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Long-Term Debt | 3 Months Ended
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Jan. 31, 2019
Debt Disclosure [Abstract] |
Long-Term Debt |
1 5. | Long-term debt
A summary of long-term debt is as follows:
|  | January 31, 2019 |  |  | October 31, 2018 |
Revolving credit agreement, due 2020 |  | $ | 122,700 |  |  | $ | 52,200 |
Senior notes, due 2019-2025 |  |  | 156,700 |  |  |  | 156,700 |
Senior notes, due 2019-2027 |  |  | 100,000 |  |  |  | 100,000 |
Senior notes, due 2023-2030 |  |  | 350,000 |  |  |  | 350,000 |
Term loan, due 2019-2022 |  |  | 605,000 |  |  |  | 605,000 |
Euro loan, due 2021 |  |  | 17,172 |  |  |  | 16,967 |
Private shelf facility, due 2020 |  |  | 36,111 |  |  |  | 36,111 |
Development loans, due 2019-2026 |  |  | 1,053 |  |  |  | 1,086 |
|  |  | 1,388,736 |  |  |  | 1,318,064 |
Less current maturities |  |  | 53,734 |  |  |  | 28,734 |
Less unamortized debt issuance costs |  |  | 3,610 |  |  |  | 3,973 |
Long-term maturities |  | $ | 1,331,392 |  |  | $ | 1,285,357 |
In October 2018, we entered into a €150,000 agreement with Bank of America Merrill Lynch International Limited. The interest rate is variable based on the EUR LIBOR rate. The weighted average interest rate at January 31, 2019 was 0.88 %. At January 31, 2019, the balance outstanding was €15,000 $(17,172). We were in compliance with all covenants at January 31, 2019. In June 2018, we entered into a Note Purchase Agreement with a group of insurance companies under which we sold $350,000 of Senior Notes to the insurance companies and their affiliates. The notes start to mature in June 2023 and mature through June 2030 and bear interest at fixed rates between 3.71% and 4.17%. We used the proceeds from the sale of the notes to repay approximately $315,000 of the outstanding balance under our existing syndicated revolving credit facility at that time, and the reminder for general corporate purposes. We were in compliance with all covenants at January 31, 2019. In March 2017, we entered into a $705,000 term loan facility with a group of banks. The Term Loan Agreement initially provided for the following term loans in three tranches: $200,000 due in October 2018, $200,000 due in March 2020, and $305,000 due in March 2022. In May 2018, we entered into a Second Amendment to our $705,000 term loan facility to extend the maturity due date of the first $200,000 tranche from October 2018 to October 2021. In October 2018, we paid down $100,000 of the portion due in March 2020. The weighted average interest rate for borrowings under this agreement was 3.42% at January 31, 2019. Borrowings under this agreement were used for the single purpose of acquiring Vention during the second quarter of 2017. We were in compliance with all covenants at January 31, 2019. In February 2015, we increased, amended and extended our existing syndicated revolving credit agreement that was scheduled to expire in December 2016. We entered into a $600,000 unsecured, multicurrency credit facility with a group of banks. This facility has a five-year term and includes a $50,000 subfacility for swing-line loans and was increased to $850,000 in June 2018. It expires in February 2020. Balances outstanding under the prior facility were transferred to the new facility. At January 31, 2019, $122,700 was outstanding under this facility, compared to $52,200 outstanding at October 31, 2018. We were in compliance with all covenants at January 31, 2019, and the amount we could borrow under the facility would not have been limited by any debt covenants. We entered into a $150,000 three-year Note Purchase and Private Shelf agreement with New York Life Investment Management LLC in 2011. In 2015, the amount of the facility was increased to $180,000, and in 2016 it was increased to $200,000. Notes issued under the agreement may have a maturity of up to 12 years, with an average life of up to 10 years, and are unsecured. The interest rate on each note can be fixed or floating and is based upon the market rate at the borrowing date. At January 31, 2019 and October 31, 2018, there was $36,111 outstanding under this facility. Existing notes mature between January 2020 and September 2020. The interest rate on each borrowing is fixed based on the market rate at the borrowing date or is variable based upon the LIBOR rate. At January 31, 2019, the amount outstanding under this facility bears interest at fixed rates between 2.21% and 2.56%. This agreement contains customary events of default and covenants related to limitations on indebtedness and the maintenance of certain financial ratios. We were in compliance with all covenants at January 31, 2019, and the amount we could borrow would not have been limited by any debt covenants. In 2012, we entered into a Note Purchase Agreement with a group of insurance companies under which we sold $200,000 of Senior Notes. At January 31, 2019 and October 31, 2018, $156,700 was outstanding under this agreement. Existing notes mature between July 2019 and July 2025 and bear interest at fixed rates between 2.62% and 3.13%. We were in compliance with all covenants at January 31, 2019. In July 2015, we entered into a Note Purchase Agreement under which $100,000 of Senior Unsecured Notes were purchased primarily by a group of insurance companies. The notes start to mature in July 2019 and mature through July 2027 and bear interest at fixed rates of 2.89% and 3.19%. We were in compliance with all covenants at January 31, 2019.

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- Definition The entire disclosure for long-term debt. + 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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