XML 23 R14.htm IDEA: XBRL DOCUMENT v3.22.2.2
Debt and Financing Arrangements
 6 Months Ended
Oct. 31, 2022
Debt Disclosure [Abstract]  
Debt and Financing Arrangements
The following table summarizes the components of our long-term debt.
 October 31, 2022April 30, 2022
 Principal
Outstanding
Carrying
Amount (A)
Principal
Outstanding
Carrying
Amount (A)
3.50% Senior Notes due March 15, 2025
1,000.0 998.0 1,000.0 997.6 
3.38% Senior Notes due December 15, 2027
500.0 497.8 500.0 497.6 
2.38% Senior Notes due March 15, 2030
500.0 496.4 500.0 496.2 
2.13% Senior Notes due March 15, 2032
500.0 494.1 500.0 493.8 
4.25% Senior Notes due March 15, 2035
650.0 645.0 650.0 644.7 
2.75% Senior Notes due September 15, 2041
300.0 297.2 300.0 297.1 
4.38% Senior Notes due March 15, 2045
600.0 587.9 600.0 587.6 
3.55% Senior Notes due March 15, 2050
300.0 296.0 300.0 296.0 
Total long-term debt$4,350.0 $4,312.4 $4,350.0 $4,310.6 
(A) Represents the carrying amount included in the Condensed Consolidated Balance Sheets, which includes the impact of capitalized debt issuance costs, offering discounts, and terminated interest rate contracts.
We have available a $2.0 billion unsecured revolving credit facility with a group of 11 banks that matures in August 2026. Borrowings under the revolving credit facility bear interest on the prevailing U.S. Prime Rate, London Interbank Offered Rate, Euro Interbank Offered Rate, 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 do not have a balance outstanding under the revolving credit facility at October 31, 2022, or April 30, 2022.
We participate in a commercial paper program under which we can issue short-term, unsecured commercial paper not to exceed $2.0 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 is used as a continuing source of short-term financing for general corporate purposes. As of October 31, 2022, and April 30, 2022, we had $302.0 and $180.0 of short-term borrowings outstanding, respectively, which were issued under our commercial paper program at weighted-average interest rates of 3.40 and 0.65 percent, respectively.

Interest paid totaled $67.9 and $69.0 for the three months ended October 31, 2022 and 2021, respectively, and $77.3 and $81.8 for the six months ended October 31, 2022 and 2021, respectively. This differs from interest expense due to capitalized interest, effect of interest rate contracts, amortization of debt issuance costs and discounts, the payment of other debt fees, and the timing of payments.
Our debt instruments contain covenant restrictions, including an interest coverage ratio. As of October 31, 2022, we are in compliance with all covenants.