v3.7.0.1

Borrowings | 6 Months Ended
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Apr. 30, 2017
Debt Disclosure [Abstract] |
Borrowings | Borrowings Notes Payable and Short-Term Borrowings Notes payable and short-term borrowings, including the current portion of long-term debt, were as follows:
| As of
| April 30, 2017 |  | October 31, 2016
| Amount Outstanding |  | Weighted-Average Interest Rate |  | Amount Outstanding |  | Weighted-Average Interest Rate
| Dollars in millions
Current portion of long-term debt | $ | 1,217 |  |  | 2.6 | % |  | $ | 2,772 |  |  | 1.7 | %
FS Commercial paper | 343 |  |  | — | % |  | 326 |  |  | 0.1 | %
Notes payable to banks, lines of credit and other(1) | 450 |  |  | 2.2 | % |  | 429 |  |  | 2.0 | %
Total notes payable and short-term borrowings | $ | 2,010 |  |  |  |  |  | $ | 3,527 |  |  |  |
(1) | Notes payable to banks, lines of credit and other includes $404 million and $381 million at April 30, 2017 and October 31, 2016, respectively, of borrowing- and funding-related activity associated with FS and its subsidiaries.
Long-Term Debt
| As of
| April 30, 2017 |  | October 31, 2016
| In millions
Hewlett Packard Enterprise Senior Notes(1) |  |  |  |  |
$2,250 issued at discount to par at a price of 99.944% in October 2015 at 2.45%, due October 5, 2017, interest payable semi-annually on April 5 and October 5 of each year | $ | 750 |  |  | $ | 2,249 |
$2,650 issued at discount to par at a price of 99.872% in October 2015 at 2.85%, due October 5, 2018, interest payable semi-annually on April 5 and October 5 of each year | 2,648 |  |  | 2,648 |
$3,000 issued at discount to par at a price of 99.972% in October 2015 at 3.6%, due October 15, 2020, interest payable semi-annually on April 15 and October 15 of each year | 2,999 |  |  | 2,999 |
$1,350 issued at discount to par at a price of 99.802% in October 2015 at 4.4%, due October 15, 2022, interest payable semi-annually on April 15 and October 15 of each year | 1,348 |  |  | 1,348 |
$2,500 issued at discount to par at a price of 99.725% in October 2015 at 4.9%, due October 15, 2025, interest payable semi-annually on April 15 and October 15 of each year | 2,494 |  |  | 2,494 |
$750 issued at discount to par at a price of 99.942% in October 2015 at 6.2%, due October 15, 2035, interest payable semi-annually on April 15 and October 15 of each year | 750 |  |  | 750 |
$1,500 issued at discount to par at a price of 99.932% in October 2015 at 6.35%, due October 15, 2045, interest payable semi-annually on April 15 and October 15 of each year | 1,499 |  |  | 1,499 |
$350 issued at par in October 2015 at three-month USD LIBOR plus 1.74%, due October 5, 2017, interest payable quarterly on January 5, April 5, July 5 and October 5 of each year | 350 |  |  | 350 |
$250 issued at par in October 2015 at three-month USD LIBOR plus 1.93%, due October 5, 2018, interest payable quarterly on January 5, April 5, July 5 and October 5 of each year | 250 |  |  | 250 |
Other, including capital lease obligations, at 0.00%-6.05%, due in calendar years 2017-2021(2) | 202 |  |  | 300 |
Fair value adjustment related to hedged debt | (122 | ) |  | 103 |
Unamortized debt issuance costs(3) | (47 | ) |  | (50 | )
Less: current portion | (1,217 | ) |  | (2,772 | )
Total long-term debt | $ | 11,904 |  |  | $ | 12,168 |
(1) | The Company may redeem some or all of the fixed-rate Hewlett Packard Enterprise Senior Notes at any time in accordance with the terms thereof.
(2) | Other, including capital lease obligations includes $136 million and $181 million as of April 30, 2017 and October 31, 2016, respectively, of borrowing- and funding-related activity associated with FS and its subsidiaries that are collateralized by receivables and underlying assets associated with the related capital and operating leases. For both the periods presented, the carrying amount of the assets approximated the carrying amount of the borrowings.
(3) | In April 2015, the FASB issued ASU 2015-03, which simplifies the presentation of debt issuance costs by requiring debt issuance costs to be presented as a deduction from the corresponding debt liability rather than an asset that is amortized. During the first quarter of fiscal 2017, the Company adopted the standard retrospectively for the prior period presented.
