21. LONG-TERM BORROWINGS Long-term borrowings at November 3, 2019 and October 28, 2018 consisted of the following in millions of dollars: | | | | | | | | | | 2019 | | 2018 | | Equipment Operations | | | | | | | | U.S. dollar notes and debentures: | | | | | | | | 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 | | 2.875% notes due 2049 | | | 500 | | | | | Euro notes: | | | | | | | | Medium-term note due 2020: (€350 principal) Average interest rate of .0% - 2018 | | | | | | 398 | | .5% notes due 2023 (€500 principal) | | | 558 | | | 569 | | 1.65% notes due 2039 (€650 principal) | | | 725 | | | | | Other notes | | | 51 | | | 159 | | Less debt issuance costs | | | 24 | | | 17 | | Total | | | 5,415 | | | 4,714 | | Financial Services | | | | | | | | Notes and debentures: | | | | | | | | Medium-term notes due 2020 - 2029: (principal $23,265 - 2019, $21,721 - 2018) Average interest rates of 2.7% - 2019, 2.8% - 2018 | | | 23,528 | * | | 21,354 | * | Other notes | | | 1,335 | | | 1,215 | | Less debt issuance costs | | | 49 | | | 46 | | Total | | | 24,814 | | | 22,523 | | Long-term borrowings** | | $ | 30,229 | | $ | 27,237 | |
* 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: 2020 - $643, 2021 - $39, 2022 - $1,121, 2023 - $562, and 2024 - $1. 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: 2020 - $6,795, 2021 - $6,885, 2022 - $6,323, 2023 - $3,791, and 2024 - $3,013.
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