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Debt and Financing Arrangements
 12 Months Ended
Apr. 30, 2020
Debt Disclosure [Abstract]  
Debt and Financing Arrangements
Note 8: Debt and Financing Arrangements
The following table summarizes the components of our long-term debt.
  April 30, 2020April 30, 2019
  Principal
Outstanding
Carrying Amount (A)
Principal
Outstanding
Carrying
 Amount (A)
2.20% Senior Notes due December 6, 2019$—  $—  $300.0  $299.5  
2.50% Senior Notes due March 15, 2020—  —  500.0  499.0  
3.50% Senior Notes due October 15, 2021750.0  761.1  750.0  768.4  
3.00% Senior Notes due March 15, 2022400.0  398.7  400.0  398.0  
3.50% Senior Notes due March 15, 20251,000.0  996.0  1,000.0  995.2  
3.38% Senior Notes due December 15, 2027500.0  496.7  500.0  496.2  
2.38% Senior Notes due March 15, 2030500.0  495.2  —  —  
4.25% Senior Notes due March 15, 2035650.0  643.9  650.0  643.5  
4.38% Senior Notes due March 15, 2045600.0  586.5  600.0  586.0  
3.55% Senior Notes due March 15, 2050300.0  295.7  —  —  
Term Loan Credit Agreement due May 14, 2021700.0  699.5  800.0  799.0  
Total long-term debt$5,400.0  $5,373.3  $5,500.0  $5,484.8  
Current portion of long-term debt—  —  800.0  798.5  
Total long-term debt, less current portion$5,400.0  $5,373.3  $4,700.0  $4,686.3  
(A) Represents the carrying amount included in the Consolidated Balance Sheets, which includes the impact of capitalized debt issuance costs, offering discounts, and terminated interest rate contracts.
In March 2020, we completed an offering of $800.0 in Senior Notes due March 15, 2030, and March 15, 2050. The Senior Notes included $7.4 of capitalized debt issuance costs and $1.8 of offering discounts to be amortized to interest expense over the life of the debt. A portion of the net proceeds from the offering was used to repay the $500.0 Senior Notes due March 15, 2020, with the balance being held as a cash equivalent to be used for general corporate purposes. Concurrent with the pricing of these Senior Notes, we terminated the interest rate contracts entered into in November 2018 and June 2018, resulting in a pre-tax loss of $239.8, which was deferred and included as a component of accumulated other comprehensive income (loss) and is being amortized as interest expense over the life of the debt. For additional information, see Note 10: Derivative Financial Instruments.
All of our Senior Notes outstanding at April 30, 2020, are unsecured, and interest is paid semiannually, with no required scheduled principal payments until maturity. We may prepay all or part of the Senior Notes at 100 percent of the principal amount thereof, together with the accrued and unpaid interest, and any applicable make-whole amount.
In April 2018, we entered into a Term Loan with a syndicate of banks and an available commitment amount of $1.5 billion. The full amount of the Term Loan was drawn on May 14, 2018, to partially finance the Ainsworth acquisition, as discussed in Note 2: Acquisition. Borrowings under the Term Loan bear interest on the prevailing U.S. Prime Rate or LIBOR, based on our election, and is payable either on a quarterly basis or at the end of the borrowing term. The Term Loan does not require scheduled amortization payments. Voluntary prepayments are permitted without premium or penalty. As of April 30, 2020, we have prepaid $800.0 on the Term Loan to date, including $100.0 in 2020. The interest rate on the Term Loan at April 30, 2020, was 1.21 percent. In November 2019, we entered into an amendment to the Term Loan that decreased the applicable
margins on LIBOR, based on our long-term unsecured debt rating. This amendment did not have a material impact on our consolidated financial statements.
We have available a $1.8 billion unsecured revolving credit facility with a group of 11 banks that matures in September 2022. Borrowings under the revolving credit facility bear interest on the prevailing U.S. Prime Rate, LIBOR, or Canadian Dealer Offered Rate, based on our election. Interest is payable either on a quarterly basis or at the end of the borrowing term. We did not have a balance outstanding under the revolving credit facility at both April 30, 2020 and 2019.
We participate in a commercial paper program under which we can issue short-term, unsecured commercial paper not to exceed $1.8 billion at any time. The commercial paper program is backed by our revolving credit facility and reduces what we can borrow under the revolving credit facility by the amount of commercial paper outstanding. Commercial paper will be used as a continuing source of short-term financing for general corporate purposes. As of April 30, 2020 and 2019, we had $248.0 and $426.0 of short-term borrowings outstanding, respectively, which were issued under our commercial paper program at weighted-average interest rates of 0.40 percent and 2.75 percent, respectively.
Interest paid totaled $193.4, $213.3, and $158.9 in 2020, 2019, and 2018, respectively. This differs from interest expense due to the amortization of debt issuance costs and discounts, effect of interest rate contracts, capitalized interest, payment of other debt fees, and timing of interest payments.
Our debt instruments contain certain financial covenant restrictions, including a leverage ratio and an interest coverage ratio. We are in compliance with all covenants.