ACCOUNTS PAYABLE AND ACCRUED EXPENSES

9 Months Ended

Jul. 30, 2023

ACCOUNTS PAYABLE AND ACCRUED EXPENSES

ACCOUNTS PAYABLE AND ACCRUED EXPENSES

(13) 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.