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Financing Arrangements | 12 Months Ended
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Apr. 30, 2021
Debt Disclosure [Abstract] |
Financing Arrangements | 9. Financing Arrangements Long-Term Debt The following table summarizes information relating to our long-term debt, which we collectively refer to as our Senior Notes (in millions, except interest rates):
|  | Effective Interest Rate |  |  | April 30, 2021 |  |  | April 24, 2020 |  |
3.375% Senior Notes Due June 2021 |  | 3.54% |  |  | $ | — |  |  | $ | 500 |  |
3.25% Senior Notes Due December 2022 |  | 3.43% |  |  |  | 250 |  |  |  | 250 |  |
3.30% Senior Notes Due September 2024 |  | 3.42% |  |  |  | 400 |  |  |  | 400 |  |
1.875% Senior Notes Due June 2025 |  | 2.03% |  |  |  | 750 |  |  |  | — |  |
2.375% Senior Notes Due June 2027 |  | 2.51% |  |  |  | 550 |  |  |  | — |  |
2.70% Senior Notes Due June 2030 |  | 2.81% |  |  |  | 700 |  |  |  | — |  |
Total principal amount |  |  |  |  |  |  | 2,650 |  |  |  | 1,150 |  |
Unamortized discount and issuance costs |  |  |  |  |  |  | (18 | ) |  |  | (4 | ) |
Total senior notes |  |  |  |  |  | $ | 2,632 |  |  | $ | 1,146 |  |
Senior Notes In June 2020, we issued $750 million aggregate principal amount of 1.875% Senior Notes due 2025, $550 million aggregate principal amount of 2.375% Senior Notes due 2027 and $700 million aggregate principal amount of 2.70% Senior Notes due 2030, for which we received total proceeds of approximately $2.0 billion, net of discount and issuance costs. Interest on these Senior Notes is payable semi-annually in June and December. Our 3.30% Senior Notes, with a principal amount of $400 million, were issued in September 2017 with interest paid semi-annually in March and September. Our 3.25% Senior Notes, with a principal amount of $250 million, were issued in December 2012 with interest paid semi-annually in June and December. . Our Senior Notes, which are unsecured, unsubordinated obligations, rank equally in right of payment with any existing and future senior unsecured indebtedness On July 27, 2020, we extinguished our 3.375% Senior Notes due June 2021 for an aggregate cash redemption price of $513 million, plus accrued and unpaid interest. As part of the debt extinguishment, we recognized a loss of $14 million during the first quarter of fiscal year 2021, which includes a cash redemption premium of $13 million and the write-off of unamortized discount and issuance costs totaling $1 million. The loss on extinguishment of debt is included in other (expense) income, net in our consolidated statement of income for the year ended April 30, 2021. 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 certain sale and lease-back transactions; and to consolidate, merge or sell all or substantially all of our assets. As of April 30, 2021, we were in compliance with all covenants associated with the Senior Notes. As of April 30, 2021, our aggregate future principal debt maturities are as follows (in millions):
Fiscal Year |  | Amount |
2022 |  | $ | — |
2023 |  |  | 250 |
2024 |  |  | — |
2025 |  |  | 400 |
2026 |  |  | 750 |
Thereafter |  |  | 1,250 |
Total |  | $ | 2,650 |
Commercial Paper Program and Credit Facility We have a commercial paper program (the Program), under which we may issue unsecured commercial paper notes. Amounts available under the Program, as amended in July 2017, may be borrowed, repaid and re-borrowed, with the aggregate face or principal amount of the notes outstanding under the Program at any time not to exceed $1.0 billion. The maturities of the notes can vary, but may not exceed 397 days from the date of issue. The notes are sold under customary terms in the commercial paper market and may be issued at a discount from par or, alternatively, may be sold at par and bear interest at rates dictated by market conditions at the time of their issuance. The proceeds from the issuance of the notes are used for general corporate purposes. While no commercial paper notes were outstanding as of April 30, 2021, we had commercial paper notes outstanding with an aggregate principal amount of $523 million, a weighted-average interest rate of 2.01%, and maturities primarily less than three months as of April 24, 2020. During fiscal year 2021, we received proceeds of $75 million from the issuance, and made repayments of $176 million for the settlement, of commercial paper notes with original maturities greater than three months. During fiscal 2020, we received proceeds of $111 million from the issuance, and made repayments of $10 million for the settlement, of commercial paper notes with original maturities greater than three months. In connection with the Program, we have a senior unsecured credit agreement with a syndicated group of lenders. The credit agreement, which was amended on January 22, 2021, provides for a $1.0 billion revolving unsecured credit facility, with a sublimit of $50 million available for the issuance of letters of credit on our behalf. The credit facility matures on January 22, 2026, with an option for us to extend the maturity date for two additional 1-year periods, subject to certain conditions. The proceeds of the loans may be used by us for general corporate purposes and as liquidity support for our existing commercial paper program. As of April 30, 2021, we were compliant with all associated covenants in the agreement. No amounts were drawn against this credit facility during any of the periods presented.

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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://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -URI http://asc.fasb.org/topic&trid=2208564 + Details
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