Immaterial Restatement of Prior Period Financial Statements (Tables)

6 Months Ended

Apr. 30, 2023

Immaterial Restatement of Prior Period Financial Statements

Prior Period Impacts to the Company's Financial Statements

The prior period impacts to the Company’s statements of consolidated income and the related impacts to the statements of consolidated comprehensive income were as shown below (in millions of dollars). In addition, the Company's net income for the three months ended January 29, 2023 decreased $9.5 million from $147.1 million to $137.6 million.

	Three Months Ended May 1, 2022						Six Months Ended May 1, 2022
	Previously				As		Previously				As
	Reported		Adjustment		Adjusted		Reported		Adjustment		Adjusted
Revenues
Finance income earned on retail notes	$	242.8	$	9.1	$	251.9	$	482.8	$	18.0	$	500.8
Lease revenues		236.5		1.5		238.0		478.0		3.1		481.1
Total revenues		651.4		10.6		662.0		1,294.3		21.1		1,315.4
Expenses
Administrative and operating expenses		115.2		13.0		128.2		211.6		33.0		244.6
Total operating expenses		393.8		13.0		406.8		697.5		33.0		730.5
Total expenses		449.5		13.0		462.5		852.7		33.0		885.7
Income of consolidated group before income taxes		201.9		(2.4)		199.5		441.6		(11.9)		429.7
Provision for income taxes		44.5		(.6)		43.9		96.5		(2.7)		93.8
Income of consolidated group		157.4		(1.8)		155.6		345.1		(9.2)		335.9
Net income		158.5		(1.8)		156.7		348.1		(9.2)		338.9
Net income attributable to the Company	$	158.6	$	(1.8)	$	156.8	$	348.2	$	(9.2)	$	339.0

The prior period impacts to the Company’s consolidated balance sheets and the related components of stockholder’s equity were as shown below (in millions of dollars). In addition, beginning retained earnings for the year ended October 30, 2022 decreased $108.7 million from $3,091.0 million to $2,982.3 million.

	October 30, 2022						May 1, 2022
	Previously				As		Previously				As
	Reported		Adjustment		Adjusted		Reported		Adjustment		Adjusted
Assets
Receivables:
Retail notes	$	22,860.3	$	(61.3)	$	22,799.0	$	22,211.4	$	(47.3)	$	22,164.1
Total receivables		42,502.9		(61.3)		42,441.6		37,958.5		(47.3)		37,911.2
Total receivables – net		42,374.5		(61.3)		42,313.2		37,834.0		(47.3)		37,786.7
Deferred income taxes		23.3		2.2		25.5		29.6		1.9		31.5
Total Assets	$	48,928.0	$	(59.1)	$	48,868.9	$	44,012.9	$	(45.4)	$	43,967.5
Liabilities and Stockholder’s Equity
Accounts payable and accrued expenses	$	866.1	$	91.2	$	957.3	$	817.0	$	103.1	$	920.1
Deferred income taxes		239.4		(30.9)		208.5		246.8		(30.6)		216.2
Total liabilities		44,123.1		60.3		44,183.4		39,343.9		72.5		39,416.4
Stockholder’s equity:
Retained earnings		3,425.3		(119.4)		3,305.9		3,264.2		(117.9)		3,146.3
Total Company stockholder’s equity		4,803.4		(119.4)		4,684.0		4,667.3		(117.9)		4,549.4
Total stockholder’s equity		4,804.9		(119.4)		4,685.5		4,669.0		(117.9)		4,551.1
Total Liabilities and Stockholder’s Equity	$	48,928.0	$	(59.1)	$	48,868.9	$	44,012.9	$	(45.4)	$	43,967.5

The prior period impacts to the Company’s statement of consolidated cash flows were as follows (in millions of dollars):

	May 1, 2022
	Previously				As
	Reported		Adjustment		Adjusted
Cash Flows from Operating Activities:
Net income	$	348.1	$	(9.2)	$	338.9
Adjustments to reconcile net income to net cash
provided by operating activities:
Credit for deferred income taxes		(25.8)		(2.7)		(28.5)
Change in accounts payable and accrued expenses		(46.7)		9.5		(37.2)
Other		(93.7)		2.4		(91.3)
Net cash provided by operating activities	$	541.1	$		$	541.1