20. LONG-TERM BORROWINGS

Long-term borrowings at October 28, 2018 and October 29, 2017 consisted of the following in millions of dollars:


	2018			2017
Equipment Operations
U.S. dollar notes and debentures:
4.375% notes due 2019				$	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: (€850 principal) Average interest rates of .4% - 2018, .3% - 2017		967			990
Other notes		159			166
Less debt issuance costs		17			20
Total		4,714			5,491
Financial Services
Notes and debentures:
Medium-term notes due 2019 - 2028: (principal $21,221 - 2018, $18,678 - 2017) Average interest rates of 2.8% - 2018, 2.0% - 2017		20,865	*		18,601	*
2.75% senior note due 2022: ($500 principal) Swapped $500 to variable interest rate of 3.5% - 2018, 2.0% - 2017		489	*		502	*
Other notes		1,215			1,339
Less debt issuance costs		46			42
Total		22,523			20,400
Long-term borrowings**	$	27,237		$	25,891

* 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: 2019 - $970, 2020 - $536, 2021 - $25, 2022 - $1,108, and 2023 - $571. 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: 2019 - $5,430, 2020 - $6,185, 2021 - $5,699, 2022 - $3,567, and 2023 - $3,654.