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LONG-TERM BORROWINGS | 12 Months Ended
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Oct. 29, 2017
LONG-TERM BORROWINGS |
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:
|  | 2017 |  | 2016 |
Equipment Operations |  |  |  |  |  |  |
U.S. dollar 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 |
Euro notes: |  |  |  |  |  |  |
Medium-term notes due 2020 - 2023: (principal €850 - 2017) Average interest rate of .3% - 2017 |  |  | 990 |  |  |  |
Other notes |  |  | 166 |  |  | 231 |
Less debt issuance costs |  |  | 20 |  |  | 21 |
Total |  |  | 5,491 |  |  | 4,565 |
Financial Services |  |  |  |  |  |  |
Notes and debentures: |  |  |  |  |  |  |
Medium-term notes due 2018 - 2027: (principal $18,678 - 2017, $17,203 - 2016) Average interest rates of 2.0% - 2017, 1.7% - 2016 |  |  | 18,601 | * |  | 17,434 | *
2.75% senior note due 2022: ($500 principal) Swapped $500 to variable interest rate of 2.0% - 2017, 1.6% - 2016 |  |  | 502 | * |  | 519 | *
Other notes |  |  | 1,339 |  |  | 1,221 |
Less debt issuance costs |  |  | 42 |  |  | 36 |
Total |  |  | 20,400 |  |  | 19,138 |
Long-term borrowings** |  | $ | 25,891 |  | $ | 23,703 |
* 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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- 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 470 -URI http://asc.fasb.org/topic&trid=2208564 + Details
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