20. LONG-TERM BORROWINGS

Long-term borrowings at October 31 consisted of the following in millions of dollars:


	2015			2014

Equipment Operations
Notes and debentures:
4.375% notes due 2019	$	750		$	750
8-1/2% debentures due 2022		105			105
2.60% notes due 2022		1,000			1,000
6.55% debentures due 2028		200			200
5.375% notes due 2029		500			500
8.10% debentures due 2030		250			250
7.125% notes due 2031		300			300
3.90% notes due 2042		1,250			1,250
Other notes		106			288
Total		4,461			4,643
Financial Services
Notes and debentures:
Medium-term notes due 2016 – 2025: (principal $17,610 - 2015, $17,939 - 2014) Average interest rates of 1.4% - 2015, 1.2% - 2014		17,857	*		18,141	*
2.75% senior note due 2022: ($500 principal) Swapped $500 to variable interest rate of 1.1% - 2015, .9% – 2014		512	*		498	*
Other notes		1,003			1,099
Total		19,372			19,738
Long-term borrowings**	$	23,833		$	24,381

*Includes unamortized fair value adjustments related to interest rate swaps.

**All interest rates are as of year end.

The approximate principal amounts of the equipment operations’ long-term borrowings maturing in each of the next five years in millions of dollars are as follows: 2016 - $86, 2017 - $48, 2018 - $63, 2019 - $752 and 2020 - $2. The approximate principal amounts of the financial services’ long-term borrowings maturing in each of the next five years in millions of dollars are as follows: 2016 - $5,159, 2017 - $5,124, 2018 - $5,124, 2019 - $2,876 and 2020 - $2,394.