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v3.20.2

LEASES (Tables) | 9 Months Ended
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Aug. 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 | ​ | Nine Months Ended | ​
​ | ​ | August 2, 2020 | ​ | August 2, 2020 | ​
Operating lease expense | ​ | $ | 29 | ​ | $ | 92 | ​
Short-term lease expense | ​ | ​ | 8 | ​ | ​ | 18 | ​
Variable lease expense | ​ | ​ | 8 | ​ | ​ | 28 | ​
Finance lease: | ​ | ​ | ​ | ​ | ​ | ​ | ​
Depreciation expense | ​ | ​ | 3 | ​ | ​ | 10 | ​
Interest on lease liabilities | ​ | ​ | 1 | ​ | ​ | 2 | ​
Total lease expense | ​ | $ | 49 | ​ | $ | 150 | ​
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:
​ | ​ | ​ | ​ | ​
​ | ​ | August 2, 2020 | ​
Operating leases: | ​ | ​ | ​ | ​
Other assets | ​ | $ | 341 | ​
Accounts payable and accrued expenses | ​ | ​ | 318 | ​
​ | ​ | ​ | ​ | ​
Finance leases: | ​ | ​ | ​ | ​
Property and equipment - net | ​ | $ | 56 | ​
​ | ​ | ​ | ​ | ​
Short-term borrowings | ​ | $ | 18 | ​
Long-term borrowings | ​ | ​ | 33 | ​
Total finance lease liabilities | ​ | $ | 51 | ​
Schedule of Weighted-Average Remaining Lease Term in Years and Discount Rates | The weighted-average remaining lease term in years and discount rates follows:
​ | ​ | ​ | ​ | ​
​ | ​ | ​ | August 2, 2020 | ​
Weighted-average remaining lease terms: | ​ | ​ | ​ | ​
Operating leases | ​ | ​ | 7 | ​
Finance leases | ​ | ​ | 3 | ​
​ | ​ | ​ | ​ | ​
Weighted-average discount rate: | ​ | ​ | ​ | ​
Operating leases | ​ | ​ | 2.2% | ​
Finance leases | ​ | ​ | 2.4% | ​
Schedule of Operating Lease Payment Amounts | Lease payment amounts in each of the next five years at August 2, 2020 follow in millions of dollars:
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Operating | ​ | Finance | ​
Due in: | ​ | Leases | ​ | Leases | ​
Remainder of 2020 | ​ | $ | 30 | ​ | $ | 5 | ​
2021 | ​ | ​ | 83 | ​ | ​ | 18 | ​
2022 | ​ | ​ | 71 | ​ | ​ | 15 | ​
2023 | ​ | ​ | 50 | ​ | ​ | 10 | ​
2024 | ​ | ​ | 39 | ​ | ​ | 3 | ​
2025 | ​ | ​ | 22 | ​ | ​ | 1 | ​
Later years | ​ | ​ | 43 | ​ | ​ | 2 | ​
Total lease payments | ​ | ​ | 338 | ​ | ​ | 54 | ​
Less imputed interest | ​ | ​ | 20 | ​ | ​ | 3 | ​
Total lease liabilities | ​ | $ | 318 | ​ | $ | 51 | ​
Schedule of Finance Lease Payment Amounts | Lease payment amounts in each of the next five years at August 2, 2020 follow in millions of dollars:
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Operating | ​ | Finance | ​
Due in: | ​ | Leases | ​ | Leases | ​
Remainder of 2020 | ​ | $ | 30 | ​ | $ | 5 | ​
2021 | ​ | ​ | 83 | ​ | ​ | 18 | ​
2022 | ​ | ​ | 71 | ​ | ​ | 15 | ​
2023 | ​ | ​ | 50 | ​ | ​ | 10 | ​
2024 | ​ | ​ | 39 | ​ | ​ | 3 | ​
2025 | ​ | ​ | 22 | ​ | ​ | 1 | ​
Later years | ​ | ​ | 43 | ​ | ​ | 2 | ​
Total lease payments | ​ | ​ | 338 | ​ | ​ | 54 | ​
Less imputed interest | ​ | ​ | 20 | ​ | ​ | 3 | ​
Total lease liabilities | ​ | $ | 318 | ​ | $ | 51 | ​
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:
​ | ​ | ​ | ​ | ​
​ | ​ | Nine Months Ended | ​
​ | ​ | August 2, 2020 | ​
