v3.25.2
Borrowings
 9 Months Ended
Aug. 03, 2025
Debt Disclosure [Abstract]  
Borrowings Borrowings
Effective Interest RateAugust 3,
2025		November 3,
2024
(In millions)
July 2025 Senior Notes - fixed rate
4.600% notes due July 2030
4.49 %
(a)
$1,750 $— 
4.900% notes due July 2032
5.04 %1,750 — 
5.200% notes due July 2035
4.77 %
(a)
2,500 — 
6,000 — 
4.540% term loan due May 2028
4.59 %1,000 — 
4.489% term loan due May 2028
4.55 %750 — 
January 2025 Senior Notes - fixed rate
4.800% notes due April 2028
5.03 %1,100 — 
5.050% notes due April 2030
5.20 %800 — 
5.200% notes due April 2032
5.34 %1,100 — 
3,000 — 
October 2024 Senior Notes - fixed rate
4.150% notes due February 2028
4.36 %875 875 
4.350% notes due February 2030
4.51 %1,500 1,500 
4.550% notes due February 2032
4.70 %875 875 
4.800% notes due October 2034
4.38 %
(a)
1,750 1,750 
5,000 5,000 
July 2024 Senior Notes - fixed rate
5.050% notes due July 2027
5.27 %1,250 1,250 
5.050% notes due July 2029
5.23 %2,250 2,250 
5.150% notes due November 2031
5.30 %1,500 1,500 
5,000 5,000 
2023 Term Loans - floating rate
SOFR plus 1.125% term loan due November 2026
6.23 %— 5,595 
SOFR plus 1.125% term loan due November 2028
5.63 %— 8,000 
— 13,595 
April 2022 Senior Notes - fixed rate
4.000% notes due April 2029
4.17 %750 750 
4.150% notes due April 2032
4.30 %1,200 1,200 
4.926% notes due May 2037
5.33 %2,500 2,500 
4,450 4,450 
September 2021 Senior Notes - fixed rate
3.137% notes due November 2035
4.23 %3,250 3,250 
3.187% notes due November 2036
4.79 %2,750 2,750 
6,000 6,000 
Effective Interest RateAugust 3,
2025		November 3,
2024
(In millions)
March 2021 Senior Notes - fixed rate
3.419% notes due April 2033
4.66 %2,250 2,250 
3.469% notes due April 2034
4.63 %3,250 3,250 
5,500 5,500 
January 2021 Senior Notes - fixed rate
1.950% notes due February 2028
2.10 %750 750 
2.450% notes due February 2031
2.56 %2,750 2,750 
2.600% notes due February 2033
2.70 %1,750 1,750 
3.500% notes due February 2041
3.60 %3,000 3,000 
3.750% notes due February 2051
3.84 %1,750 1,750 
10,000 10,000 
June 2020 Senior Notes - fixed rate
3.459% notes due September 2026
4.19 %752 752 
4.110% notes due September 2028
5.02 %1,118 1,118 
1,870 1,870 
May 2020 Senior Notes - fixed rate
3.150% notes due November 2025
3.29 %900 900 
4.150% notes due November 2030
4.27 %1,856 1,856 
4.300% notes due November 2032
4.39 %2,000 2,000 
4,756 4,756 
April 2020 Senior Notes - fixed rate
5.000% notes due April 2030
5.18 %606 606 
April 2019 Senior Notes - fixed rate
4.750% notes due April 2029
4.95 %1,655 1,655 
2017 Senior Notes - fixed rate
3.125% notes due January 2025
3.23 %— 495 
3.875% notes due January 2027
4.02 %2,922 2,922 
3.500% notes due January 2028
3.60 %777 777 
3,699 4,194 
Assumed VMware Senior Notes - fixed rate
4.500% notes due May 2025
5.81 %— 750 
1.400% notes due August 2026
5.60 %1,500 1,500 
4.650% notes due May 2027
5.60 %500 500 
3.900% notes due August 2027
5.50 %1,250 1,250 
1.800% notes due August 2028
5.44 %750 750 
4.700% notes due May 2030
5.75 %750 750 
2.200% notes due August 2031
5.74 %1,500 1,500 
6,250 7,000 
Assumed CA Senior Notes - fixed rate
4.700% notes due March 2027
5.15 %215 215 
Effective Interest RateAugust 3,
2025		November 3,
2024
(In millions)
Other senior notes - fixed rate
4.500% notes due August 2034
4.55 %6 6 
Total senior notes and term loans outstanding
65,757 69,847 
Commercial paper4.71 %
(b)
500 — 
Total debt principal outstanding
$66,257 $69,847 
Short-Term Debt:
Current portion of senior notes outstanding
$900 $1,245 
Commercial paper, net
496 — 
Short-term finance lease liabilities3 26 
Total short-term debt
$1,399 $1,271 
Long-Term Debt:
Non-current portion of senior notes and term loans outstanding
$64,857 $68,602 
Long-term finance lease liabilities7 13 
Unamortized discount and issuance costs(2,034)(2,320)
Total long-term debt$62,830 $66,295 
______________________________
(a) In addition to contractual interest, discount and issuance costs, the effective interest rate also includes reclassification of the cumulative gain from derivatives.
