Debt and Financing Arrangements

3 Months Ended

Jul. 31, 2023

Debt Disclosure [Abstract]

Debt and Financing Arrangements

The following table summarizes the components of our long-term debt.

	July 31, 2023				April 30, 2023
	Principal Outstanding		Carrying Amount (A)		Principal Outstanding		Carrying Amount (A)
3.50% Senior Notes due March 15, 2025	1,000.0		998.6		1,000.0		998.4
3.38% Senior Notes due December 15, 2027	500.0		498.1		500.0		498.0
2.38% Senior Notes due March 15, 2030	500.0		496.8		500.0		496.7
2.13% Senior Notes due March 15, 2032	500.0		494.7		500.0		494.4
4.25% Senior Notes due March 15, 2035	650.0		645.2		650.0		645.1
2.75% Senior Notes due September 15, 2041	300.0		297.3		300.0		297.3
4.38% Senior Notes due March 15, 2045	600.0		588.3		600.0		588.2
3.55% Senior Notes due March 15, 2050	300.0		296.1		300.0		296.1
Total long-term debt	$	4,350.0	$	4,315.1	$	4,350.0	$	4,314.2

(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, Secured Overnight Funding Rate (“SOFR”), 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 did not have a balance outstanding under the revolving credit facility at July 31, 2023, or April 30, 2023.

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 July 31, 2023 and April 30, 2023, we did not have a balance outstanding under the commercial paper program.

Interest paid totaled $8.4 and $9.4 for the three months ended July 31, 2023 and 2022, respectively. This differs from interest expense due to the timing of interest payments, capitalized interest, the effect of interest rate contracts, amortization of debt issuance costs and discounts, and the payment of other debt fees.

Our debt instruments contain covenant restrictions, including an interest coverage ratio. As of July 31, 2023, we are in compliance with all covenants.