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LONG-TERM BORROWINGS | 12 Months Ended
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Oct. 31, 2014
LONG-TERM BORROWINGS |
LONG-TERM BORROWINGS | 20. LONG-TERM BORROWINGS Long-term borrowings at October 31 consisted of the following in millions of dollars:
|  | 2014 |  | 2013 |
Equipment Operations |  |  |  |  |
Notes and debentures: |  |  |  |  |
4.375% notes due 2019 |  | $ | 750 |  | $ | 750 |
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 |
Other notes |  | 288 |  | 516 |
Total |  | $ | 4,643 |  | $ | 4,871 |
|  | 2014 |  | 2013 |
Financial Services |  |  |  |  |
Notes and debentures: |  |  |  |  |
Medium-term notes due 2015 – 2024: (principal $17,939 - 2014, $15,055 - 2013) Average interest rates of 1.2% – 2014 and 2013 |  | $ | 18,141 | * | $ | 15,316 | *
2.75% senior note due 2022: ($500 principal) Swapped $500 to variable interest rate of .9% – 2014 and 2013 |  | 498 | * | 491 | *
Other notes |  | 1,099 |  | 900 |
Total |  | 19,738 |  | 16,707 |
Long-term borrowings** |  | $ | 24,381 |  | $ | 21,578 |
* | 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: 2015 – $243, 2016 – $197, 2017 – $73, 2018 – $24 and 2019 – $751. 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: 2015 – $4,724, 2016 – $5,220, 2017 – $4,279, 2018 – $3,432 and 2019 – $2,949.

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- Definition The entire disclosure for long-term debt. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02.22) -URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 02 -Paragraph 22 -Article 5 + Details
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