BROWN FORMAN CORP, 10-Q filed on 3/3/2022
Quarterly Report
v3.22.0.1
Document and Entity Information - shares
 9 Months Ended
Jan. 31, 2022
Feb. 28, 2022
Document Information [Line Items]    
Document Type 10-Q  
Document Quarterly Report true  
Document Period End Date Jan. 31, 2022  
Document Transition Report false  
Entity File Number 001-00123  
Entity Registrant Name Brown-Forman Corporation  
Entity Incorporation, State or Country Code DE  
Entity Tax Identification Number 61-0143150  
Entity Address, Address Line One 850 Dixie Highway  
Entity Address, City or Town Louisville,  
Entity Address, State or Province KY  
Entity Address, Postal Zip Code 40210  
City Area Code 502  
Local Phone Number 585-1100  
Entity Current Reporting Status Yes  
Entity Interactive Data Current Yes  
Entity Filer Category Large Accelerated Filer  
Entity Small Business false  
Entity Emerging Growth Company false  
Entity Shell Company false  
Entity Central Index Key 0000014693  
Amendment Flag false  
Document Fiscal Year Focus 2022  
Document Fiscal Period Focus Q3  
Current Fiscal Year End Date --04-30  
Common stock, Class A, voting [Member]    
Document Information [Line Items]    
Title of 12(b) Security Class A Common Stock (voting), $0.15 par value  
Trading Symbol BFA  
Security Exchange Name NYSE  
Entity Common Stock, Shares Outstanding   169,175,352
Common stock, Class B, nonvoting [Member]    
Document Information [Line Items]    
Title of 12(b) Security Class B Common Stock (nonvoting), $0.15 par value  
Trading Symbol BFB  
Security Exchange Name NYSE  
Entity Common Stock, Shares Outstanding   309,795,475
1.20% notes, due July 7, 2026 [Member]    
Document Information [Line Items]    
Title of 12(b) Security 1.200% Notes due 2026  
Trading Symbol BF26  
Security Exchange Name NYSE  
2.60% notes, due July 7, 2028 [Member]    
Document Information [Line Items]    
Title of 12(b) Security 2.600% Notes due 2028  
Trading Symbol BF28  
Security Exchange Name NYSE  
v3.22.0.1
Condensed Consolidated Statements of Operations (Unaudited) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Jan. 31, 2022
Jan. 31, 2021
Jan. 31, 2022
Jan. 31, 2021
Income Statement [Abstract]        
Sales $ 1,365 $ 1,222 $ 3,831 $ 3,481
Excise taxes 328 311 894 832
Net sales 1,037 911 2,937 2,649
Cost of sales 415 361 1,172 1,053
Gross profit 622 550 1,765 1,596
Advertising expenses 117 121 311 278
Selling, general, and administrative expenses 162 157 495 460
Gain on sale of business 0 0 0 (127)
Other expense (income), net (4) (9) 1 (13)
Operating income 347 281 958 998
Non-operating postretirement expense 0 1 2 4
Interest income (1) 0 (3) (1)
Interest expense 20 21 61 61
Income before income taxes 328 259 898 934
Income taxes 69 40 211 151
Net income $ 259 $ 219 $ 687 $ 783
Earnings per share:        
Basic (dollars per share) $ 0.54 $ 0.46 $ 1.43 $ 1.64
Diluted (dollars per share) $ 0.54 $ 0.45 $ 1.43 $ 1.63
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Condensed Consolidated Statements of Comprehensive Income (Unaudited) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Jan. 31, 2022
Jan. 31, 2021
Jan. 31, 2022
Jan. 31, 2021
Statement of Comprehensive Income [Abstract]        
Net income $ 259 $ 219 $ 687 $ 783
Other comprehensive income (loss), net of tax:        
Currency translation adjustments (27) 47 (49) 113
Cash flow hedge adjustments 16 (33) 40 (72)
Postretirement benefits adjustments 5 5 13 17
Net other comprehensive income (loss) (6) 19 4 58
Comprehensive income $ 253 $ 238 $ 691 $ 841
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Condensed Consolidated Balance Sheets (Unaudited) - USD ($)
$ in Millions
Jan. 31, 2022
Apr. 30, 2021
Assets    
Cash and cash equivalents $ 812 $ 1,150
Accounts receivable, less allowance for doubtful accounts of $7 at April 30 and $6 at January 31 796 753
Inventories:    
Barreled whiskey 1,126 1,101
Finished goods 302 323
Work in process 220 199
Raw materials and supplies 121 128
Total inventories 1,769 1,751
Other current assets 276 263
Total current assets 3,653 3,917
Property, plant, and equipment, net 818 832
Goodwill 771 779
Other intangible assets 652 676
Deferred tax assets 67 70
Other assets 265 248
Total assets 6,226 6,522
Liabilities    
Accounts payable and accrued expenses 629 679
Dividends payable 90 0
Accrued income taxes 64 34
Short-term borrowings 16 205
Current portion of long-term debt 250 0
Total current liabilities 1,049 918
Long-term debt 2,061 2,354
Deferred tax liabilities 190 169
Accrued pension and other postretirement benefits 216 219
Other liabilities 191 206
Total liabilities 3,707 3,866
Commitments and contingencies
Stockholders' Equity    
Additional paid-in capital 3 0
Retained earnings 3,091 3,243
Accumulated other comprehensive income (loss), net of tax (418) (422)
Treasury stock, at cost (5,803,000 and 5,613,000 shares at April 30 and January 31, respectively) (229) (237)
Total stockholders' equity 2,519 2,656
Total liabilities and stockholders' equity 6,226 6,522
Common stock, Class A, voting [Member]    
Stockholders' Equity    
Common stock 25 25
Common stock, Class B, nonvoting [Member]    
Stockholders' Equity    
Common stock $ 47 $ 47
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Condensed Consolidated Balance Sheets (Parenthetical) - USD ($)
$ in Millions
Jan. 31, 2022
Apr. 30, 2021
Statement of Financial Position [Abstract]    
Allowance for doubtful accounts $ 6 $ 7
Treasury stock, shares 5,613,000 5,803,000
Class of Stock [Line Items]    
Current portion of long-term debt, Carrying Amount $ 250 $ 0
Common Class A [Member]    
Class of Stock [Line Items]    
Common stock, par value $ 0.15 $ 0.15
Common stock, shares authorized 170,000,000 170,000,000
Common stock, shares issued 170,000,000 170,000,000
Nonvoting Common Stock [Member]    
Class of Stock [Line Items]    
Common stock, par value $ 0.15 $ 0.15
Common stock, shares authorized 400,000,000 400,000,000
Common stock, shares issued 314,532,000 314,532,000
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Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Millions
 9 Months Ended
Jan. 31, 2022
Jan. 31, 2021
Cash flows from operating activities:    
Net income $ 687 $ 783
Adjustments to reconcile net income to net cash provided by operations:    
Gain on sale of business 0 (127)
Non-cash asset write-downs 9 0
Depreciation and amortization 60 58
Stock-based compensation expense 11 9
Deferred income tax provision (benefit) (3) (56)
Other, net 15 (15)
Changes in assets and liabilities, excluding the effects of sale of business:    
Accounts receivable (59) (219)
Inventories (33) (14)
Other current assets 0 30
Accounts payable and accrued expenses (32) 68
Accrued income taxes 30 16
Other operating assets and liabilities (2) 39
Cash provided by operating activities 683 572
Cash flows from investing activities:    
Proceeds from sale of business 0 177
Proceeds from sale of property, plant, and equipment 2 0
Acquisition of business, net of cash acquired 0 (14)
Additions to property, plant, and equipment (62) (41)
Computer software expenditures (3) (2)
Cash provided by (used for) investing activities (63) 120
Cash flows from financing activities:    
Proceeds from short-term borrowings, maturities greater than 90 days 0 344
Repayments of short-term borrowings, maturities greater than 90 days 0 (342)
Net change in short-term borrowings, maturities of 90 days or less (181) (25)
Payments of withholding taxes related to stock-based awards (8) (18)
Dividends paid (741) (253)
Cash used for financing activities (930) (294)
Effect of exchange rate changes on cash and cash equivalents (28) 33
Net increase (decrease) in cash and cash equivalents (338) 431
Cash and cash equivalents, beginning of period 1,150 675
Cash and cash equivalents, end of period $ 812 $ 1,106
v3.22.0.1
Condensed Consolidated Financial Statements
 9 Months Ended
Jan. 31, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Condensed Consolidated Financial Statements Condensed Consolidated Financial Statements 
We prepared the accompanying unaudited condensed consolidated financial statements pursuant to the rules and regulations of the U.S. Securities and Exchange Commission for interim financial information. In accordance with those rules and regulations, we condensed or omitted certain information and disclosures normally included in annual financial statements prepared in accordance with U.S. generally accepted accounting principles (GAAP). In our opinion, the accompanying financial statements include all adjustments, consisting only of normal recurring adjustments (unless otherwise indicated), necessary for a fair statement of our financial results for the periods presented in these financial statements. The results for interim periods are not necessarily indicative of future or annual results.

