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Debt and Financing Arrangements
 3 Months Ended
Jul. 31, 2024
Debt Disclosure [Abstract]  
Debt and Financing Arrangements
The following table summarizes the components of our long-term debt.
 July 31, 2024April 30, 2024
 Principal
Outstanding
Carrying
Amount (A)
Principal
Outstanding
Carrying
Amount (A)
3.50% Senior Notes due March 15, 2025
$1,000.0 $999.5 $1,000.0 $999.3 
3.38% Senior Notes due December 15, 2027
500.0 498.5 500.0 498.4 
5.90% Senior Notes due November 15, 2028
750.0 744.8 750.0 744.5 
2.38% Senior Notes due March 15, 2030
500.0 497.3 500.0 497.2 
2.13% Senior Notes due March 15, 2032
500.0 495.3 500.0 495.2 
6.20% Senior Notes due November 15, 2033
1,000.0 991.8 1,000.0 991.5 
4.25% Senior Notes due March 15, 2035
650.0 645.6 650.0 645.5 
2.75% Senior Notes due September 15, 2041
300.0 297.5 300.0 297.4 
6.50% Senior Notes due November 15, 2043
750.0 736.6 750.0 736.5 
4.38% Senior Notes due March 15, 2045
600.0 588.8 600.0 588.7 
3.55% Senior Notes due March 15, 2050
300.0 296.3 300.0 296.2 
6.50% Senior Notes due November 15, 2053
1,000.0 982.8 1,000.0 982.6 
Total long-term debt$7,850.0 $7,774.8 $7,850.0 $7,773.0 
Current portion of long-term debt1,000.0 999.5 1,000.0 999.3 
Total long-term debt, less current portion$6,850.0 $6,775.3 $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 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 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.
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 July 31, 2024, 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 July 31, 2024 and April 30, 2024, we had $697.0 and $591.0 of short-term borrowings outstanding, respectively, which were both issued under our commercial paper program at a weighted-average interest rate of 5.48 percent.

Interest paid totaled $140.9 and $8.4 for the three months ended July 31, 2024 and 2023, 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, 2024, we are in compliance with all covenants.