| LONG-TERM BORROWINGS |
20. LONG-TERM BORROWINGS
Long-term borrowings at October 29, 2017 and October 30, 2016 consisted of the following in millions of dollars:
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2017
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2016
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Equipment Operations
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U.S. dollar notes and debentures:
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4.375% notes due 2019
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$
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750
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$
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750
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8-1/2% debentures due 2022
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105
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105
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2.60% notes due 2022
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1,000
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1,000
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6.55% debentures due 2028
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200
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200
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5.375% notes due 2029
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500
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500
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8.10% debentures due 2030
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250
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250
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7.125% notes due 2031
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300
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300
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3.90% notes due 2042
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1,250
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1,250
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Euro notes:
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Medium-term notes due 2020 - 2023: (principal €850 - 2017) Average interest rate of .3% - 2017
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990
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Other notes
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166
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231
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Less debt issuance costs
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20
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21
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Total
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5,491
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4,565
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Financial Services
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Notes and debentures:
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Medium-term notes due 2018 - 2027: (principal $18,678 - 2017, $17,203 - 2016) Average interest rates of 2.0% - 2017, 1.7% - 2016
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18,601
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*
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17,434
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*
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2.75% senior note due 2022: ($500 principal) Swapped $500 to variable interest rate of 2.0% - 2017, 1.6% - 2016
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502
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*
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519
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*
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Other notes
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1,339
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1,221
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Less debt issuance costs
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42
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36
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Total
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20,400
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19,138
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Long-term borrowings**
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$
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25,891
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$
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23,703
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* 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: 2018 - $154, 2019 - $873, 2020 - $451, 2021 - $4 and 2022 - $1,108. 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: 2018 - $6,050, 2019 - $5,383, 2020 - $5,056, 2021 - $2,486, and 2022 - $3,502.
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