Borrowings

6 Months Ended

Apr. 30, 2021

Notes Payable and Short-Term Borrowings


	As of April 30, 2021				As of October 31, 2020
	Amount Outstanding		Weighted-Average Interest Rate		Amount Outstanding		Weighted-Average Interest Rate
	In millions

Current portion of long-term debt	$	1,191	4.3	%	$	633	4.0	%
Notes payable to banks, lines of credit and other	31		1.4	%	41		1.6	%
	$	1,222			$	674

Long-Term Debt


	As of
	April 30, 2021		October 31, 2020
	In millions
U.S. Dollar Global Notes(1)
2009 Shelf Registration Statement:


$1,000 issued at discount to par at a price of 99.816% in September 2011 at 4.375%, due September 2021	$	412	$	412
$1,500 issued at discount to par at a price of 99.707% in December 2011 at 4.65%, due December 2021	586		586
$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		1,148
$1,000 issued at discount to par at a price of 99.718% in June 2020 at 3.0%, due June 2027	997		997
$850 issued at discount to par at a price of 99.790% in June 2020 at 3.4%, due June 2030	848		848
	5,689		5,689
Other borrowings at 0.51%-9.00%, due in calendar years 2021-2028	462		522
Fair value adjustment related to hedged debt	(6)		2
Unamortized debt issuance cost	(37)		(37)
Current portion of long-term debt	(1,191)		(633)
Total long-term debt	$	4,917	$	5,543

(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.

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.

Commercial Paper

As of April 30, 2021, 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 April 30, 2021, HP maintained a $4.0 billion senior unsecured committed revolving credit facility and a $1.0 billion 364-day revolving credit facility to support the issuance of commercial paper or for general corporate purposes. Commitments under the $4.0 billion and $1.0 billion revolving credit facilities would have been available until March 30, 2023, and May 28, 2021, respectively.

As of April 30, 2021, HP was in compliance with the financial covenants in the credit agreements governing the existing $4.0 billion and $1.0 billion revolving credit facilities.

On May 26, 2021, HP entered into a new $5.0 billion 5-year sustainability-linked senior unsecured committed revolving credit facility (the ‘New Revolving Facility”). Commitment fees, interest rates and other terms of borrowing under the New Revolving Facility vary based on HP’s external credit ratings and certain sustainability metrics. Funds borrowed under the New Revolving Facility may be used for general corporate purposes. Commitments under the $4.0 billion and $1.0 billion revolving credit facilities were terminated concurrently with the execution of the New Revolving Facility.

Available Borrowing Resources

As of April 30, 2021, HP had available borrowing resources of $634 million from uncommitted lines of credit in addition to the senior unsecured committed revolving credit facilities.