v3.26.1
Long-term debt
 9 Months Ended
Jul. 31, 2026
Debt Disclosure [Abstract]  
Long-term debt
Debt
A summary of the Company's debt is as follows:
July 31, 2026October 31, 2025
Revolving credit agreement$— $135,000 
Commercial paper192,000 — 
Term loan due 2026— 265,000 
Term loan due 20312,698 — 
Senior notes, due 2026-202710,000 20,000 
Senior notes, due 2026-203090,000 130,000 
5.600% Notes due 2028350,000 350,000 
5.800% Notes due 2033500,000 500,000 
4.500% Notes due 2029600,000 600,000 
1,744,698 2,000,000 
Less current maturities10,000 315,000 
Less short-term debt192,000 — 
Less unamortized debt issuance costs12,795 13,167 
Less bond discounts1,782 2,065 
Plus impact of interest rate swaps884 11,486 
Long-term maturities$1,529,005 $1,681,254 
Revolving credit agreement — In January 2026, we entered into a $1,200,000 senior unsecured multicurrency revolving credit facility with a group of banks, maturing in January 2031 (the “Revolving Credit Agreement”), which amended and restated the Company’s previous unsecured senior credit agreement, dated June 6, 2023, that included a term loan facility in the aggregate principal amount of $300,000, maturing in June 2026, and a multicurrency revolving credit facility in the aggregate principal amount of $922,500, maturing in June 2028. The Company had zero borrowings outstanding under the Revolving Credit Agreement as of July 31, 2026. The Revolving Credit Agreement permits borrowing in U.S. Dollars, Euros, Sterling, Swiss Francs, Singapore Dollars, Japanese Yen, and each other currency approved by the Revolving Agent and the Revolving Credit Banks (each as defined in the Revolving Credit Agreement). Loans under the Revolving Credit Agreement bear interest at the sum of (i) either a base rate or, depending on the currency, a SOFR rate, EURIBOR rate, TIBOR rate, SORA rate, SONIA rate or SARON rate (each as defined in the Revolving Credit Agreement) plus (ii) an applicable margin. The applicable margin is based on either the Company’s Leverage Ratio (as defined in the Revolving Credit Agreement) or then current Debt Rating (as defined in the Revolving Credit Agreement). The weighted-average interest rate at July 31, 2026 was 4.56%.
Commercial paper — In June 2026, we established a new commercial paper program (the “Program”), under which the Company may issue unsecured commercial paper notes (the “Notes”) on a private placement basis up to a maximum aggregate amount outstanding at any time of $1,200,000. A national bank acts as the issuing and paying agent under the Program pursuant to the terms of an issuing and paying agent agreement. Under the Program, the Company may issue Notes from time to time, and the proceeds of the Notes will be used for general corporate purposes.
The maturities of the Notes will vary, but may not exceed 364 days from the date of issue. The face or principal amount of Notes outstanding under the Program at any time may not exceed $1,200,000. The Notes will be sold at a discount from par or, alternatively, will be sold at par and bear interest at rates that will vary based on market conditions at the time of the issuance of the Notes.
Our Revolving Credit Agreement is the liquidity backstop for the repayment of any Notes under the Program. Outstanding borrowings under the Program as of July 31, 2026 were $192 million. The Company’s commercial paper borrowings are classified as short-term debt in the condensed consolidated balance sheets.
Senior notes, due 2026-2027 — These unsecured fixed-rate notes entered into in 2015 with a group of insurance companies have a remaining weighted-average life of 0.99 years. The weighted-average interest rate at July 31, 2026 was 3.19%.
Senior notes, due 2026-2030 — These unsecured fixed-rate notes entered into in 2018 with a group of insurance companies have a remaining weighted-average life of 2.78 years. The weighted-average interest rate at July 31, 2026 was 4.11%.  
5.600% Notes, due 2028 and 5.800% Notes, due 2033 — In September 2023, we completed an underwritten public offering of $350,000 aggregate principal amount of 5.60% Notes due 2028 and $500,000 aggregate principal amount of 5.80% Notes due 2033.
4.500% Notes, due 2029 — In September 2024, we completed an underwritten public offering of $600,000 aggregate principal amount of 4.50% Notes due 2029.
Term loan, due 2031— In May 2026, the Company entered into a five-year term loan. As of July 31, 2026, we borrowed and had outstanding $2,698 under the term loan. The weighted-average interest rate at July 31, 2026 was 7.65%.
