been included. Management believes that the disclosures are adequate to present fairly the financial position, results of operations, and cash flows at the dates and for the periods presented. It is suggested that these interim consolidated financial statements be read in conjunction with the consolidated financial statements and the notes thereto appearing in the Company’s latest annual report on Form 10-K. Results for interim periods are not necessarily indicative of those to be expected for the fiscal year.

The preparation of financial statements in conformity with accounting principles generally accepted in the U.S. requires management to make estimates and assumptions that affect the reported amounts and related disclosures. Actual results could differ from those estimates.

The Company uses a 52/53 week fiscal year with quarters ending on the last Sunday in the reporting period. The third quarter ends for fiscal year 2019 and 2018 were July 28, 2019 and July 29, 2018, respectively. Both periods contained 13 weeks.

The Company provides and administers financing for retail purchases of new equipment manufactured by Deere & Company’s agriculture and turf and construction and forestry operations and used equipment taken in trade for this equipment. The Company generally purchases retail installment sales and loan contracts (retail notes) from Deere & Company and its wholly-owned subsidiaries (collectively called John Deere). John Deere generally acquires these retail notes through John Deere retail dealers. The Company also purchases and finances a limited amount of non-Deere retail notes. The Company also finances and services revolving charge accounts, in most cases acquired from and offered through merchants in the agriculture and turf and construction and forestry markets (revolving charge accounts). The Company also provides wholesale financing for inventories of John Deere agriculture and turf and construction and forestry equipment for dealers of those products (wholesale receivables). In addition, the Company leases John Deere equipment and a limited amount of non-Deere equipment to retail customers (financing and operating leases). The Company also offers credit enhanced international export financing to select customers and dealers, which generally involves John Deere products. Retail notes, revolving charge accounts, wholesale receivables, and financing leases are collectively called “Receivables.” Receivables and equipment on operating leases are collectively called “Receivables and Leases.”

(2)  New Accounting Standards

New Accounting Standards Adopted

In the first quarter of 2019, the Company adopted Financial Accounting Standards Board (FASB) Accounting Standards Update (ASU) No. 2014-09, Revenue from Contracts with Customers (Topic 606), which supersedes the revenue recognition requirements in Accounting Standards Codification (ASC) 605, Revenue Recognition, using a modified-retrospective approach. The ASU is based on the principle that revenue is recognized to depict the transfer of goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. A five-step model is used to determine the amount and timing of revenue recognized. The adoption did not have a material effect on the Company’s consolidated financial statements.

7

In the first quarter of 2019, the Company adopted ASU No. 2016-01, Recognition and Measurement of Financial Assets and Financial Liabilities, which amends ASC 825-10, Financial Instruments – Overall. This ASU changed the treatment for available-for-sale equity investments by recognizing unrealized fair value changes directly in net income and no longer in other comprehensive income (OCI). The Company does not own any available-for-sale equity securities. As a result, the adoption did not have a material effect on the Company’s consolidated financial statements.

In the first quarter of 2019, the Company adopted ASU No. 2016-18, Restricted Cash, which amends ASC 230, Statement of Cash Flows. The ASU requires that restricted cash be included with cash and cash equivalents in the statement of cash flows. The Company held restricted cash of $90.1 million, $103.4 million, $98.0 million, and $125.9 million at July 28, 2019, October 28, 2018, July 29, 2018, and October 29, 2017, respectively. The restricted cash primarily relates to the securitization of receivables and is reported in other assets on the consolidated balance sheet. The ASU was adopted using a retrospective transition approach resulting in an update to the 2018 statement of consolidated cash flows. The ASU did not have a material effect on the Company’s consolidated financial statements.

In the first quarter of 2019, the Company early adopted ASU No. 2017-12, Targeted Improvements to Accounting for Hedging Activities, which amends ASC 815, Derivatives and Hedging. The purpose of this ASU is to better align a company’s risk management activities and financial reporting for hedging relationships, simplify the hedge accounting requirements, and improve the disclosures of hedging arrangements. The adoption did not have a material effect on the Company’s consolidated financial statements (see Note 10). The Company continues to evaluate potential additional hedge accounting relationships provided by the new standard to further improve risk management.

The Company also adopted the following standards in the first quarter of 2019, none of which had a material effect on the Company’s consolidated financial statements:  

Accounting Standards Updates

2016-15

Classification of Certain Cash Receipts and Cash Payments, which amends ASC 230, Statement of Cash Flows

2016-16

Intra-Entity Transfers of Assets Other Than Inventory, which amends ASC 740, Income Taxes

2017-01

Clarifying the Definition of a Business, which amends ASC 805, Business Combinations

2017-09

Scope of Modification Accounting, which amends ASC 718, Compensation - Stock Compensation

2018-13

Disclosure Framework - Changes to the Disclosure Requirements for Fair Value Measurement, which amends ASC 820, Fair Value Measurement

