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Debt and Credit Facilities
 12 Months Ended
Apr. 30, 2023
Debt Disclosure [Abstract]  
Debt and Credit Facilities Debt and Credit Facilities
Our long-term debt (net of unamortized discounts and issuance costs) consisted of:
April 30,20222023
2.25% senior notes, $250 principal amount, due January 15, 2023
$250 $— 
3.50% senior notes, $300 principal amount, due April 15, 2025
298 299 
1.20% senior notes, €300 principal amount, due July 7, 2026
315 330 
2.60% senior notes, £300 principal amount, due July 7, 2028
374 375 
4.75% senior notes, $650 principal amount, due April 15, 2033
— 642 
4.00% senior notes, $300 principal amount, due April 15, 2038
295 295 
3.75% senior notes, $250 principal amount, due January 15, 2043
248 248 
4.50% senior notes, $500 principal amount, due July 15, 2045
489 489 
2,269 2,678 
Less current portion250 — 
$2,019 $2,678 
On January 3, 2023, we entered into a $600 senior unsecured 364-day term loan credit agreement with various U.S. and international banks. This credit agreement specified a variable interest rate reflecting the Secured Overnight Financing Rate applicable to the term of the particular borrowing plus a margin based on our credit ratings. The weighted-average interest rate on the term loan borrowings was 5.36% until it was repaid in full on March 23, 2023.
On January 15, 2023, we repaid the $250 principal amount of 2.25% senior notes that matured on that date.
On March 23, 2023, we issued senior unsecured notes with an aggregate principal amount of $650. Interest on these notes will accrue at a rate of 4.75% and be paid semi-annually. These notes will mature on April 15, 2033. The net proceeds from the issuance were used to repay $600 of outstanding indebtedness under the unsecured 364-day term loan agreement, dated January 3, 2023.
Debt payments required over the next five fiscal years consist of $0 in 2024, $300 in 2025, $0 in 2026, $331 in 2027, $0 in 2028, and $2,077 after 2028.
The senior notes contain terms, events of default, and covenants customary of these types of unsecured securities, including limitations on the amount of secured debt we can issue.
Our short-term borrowings were $235 as of April 30, 2023 under our commercial paper program. There were no borrowings under that program as of April 30, 2022.
April 30,20222023
Commercial paper$—$235
Average interest rate—%5.17%
Average remaining days to maturity021
We had a committed revolving credit agreement with various U.S. and international banks for $800 that was scheduled to expire in November 2024. At April 30, 2023, there were no borrowings outstanding under this facility. On May 26, 2023, we entered into an amended and restated five-year credit agreement with various U.S. and international banks that provides for a $900 unsecured revolving credit commitment and expires on May 26, 2028. This agreement amended and restated our previous credit facility agreement. The new agreement contains no financial covenants.