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EQUIPMENT ON OPERATING LEASES | 12 Months Ended
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Oct. 31, 2016
EQUIPMENT ON OPERATING LEASES |
EQUIPMENT ON OPERATING LEASES | 14. EQUIPMENT ON OPERATING LEASES Operating leases arise primarily from the leasing of John Deere equipment to retail customers. Initial lease terms generally range from 12 to 60 months. Net equipment on operating leases at October 31 consisted of the following in millions of dollars:
|  | 2016 |  | 2015 |
Equipment on operating leases: |  |  |  |  |  |  |
Agriculture and turf |  | $ | 4,758 |  | $ | 3,909 |
Construction and forestry |  |  | 1,144 |  |  | 1,061 |
Equipment on operating leases – net |  | $ | 5,902 |  | $ | 4,970 |
The equipment is depreciated on a straight-line basis over the terms of the lease. The accumulated depreciation on this equipment was $1,054 million and $793 million at October 31, 2016 and 2015, respectively. The corresponding depreciation expense was $742 million in 2016, $577 million in 2015 and $494 million in 2014. Future payments to be received on operating leases totaled $1,868 million at October 31, 2016 and are scheduled in millions of dollars as follows: 2017 - $827, 2018 - $549, 2019 - $303, 2020 - $153 and 2021 - $36. At October 31, 2016 and 2015, the company’s financial services operations had $68 million and $30 million, respectively, of deposits withheld from dealers available for potential losses on residual values.

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- Definition The entire disclosure for operating leases of a lessor. This may include a general description of lessor's leasing arrangements for operating leases, including the basis on which contingent rental payments are determined, the existence and terms of renewal or purchase options and escalation clauses, restrictions imposed by lease arrangements, such as those concerning dividends, additional debt, and further leasing, rent holidays, rent concessions, or leasehold improvement incentives and unusual provisions or conditions. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 840 -SubTopic 20 -Section 45 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=6453916&loc=d3e41457-112716 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 840 -SubTopic 20 -Section 45 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=6453916&loc=d3e41460-112716 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 840 -SubTopic 10 -Section 50 -Paragraph 5 -URI http://asc.fasb.org/extlink&oid=6452767&loc=d3e37051-112695 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 932 -SubTopic 235 -Section 50 -Paragraph 13 -URI http://asc.fasb.org/extlink&oid=68064819&loc=d3e61901-109447 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 840 -SubTopic 10 -Section 50 -Paragraph 4 -URI http://asc.fasb.org/extlink&oid=6452767&loc=d3e37045-112695 + Details
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