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LEASES (Tables)

12 Months Ended

Oct. 27, 2024

LEASES

Summary of Lease Expense by Type

The lease expense by type consisted of the following:

​

​	​	​	​	​	​	​	​	​	​	​
​	​	2024		​	2023		​	2022		​
Operating lease expense	​	$	133	​	$	129	​	$	114	​
Short-term lease expense	​	​	38	​	​	49	​	​	55	​
Variable lease expense	​	​	72	​	​	80	​	​	74	​
Finance lease:	​	​	​	​	​	​	​	​	​	​
Depreciation expense	​	​	34	​	​	28	​	​	26	​
Interest on lease liabilities	​	​	4	​	​	2	​	​	1	​
Total lease expense	​	$	281	​	$	288	​	$	270	​

​

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:

​

​	​	​	​	​	​	​	​
​	​	​	2024	​	​	2023	​
Operating leases:	​	​	​	​	​	​	​
Other assets	​	$	274	​	$	283	​
Accounts payable and accrued expenses	​	​	270	​	​	281	​
​	​	​	​	​	​	​	​
Finance leases:	​	​	​	​	​	​	​
Property and equipment — net	​	$	89	​	$	66	​
​	​	​	​	​	​	​	​
Short-term borrowings	​	​	33	​	​	25	​
Long-term borrowings	​	​	72	​	​	49	​
Total finance lease liabilities	​	$	105	​	$	74	​

​

Schedule of Weighted-Average Remaining Lease Terms in Years and Discount Rates

​

The weighted-average remaining lease terms in years and discount rates follows:

​

​	​	​	​	​	​	​	​
​	​	​	2024	​	​	2023	​
Weighted-average remaining lease terms:	​	​	​	​	​	​	​
Operating leases	​	​	7	​	​	7	​
Finance leases	​	​	4	​	​	4	​
​	​	​	​	​	​	​	​
Weighted-average discount rates:	​	​	​	​	​	​	​
Operating leases	​	​	3.5%	​	​	3.1%	​
Finance leases	​	​	4.3%	​	​	3.6%	​

​

Schedule of Operating Lease Payment Amounts

Lease payment amounts in each of the next five years at October 27, 2024 follow:

​

​	​	​	​	​	​	​	​
​	​	Operating		​	Finance		​
Due in:	​	Leases		​	Leases		​
2025	​	$	97	​	$	38	​
2026	​	​	57	​	​	30	​
2027	​	​	39	​	​	22	​
2028	​	​	34	​	​	13	​
2029	​	​	22	​	​	6	​
Later years	​	​	40	​	​	6	​
Total lease payments	​	​	289	​	​	115	​
Less: imputed interest	​	​	(19)	​	​	(10)	​
Total lease liabilities	​	$	270	​	$	105	​

​

Schedule of Finance Lease Payment Amounts

Lease payment amounts in each of the next five years at October 27, 2024 follow:

​

​	​	​	​	​	​	​	​
​	​	Operating		​	Finance		​
Due in:	​	Leases		​	Leases		​
2025	​	$	97	​	$	38	​
2026	​	​	57	​	​	30	​
2027	​	​	39	​	​	22	​
2028	​	​	34	​	​	13	​
2029	​	​	22	​	​	6	​
Later years	​	​	40	​	​	6	​
Total lease payments	​	​	289	​	​	115	​
Less: imputed interest	​	​	(19)	​	​	(10)	​
Total lease liabilities	​	$	270	​	$	105	​

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:

​

​	​	​	​	​	​	​	​	​	​	​
​	​	​	2024	​	​	2023	​	​	2022	​
Operating cash flows for operating leases	​	$	129	​	$	132	​	$	127	​
Operating cash flows for finance leases	​	​	4	​	​	2	​	​	1	​
Financing cash flows for finance leases	​	​	36	​	​	31	​	​	28	​

​

Right of use assets obtained in exchange for lease liabilities follow:

​

​	​	​	​	​	​	​	​
​	​	​	2024	​	​	2023	​
Operating leases	​	$	75	​	$	97	​
Finance leases	​	​	67	​	​	54	​

​

Schedule of Lease Revenues Earned

Lease revenues earned by us follow:

​

​	​	​	​	​	​	​	​	​	​	​
​	​	​	2024	​	​	2023	​	​	2022	​
Sales-type and direct finance lease revenues	​	$	190	​	$	165	​	$	154	​
Operating lease revenues	​	​	1,403	​	​	1,312	​	​	1,318	​
Variable lease revenues	​	​	17	​	​	16	​	​	26	​
Total lease revenues	​	$	1,610	​	$	1,493	​	$	1,498	​

​

Schedule of Sales-type and Direct Financing Lease Receivables by Market

Sales-type and direct financing lease receivables by market follow:

​

​	​	​	​	​	​	​	​
​	​	​	2024	​	​	2023	​
Agriculture and turf	​	$	1,022	​	$	1,078	​
Construction and forestry	​	​	1,034	​	​	1,048	​
Total	​	​	2,056	​	​	2,126	​
Guaranteed residual values	​	​	921	​	​	723	​
Unguaranteed residual values	​	​	55	​	​	57	​
Less: unearned finance income	​	​	(307)	​	​	(350)	​
Financing lease receivables	​	$	2,725	​	$	2,556	​

​

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 27, 2024 follow:

​

​	​	​	​	​
Due in:	​	2024		​
2025	​	$	1,598	​
2026	​	​	620	​
2027	​	​	389	​
2028	​	​	213	​
2029	​	​	133	​
Later years	​	​	24	​
Total	​	$	2,977	​

​

Schedule of Cost of Equipment on Operating Leases by Market

The cost of equipment on operating leases by market follow:

​

​	​	​	​	​	​	​	​
​	​	​	2024	​	​	2023	​
Agriculture and turf	​	$	7,875	​	$	7,168	​
Construction and forestry	​	​	1,142	​	​	1,212	​
Total	​	​	9,017	​	​	8,380	​
Less: accumulated depreciation	​	​	(1,566)	​	​	(1,463)	​
Equipment on operating leases – net	​	$	7,451	​	$	6,917	​
Operating lease residual values	​	$	5,227	​	$	4,864	​
First-loss residual value guarantees	​	​	1,393	​	​	1,188	​

​

Schedule of Lease Payments for Equipment on Operating Leases

Lease payments for operating leases are scheduled as follows:

​

​	​	​	​	​
Due in:	​	2024		​
2025	​	$	1,151	​
2026	​	​	865	​
2027	​	​	534	​
2028	​	​	279	​
2029	​	​	71	​
Later years	​	​	9	​
Total	​	$	2,909	​

​

X

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Tabular disclosure of supplemental cash flow information and right of use assets obtained in exchange for lease liabilities for lessee operating and finance leases.

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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
-Topic 842
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
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Tabular disclosure of lessee's lease cost. Includes, but is not limited to, interest expense for finance lease, amortization of right-of-use asset for finance lease, operating lease cost, short-term lease cost, variable lease cost and sublease income.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 842
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 4
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478964/842-20-50-4

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+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 842
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
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Tabular disclosure of maturity of undiscounted cash flows to be received by lessor on annual basis for operating lease.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 842
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Publisher FASB
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Tabular disclosure of maturity of undiscounted cash flows to be received on annual basis for sales-type and direct financing leases receivable. Includes, but is not limited to, reconciliation to lease receivable recognized in statement of financial position.

+ References

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-Topic 842
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 10
-Publisher FASB
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