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Debt and Financing Arrangements | 12 Months Ended
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Apr. 30, 2025
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, 2025 |  | April 30, 2024
| Principal Outstanding |  | Carrying Amount (A) |  | Principal Outstanding |  | Carrying Amount (A)
3.50% Senior Notes due March 15, 2025 | $ | — |  |  | $ | — |  |  | $ | 1,000.0 |  |  | $ | 999.3 |
3.38% Senior Notes due December 15, 2027 | 500.0 |  |  | 498.9 |  |  | 500.0 |  |  | 498.4 |
5.90% Senior Notes due November 15, 2028 | 750.0 |  |  | 745.7 |  |  | 750.0 |  |  | 744.5 |
2.38% Senior Notes due March 15, 2030 | 500.0 |  |  | 497.7 |  |  | 500.0 |  |  | 497.2 |
2.13% Senior Notes due March 15, 2032 | 364.5 |  |  | 361.3 |  |  | 500.0 |  |  | 495.2 |
6.20% Senior Notes due November 15, 2033 | 1,000.0 |  |  | 992.4 |  |  | 1,000.0 |  |  | 991.5 |
4.25% Senior Notes due March 15, 2035 | 650.0 |  |  | 645.9 |  |  | 650.0 |  |  | 645.5 |
2.75% Senior Notes due September 15, 2041 | 177.5 |  |  | 176.1 |  |  | 300.0 |  |  | 297.4 |
6.50% Senior Notes due November 15, 2043 | 750.0 |  |  | 737.2 |  |  | 750.0 |  |  | 736.5 |
4.38% Senior Notes due March 15, 2045 | 600.0 |  |  | 589.2 |  |  | 600.0 |  |  | 588.7 |
3.55% Senior Notes due March 15, 2050 | 161.2 |  |  | 159.3 |  |  | 300.0 |  |  | 296.2 |
6.50% Senior Notes due November 15, 2053 | 1,000.0 |  |  | 983.2 |  |  | 1,000.0 |  |  | 982.6 |
Term Loan Credit Agreement due March 5, 2027 | $ | 650.0 |  |  | $ | 649.9 |  |  | $ | — |  |  | $ | — |
Total long-term debt | $ | 7,103.2 |  |  | $ | 7,036.8 |  |  | $ | 7,850.0 |  |  | $ | 7,773.0 |
Current portion of long-term debt | — |  |  | — |  |  | 1,000.0 |  |  | 999.3 |
Total long-term debt, less current portion | $ | 7,103.2 |  |  | $ | 7,036.8 |  |  | $ | 6,850.0 |  |  | $ | 6,773.7 |
(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 March 2025, we entered into a Term Loan for an unsecured $650.0 term facility. Borrowings under the Term Loan bear interest on the prevailing SOFR and are payable at the end of the borrowing term. The Term Loan matures on March 5, 2027, and does not require scheduled amortization payments. Voluntary prepayments are permitted without premium or penalty. On March 14, 2025, the full amount was drawn on the Term Loan to partially finance the repayment of $1.0 billion in principal of our 3.50% Senior Notes due March 15, 2025. Capitalized debt issuance costs associated with the Term Loan will be amortized to interest expense – net in the Statements of Consolidated Income (Loss) over the time period for which the debt is outstanding. As of April 30, 2025, the interest rate on the Term Loan was 5.43 percent. In March 2025, we also entered into an unsecured revolving credit facility with a group of ten banks, which provides for a revolving credit line of $2.0 billion and matures in March 2030. As a result of the new facility in March 2025, we terminated the previous $2.0 billion revolving credit facility. The new revolving credit facility includes approximately $3.9 of capitalized debt issuance costs, to be amortized to interest expense – net in the Statements of Consolidated Income (Loss) over the time for which the revolving credit facility is effective. Borrowings under the revolving credit facility bear interest on the prevailing U.S. Prime Rate, SOFR, Euro Interbank Offered Rate, or Canadian Overnight Repo Rate Average, 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 new revolving credit facility as of April 30, 2025, or the previous facility as of April 30, 2024. In December 2024, we commenced cash tender offers to purchase up to $300.0 aggregate purchase price, not including accrued and unpaid interest, of certain outstanding Senior Notes. As a result, an aggregate principal amount of $122.5 of our 2.750% Senior Notes due 2041 and $138.8 of our 3.550% Senior Notes due 2050 were tendered and accepted, and $194.1 of our 2.125% Senior Notes due 2032 were tendered, of which $135.5 was accepted. We recorded a net gain on the extinguishment of debt of $30.3 during the year ended April 30, 2025, included within other debt gains (charges) – net on the Statement of Consolidated Income (Loss). Components of the net gain include debt carrying value write-off of $335.9 (inclusive of terminated interest rate contract, debt issuance costs, and discounts), net of the reacquisition price of $300.0, debt tender fees of $1.1, and a loss on the associated reverse treasury locks of $4.5. For additional information, see Note 10: Derivative Financial Instruments. 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 (Loss) 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 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 gains (charges) – net in the Statement of Consolidated Income (Loss) during the year ended April 30, 2024 was $19.5 related to financing fees associated with the Bridge Loan. 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, 2025, 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 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, 2025 and 2024, we had $641.0 and $591.0 of short-term borrowings outstanding, respectively, which were issued under our commercial paper program at weighted-average interest rates of 4.73 and 5.48 percent, respectively. Interest paid totaled $410.6, $170.7, and $153.1 in 2025, 2024, and 2023, respectively. This differs from interest expense due to capitalized interest, the timing of interest payments, 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, 2025, w e are in compliance with all covenants.

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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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