DEBT



(in millions)	October 31, 2018		January 31, 2018		October 31, 2017
Short-term borrowings:
Credit Facilities	$	—	$	33.5	$	58.8
Commercial Paper	—		—		43.0
Other credit facilities	68.9		87.1		91.4
	$	68.9	$	120.6	$	193.2



Long-term debt:
Unsecured Senior Notes:
2012 4.40% Series B Senior Notes, due July 2042 ^a	$	250.0	$	250.0	$	250.0
2014 3.80% Senior Notes, due October 2024 ^{b, c}	250.0		250.0		250.0
2014 4.90% Senior Notes, due October 2044 ^{b, c}	300.0		300.0		300.0
2016 0.78% Senior Notes, due August 2026 ^{b, d}	88.5		91.9		88.3
	888.5		891.9		888.3
Less unamortized discounts and debt issuance costs	8.5		9.0		9.1
	$	880.0	$	882.9	$	879.2


^a	The agreements governing these Senior Notes require repayments of $50.0 million in aggregate every five years beginning in July 2022.


^b	These agreements require lump sum repayments upon maturity.


^c	These Senior Notes were issued at a discount, which will be amortized until the debt maturity.


^d	These Senior Notes were issued at par, ¥10.0 billion.

Commercial Paper

In August 2017, the Registrant and one of its wholly owned subsidiaries established a commercial paper program (the "Commercial Paper Program") for the issuance of commercial paper in the form of short-term promissory notes in an aggregate principal amount not to exceed $750.0 million. Borrowings under the Commercial Paper Program will be used for general corporate purposes. The aggregate amount of borrowings that the Company is currently authorized to have outstanding under the Commercial Paper Program and the Registrant's five-year $750.0 million multi-bank, multi-currency, committed unsecured revolving credit facility is $750.0 million. The Registrant guarantees the obligations of its wholly owned subsidiary under the Commercial Paper Program. Maturities of commercial paper notes may vary, but cannot exceed 397 days from the date of issuance. Notes issued under the Commercial Paper Program will rank equally with the Registrant's present and future unsecured and unsubordinated indebtedness. As of October 31, 2018 and January 31, 2018, there were no borrowings outstanding under the Commercial Paper Program. As of October 31, 2017, there were $43.0 million of borrowings outstanding under the Commercial Paper Program with a weighted average interest rate of 1.28%.

Credit Facilities

On October 25, 2018, the Registrant, along with certain of its subsidiaries designated as borrowers thereunder, entered into a five-year multi-bank, multi-currency committed unsecured revolving credit facility, including a letter of credit subfacility, consisting of basic commitments in an amount up to $750.0 million (which commitments may be increased, subject to certain conditions and limitations, at the request of the Registrant) (the “New Credit Facility”). The New Credit Facility replaced the Registrant’s previously existing $375.0 million four-year unsecured revolving credit facility and $375.0 million five-year unsecured revolving credit facility, which were each terminated and repaid in connection with the Registrant’s entry into the New Credit Facility.

Borrowings under the New Credit Facility bear interest at a rate per annum equal to, at the option of the Registrant, (1) LIBOR (or other applicable or successor reference rate) for the relevant currency plus an applicable margin based upon the more favorable to the Registrant of (i) a leverage financial metric of the Registrant and (ii) the Registrant’s debt rating for long-term unsecured senior, non-credit enhanced debt, or (2) an alternate base rate equal to the highest of (i) the federal funds effective rate plus 0.50%, (ii) MUFG Bank, Ltd.’s prime rate and (iii) one-month LIBOR plus 1.00%, plus an applicable margin based upon the more favorable to the Registrant of (x) a leverage financial metric of the Registrant and (y) the Registrant’s debt rating for long-term unsecured senior, non-credit enhanced debt.

The New Credit Facility also requires payment to the lenders of a facility fee on the amount of the lenders’ commitments under the credit facility from time to time at rates based upon the more favorable to the Registrant of (1) a leverage financial metric of the Registrant and (2) the Registrant’s debt rating for long-term unsecured senior, non-credit enhanced debt. Voluntary prepayments of the loans and voluntary reductions of the unutilized portion of the commitments under the credit facility are permissible without penalty, subject to certain conditions pertaining to minimum notice and minimum reduction amounts.

The New Credit Facility is available for working capital and other corporate purposes.

The New Credit Facility matures in 2023, provided that such maturity may be extended for one or two additional one-year periods at any time with the consent of the applicable lenders, as further described in the agreement governing such facility.

Debt Covenants

The agreement governing the New Credit Facility includes a specific financial covenant, as well as other covenants that limit the ability of the Company to incur certain subsidiary indebtedness, incur liens and engage in mergers, consolidations and sales of all or substantially all of its and its subsidiaries' assets, in addition to other requirements and "Events of Default" (as defined in the agreement governing the New Credit Facility) customary to such borrowings.

At October 31, 2018, the Company was in compliance with all debt covenants.