Debt and Financing Arrangements

3 Months Ended

Jul. 31, 2012

Debt and Financing Arrangements [Abstract]

Debt and Financing Arrangements

Note 9: Debt and Financing Arrangements

Long-term debt consists of the following:

	July 31, 2012		April 30, 2012
4.78% Senior Notes due June 1, 2014	$	100,000	$	100,000
6.12% Senior Notes due November 1, 2015		24,000		24,000
6.63% Senior Notes due November 1, 2018		397,201		397,906
3.50% Notes due October 15, 2021		748,674		748,637
5.55% Senior Notes due April 1, 2022		400,000		400,000
4.50% Senior Notes due June 1, 2025		400,000		400,000
Total long-term debt	$	2,069,875	$	2,070,543
Current portion of long-term debt		50,000		50,000
Total long-term debt, less current portion	$	2,019,875	$	2,020,543

All of the Company’s Senior Notes are unsecured and interest is paid semiannually. Scheduled principal payments are required on the 5.55 percent Senior Notes, the first of which is $50.0 million on April 1, 2013, and on the 4.50 percent Senior Notes, the first of which is $100.0 million on June 1, 2020.

The Company has available a $1.0 billion revolving credit facility with a group of nine banks that matures in July 2016. The Company did not have a balance outstanding under the revolving credit facility at July 31, 2012.

The Company’s debt instruments contain certain financial covenant restrictions including consolidated net worth, a leverage ratio, and an interest coverage ratio. The Company is in compliance with all covenants.