Leases (Tables)

6 Months Ended

Apr. 30, 2023

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
	April 30		May 1		April 30		May 1
	2023		2022		2023		2022
Sales-type and direct financing lease revenues	$	19.6	$	12.5	$	38.4	$	25.5
Operating lease revenues		216.8		220.3		435.7		445.0
Variable lease revenues		4.6		5.8		10.2		12.0
Total lease revenues	$	241.0	$	238.6	$	484.3	$	482.5

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 and were $.4 million and $1.2 million for the second quarter and first six months ended April 30, 2023, respectively, compared with $.6 million and $1.4 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):

	April 30		October 30		May 1
	2023		2022		2022
Agriculture and turf	$	4,921.6	$	5,017.3	$	4,846.7
Construction and forestry		1,067.9		1,138.0		1,222.9
Total		5,989.5		6,155.3		6,069.6
Accumulated depreciation		(1,265.3)		(1,301.8)		(1,360.9)
Equipment on operating leases – net	$	4,724.2	$	4,853.5	$	4,708.7