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EQUIPMENT ON OPERATING LEASES | 12 Months Ended
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Nov. 03, 2019
EQUIPMENT ON OPERATING LEASES |
EQUIPMENT ON OPERATING LEASES | 15. 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 November 3, 2019 and October 28, 2018 consisted of the following in millions of dollars: ​ ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | 2019 |  | 2018 | ​
Equipment on operating leases: | ​ | ​ | ​ | ​ | ​ | ​ | ​
Agriculture and turf | ​ | $ | 5,888 | ​ | $ | 5,682 | ​
Construction and forestry | ​ |  | 1,679 | ​ |  | 1,483 | ​
Equipment on operating leases – net |  | $ | 7,567 |  | $ | 7,165 | ​
​ The equipment is depreciated on a straight-line basis over the term of the lease. The accumulated depreciation on this equipment was $1,855 million and $1,515 million at November 3, 2019 and October 28, 2018, respectively. The corresponding depreciation expense was $981 million in 2019, $928 million in 2018, and $853 million in 2017. Future payments to be received on operating leases totaled $2,498 million at November 3, 2019 and are scheduled in millions of dollars as follows: 2020 - $1,086, 2021 - $759, 2022 - $419, 2023 - $193, and 2024 - $41. At November 3, 2019 and October 28, 2018, the company’s financial services operations had $12 million and $34 million, respectively, of deposits withheld from dealers available for potential losses on residual values. Equipment returned to the company upon termination of leases and held for subsequent sale or lease is recorded in “Other assets” at the lower of net book value or estimated fair value of the equipment less costs to sell and is not depreciated. The matured operating lease inventory at November 3, 2019 and October 28, 2018 was $163 million and $247 million, respectively.

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- Definition The entire disclosure for lessor's operating leases. + References Reference 1: http://www.xbrl.org/2003/role/exampleRef -Publisher FASB -Name Accounting Standards Codification -Topic 840 -SubTopic 10 -Section 55 -Paragraph 40 -Subparagraph Note 1 -URI http://asc.fasb.org/extlink&oid=82846649&loc=d3e38371-112697 Reference 2: http://www.xbrl.org/2003/role/exampleRef -Publisher FASB -Name Accounting Standards Codification -Topic 840 -SubTopic 10 -Section 55 -Paragraph 40 -Subparagraph Note 3 -URI http://asc.fasb.org/extlink&oid=82846649&loc=d3e38371-112697 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 842 -SubTopic 30 -URI http://asc.fasb.org/subtopic&trid=77888252 + Details
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