New Accounting Standards (Tables)

9 Months Ended

Aug. 01, 2021

New Accounting Standards

Schedule of Affected Lines on the Consolidated Balance Sheet from Initially Applying the New Measurement of Credit Losses on Financial Instruments Guidance

The effects of adopting the ASU on the consolidated balance sheet were as follows (in millions of dollars):

	November 1		Cumulative Effect		November 2
	2020		from Adoption		2020
Assets
Allowance for credit losses	$	(129.1)	$	(19.7)	$	(148.8)
Deferred income taxes		27.1		.7		27.8
Liabilities
Accounts payable and accrued expenses	$	922.3	$	(.5)	$	921.8
Deposits withheld from dealers and merchants		114.8		13.5		128.3
Deferred income taxes		345.9		(5.8)		340.1
Stockholder’s equity
Retained earnings	$	2,891.6	$	(26.2)	$	2,865.4