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v3.25.1

Debt | 3 Months Ended
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Feb. 28, 2025
Debt Disclosure [Abstract] |
DEBT | DEBT The carrying value of our borrowings as of February 28, 2025 and November 29, 2024 were as follows:
(dollars in millions) | Issuance Date |  | Due Date |  | Effective Interest Rate |  | 2025 |  |  |  | 2024 |  |
1.90% 2025 Notes | February 2020 |  | February 2025 |  | 2.07% |  | $ | — |  |  |  |  | $ | 500 |  |  |
3.25% 2025 Notes | January 2015 |  | February 2025 |  | 3.67% |  | — |  |  |  |  | 1,000 |  |  |
2.15% 2027 Notes | February 2020 |  | February 2027 |  | 2.26% |  | 850 |  |  |  |  | 850 |  |  |
4.85% 2027 Notes | April 2024 |  | April 2027 |  | 5.03% |  | 500 |  |  |  |  | 500 |  |  |
4.75% 2028 Notes | January 2025 |  | January 2028 |  | 4.93% |  | 800 |  |  |  |  | — |  |  |
4.80% 2029 Notes | April 2024 |  | April 2029 |  | 4.93% |  | 750 |  |  |  |  | 750 |  |  |
4.95% 2030 Notes | January 2025 |  | January 2030 |  | 5.09% |  | 700 |  |  |  |  | — |  |  |
2.30% 2030 Notes | February 2020 |  | February 2030 |  | 2.69% |  | 1,300 |  |  |  |  | 1,300 |  |  |
4.95% 2034 Notes | April 2024 |  | April 2034 |  | 5.03% |  | 750 |  |  |  |  | 750 |  |  |
5.30% 2035 Notes | January 2025 |  | January 2035 |  | 5.40% |  | 500 |  |  |  |  | — |  |  |
Total debt outstanding, at par |  | $ | 6,150 |  |  |  |  | $ | 5,650 |  |  |
Less: Current portion of debt, at par |  | — |  |  |  |  | (1,500) |  |  |
Fair value of interest rate swaps |  | 36 |  |  |  |  | — |  |  |
Unamortized discount and debt issuance costs |  | (31) |  |  |  |  | (21) |  |  |
Carrying value of long-term debt |  | $ | 6,155 |  |  |  |  | $ | 4,129 |  |  |
Current portion of debt, at par |  | $ | — |  |  |  |  | $ | 1,500 |  |  |
Unamortized discount and debt issuance costs |  | — |  |  |  |  | (1) |  |  |
Carrying value of current debt |  | $ | — |  |  |  |  | $ | 1,499 |  |  |
Senior Notes In January 2025, we issued $800 million of senior notes due January 17, 2028, $700 million of senior notes due January 17, 2030 and $500 million of senior notes due January 17, 2035. Our total proceeds were approximately $1.99 billion, net of an issuance discount of $3 million and total issuance costs of $9 million. In February 2025, $1.5 billion of senior notes became due and were repaid. Discounts and issuance costs on our senior notes are amortized to interest expense over the terms of the respective notes using the effective interest method. Interest on the notes issued in February 2020 is payable semi-annually, in arrears, on February 1 and August 1. Interest on the notes issued in April 2024 is payable semi-annually, in arrears, on April 4 and October 4. Interest on the notes issued in January 2025 is payable semi-annually, in arrears, on January 17 and July 17. During the three months ended February 28, 2025, we entered into interest rate swaps related to certain of our senior notes. The interest rate swaps effectively convert the fixed interest rates on the notes to floating interest rates based on the SOFR OIS. Under the terms of the swaps, we will pay quarterly interest at the daily compounded SOFR OIS plus a fixed number of basis points on the notional amount through the respective par call dates for the notes. In exchange, we will receive the fixed rate interest on the notes from the swap counterparties on a semi-annual basis. The fair value of the interest rate swaps is included in the carrying value of our debt in the condensed consolidated balance sheets. See Note 5 for further details regarding our interest rate swap derivatives. Our senior notes rank equally with our other unsecured and unsubordinated indebtedness, and do not contain financial covenants. We may redeem the notes at any time, subject to a make-whole premium. For the senior notes issued in February 2020, upon the occurrence of certain change of control triggering events, we may be required to repurchase the notes, at a price equal to 101% of their principal amount, plus accrued and unpaid interest to the date of repurchase. In addition, these notes include covenants that limit our ability to grant liens on assets and to enter into sale and leaseback transactions, subject to significant allowances. Revolving Credit Agreement In June 2022, we entered into a credit agreement (the “Revolving Credit Agreement”), providing for a five-year $1.5 billion senior unsecured revolving credit facility. The Revolving Credit Agreement provides for loans to Adobe and certain of its subsidiaries that may be designated from time to time as additional borrowers. Pursuant to the terms of the Revolving Credit Agreement, we may, subject to the agreement of lenders to provide additional commitments, obtain up to an additional $500 million in commitments, for a maximum aggregate commitment of $2 billion. As of February 28, 2025, there were no outstanding borrowings under this Revolving Credit Agreement. Commercial Paper Program In September 2023, we established a commercial paper program under which we may issue unsecured commercial paper up to a total of $3 billion outstanding at any time, with maturities of up to 397 days from the date of issue. The net proceeds from the issuance of commercial paper are expected to be used for general corporate purposes, which may include working capital, capital expenditures, acquisitions, stock repurchases, refinancing indebtedness or any other general corporate purposes. As of February 28, 2025, there were no outstanding borrowings under the commercial paper program.

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