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LEASES (Tables)

12 Months Ended

Nov. 01, 2020

LEASES

Summary of Lease Expense by Type

The lease expense by type consisted of the following in millions of dollars:

​

​	​	​	​	​
​	​	​	2020	​
Operating lease expense	​	$	126	​
Short-term lease expense	​	​	23	​
Variable lease expense	​	​	41	​
Finance lease:	​	​	​	​
Depreciation expense	​	​	20	​
Interest on lease liabilities	​	​	2	​
Total lease expense	​	$	212	​

​

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

Operating and finance lease right of use assets and lease liabilities follow in millions of dollars:

​

​	​	​	​	​
​	​	​	2020	​
Operating leases:	​	​	​	​
Other assets	​	$	324	​
Accounts payable and accrued expenses	​	​	305	​
​	​	​	​	​
Finance leases:	​	​	​	​
Property and equipment — net	​	$	63	​
​	​	​	​	​
Short-term borrowings	​	​	21	​
Long-term borrowings	​	​	39	​
Total finance lease liabilities	​	$	60	​

​

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

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

​

​	​	​	​	​
​	​	​	2020	​
Weighted-average remaining lease terms:	​	​	​	​
Operating leases	​	​	5	​
Finance leases	​	​	3	​
​	​	​	​	​
Weighted-average discount rates:	​	​	​	​
Operating leases	​	​	2.1%	​
Finance leases	​	​	2.2%	​

​

Schedule of Operating Lease Payment Amounts

Lease payment amounts in each of the next five years at November 1, 2020 follow in millions of dollars:

​

​	​	​	​	​	​	​	​
​	​	Operating		​	Finance		​
Due in:	​	Leases		​	Leases		​
2021	​	$	90	​	$	22	​
2022	​	​	74	​	​	18	​
2023	​	​	52	​	​	12	​
2024	​	​	42	​	​	5	​
2025	​	​	24	​	​	3	​
Later years	​	​	41	​	​	2	​
Total lease payments	​	​	323	​	​	62	​
Less imputed interest	​	​	18	​	​	2	​
Total lease liabilities	​	$	305	​	$	60	​

Schedule of Finance Lease Payment Amounts

Lease payment amounts in each of the next five years at November 1, 2020 follow in millions of dollars:

​

​	​	​	​	​	​	​	​
​	​	Operating		​	Finance		​
Due in:	​	Leases		​	Leases		​
2021	​	$	90	​	$	22	​
2022	​	​	74	​	​	18	​
2023	​	​	52	​	​	12	​
2024	​	​	42	​	​	5	​
2025	​	​	24	​	​	3	​
Later years	​	​	41	​	​	2	​
Total lease payments	​	​	323	​	​	62	​
Less imputed interest	​	​	18	​	​	2	​
Total lease liabilities	​	$	305	​	$	60	​

Schedule of Future Minimum Payments under Previous Lease Standard for Operating Leases

Future minimum lease payments under the previous lease standard for operating and capital leases at November 3, 2019 follow in millions of dollars:

​

​	​	​	​	​	​	​	​
​	​	Operating		​	Capital		​
Due in:	​	Leases		​	Leases		​
2020	​	$	111	​	$	12	​
2021	​	​	77	​	​	10	​
2022	​	​	56	​	​	6	​
2023	​	​	39	​	​	2	​
2024	​	​	28	​	​	1	​
Later years	​	​	26	​	​	1	​
Total minimum lease payments	​	$	337	​	$	32	​

Schedule of Future Minimum Payments under Previous Lease Standard for Capital Leases

Future minimum lease payments under the previous lease standard for operating and capital leases at November 3, 2019 follow in millions of dollars:

​

​	​	​	​	​	​	​	​
​	​	Operating		​	Capital		​
Due in:	​	Leases		​	Leases		​
2020	​	$	111	​	$	12	​
2021	​	​	77	​	​	10	​
2022	​	​	56	​	​	6	​
2023	​	​	39	​	​	2	​
2024	​	​	28	​	​	1	​
Later years	​	​	26	​	​	1	​
Total minimum lease payments	​	$	337	​	$	32	​

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 in millions of dollars:

​

​	​	​	​	​
​	​	​	2020	​
Operating cash flows from operating leases	​	$	124	​
Operating cash flows from finance leases	​	​	2	​
Financing cash flows from finance leases	​	​	17	​

​

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

​

​	​	​	​	​
​	​	​	2020	​
Operating leases	​	$	40	​
Finance leases	​	​	46	​

​

Schedule of Lease Revenues Earned

Lease revenues earned by the company follow in millions of dollars:

