XML 25 R15.htm IDEA: XBRL DOCUMENT v3.22.0.1
CREDIT AGREEMENT
3 Months Ended
Jan. 31, 2022
Debt Disclosure [Abstract]  
CREDIT AGREEMENT CREDIT AGREEMENTThe Company is a party to a revolving credit facility dated April 23, 2021, with a maximum available borrowing capacity of $1.0 billion. Under the credit facility, the Company may not exceed a maximum debt-to-total capitalization ratio of 50%. The Company has a one-time right, at any time during the term of the agreement, to increase the maximum debt-to-total capitalization ratio then in effect by five percentage points in connection with the construction of a new poultry complex for the four fiscal quarters beginning on the first day of the fiscal quarter during which the Company gives written notice of its intent to exercise this right. The Company has not exercised this right. The facility also sets a minimum net worth requirement that at January 31, 2022, was $1.3 billion. The credit is unsecured and, unless extended, will expire on April 23, 2026. As of January 31, 2022, the Company had no outstanding borrowings and had approximately $24.1 million outstanding in letters of credit, leaving $975.9 million of borrowing capacity available under the facility. As of February 23, 2022, the Company had no outstanding borrowings and had approximately $29.1 million outstanding in letters of credit, leaving $970.9 million of borrowing capacity available under the facility.