
	As of	As of
	July 31, 2026	October 31, 2025
Borrowings under revolving credit facility	$145,000	$960,000
2028 senior unsecured notes	600,000	600,000
2031 senior unsecured notes	550,000	—
2033 senior unsecured notes	600,000	600,000
2036 senior unsecured notes	650,000	—
Finance leases and notes payable	15,838	17,890
Less: Debt discount and debt issuance costs	(19,665)	(9,945)
Total debt	2,541,173	2,167,945
Less: Current maturities of long-term debt	(3,513)	(3,358)
Long-term debt, net of current maturities	$2,537,660	$2,164,587

The Company's borrowings under its revolving credit facility mature in fiscal 2031. As of July 31, 2026 and October 31, 2025, the weighted average interest rate on borrowings under the Company's revolving credit facility ("Credit Facility") was 4.6% and 5.3%, respectively. The Credit Facility contains both financial and non-financial covenants. As of July 31, 2026, the Company was in compliance with all such covenants.

On June 11, 2026, the Company entered into a fourth amendment to its Credit Facility, to, among other things, (i) increase the capacity by $200 million to $2.2 billion, (ii) extend the maturity date to June 11, 2031, (iii) modify the Applicable Rate to be calculated based upon the most recently published ratings for the Company’s senior unsecured, non-credit enhanced, long-term indebtedness for borrowed money, and (iv) release the Company’s subsidiary guarantors from their guarantees under the Credit Facility. The Credit Facility includes features that will allow the Company, subject to certain conditions, to (i) increase the capacity by $800 million to become a $3.0 billion facility through increased commitments from existing and/or additional lenders and (ii) request up to two one-year extensions of the maturity date.

As a result of the release of the Company's subsidiary guarantors from their guarantees under the Credit Facility, each respective subsidiary guarantor was also automatically released from such subsidiary's guarantee of the Company’s obligations under the securities issued under the Company’s Indenture dated July 27, 2023 and First Supplemental Indenture, dated July 27, 2023, being the Company’s outstanding 2028 Notes (as defined below) and 2033 Notes (as defined below).

The Company may elect for borrowings under the Credit Facility to accrue interest at Term SOFR for the elected interest period, or a Base Rate, plus in each case, the Applicable Rate (based on the Company’s Index Debt Rating). Term SOFR shall never be less than 0%. The Base Rate for any day is a fluctuating rate per annum equal to the highest of (i) the rate of interest in effect for such day as publicly announced from time to time by Truist Bank as its prime lending rate; (ii) the Federal Funds Rate plus 0.50%; and (iii) Term SOFR for an Interest Period of one month plus 100 basis points; provided that the Base Rate shall never be less than 0%. The Applicable Rate for SOFR Loans ranges from 0.75% to 1.250%. The Applicable Rate for Base Rate Loans ranges from 0.0% to 0.25%. A fee is charged on the amount of the unused commitment ranging from 0.09% to 0.20%. In addition, the Company may also elect for borrowings under the Credit Facility to accrue interest at Daily Simple RFR plus the Applicable Rate for RFR Loans, or the SOFR Index Rate plus the Applicable Rate for SOFR Loans. Eurocurrency Rate Loans accrue interest at the Adjusted Eurocurrency Rate for the elected interest period plus the Applicable Rate for Eurocurrency Rate Loans.

The Credit Facility also includes a $200 million sublimit for swingline borrowings, a $200 million sublimit for letters of credit and a $100 million sublimit for borrowings made in foreign currencies. Outstanding principal, accrued and unpaid interest and other amounts payable under the Credit Facility may be accelerated upon an event of default, as such events are described in the Credit Facility. The Credit Facility is unsecured and contains covenants that require, among other things, the maintenance of a Total Leverage Ratio. As used in this paragraph and the three immediately preceding paragraphs, capitalized terms shall have the meanings ascribed to them in the Credit Facility.

The Company incurred $3.2 million of debt issuance costs related to the fourth amendment of the Credit Facility, which were classified as other assets in the Company's Condensed Consolidated Balance Sheet and are being amortized to interest expense over the remaining term of the Credit Facility.

On July 16, 2026, the Company completed the public offering of $550 million aggregate principal amount of 4.950% Senior Notes due August 1, 2031 (the "2031 Notes") and $650 million aggregate principal amount of 5.400% Senior Notes due August 1, 2036 (the "2036 Notes"). The Company used the net proceeds from the offering to repay outstanding borrowings under its Credit Facility. The 2031 Notes and 2036 Notes were issued pursuant to an indenture, dated July 16, 2026, between the Company and Truist Bank, as trustee. Interest on the 2031

The 2031 Notes and 2036 Notes are senior unsecured obligations of the Company and rank equally in right of payment with the Company's existing and future senior unsecured indebtedness. The 2031 Notes and 2036 Notes are redeemable at the Company's option prior to the applicable par call date at the redemption prices specified in the indenture and thereafter at a redemption price equal to 100% of the principal amount plus accrued and unpaid interest. Upon the occurrence of a change of control triggering event, the Company may be required to offer to repurchase the 2031 Notes and 2036 Notes at a purchase price equal to 101% of the principal amount plus accrued and unpaid interest. The indenture contains customary covenants and events of default.

The Company received net proceeds of $1,191.5 million, net of debt discounts and underwriting fees. In addition, the Company incurred $2.7 million of debt issuance costs related to the offering. The aggregate unamortized debt discount and debt issuance costs of $11.1 million are presented as a direct deduction from long-term debt in the Company's Condensed Consolidated Balance Sheet and are amortized to interest expense over the respective terms of the 2031 Notes and 2036 Notes using the effective interest method.

The Company's senior unsecured notes consist of $600 million aggregate principal amount of 5.25% Senior Notes due August 1, 2028 (the "2028 Notes"), the 2031 Notes, $600 million aggregate principal amount of 5.35% Senior Notes due August 1, 2033 (the "2033 Notes"), and the 2036 Notes (collectively, the "Notes"). The 2028 Notes, 2033 Notes, and 2036 Notes each have an effective interest rate of 5.5%, and the 2031 Notes have an effective interest rate of 5.2%. As of July 31, 2026, the Company was in compliance with all covenants related to the Notes.

The following table sets forth the carrying value and estimated fair value of the Company’s Notes, which are classified as Level 1 financial instruments in the fair value hierarchy (in thousands). The Company estimated the fair value of the Notes by taking the weighted average of market quotes for the exact security that was actively traded on July 31, 2026 and October 31, 2025.


	As of July 31, 2026		As of October 31, 2025
	Carrying Value	Fair Value	Carrying Value	Fair Value
2028 Notes	$597,355	$606,329	$596,437	$617,904
2031 Notes	545,143	548,303	—	—
2033 Notes	594,124	600,131	593,618	624,320
2036 Notes	643,713	643,230	—	—
Totals	$2,380,335	$2,397,993	$1,190,055	$1,242,224