LEASES (Tables)

12 Months Ended

Oct. 29, 2023

LEASES

Summary of Lease Expense by Type

The lease expense by type consisted of the following:

	2023		2022		2021
Operating lease expense	$	129	$	114	$	116
Short-term lease expense		49		55		29
Variable lease expense		80		74		53
Finance lease:
Depreciation expense		28		26		26
Interest on lease liabilities		2		1		1
Total lease expense	$	288	$	270	$	225

Schedule of Operating and Finance Lease Right of Use Assets and Liabilities, Location in Consolidated Balance Sheets

Operating and finance lease right of use assets and lease liabilities follow:

		2023		2022
Operating leases:
Other assets	$	283	$	299
Accounts payable and accrued expenses		281		302
Finance leases:
Property and equipment — net	$	66	$	49
Short-term borrowings		25		21
Long-term borrowings		49		30
Total finance lease liabilities	$	74	$	51

Schedule of Weighted-Average Remaining Lease Terms in Years and Discount Rates

The weighted-average remaining lease terms in years and discount rates follows:

	2023	2022
Weighted-average remaining lease terms:
Operating leases	7	7
Finance leases	4	3
Weighted-average discount rates:
Operating leases	3.1%	2.4%
Finance leases	3.6%	1.9%

Schedule of Operating Lease Payment Amounts

Lease payment amounts in each of the next five years at October 29, 2023 follow:

	Operating		Finance
Due in:	Leases		Leases
2024	$	103	$	27
2025		71		22
2026		36		14
2027		24		8
2028		22		3
Later years		45		6
Total lease payments		301		80
Less: imputed interest		20		6
Total lease liabilities	$	281	$	74

Schedule of Finance Lease Payment Amounts

Lease payment amounts in each of the next five years at October 29, 2023 follow:

	Operating		Finance
Due in:	Leases		Leases
2024	$	103	$	27
2025		71		22
2026		36		14
2027		24		8
2028		22		3
Later years		45		6
Total lease payments		301		80
Less: imputed interest		20		6
Total lease liabilities	$	281	$	74

Schedule of Cash Paid for Amounts Included in the Measurement of Lease Liabilities and Right of Use Assets Obtained in Exchange for Lease Liabilities

Cash paid for amounts included in the measurement of lease liabilities follows:

		2023		2022		2021
Operating cash flows for operating leases	$	132	$	127	$	104
Operating cash flows for finance leases		2		1		1
Financing cash flows for finance leases		31		28		25

Right of use assets obtained in exchange for lease liabilities follow:

		2023		2022
Operating leases	$	97	$	135
Finance leases		54		17

Schedule of Lease Revenues Earned

Lease revenues earned by us follow:

		2023		2022		2021
Sales-type and direct finance lease revenues	$	165	$	154	$	145
Operating lease revenues		1,312		1,318		1,423
Variable lease revenues		16		26		30
Total lease revenues	$	1,493	$	1,498	$	1,598

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

Sales-type and direct financing lease receivables by market follow:

		2023		2022
Agriculture and turf	$	1,078	$	1,118
Construction and forestry		1,048		1,167
Total		2,126		2,285
Guaranteed residual values		723		491
Unguaranteed residual values		57		56
Less: unearned finance income		(350)		(285)
Financing lease receivables	$	2,556	$	2,547

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 follow:

Due in:	2023
2024	$	1,453
2025		642
2026		378
2027		214
2028		142
Later years		20
Total	$	2,849

Schedule of Cost of Equipment on Operating Leases by Market

The cost of equipment on operating leases by market follow:

		2023		2022
Agriculture and turf	$	7,168	$	6,912
Construction and forestry		1,212		1,342
Total		8,380		8,254
Less: accumulated depreciation		(1,463)		(1,631)
Equipment on operating leases - net	$	6,917	$	6,623
Operating lease residual values	$	4,864	$	4,640
First-loss residual value guarantees		1,188		1,025

Schedule of Lease Payments for Equipment on Operating Leases

Lease payments for operating leases are scheduled as follows:

Due in:	2023
2024	$	1,044
2025		797
2026		490
2027		258
2028		65
Later years		10
Total	$	2,664