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ACCOUNTS PAYABLE AND ACCRUED EXPENSES (Tables)

3 Months Ended

Jan. 29, 2023

ACCOUNTS PAYABLE AND ACCRUED EXPENSES

Accounts Payable and Accrued Expenses

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


		January 29			October 30			January 30
		2023			2022			2022
Accounts payable:
Trade payables		$	3,616		$	3,894		$	3,035
Payables to unconsolidated affiliates			10			11			172
Dividends payable			358			343			325
Operating lease liabilities			305			302			267
Deposits withheld from dealers and merchants			153			163			148
Other			156			214			160
Accrued expenses:
Dealer sales discounts			256			1,044			182
Product warranties			1,444			1,427			1,283
Employee benefits			1,015			1,528			765
Accrued taxes			1,336			1,255			974
Unearned operating lease revenue			406			399			385
Unearned revenue (contractual liability)			601			557			567
Extended warranty premium			901			866			781
Accrued interest			371			288			280
Derivative liabilities			891			1,231			276
Other			1,289			1,300			1,051
Total accounts payable and accrued expenses		$	13,108		$	14,822		$	10,651

Amounts are presented net of eliminations, which primarily consist of dealer sales incentives with a right of set-off against trade receivables of $1,540 million at January 29, 2023, $1,280 million at October 30, 2022, and $983 million at January 30, 2022. Other eliminations were made for accrued taxes and other accrued expenses.