SHORT-TERM BORROWINGS

12 Months Ended

Oct. 29, 2023

SHORT-TERM BORROWINGS

SHORT-TERM BORROWINGS

17. SHORT-TERM BORROWINGS

Short-term borrowings at the end of 2023 and 2022 consisted of:

	2023		2022
Commercial paper	$	9,100	$	4,703
Notes payable to banks		483		402
Finance lease obligations due within one year		25		21
Long-term borrowings due within one year		8,331		7,466
Short-term borrowings	$	17,939	$	12,592

The weighted-average interest rates at the end of 2023 and 2022 were:

	2023	2022
Short-term borrowings:
Commercial paper	5.4%	3.4%
Notes payable to banks	31.6%	11.9%
Notes payable to banks, excluding Argentina	8.8%	6.6%

Worldwide lines of credit were $10.5 billion at October 29, 2023, consisting primarily of:

● a 364-day credit facility agreement of $5.0 billion, expiring in the second quarter of 2024,

● a credit facility agreement of $2.5 billion, expiring in the second quarter of 2027, and

● a credit facility agreement of $2.5 billion, expiring in the second quarter of 2028.

At October 29, 2023, $.8 billion of these worldwide lines of credit were unused. For the purpose of computing the unused credit lines, commercial paper and short-term bank borrowings were considered to constitute utilization. The credit agreements governing these lines of credit require us to maintain certain covenants. All of these credit agreement requirements have been met during the periods included in the consolidated financial statements.