Leases (Tables)

12 Months Ended

Oct. 29, 2023

Leases

Schedule of Lease Revenues Earned

Lease revenues earned by us were as follows:

	2023		2022		2021
Sales-type and direct financing lease revenues	$	90.7	$	56.6	$	48.6
Operating lease revenues		894.2		886.1		959.3
Variable lease revenues		14.2		23.4		26.9
Total lease revenues	$	999.1	$	966.1	$	1,034.8

Variable lease revenues reported above include excess use and damage fees of $1.8, $2.4, and $6.5 for 2023, 2022, and 2021, respectively, which were reported in “Other income.”

Schedule of Sales-type and Direct Financing Lease Receivables by Market

Sales-type and direct financing lease receivables by market at October 29, 2023 and October 30, 2022 were as follows:

	2023		2022
Agriculture and turf	$	664.4	$	570.2
Construction and forestry		223.4		183.7
Total		887.8		753.9
Guaranteed residual values		701.9		466.5
Unguaranteed residual values		27.2		25.9
Unearned finance income		(195.1)		(125.6)
Financing leases receivable	$	1,421.8	$	1,120.7

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 29, 2023 were as follows:

Due in:
2024	$	955.8
2025		306.9
2026		168.1
2027		98.1
2028		49.9
Later years		10.9
Total	$	1,589.7

Schedule of Cost of Equipment on Operating Leases by Market

The cost of equipment on operating leases by market at October 29, 2023 and October 30, 2022 was as follows:

	2023		2022
Agriculture and turf	$	5,265.2	$	5,017.3
Construction and forestry		1,042.4		1,138.0
Total		6,307.6		6,155.3
Accumulated depreciation		(1,256.1)		(1,301.8)
Equipment on operating leases - net	$	5,051.5	$	4,853.5

Schedule of Lease Payments for Equipment on Operating Leases

Lease payments for equipment on operating leases at October 29, 2023 were scheduled as follows:

Due in:
2024	$	749.5
2025		561.3
2026		321.4
2027		157.9
2028		38.9
Later years		7.8
Total	$	1,836.8