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DEBT (Notes)
 3 Months Ended
Jan. 31, 2023
Debt Disclosure [Abstract]  
DEBT
9.    DEBT
The following table summarizes the components of our long-term debt:
January 31, 2023October 31, 2022
(in millions)
2024 Senior Notes at 4.55% ($600 face amount less unamortized costs of $1 and $1)
$599 $599 
2027 Senior Notes at 4.60% ($700 face amount less unamortized costs of $3 and $3)
697 697 
2029 Senior Notes at 3.00% ($500 face amount less unamortized costs of $3 and $3)
497 497 
Total debt$1,793 $1,793 
Short-Term Debt
Revolving Credit Facility
On July 30, 2021, we entered into an amended and restated credit agreement that amended and restated the prior credit agreement dated February 15, 2017 in its entirety which provides for a $750 million five-year unsecured revolving credit facility (the “Revolving Credit Facility”) that will expire on July 30, 2026 and bears interest at an annual rate of LIBOR + 1 percent along with a facility fee of 0.125 percent per annum. In addition, the credit agreement permits the company, subject to certain customary conditions, on one or more occasions to request to increase the total commitments under the Revolving Credit Facility by up to $250 million in the aggregate. We may use amounts borrowed under the facility for general corporate purposes. As of January 31, 2023 and October 31, 2022, we had no borrowings outstanding under the Revolving Credit Facility. We were in compliance with the covenants of the Revolving Credit Facility during the three months ended January 31, 2023. On February 17, 2023, we entered into the first amendment to the Amended and Restated Credit Agreement to change the annual interest rate from LIBOR + 1 percent to SOFR + 1.1 percent.
Long-Term Debt
There have been no changes to the principal, maturity, interest rates and interest payment terms of the senior notes during the three months ended January 31, 2023 as compared to the senior notes described in our Annual Report on Form 10-K for the fiscal year ended October 31, 2022. We were in compliance with the covenants of our senior notes during the three months ended January 31, 2023.
As of January 31, 2023 and October 31, 2022, we had $44 million and $38 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, which is calculated from quoted prices that are primarily Level 1 inputs under the accounting guidance fair value hierarchy is approximately $1,747 million and $1,679 million as of January 31, 2023 and October 31, 2022, respectively