DEBT (Notes)

9 Months Ended

Jul. 31, 2020

15. DEBT

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



	July 31, 2020		October 31, 2019
	(in millions)
2024 Senior Notes at 4.55% ($600 face amount less unamortized costs of $2 and $3)	$	598	$	597
2027 Senior Notes at 4.60% ($700 face amount less unamortized costs of $5 and $5)	695		695
2029 Senior Notes at 3.00% ($500 face amount less unamortized costs of $4 and $4)	496		496
Total debt	$	1,789	$	1,788

Short-Term Debt

Revolving Credit Facility

We maintain a credit facility (the “Revolving Credit Facility”) that provides for a $450 million, five-year unsecured revolving credit facility that will expire on February 15, 2022. In addition, the Revolving Credit Facility permits us to increase the total commitments under this credit facility by up to $150 million in the aggregate on one or more occasions upon request. We may use amounts borrowed under the facility for general corporate purposes. As of July 31, 2020 and October 31, 2019, we had no borrowings outstanding under the Revolving Credit Facility. We were in compliance with the covenants of the Revolving Credit Facility during the nine months ended July 31, 2020.

Other

During the three and nine months ended July 31, 2020, we repaid $7 million of debt assumed with the acquisition of Eggplant.

Long-Term Debt

There have been no changes to the principal, maturity, interest rates and interest payment terms of the senior notes during the nine months ended July 31, 2020 as compared to the senior notes described in our Annual Report on Form 10-K for the fiscal year ended October 31, 2019.

As of July 31, 2020 and October 31, 2019, we had $36 million and $37 million, respectively, of outstanding letters of credit and surety bonds 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, exceeded the carrying value by approximately $270 million and $139 million as of July 31, 2020 and October 31, 2019, respectively. The increase in fair value is due to low U.S. Treasury yields combined with declining corporate credit spreads.