LEASES - LESSOR (Tables)

9 Months Ended

Jul. 31, 2022

LEASES - LESSOR

Schedule of Lease Revenues Earned

Lease revenues earned by the Company were as follows in millions of dollars:

	Three Months Ended				Nine Months Ended
	July 31, 2022		August 1, 2021		July 31, 2022		August 1, 2021
Sales-type and direct finance lease revenues	$	39	$	37	$	113	$	107
Operating lease revenues		326		359		991		1,079
Variable lease revenues		6		8		20		23
Total lease revenues	$	371	$	404	$	1,124	$	1,209

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 on the statements of consolidated income. Excess use and damage fees were $1 million and $2 million for the third quarter and first nine months ended July 31, 2022, respectively, compared with $2 million and $5 million for the same periods last year, respectively.