Debt and Financing Arrangements

9 Months Ended

Jan. 31, 2021

The following table summarizes the components of our long-term debt.


	January 31, 2021				April 30, 2020
	Principal Outstanding		Carrying Amount (A)		Principal Outstanding		Carrying Amount (A)
3.50% Senior Notes due October 15, 2021	$	750.0	$	755.4	$	750.0	$	761.1
3.00% Senior Notes due March 15, 2022	400.0		399.2		400.0		398.7
3.50% Senior Notes due March 15, 2025	1,000.0		996.6		1,000.0		996.0
3.38% Senior Notes due December 15, 2027	500.0		497.0		500.0		496.7
2.38% Senior Notes due March 15, 2030	500.0		495.6		500.0		495.2
4.25% Senior Notes due March 15, 2035	650.0		644.2		650.0		643.9
4.38% Senior Notes due March 15, 2045	600.0		586.9		600.0		586.5
3.55% Senior Notes due March 15, 2050	300.0		295.8		300.0		295.7
Term Loan Credit Agreement due May 14, 2021	—		—		700.0		699.5
Total long-term debt	$	4,700.0	$	4,670.7	$	5,400.0	$	5,373.3
Current portion of long-term debt	750.0		755.4		—		—
Total long-term debt, less current portion	$	3,950.0	$	3,915.3	$	5,400.0	$	5,373.3

(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.

During the third quarter of 2021, we prepaid, in full, the remaining outstanding balance of the $1.5 billion senior unsecured delayed-draw Term Loan Credit Agreement (“Term Loan”) that was entered into in April 2018 to partially finance the Ainsworth acquisition. During the three and nine months ended January 31, 2021, we prepaid $200.0 and $700.0 on the Term Loan, respectively.

We have available a $1.8 billion unsecured revolving credit facility with a group of 11 banks that matures in September 2022. Borrowings under the revolving credit facility bear interest on the prevailing U.S. Prime Rate, LIBOR, or Canadian Dealer Offered Rate, 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 January 31, 2021, or April 30, 2020.

We participate in a commercial paper program under which we can issue short-term, unsecured commercial paper not to exceed $1.8 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 will be used as a continuing source of short-term financing for general corporate purposes. As of January 31, 2021, and April 30, 2020, we had $166.0 and $248.0 of short-term borrowings outstanding, respectively, which were issued under our commercial paper program at weighted-average interest rates of 0.17 percent and 0.40 percent, respectively.

Interest paid totaled $8.7 and $18.3 for the three months ended January 31, 2021 and 2020, respectively, and $95.1 and $118.3, for the nine months ended January 31, 2021 and 2020, respectively. This differs from interest expense due to the timing of interest payments, amortization of debt issuance costs and discounts, effect of interest rate contracts, capitalized interest, and payment of other debt fees.

Our debt instruments contain certain financial covenant restrictions, including a leverage ratio and an interest coverage ratio. We are in compliance with all covenants.