We suggest that you read these condensed financial statements together with the financial statements and footnotes included in our Annual Report on Form 10-K for the fiscal year ended April 30, 2021 (2021 Form 10-K). We prepared the accompanying financial statements on a basis that is substantially consistent with the accounting principles applied in our 2021 Form 10-K.
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Earnings Per Share
 9 Months Ended
Jan. 31, 2022
Earnings Per Share [Abstract]  
Earnings Per Share Earnings Per Share 
We calculate basic earnings per share by dividing net income available to common stockholders by the weighted average number of common shares outstanding during the period. Diluted earnings per share further includes the dilutive effect of stock-based compensation awards. We calculate that dilutive effect using the “treasury stock method” (as defined by GAAP).

The following table presents information concerning basic and diluted earnings per share:
Three Months EndedNine Months Ended
January 31,January 31,
(Dollars in millions, except per share amounts)2021202220212022
Net income available to common stockholders$219 $259 $783 $687 
Share data (in thousands):  
Basic average common shares outstanding478,599 478,887 478,471 478,844 
Dilutive effect of stock-based awards2,237 1,680 2,194 1,755 
Diluted average common shares outstanding480,836 480,567 480,665 480,599 
Basic earnings per share$0.46 $0.54 $1.64 $1.43 
Diluted earnings per share$0.45 $0.54 $1.63 $1.43 

We excluded common stock-based awards for approximately 298,000 shares and 789,000 shares from the calculation of diluted earnings per share for the three months ended January 31, 2021 and 2022, respectively. We excluded common stock-based awards for approximately 211,000 shares and 623,000 shares from the calculation of diluted earnings per share for the nine months ended January 31, 2021 and 2022, respectively. We excluded those awards because they were not dilutive for those periods under the treasury stock method.
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Inventories
 9 Months Ended
Jan. 31, 2022
Inventory Disclosure [Abstract]  
Inventories InventoriesWe value some of our consolidated inventories, including most of our U.S. inventories, at the lower of cost, using the last-in, first-out (LIFO) method or market value. If the LIFO method had not been used, inventories at current cost would have been $353 million higher than reported as of April 30, 2021, and $388 million higher than reported as of January 31, 2022. Changes in the LIFO valuation reserve for interim periods are based on an allocation of the projected change for the entire fiscal year, recognized proportionately over the remainder of the fiscal year.
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Goodwill and Other Intangible Assets
 9 Months Ended
Jan. 31, 2022
Goodwill and Intangible Assets Disclosure [Abstract]  
Goodwill and Other Intangible Assets Goodwill and Other Intangible Assets
The following table shows the changes in goodwill (which includes no accumulated impairment losses) and other intangible assets during the nine months ended January 31, 2022:
(Dollars in millions)Goodwill
Other Intangible Assets
Balance at April 30, 2021
$779 $676 
Foreign currency translation adjustment(8)(24)
Balance at January 31, 2022
$771 $652 

