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Debt and Financing Arrangements
 9 Months Ended
Jan. 31, 2025
Debt Disclosure [Abstract]  
Debt and Financing Arrangements
The following table summarizes the components of our long-term debt.
 January 31, 2025April 30, 2024
 Principal
Outstanding
Carrying
Amount (A)
Principal
Outstanding
Carrying
Amount (A)
3.50% Senior Notes due March 15, 2025
$1,000.0 $999.9 $1,000.0 $999.3 
3.38% Senior Notes due December 15, 2027
500.0 498.8 500.0 498.4 
5.90% Senior Notes due November 15, 2028
750.0 745.4 750.0 744.5 
2.38% Senior Notes due March 15, 2030
500.0 497.5 500.0 497.2 
2.13% Senior Notes due March 15, 2032
364.5 361.2 500.0 495.2 
6.20% Senior Notes due November 15, 2033
1,000.0 992.2 1,000.0 991.5 
4.25% Senior Notes due March 15, 2035
650.0 645.8 650.0 645.5 
2.75% Senior Notes due September 15, 2041
177.5 176.1 300.0 297.4 
6.50% Senior Notes due November 15, 2043
750.0 737.0 750.0 736.5 
4.38% Senior Notes due March 15, 2045
600.0 589.1 600.0 588.7 
3.55% Senior Notes due March 15, 2050
161.2 159.3 300.0 296.2 
6.50% Senior Notes due November 15, 2053
1,000.0 983.1 1,000.0 982.6 
Total long-term debt$7,453.2 $7,385.4 $7,850.0 $7,773.0 
Current portion of long-term debt1,000.0 999.9 1,000.0 999.3 
Total long-term debt, less current portion$6,453.2 $6,385.5 $6,850.0 $6,773.7 
(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.
In December 2024, we commenced cash tender offers to purchase up to $300.0 aggregate purchase price, not including accrued and unpaid interest, of certain outstanding Senior Notes. As a result, an aggregate principle amount of $122.5 of our 2.750% Senior Notes due 2041 and $138.8 of our 3.550% Senior Notes due 2050 were tendered and accepted, and $194.1 of our 2.125% Senior Notes due 2032 were tendered, of which $135.5 was accepted. We recorded a net gain on the extinguishment of debt of $30.3 during the three and nine months ended January 31, 2025, included within other debt gains (charges) – net on the Condensed Statement of Consolidated Income. Components of the net gain include debt carrying value write-off of $335.9 (inclusive of terminated interest rate contract, debt issuance costs, and discounts), net of the reacquisition price of $300.0, debt tender fees of $1.1, and a loss on the associated reverse treasury locks of $4.5. For additional information, see Note 11: Derivative Financial Instruments.
In October 2023, we completed an offering of $3.5 billion in Senior Notes due November 15, 2028, November 15, 2033, November 15, 2043, and November 15, 2053. The Senior Notes included $31.8 of capitalized debt issuance costs and $15.0 of offering discounts to be amortized to interest expense – net in the Condensed Statements of Consolidated Income over the time period for which the debt is outstanding. The net proceeds from the offering were used to partially finance the acquisition of Hostess Brands and pay off the debt assumed as part of the acquisition.
In September 2023, we entered into a Term Loan with a group of banks for an unsecured $800.0 term facility. In November 2023, the full amount was drawn on the Term Loan to partially finance the acquisition of Hostess Brands and to pay off the debt assumed as part of the acquisition, as discussed in Note 3: Acquisition. As of April 30, 2024, the $800.0 Term Loan was prepaid in full.
In September 2023, we entered into a commitment letter for a $5.2 billion Bridge Loan that provided committed financing for the acquisition of Hostess Brands, as disclosed in Note 3: Acquisition. No balances were drawn against this facility, as the commitment letter was terminated after completion of the Senior Notes offering and drawing on the Term Loan. Included in other debt gains (charges) – net on the Condensed Statement of Consolidated Income at January 31, 2024 was $19.5 related to financing fees associated with the Bridge Loan.
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 Financing Rate (“SOFR”), Euro Interbank Offered Rate, or Canadian Overnight Repo Rate Average, 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 January 31, 2025, or April 30, 2024.
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 January 31, 2025, and April 30, 2024, we had $462.0 and $591.0 of short-term borrowings outstanding, respectively, which were issued under our commercial paper program at weighted-average interest rates of 4.55 and 5.48 percent, respectively.

Interest paid totaled $126.9 and $20.6 for the three months ended January 31, 2025 and 2024, respectively, and $341.8 and $94.2 for the nine months ended January 31, 2025 and 2024, 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 January 31, 2025, we are in compliance with all covenants.