ACCOUNTS PAYABLE AND ACCRUED EXPENSES (Tables)

12 Months Ended

Nov. 01, 2020

ACCOUNTS PAYABLE AND ACCRUED EXPENSES

Accounts Payable and Accrued Expenses

Accounts payable and accrued expenses at November 1, 2020 and November 3, 2019 consisted of the following in millions of dollars:

	2020		2019
Equipment Operations
Accounts payable:
Trade payables	$	1,926	$	1,996
Dividends payable		244		244
Operating lease liabilities		297
Other		251		284
Accrued expenses:
Dealer sales discounts		1,682		1,990
Product warranties		1,105		1,218
Employee benefits		1,086		1,001
Accrued taxes		730		734
Unearned revenue		679		657
Other		1,114		1,108
Total	$	9,114	$	9,232

(continued)

	2020		2019
Financial Services
Accounts payable:
Deposits withheld from dealers and merchants	$	141	$	164
Collateral on derivatives		274
Other		194		163
Accrued expenses:
Unearned revenue		968		978
Accrued interest		181		211
Employee benefits		60		61
Other		309		259
Total		2,127		1,836
Eliminations*		1,129		1,412
Accounts payable and accrued expenses	$	10,112	$	9,656

*    Primarily trade receivable valuation accounts related to sales incentive accruals of $1,073 million, which are reclassified as accrued expenses by the equipment operations as a result of their trade receivables being sold to financial services.