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Debt and Financing Arrangements
 3 Months Ended
Jul. 31, 2025
Debt Disclosure [Abstract]  
Debt and Financing Arrangements
The following table summarizes the components of our long-term debt.
 July 31, 2025April 30, 2025
 Principal
Outstanding
Carrying
Amount (A)
Principal
Outstanding
Carrying
Amount (A)
3.38% Senior Notes due December 15, 2027
$500.0 $499.0 $500.0 $498.9 
5.90% Senior Notes due November 15, 2028
750.0 746.0 750.0 745.7 
2.38% Senior Notes due March 15, 2030
500.0 497.8 500.0 497.7 
2.13% Senior Notes due March 15, 2032
364.5 361.5 364.5 361.3 
6.20% Senior Notes due November 15, 2033
1,000.0 992.6 1,000.0 992.4 
4.25% Senior Notes due March 15, 2035
650.0 646.0 650.0 645.9 
2.75% Senior Notes due September 15, 2041
177.5 176.1 177.5 176.1 
6.50% Senior Notes due November 15, 2043
750.0 737.3 750.0 737.2 
4.38% Senior Notes due March 15, 2045
600.0 589.4 600.0 589.2 
3.55% Senior Notes due March 15, 2050
161.2 159.3 161.2 159.3 
6.50% Senior Notes due November 15, 2053
1,000.0 983.4 1,000.0 983.2 
Term Loan Credit Agreement due March 5, 2027650.0 649.9 650.0 649.9 
Total long-term debt$7,103.2 $7,038.3 $7,103.2 $7,036.8 
(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 March 2025, we entered into a $650.0 senior unsecured delayed-draw Term Loan Credit Agreement (“Term Loan”). Borrowings under the Term Loan bear interest on the prevailing Secured Overnight Financing Rate (“SOFR”) and are payable at the end of the borrowing term. The Term Loan matures on March 5, 2027, and does not require scheduled amortization payments. Voluntary prepayments are permitted without premium or penalty. On March 14, 2025, the full amount was drawn on the Term Loan to partially finance the repayment of $1.0 billion in principal of our 3.50% Senior Notes due March 15, 2025. Capitalized debt issuance costs associated with the Term Loan will be amortized to interest expense – net in the Condensed Statements of Consolidated Income (Loss) over the time period for which the debt is outstanding. As of July 31, 2025, the interest rate on the Term Loan was 5.44 percent.
We have available a $2.0 billion unsecured revolving credit facility with a group of ten banks that matures in March 2030. Borrowings under the revolving credit facility bear interest on the prevailing U.S. Prime 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 as of July 31, 2025, or April 30, 2025.
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, 2025, and April 30, 2025, we had $952.0 and $641.0 of short-term borrowings outstanding, respectively, which were issued under our commercial paper program at weighted-average interest rates of 4.65 and 4.73 percent, respectively.
Interest paid totaled $137.4 and $140.9 for the three months ended July 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 July 31, 2025, we are in compliance with all covenants.