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LONG-TERM BORROWINGS | 6 Months Ended
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May 01, 2022
LONG-TERM BORROWINGS |
LONG-TERM BORROWINGS | (13) Long-Term Borrowings Long-term borrowings were as follows in millions of dollars. The financial services medium-term notes include fair value adjustments related to interest rate swaps.
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | May 1 | ​ | October 31 | ​ | May 2 | ​
​ |  | 2022 |  | 2021 |  | 2021 | ​
Equipment Operations | ​ | ​ |  | ​ | ​ |  | ​ | ​ |  | ​
U.S. dollar notes and debentures: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
2.60% notes due 2022 | ​ | ​ | ​ | ​ |  | ​ | ​ | $ | 1,000 | ​
2.75% notes due 2025 | ​ | $ | 700 | ​ | $ | 700 | ​ | ​ | 700 | ​
6.55% debentures due 2028 | ​ |  | 200 | ​ |  | 200 | ​ |  | 200 | ​
5.375% notes due 2029 | ​ |  | 500 | ​ |  | 500 | ​ |  | 500 | ​
3.10% notes due 2030 | ​ | ​ | 700 | ​ | ​ | 700 | ​ | ​ | 700 | ​
8.10% debentures due 2030 | ​ |  | 250 | ​ |  | 250 | ​ |  | 250 | ​
7.125% notes due 2031 | ​ |  | 300 | ​ |  | 300 | ​ |  | 300 | ​
3.90% notes due 2042 | ​ |  | 1,250 | ​ |  | 1,250 | ​ |  | 1,250 | ​
2.875% notes due 2049 | ​ | ​ | 500 | ​ | ​ | 500 | ​ | ​ | 500 | ​
3.75% notes due 2050 | ​ | ​ | 850 | ​ | ​ | 850 | ​ | ​ | 850 | ​
Euro notes: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
.5% notes due 2023 (€500 principal) | ​ | ​ | 525 | ​ | ​ | 584 | ​ | ​ | 606 | ​
1.375% notes due 2024 (€800 principal) | ​ | ​ | 840 | ​ | ​ | 934 | ​ | ​ | 969 | ​
1.85% notes due 2028 (€600 principal) | ​ | ​ | 630 | ​ | ​ | 701 | ​ | ​ | 727 | ​
2.20% notes due 2032 (€600 principal) | ​ | ​ | 630 | ​ | ​ | 701 | ​ | ​ | 727 | ​
1.65% notes due 2039 (€650 principal) | ​ | ​ | 682 | ​ | ​ | 759 | ​ | ​ | 788 | ​
Finance lease obligations and other notes | ​ |  | 50 | ​ |  | 40 | ​ |  | 115 | ​
Less debt issuance costs and debt discounts | ​ | ​ | (51) | ​ | ​ | (54) | ​ | ​ | (58) | ​
Total |  | ​ | 8,556 |  | ​ | 8,915 |  | ​ | 10,124 | ​
Financial Services |  | ​ | ​ |  | ​ | ​ |  | ​ | ​ | ​
Notes and debentures: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Medium-term notes (principal as of: May 1, 2022 - $23,247, October 31, 2021 - $22,647, May 2, 2021 - $21,800) |  | ​ | 22,740 | ​ | ​ | 22,899 | ​ | ​ | 22,161 | ​
Other notes | ​ |  | 1,216 | ​ |  | 1,138 | ​ |  | 1,121 | ​
Less debt issuance costs and debt discounts | ​ | ​ | (65) | ​ | ​ | (64) | ​ | ​ | (60) | ​
Total | ​ |  | 23,891 | ​ |  | 23,973 | ​ |  | 23,222 | ​
Long-term borrowings |  | $ | 32,447 | ​ | $ | 32,888 | ​ | $ | 33,346 | ​
​ In April 2022, the Company’s financial services operations issued $600 million of sustainability-linked medium-term notes with an initial interest rate of 3.35 percent, which are due in 2029. This transaction supports the Company’s commitment to environmental sustainability. Failure to meet the stated sustainability performance target will result in a 25-basis point increase to the interest rate payable on the 2029 notes from and including April 2026.

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- Definition The entire disclosure for long-term debt. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -URI http://asc.fasb.org/topic&trid=2208564 + Details
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