Leases (Tables)

9 Months Ended

Jul. 30, 2023

Leases

Schedule of Lease Revenues Earned

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

	Three Months Ended				Nine Months Ended
	July 30		July 31		July 30		July 31
	2023		2022		2023		2022
Sales-type and direct financing lease revenues	$	25.2	$	14.7	$	63.6	$	40.2
Operating lease revenues		224.9		219.4		660.6		664.4
Variable lease revenues		.1		5.6		10.3		17.6
Total lease revenues	$	250.2	$	239.7	$	734.5	$	722.2

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 $.1 million and $1.3 million for the third quarter and first nine months ended July 30, 2023, respectively, compared with $.5 million and $1.9 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):

	July 30		October 30		July 31
	2023		2022		2022
Agriculture and turf	$	5,049.1	$	5,017.3	$	4,951.3
Construction and forestry		1,054.2		1,138.0		1,178.9
Total		6,103.3		6,155.3		6,130.2
Accumulated depreciation		(1,265.8)		(1,301.8)		(1,352.7)
Equipment on operating leases – net	$	4,837.5	$	4,853.5	$	4,777.5