We were in compliance with all debt covenants at July 31, 2026, and the amount we could borrow would not have been limited by any debt covenants.
Short-Term Debt
Debt
A summary of the Company's debt is as follows:
July 31, 2026October 31, 2025
Revolving credit agreement$— $135,000 
Commercial paper192,000 — 
Term loan due 2026— 265,000 
Term loan due 20312,698 — 
Senior notes, due 2026-202710,000 20,000 
Senior notes, due 2026-203090,000 130,000 
5.600% Notes due 2028350,000 350,000 
5.800% Notes due 2033500,000 500,000 
4.500% Notes due 2029600,000 600,000 
1,744,698 2,000,000 
Less current maturities10,000 315,000 
Less short-term debt192,000 — 
Less unamortized debt issuance costs12,795 13,167 
Less bond discounts1,782 2,065 
Plus impact of interest rate swaps884 11,486 
Long-term maturities$1,529,005 $1,681,254 
Revolving credit agreement — In January 2026, we entered into a $1,200,000 senior unsecured multicurrency revolving credit facility with a group of banks, maturing in January 2031 (the “Revolving Credit Agreement”), which amended and restated the Company’s previous unsecured senior credit agreement, dated June 6, 2023, that included a term loan facility in the aggregate principal amount of $300,000, maturing in June 2026, and a multicurrency revolving credit facility in the aggregate principal amount of $922,500, maturing in June 2028. The Company had zero borrowings outstanding under the Revolving Credit Agreement as of July 31, 2026. The Revolving Credit Agreement permits borrowing in U.S. Dollars, Euros, Sterling, Swiss Francs, Singapore Dollars, Japanese Yen, and each other currency approved by the Revolving Agent and the Revolving Credit Banks (each as defined in the Revolving Credit Agreement). Loans under the Revolving Credit Agreement bear interest at the sum of (i) either a base rate or, depending on the currency, a SOFR rate, EURIBOR rate, TIBOR rate, SORA rate, SONIA rate or SARON rate (each as defined in the Revolving Credit Agreement) plus (ii) an applicable margin. The applicable margin is based on either the Company’s Leverage Ratio (as defined in the Revolving Credit Agreement) or then current Debt Rating (as defined in the Revolving Credit Agreement). The weighted-average interest rate at July 31, 2026 was 4.56%.
Commercial paper — In June 2026, we established a new commercial paper program (the “Program”), under which the Company may issue unsecured commercial paper notes (the “Notes”) on a private placement basis up to a maximum aggregate amount outstanding at any time of $1,200,000. A national bank acts as the issuing and paying agent under the Program pursuant to the terms of an issuing and paying agent agreement. Under the Program, the Company may issue Notes from time to time, and the proceeds of the Notes will be used for general corporate purposes.
The maturities of the Notes will vary, but may not exceed 364 days from the date of issue. The face or principal amount of Notes outstanding under the Program at any time may not exceed $1,200,000. The Notes will be sold at a discount from par or, alternatively, will be sold at par and bear interest at rates that will vary based on market conditions at the time of the issuance of the Notes.
Our Revolving Credit Agreement is the liquidity backstop for the repayment of any Notes under the Program. Outstanding borrowings under the Program as of July 31, 2026 were $192 million. The Company’s commercial paper borrowings are classified as short-term debt in the condensed consolidated balance sheets.
Senior notes, due 2026-2027 — These unsecured fixed-rate notes entered into in 2015 with a group of insurance companies have a remaining weighted-average life of 0.99 years. The weighted-average interest rate at July 31, 2026 was 3.19%.
Senior notes, due 2026-2030 — These unsecured fixed-rate notes entered into in 2018 with a group of insurance companies have a remaining weighted-average life of 2.78 years. The weighted-average interest rate at July 31, 2026 was 4.11%.  
5.600% Notes, due 2028 and 5.800% Notes, due 2033 — In September 2023, we completed an underwritten public offering of $350,000 aggregate principal amount of 5.60% Notes due 2028 and $500,000 aggregate principal amount of 5.80% Notes due 2033.
4.500% Notes, due 2029 — In September 2024, we completed an underwritten public offering of $600,000 aggregate principal amount of 4.50% Notes due 2029.
Term loan, due 2031— In May 2026, the Company entered into a five-year term loan. As of July 31, 2026, we borrowed and had outstanding $2,698 under the term loan. The weighted-average interest rate at July 31, 2026 was 7.65%.
We were in compliance with all debt covenants at July 31, 2026, and the amount we could borrow would not have been limited by any debt covenants.