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v3.22.2.2

LEASES (Tables) | 12 Months Ended
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Oct. 30, 2022
LEASES |
Summary of Lease Expense by Type | The lease expense by type consisted of the following in millions of dollars: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | 2022 | ​ | 2021 | ​ | 2020 | ​
Operating lease expense | ​ | $ | 114 | ​ | $ | 116 | ​ | $ | 126 | ​
Short-term lease expense | ​ | ​ | 55 | ​ | ​ | 29 | ​ | ​ | 23 | ​
Variable lease expense | ​ | ​ | 74 | ​ | ​ | 53 | ​ | ​ | 41 | ​
Finance lease: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Depreciation expense | ​ | ​ | 26 | ​ | ​ | 26 | ​ | ​ | 20 | ​
Interest on lease liabilities | ​ | ​ | 1 | ​ | ​ | 1 | ​ | ​ | 2 | ​
Total lease expense | ​ | $ | 270 | ​ | $ | 225 | ​ | $ | 212 | ​
​
Schedule of Operating and Finance Lease Right of Use Assets and Liabilities, Location in Consolidated Balance Sheets | Operating and finance lease right of use assets and lease liabilities follow in millions of dollars: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | 2022 | ​ | ​ | 2021 | ​
Operating leases: | ​ | ​ | ​ | ​ | ​ | ​ | ​
Other assets | ​ | $ | 299 | ​ | $ | 291 | ​
Accounts payable and accrued expenses | ​ | ​ | 302 | ​ | ​ | 279 | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Finance leases: | ​ | ​ | ​ | ​ | ​ | ​ | ​
Property and equipment — net | ​ | $ | 49 | ​ | $ | 71 | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Short-term borrowings | ​ | ​ | 21 | ​ | ​ | 23 | ​
Long-term borrowings | ​ | ​ | 30 | ​ | ​ | 38 | ​
Total finance lease liabilities | ​ | $ | 51 | ​ | $ | 61 | ​
​
Schedule of Weighted-Average Remaining Lease Terms in Years and Discount Rates | The weighted-average remaining lease terms in years and discount rates follows: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | 2022 | ​ | ​ | 2021 | ​
Weighted-average remaining lease terms: | ​ | ​ | ​ | ​ | ​ | ​ | ​
Operating leases | ​ | ​ | 7 | ​ | ​ | 5 | ​
Finance leases | ​ | ​ | 3 | ​ | ​ | 2 | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Weighted-average discount rates: | ​ | ​ | ​ | ​ | ​ | ​ | ​
Operating leases | ​ | ​ | 2.4% | ​ | ​ | 2.3% | ​
Finance leases | ​ | ​ | 1.9% | ​ | ​ | 2.3% | ​
​
Schedule of Operating Lease Payment Amounts | Lease payment amounts in each of the next five years at October 30, 2022 follow in millions of dollars: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Operating | ​ | Finance | ​
Due in: | ​ | Leases | ​ | Leases | ​
2023 | ​ | $ | 95 | ​ | $ | 22 | ​
2024 | ​ | ​ | 77 | ​ | ​ | 14 | ​
2025 | ​ | ​ | 54 | ​ | ​ | 7 | ​
2026 | ​ | ​ | 27 | ​ | ​ | 3 | ​
2027 | ​ | ​ | 17 | ​ | ​ | 2 | ​
Later years | ​ | ​ | 53 | ​ | ​ | 6 | ​
Total lease payments | ​ | ​ | 323 | ​ | ​ | 54 | ​
Less imputed interest | ​ | ​ | 21 | ​ | ​ | 3 | ​
Total lease liabilities | ​ | $ | 302 | ​ | $ | 51 | ​
​
Schedule of Finance Lease Payment Amounts | Lease payment amounts in each of the next five years at October 30, 2022 follow in millions of dollars: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Operating | ​ | Finance | ​
Due in: | ​ | Leases | ​ | Leases | ​
2023 | ​ | $ | 95 | ​ | $ | 22 | ​
2024 | ​ | ​ | 77 | ​ | ​ | 14 | ​
2025 | ​ | ​ | 54 | ​ | ​ | 7 | ​
2026 | ​ | ​ | 27 | ​ | ​ | 3 | ​
2027 | ​ | ​ | 17 | ​ | ​ | 2 | ​
Later years | ​ | ​ | 53 | ​ | ​ | 6 | ​
Total lease payments | ​ | ​ | 323 | ​ | ​ | 54 | ​
Less imputed interest | ​ | ​ | 21 | ​ | ​ | 3 | ​
