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Financing Arrangements | 3 Months Ended
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Jul. 31, 2015
Debt Disclosure [Abstract] |
Financing Arrangements | 8. Financing Arrangements Long-term Debt The following table summarizes information relating to our long-term debt (in millions, except interest rates):
|  | July 31, 2015 |  |  | April 24, 2015 |
|  |  |  |  |  | Effective |  |  |  |  |  |  | Effective |
|  | Amount |  |  | Interest Rate |  |  | Amount |  |  | Interest Rate |
2.00% Senior Notes Due 2017 |  | $ | 750 |  |  |  | 2.25 | % |  | $ | 750 |  |  |  | 2.25 | %
3.375% Senior Notes Due 2021 |  |  | 500 |  |  |  | 3.54 | % |  |  | 500 |  |  |  | 3.54 | %
3.25% Senior Notes Due 2022 |  |  | 250 |  |  |  | 3.43 | % |  |  | 250 |  |  |  | 3.43 | %
Total principal amount |  |  | 1,500 |  |  |  |  |  |  |  | 1,500 |  |  |  |  |
Less: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Unamortized discount |  |  | (5 | ) |  |  |  |  |  |  | (5 | ) |  |  |  |
Unamortized issuance costs |  |  | (7 | ) |  |  |  |  |  |  | (8 | ) |  |  |  |
Total long-term debt |  | $ | 1,488 |  |  |  |  |  |  | $ | 1,487 |  |  |  |  |
Senior Notes In June 2014, we issued $500 million par value of 3.375% Senior Notes due June 15, 2021, and received proceeds of approximately $495 million, net of discount and issuance costs. Our 2.00% Senior Notes and 3.25% Senior Notes, with a par value of $750 million and $250 million, respectively, were issued in December 2012. We collectively refer to such long-term debt as our Senior Notes. Interest on our Senior Notes is paid semi-annually on June 15 and December 15. Our Senior Notes, which are unsecured, unsubordinated obligations, rank equally in right of payment with any future senior unsecured indebtedness. We may redeem the Senior Notes in whole or in part, at any time at our option at specified redemption prices. In addition, upon the occurrence of certain change of control triggering events, we may be required to repurchase the Senior Notes under specified terms. The Senior Notes also include covenants that limit our ability to incur debt secured by liens on assets or on shares of stock or indebtedness of our subsidiaries; to engage in sale and lease-back transactions; and to consolidate, merge or sell all or substantially all of our assets. As of July 31, 2015, we were in compliance with all covenants associated with the Senior Notes. As of July 31, 2015, our aggregate future principal debt maturities are as follows (in millions):
Fiscal Year |  | Amount |
2018 |  | $ | 750 |
Thereafter |  |  | 750 |
Total |  | $ | 1,500 |
Credit Facility In December 2012, we entered into a credit agreement with a syndicated group of lenders that is scheduled to expire on December 21, 2017 and provides for an unsecured $250 million revolving credit facility that is comprised of revolving loans, Eurocurrency loans and/or swingline loans. The credit facility includes a $100 million foreign currency sub-facility, a $50 million letter of credit sub-facility and a $10 million swingline sub-facility available on same-day notice. Available borrowings under the credit facility are reduced by the amount of any outstanding borrowings on the sub-facilities. We may also, subject to certain requirements, request an increase in the facility up to an additional $100 million and request two additional one-year extensions, subject to certain conditions. The proceeds from the facility may be used by us for general corporate purposes. Borrowings under the facility, except for swingline loans, accrue interest in arrears at an alternate base rate as defined in the credit agreement or, at our option, an adjusted London Interbank Offered Rate (LIBOR) plus in each case, a spread (based on our public debt ratings and the type of loan) ranging from 0.2% to 1.2%. Swingline borrowings accrue interest at an alternate base rate. In addition, we are required to pay fees to maintain the credit facility, whether or not we have outstanding borrowings. The facility contains financial covenants requiring us to maintain a maximum leverage ratio of not more than 3.0:1.0 and a minimum interest coverage ratio of not less than 3.5:1.0. The facility contains customary affirmative and negative covenants, including covenants that limit our ability to incur debt secured by liens on assets or indebtedness of our subsidiaries and to consolidate, merge or sell all or substantially all of our assets. As of July 31, 2015, no borrowings were outstanding under the facility and we were in compliance with all covenants associated with the facility. Other Long-Term Financing Arrangements The following presents the amounts due under other long-term financing arrangements (in millions):
|  | July 31, 2015 |  |  | April 24, 2015 |
Other long-term financing arrangements |  | $ | 14 |  |  | $ | 16 |
Less: current portion |  |  | (9 | ) |  |  | (10 | )
Non-current portion of other long-term financing arrangements |  | $ | 5 |  |  | $ | 6 |

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- 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. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21475-112644 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02.19,20,22) -URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682 + Details
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