​

​	​	​	​	​
​	​	​	2020	​
Sales-type and direct finance lease revenues	​	$	135	​
Operating lease revenues	​	​	1,469	​
Variable lease revenues	​	​	23	​
Total lease revenues	​	$	1,627	​

​

Schedule of Sales-type and Direct Financing Lease Receivables by Product Category

Sales-type and direct financing lease receivables by product category follow in millions of dollars:

​

​	​	​	​	​	​	​	​
​	​	​	2020	​	​	2019	​
Agriculture and turf	​	$	985	​	$	897	​
Construction and forestry	​	​	1,030	​	​	1,033	​
Total	​	​	2,015	​	​	1,930	​
Guaranteed residual values	​	​	278	​	​	232	​
Unguaranteed residual values	​	​	71	​	​	101	​
Less unearned finance income	​	​	217	​	​	212	​
Financing lease receivables	​	$	2,147	​	$	2,051	​

​

Schedule of Scheduled 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 November 1, 2020 follow in millions of dollars:

​

​	​	​	​	​
Due in:	​	2020		​
2021	​	$	1,055	​
2022	​	​	595	​
2023	​	​	361	​
2024	​	​	191	​
2025	​	​	74	​
Later years	​	​	17	​
Total	​	$	2,293	​

​

Schedule of Financing Lease Receivables Scheduled Payments under the Previous Lease Standard

Scheduled payments on financing lease receivables under the previous lease standard at November 3, 2019 follow in millions of dollars:

​

​	​	​	​	​
Due in:	​	2019		​
2020	​	$	833	​
2021	​	​	557	​
2022	​	​	321	​
2023	​	​	153	​
2024	​	​	53	​
Later years	​	​	13	​
Total	​	$	1,930	​

​

Schedule of Cost of Equipment on Operating Leases by Product Category

The cost of equipment on operating leases by product category follow in millions of dollars:

​

​	​	​	​	​	​	​	​
​	​	​	2020	​	​	2019	​
Agriculture and turf	​	$	7,366	​	$	7,257	​
Construction and forestry	​	​	1,921	​	​	2,165	​
Total	​	​	9,287	​	​	9,422	​
Less accumulated depreciation	​	​	1,989	​	​	1,855	​
Equipment on operating leases - net	​	$	7,298	​	$	7,567	​

​

Schedule of Lease Payments for Equipment on Operating Leases

Lease payments for equipment on operating leases at November 1, 2020 were scheduled as follows in millions of dollars:

​

​	​	​	​	​
Due in:	​	2020		​
2021	​	$	1,073	​
2022	​	​	731	​
2023	​	​	404	​
2024	​	​	197	​
2025	​	​	42	​
Later years	​	​	4	​
Total	​	$	2,451	​

​

Schedule of Rental Payments for Equipment on Operating Leases under the Previous Lease Standard

Rental payments for equipment on operating leases under the previous lease standard at November 3, 2019 were scheduled as follows in millions of dollars:

​

​	​	​	​	​
Due in:	​	2019		​
2020	​	$	1,086	​
2021	​	​	759	​
2022	​	​	419	​
2023	​	​	193	​
2024	​	​	41	​
Total	​	$	2,498	​

​

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- Definition

Tabular disclosure of supplemental cash flow information and right of use assets obtained in exchange for lease liabilities for lessee operating and finance leases.

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Tabular disclosure of future minimum payments receivable in the aggregate and for succeeding fiscal years for operating leases having initial or remaining noncancelable lease terms in excess of one year.

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Tabular disclosure of the location of operating and finance lease right of use assets and liabilities in the statement of financial position.

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Tabular disclosure of the undiscounted future minimum lease payments as of the date of the latest balance sheet presented, in aggregate and for each of the five years succeeding fiscal years.

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Tabular disclosure of undiscounted cash flows of finance lease liability. Includes, but is not limited to, reconciliation of undiscounted cash flows to finance lease liability recognized in statement of financial position.

+ References

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-SubTopic 20
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Tabular disclosure of lessee's lease cost. Includes, but is not limited to, interest expense for finance lease, amortization of right-of-use asset for finance lease, operating lease cost, short-term lease cost, variable lease cost and sublease income.

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Tabular disclosure of maturity of undiscounted cash flows to be received on annual basis for sales-type and direct financing leases receivable. Includes, but is not limited to, reconciliation to lease receivable recognized in statement of financial position.

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Tabular disclosure of future minimum payments required in the aggregate and for each of the five succeeding fiscal years for operating leases having initial or remaining noncancelable lease terms in excess of one year and the total minimum rentals to be received in the future under noncancelable subleases as of the balance sheet date.

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