Our other intangible assets consist of trademarks and brand names, all with indefinite useful lives.
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Commitments and Contingencies
 9 Months Ended
Jan. 31, 2022
Commitments and Contingencies Disclosure [Abstract]  
Commitments and Contingencies Commitments and Contingencies
We operate in a litigious environment, and we are sued in the normal course of business. Sometimes plaintiffs seek substantial damages. Significant judgment is required in predicting the outcome of these suits and claims, many of which take years to adjudicate. We accrue estimated costs for a contingency when we believe that a loss is probable and we can make a reasonable estimate of the loss, and then adjust the accrual as appropriate to reflect changes in facts and circumstances. We do not believe it is reasonably possible that these existing loss contingencies, individually or in the aggregate, would have a material adverse effect on our financial position, results of operations, or liquidity. No material accrued loss contingencies were recorded as of January 31, 2022.

We have guaranteed the repayment by a third-party importer of its obligation under a bank credit facility that it uses in connection with its importation of our products in Russia. If the importer were to default on that obligation, which we believe is unlikely, our maximum possible exposure under the existing terms of the guaranty would be approximately $11 million (subject to changes in foreign currency exchange rates). Both the fair value and carrying amount of the guaranty are insignificant. As of January 31, 2022, our actual exposure under the guaranty of the importer’s obligation was approximately $4 million. We also have accounts receivable from that importer of approximately $9 million at January 31, 2022, which we expect to collect in full. Based on the financial support we provide to the importer, we believe it meets the definition of a variable interest entity. However, because we do not control this entity, it is not included in our consolidated financial statements.

On May 30, 2019, we notified Bacardi Martini Ltd. (Bacardi) of our intention not to renew the terms of our United Kingdom (U.K.) Cost Sharing Agreement (the Agreement) whereby Bacardi provided certain services (e.g., warehousing and logistics, sales, reporting, treasury, tax, and other services) and Brown-Forman and Bacardi split the associated overhead for those services. For purposes of conducting business, Brown-Forman and Bacardi established a U.K. trade name, “Bacardi Brown-Forman Brands,” through which our products and Bacardi’s products were sold in the U.K. On a monthly basis, Bacardi would remit to us the cash representing revenues from sales of our products, net of our agreed contributions for overhead costs under the Agreement. On April 30, 2020, the Agreement expired according to its terms.

Following delivery of our notice and upon expiration of the Agreement, Bacardi alleged that it was entitled to approximately £49 million under the principle of commercial agency in the U.K., as well as additional compensation for the winding up of business conducted under the Agreement and for remitting the associated funds owed to us. From monthly settlements following the expiration of the Agreement, Bacardi withheld over £50 million owed to us, effectively bypassing the dispute resolution process under the Agreement.

In response to Bacardi’s actions, we initiated a lawsuit on August 20, 2020, in the Commercial Court in the U.K. seeking reimbursement of the amounts wrongfully withheld (the Commercial Court Action). Shortly thereafter, Bacardi filed a demand for arbitration seeking a determination that it was entitled to compensation as a commercial agent and for additional compensation for the work completed following the expiration of the Agreement (the Arbitration).

Since it was raised, we have disputed Bacardi’s claim of commercial agency compensation and issued a demand that Bacardi adhere to the dispute resolution process mandated by the Agreement. The ruling for the Commercial Court Action was issued on May 19, 2021, in which the Court declined to order Bacardi to return the amounts withheld pending the outcome of the Arbitration. The Arbitration took place the week of July 12, 2021, and the decision was rendered December 8, 2021. The decision confirmed that Bacardi was not entitled to compensation as a commercial agent but was awarded an immaterial amount for its work in winding up the business. In December 2021, Bacardi remitted £47 million related to this matter.
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Debt
 9 Months Ended
Jan. 31, 2022
Debt Disclosure [Abstract]  
Debt Debt
Our long-term debt (net of unamortized discount and issuance costs) consists of:
(Principal and carrying amounts in millions)April 30, 2021January 31,
2022
2.250% senior notes, $250 principal amount, due January 15, 2023
$249 $250 
3.500% senior notes, $300 principal amount, due April 15, 2025
298 298 
1.200% senior notes, €300 principal amount, due July 7, 2026
362 333 
2.600% senior notes, £300 principal amount, due July 7, 2028
415 399 
4.000% senior notes, $300 principal amount, due April 15, 2038
294 295 
3.750% senior notes, $250 principal amount, due January 15, 2043
248 248 
4.500% senior notes, $500 principal amount, due July 15, 2045
488 488 
2,354 2,311 
Less current portion— 250 
$2,354 $2,061 
Our short-term borrowings of $205 million as of April 30, 2021 included of $195 million of borrowings under our commercial paper program. There were no borrowings under that program as of January 31, 2022.
(Dollars in millions)April 30, 2021January 31,
2022
Commercial paper$195$—
Average interest rate0.16%—%
Average remaining days to maturity240
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Stockholders' Equity
 9 Months Ended
Jan. 31, 2022
Stockholders' Equity Attributable to Parent [Abstract]  
Stockholders' Equity Stockholders’ Equity
The following table shows the changes in stockholders’ equity by quarter during the nine months ended January 31, 2021:
(Dollars in millions)
Class A Common Stock
Class B Common Stock
Additional Paid-in Capital
Retained Earnings
AOCI
Treasury Stock
Total
Balance at April 30, 2020$25 $47 $— $2,708 $(547)$(258)$1,975 
Net income324 324 
Net other comprehensive income (loss)24 24 
Declaration of cash dividends (167)(167)
Stock-based compensation expense3 3 
Stock issued under compensation plans10 10 
Loss on issuance of treasury stock issued under compensation plans(3)(16)(19)
Balance at July 31, 202025 47 — 2,849 (523)(248)2,150 
Net income240 240 
Net other comprehensive income (loss)15 15 
Stock-based compensation expense3 3 
Stock issued under compensation plans5 5 
Loss on issuance of treasury stock issued under compensation plans(3)(7)(10)
Balance at October 31, 202025 47 — 3,082 (508)(243)2,403 
Net income219 219 
Net other comprehensive income (loss)19 19 
Declaration of cash dividends(172)(172)
Stock-based compensation expense3 3 
Stock issued under compensation plans3 3 
Loss on issuance of treasury stock issued under compensation plans(3)(4)(7)
Balance at January 31, 2021$25 $47 $— $3,125 $(489)$(240)$2,468 
The following table shows the changes in stockholders’ equity by quarter during the nine months ended January 31, 2022:
(Dollars in millions)
Class A Common Stock
Class B Common Stock
Additional Paid-in Capital
Retained Earnings
AOCI
Treasury Stock
Total
Balance at April 30, 2021$25 $47 $— $3,243 $(422)$(237)$2,656 
Net income192 192 
Net other comprehensive income (loss)8 8 
Declaration of cash dividends(172)(172)
Stock-based compensation expense4 4 
Stock issued under compensation plans5 5 
Loss on issuance of treasury stock issued under compensation plans(2)(8)(10)
Balance at July 31, 202125 47 2 3,255 (414)(232)2,683 
Net income236 236 
Net other comprehensive income (loss)2 2 
Stock-based compensation expense3 3 
Stock issued under compensation plans1 1 
Loss on issuance of treasury stock issued under compensation plans(2)(2)
Balance at October 31, 202125 47 3 3,491 (412)(231)2,923 
Net income259 259 
Net other comprehensive income (loss)(6)(6)
Declaration of cash dividends(659)(659)
Stock-based compensation expense4 4 
Stock issued under compensation plans2 2 
Loss on issuance of treasury stock issued under compensation plans(4)(4)
Balance at January 31, 2022$25 $47 $3 $3,091 $(418)$(229)$2,519 

