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LONG-TERM BORROWINGS | 12 Months Ended
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Oct. 31, 2015
LONG-TERM BORROWINGS |
LONG-TERM BORROWINGS | 20. LONG-TERM BORROWINGS Long-term borrowings at October 31 consisted of the following in millions of dollars:
|  | 2015 |  | 2014 |
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 |  |  | 106 |  |  | 288 |
Total |  |  | 4,461 |  |  | 4,643 |
Financial Services |  |  |  |  |  |  |
Notes and debentures: |  |  |  |  |  |  |
Medium-term notes due 2016 – 2025: (principal $17,610 - 2015, $17,939 - 2014) Average interest rates of 1.4% - 2015, 1.2% - 2014 |  |  | 17,857 | * |  | 18,141 | *
2.75% senior note due 2022: ($500 principal) Swapped $500 to variable interest rate of 1.1% - 2015, .9% – 2014 |  |  | 512 | * |  | 498 | *
Other notes |  |  | 1,003 |  |  | 1,099 |
Total |  |  | 19,372 |  |  | 19,738 |
Long-term borrowings** |  | $ | 23,833 |  | $ | 24,381 |
*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: 2016 - $86, 2017 - $48, 2018 - $63, 2019 - $752 and 2020 - $2. 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: 2016 - $5,159, 2017 - $5,124, 2018 - $5,124, 2019 - $2,876 and 2020 - $2,394.

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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 + Details
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