Total lease liabilities | ​ | $ | 302 | ​ | $ | 51 | ​
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: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | 2022 | ​ | ​ | 2021 | ​ | ​ | 2020 | ​
Operating cash flows for operating leases | ​ | $ | 127 | ​ | $ | 104 | ​ | $ | 124 | ​
Operating cash flows for finance leases | ​ | ​ | 1 | ​ | ​ | 1 | ​ | ​ | 2 | ​
Financing cash flows for finance leases | ​ | ​ | 28 | ​ | ​ | 25 | ​ | ​ | 17 | ​
​ Right of use assets obtained in exchange for lease liabilities follow in millions of dollars: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | 2022 | ​ | ​ | 2021 | ​
Operating leases | ​ | $ | 135 | ​ | $ | 101 | ​
Finance leases | ​ | ​ | 17 | ​ | ​ | 27 | ​
​
Schedule of Lease Revenues Earned | Lease revenues earned by the company follow in millions of dollars: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | 2022 | ​ | ​ | 2021 | ​ | ​ | 2020 | ​
Sales-type and direct finance lease revenues | ​ | $ | 154 | ​ | $ | 145 | ​ | $ | 135 | ​
Operating lease revenues | ​ | ​ | 1,318 | ​ | ​ | 1,423 | ​ | ​ | 1,469 | ​
Variable lease revenues | ​ | ​ | 26 | ​ | ​ | 30 | ​ | ​ | 31 | ​
Total lease revenues | ​ | $ | 1,498 | ​ | $ | 1,598 | ​ | $ | 1,635 | ​
​
Schedule of Sales-type and Direct Financing Lease Receivables by Market | Sales-type and direct financing lease receivables by market follow in millions of dollars: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | 2022 | ​ | ​ | 2021 | ​
Agriculture and turf | ​ | $ | 1,118 | ​ | $ | 1,131 | ​
Construction and forestry | ​ | ​ | 1,167 | ​ | ​ | 1,284 | ​
Total | ​ | ​ | 2,285 | ​ | ​ | 2,415 | ​
Guaranteed residual values | ​ | ​ | 491 | ​ | ​ | 394 | ​
Unguaranteed residual values | ​ | ​ | 56 | ​ | ​ | 70 | ​
Less unearned finance income | ​ | ​ | (285) | ​ | ​ | (258) | ​
Financing lease receivables | ​ | $ | 2,547 | ​ | $ | 2,621 | ​
​
Schedule of 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 October 30, 2022 follow in millions of dollars: ​
​ | ​ | ​ | ​ | ​
Due in: | ​ | 2022 | ​
2023 | ​ | $ | 1,310 | ​
2024 | ​ | ​ | 722 | ​
2025 | ​ | ​ | 404 | ​
2026 | ​ | ​ | 200 | ​
2027 | ​ | ​ | 120 | ​
Later years | ​ | ​ | 20 | ​
Total | ​ | $ | 2,776 | ​
​
Schedule of Cost of Equipment on Operating Leases by Market | The cost of equipment on operating leases by market follow in millions of dollars: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | 2022 | ​ | ​ | 2021 | ​
Agriculture and turf | ​ | $ | 6,912 | ​ | $ | 7,317 | ​
Construction and forestry | ​ | ​ | 1,342 | ​ | ​ | 1,616 | ​
Total | ​ | ​ | 8,254 | ​ | ​ | 8,933 | ​
Less accumulated depreciation | ​ | ​ | (1,631) | ​ | ​ | (1,945) | ​
Equipment on operating leases - net | ​ | $ | 6,623 | ​ | $ | 6,988 | ​
​
Schedule of Lease Payments for Equipment on Operating Leases | Lease payments for equipment on operating leases at October 30, 2022 were scheduled as follows in millions of dollars: ​
​ | ​ | ​ | ​ | ​
Due in: | ​ | 2022 | ​
2023 | ​ | $ | 974 | ​
2024 | ​ | ​ | 709 | ​
2025 | ​ | ​ | 437 | ​
2026 | ​ | ​ | 228 | ​
2027 | ​ | ​ | 58 | ​
Later years | ​ | ​ | 6 | ​
Total | ​ | $ | 2,412 | ​
​

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- Definition 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 Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Publisher FASB -Name Accounting Standards Codification -Topic 842 -SubTopic 20 -Section 50 -Paragraph 6 -URI https://asc.fasb.org/extlink&oid=128292326&loc=SL77918701-209980 + Details
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