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Borrowings
 3 Months Ended
Feb. 02, 2025
Debt Disclosure [Abstract]  
Borrowings Borrowings
Effective Interest RateFebruary 2,
2025		November 3,
2024
(In millions)
January 2025 Senior Notes - fixed rate
4.800% notes due April 2028
5.03 %$1,100 $— 
5.050% notes due April 2030
5.20 %800 — 
5.200% notes due April 2032
5.34 %1,100 — 
3,000 — 
October 2024 Senior Notes - fixed rate
4.150% notes due February 2028
4.36 %875 875 
4.350% notes due February 2030
4.51 %1,500 1,500 
4.550% notes due February 2032
4.70 %875 875 
4.800% notes due October 2034
4.38 %
(a)
1,750 1,750 
5,000 5,000 
July 2024 Senior Notes - fixed rate
5.050% notes due July 2027
5.27 %1,250 1,250 
5.050% notes due July 2029
5.23 %2,250 2,250 
5.150% notes due November 2031
5.30 %1,500 1,500 
5,000 5,000 
2023 Term Loans - floating rate
SOFR plus 1.125% term loan due November 2026
6.23 %— 5,595 
SOFR plus 1.125% term loan due November 2028
5.70 %6,000 8,000 
6,000 13,595 
April 2022 Senior Notes - fixed rate
4.000% notes due April 2029
4.17 %750 750 
4.150% notes due April 2032
4.30 %1,200 1,200 
4.926% notes due May 2037
5.33 %2,500 2,500 
4,450 4,450 
September 2021 Senior Notes - fixed rate
3.137% notes due November 2035
4.23 %3,250 3,250 
3.187% notes due November 2036
4.79 %2,750 2,750 
6,000 6,000 
March 2021 Senior Notes - fixed rate
3.419% notes due April 2033
4.66 %2,250 2,250 
3.469% notes due April 2034
4.63 %3,250 3,250 
5,500 5,500 
January 2021 Senior Notes - fixed rate
1.950% notes due February 2028
2.10 %750 750 
2.450% notes due February 2031
2.56 %2,750 2,750 
2.600% notes due February 2033
2.70 %1,750 1,750 
3.500% notes due February 2041
3.60 %3,000 3,000 
3.750% notes due February 2051
3.84 %1,750 1,750 
10,000 10,000 
Effective Interest RateFebruary 2,
2025		November 3,
2024
(In millions)
June 2020 Senior Notes - fixed rate
3.459% notes due September 2026
4.19 %752 752 
4.110% notes due September 2028
5.02 %1,118 1,118 
1,870 1,870 
May 2020 Senior Notes - fixed rate
3.150% notes due November 2025
3.29 %900 900 
4.150% notes due November 2030
4.27 %1,856 1,856 
4.300% notes due November 2032
4.39 %2,000 2,000 
4,756 4,756 
April 2020 Senior Notes - fixed rate
5.000% notes due April 2030
5.18 %606 606 
April 2019 Senior Notes - fixed rate
4.750% notes due April 2029
4.95 %1,655 1,655 
2017 Senior Notes - fixed rate
3.125% notes due January 2025
3.23 %— 495 
3.875% notes due January 2027
4.02 %2,922 2,922 
3.500% notes due January 2028
3.60 %777 777 
3,699 4,194 
Assumed VMware Senior Notes - fixed rate
4.500% notes due May 2025
5.81 %750 750 
1.400% notes due August 2026
5.60 %1,500 1,500 
4.650% notes due May 2027
5.60 %500 500 
3.900% notes due August 2027
5.50 %1,250 1,250 
1.800% notes due August 2028
5.44 %750 750 
4.700% notes due May 2030
5.75 %750 750 
2.200% notes due August 2031
5.74 %1,500 1,500 
7,000 7,000 
Assumed CA Senior Notes - fixed rate
4.700% notes due March 2027
5.15 %215 215 
Other senior notes - fixed rate
4.500% notes due August 2034
4.55 %6 6 
Total senior notes and term loans outstanding
64,757 69,847 
Commercial paper4.62 %
(b)
4,000 — 
Total debt principal outstanding
$68,757 $69,847 
February 2,
2025		November 3,
2024
(In millions)
Short-Term Debt:
Current portion of senior notes and term loans outstanding
$1,650 $1,245 
Commercial paper, net
3,992 — 
Short-term finance lease liabilities11 26 
Total short-term debt
$5,653 $1,271 
Long-Term Debt:
Non-current portion of senior notes and term loans outstanding
$63,107 $68,602 
Long-term finance lease liabilities11 13 
Unamortized discount and issuance costs(2,192)(2,320)
Total long-term debt$60,926 $66,295 
______________________________
(a) In addition to contractual interest, discount and issuance costs, the effective interest rate also includes reclassification of the cumulative gain from derivatives.
