Leases (Tables)

6 Months Ended

May 01, 2022

Leases

Schedule of Lease Revenues Earned

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

	Three Months Ended				Six Months Ended
	May 1		May 2		May 1		May 2
	2022		2021		2022		2021
Sales-type and direct financing lease revenues	$	12.5	$	11.3	$	25.5	$	23.1
Operating lease revenues		218.8		239.8		441.9		486.4
Variable lease revenues		5.8		6.5		12.0		13.8
Total lease revenues	$	237.1	$	257.6	$	479.4	$	523.3

Variable lease revenues reported above primarily relate to separately invoiced property taxes on leased equipment in certain markets, late fees, and excess use and damage fees. Excess use and damage fees are reported in other income on the statements of consolidated income. Excess use and damage fees were $.6 million and $1.4 million for the second quarter and first six months ended May 1, 2022, respectively, compared with $1.4 million and $3.5 million for the same periods last year, respectively.

Schedule of Cost of Equipment on Operating Leases by Market

The cost of equipment on operating leases by market was as follows (in millions of dollars):

	May 1		October 31		May 2
	2022		2021		2021
Agriculture and turf	$	4,846.7	$	5,053.4	$	5,017.0
Construction and forestry		1,222.9		1,323.6		1,490.4
Total		6,069.6		6,377.0		6,507.4
Accumulated depreciation		(1,360.9)		(1,429.4)		(1,498.5)
Equipment on operating leases - net	$	4,708.7	$	4,947.6	$	5,008.9