13. DEBT

Short-Term Debt

Credit Facility

On September 15, 2014, we entered into a five-year credit agreement, which provides for a $300 million unsecured credit facility that will expire on November 1, 2019. The company may use amounts borrowed under the facility for general corporate purposes. As of January 31, 2015, the company had no borrowings outstanding under the credit facility. We were in compliance with the covenants for the credit facility during the three months ended January 31, 2015.

Long-Term Debt

The following table summarizes the components of our long-term debt:



	January 31, 2015		October 31, 2014
	(in millions)
3.30% Senior Notes due 2019	$	499	$	499
4.55% Senior Notes due 2024	600		600
Total	$	1,099	$	1,099

The notes issued are unsecured and rank equally in right of payment with all of our other senior unsecured indebtedness. There have been no changes to the principal, maturity, interest rates and interest payment terms of the senior notes, detailed in the table above, in the three months ended January 31, 2015 as compared to the senior notes described in our Annual Report on Form 10-K for fiscal year ended October 31, 2014.

As of January 31, 2015 and October 31, 2014, we had $12 million and $13 million, respectively, of outstanding letters of credit unrelated to the credit facility that were issued by various lenders.

The fair value of our long-term debt, calculated from quoted prices that are primarily Level 1 inputs under the accounting guidance fair value hierarchy, exceeds the carrying value by approximately $24 million and $1 million as of January 31, 2015 and October 31, 2014, respectively.