Debt

3 Months Ended

Jan. 31, 2020

The following tables present the components of Notes payable and current maturities of long-term debt and Long-term debt in our Consolidated Balance Sheets:



(in millions)	January 31, 2020		October 31, 2019
Manufacturing operations
Senior Secured Term Loan Credit Agreement, due 2025, net of unamortized discount of $6 at both dates, and unamortized debt issuance costs of $9 and $10, respectively	$	1,553	$	1,556
6.625% Senior Notes, due 2026, net of unamortized debt issuance costs of $14 and $15, respectively	1,086		1,085
Loan Agreement related to 6.75% Tax Exempt Bonds, due 2040, net of unamortized debt issuance costs of $5 at both dates	220		220
Financed lease obligations	53		60
Other	9		11
Total Manufacturing operations debt	2,921		2,932
Less: Current portion	31		32
Net long-term Manufacturing operations debt	$	2,890	$	2,900



(in millions)	January 31, 2020		October 31, 2019
Financial Services operations
Asset-backed debt issued by consolidated SPEs, at fixed and variable rates, due serially through 2023, net of unamortized debt issuance costs of $3 and $4, respectively	$	673	$	991
Bank credit facilities, at fixed and variable rates, due dates from 2020 through 2025, net of unamortized debt issuance costs of $1 at both dates	978		1,059
Commercial paper, at variable rates, program matures in 2022	44		84
Borrowings secured by operating and finance leases, at various rates, due serially through 2024	119		122
Total Financial Services operations debt	1,814		2,256
Less: Current portion	421		839
Net long-term Financial Services operations debt	$	1,393	$	1,417

Financial Services Operations

Asset-backed Debt

In January 2020, the Truck Retail Accounts Corporation (“TRAC”) funding facility was renewed and extended to June 2021, with a capacity range of $100 million to $200 million.