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LEASES

3 Months Ended

Jan. 30, 2022

LEASES

LEASES

(15)  Leases

Lessee

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

​	​	​	​	​	​	​	​	​	​	​
​	​	January 30		​	October 31		​	January 31		​
​	​	2022		​	2021		​	2021		​
Operating leases:	​	​	​	​	​	​	​	​	​	​
Other assets	​	$	276	​	$	291	​	$	327	​
Accounts payable and accrued expenses	​	​	267	​	​	279	​	​	315	​
​	​	​	​	​	​	​	​	​	​	​
Finance leases:	​	​	​	​	​	​	​	​	​	​
Property and equipment – net	​	$	65	​	$	71	​	$	57	​
​	​	​	​	​	​	​	​	​	​	​
Short-term borrowings	​	​	23	​	​	23	​	​	20	​
Long-term borrowings	​	​	32	​	​	38	​	​	36	​
Total finance lease liabilities	​	$	55	​	$	61	​	$	56	​

​

Lessor

The Company leases equipment manufactured or sold by the Company and a limited amount of non-John Deere equipment to retail customers through sales-type, direct financing, and operating leases. Sales-type and direct financing leases are reported in “Financing receivables – net” on the consolidated balance sheet, while operating leases are reported in “Equipment on operating leases – net.”

Lease revenues earned by the Company were as follows in millions of dollars:

​	​	​	​	​	​	​	​
​	​	Three Months Ended					​
​	​	January 30, 2022		​	January 31, 2021		​
Sales-type and direct finance lease revenues	​	$	39	​	$	36	​
Operating lease revenues	​	​	336	​	​	363	​
Variable lease revenues	​	​	7	​	​	6	​
Total lease revenues	​	$	382	​	$	405	​

​

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- Definition

The entire disclosure for lessee and lessor leases.

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