ACCOUNTS PAYABLE AND ACCRUED EXPENSES

12 Months Ended

Oct. 31, 2012

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:

	2012		2011
Equipment Operations
Accounts payable:
Trade payables	$	2,287	$	2,163
Dividends payable	179		168
Other	147		99
Accrued expenses:
Employee benefits	1,337		1,188
Product warranties	733		662
Dealer sales discounts	1,413		1,092
Other	1,583		1,497
Total	7,679		6,869
Financial Services
Accounts payable:
Deposits withheld from dealers and merchants	194		188
Other	505		324
Accrued expenses:
Unearned revenue	452		345
Accrued interest	160		191
Employee benefits	69		68
Insurance claims reserve*	449		186
Other	301		246
Total	2,130		1,548
Eliminations**	820		612
Accounts payable and accrued expenses	$	8,989	$	7,805

*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.