LONG-TERM BORROWINGS

12 Months Ended

Oct. 31, 2011

LONG-TERM BORROWINGS

LONG-TERM BORROWINGS

20. LONG-TERM BORROWINGS

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

	2011			2010
Equipment Operations
Notes and debentures:
6.95% notes due 2014: ($700 principal)	$	736	*	$	763	*
4.375% notes due 2019	750			750
8-1/2% debentures due 2022	105			105
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
Other notes	326			461
Total	3,167			3,329
Financial Services
Notes and debentures:
Medium-term notes due 2012 – 2018: (principal $11,911 - 2011, $10,120 - 2010) Average interest rates of 2.0% – 2011, 3.2% – 2010	12,261		*	10,478		*
7% notes due 2012: ($1,500 principal) Swapped $500 to variable interest rate of 1.3% – 2010				1,594		*
5.10% debentures due 2013: ($650 principal) Swapped $450 in 2011 and $650 in 2010 to variable interest rates of 1.1% – 2011, 1.0% – 2010	679		*	703		*
Other notes	853			711
Total	13,793			13,486
Long-term borrowings**	$	16,960		$	16,815

* 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: 2012 – $244, 2013 – $217, 2014 – $773, 2015 – $41 and 2016 – none. 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: 2012 – $5,198, 2013 – $4,736, 2014 – $2,631, 2015 – $1,266 and 2016 – $1,613.