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Financing Arrangements | 12 Months Ended
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Apr. 25, 2025
Debt Disclosure [Abstract] |
Financing Arrangements | 8. 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 25, 2025 |  |  | April 26, 2024 |
3.30% Senior Notes Due September 2024 |  | 3.42% |  | $ | — |  |  | $ | 400 |
1.875% Senior Notes Due June 2025 |  | 2.03% |  |  | 750 |  |  |  | 750 |
2.375% Senior Notes Due June 2027 |  | 2.51% |  |  | 550 |  |  |  | 550 |
2.70% Senior Notes Due June 2030 |  | 2.81% |  |  | 700 |  |  |  | 700 |
5.50% Senior Notes Due June 2032 |  | 5.71% |  |  | 625 |  |  |  | — |
5.70% Senior Notes Due June 2035 |  | 5.90% |  |  | 625 |  |  |  | — |
Total principal amount |  |  |  |  | 3,250 |  |  |  | 2,400 |
Unamortized discount and issuance costs |  |  |  |  | (15 | ) |  |  | (8 | )
Total senior notes |  |  |  |  | 3,235 |  |  |  | 2,392 |
Less: Current portion of long-term debt |  |  |  |  | (750 | ) |  |  | (400 | )
Total long-term debt |  |  |  | $ | 2,485 |  |  | $ | 1,992 |
Senior Notes I n March 2025, we issued $625 million aggregate principal amount of 5.50% Senior Notes due 2032 and $625 million aggregate principal amount of 5.70% Senior Notes due 2035, for which we received total proceeds of $1.24 billion, net of discount and issuance costs. Interest on these Senior Notes is payable semi-annually in March and September. On September 30, 2024, upon maturity, we repaid the 3.30% Senior Notes due September 2024 for an aggregate amount of $407 million, comprised of the principal and unpaid interest. Our Senior Notes, which are unsecured, unsubordinated obligations, rank equally in right of payment with any existing and 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 certain sale and lease-back transactions; and to consolidate, merge or sell all or substantially all of our assets. As of April 25, 2025, we were in compliance with all covenants associated with the Senior Notes. As of April 25, 2025, our aggregate future principal debt maturities are as follows (in millions):
Fiscal Year |  | Amount |
2026 |  | $ | 750 |
2027 |  |  | — |
2028 |  |  | 550 |
2029 |  |  | — |
Thereafter |  |  | 1,950 |
Total |  | $ | 3,250 |
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. There were no commercial paper notes outstanding as of April 25, 2025 or April 26, 2024. In connection with the Program, we have a senior unsecured credit agreement with a syndicated group of lenders. The credit agreement, which was amended in March 2025, 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 March 5, 2030, 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 25, 2025, 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://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 6 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147481544/470-10-50-6 Reference 2: 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