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SHORT-TERM DEBT (Notes) | 3 Months Ended
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Jan. 31, 2025
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. During the three months ended January 31, 2025, we made no borrowings or repayments under these credit facilities. As of both January 31, 2025 and October 31, 2024, 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 three months ended January 31, 2025, we made no borrowings or repayments under this credit facility. As of both January 31, 2025 and October 31, 2024, we had no borrowings outstanding under the credit facility. We were in compliance with the covenants for the credit facilities during the three months ended January 31, 2025. 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, 2025, we borrowed $301 million and repaid $331 million under our commercial paper program. As of January 31, 2025 we had borrowings of $10 million outstanding under our U.S. commercial paper program and a weighted average annual interest rate of 4.45 percent. As of October 31, 2024 we had borrowings of $40 million outstanding under our U.S. commercial paper program and had a weighted average annual interest rate of 4.92 percent. Other Loans In connection with the BIOVECTRA acquisition, we have two interest-free loans from the Strategic Innovation Fund ("SIF"). The loans are repayable in quarterly and yearly installments through 2040 at a weighted average imputed interest rate of 4.7 percent. In addition, we have two interest-free loans with the Atlantic Canada Opportunities Agency (“ACOA”). The loans are repayable in monthly installments through 2029 at a weighted average imputed interest rate of 4.5 percent. As of January 31, 2025 and October 31, 2024, the current portion of these loans of $6 million and $5 million, respectively, was recorded in 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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