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LEASES (Tables)

9 Months Ended

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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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 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.

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