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Borrowings | 9 Months Ended
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Jul. 31, 2020
Debt Disclosure [Abstract] |
Borrowings | Borrowings Notes Payable and Short-Term Borrowings
| As of July 31, 2020 |  |  |  | As of October 31, 2019 |  |
| Amount Outstanding |  | Weighted-Average Interest Rate |  | Amount Outstanding |  | Weighted-Average Interest Rate
| In millions |  |  |  |  |  |
Current portion of long-term debt | $ | 232 |  |  | 3.3 | % |  | $ | 307 |  |  | 3.6 | %
Notes payable to banks, lines of credit and other | 44 |  |  | 0.8 | % |  | 50 |  |  | 2.0 | %
| $ | 276 |  |  |  |  | $ | 357 |  |  |
Long-Term Debt
| As of |  |
| July 31, 2020 |  | October 31, 2019
| In millions |  |
U.S. Dollar Global Notes(1) |  |  |
2009 Shelf Registration Statement: |  |  |
$1,350 issued at discount to par at a price of 99.827% in December 2010 at 3.75%, due December 2020 | $ | — |  |  | $ | 648 |
$1,250 issued at discount to par at a price of 99.799% in May 2011 at 4.3%, due June 2021 | — |  |  | 667 |
$1,000 issued at discount to par at a price of 99.816% in September 2011 at 4.375%, due September 2021 | 412 |  |  | 538 |
$1,500 issued at discount to par at a price of 99.707% in December 2011 at 4.65%, due December 2021 | 586 |  |  | 695 |
$500 issued at discount to par at a price of 99.771% in March 2012 at 4.05%, due September 2022 | 499 |  |  | 499 |
$1,200 issued at discount to par at a price of 99.863% in September 2011 at 6.00%, due September 2041 | 1,199 |  |  | 1,199 |
2019 Shelf Registration Statement: |  |  |
$1,150 issued at discount to par at a price of 99.769% in June 2020 at 2.2%, due June 2025 | 1,148 |  |  | — |
$1,000 issued at discount to par at a price of 99.718% in June 2020 at 3.0%, due June 2027 | 997 |  |  | — |
$850 issued at discount to par at a price of 99.790% in June 2020 at 3.4%, due June 2030 | 848 |  |  | — |
| 5,689 |  |  | 4,246 |
Other borrowings at 0.51%-9.00%, due in calendar years 2020-2027 | 555 |  |  | 853 |
Fair value adjustment related to hedged debt | 7 |  |  | 4 |
Unamortized debt issuance cost | (38) |  |  | (16) |
Current portion of long-term debt | (232) |  |  | (307) |
Total long-term debt | $ | 5,981 |  |  | $ | 4,780 |
(1)HP may redeem some or all of the fixed-rate U.S. Dollar Global Notes at any time in accordance with the terms thereof. The U.S. Dollar Global Notes are senior unsecured debt. In December 2019, HP filed a shelf registration statement (the “2019 Shelf Registration Statement”) with the SEC to enable the Company to offer for sale, from time to time, in one or more offerings, an unspecified amount of debt securities, common stock, preferred stock, depository shares and warrants. In June 2020, HP completed its public offering of $3.0 billion aggregate principal amount of senior unsecured notes, consisting of $1.15 billion of 2.2% notes due June 2025, $1.0 billion of 3.0% notes due June 2027, and $850 million of 3.4% notes due June 2030. HP incurred $26 million towards issuance costs. HP will pay interest semi-annually on the notes on June 17 and December 17, beginning December 17, 2020. HP had entered into treasury rate lock agreements with notional amounts totaling $750 million to hedge exposure to variability in future cash flows resulting from changes in interest rates related to the forecasted issuance of long-term debt. These agreements were settled upon issuance of the senior notes in June 2020. The net proceeds from this offering were used to fund approximately $0.7 billion and $0.9 billion for the cash tender offer (“Tender Offer”) and the redemption, respectively, of certain existing notes, as described below. Net proceeds from this offering in excess of the amounts used to repurchase the notes were used for general corporate purposes. As disclosed in Note 8, “Financial Instruments”, HP uses interest rate swaps to mitigate some of the exposure of its debt portfolio to changes in fair value resulting from changes in benchmark interest rates. Interest rates shown in the table of long-term debt have not been adjusted to reflect the impact of any interest rate swaps. Extinguishment of Debt In June 2020, HP commenced and completed the Tender Offer to purchase approximately $0.7 billion in aggregate principal amount of its outstanding US Dollar 3.750% Global Notes due December 1,2020, 4.300% Global Notes due June 1, 2021, 4.375% Global Notes due September 15, 2021 and 4.650% Global Notes due December 9, 2021. This extinguishment of debt resulted in a net loss of $23 million, which was recorded as Interest and other, net on the Consolidated Condensed Statements of Earnings. On July 22, 2020, HP redeemed the remaining aggregate principal amounts of $0.5 billion in outstanding U.S. Dollar 3.750% Global Notes due December 1, 2020 and $0.4 billion in outstanding U.S. Dollar 4.300% Global Notes due June 1, 2021. This extinguishment of debt resulted in a net loss of $17 million, which was recorded as Interest and other, net on the Consolidated Condensed Statements of Earnings. As part of the above transactions, HP terminated and settled interest rate swaps with a notional of $0.5 billion that were de-designated as fair value hedges. Commercial Paper As of July 31, 2020, HP maintained two commercial paper programs. HP’s U.S. program provides for the issuance of U.S. dollar-denominated commercial paper up to a maximum aggregate principal amount of $6.0 billion. HP’s euro commercial paper program provides for the issuance of commercial paper outside of the United States denominated in U.S. dollars, euros or British pounds up to a maximum aggregate principal amount of $6.0 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 $6.0 billion authorized by HP’s Board of Directors. Credit Facilities As of July 31, 2020, HP maintained a $4.0 billion senior unsecured committed revolving credit facility to support the issuance of commercial paper or for general corporate purposes. Commitments under the revolving credit facility will be available until March 30, 2023. Commitment fees, interest rates and other terms of borrowing under the credit facilities vary based on HP’s external credit ratings. On May 29, 2020, we entered into a 364-day revolving credit facility providing for a senior unsecured revolving credit facility with aggregate lending commitments of $1.0 billion. Commitments under the 364-day revolving credit facility will be available until May 28, 2021. Funds borrowed under this revolving credit facility may be used for general corporate purposes. As of July 31, 2020, HP was in compliance with the financial covenants in the credit agreements governing the revolving credit facilities. Available Borrowing Resources As of July 31, 2020, HP had available borrowing resources of $725 million from uncommitted lines of credit in addition to the senior unsecured committed revolving credit facilities.

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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://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -URI http://asc.fasb.org/topic&trid=2208564 + Details
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