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Debt and Financing Arrangements
 12 Months Ended
Apr. 30, 2024
Debt Disclosure [Abstract]  
Debt and Financing Arrangements
Note 8: Debt and Financing Arrangements
The following table summarizes the components of our long-term debt.
  April 30, 2024April 30, 2023
  Principal
Outstanding
Carrying Amount (A)
Principal
Outstanding
Carrying
 Amount (A)
3.50% Senior Notes due March 15, 2025
$1,000.0 $999.3 $1,000.0 $998.4 
3.38% Senior Notes due December 15, 2027
500.0 498.4 500.0 498.0 
5.90% Senior Notes due November 15, 2028
750.0 744.5 — — 
2.38% Senior Notes due March 15, 2030
500.0 497.2 500.0 496.7 
2.13% Senior Notes due March 15, 2032
500.0 495.2 500.0 494.4 
6.20% Senior Notes due November 15, 2033
1,000.0 991.5 — — 
4.25% Senior Notes due March 15, 2035
650.0 645.5 650.0 645.1 
2.75% Senior Notes due September 15, 2041
300.0 297.4 300.0 297.3 
6.50% Senior Notes due November 15, 2043
750.0 736.5 — — 
4.38% Senior Notes due March 15, 2045
600.0 588.7 600.0 588.2 
3.55% Senior Notes due March 15, 2050
300.0 296.2 300.0 296.1 
6.50% Senior Notes due November 15, 2053
1,000.0 982.6 — — 
Total long-term debt$7,850.0 $7,773.0 $4,350.0 $4,314.2 
Current portion of long-term debt1,000.0 999.3 — — 
Total long-term debt, less current portion$6,850.0 $6,773.7 $4,350.0 $4,314.2 
(A)    Represents the carrying amount included in the 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. Borrowings under the Term Loan bear interest on the prevailing SOFR. In November 2023, the full amount was drawn on the Term Loan to partially finance the acquisition of Hostess Brands and pay off the debt assumed as part of the acquisition, as discussed in Note 2: Acquisition. As of April 30, 2024, the $800.0 Term Loan was prepaid in full.

In September 2023, we entered into a commitment letter for a $5.2 billion Bridge Loan that provided committed financing for the acquisition of Hostess Brands, as discussed in Note 2: Acquisition. No balances were drawn against this facility, as the commitment letter was terminated after completion of the Senior Notes offering and drawing on the Term Loan. Included in other debt costs in the Statement of Consolidated Income during the year ended April 30, 2024, was $19.5 related to financing fees associated with the Bridge Loan.

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 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.

In 2022, we prepaid $400.0 in principal of the Senior Notes due March 15, 2022, and as a result, we recognized a net loss on extinguishment of $6.9, which primarily consisted of a make-whole payment and was included in other income (expense) – net in the Statement of Consolidated Income.
In 2020, we completed an offering of $800.0 in Senior Notes due March 15, 2030, and March 15, 2050. Concurrent with the pricing of these Senior Notes, we terminated interest rate contracts that were designated as cash flow hedges and were used to manage our exposure to interest rate volatility associated with the anticipated debt financing. The termination resulted in a pre-tax loss of $239.8, which was deferred and included as a component of accumulated other comprehensive income (loss) and is amortized as interest expense over the life of the debt. For additional information, see Note 10: Derivative Financial Instruments.
All of our Senior Notes outstanding at April 30, 2024, are unsecured, and interest is paid semiannually, with no required scheduled principal payments until maturity. We may prepay all or part of the Senior Notes at 100 percent of the principal amount thereof, together with the accrued and unpaid interest, and any applicable make-whole amount.
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, SOFR, Euro Interbank Offered Rate, 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 April 30, 2024, or 2023.

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 April 30, 2024, we had $591.0 of short-term borrowings outstanding, which were issued under our commercial paper program at a weighted-average interest rate of 5.48 percent. As of April 30, 2023, we did not have a balance outstanding under the commercial paper program.
Interest paid totaled $170.7, $153.1, and $155.2 in 2024, 2023, and 2022, 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 payment of other debt fees.
Our debt instruments contain certain covenant restrictions, including an interest coverage ratio. As of April 30, 2024, we are in compliance with all covenants.