20. LONG-TERM BORROWINGS

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


	2016			2015
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		231			106
Total		4,586			4,461
Financial Services
Notes and debentures:
Medium-term notes due 2017 - 2026: (principal $17,203 - 2016, $17,610 - 2015) Average interest rates of 1.7% - 2016, 1.4% - 2015		17,434	*		17,857	*
2.75% senior note due 2022: ($500 principal) Swapped $500 to variable interest rate of 1.6% - 2016, 1.1% - 2015		519	*		512	*
Other notes		1,221			1,003
Total		19,174			19,372
Long-term borrowings**	$	23,760		$	23,833

* 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: 2017 - $85, 2018 - $113, 2019 - $842, 2020 - $30 and 2021 - $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: 2017 - $5,258, 2018 - $5,270, 2019 - $4,911, 2020 - $2,968 and 2021 - $2,148.