Debt and Credit Facilities

12 Months Ended

Apr. 30, 2015

Our long-term debt (net of unamortized discount) consisted of:



April 30,	2014		2015
2.50% senior notes, due in fiscal 2016	$	249	$	250
1.00% senior notes, due in fiscal 2018	249		249
2.25% senior notes, due in fiscal 2023	249		249
3.75% senior notes, due in fiscal 2043	250		250
	997		998
Less current portion	—		250
	$	997	$	748

Debt payments required over the next five fiscal years consist of $250 in 2016, $0 in 2017, $250 in 2018, $0 in 2019, $0 in 2020, and $500 after 2020.

The senior notes contain terms and covenants customary of these types of unsecured securities, including limitations on the amount of secured debt we can issue.

As of April 30, 2015, our short-term borrowings of $190 included $183 of commercial paper, with an average interest rate of 0.17%, and an average remaining maturity of 13 days.

We have a committed revolving credit agreement with various U.S. and international banks for $800 that expires in November 2018. Its most restrictive quantitative covenant requires that the ratio of our consolidated EBITDA (as defined in the agreement) to consolidated interest expense not be less than 3 to 1. At April 30, 2015, with a ratio of 38 to 1, we were well within this covenant’s parameters and had no borrowing outstanding under this facility.

On February 25, 2013, we redeemed, in full, our 5.00% notes due in fiscal 2014 by exercising a “make whole” call provision of the notes. In connection with the redemption, we incurred costs of $9, which is reflected as interest expense in the accompanying consolidated statement of operations for fiscal 2013.

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

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