Leases (Tables)

12 Months Ended

Oct. 31, 2021

Leases

Schedule of Lease Revenues Earned

Lease revenues earned by the Company were as follows (in millions of dollars):

	2021		2020
Sales-type and direct financing lease revenues	$	48.6	$	46.0
Operating lease revenues		953.0		1,022.5
Variable lease revenues		26.9		28.6
Total lease revenues	$	1,028.5	$	1,097.1

Variable lease revenues reported above includes excess use and damage fees of $6.5 million and $8.2 million for 2021 and 2020, respectively, which were reported in other income on the statement of consolidated income.

Schedule of Sales-type and Direct Financing Lease Receivables by Market

Sales-type and direct financing lease receivables by market at October 31, 2021 and November 1, 2020 were as follows (in millions of dollars):

	2021		2020
Agriculture and turf	$	500.8	$	447.5
Construction and forestry		168.2		152.7
Total		669.0		600.2
Guaranteed residual values		359.7		240.8
Unguaranteed residual values		33.7		32.6
Unearned finance income		(90.1)		(84.2)
Financing leases receivable	$	972.3	$	789.4

Schedule of Payments, Including Guaranteed Residual Values, on Sales-type and Direct Financing Lease Receivables

Scheduled payments, including guaranteed residual values, on sales-type and direct financing lease receivables at October 31, 2021 were as follows (in millions of dollars):

Due in:
2022	$	522.9
2023		222.0
2024		151.1
2025		82.7
2026		37.8
Later years		12.2
Total	$	1,028.7

Schedule of Cost of Equipment on Operating Leases by Market

The cost of equipment on operating leases by market at October 31, 2021 and November 1, 2020 was as follows (in millions of dollars):

	2021		2020
Agriculture and turf	$	5,053.4	$	5,210.4
Construction and forestry		1,323.6		1,595.3
Total		6,377.0		6,805.7
Accumulated depreciation		(1,429.4)		(1,507.9)
Equipment on operating leases - net	$	4,947.6	$	5,297.8

Schedule of Lease Payments for Equipment on Operating Leases

Lease payments for equipment on operating leases at October 31, 2021 were scheduled as follows (in millions of dollars):

Due in:
2022	$	685.6
2023		434.9
2024		229.7
2025		106.5
2026		23.5
Later years		4.0
Total	$	1,484.2