ACCOUNTS PAYABLE AND ACCRUED EXPENSES

12 Months Ended

Oct. 30, 2022

ACCOUNTS PAYABLE AND ACCRUED EXPENSES

ACCOUNTS PAYABLE AND ACCRUED EXPENSES

18. ACCOUNTS PAYABLE AND ACCRUED EXPENSES

Accounts payable and accrued expenses at October 30, 2022 and October 31, 2021 consisted of the following in millions of dollars:

	2022		2021
Accounts payable and accrued expenses
Accounts payable:
Trade payables	$	3,894	$	3,173
Payables to unconsolidated affiliates		11		143
Dividends payable		343		329
Operating lease liabilities		302		279
Deposits withheld from dealers and merchants		163		157
Other		214		159
Accrued expenses:
Dealer sales discounts		2,324		1,636
Product warranties		1,427		1,312
Employee benefits		1,528		1,531
Accrued taxes		1,265		1,075
Unearned operating lease revenue		399		421
Unearned revenue (contractual liability)		557		570
Extended warranty premium		866		774
Accrued interest		288		251
Derivative liabilities		1,231		228
Other		1,320		1,175
Total		16,132		13,213
Eliminations*		1,310		865
Total accounts payable and accrued expenses	$	14,822	$	12,348

*    Primarily sales incentive accruals with a right of set-off against trade receivables. At October 30, 2022 and October 31, 2021, $1,280 million and $836 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.