LONG-TERM BORROWINGS

12 Months Ended

Oct. 30, 2022

LONG-TERM BORROWINGS

LONG-TERM BORROWINGS

19. LONG-TERM BORROWINGS

Long-term borrowings at October 30, 2022 and October 31, 2021 consisted of the following in millions of dollars:

	2022		2021
Underwritten term debt
U.S. dollar notes and debentures:
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
1.375% notes due 2024 (€800 principal)		797		934
1.85% notes due 2028 (€600 principal)		598		701
2.20% notes due 2032 (€600 principal)		598		701
1.65% notes due 2039 (€650 principal)		648		759
Serial issuances
Medium-term notes: (principal $25,629 - 2022, $22,647 - 2021) Average interest rates of 2.9% - 2022, 1.2% - 2021		24,604		22,899
Other notes and finance lease obligations		1,223		1,178
Less debt issuance costs and debt discounts		(122)		(118)
Long-term borrowings	$	33,596	$	32,888

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 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.

The principal amounts of the company’s long-term borrowings maturing in each of the next five years in millions of dollars are as follows: 2023 - $7,453, 2024 - $7,960, 2025 - $6,820, 2026 - $4,154, and 2027 - $3,242.