LONG-TERM BORROWINGS

9 Months Ended

Jul. 31, 2022

LONG-TERM BORROWINGS

LONG-TERM BORROWINGS

(13)  Long-Term Borrowings

Long-term borrowings were as follows in millions of dollars:

	July 31		October 31		August 1
	2022		2021		2021
Underwritten term debt
U.S. dollar notes and debentures:
2.75% notes due 2025	$	700	$	700	$	700
6.55% debentures due 2028		200		200		200
5.375% notes due 2029		500		500		500
3.10% notes due 2030		700		700		700
8.10% debentures due 2030		250		250		250
7.125% notes due 2031		300		300		300
3.90% notes due 2042		1,250		1,250		1,250
2.875% notes due 2049		500		500		500
3.75% notes due 2050		850		850		850
Euro notes:
.5% notes due 2023 (€500 principal)		510		584		594
1.375% notes due 2024 (€800 principal)		816		934		951
1.85% notes due 2028 (€600 principal)		612		701		713
2.20% notes due 2032 (€600 principal)		612		701		713
1.65% notes due 2039 (€650 principal)		663		759		773
Serial issuances
Medium-term notes (principal as of: July 31, 2022 - $22,983, October 31, 2021 - $22,647, August 1, 2021 - $21,892)		22,593		22,899		22,346
Other notes and finance lease obligations		1,191		1,178		1,059
Less debt issuance costs and debt discounts		(115)		(118)		(119)
Long-term borrowings	$	32,132	$	32,888	$	32,280

Medium-term notes serially due 2023 through 2032 are primarily offered by prospectus and issued at fixed and variable rates. These notes are presented in the table above with fair value adjustments related to interest rate swaps. All outstanding notes and debentures are senior unsecured borrowings and generally rank equally with each other.

In April 2022, the Company issued $600 million of sustainability-linked medium-term notes with an initial interest rate of 3.35 percent, which are due in 2029. This transaction supports the Company’s commitment to environmental sustainability. Failure to meet the stated sustainability performance target will result in a 25-basis point increase to the interest rate payable on the 2029 notes from and including April 2026.