Borrowings

12 Months Ended

Oct. 31, 2022

Debt Disclosure [Abstract]

Borrowings

Borrowings

Notes Payable and Short-Term Borrowings

	As of October 31
	2022				2021
	Amount Outstanding		Weighted-Average Interest Rate		Amount Outstanding		Weighted-Average Interest Rate
	In millions
Commercial paper	$	—	—	%	$	400	0.2	%
Current portion of long-term debt	165		5.4	%	672		3.8	%
Notes payable to banks, lines of credit and other	53		0.6	%	34		1.2	%
	$	218			$	1,106

Long-Term Debt

	As of October 31
	2022		2021
	In millions
U.S. Dollar Global Notes(1)
$500 issued at discount to par at a price of 99.771% at 4.05%, due September 2022	$	—	$	499
$1,200 issued at discount to par at a price of 99.863% at 6.0%, 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		1,148
$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		—
$1,000 issued at discount to par at a price of 99.966% at 4.20%, due April 2032	1,000		—
$900 issued at discount to par at a price of 99.841% at 4.75%, due January 2028	899		—
$1,100 issued at discount to par at a price of 99.725% at 5.50%, due January 2033	1,097		—
$500 issued at par at a price of 100% at 4.75%, due March 2029(3)	500		—
	10,683		6,686
Other borrowings at 0.51%-9.00%, due in fiscal years 2023-2029	436		439
Fair value adjustment related to hedged debt	(78)		(16)
Unamortized debt issuance cost	(80)		(51)
Current portion of long-term debt	(165)		(672)
Total long-term debt	$	10,796	$	6,386

(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 intends to allocate 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)Includes approximately $9 million of senior notes issued by Poly, not exchanged under Poly Exchange Offer.

In June 2022, HP completed its offering of $2.0 billion aggregate principal amount of senior unsecured notes, consisting of $0.9 billion of 4.75% notes due January 2028 and $1.1 billion of 5.50% notes due January 2033. HP incurred issuance costs of $17 million. HP will pay interest semi-annually on each series of the notes on January 15 and July 15, beginning January 15, 2023. In June 2022, HP terminated a series of forward starting swap agreements with notional amounts totaling $1.75 billion that were executed to mitigate the treasury rate volatility associated with this debt issuance. HP used the net proceeds from the offering, together with other available funds, to fund the purchase price of the acquisition of Poly, repay Poly’s existing term loan, and pay any related fees and expenses.

In March 2022, HP completed its offering of $2.0 billion aggregate principal amount of senior unsecured notes, consisting of $1.0 billion of 4.00% notes due April 2029 and $1.0 billion of 4.20% notes due April 2032. HP incurred issuance costs of $17 million. HP will pay interest semi-annually on each series of the notes on April 15 and October 15, beginning October 15, 2022. HP terminated a series of forward starting swap agreements with notional amounts totaling $1.5 billion that were executed to mitigate the treasury rate volatility associated with this debt issuance. HP used the net proceeds from the offering of the notes for general corporate purposes, which may include, without limitation, repayment and refinancing of debt, funding of acquisition opportunities, working capital, capital expenditures, and share repurchases.

As disclosed in Note 10, “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.

As of October 31, 2022, aggregate future maturities of debt at face value (excluding unamortized debt issuance cost of $80 million, discounts on debt issuance of $17 million, and fair value adjustment related to hedged debt of $78 million), including other borrowings were as follows: 

Fiscal year	In millions
2023	$	218
2024	123
2025	1,239
2026	1,048
2027	1,009
Thereafter	7,553
Total	$	11,190

Poly Exchange Offer

On September 1, 2022, we consummated our offer (the “Exchange Offer”) to exchange approximately $0.5 billion of outstanding notes issued by Poly (the “Poly Notes”) for new notes issued by us with the same interest rate, interest payment dates, maturity date and redemption terms as the exchanged Poly Notes. The portion not exchanged, approximately $9 million, remains outstanding. Because the debt instruments are not substantially different, the exchange was treated as a debt modification for accounting purposes resulting in a portion of the unamortized fair value adjustment of HP senior notes.

On November 17, 2022, HP consummated its post-acquisition change of control repurchase offer for the new notes issued by HP, and an aggregate amount of $498 million in repurchase price was paid in connection therewith.

Commercial Paper

As of October 31, 2022, 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 at any one time cannot exceed the $6.0 billion authorized by HP’s Board of Directors.

Credit Facility

As of October 31, 2022, 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.

On August 23, 2022, HP entered into an amendment to the credit agreement governing the revolving credit facility, pursuant to which the credit agreement has been amended to provide for interest rates at Term SOFR instead of LIBOR.

As of October 31, 2022, HP was in compliance with the covenants in the credit agreement governing the revolving credit facility.

Available Borrowing Resources

As of October 31, 2022, HP had available borrowing resources of $937 million from uncommitted lines of credit in addition to the revolving credit facility.