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v3.22.2.2

Borrowings | 9 Months Ended
--- | ---
Jul. 31, 2022
Debt Disclosure [Abstract] |
Borrowings | Borrowings
|  | Effective Interest Rate |  | July 31, 2022 |  | October 31, 2021
|  | (In millions, except percentages)
April 2022 Senior Notes - fixed rate |  |  |  |  |  |
4.000% notes due April 2029 |  | 4.17 | % |  | $ | 750 |  |  | $ | — |
4.150% notes due April 2032 |  | 4.30 | % |  | 1,200 |  |  | — |
4.926% notes due May 2037 |  | 5.33 | % |  | 2,500 |  |  | — |
|  |  |  | 4,450 |  |  | — |
September 2021 Senior Notes - fixed rate |  |  |  |  |  |
3.137% notes due November 2035 |  | 4.23 | % |  | 3,250 |  |  | 3,250 |
3.187% notes due November 2036 |  | 4.79 | % |  | 2,750 |  |  | 2,750 |
|  |  |  | 6,000 |  |  | 6,000 |
March 2021 Senior Notes - fixed rate |  |  |  |  |  |
3.419% notes due April 2033 |  | 4.66 | % |  | 2,250 |  |  | 2,250 |
3.469% notes due April 2034 |  | 4.63 | % |  | 3,250 |  |  | 3,250 |
|  |  |  | 5,500 |  |  | 5,500 |
January 2021 Senior Notes - fixed rate |  |  |  |  |  |
1.950% notes due February 2028 |  | 2.10 | % |  | 750 |  |  | 750 |
2.450% notes due February 2031 |  | 2.56 | % |  | 2,750 |  |  | 2,750 |
2.600% notes due February 2033 |  | 2.70 | % |  | 1,750 |  |  | 1,750 |
3.500% notes due February 2041 |  | 3.60 | % |  | 3,000 |  |  | 3,000 |
3.750% notes due February 2051 |  | 3.84 | % |  | 1,750 |  |  | 1,750 |
|  |  |  | 10,000 |  |  | 10,000 |
June 2020 Senior Notes - fixed rate |  |  |  |  |  |
3.459% notes due September 2026 |  | 4.19 | % |  | 752 |  |  | 752 |
4.110% notes due September 2028 |  | 5.02 | % |  | 1,118 |  |  | 1,965 |
|  |  |  | 1,870 |  |  | 2,717 |
May 2020 Senior Notes - fixed rate |  |  |  |  |  |
2.250% notes due November 2023 |  | 2.40 | % |  | 105 |  |  | 105 |
3.150% notes due November 2025 |  | 3.29 | % |  | 900 |  |  | 900 |
4.150% notes due November 2030 |  | 4.27 | % |  | 1,856 |  |  | 2,679 |
4.300% notes due November 2032 |  | 4.39 | % |  | 2,000 |  |  | 2,000 |
|  |  |  | 4,861 |  |  | 5,684 |
April 2020 Senior Notes - fixed rate |  |  |  |  |  |
4.700% notes due April 2025 |  | 4.88 | % |  | — |  |  | 1,020 |
5.000% notes due April 2030 |  | 5.18 | % |  | 606 |  |  | 1,086 |
|  |  |  | 606 |  |  | 2,106 |
April 2019 Senior Notes - fixed rate |  |  |  |  |  |
3.625% notes due October 2024 |  | 3.98 | % |  | 622 |  |  | 622 |
4.250% notes due April 2026 |  | 4.54 | % |  | — |  |  | 944 |
4.750% notes due April 2029 |  | 4.95 | % |  | 1,655 |  |  | 1,958 |
|  |  |  | 2,277 |  |  | 3,524 |
2017 Senior Notes - fixed rate |  |  |  |  |  |
3.000% notes due January 2022 |  | 3.21 | % |  | — |  |  | 255 |
2.650% notes due January 2023 |  | 2.78 | % |  | 260 |  |  | 260 |
|  | Effective Interest Rate |  | July 31, 2022 |  | October 31, 2021
|  | (In millions, except percentages)
3.625% notes due January 2024 |  | 3.74 | % |  | 829 |  |  | 829 |
3.125% notes due January 2025 |  | 3.23 | % |  | 495 |  |  | 495 |
3.875% notes due January 2027 |  | 4.02 | % |  | 2,922 |  |  | 2,922 |
3.500% notes due January 2028 |  | 3.60 | % |  | 777 |  |  | 777 |
|  |  |  | 5,283 |  |  | 5,538 |
Assumed CA Senior Notes - fixed rate |  |  |  |  |  |
4.500% notes due August 2023 |  | 4.10 | % |  | 143 |  |  | 143 |
4.700% notes due March 2027 |  | 5.15 | % |  | 215 |  |  | 265 |
|  |  |  | 358 |  |  | 408 |
Other borrowings |  |  |  |  |  |
2.500% - 4.500% senior notes due August 2022 - August 2034 |  | 2.59% - 4.55% |  | 22 |  |  | 22 |
Total principal amount outstanding |  |  |  | $ | 41,227 |  |  | $ | 41,499 |
Current portion of principal amount outstanding |  |  |  | $ | 269 |  |  | $ | 264 |
Short-term finance lease liabilities |  |  |  | 35 |  |  | 26 |
Total current portion of long-term debt |  |  |  | $ | 304 |  |  | $ | 290 |
Non-current portion of principal amount outstanding |  |  |  | $ | 40,958 |  |  | $ | 41,235 |
Long-term finance lease liabilities |  |  |  | 26 |  |  | 39 |
Unamortized discount and issuance costs |  |  |  | (1,793) |  |  | (1,834) |
Total long-term debt |  |  |  | $ | 39,191 |  |  | $ | 39,440 |
April 2022 Senior Notes In April 2022, we issued $750 million of 4.000% senior unsecured notes due 2029 and $1,200 million of 4.150% senior unsecured notes due 2032. Using the net proceeds, we redeemed the outstanding balance of $1,020 million of our 4.700% notes due 2025 and $944 million of our 4.250% notes due 2026. As a result of these redemptions, we incurred premiums of $85 million and wrote off $15 million of unamortized discount and issuance costs. Both amounts were included in interest expense. In April 2022, we issued $2,500 million of 4.926% new senior unsecured notes due 2037 in exchange for $2,502 million of certain of our outstanding notes maturing between 2027 and 2030. We paid premiums of $47 million, which were included in unamortized discount and issuance costs. The 4.926% notes due 2037, the 4.000% notes due 2029 and the 4.150% notes due 2032 are collectively referred as the “April 2022 Senior Notes”. We may redeem or purchase, in whole or in part, any of the April 2022 Senior Notes prior to their respective maturities, subject