Borrowings

3 Months Ended

Jan. 31, 2023

Debt Disclosure [Abstract]

Borrowings

Borrowings

Notes Payable and Short-Term Borrowings

	As of January 31, 2023				As of October 31, 2022
	Amount Outstanding		Weighted-Average Interest Rate		Amount Outstanding		Weighted-Average Interest Rate
	In millions
Current portion of long-term debt	$	171	5.5	%	$	165	5.4	%
Notes payable to banks, lines of credit and other	251		4.2	%	53		0.6	%
	$	422			$	218

Long-Term Debt

	As of
	January 31, 2023		October 31, 2022
	In millions
U.S. Dollar Global Notes(1)
$1,200 issued at discount to par at a price of 99.863% at 6.00%, due September 2041	$	1,199	$	1,199
$1,150 issued at discount to par at a price of 99.769% at 2.2%, due June 2025	1,149		1,149
$1,000 issued at discount to par at a price of 99.718% at 3.0%, due June 2027	997		997
$850 issued at discount to par at a price of 99.790% at 3.4%, due June 2030	848		848
$1,000 issued at discount to par at a price of 99.808% at 1.45%, due June 2026	999		999
$1,000 issued at discount to par at a price of 99.573% at 2.65%, due June 2031(2)	996		996
$1,000 issued at discount to par at a price of 99.767% at 4.00%, due April 2029	999		999
$1,000 issued at discount to par at a price of 99.966% at 4.20%, due April 2032	1,000		1,000
$900 issued at discount to par at a price of 99.841% at 4.75%, due January 2028	899		899
$1,100 issued at discount to par at a price of 99.725% at 5.50%, due January 2033	1,097		1,097
$500 issued at par at a price of 100% at 4.75%, due March 2029(3)	5		500
	10,188		10,683
Other borrowings at 0.51%- 8.30%, due in calendar years 2023-2029	457		436
Fair value adjustment related to hedged debt	(64)		(78)
Unamortized debt issuance cost	(73)		(80)
Current portion of long-term debt	(171)		(165)
Total long-term debt	$	10,337	$	10,796

(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.

(2)HP allocated an amount equal to the net proceeds to finance or refinance, in whole or in part, environmentally and socially responsible eligible projects in the following eight areas: renewable energy; green buildings; energy efficiency; clean transportation; pollution prevention and control; eco-efficient and/or circular economy products, production technologies and processes; environmentally sustainable management of living natural resources and land use; and socioeconomic advancement and empowerment.

(3)During the quarter ended January 31, 2023, HP repurchased or redeemed and settled $495 million of the March 2029 Notes related to the August 2022 Poly acquisition.

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 January 31, 2023, 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 and certain short term borrowings at any one time cannot exceed a $6.0 billion authorization by HP’s Board of Directors.

Credit Facility

As of January 31, 2023, HP maintained a $5.0 billion sustainability-linked senior unsecured committed revolving credit facility, which HP entered into on May 26, 2021. Commitments under the revolving credit facility will be available until May 26, 2026. Commitment fees, interest rates and other terms of borrowing under the revolving credit facility vary based on HP’s external credit ratings and certain sustainability metrics. Funds borrowed under the revolving credit facility may be used for general corporate purposes.

As of January 31, 2023, HP was in compliance with the covenants in the credit agreement governing the revolving credit facility.

Available Borrowing Resources

As of January 31, 2023, HP had available borrowing resources of $975 million from uncommitted lines of credit in addition to the revolving credit facility.