The following table shows the change in each component of accumulated other comprehensive income (AOCI), net of tax, during the nine months ended January 31, 2022:
(Dollars in millions)
Currency Translation Adjustments
Cash Flow Hedge Adjustments
Postretirement Benefits Adjustments
Total AOCI
Balance at April 30, 2021
$(179)$(16)$(227)$(422)
Net other comprehensive income (loss)(49)40 13 4 
Balance at January 31, 2022
$(228)$24 $(214)$(418)

The following table shows the cash dividends declared per share on our Class A and Class B common stock during the nine months ended January 31, 2022:
Declaration DateRecord DatePayable DateAmount per Share
May 27, 2021June 8, 2021July 1, 2021$0.1795
July 22, 2021September 3, 2021October 1, 2021$0.1795
November 18, 2021December 3, 2021December 28, 2021$0.1885
November 18, 2021December 9, 2021December 29, 2021$1.0000
January 25, 2022March 8, 2022April 1, 2022$0.1885
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Net Sales
 9 Months Ended
Jan. 31, 2022
Net Sales [Abstract]  
Net Sales Net Sales 
The following table shows our net sales by geography:
Three Months EndedNine Months Ended
January 31,January 31,
(Dollars in millions)2021202220212022
United States
$425 $488 $1,334 $1,400 
Developed International1
292 318 789 884 
Emerging2
171 196 438 533 
Travel Retail3
12 25 47 74 
Non-branded & bulk4
11 10 41 46 
Total$911 $1,037 $2,649 $2,937 
1Represents net sales of branded products to “advanced economies” as defined by the International Monetary Fund (IMF), excluding the United States. Our largest developed international markets are Australia, Germany, the United Kingdom, France, and Canada.
2Represents net sales of branded products to “emerging and developing economies” as defined by the IMF. Our largest emerging markets are Mexico, Poland, Brazil, and Russia.
3Represents net sales of branded products to global duty-free customers, other travel retail customers, and the U.S. military regardless of customer location.
4Includes net sales of used barrels, bulk whiskey and wine, and contract bottling regardless of customer location.

The following table shows our net sales by product category:
Three Months EndedNine Months Ended
January 31,January 31,
(Dollars in millions)2021202220212022
Whiskey1
$731 $835 $2,101 $2,309 
Tequila2
72 90 224 266 
Wine3
50 54 162 176 
Vodka4
26 29 71 86 
Non-branded and bulk5
11 10 41 46 
Rest of portfolio21 19 50 54 
Total$911 $1,037 $2,649 $2,937 
1Includes all whiskey spirits and whiskey-based flavored liqueurs, ready-to-drink, and ready-to-pour products. The brands included in this category are the Jack Daniel's family of brands, the Woodford Reserve family of brands, the Old Forester family of brands, GlenDronach, Benriach, Glenglassaugh, Slane Irish Whiskey, and Coopers’ Craft.
2Includes the Herradura family of brands, el Jimador, New Mix, Pepe Lopez, and Antiguo.
3Includes Korbel Champagne and Sonoma-Cutrer wines.
4Includes Finlandia.
5Includes net sales of used barrels, bulk whiskey and wine, and contract bottling.
v3.22.0.1
Pension and Other Postretirement Benefits
 9 Months Ended
Jan. 31, 2022
Retirement Benefits [Abstract]  
Pension and Other Postretirement Benefits Pension and Other Postretirement Benefits
The following table shows the components of the net cost of pension and other postretirement benefits recognized for our U.S. benefit plans. Information about similar international plans is not presented due to immateriality.
Three Months EndedNine Months Ended
January 31,January 31,
(Dollars in millions)2021202220212022
Pension Benefits:
  
Service cost$7 $7 $20 $20 
Interest cost6 5 19 16 
Expected return on plan assets(12)(11)(35)(34)
Amortization of:    
Prior service cost (credit)— — 1 1 
Net actuarial loss7 6 20 18 
Settlement charge— — — 1 
Net cost$8 $7 $25 $22 
Other Postretirement Benefits:
  
