ACCOUNTS PAYABLE AND ACCRUED EXPENSES

6 Months Ended

Apr. 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:

	April 30		October 30		May 1
	2023		2022		2022
Accounts payable:
Trade payables	$	3,680	$	3,894	$	3,631
Payables to unconsolidated affiliates		9		11		7
Dividends payable		371		343		325
Operating lease liabilities		294		302		260
Deposits withheld from dealers and merchants		157		163		150
Other		131		214		163
Accrued expenses:
Dealer sales discounts		605		1,044		400
Product warranties		1,562		1,427		1,286
Employee benefits		1,475		1,528		1,069
Accrued taxes		1,691		1,255		1,150
Unearned operating lease revenue		441		399		391
Unearned revenue (contractual liability)		673		557		614
Extended warranty premium		949		866		809
Accrued interest		354		288		256
Derivative liabilities		758		1,231		780
Other		1,566		1,300		1,388
Total accounts payable and accrued expenses	$	14,716	$	14,822	$	12,679

Amounts are presented net of eliminations, which primarily consist of dealer sales incentives with a right of set-off against trade receivables of $1,979 million at April 30, 2023, $1,280 million at October 30, 2022, and $1,173 million at May 1, 2022. Other eliminations were made for accrued taxes and other accrued expenses.