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Financing Arrangements
 3 Months Ended
Jan. 31, 2023
Debt Disclosure [Abstract]  
Financing Arrangements
Note 5. Financing Arrangements
The Company had outstanding debt as follows:
(In millions)January 31, 2023October 31, 2022
Overdraft and other credit facilities$51.6 $57.7 
Term loans— 338.0 
Short-term debt, excluding financing leases51.6 395.7 
Financing lease liabilities16.5 16.9 
Short-term debt$68.1 $412.6 
Revolving credit$276.5 $— 
Term loans2,350.0 2,350.0 
Other0.1 0.2 
Less: unamortized debt issuance cost(2.9)(3.1)
Long-term debt, excluding financing leases2,623.7 2,347.1 
Financing lease liabilities3.6 3.7 
Long-term debt$2,627.3 $2,350.8 
Total debt$2,695.4 $2,763.4 
    
Additional information regarding our indebtedness is included in our notes to our consolidated financial statements in our Annual Report on Form 10-K for the fiscal year ended October 31, 2022, which was filed with the Securities and Exchange Commission on December 9, 2022. The carrying value of the Company's revolving credit facility and term loans approximates fair value based on current market rates (Level 2). As of January 31, 2023, the Company was in compliance with all debt covenants. On February 1, 2023, the Company amended its credit agreements to transition the interest rates applicable to the loans denominated in U.S. Dollars from LIBOR to SOFR, as defined in the credit agreements.

2021 Term Loan Agreement

On December 17, 2021, the Company entered into a Term Loan Agreement (the 2021 Credit Agreement) by and among the Company, the lenders from time to time party thereto, and PNC Bank, National Association, as administrative agent. The 2021 Credit Agreement provides for a term loan facility (the 2021 Term Loan Facility) in an aggregate principal amount of $1.5 billion, which, unless terminated earlier, matures on December 17, 2026. The Company used the proceeds to fund the acquisition of Generate. Refer to Note 2. Acquisitions and Joint Venture for more details.

On January 31, 2023, the Company had $1.5 billion outstanding under the 2021 Term Loan Facility and the weighted average interest rate was 5.04%.

2021 364-Day Term Loan Agreement

On November 2, 2021, the Company entered into a 364-day, $840.0 million, term loan agreement by and among the Company, the lenders party thereto and The Bank of Nova Scotia, as administrative agent, which matured on November 1, 2022. The Company used part of the funds to partially repay outstanding borrowings under the 2020 Revolving Credit Facility and for general corporate purposes. The loan was fully repaid by the maturity date.
2020 Revolving Credit and Term Loan Agreement

On April 1, 2020, the Company entered into a Revolving Credit and Term Loan Agreement (the 2020 Credit Agreement), among the Company, CooperVision International Holding Company, LP, CooperSurgical Netherlands B.V., CooperVision Holding Kft, the lenders from time to time party thereto, and KeyBank National Association, as administrative agent. The 2020 Credit Agreement provides for (a) a multicurrency revolving credit facility (the 2020 Revolving Credit Facility) in an aggregate principal amount of $1.29 billion and (b) a term loan facility (the 2020 Term Loan Facility) in an aggregate principal amount of $850.0 million, each of which, unless terminated earlier, mature on April 1, 2025. The Company has an uncommitted option to increase the revolving credit facility or establish a new term loan in an aggregate amount up to $1.605 billion.

On January 31, 2023, the Company had $850.0 million outstanding under the 2020 Term Loan Facility and $276.5 million outstanding under the 2020 Revolving Credit Facility. The interest rate on the 2020 Term Loan Facility and the 2020 Revolving Credit Facility was 5.37% at January 31, 2023.