XML 38 R20.htm IDEA: XBRL DOCUMENT

LONG-TERM BORROWINGS

6 Months Ended

May 01, 2022

(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.