Leases (Tables)

12 Months Ended

Oct. 30, 2022

Leases

Schedule of Lease Revenues Earned

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

	2022		2021		2020
Sales-type and direct financing lease revenues	$	56.6	$	48.6	$	46.0
Operating lease revenues		879.9		953.0		1,022.5
Variable lease revenues		23.4		26.9		28.6
Total lease revenues	$	959.9	$	1,028.5	$	1,097.1

Variable lease revenues reported above include excess use and damage fees of $2.4 million, $6.5 million, and $8.2 million for 2022, 2021, and 2020, respectively, which were reported in other income on the statements 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 30, 2022 and October 31, 2021 were as follows (in millions of dollars):

	2022		2021
Agriculture and turf	$	570.2	$	500.8
Construction and forestry		183.7		168.2
Total		753.9		669.0
Guaranteed residual values		466.5		359.7
Unguaranteed residual values		25.9		33.7
Unearned finance income		(125.6)		(90.1)
Financing leases receivable	$	1,120.7	$	972.3

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 30, 2022 were as follows (in millions of dollars):

Due in:
2023	$	662.9
2024		279.8
2025		148.2
2026		76.8
2027		41.4
Later years		11.3
Total	$	1,220.4

Schedule of Cost of Equipment on Operating Leases by Market

The cost of equipment on operating leases by market at October 30, 2022 and October 31, 2021 was as follows (in millions of dollars):

	2022		2021
Agriculture and turf	$	5,017.3	$	5,053.4
Construction and forestry		1,138.0		1,323.6
Total		6,155.3		6,377.0
Accumulated depreciation		(1,301.8)		(1,429.4)
Equipment on operating leases - net	$	4,853.5	$	4,947.6

Schedule of Lease Payments for Equipment on Operating Leases

Lease payments for equipment on operating leases at October 30, 2022 were scheduled as follows (in millions of dollars):

Due in:
2023	$	677.1
2024		474.7
2025		273.0
2026		133.8
2027		29.1
Later years		5.0
Total	$	1,592.7