2018-16

Inclusion of the Secured Overnight Financing Rate (SOFR) Overnight Index Swap (OIS) Rate as a Benchmark Interest Rate for Hedge Accounting Purposes, which amends ASC 815, Derivatives and Hedging

New Accounting Standards to be Adopted

In February 2016, the FASB issued ASU No. 2016-02, Leases (Topic 842), which supersedes ASC 840, Leases. The ASU’s primary change is the requirement for lessee entities to recognize a lease liability for payments and a right of use asset during the term of operating lease arrangements. The ASU does not significantly change the lessee’s recognition, measurement, and presentation of expenses and cash flows from the previous accounting standard. Lessors’ accounting under the ASC is largely unchanged from the previous accounting standard. In July 2018, the FASB issued ASU No. 2018-10, Codification Improvements to Topic 842, Leases and ASU No. 2018-11, Leases: Targeted Improvements. Both ASUs amend ASC 842, Leases. The provisions affecting the Company in these ASUs are an option that will not require earlier periods to be restated at the adoption date and an option for lessors, if certain criteria are met, to avoid separating the lease and nonlease components (such as preventative maintenance services) in an agreement. In December 2018, the FASB issued ASU No. 2018-20, Narrow-Scope Improvements for Lessors. This ASU provides an election for

8

lessors to exclude sales and related taxes from consideration in the contract, requires lessors to exclude from revenue and expense lessor costs paid directly to a third party by lessees, and clarifies lessors’ accounting for variable payments related to both lease and nonlease components. In March 2019, the FASB issued ASU No. 2019-01, Leases: Codification Improvements. The ASU allows certain lessors, including captive finance companies, to use their cost as the fair value of the to-be-leased asset. The ASU also clarifies the presentation of lease payments in the statement of cash flows and the required transition disclosures. The effective date will be the first quarter of fiscal year 2020. The Company is evaluating the potential effects on the consolidated financial statements and will adopt the ASU using the modified-retrospective approach that will not require earlier periods to be restated.

In June 2016, the FASB issued ASU No. 2016-13, Measurement of Credit Losses on Financial Instruments, which establishes ASC 326, Financial Instruments – Credit Losses. The ASU revises the measurement of credit losses for financial assets measured at amortized cost from an incurred loss methodology to an expected loss methodology. The ASU affects receivables, debt securities, net investment in leases, and most other financial assets that represent a right to receive cash. Additional disclosures about significant estimates and credit quality are also required. In November 2018, the FASB issued ASU No. 2018-19, Codification Improvements to Topic 326, Financial Instruments – Credit Losses. This ASU clarifies that receivables from operating leases are accounted for using the lease guidance and not as financial instruments. In May 2019, the FASB issued ASU No. 2019-05, Targeted Transition Relief, which amends ASC 326. This ASU provides an option to irrevocably elect to measure certain individual financial assets at fair value instead of amortized cost. The effective date will be the first quarter of fiscal year 2021. The ASUs will be adopted using a modified-retrospective approach. The Company is evaluating the potential effects on the consolidated financial statements.

In August 2018, the FASB issued ASU No. 2018-15, Customer’s Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That Is a Service Contract, which amends ASC 350-40, Intangibles – Goodwill and Other – Internal-Use Software. This ASU requires customers in a hosting arrangement that is a service contract to evaluate the implementation costs of the hosting arrangement using the guidance to develop internal-use software. The project development stage determines the implementation costs that are capitalized or expensed. Capitalized implementation costs are amortized over the term of the service arrangement and are presented in the same income statement line item as the service contract costs. The effective date will be the first quarter of fiscal year 2021, with early adoption permitted. The Company will adopt the ASU on a prospective basis. The Company is evaluating the potential effects on the Company’s consolidated financial statements.

In April 2019, the FASB issued ASU No. 2019-04, Codification Improvements to Topic 326, Financial Instruments – Credit Losses, Topic 815, Derivatives and Hedging, and Topic 825, Financial Instruments. The effective dates for the separate portions of the ASU and the expected effect on the consolidated financial statements are as follows: (1) clarifications to ASU No. 2016-13, Measurement of Credit Losses on Financial Instruments, is the first quarter of fiscal year 2021, which is under evaluation, (2) clarifications to ASU No. 2017-12, Targeted Improvements to Accounting for Hedging Activities, is the first quarter of fiscal year 2020, with early adoption permitted, which will not have a material effect, and (3) clarifications to ASU No. 2016-01, Recognition and Measurement of Financial Assets and Financial Liabilities, is the first quarter of fiscal year 2021, with early adoption permitted, which will not have a material effect.

9

(3)  Other Comprehensive Income Items

The after-tax changes in accumulated other comprehensive income (loss) were as follows (in millions of dollars):

    

    

Unrealized

    

Accumulated

 

Cumulative

Gain (Loss)

Other

 

Translation

on

Comprehensive

 

Adjustment

Derivatives

Income (Loss)

 

Balance October 29, 2017

$

(60.0