(b) Represents the weighted average interest rate on commercial paper outstanding as of February 2, 2025.
Senior Notes
In January 2025, we issued senior unsecured notes for an aggregate principal amount of $3,000 million. Using the net proceeds from the senior notes and commercial paper issued in January 2025, as well as cash on hand, we repaid the remaining $5,595 million of our unsecured term A-3 facility and $2,000 million of our unsecured term A-5 facility. As a result of these repayments, we wrote off unamortized discount and issuance costs of $65 million, which were included in interest expense in the condensed consolidated statement of operations.
We may redeem or purchase, in whole or in part, any of our senior notes prior to their respective maturities, subject to a specified make-whole premium determined in accordance with the indentures governing the respective notes, plus accrued and unpaid interest. In the event of a change in control, note holders will have the right to require us to repurchase their notes at a price equal to 101% of the principal amount of such notes, plus accrued and unpaid interest. Each series of the senior notes pays interest semi-annually.
2025 Credit Agreement
In January 2025, we entered into a credit agreement (the “2025 Credit Agreement”), which provides for a five-year $7.5 billion unsecured revolving credit facility, of which $500 million is available for the issuance of multi-currency letters of credit. The issuance of letters of credit under the revolving credit facility would reduce the aggregate amount otherwise available under such facility for revolving loans. Subject to the terms of the 2025 Credit Agreement, we are permitted to borrow, repay and reborrow revolving loans at any time prior to the earlier of (a) January 13, 2030 or (b) the date that the commitments are terminated either at our request or, if an event of default occurs, by the lenders. In connection with the 2025 Credit Agreement, we terminated the credit agreement entered into in January 2021, which provided for a five-year $7.5 billion unsecured revolving credit facility. We had no borrowings outstanding under our revolving credit facility at either February 2, 2025 or November 3, 2024.
Commercial Paper
In January 2025, we increased the maximum amount of our commercial paper program, pursuant to which we may issue unsecured commercial paper notes in an aggregate principal amount of up to $4.0 billion outstanding at any time with maturities of up to 397 days from the date of issue. Commercial paper is sold under customary terms in the commercial paper market and may be issued at a discount from par or, alternatively, may be sold at par and bear interest at rates dictated by market conditions at the time of their issuance. The discount associated with the commercial paper is amortized to interest expense over its term. As of February 2, 2025, we had $4.0 billion of commercial paper outstanding with maturities generally less than sixty days.
Fair Value of Debt
As of February 2, 2025, the estimated aggregate fair value of our senior notes was $53,926 million, which was determined using quoted prices from less active markets. The carrying value of the unsecured term loans approximates their fair value as the unsecured term loans are carried at a market observable interest rate tied to the Secured Overnight Financing Rate (“SOFR”) that resets periodically. The carrying value of commercial paper approximates its fair value due to the short-term nature of the instruments. All of our debt obligations are categorized as Level 2 instruments.
Future Principal Payments of Debt
The future scheduled principal payments of senior notes and term loans as of February 2, 2025 were as follows:
Fiscal Year:Future Scheduled Principal Payments
(In millions)
2025 (remainder)
$750 
2026
3,152 
2027
6,137 
2028
5,370 
2029
10,655 
Thereafter38,693 
Total$64,757 
As of February 2, 2025 and November 3, 2024, we were in compliance with all debt covenants.