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v3.19.3.a.u2

LEASES (Tables) | 3 Months Ended
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Feb. 02, 2020
LEASES |
Summary of Lease Expense by Type | The lease expense by type consisted of the following in millions of dollars:
​ | ​ | ​ | ​ | ​
​ | ​ | Three Months Ended | ​
​ | ​ | February 2, 2020 | ​
Operating lease expense | ​ | $ | 32 | ​
Short-term lease expense | ​ | ​ | 4 | ​
Variable lease expense | ​ | ​ | 10 | ​
Finance lease depreciation expense | ​ | ​ | 5 | ​
Total lease expense | ​ | $ | 51 | ​
Schedule of Operating and Finance Lease Right of Use Assets and Liabilities, Location in Condensed Consolidated Balance Sheet | Operating and finance lease right of use assets and liabilities follow in millions of dollars:
​ | ​ | ​ | ​ | ​
​ | ​ | February 2, 2020 | ​
Operating leases | ​ | ​ | ​ | ​
Other assets | ​ | $ | 376 | ​
Accounts payable and accrued expenses | ​ | ​ | 361 | ​
​ | ​ | ​ | ​ | ​
Finance leases | ​ | ​ | ​ | ​
Property and equipment — net | ​ | $ | 37 | ​
​ | ​ | ​ | ​ | ​
Short-term borrowings | ​ | ​ | 12 | ​
Long-term borrowings | ​ | ​ | 23 | ​
Total finance lease liabilities | ​ | $ | 35 | ​
Schedule of Weighted-Average Remaining Lease Term in Years and Discount Rates | The weighted-average remaining lease term in years and discount rates follows:
​ | ​ | ​ | ​
​ | ​ | February 2, 2020 | ​
Weighted-average remaining lease terms | ​ | ​ | ​
Operating leases | ​ | 7 | ​
Finance leases | ​ | 3 | ​
Weighted-average discount rate | ​ | ​ | ​
Operating leases | ​ | 2.5% | ​
Finance leases | ​ | 3.2% | ​
Schedule of Operating Lease Payment Amounts | Lease payment amounts in each of the next five years at February 2, 2020 follow in millions of dollars:
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Operating | ​ | Finance | ​
February 2, 2020 | ​ | Leases | ​ | Leases | ​
Remainder of 2020 | ​ | $ | 93 | ​ | $ | 12 | ​
2021 | ​ | ​ | 80 | ​ | ​ | 11 | ​
2022 | ​ | ​ | 69 | ​ | ​ | 8 | ​
2023 | ​ | ​ | 53 | ​ | ​ | 3 | ​
2024 | ​ | ​ | 38 | ​ | ​ | 2 | ​
2025 | ​ | ​ | 19 | ​ | ​ | ​ | ​
Later years | ​ | ​ | 33 | ​ | ​ | 1 | ​
Total lease payments | ​ | ​ | 385 | ​ | ​ | 37 | ​
Less imputed interest | ​ | ​ | 24 | ​ | ​ | 2 | ​
Total lease liabilities | ​ | $ | 361 | ​ | $ | 35 | ​
​
Schedule of Finance Lease Payment Amounts | Lease payment amounts in each of the next five years at February 2, 2020 follow in millions of dollars:
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Operating | ​ | Finance | ​
February 2, 2020 | ​ | Leases | ​ | Leases | ​
Remainder of 2020 | ​ | $ | 93 | ​ | $ | 12 | ​
2021 | ​ | ​ | 80 | ​ | ​ | 11 | ​
2022 | ​ | ​ | 69 | ​ | ​ | 8 | ​
2023 | ​ | ​ | 53 | ​ | ​ | 3 | ​
2024 | ​ | ​ | 38 | ​ | ​ | 2 | ​
2025 | ​ | ​ | 19 | ​ | ​ | ​ | ​
Later years | ​ | ​ | 33 | ​ | ​ | 1 | ​
Total lease payments | ​ | ​ | 385 | ​ | ​ | 37 | ​
Less imputed interest | ​ | ​ | 24 | ​ | ​ | 2 | ​
Total lease liabilities | ​ | $ | 361 | ​ | $ | 35 | ​
Schedule of Future Minimum Payments under Previous Lease Standard for Operating Leases | Future minimum lease payments under the previous lease standard for operating and finance leases at November 3, 2019 follow in millions of dollars:
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Operating | ​ | Capital | ​
November 3, 2019 | ​ | 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 finance leases at November 3, 2019 follow in millions of dollars:
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Operating | ​ | Capital | ​
