Borrowings

12 Months Ended

Oct. 31, 2023

Debt Disclosure [Abstract]

Borrowings

Borrowings

Notes Payable and Short-Term Borrowings

	As of October 31
	2023				2022
	Amount Outstanding		Weighted-Average Interest Rate		Amount Outstanding		Weighted-Average Interest Rate
	In millions
Current portion of long-term debt	179		6.0	%	165		5.4	%
Notes payable to banks, lines of credit and other	51		1.0	%	53		0.6	%
	$	230			$	218

Long-Term Debt

	As of October 31
	2023		2022
	In millions
U.S. Dollar Global Notes(1)
$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		1,149
$1,000 issued at discount to par at a price of 99.718% at 3.0%, due June 2027	999		997
$850 issued at discount to par at a price of 99.790% at 3.4%, due June 2030(4)	503		848
$1,000 issued at discount to par at a price of 99.808% at 1.45%, due June 2026(4)	521		999
$1,000 issued at discount to par at a price of 99.573% at 2.65%, due June 2031(2)	997		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(4)	676		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)	3		500
	9,042		10,683
Other borrowings at 1.58%-8.30%, due in fiscal years 2024-2031	506		436
Fair value adjustment related to hedged debt	(58)		(78)
Unamortized debt issuance cost	(57)		(80)
Current portion of long-term debt	(179)		(165)
Total long-term debt	$	9,254	$	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 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)During the twelve months ended October 31, 2023, HP repurchased or redeemed and settled $497 million of the March 2029 Notes related to the August 2022 Poly acquisition.

(4)During the twelve months ended October 31, 2023, HP repurchased and settled $1.15 billion in aggregate principal amount of various Global Notes.

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, 2023, aggregate future maturities of debt at face value (excluding unamortized debt issuance cost of $57 million, discounts on debt issuance of $13 million, and fair value adjustment related to hedged debt of $58 million), including other borrowings were as follows: 

Fiscal year	In millions
2024	$	230
2025	1,306
2026	631
2027	1,049
2028	913
Thereafter	5,483
Total	$	9,612

Extinguishment of Debt

In July 2023, HP commenced and completed a tender offer to purchase approximately $1.15 billion in aggregate principal amount of its outstanding US Dollar 1.45% Global Notes due June 17, 2026, 3.40% Global Notes due June 17, 2030 and 4.20% Global Notes due April 15, 2032. This extinguishment of debt resulted in a net gain of $115 million, which was recorded within Interest and other, net on the Consolidated Statements of Earnings. Additionally during fiscal year 2023, HP repurchased or redeemed and settled $497 million of the March 2029 Notes related to the August 2022 Poly acquisition. This extinguishment of debt resulted in a net loss of $8 million, which was also recorded within Interest and other, net on the Consolidated Statement of Earnings.

Commercial Paper

As of October 31, 2023, HP maintained a U.S. commercial paper program for the issuance of U.S. dollar-denominated commercial paper up to a maximum aggregate principal amount of $6.0 billion. The principal amount outstanding under this program and certain short-term borrowings at any time cannot exceed a $6.0 billion authorization by HP’s Board of Directors. As of October 31, 2023 and October 31, 2022, no commercial paper were outstanding under the program.

Credit Facilities

As of October 31, 2023, HP maintained a $5.0 billion sustainability-linked senior unsecured committed revolving credit facility, which HP entered into on May 26, 2021, and a $1.0 billion senior unsecured committed 364-day revolving credit facility, which HP entered into in March 2023. Commitments under the $5.0 billion revolving credit facility will be available until May 26, 2026 and commitments under the $1.0 billion 364-day revolving credit facility will be available until March 19, 2024. Commitment fees, interest rates and other terms of borrowing under the revolving credit facilities vary based on HP’s external credit ratings and, for the $5.0 billion facility, certain sustainability metrics. Funds borrowed under the revolving credit facilities may be used for general corporate purposes.

As of October 31, 2023, HP was in compliance with the covenants in the credit agreements governing the revolving credit facilities.

Available Borrowing Resources

As of October 31, 2023, HP had available borrowing resources of $1.2 billion from uncommitted lines of credit in addition to the full capacity of the revolving credit facilities.