Service cost$— $— $1 $1 
Interest cost1 — 1 1 
Amortization of prior service cost (credit)(1)— (2)(1)
Net cost$— $— $— $1 
v3.22.0.1
Income Taxes
 9 Months Ended
Jan. 31, 2022
Income Tax Disclosure [Abstract]  
Income Taxes Income Taxes
Our consolidated interim effective tax rate is based on our expected annual operating income, statutory tax rates, and income tax laws in the various jurisdictions where we operate. Significant or unusual items, including adjustments to accruals for tax uncertainties, are recognized in the fiscal quarter in which the related event or a change in judgment occurs. The expected effective tax rate on ordinary income for the fiscal year is 22.7%, which is greater than the U.S. federal statutory rate of 21.0%, due to (a) state income taxes, (b) the effects of foreign operations, (c) the tax effects of prior intercompany sales of inventory that are recognized at tax rates higher than current statutory tax rates and (d) the impact of intercompany profit elimination on the foreign derived intangible income deduction.

The effective tax rate of 23.4% for the nine months ended January 31, 2022, is higher than the expected tax rate of 22.7% on ordinary income for the full fiscal year, primarily due to the true-up of prior-year deferred tax liabilities and the impact of tax rate changes enacted in certain foreign jurisdictions, partially offset by the excess tax benefits related to stock-based compensation. The 23.4% effective tax rate for the nine months ended January 31, 2022, is higher than the effective tax rate of 16.2% for the same period last year, primarily due to (a) the absence of a deferred tax benefit recognized in the prior-year period related to an intercompany transfer of assets, (b) the impact of prior intercompany sales taxed at rates higher than current statutory tax rates, (c) the impact of the intercompany profit eliminations on the foreign derived intangible income deduction, and (d) increased true-ups of prior-year tax liabilities.

We continue to assert that the undistributed earnings of most of our foreign subsidiaries are reinvested indefinitely outside the United States. Therefore, no income taxes have been provided for any outside basis differences inherent in these subsidiaries other than those that were subject to the one-time repatriation tax. We previously changed our indefinite reinvestment assertion with respect to current year earnings and prior-year undistributed earnings for select foreign subsidiaries (but not for their outside basis differences). We have accrued applicable taxes for select entities which are not currently reinvested. No further changes have been made to our indefinite reinvestment assertion.
v3.22.0.1
Derivative Financial Instruments and Hedging Activities
 9 Months Ended
Jan. 31, 2022
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Derivative Financial Instruments and Hedging Activities Derivative Financial Instruments and Hedging ActivitiesWe are subject to market risks, including the effect of fluctuations in foreign currency exchange rates, commodity prices, and interest rates. We use derivatives to help manage financial exposures that occur in the normal course of business. We formally document the purpose of each derivative contract, which includes linking the contract to the financial exposure it is designed to mitigate. We do not hold or issue derivatives for trading or speculative purposes.
We use currency derivative contracts to limit our exposure to the foreign currency exchange rate risk that we cannot mitigate internally by using netting strategies. We designate most of these contracts as cash flow hedges of forecasted transactions (expected to occur within three years). We record all changes in the fair value of cash flow hedges in AOCI until the underlying hedged transaction occurs, at which time we reclassify that amount to earnings.

Some of our currency derivatives are not designated as hedges because we use them to partially offset the immediate earnings impact of changes in foreign currency exchange rates on existing assets or liabilities. We immediately recognize the change in fair value of these contracts in earnings.

We had outstanding currency derivatives, related primarily to our euro, British pound, and Australian dollar exposures, with notional amounts for all hedged currencies totaling $1,218 million at April 30, 2021, and $860 million at January 31, 2022. The maximum term of outstanding derivative contracts was approximately 36 months at both April 30, 2021, and January 31, 2022.

We also use foreign currency-denominated debt instruments to help manage our foreign currency exchange rate risk. We designate a portion of those debt instruments as net investment hedges, which are intended to mitigate foreign currency exposure related to non-U.S. dollar net investments in certain foreign subsidiaries. Any change in value of the designated portion of the hedging instruments is recorded in AOCI, offsetting the foreign currency translation adjustment of the related net investments that is also recorded in AOCI. The amount of foreign currency-denominated debt instruments designated as net investment hedges was $680 million at April 30, 2021, and $676 million at January 31, 2022.

At inception, we expect each financial instrument designated as a hedge to be highly effective in offsetting the financial exposure it is designed to mitigate. We also assess the effectiveness on an ongoing basis. If determined to be no longer highly effective, designation and accounting for the instrument as a hedge would be discontinued.

We use forward purchase contracts with suppliers to protect against corn price volatility. We expect to take physical delivery of the corn underlying each contract and use it for production over a reasonable period of time. Accordingly, we account for these contracts as normal purchases rather than as derivative instruments.

The following tables present the pre-tax impact that changes in the fair value of our derivative instruments and non-derivative hedging instruments had on AOCI and earnings:
Three Months Ended
January 31,
(Dollars in millions)Classification20212022
Currency derivatives designated as cash flow hedges:   
Net gain (loss) recognized in AOCIn/a$(39)$23 
Net gain (loss) reclassified from AOCI into earningsSales4 2 
Currency derivatives not designated as hedging instruments:   
Net gain (loss) recognized in earningsSales$(6)$5 
Net gain (loss) recognized in earningsOther income (expense), net4 (1)
Foreign currency-denominated debt designated as net investment hedge:
Net gain (loss) recognized in AOCIn/a$(33)$17 
Total amounts presented in the accompanying condensed consolidated statements of operations for line items affected by the net gains (losses) shown above:
Sales$1,222 $1,365 
Other income (expense), net9 4 
Nine Months Ended
January 31,
(Dollars in millions)Classification20212022
Currency derivatives designated as cash flow hedges:   
Net gain (loss) recognized in AOCIn/a$(73)$53 
Net gain (loss) reclassified from AOCI into earningsSales21 1 
Currency derivatives not designated as hedging instruments:   
Net gain (loss) recognized in earningsSales$(11)$8 
Net gain (loss) recognized in earningsOther income (expense), net15 (1)
Foreign currency-denominated debt designated as net investment hedge:
Net gain (loss) recognized in AOCIn/a$(66)$38 
Total amounts presented in the accompanying condensed consolidated statements of operations for line items affected by the net gains (losses) shown above:
Sales$3,481 $3,831 
Other income (expense), net13 (1)
We expect to reclassify $15 million of deferred net gains on cash flow hedges recorded in AOCI as of January 31, 2022, to earnings during the next 12 months. This reclassification would offset the anticipated earnings impact of the underlying hedged exposures. The actual amounts that we ultimately reclassify to earnings will depend on the exchange rates in effect when the underlying hedged transactions occur.

