We lease John Deere equipment and a limited amount of non-John Deere equipment to retail customers through sales-type, direct financing, and operating leases. Sales-type and direct financing leases are reported in “Financing leases” and operating leases are reported in “Equipment on operating leases – net.”


	Three Months Ended
	January 28		January 29
	2024		2023
Sales-type and direct financing lease revenues	$	27.0	$	18.8
Operating lease revenues		234.2		218.9
Variable lease revenues		4.0		5.6
Total lease revenues	$	265.2	$	243.3

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” and were $.4 and $.8 for the first quarter of 2024 and 2023, respectively.


	January 28		October 29		January 29
	2024		2023		2023
Agriculture and turf	$	5,198.3	$	5,265.2	$	4,893.6
Construction and forestry		1,005.7		1,042.4		1,084.9
Total		6,204.0		6,307.6		5,978.5
Accumulated depreciation		(1,270.6)		(1,256.1)		(1,285.1)
Equipment on operating leases – net	$	4,933.4	$	5,051.5	$	4,693.4

Total operating lease residual values at January 28, 2024, October 29, 2023, and January 29, 2023 were $3,483.7, $3,538.3, and $3,257.1, respectively. John Deere dealers generally provide a first-loss residual value guarantee on operating lease originations. Total residual value guarantees were $580.4, $566.9, and $467.1 at January 28, 2024, October 29, 2023, and January 29, 2023, respectively.

We discuss with lessees and dealers options to purchase the equipment or extend the lease prior to operating lease maturity. We remarket equipment returned to us upon termination of leases. The matured operating lease inventory balances at January 28, 2024, October 29, 2023, and January 29, 2023 were $19.7, $16.2, and $11.8, respectively. Matured operating lease inventory is reported in “Other assets.”