Other Income and Administrative and Operating Expenses

12 Months Ended

Oct. 29, 2023

Other Income and Administrative and Operating Expenses

Other Income and Administrative and Operating Expenses

Note 15. Other Income and Administrative and Operating Expenses

The major components of other income and administrative and operating expenses were as follows:

	2023		2022		2021
Other income
Fees and interest from John Deere	$	47.0	$	28.5	$	25.6
External interest income		63.1		8.6		2.9
Operating lease disposition gains - net		31.0		66.9		65.0
Freestanding credit enhancement recoveries		17.0		8.5		14.3
Other		18.2		23.2		13.7
Total	$	176.3	$	135.7	$	121.5
Administrative and operating expenses
Compensation and benefits	$	273.8	$	252.9	$	249.0
Computer processing and software		58.3		55.8		52.0
Property taxes on leased assets		23.3		33.0		29.0
Foreign currency exchange losses - net		20.4		25.6		14.9
Dealer financing incentives*		129.9		77.3		81.9
Other		63.7		57.0		45.0
Total	$	569.4	$	501.6	$	471.8

^* As summarized in Notes 1, 2, and 23, we corrected our accounting treatment for dealer financing incentives during 2023. Prior period amounts in the table above have been restated and now include both the cash and non-cash portion of dealer financing incentives. Previously, the non-cash portion of dealer financing incentives was reported as a reduction to finance income.