LEASES (Tables)
|
12 Months Ended |
Nov. 02, 2025 |
|---|
| LEASES |
|
| Summary of Lease Expense by Type |
The lease expense by type consisted of the following: | | | | | | | | | | | | | 2025 | | 2024 | | 2023 | | Operating lease expense | | $ | 144 | | $ | 133 | | $ | 129 | | Short-term lease expense | | | 29 | | | 38 | | | 49 | | Variable lease expense | | | 65 | | | 72 | | | 80 | | Finance lease: | | | | | | | | | | | Depreciation expense | | | 40 | | | 34 | | | 28 | | Interest on lease liabilities | | | 5 | | | 4 | | | 2 | | Total lease expense | | $ | 283 | | $ | 281 | | $ | 288 | |
|
| 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: | | | | | | | | | | | 2025 | | | 2024 | | Operating leases: | | | | | | | | Other assets | | $ | 317 | | $ | 274 | | Accounts payable and accrued expenses | | | 314 | | | 270 | | | | | | | | | | Finance leases: | | | | | | | | Property and equipment — net | | $ | 96 | | $ | 89 | | | | | | | | | | Short-term borrowings | | | 39 | | | 33 | | Long-term borrowings | | | 73 | | | 72 | | Total finance lease liabilities | | $ | 112 | | $ | 105 | |
|
| Schedule of Weighted-Average Remaining Lease Terms in Years and Discount Rates |
The weighted-average remaining lease terms in years and discount rates follow: | | | | | | | | | | | 2025 | | | 2024 | | Weighted-average remaining lease terms: | | | | | | | | Operating leases | | | 6 | | | 7 | | Finance leases | | | 4 | | | 4 | | | | | | | | | | Weighted-average discount rates: | | | | | | | | Operating leases | | | 4.2% | | | 3.5% | | Finance leases | | | 4.3% | | | 4.3% | |
|
| Schedule of Operating Lease Payment Amounts |
Lease payment amounts in each of the next five years at November 2, 2025, follow: | | | | | | | | | | Operating | | Finance | | Due in: | | Leases | | Leases | | 2026 | | $ | 110 | | $ | 44 | | 2027 | | | 72 | | | 32 | | 2028 | | | 57 | | | 22 | | 2029 | | | 41 | | | 12 | | 2030 | | | 28 | | | 5 | | Later years | | | 37 | | | 6 | | Total lease payments | | | 345 | | | 121 | | Less: imputed interest | | | (31) | | | (9) | | Total lease liabilities | | $ | 314 | | $ | 112 | |
|
| Schedule of Finance Lease Payment Amounts |
Lease payment amounts in each of the next five years at November 2, 2025, follow: | | | | | | | | | | Operating | | Finance | | Due in: | | Leases | | Leases | | 2026 | | $ | 110 | | $ | 44 | | 2027 | | | 72 | | | 32 | | 2028 | | | 57 | | | 22 | | 2029 | | | 41 | | | 12 | | 2030 | | | 28 | | | 5 | | Later years | | | 37 | | | 6 | | Total lease payments | | | 345 | | | 121 | | Less: imputed interest | | | (31) | | | (9) | | Total lease liabilities | | $ | 314 | | $ | 112 | |
|
| 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: | | | | | | | | | | | | | | 2025 | | | 2024 | | | 2023 | | Operating cash flows for operating leases | | $ | 138 | | $ | 129 | | $ | 132 | | Operating cash flows for finance leases | | | 5 | | | 4 | | | 2 | | Financing cash flows for finance leases | | | 40 | | | 36 | | | 31 | |
Right of use assets obtained in exchange for lease liabilities follow: | | | | | | | | | | | 2025 | | | 2024 | | Operating leases | | $ | 168 | | $ | 75 | | Finance leases | | | 47 | | | 67 | |
|
| Schedule of Lease Revenues Earned |
Lease revenues earned by us follow: | | | | | | | | | | | | | | 2025 | | | 2024 | | | 2023 | | Sales-type and direct finance lease revenues | | $ | 184 | | $ | 190 | | $ | 165 | | Operating lease revenues | | | 1,472 | | | 1,403 | | | 1,312 | | Variable lease revenues | | | 20 | | | 17 | | | 16 | | Total lease revenues | | $ | 1,676 | | $ | 1,610 | | $ | 1,493 | |
|
| Schedule of Sales-type and Direct Financing Lease Receivables by Market |
Sales-type and direct financing lease receivables by market follow: | | | | | | | | | | | 2025 | | | 2024 | | Agriculture and turf | | $ | 1,020 | | $ | 1,022 | | Construction and forestry | | | 996 | | | 1,034 | | Total | | | 2,016 | | | 2,056 | | Guaranteed residual values | | | 867 | | | 921 | | Unguaranteed residual values | | | 40 | | | 55 | | Less: unearned finance income | | | (330) | | | (307) | | Financing lease receivables | | $ | 2,593 | | $ | 2,725 | |
|
| 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 November 2, 2025, follow: | | | | | Due in: | | 2025 | | 2026 | | $ | 1,385 | | 2027 | | | 628 | | 2028 | | | 424 | | 2029 | | | 230 | | 2030 | | | 176 | | Later years | | | 40 | | Total | | $ | 2,883 | |
|
| Schedule of Cost of Equipment on Operating Leases by Market |
The cost of equipment on operating leases by market and residual values follows: | | | | | | | | | | | 2025 | | | 2024 | | Agriculture and turf | | $ | 8,177 | | $ | 7,875 | | Construction and forestry | | | 1,093 | | | 1,142 | | Total | | | 9,270 | | | 9,017 | | Less: accumulated depreciation | | | (1,670) | | | (1,566) | | Equipment on operating leases – net | | $ | 7,600 | | $ | 7,451 | | Operating lease residual values | | $ | 5,339 | | $ | 5,227 | | First-loss residual value guarantees | | | 1,443 | | | 1,393 | |
|
| Schedule of Lease Payments for Equipment on Operating Leases |
Lease payments for operating leases are scheduled as follows: | | | | | Due in: | | 2025 | | 2026 | | $ | 1,155 | | 2027 | | | 867 | | 2028 | | | 527 | | 2029 | | | 255 | | 2030 | | | 62 | | Later years | | | 7 | | Total | | $ | 2,873 | |
|