LONG-TERM BORROWINGS

12 Months Ended

Oct. 31, 2021

LONG-TERM BORROWINGS

LONG-TERM BORROWINGS

20. LONG-TERM BORROWINGS

Long-term borrowings at October 31, 2021 and November 1, 2020 consisted of the following in millions of dollars:

	2021			2020
Equipment Operations
U.S. dollar notes and debentures:
8½% debentures due 2022				$	105
2.60% notes due 2022					1,000
2.75% notes due 2025	$	700			700
6.55% debentures due 2028		200			200
5.375% notes due 2029		500			500
3.10% notes due 2030		700			700
8.10% debentures due 2030		250			250
7.125% notes due 2031		300			300
3.90% notes due 2042		1,250			1,250
2.875% notes due 2049		500			500
3.75% notes due 2050		850			850
Euro notes:
.5% notes due 2023 (€500 principal)		584			584
1.375% notes due 2024 (€800 principal)		934			934
1.85% notes due 2028 (€600 principal)		701			700
2.20% notes due 2032 (€600 principal)		701			700
1.65% notes due 2039 (€650 principal)		759			759
Finance lease obligations and other notes		40			153
Less debt issuance costs and debt discounts		(54)			(61)
Total		8,915			10,124
Financial Services
Notes and debentures:
Medium-term notes due 2022 - 2031: (principal $22,647 - 2021, $20,996 - 2020) Average interest rates of 1.2% - 2021, 1.7% - 2020		22,899	*		21,661	*
Other notes		1,138			1,003
Less debt issuance costs and debt discounts		(64)			(54)
Total		23,973			22,610
Long-term borrowings**	$	32,888		$	32,734

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

**  All interest rates are as of year-end.

The principal amounts of the equipment operations’ long-term borrowings maturing in each of the next five years in millions of dollars are as follows: 2022 - $1,214, 2023 - $585, 2024 - $935, 2025 - $700, and 2026 - $0. The principal amounts of the financial services’ long-term borrowings maturing in each of the next five years in millions of dollars are as follows: 2022 - $7,120, 2023 - $6,834, 2024 - $6,089, 2025 - $2,305, and 2026 - $3,373.