LONG-TERM BORROWINGS

12 Months Ended

Nov. 01, 2020

20. LONG-TERM BORROWINGS

Long-term borrowings at November 1, 2020 and November 3, 2019 consisted of the following in millions of dollars:


	2020			2019
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
2.75% notes due 2025		700
6.55% debentures due 2028		200			200
5.375% notes due 2029		500			500
3.10% notes due 2030		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
Euro notes:
.5% notes due 2023 (€500 principal)		584			558
1.375% notes due 2024 (€800 principal)		934
1.85% notes due 2028 (€600 principal)		700
2.20% notes due 2032 (€600 principal)		700
1.65% notes due 2039 (€650 principal)		759			725
Finance lease obligations and other notes		135			51
Less debt issuance costs		43			24
Total		10,124			5,415
Financial Services
Notes and debentures:
Medium-term notes due 2021 - 2030: (principal $20,996 - 2020, $23,265 - 2019) Average interest rates of 1.7% - 2020, 2.7% - 2019		21,661	*		23,528	*
Other notes		992			1,335
Less debt issuance costs		43			49
Total		22,610			24,814
Long-term borrowings**	$	32,734		$	30,229

* 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: 2021 - $79, 2022 - $1,212, 2023 - $587, 2024 - $935, and 2025 - $700. 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: 2021 - $6,867, 2022 - $6,945, 2023 - $5,228, 2024 - $3,011, and 2025 - $2,166.