Borrowings

9 Months Ended

Jul. 31, 2019

Notes Payable and Short-Term Borrowings



	As of July 31, 2019				As of October 31, 2018
	Amount Outstanding		Weighted-Average Interest Rate		Amount Outstanding		Weighted-Average Interest Rate
	In millions				In millions
Commercial paper	$	—	—	%	$	854	2.5	%
Current portion of long-term debt	295		3.6	%	565		3.1	%
Notes payable to banks, lines of credit and other	33		2.0	%	44		1.7	%
	$	328			$	1,463

Long-Term Debt



	As of
	July 31, 2019			October 31, 2018
	In millions
U.S. Dollar Global Notes⁽¹⁾
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	667			667
$1,000 issued at discount to par at a price of 99.816% in September 2011 at 4.375%, due September 2021	538			538
$1,500 issued at discount to par at a price of 99.707% in December 2011 at 4.65%, due December 2021	695			694
$500 issued at discount to par at a price of 99.771% in March 2012 at 4.05%, due September 2022	499			499
$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
2012 Shelf Registration Statement:
$750 issued at par in January 2014 at three-month USD LIBOR plus 0.94%, due January 2019	—			102
$1,250 issued at discount to par at a price of 99.954% in January 2014 at 2.75%, due January 2019	—			300
	4,246			4,647
Other, including capital lease obligations, at 0.51%-8.44%, due in calendar years 2019-2029	797			487
Fair value adjustment related to hedged debt	(3		)	(28		)
Unamortized debt issuance cost	(15		)	(17		)
Current portion of long-term debt	(295		)	(565		)
Total long-term debt	$	4,730		$	4,524


⁽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.

In December 2016, HP filed a shelf registration statement (the “2016 Shelf Registration Statement”) with the SEC to enable the company to offer for sale, from time to time, in one or more offerings, an unspecified amount of debt securities, common stock, preferred stock, depositary shares and warrants.

As disclosed in Note 8, “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.

Commercial Paper

As of July 31, 2019, HP maintained two commercial paper programs. HP’s U.S. program provides for the issuance of U.S. dollar-denominated commercial paper up to a maximum aggregate principal amount of $6.0 billion. HP’s euro commercial paper program provides for the issuance of commercial paper outside of the United States denominated in U.S. dollars, euros or British pounds up to a maximum aggregate principal amount of $6.0 billion or the equivalent in those alternative currencies. The combined aggregate principal amount of commercial paper outstanding under those programs at any one time cannot exceed the $6.0 billion authorized by HP’s Board of Directors.

Credit Facility

As of July 31, 2019, HP maintained 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 March 30, 2023. Commitment fees, interest rates and other terms of borrowing under the credit facility vary based on HP’s external credit ratings. As of July 31, 2019, HP was in compliance with the financial covenants in the credit agreement governing the revolving credit facility.

Available Borrowing Resources

As of July 31, 2019, HP and its subsidiaries had available borrowing resources of $695 million from uncommitted lines of credit in addition to the commercial paper and revolving credit facility discussed above.