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LONG-TERM BORROWINGS | 9 Months Ended
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Jul. 31, 2022
LONG-TERM BORROWINGS |
LONG-TERM BORROWINGS | (13) Long-Term Borrowings Long-term borrowings were as follows in millions of dollars:
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | July 31 | ​ | October 31 | ​ | August 1 | ​
​ |  | 2022 |  | 2021 |  | 2021 | ​
Underwritten term debt | ​ | ​ |  | ​ | ​ |  | ​ | ​ |  | ​
U.S. dollar notes and debentures: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
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) | ​ | ​ | 510 | ​ | ​ | 584 | ​ | ​ | 594 | ​
1.375% notes due 2024 (€800 principal) | ​ | ​ | 816 | ​ | ​ | 934 | ​ | ​ | 951 | ​
1.85% notes due 2028 (€600 principal) | ​ | ​ | 612 | ​ | ​ | 701 | ​ | ​ | 713 | ​
2.20% notes due 2032 (€600 principal) | ​ | ​ | 612 | ​ | ​ | 701 | ​ | ​ | 713 | ​
1.65% notes due 2039 (€650 principal) | ​ | ​ | 663 | ​ | ​ | 759 | ​ | ​ | 773 | ​
Serial issuances | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Medium-term notes (principal as of: July 31, 2022 - $22,983, October 31, 2021 - $22,647, August 1, 2021 - $21,892) |  | ​ | 22,593 | ​ | ​ | 22,899 | ​ | ​ | 22,346 | ​
Other notes and finance lease obligations | ​ |  | 1,191 | ​ |  | 1,178 | ​ |  | 1,059 | ​
Less debt issuance costs and debt discounts | ​ | ​ | (115) | ​ | ​ | (118) | ​ | ​ | (119) | ​
Long-term borrowings |  | $ | 32,132 | ​ | $ | 32,888 | ​ | $ | 32,280 | ​
​ Medium-term notes serially due 2023 through 2032 are primarily offered by prospectus and issued at fixed and variable rates. These notes are presented in the table above with fair value adjustments related to interest rate swaps. All outstanding notes and debentures are senior unsecured borrowings and generally rank equally with each other. In April 2022, the Company 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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