ACCOUNTS PAYABLE AND ACCRUED EXPENSES

12 Months Ended

Oct. 31, 2011

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:

	2011		2010
Equipment Operations
Accounts payable:
Trade payables	$	2,163	$	1,825
Dividends payable	168		127
Other	99		106
Accrued expenses:
Employee benefits	1,188		999
Product warranties	662		560
Dealer sales discounts	1,092		847
Accrued income taxes	127		81
Other	1,370		1,212
Total	$	6,869	$	5,757
Financial Services
Accounts payable:
Deposits withheld from dealers and merchants	$	188	$	182
Other	324		270
Accrued expenses:
Unearned revenue	345		286
Accrued interest	191		190
Employee benefits	68		69
Accrued income taxes	39		73
Insurance claims reserve*	186		18
Other	207		165
Total	1,548		1,253
Eliminations**	612		528
Accounts payable and accrued expenses	$	7,805	$	6,482

* 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.