The following table presents the fair values of our derivative instruments:
April 30, 2021January 31, 2022
(Dollars in millions)
Classification
Derivative Assets
Derivative Liabilities
Derivative Assets
Derivative Liabilities
Designated as cash flow hedges:
Currency derivativesOther current assets$4 $(2)$21 $(3)
Currency derivativesOther assets— — 13 (1)
Currency derivativesAccrued expenses4 (18)— (1)
Currency derivativesOther liabilities1 (18)— — 
Not designated as hedges:
Currency derivativesOther current assets1 — — — 
Currency derivativesOther assets— — — — 
Currency derivativesAccrued expenses— — — (1)
Currency derivativesOther liabilities— — — — 

The fair values reflected in the above table are presented on a gross basis. However, as discussed further below, the fair values of those instruments subject to net settlement agreements are presented on a net basis in our balance sheets.

In our statements of cash flows, we classify cash flows related to cash flow hedges in the same category as the cash flows from the hedged items.

Credit risk. We are exposed to credit-related losses if the counterparties to our derivative contracts default. This credit risk is limited to the fair value of the contracts. To manage this risk, we contract only with major financial institutions that have investment-grade credit ratings and with whom we have standard International Swaps and Derivatives Association (ISDA) agreements that allow for net settlement of the derivative contracts. Also, we have established counterparty credit guidelines that we monitor regularly, and we monetize contracts when we believe it is warranted. Because of these safeguards, we believe we have no derivative positions that warrant credit valuation adjustments.

Our derivative instruments require us to maintain a specific level of creditworthiness, which we have maintained. If our creditworthiness were to fall below that level, then the counterparties to our derivative instruments could request immediate
payment or collateralization for derivative instruments in net liability positions. The aggregate fair value of all derivatives with creditworthiness requirements that were in a net liability position was $30 million at April 30, 2021, and $2 million at January 31, 2022.

Offsetting. As noted above, our derivative contracts are governed by ISDA agreements that allow for net settlement of derivative contracts with the same counterparty. It is our policy to present the fair values of current derivatives (i.e., those with a remaining term of 12 months or less) with the same counterparty on a net basis in our balance sheets. Similarly, we present the fair values of noncurrent derivatives with the same counterparty on a net basis. We do not net current derivatives with noncurrent derivatives in our balance sheets.

The following table summarizes the gross and net amounts of our derivative contracts:
(Dollars in millions)
Gross Amounts of Recognized Assets (Liabilities)
Gross Amounts Offset in Balance Sheet
Net Amounts Presented in Balance Sheet
Gross Amounts Not Offset in Balance Sheet
Net Amounts
April 30, 2021
Derivative assets$10 $(7)$3 $(1)$2 
Derivative liabilities(38)7 (31)1 (30)
January 31, 2022
Derivative assets34 (4)30 — 30 
Derivative liabilities(6)4 (2)— (2)

No cash collateral was received or pledged related to our derivative contracts as of April 30, 2021, or January 31, 2022.
v3.22.0.1
Fair Value Measurements
 9 Months Ended
Jan. 31, 2022
Fair Value Disclosures [Abstract]  
Fair Value Measurements Fair Value Measurements
The following table summarizes the assets and liabilities measured or disclosed at fair value on a recurring basis:
April 30, 2021January 31, 2022
 CarryingFairCarryingFair
(Dollars in millions)AmountValueAmountValue
Assets  
Cash and cash equivalents$1,150 $1,150 $812 $812 
Currency derivatives3 3 30 30 
Liabilities  
Currency derivatives31 31 2 2 
Short-term borrowings205 205 16 16 
Long-term debt (including current portion)2,354 2,663 2,311 2,537 

Fair value is defined as the exchange price that would be received for an asset or paid to transfer a liability in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants at the measurement date. We categorize the fair values of assets and liabilities into three levels based on the assumptions (inputs) used to determine those values. Level 1 provides the most reliable measure of fair value, while Level 3 generally requires significant management judgment. The three levels are:
•Level 1 – Quoted prices (unadjusted) in active markets for identical assets or liabilities.
•Level 2 – Observable inputs other than those included in Level 1, such as quoted prices for similar assets and liabilities in active markets; quoted prices for identical or similar assets and liabilities in inactive markets; or other inputs that are observable or can be derived from or corroborated by observable market data.
•Level 3 – Unobservable inputs supported by little or no market activity.

We determine the fair values of our currency derivatives (forward contracts) using standard valuation models. The significant inputs used in these models, which are readily available in public markets or can be derived from observable market transactions, include the applicable spot exchange rates, forward exchange rates, and interest rates. These fair value measurements are categorized as Level 2 within the valuation hierarchy.
We determine the fair value of long-term debt primarily based on the prices at which identical or similar debt has recently traded in the market and also considering the overall market conditions on the date of valuation. These fair value measurements are categorized as Level 2 within the valuation hierarchy.

The fair values of cash, cash equivalents, and short-term borrowings approximate the carrying amounts due to the short maturities of these instruments.

