Note 11: Borrowings

Notes Payable and Short-Term Borrowings

	As of April 30, 2016					As of October 31, 2015
	Amount Outstanding		Weighted-Average Interest Rate			Amount Outstanding		Weighted-Average Interest Rate
	In millions					In millions
Current portion of long-term debt(1)	$	29		4.9	%	$	2,160		3.3	%
Notes payable to banks, lines of credit and other		35		2.3	%		34		4.7	%

	$	64				$	2,194


(1)	During the month of November 2015, HP redeemed and repaid $2.1 billion of fixed-rate U.S. Dollar Global Notes.

Long-Term Debt

	As of
	April 30, 2016			October 31, 2015
	In millions
U.S. Dollar Global Notes(1)
2006 Shelf Registration Statement:
$500 issued at discount to par at a price of 99.694% in February 2007 at 5.4%, paid November 2015	$	—		$	162
$750 issued at discount to par at a price of 99.932% in March 2008 at 5.5%, paid November 2015		—			283
2009 Shelf Registration Statement:
$1,350 issued at discount to par at a price of 99.827% in December 2010 at 3.75%, due December 2020		648			648
$1,250 issued at discount to par at a price of 99.799% in May 2011 at 4.3%, due June 2021		1,248			1,248
$1,000 issued at discount to par at a price of 99.816% in September 2011 at 4.375%, due September 2021		999			999
$1,200 issued at discount to par at a price of 99.863% in September 2011 at 6.0%, due September 2041		1,199			1,199
$1,500 issued at discount to par at a price of 99.707% in December 2011 at 4.65%, due December 2021		1,498			1,497
$500 issued at discount to par at a price of 99.771% in March 2012 at 4.05%, due September 2022		499			499
$650 issued at discount to par at a price of 99.911% in December 2010 at 2.2%, paid November 2015		—			309
$1,000 issued at discount to par at a price of 99.958% in May 2011 at 2.65%, paid November 2015		—			346
$1,300 issued at discount to par at a price of 99.784% in September 2011 at 3.0%, paid November 2015		—			390
$850 issued at discount to par at a price of 99.790% in December 2011 at 3.3%, paid November 2015		—			220
$1,500 issued at discount to par at a price of 99.985% in March 2012 at 2.6%, paid November 2015		—			436
2012 Shelf Registration Statement:
$750 issued at par in January 2014 at three-month USD LIBOR plus 0.94%, due January 2019		102			102
$1,250 issued at discount to par at a price of 99.954% in January 2014 at 2.75%, due January 2019		300			300

		6,493			8,638
Other, including capital lease obligations, at 0.51%-8.30%, due in calendar years 2016-2024		162			96
Fair value adjustment related to hedged debt		82			103
Less: current portion of long-term debt		(29	)		(2,160	)

Total long-term debt	$	6,708		$	6,677


(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.

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 interest rates by achieving a primarily U.S. dollar LIBOR-based floating interest expense. Interest rates shown in the table of long-term debt have not been adjusted to reflect the impact of any interest rate swaps.

Interest expense on borrowings recognized as "Interest and other, net" in the Consolidated Condensed Statements of Earnings during the three months ended April 30, 2016 and 2015 was $58 million and $34 million, respectively, and during the six months ended April 30, 2016 and 2015 was $132 million and $56 million, respectively.

Commercial Paper

On November 1, 2015, HP's Board of Directors authorized HP to borrow up to a total outstanding principal balance of $4.0 billion, or the equivalent in foreign currencies, for the use and benefit of HP and HP's subsidiaries, by the issuance of commercial paper or through the execution of promissory notes, loan agreements, letters of credit, agreements for lines of credit or overdraft facilities.

Credit Facility

As of April 30, 2016, HP maintains a $4.0 billion, senior unsecured committed revolving credit facility to support the issuance of commercial paper or for general corporate purposes. Commitments under the revolving credit facility will be available until April 2, 2019. Commitment fees, interest rates and other terms of borrowing under the credit facility vary based on HP's external credit ratings. As of April 30, 2016, HP was in compliance with the financial covenants in the credit agreement governing the revolving credit facility.

Available Borrowing Resources

As of April 30, 2016, HP's and HP's subsidiaries' resources had available borrowing resources of $843 million from uncommitted lines of credit in addition to the senior unsecured committed revolving credit facility discussed above.