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Debt and Financing Arrangements | 6 Months Ended
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Oct. 31, 2025
Debt Disclosure [Abstract] |
Debt and Financing Arrangements | The following table summarizes the components of our long-term debt.
| October 31, 2025 |  | April 30, 2025
| Principal Outstanding |  | Carrying Amount (A) |  | Principal Outstanding |  | Carrying Amount (A)
3.38% Senior Notes due December 15, 2027 | $ | 500.0 |  |  | $ | 499.1 |  |  | $ | 500.0 |  |  | $ | 498.9 |
5.90% Senior Notes due November 15, 2028 | 750.0 |  |  | 746.3 |  |  | 750.0 |  |  | 745.7 |
2.38% Senior Notes due March 15, 2030 | 500.0 |  |  | 497.9 |  |  | 500.0 |  |  | 497.7 |
2.13% Senior Notes due March 15, 2032 | 364.5 |  |  | 361.6 |  |  | 364.5 |  |  | 361.3 |
6.20% Senior Notes due November 15, 2033 | 1,000.0 |  |  | 992.9 |  |  | 1,000.0 |  |  | 992.4 |
4.25% Senior Notes due March 15, 2035 | 650.0 |  |  | 646.2 |  |  | 650.0 |  |  | 645.9 |
2.75% Senior Notes due September 15, 2041 | 177.5 |  |  | 176.1 |  |  | 177.5 |  |  | 176.1 |
6.50% Senior Notes due November 15, 2043 | 750.0 |  |  | 737.5 |  |  | 750.0 |  |  | 737.2 |
4.38% Senior Notes due March 15, 2045 | 600.0 |  |  | 589.5 |  |  | 600.0 |  |  | 589.2 |
3.55% Senior Notes due March 15, 2050 | 161.2 |  |  | 159.3 |  |  | 161.2 |  |  | 159.3 |
6.50% Senior Notes due November 15, 2053 | 1,000.0 |  |  | 983.5 |  |  | 1,000.0 |  |  | 983.2 |
Term Loan Credit Agreement due March 5, 2027 | 650.0 |  |  | 649.9 |  |  | 650.0 |  |  | 649.9 |
Total long-term debt | $ | 7,103.2 |  |  | $ | 7,039.8 |  |  | $ | 7,103.2 |  |  | $ | 7,036.8 |
(A) Represents the carrying amount included in the Condensed 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 $650.0 senior unsecured delayed-draw Term Loan Credit Agreement (“Term Loan”). Borrowings under the Term Loan bear interest on the prevailing Secured Overnight Financing Rate (“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 Condensed Statements of Consolidated Income (Loss) over the time period for which the debt is outstanding. As of October 31, 2025, the interest rate on the Term Loan was 5.13 percent. Subsequent to the quarter, we prepaid $100.0 on the Term Loan. We have available a $2.0 billion unsecured revolving credit facility with a group of ten banks that matures in March 2030. 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 revolving credit facility as of October 31, 2025, or April 30, 2025. 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 October 31, 2025, and April 30, 2025, we had $748.5 and $641.0 of short-term borrowings outstanding, respectively, which were issued under our commercial paper program at weighted-average interest rates of 4.29 and 4.73 percent, respectively. Interest paid totaled $61.3 and $74.0 for the three months ended October 31, 2025 and 2024, respectively, and $198.7 and $214.9 for the six months ended October 31, 2025 and 2024, respectively. This differs from interest expense due to capitalized interest, the effect of interest rate contracts, amortization of debt issuance costs and discounts, the payment of other debt fees, and the timing of interest payments. Our debt instruments contain covenant restrictions, including an interest coverage ratio. As of October 31, 2025, we 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 815 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 8A -Publisher FASB -URI https://asc.fasb.org/1943274/2147480434/815-10-50-8A Reference 2: http://www.xbrl.org/2003/role/disclosureRef 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