DEBT

9 Months Ended

Jul. 31, 2025

Debt Disclosure [Abstract]

DEBT

10.    DEBT

The following table summarizes the components of our debt:

	July 31, 2025		October 31, 2024
	(in millions)
2027 Senior Notes at 4.60% ($700 face amount less unamortized costs of $1 and $2)	$	699	$	698
2029 Senior Notes at 3.00% ($500 face amount less unamortized costs of $2 and $2)	498		498
2030 Senior Notes at 5.35% ($750 face amount less unamortized costs of $8)	742		—
2034 Senior Notes at 4.95% ($600 face amount less unamortized costs of $6 and $6)	594		594
Total debt	$	2,533	$	1,790

        

Senior Notes

2030 Senior Notes

In April 2025, the company issued an aggregate principal amount of $750 million in unsecured senior notes (“2030 Senior Notes”). The 2030 Senior Notes were issued at 99.760 percent of their principal amount. The notes will mature on July 30, 2030 and bear interest at a fixed rate of 5.35 percent per annum. The interest is payable semi-annually on January 30 and July 30, commencing on January 30, 2026. We incurred issuance costs of $7 million in connection with the 2030 Senior Notes that, along with the debt discount, are being amortized to interest expense over the term of the senior notes.

There have been no changes to the principal, maturity, interest rates and interest payment terms of our other senior notes during the nine months ended July 31, 2025 as compared to the senior notes described in our Annual Report on Form 10-K for the fiscal year ended October 31, 2024.

The fair value of our debt, calculated from quoted prices that are Level 1 inputs under the accounting guidance fair value hierarchy, is approximately $2,532 million and $1,739 million as of July 31, 2025 and October 31, 2024, respectively.

Revolving Credit Facility

On July 30, 2021, we entered into an amended and restated credit agreement (the “Revolving Credit Facility”), which provides a $750 million five-year unsecured revolving credit facility that expires on July 30, 2026. Borrowings under the facility bear an annual interest rate of SOFR + 1.1 percent including a facility fee of 0.1 percent per annum. In addition, the Revolving Credit Facility permits the company, subject to certain customary conditions, on one or more occasions to request to increase the total commitments under the Revolving Credit Facility by up to $250 million in the aggregate. We may use amounts borrowed under the Revolving Credit Facility for general corporate purposes. As of July 31, 2025 and October 31, 2024, we had no borrowings outstanding under the Revolving Credit Facility. We were in compliance with the covenants of the Revolving Credit Facility during the nine months ended July 31, 2025.

Bridge Facility

On March 28, 2024, we entered into a bridge credit agreement (the “Bridge Facility”) pursuant to which certain lenders agreed to provide a senior unsecured bridge credit facility of up to 1,350 million pounds sterling for the purpose of providing the financing to support a planned acquisition. On July 25, 2024, the Bridge Facility decreased to 1,232 million pounds sterling. On May 8, 2025, the Bridge Facility was further decreased to 752 million pounds sterling. In connection with this decrease, the net proceeds from the 2030 Senior Notes have been restricted to support a planned acquisition and are held in a designated money market fund. We incurred costs in connection with the Bridge Facility of $7 million that have been fully amortized to interest expense. As of July 31, 2025 and October 31, 2024, we had no borrowings outstanding under the Bridge Facility.

Letters of Credit

As of July 31, 2025 and October 31, 2024, we had $55 million and $43 million, respectively, of outstanding standby letters of credit, customs bonds and surety bonds.