(b) Represents the weighted average interest rate on commercial paper outstanding as of August 3, 2025.
Fixed-Rate Term Loans
We entered into a $750 million three-year term loan at a 4.489% fixed rate and a $1.0 billion three-year term loan at a 4.540% fixed rate on May 2, 2025 and May 9, 2025, respectively. Using the proceeds and cash on hand, we repaid the $750 million of senior notes that matured on May 15, 2025 and $3.4 billion of commercial paper during the fiscal quarter ended August 3, 2025.
Interest on the term loans is due quarterly. We are permitted to prepay the term loans at any time, subject to a specified make-whole premium determined in accordance with the credit agreements governing the respective term loans, plus accrued and unpaid interest.
Senior Notes
In July 2025, we issued senior unsecured notes for an aggregate principal amount of $6,000 million. Using the net proceeds from these senior notes, we repaid the remaining $6,000 million of our unsecured term facility due November 2028. Upon repayment, we terminated the credit agreement entered into on August 15, 2023.
In January 2025, we issued senior unsecured notes for an aggregate principal amount of $3,000 million. Using the net proceeds from these senior notes and commercial paper issued in January 2025 and cash on hand, we repaid the remaining $5,595 million of our unsecured term facility due November 2026 and $2,000 million of our unsecured term facility due November 2028.
As a result of these repayments, we wrote off unamortized discount and issuance costs of $53 million during the fiscal quarter ended August 3, 2025, and $65 million during the fiscal quarter ended February 2, 2025, which were included in
interest expense in the condensed consolidated statements of operations.
We may redeem or purchase, in whole or in part, any of our senior notes prior to their respective maturities, subject to a specified make-whole premium determined in accordance with the indentures governing the respective notes, plus accrued and unpaid interest. In the event of a change in control, note holders will have the right to require us to repurchase their notes at a price equal to 101% of the principal amount of such notes, plus accrued and unpaid interest. Each series of the senior notes pays interest semi-annually.
2025 Credit Agreement
In January 2025, we entered into a credit agreement (the “2025 Credit Agreement”), which provides for a five-year $7.5 billion unsecured revolving credit facility, of which $500 million is available for the issuance of multi-currency letters of credit. The issuance of letters of credit under the revolving credit facility would reduce the aggregate amount otherwise available under such facility for revolving loans. Subject to the terms of the 2025 Credit Agreement, we are permitted to borrow, repay and reborrow revolving loans at any time prior to the earlier of (a) January 13, 2030 or (b) the date that the commitments are terminated either at our request or, if an event of default occurs, by the lenders. In connection with the 2025 Credit Agreement, we terminated the credit agreement entered into in January 2021, which provided for a five-year $7.5 billion unsecured revolving credit facility. We had no borrowings outstanding under our revolving credit facility at either August 3, 2025 or November 3, 2024.
Commercial Paper
In January 2025, we increased the maximum amount of our commercial paper program, pursuant to which we may issue unsecured commercial paper notes in an aggregate principal amount of up to $4.0 billion outstanding at any time with maturities of up to 397 days from the date of issue. Commercial paper is sold under customary terms in the commercial paper market and may be issued at a discount from par or, alternatively, may be sold at par and bear interest at rates dictated by market conditions at the time of issuance. The discount associated with the commercial paper is amortized to interest expense over its term. As of August 3, 2025, we had $500 million of commercial paper outstanding with maturities ranging from 40 days to 187 days.
Fair Value of Debt
As of August 3, 2025, the estimated aggregate fair value of our fixed-rate borrowings was $62,489 million, which was determined using quoted prices from less active markets or other observable inputs. The carrying value of commercial paper approximates its fair value due to the short-term nature of the instruments. All of our debt obligations are categorized as Level 2 instruments.
Future Principal Payments of Debt
The future scheduled principal payments of senior notes and term loans as of August 3, 2025 were as follows:
Fiscal Year:Future Scheduled Principal Payments
(In millions)
2025 (remainder)
$— 
2026
3,152 
2027
6,137 
2028
7,120 
2029
4,655 
Thereafter44,693 
Total$65,757 
As of August 3, 2025 and November 3, 2024, we were in compliance with all debt covenants.