Immaterial Restatement of Prior Period Financial Statements (Tables)

12 Months Ended

Oct. 29, 2023

Immaterial Restatement of Prior Period Financial Statements

Prior Period Impacts to the Company's Financial Statements

The prior period impacts to our statements of consolidated income and the related impacts to our statements of consolidated comprehensive income for the years ended October 30, 2022 and October 31, 2021 were as follows:

	2022						2021
	Previously				As		Previously				As
	Reported		Adjustment		Adjusted		Reported		Adjustment		Adjusted
Revenues
Finance income earned on retail notes	$	1,023.3	$	41.2	$	1,064.5	$	946.6	$	29.4	$	976.0
Lease revenues		957.5		6.2		963.7		1,022.0		6.3		1,028.3
Total revenues		2,759.2		47.4		2,806.6		2,688.0		35.7		2,723.7
Expenses
Administrative and operating expenses		440.1		61.5		501.6		406.0		65.8		471.8
Total operating expenses		1,353.4		61.5		1,414.9		1,306.8		65.8		1,372.6
Total expenses		1,850.7		61.5		1,912.2		1,779.7		65.8		1,845.5
Income of Consolidated Group before Income Taxes		908.5		(14.1)		894.4		908.3		(30.1)		878.2
Provision for income taxes		209.0		(3.4)		205.6		200.5		(6.7)		193.8
Income of Consolidated Group		699.5		(10.7)		688.8		707.8		(23.4)		684.4
Net Income		704.0		(10.7)		693.3		710.8		(23.4)		687.4
Net Income Attributable to the Company	$	704.3	$	(10.7)	$	693.6	$	710.6	$	(23.4)	$	687.2

The prior period impacts to our consolidated balance sheet and the related components of stockholder’s equity as of October 30, 2022 were as shown below. In addition, beginning retained earnings for the year ended October 30, 2022 decreased $108.7 from $3,091.0 to $2,982.3, and beginning retained earnings for the year ended October 31, 2021 decreased $85.3 from $2,891.6 to $2,806.3.

	2022
	Previously				As
	Reported		Adjustment		Adjusted
Assets
Receivables:
Retail notes	$	22,860.3	$	(61.3)	$	22,799.0
Total receivables		42,502.9		(61.3)		42,441.6
Total receivables – net		42,374.5		(61.3)		42,313.2
Deferred income taxes		23.3		2.2		25.5
Total Assets	$	48,928.0	$	(59.1)	$	48,868.9
Liabilities and Stockholder’s Equity
Accounts payable and accrued expenses	$	866.1	$	91.2	$	957.3
Deferred income taxes		239.4		(30.9)		208.5
Total liabilities		44,123.1		60.3		44,183.4
Stockholder’s equity:
Retained earnings		3,425.3		(119.4)		3,305.9
Total Company stockholder’s equity		4,803.4		(119.4)		4,684.0
Total stockholder’s equity		4,804.9		(119.4)		4,685.5
Total Liabilities and Stockholder’s Equity	$	48,928.0	$	(59.1)	$	48,868.9

The prior period impacts to our statements of consolidated cash flows for the years ended October 30, 2022 and October 31, 2021 were as follows:

	2022						2021
	Previously				As		Previously				As
	Reported		Adjustment		Adjusted		Reported		Adjustment		Adjusted
Cash Flows from Operating Activities:
Net income	$	704.0	$	(10.7)	$	693.3	$	710.8	$	(23.4)	$	687.4
Adjustments to reconcile net income to net cash provided by operating activities:
Credit for deferred income taxes		(32.0)		(3.3)		(35.3)		(83.3)		(6.4)		(89.7)
Change in accounts payable and accrued expenses		14.4		(2.4)		12.0		(39.5)		21.6		(17.9)
Other		(164.2)		16.4		(147.8)		33.3		8.2		41.5
Net cash provided by operating activities	$	1,205.9	$		$	1,205.9	$	1,365.9	$		$	1,365.9