ACCOUNTS PAYABLE AND ACCRUED EXPENSES (Tables)

9 Months Ended

Jul. 30, 2023

ACCOUNTS PAYABLE AND ACCRUED EXPENSES

Accounts Payable and Accrued Expenses

Accounts payable and accrued expenses were as follows in millions of dollars:

	July 30		October 30		July 31
	2023		2022		2022
Accounts payable:
Trade payables	$	3,308	$	3,894	$	3,577
Payables to unconsolidated affiliates		4		11		5
Dividends payable		365		343		347
Operating lease liabilities		308		302		251
Deposits withheld from dealers and merchants		158		163		154
Other		173		214		162
Accrued expenses:
Dealer sales discounts		902		1,044		586
Product warranties		1,619		1,427		1,398
Employee benefits		1,808		1,528		1,280
Accrued taxes		1,595		1,255		1,171
Unearned operating lease revenue		428		399		378
Unearned revenue (contractual liability)		754		557		586
Extended warranty premium		999		866		839
Accrued interest		402		288		260
Derivative liabilities		948		1,231		667
Other		1,569		1,300		1,325
Total accounts payable and accrued expenses	$	15,340	$	14,822	$	12,986

Amounts are presented net of eliminations, which primarily consist of dealer sales incentives with a right of set-off against trade receivables of $2,240 million at July 30, 2023, $1,280 million at October 30, 2022, and $1,370 million at July 31, 2022. Other eliminations were made for accrued taxes and other accrued expenses.