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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 nine months ended July 31, 2024, we made no borrowings or repayments under these credit facilities. As of both July 31, 2024 and October 31, 2023, we had no borrowings outstanding under either the credit facility or the incremental revolving credit facility. 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 nine months ended July 31, 2024, we made no borrowings or repayments under this credit facility. As of both July 31, 2024 and October 31, 2023, we had no borrowings outstanding under the credit facility. We were in compliance with the covenants for the credit facilities during the nine months ended July 31, 2024. 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 nine months ended July 31, 2024, we borrowed $610 million and repaid $235 million under our commercial paper program. As of July 31, 2024 we had borrowings of $375 million outstanding under our U.S. commercial paper program and a weighted average annual interest rate of 5.53 percent. As of October 31, 2023 we had no borrowings outstanding under our U.S. commercial paper program. Term Loan Facility On April 15, 2022, we entered into a term loan agreement with a group of financial institutions, which provided for a $600 million delayed draw term loan that will mature on April 15, 2025. Loans under the term loan agreement bear interest, at our option, either at: (i) the alternate base rate, as defined in the term loan agreement, plus the applicable margin for such loans or (ii) adjusted term SOFR, as defined in the term loan agreement, plus the applicable margin for such loans. The term loan agreement contains customary representations and warranties as well as customary affirmative and negative covenants. We were in compliance with the covenants for the term loan during the nine months ended July 31, 2024. As of July 31, 2024, the remaining $420 million borrowings outstanding under the term loan facility with a weighted average interest rate of 6.19 percent have been reclassified to short-term debt.

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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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