As disclosed in Note 13, "Financial Instruments", the Company uses interest rate swaps to mitigate the exposure of its debt portfolio to changes in fair value resulting from changes in interest rates by achieving a primarily U.S. dollar LIBOR-based floating interest expense. As of April 30, 2017, the Company had entered into interest rate swaps to reduce the exposure of $9.5 billion of aggregate principal amount of fixed rate senior notes to changes in fair value resulting from changes in interest rates by achieving LIBOR-based floating interest expense. Interest rates on long-term debt in the table above have not been adjusted to reflect the impact of any interest rate swaps. Interest expense on borrowings recognized in the Condensed Consolidated Statements of Earnings was as follows:
|  |  |  | Three months ended April 30, |  | Six months ended April 30,
Expense |  | Location |  | 2017 |  | 2016 |  | 2017 |  | 2016
|  |  |  | In millions
Financing interest |  | Financing interest |  | $ | 65 |  |  | $ | 61 |  |  | $ | 131 |  |  | $ | 119 |
Interest expense |  | Interest and other, net |  | 77 |  |  | 79 |  |  | 169 |  |  | 152 |
Total interest expense |  |  |  | $ | 142 |  |  | $ | 140 |  |  | $ | 300 |  |  | $ | 271 |
Available Borrowing Resources The Company had the following resources available to obtain short- or long-term additional liquidity if needed:
| As of April 30, 2017
| In millions
Commercial paper programs | $ | 4,157 |
Uncommitted lines of credit | $ | 1,802 |
Commercial Paper Hewlett Packard Enterprise's Board of Directors has authorized the issuance of up to $4.0 billion in aggregate principal amount of commercial paper by Hewlett Packard Enterprise. Hewlett Packard Enterprise's subsidiaries are authorized to issue up to an additional $500 million in aggregate principal amount of commercial paper. Hewlett Packard Enterprise maintains two commercial paper programs, and a wholly-owned subsidiary maintains a third program. Hewlett Packard Enterprise's U.S. program provides for the issuance of U.S. dollar-denominated commercial paper up to a maximum aggregate principal amount of $4.0 billion. Hewlett Packard Enterprise's euro commercial paper program provides for the issuance of commercial paper outside of the U.S. denominated in U.S. dollars, euros or British pounds up to a maximum aggregate principal amount of $3.0 billion or the equivalent in those alternative currencies. The combined aggregate principal amount of commercial paper outstanding under those programs at any one time cannot exceed the $4.0 billion authorized by Hewlett Packard Enterprise's Board of Directors. The Hewlett Packard Enterprise subsidiary's euro Commercial Paper/Certificate of Deposit Program provides for the issuance of commercial paper in various currencies of up to a maximum aggregate principal amount of $500 million. Revolving Credit Facility On November 1, 2015, the Company entered into a revolving credit facility (the "Credit Agreement"), together with the lenders named therein, JPMorgan Chase Bank, N.A. ("JPMorgan"), as co-administrative agent and administrative processing agent, and Citibank, N.A., as co-administrative agent, providing for a senior, unsecured revolving credit facility with aggregate lending commitments of $4.0 billion. Loans under the revolving credit facility may be used for general corporate purposes. Commitments under the Credit Agreement are available for a period of five years, which period may be extended, subject to satisfaction of certain conditions, by up to two one-year periods. Commitment fees, interest rates and other terms of borrowing under the credit facility vary based on Hewlett Packard Enterprise's external credit rating. Everett Financing In connection with the Everett Transaction, Everett borrowed an aggregate principal amount of approximately $3.5 billion which consisted of a term loan facility in the principal amount of $2.0 billion and Senior Notes in the principal amount of $1.5 billion. The proceeds from these arrangements were used to fund a $3.0 billion cash dividend payment from Everett to Hewlett Packard Enterprise and the remaining approximately $0.5 billion was retained by Everett. The obligations under these borrowing arrangements were retained by Everett. On April 28, 2017, the Company used a portion of the $3.0 billion cash dividend received from Everett to redeem $1.5 billion face value of the $2.25 billion Senior Notes with an original maturity date of October 5, 2017. A proportional amount of unamortized discount and debt issuance costs have been allocated to the retired debt. These costs, along with the redemption price of $1.508 billion resulted in an immaterial loss.

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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://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21475-112644 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02.19,20,22) -URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682 + Details
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