to a specified make-whole premium determined in accordance with the indentures governing the April 2022 Senior Notes, plus accrued and unpaid interest. In the event of a change in control, note holders will have the right to require us to repurchase their notes at a price equal to 101% of the principal amount of such notes, plus accrued and unpaid interest. Credit Agreement In January 2021, we entered into a credit agreement (the “Credit Agreement”), which provides for a five-year $7.5 billion unsecured revolving credit facility (the “Revolving Facility”), of which $500 million is available for the issuance of multi-currency letters of credit. The issuance of letters of credit and certain other instruments would reduce the aggregate amount otherwise available under the Revolving Facility for revolving loans. Subject to the terms of the Credit Agreement, we are permitted to borrow, repay and reborrow revolving loans at any time prior to the earlier of (a) January 19, 2026 and (b) the date of termination in whole of the revolving lenders’ commitments under the Credit Agreement. We had no borrowings outstanding under the Revolving Facility at either July 31, 2022 or October 31, 2021. Commercial Paper In February 2019, we established a commercial paper program pursuant to which we may issue unsecured commercial paper notes (“Commercial Paper”) in principal amount of up to $2 billion outstanding at any time with maturities of up to 397 days from the date of issue. Commercial Paper is sold under customary terms in the commercial paper market and may be issued at a discount from par or, alternatively, may be sold at par and bear interest at rates dictated by market conditions at the time of their issuance. The discount associated with the Commercial Paper is amortized to interest expense over its term. Outstanding Commercial Paper reduces the amount that would otherwise be available to borrow for general corporate purposes under our revolving credit facility. We had no Commercial Paper outstanding at either July 31, 2022 or October 31, 2021. Fair Value of Debt As of July 31, 2022, the estimated aggregate fair value of debt was $37,003 million. The fair value of our senior notes was determined using quoted prices from less active markets. All of our debt obligations are categorized as Level 2 instruments. Future Principal Payments of Debt The future scheduled principal payments of debt as of July 31, 2022 were as follows:
Fiscal Year: |  | Future Scheduled Principal Payments
|  | (In millions)
2022 (remainder) |  | $ | 9 |
2023 |  | 403 |
2024 |  | 1,563 |
2025 |  | 495 |
2026 |  | 1,652 |
Thereafter |  | 37,105 |
Total |  | $ | 41,227 |
As of July 31, 2022 and October 31, 2021, we accrued interest payable of $415 million and $282 million, respectively, and were in compliance with all debt covenants.

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- Definition The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -URI https://asc.fasb.org/topic&trid=2208564 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -SubTopic 20 -Section 50 -Paragraph 1B -Subparagraph (h) -URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495323-112611 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -SubTopic 20 -Section 50 -Paragraph 1C -Subparagraph (c) -URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495334-112611 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -SubTopic 20 -Section 50 -Paragraph 1I -Subparagraph (a) -URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495371-112611 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -SubTopic 20 -Section 50 -Paragraph 1I -Subparagraph (d) -URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495371-112611 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.4-08(c)) -URI https://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -SubTopic 20 -Section 50 -Paragraph 1B -Subparagraph (g) -URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495323-112611 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -SubTopic 20 -Section 50 -Paragraph 1C -Subparagraph (b) -URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495334-112611 Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -SubTopic 20 -Section 50 -Paragraph 1C -Subparagraph (a) -URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495334-112611 Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -SubTopic 20 -Section 50 -Paragraph 1E -Subparagraph (b) -URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495348-112611 Reference 11: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -SubTopic 20 -Section 50 -Paragraph 1B -URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495323-112611 Reference 12: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -SubTopic 20 -Section 50 -Paragraph 1I -Subparagraph (b) -URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495371-112611 Reference 13: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -SubTopic 20 -Section 50 -Paragraph 1B -Subparagraph (i) -URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495323-112611 + Details
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