We lease John Deere equipment 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 leases” and operating leases are reported in “Equipment on operating leases – net.”


	Three Months Ended				Nine Months Ended
	July 28		July 30		July 28		July 30
	2024		2023		2024		2023
Sales-type and direct financing lease revenues	$	30.4	$	25.2	$	83.7	$	63.6
Operating lease revenues		246.3		224.9		716.2		660.6
Variable lease revenues		4.0		.1		12.1		10.3
Total lease revenues	$	280.7	$	250.2	$	812.0	$	734.5

Variable lease revenues reported above primarily relate to separately invoiced property taxes on leased equipment in certain markets, late fees, and excess use and damage fees. Excess use and damage fees are reported in “Other income” and were $.6 and $1.7 for the third quarter and the nine months ended July 28, 2024, respectively, compared with $.1 and $1.3 for the same periods last year, respectively.


	July 28		October 29		July 30
	2024		2023		2023
Agriculture and turf	$	5,510.2	$	5,265.2	$	5,049.1
Construction and forestry		970.2		1,042.4		1,054.2
Total		6,480.4		6,307.6		6,103.3
Accumulated depreciation		(1,281.0)		(1,256.1)		(1,265.8)
Equipment on operating leases – net	$	5,199.4	$	5,051.5	$	4,837.5

Total operating lease residual values at July 28, 2024, October 29, 2023, and July 30, 2023 were $3,637.3, $3,538.3, and $3,351.1, respectively. John Deere dealers generally provide a first-loss residual value guarantee on operating lease originations. Total residual value guarantees were $649.6, $566.9, and $544.1 at July 28, 2024, October 29, 2023, and July 30, 2023, respectively.

We discuss with lessees and dealers options to purchase the equipment or extend the lease prior to operating lease maturity. We remarket equipment returned to us upon termination of leases. The matured operating lease inventory balances at July 28, 2024, October 29, 2023, and July 30, 2023 were $25.4, $16.2, and $16.2, respectively. Matured operating lease inventory is reported in “Other assets.”