SHORT-TERM BORROWINGS

12 Months Ended

Nov. 02, 2025

SHORT-TERM BORROWINGS

SHORT-TERM BORROWINGS

17. SHORT-TERM BORROWINGS

Short-term borrowings at the end of 2025 and 2024 consisted of:

	2025		2024
Commercial paper	$	4,218	$	4,008
Notes payable to banks		651		377
Finance lease obligations due within one year		39		33
Long-term borrowings due within one year		8,888		9,115
Short-term borrowings	$	13,796	$	13,533

The weighted-average interest rates at the end of 2025 and 2024 were:

	2025	2024
Short-term borrowings:
Commercial paper	4.1%	4.8%
Notes payable to banks	6.9%	11.0%

The decrease in the weighted-average interest rates of notes payable to banks is primarily the result of lower borrowing rates on funding in Argentina.

Worldwide lines of credit totaled $12.2 billion at November 2, 2025, consisting primarily of:

● a 364-day credit facility agreement of $5.0 billion, expiring in the second quarter of 2026

● a credit facility agreement of $3.25 billion, expiring in the second quarter of 2028

● a credit facility agreement of $3.25 billion, expiring in the second quarter of 2030

At November 2, 2025, $7.3 billion of these worldwide lines of credit were unused. For the purpose of computing the unused credit lines, commercial paper and short-term bank borrowings were considered to constitute utilization. These credit agreements require Capital Corporation and other parts of our business to maintain certain performance metrics and liquidity targets. All requirements in the credit agreements have been met during the periods included in the consolidated financial statements.