LONG-TERM BORROWINGS

12 Months Ended

Oct. 31, 2013

LONG-TERM BORROWINGS

LONG-TERM BORROWINGS

20. LONG-TERM BORROWINGS

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

	2013		2012
Equipment Operations
Notes and debentures:
6.95% notes due 2014: ($700 principal)			$	718	*
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	516		372
Total	$	4,871	$	5,445

	2013			2012
Financial Services
Notes and debentures:
Medium-term notes due 2014 – 2023: (principal $15,055 - 2013, $15,242 - 2012) Average interest rates of 1.2% – 2013, 1.6% – 2012	$	15,316	*	$	15,737	*
2.75% senior note due 2022: ($500 principal) Swapped $500 to variable interest rate of .9% – 2013, 1.1% – 2012	491		*	518		*
Other notes	900			753
Total	16,707			17,008
Long-term borrowings**	$	21,578		$	22,453

*	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: 2014 – $821, 2015 – $266, 2016 – $211, 2017 – $28 and 2018 – $23. 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: 2014 – $4,408, 2015 – $4,649, 2016 – $3,374, 2017 – $2,954 and 2018 – $2,376.