ACCOUNTS PAYABLE AND ACCRUED EXPENSES

12 Months Ended

Oct. 31, 2015

ACCOUNTS PAYABLE AND ACCRUED EXPENSES

ACCOUNTS PAYABLE AND ACCRUED EXPENSES

19. ACCOUNTS PAYABLE AND ACCRUED EXPENSES

Accounts payable and accrued expenses at October 31 consisted of the following in millions of dollars:

	2015		2014
Equipment Operations
Accounts payable:
Trade payables	$	1,435	$	1,661
Dividends payable		193		210
Other		186		208
Accrued expenses:
Dealer sales discounts		1,423		1,551
Employee benefits		1,122		1,350
Product warranties		807		809
Unearned revenue		379		355
Other		1,256		1,374
Total		6,801		7,518
Financial Services
Accounts payable:
Deposits withheld from dealers and merchants		179		196
Other		258		468
Accrued expenses:
Unearned revenue		671		647
Accrued interest		111		103
Employee benefits		71		87
Insurance claims reserve*		29		247
Other		192		279
Total		1,511		2,027
Eliminations**		1,001		991
Accounts payable and accrued expenses	$	7,311	$	8,554

*See Note 9

**Primarily trade receivable valuation accounts which are reclassified as accrued expenses by the equipment operations as a result of their trade receivables being sold to financial services.