SHORT-TERM BORROWINGS

12 Months Ended

Oct. 27, 2024

17. SHORT-TERM BORROWINGS

Short-term borrowings at the end of 2024 and 2023 consisted of:


	2024		2023
Commercial paper	$	4,008	$	9,100
Notes payable to banks		377		483
Finance lease obligations due within one year		33		25
Long-term borrowings due within one year		9,115		8,331
Short-term borrowings	$	13,533	$	17,939

The weighted-average interest rates at the end of 2024 and 2023 were:


	2024	2023
Short-term borrowings:
Commercial paper	4.8%	5.4%
Notes payable to banks	11.0%	31.6%

The decrease in the weighted-average interest rates of notes payable to banks is primarily the result of Argentine peso funding representing a smaller portion of the notes outstanding.

Worldwide lines of credit were $10.9 billion at October 27, 2024, consisting primarily of:

●

a 364-day credit facility agreement of $5.0 billion, expiring in the second quarter of 2025,

●

a credit facility agreement of $2.75 billion, expiring in the second quarter of 2028, and

●

a credit facility agreement of $2.75 billion, expiring in the second quarter of 2029.

At October 27, 2024, $6.5 billion of these worldwide lines of credit were unused. For the purpose of computing the unused credit lines, commercial paper and short-term bank borrowings were considered to constitute utilization. These credit agreements require Capital Corporation and other parts of our business to maintain certain performance metrics and liquidity targets. All requirements in the credit agreements have been met during the periods included in the consolidated financial statements.