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.
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