November 3, 2019 | ​ | 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:
​ | ​ | ​ | ​ | ​
​ | ​ | Three Months Ended | ​
​ | ​ | February 2, 2020 | ​
Operating cash flows from operating leases | ​ | $ | 30 | ​
Financing cash flows from finance leases | ​ | ​ | 5 | ​
​ Right of use assets obtained in exchange for lease liabilities:
​ | ​ | ​ | ​ | ​
​ | ​ | Three Months Ended | ​
​ | ​ | February 2, 2020 | ​
Operating leases | ​ | $ | 16 | ​
Finance leases | ​ | ​ | 9 | ​
Schedule of Lease Revenues Earned | Lease revenues earned by the Company were as follows in millions of dollars:
​ | ​ | ​ | ​ | ​
​ | ​ | Three Months Ended | ​
​ | ​ | February 2, 2020 | ​
Sales-type and direct finance lease revenues | ​ | $ | 36 | ​
Operating lease revenues | ​ | ​ | 374 | ​
Variable lease revenues | ​ | ​ | 5 | ​
Total lease revenues | ​ | $ | 415 | ​
Schedule of Sales-type and Direct Financing Lease Receivables by Product Category | Sales-type and direct financing lease receivables by product category were as follows in millions of dollars:
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | February 2 | ​ | November 3 | ​
​ | ​ | 2020 | ​ | 2019 | ​
Agriculture and turf | ​ | $ | 863 | ​ | $ | 897 | ​
Construction and forestry | ​ | ​ | 1,007 | ​ | ​ | 1,033 | ​
Total | ​ | ​ | 1,870 | ​ | ​ | 1,930 | ​
Guaranteed residual values | ​ | ​ | 152 | ​ | ​ | 232 | ​
Unguaranteed residual values | ​ | ​ | 98 | ​ | ​ | 101 | ​
Less unearned finance income | ​ | ​ | 209 | ​ | ​ | 212 | ​
Financing leases receivables | ​ | $ | 1,911 | ​ | $ | 2,051 | ​
Schedule of Scheduled Payments, Including Guaranteed Residual Values, on Sales-type and Direct Financing Leases Receivables | Scheduled payments, including guaranteed residual values, on sales-type and direct financing lease receivables at February 2, 2020 follow in millions of dollars:
​ | ​ | ​ | ​ | ​
​ | ​ | February 2 | ​
​ | ​ | 2020 | ​
Due in: | ​ | ​ | ​ | ​
Remainder of 2020 | ​ | $ | 732 | ​
2021 | ​ | ​ | 614 | ​
2022 | ​ | ​ | 380 | ​
2023 | ​ | ​ | 188 | ​
2024 | ​ | ​ | 86 | ​
2025 | ​ | ​ | 18 | ​
Later years | ​ | ​ | 4 | ​
Total | ​ | $ | 2,022 | ​
Schedule of Finance Lease 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:
​ | ​ | ​ | ​ | ​
​ | ​ | November 3 | ​
​ | ​ | 2019 | ​
Due in: | ​ | ​ | ​ | ​
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 was as follows in millions of dollars:
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | February 2 | ​ | November 3 | ​
​ | ​ | 2020 | ​ | 2019 | ​
Agriculture and turf | ​ | $ | 7,260 | ​ | $ | 7,257 | ​
Construction and forestry | ​ | ​ | 2,163 | ​ | ​ | 2,165 | ​
Total | ​ | ​ | 9,423 | ​ | ​ | 9,422 | ​
Less accumulated depreciation | ​ | ​ | 1,919 | ​ | ​ | 1,855 | ​
Equipment on operating leases - net | ​ | $ | 7,504 | ​ | $ | 7,567 | ​
Schedule of Lease Payments for Equipment on Operating Leases | Lease payments for equipment on operating leases at February 2, 2020 were scheduled as follows in millions of dollars:
​ | ​ | ​ | ​ | ​
​ | ​ | February 2 | ​
​ | ​ | 2020 | ​
Due in: | ​ | ​ | ​ | ​
Remainder of 2020 | ​ | $ | 948 | ​
2021 | ​ | ​ | 871 | ​
2022 | ​ | ​ | 513 | ​
2023 | ​ | ​ | 248 | ​
2024 | ​ | ​ | 80 | ​
2025 | ​ | ​ | 3 | ​
Total | ​ | $ | 2,663 | ​
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:
​ | ​ | ​ | ​ | ​
​ | ​ | November 3 | ​
​ | ​ | 2019 | ​
Due in: | ​ | ​ | ​ | ​
2020 | ​ | $ | 1,086 | ​
2021 | ​ | ​ | 759 | ​
2022 | ​ | ​ | 419 | ​
2023 | ​ | ​ | 193 | ​
2024 | ​ | ​ | 41 | ​
Total | ​ | $ | 2,498 | ​

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