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