LEASES (Tables)
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12 Months Ended |
Oct. 27, 2024 |
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| LEASES |
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| 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 | |
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| 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 | |
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| 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% | |
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| 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 | |
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| 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 | |
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| 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 | |
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| 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 | |
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| 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 | |
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| 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 | |
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| 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 | |
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| 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 | |
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