ACCOUNTS PAYABLE AND ACCRUED EXPENSES

12 Months Ended

Oct. 31, 2021

ACCOUNTS PAYABLE AND ACCRUED EXPENSES

ACCOUNTS PAYABLE AND ACCRUED EXPENSES

19. ACCOUNTS PAYABLE AND ACCRUED EXPENSES

Accounts payable and accrued expenses at October 31, 2021 and November 1, 2020 consisted of the following in millions of dollars:

	2021		2020
Equipment Operations
Accounts payable:
Trade payables	$	2,967	$	1,926
Dividends payable		329		244
Operating lease liabilities		279		297
Other		155		251
Accrued expenses:
Dealer sales discounts		1,636		1,682
Product warranties		1,312		1,105
Employee benefits		1,448		1,086
Accrued taxes		933		730
Unearned revenue		825		679
Other		1,171		1,114
Total		11,055		9,114
Financial Services
Accounts payable:
Deposits withheld from dealers and merchants		157		141
Collateral on derivatives				274
Other		210		194
Accrued expenses:
Unearned revenue		1,013		968
Accrued interest		165		181
Employee benefits		83		60
Other		387		309
Total		2,015		2,127
Eliminations*		865		1,129
Accounts payable and accrued expenses	$	12,205	$	10,112

*    Primarily sales incentive accruals with a right of set-off against trade receivables. At October 31, 2021 and November 1, 2020, $836 million and $1,073 million, respectively, of sales incentive accruals were classified as accrued expenses by the equipment operations as the related trade receivables had been sold to financial services.