Debt and Credit Facilities

12 Months Ended

Apr. 30, 2016

Our long-term debt (net of unamortized discounts and issuance costs) consisted of:



April 30,	2015		2016
2.50% senior notes, $250 principal amount, due in fiscal 2016	$	250	$	—
1.00% senior notes, $250 principal amount, due in fiscal 2018	248		249
2.25% senior notes, $250 principal amount, due in fiscal 2023	247		248
3.75% senior notes, $250 principal amount, due in fiscal 2043	248		248
4.50% senior notes, $500 principal amount, due in fiscal 2046	—		485
	993		1,230
Less current portion	250		—
	$	743	$	1,230

Debt payments required over the next five fiscal years consist of $0 in 2017, $250 in 2018, $0 in 2019, $0 in 2020, $0 in 2021, and $1,000 after 2021.

The senior notes contain terms and covenants customary of these types of unsecured securities, including limitations on the amount of secured debt we can issue.

We issued senior, unsecured notes with an aggregate principal amount of $500 in June 2015. Interest on the notes will accrue at a rate of 4.50% and be paid semi-annually. As of April 30, 2016, the carrying amount of the notes was $485 ($500 principal, less unamortized discounts of $10 and issuance costs of $5). The notes are due on July 15, 2045.

We repaid our $250 of 2.50% notes on their maturity date of January 15, 2016.

As of April 30, 2015, our short-term borrowings of $190 included $183 of commercial paper, with an average interest rate of 0.17%, and an average remaining maturity of 13 days. As of April 30, 2016, our short-term borrowings of $271 included $269 of commercial paper, with an average interest rate of 0.53%, and an average remaining maturity of 26 days.

We have a committed revolving credit agreement with various U.S. and international banks for $800 that expires in November 2018. Its most restrictive quantitative covenant requires that the ratio of our consolidated EBITDA (as defined in the agreement) to consolidated interest expense not be less than 3 to 1. At April 30, 2016, with a ratio of 24 to 1, we were well within this covenant’s parameters and had no borrowing outstanding under this facility. We recently entered into a $400 364-day credit facility agreement that matures on May 5, 2017, for additional liquidity. This credit facility has no quantitative covenants.