Debt and Financing Arrangements

9 Months Ended

Jan. 31, 2013

Debt and Financing Arrangements [Abstract]

Debt and Financing Arrangements

Note 9: Debt and Financing Arrangements

Long-term debt consists of the following:

	January 31, 2013		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		395,762		397,906
3.50% Notes due October 15, 2021		748,746		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	$	2,068,508	$	2,070,543
Current portion of long-term debt		50,000		50,000
Total long-term debt, less current portion	$	2,018,508	$	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 may prepay at any time all or part of the Senior Notes at 100 percent of the principal amount thereof, together with accrued and unpaid interest, and any applicable make-whole amount.

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 January 31, 2013.

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.