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SHORT-TERM DEBT (Notes) | Jun. 07, 2023
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Short-Term Debt [Abstract] |
SHORT-TERM DEBT | SHORT-TERM DEBT Credit Facilities On June 7, 2023, we entered into a credit agreement with a group of financial institutions which provides for a $1.5 billion five-year unsecured credit facility that will expire on June 7, 2028 and an incremental revolving credit facility in an aggregate amount of up to $750 million. The credit facility replaced the existing credit facility which was terminated on the closing date of the new facility. During the three months ended January 31, 2024, we made no borrowings or repayments under these credit facilities. As of both January 31, 2024 and October 31, 2023, we had no borrowings outstanding under both the credit facility and the incremental revolving credit facility. We were in compliance with the covenants for the credit facility during the three months ended January 31, 2024. On June 2, 2023, we entered into an Uncommitted Money Market Line Credit agreement with Societe Generale which provides for an aggregate borrowing capacity of $300 million. The credit facility is an uncommitted short-term cash advance facility where each request must be at least $1 million. The interest rate is set by the lender at the time of the borrowing and is fixed for the duration of the advance. During the three months ended January 31, 2024, we made no borrowings or repayments under this credit facility. As of both January 31, 2024 and October 31, 2023, we had no borrowings outstanding under the credit facility. Commercial Paper Under our U.S. commercial paper program, the company may issue and sell unsecured, short-term promissory notes in the aggregate principal amount not to exceed $1.5 billion with up to 397-day maturities. At any point in time, the company intends to maintain available commitments under its revolving credit facility in an amount at least equal to the amount of the commercial paper notes outstanding. Amounts available under the program may be borrowed, repaid and re-borrowed from time to time. The proceeds from issuances under the program may be used for general corporate purposes. During the three months ended January 31, 2024, we made no borrowings or repayments under our commercial paper program. As of both January 31, 2024 and October 31, 2023 we had no borrowings outstanding under our U.S. commercial paper program.

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- Definition The entire disclosure for short-term debt. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 470 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//470/tableOfContent + Details
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