Operating cash flows from operating leases | ​ | $ | 92 | ​
Operating cash flows from finance leases | ​ | ​ | 2 | ​
Financing cash flows from finance leases | ​ | ​ | 16 | ​
​ Right of use assets obtained in exchange for lease liabilities:
​ | ​ | ​ | ​ | ​
​ | ​ | Nine Months Ended | ​
​ | ​ | August 2, 2020 | ​
Operating leases | ​ | $ | 27 | ​
Finance leases | ​ | ​ | 37 | ​
Schedule of Lease Revenues Earned | Lease revenues earned by the Company were as follows in millions of dollars:
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Three Months Ended | ​ | Nine Months Ended | ​
​ | ​ | August 2, 2020 | ​ | August 2, 2020 | ​
Sales-type and direct financing lease revenues | ​ | $ | 33 | ​ | $ | 101 | ​
Operating lease revenues | ​ | ​ | 361 | ​ | ​ | 1,104 | ​
Variable lease revenues | ​ | ​ | 6 | ​ | ​ | 17 | ​
Total lease revenues | ​ | $ | 400 | ​ | $ | 1,222 | ​
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:
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | August 2 | ​ | November 3 | ​
​ | ​ | 2020 | ​ | 2019 | ​
Agriculture and turf | ​ | $ | 902 | ​ | $ | 897 | ​
Construction and forestry | ​ | ​ | 979 | ​ | ​ | 1,033 | ​
Total | ​ | ​ | 1,881 | ​ | ​ | 1,930 | ​
Guaranteed residual values | ​ | ​ | 238 | ​ | ​ | 232 | ​
Unguaranteed residual values | ​ | ​ | 80 | ​ | ​ | 101 | ​
Less unearned finance income | ​ | ​ | 223 | ​ | ​ | 212 | ​
Financing leases receivables | ​ | $ | 1,976 | ​ | $ | 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 August 2, 2020 follow in millions of dollars:
​ | ​ | ​ | ​ | ​
​ | ​ | August 2 | ​
Due in: | ​ | 2020 | ​
Remainder of 2020 | ​ | $ | 296 | ​
2021 | ​ | ​ | 850 | ​
2022 | ​ | ​ | 488 | ​
2023 | ​ | ​ | 281 | ​
2024 | ​ | ​ | 146 | ​
2025 | ​ | ​ | 46 | ​
Later years | ​ | ​ | 12 | ​
Total | ​ | $ | 2,119 | ​
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:
​ | ​ | ​ | ​ | ​
​ | ​ | November 3 | ​
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 was as follows in millions of dollars:
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | August 2 | ​ | November 3 | ​
​ | ​ | 2020 | ​ | 2019 | ​
Agriculture and turf | ​ | $ | 7,162 | ​ | $ | 7,257 | ​
Construction and forestry | ​ | ​ | 2,013 | ​ | ​ | 2,165 | ​
Total | ​ | ​ | 9,175 | ​ | ​ | 9,422 | ​
Less accumulated depreciation | ​ | ​ | 2,017 | ​ | ​ | 1,855 | ​
Equipment on operating leases - net | ​ | $ | 7,158 | ​ | $ | 7,567 | ​
Schedule of Lease Payments for Equipment on Operating Leases | Lease payments for equipment on operating leases at August 2, 2020 were scheduled as follows in millions of dollars:
​ | ​ | ​ | ​ | ​
​ | ​ | August 2 | ​
Due in: | ​ | 2020 | ​
Remainder of 2020 | ​ | $ | 300 | ​
2021 | ​ | ​ | 993 | ​
2022 | ​ | ​ | 633 | ​
2023 | ​ | ​ | 324 | ​
2024 | ​ | ​ | 140 | ​
2025 | ​ | ​ | 15 | ​
Total | ​ | $ | 2,405 | ​
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 | ​
Due in: | ​ | 2019 | ​
2020 | ​ | $ | 1,086 | ​
2021 | ​ | ​ | 759 | ​
2022 | ​ | ​ | 419 | ​
2023 | ​ | ​ | 193 | ​
2024 | ​ | ​ | 41 | ​
Total | ​ | $ | 2,498 | ​

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