We measure some assets and liabilities at fair value on a nonrecurring basis. That is, we do not measure them at fair value on an ongoing basis, but we do adjust them to fair value in some circumstances (for example, when we determine that an asset is impaired). During the nine months ended January 31, 2022, we recognized non-cash impairment charges of $9 million for certain fixed assets. The impairment charges, which were based on our measurements of the estimated fair values of those assets, are categorized as Level 2 within the valuation hierarchy. The remaining carrying amount of those assets is not significant. No other material nonrecurring fair value measurements were required during the periods presented in these financial statements.
v3.22.0.1
Other Comprehensive Income
 9 Months Ended
Jan. 31, 2022
Statement of Comprehensive Income [Abstract]  
Other Comprehensive Income Other Comprehensive Income
The following tables show the components of net other comprehensive income (loss):
Three Months EndedThree Months Ended
January 31, 2021January 31, 2022
(Dollars in millions)Pre-TaxTaxNetPre-TaxTaxNet
Currency translation adjustments:
Net gain (loss) on currency translation$39 $8 $47 $(23)$(4)$(27)
Reclassification to earnings— — — — — — 
Other comprehensive income (loss), net39 8 47 (23)(4)(27)
Cash flow hedge adjustments:
Net gain (loss) on hedging instruments(39)9 (30)23 (5)18 
Reclassification to earnings1
(4)1 (3)(2)— (2)
Other comprehensive income (loss), net(43)10 (33)21 (5)16 
Postretirement benefits adjustments:
Net actuarial gain (loss) and prior service cost— — — — — — 
Reclassification to earnings2
6 (1)5 6 (1)5 
Other comprehensive income (loss), net6 (1)5 6 (1)5 
Total other comprehensive income (loss), net$2 $17 $19 $4 $(10)$(6)
Nine Months EndedNine Months Ended
January 31, 2021January 31, 2022
(Dollars in millions)Pre-TaxTaxNetPre-TaxTaxNet
Currency translation adjustments:
Net gain (loss) on currency translation$97 $16 $113 $(40)$(9)$(49)
Reclassification to earnings— — — — — — 
Other comprehensive income (loss), net97 16 113 (40)(9)(49)
Cash flow hedge adjustments:
Net gain (loss) on hedging instruments(73)17 (56)53 (12)41 
Reclassification to earnings1
(21)5 (16)(1)— (1)
Other comprehensive income (loss), net(94)22 (72)52 (12)40 
Postretirement benefits adjustments:
Net actuarial gain (loss) and prior service cost— — — (1)— (1)
Reclassification to earnings2
23 (6)17 19 (5)14 
Other comprehensive income (loss), net23 (6)17 18 (5)13 
Total other comprehensive income (loss), net$26 $32 $58 $30 $(26)$4 
1Pre-tax amount for each period is classified as sales in the accompanying condensed consolidated statements of operations.
2For the nine months ended January 31, 2021, $4 of the pre-tax amount of $23 is classified in gain on sale of business in the accompanying condensed consolidated statements of operations. Otherwise, the pre-tax amount for each period is classified as non-operating postretirement expense.
v3.22.0.1
Inventories (Policies)
 9 Months Ended
Jan. 31, 2022
Inventory Disclosure [Abstract]  
Inventory, Policy [Policy Text Block] We value some of our consolidated inventories, including most of our U.S. inventories, at the lower of cost, using the last-in, first-out (LIFO) method or market value.
v3.22.0.1
Derivative Financial Instruments and Hedging Activities (Policies)
 9 Months Ended
Jan. 31, 2022
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Classification of Cash Flows Related to Cash Flow Hedges [Policy Text Block] In our statements of cash flows, we classify cash flows related to cash flow hedges in the same category as the cash flows from the hedged items.
Derivatives, Offsetting Fair Value Amounts, Policy [Policy Text Block] Offsetting. As noted above, our derivative contracts are governed by ISDA agreements that allow for net settlement of derivative contracts with the same counterparty. It is our policy to present the fair values of current derivatives (i.e., those with a remaining term of 12 months or less) with the same counterparty on a net basis in our balance sheets. Similarly, we present the fair values of noncurrent derivatives with the same counterparty on a net basis. We do not net current derivatives with noncurrent derivatives in our balance sheet
v3.22.0.1
Earnings Per Share (Tables)
 9 Months Ended
Jan. 31, 2022
Earnings Per Share [Abstract]  
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block]
The following table presents information concerning basic and diluted earnings per share:
Three Months EndedNine Months Ended
January 31,January 31,
(Dollars in millions, except per share amounts)2021202220212022
Net income available to common stockholders$219 $259 $783 $687 
Share data (in thousands):  
Basic average common shares outstanding478,599 478,887 478,471 478,844 
Dilutive effect of stock-based awards2,237 1,680 2,194 1,755 
Diluted average common shares outstanding480,836 480,567 480,665 480,599 
Basic earnings per share$0.46 $0.54 $1.64 $1.43 
Diluted earnings per share$0.45 $0.54 $1.63 $1.43 
v3.22.0.1
Goodwill and Other Intangible Assets (Tables)
 9 Months Ended
Jan. 31, 2022
Goodwill and Intangible Assets Disclosure [Abstract]  
Schedule of Intangible Assets and Goodwill [Table Text Block]
The following table shows the changes in goodwill (which includes no accumulated impairment losses) and other intangible assets during the nine months ended January 31, 2022:
(Dollars in millions)Goodwill
Other Intangible Assets
Balance at April 30, 2021
$779 $676 
Foreign currency translation adjustment(8)(24)
Balance at January 31, 2022
$771 $652 
v3.22.0.1
Debt (Tables)
 9 Months Ended
Jan. 31, 2022
Debt Disclosure [Abstract]  
Schedule of Long-term Debt Instruments [Table Text Block]
Our long-term debt (net of unamortized discount and issuance costs) consists of:
(Principal and carrying amounts in millions)April 30, 2021January 31,
2022
2.250% senior notes, $250 principal amount, due January 15, 2023
$249 $250 
3.500% senior notes, $300 principal amount, due April 15, 2025
298 298 
1.200% senior notes, €300 principal amount, due July 7, 2026
362 333 
2.600% senior notes, £300 principal amount, due July 7, 2028
415 399 
4.000% senior notes, $300 principal amount, due April 15, 2038
294 295 
3.750% senior notes, $250 principal amount, due January 15, 2043
248 248 
4.500% senior notes, $500 principal amount, due July 15, 2045
488 488 
2,354 2,311 
Less current portion— 250 
$2,354 $2,061 
Schedule of Short-term Debt [Table Text Block]
(Dollars in millions)April 30, 2021January 31,
2022
Commercial paper$195$—
Average interest rate0.16%—%
Average remaining days to maturity240
v3.22.0.1
Stockholders' Equity (Tables)
 9 Months Ended
Jan. 31, 2022
Stockholders' Equity Attributable to Parent [Abstract]  
Schedule of Stockholders Equity [Table Text Block]
The following table shows the changes in stockholders’ equity by quarter during the nine months ended January 31, 2021:
(Dollars in millions)
Class A Common Stock
Class B Common Stock
Additional Paid-in Capital
Retained Earnings
AOCI
Treasury Stock
Total
Balance at April 30, 2020$25 $47 $— $2,708 $(547)$(258)$1,975 
Net income324 324 
Net other comprehensive income (loss)24 24 
Declaration of cash dividends (167)(167)
Stock-based compensation expense3 3 
Stock issued under compensation plans10 10 
Loss on issuance of treasury stock issued under compensation plans(3)(16)(19)
Balance at July 31, 202025 47 — 2,849 (523)(248)2,150 
Net income240 240 
Net other comprehensive income (loss)15 15 
Stock-based compensation expense3 3 
Stock issued under compensation plans5 5 
Loss on issuance of treasury stock issued under compensation plans(3)(7)(10)
Balance at October 31, 202025 47 — 3,082 (508)(243)2,403 
Net income219 219 
Net other comprehensive income (loss)19 19 
Declaration of cash dividends(172)(172)
Stock-based compensation expense3 3 
Stock issued under compensation plans3 3 
Loss on issuance of treasury stock issued under compensation plans(3)(4)(7)
Balance at January 31, 2021$25 $47 $— $3,125 $(489)$(240)$2,468 
The following table shows the changes in stockholders’ equity by quarter during the nine months ended January 31, 2022:
(Dollars in millions)
Class A Common Stock
Class B Common Stock
Additional Paid-in Capital
Retained Earnings
AOCI
Treasury Stock
Total
Balance at April 30, 2021$25 $47 $— $3,243 $(422)$(237)$2,656 
Net income192 192 
Net other comprehensive income (loss)8 8 
Declaration of cash dividends(172)(172)
Stock-based compensation expense4 4 
Stock issued under compensation plans5 5 
Loss on issuance of treasury stock issued under compensation plans(2)(8)(10)
Balance at July 31, 202125 47 2 3,255 (414)(232)2,683 
Net income236 236 
Net other comprehensive income (loss)2 2 
Stock-based compensation expense3 3 
Stock issued under compensation plans1 1 
Loss on issuance of treasury stock issued under compensation plans(2)(2)
Balance at October 31, 202125 47 3 3,491 (412)(231)2,923 
Net income259 259 
Net other comprehensive income (loss)(6)(6)
Declaration of cash dividends(659)(659)
Stock-based compensation expense4 4 
Stock issued under compensation plans2 2 
Loss on issuance of treasury stock issued under compensation plans(4)(4)
Balance at January 31, 2022$25 $47 $3 $3,091 $(418)$(229)$2,519 
Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block]
The following table shows the change in each component of accumulated other comprehensive income (AOCI), net of tax, during the nine months ended January 31, 2022:
(Dollars in millions)
Currency Translation Adjustments
Cash Flow Hedge Adjustments
Postretirement Benefits Adjustments
Total AOCI
Balance at April 30, 2021
$(179)$(16)$(227)$(422)
Net other comprehensive income (loss)(49)40 13 4 
Balance at January 31, 2022
$(228)$24 $(214)$(418)
Dividends Declared [Table Text Block]
The following table shows the cash dividends declared per share on our Class A and Class B common stock during the nine months ended January 31, 2022:
Declaration DateRecord DatePayable DateAmount per Share
May 27, 2021June 8, 2021July 1, 2021$0.1795
July 22, 2021September 3, 2021October 1, 2021$0.1795
November 18, 2021December 3, 2021December 28, 2021$0.1885
November 18, 2021December 9, 2021December 29, 2021$1.0000
January 25, 2022March 8, 2022April 1, 2022$0.1885
v3.22.0.1
Net Sales (Tables)
 9 Months Ended
Jan. 31, 2022
Net Sales [Abstract]  
Disaggregation of Revenue [Table Text Block]
The following table shows our net sales by geography:
Three Months EndedNine Months Ended
January 31,January 31,
(Dollars in millions)2021202220212022
United States
$425 $488 $1,334 $1,400 
Developed International1
292 318 789 884 
Emerging2
171 196 438 533 
Travel Retail3
12 25 47 74 
Non-branded & bulk4
11 10 41 46 
Total$911 $1,037 $2,649 $2,937 
1Represents net sales of branded products to “advanced economies” as defined by the International Monetary Fund (IMF), excluding the United States. Our largest developed international markets are Australia, Germany, the United Kingdom, France, and Canada.
2Represents net sales of branded products to “emerging and developing economies” as defined by the IMF. Our largest emerging markets are Mexico, Poland, Brazil, and Russia.
3Represents net sales of branded products to global duty-free customers, other travel retail customers, and the U.S. military regardless of customer location.
4Includes net sales of used barrels, bulk whiskey and wine, and contract bottling regardless of customer location.

The following table shows our net sales by product category:
Three Months EndedNine Months Ended
January 31,January 31,
(Dollars in millions)2021202220212022
Whiskey1
$731 $835 $2,101 $2,309 
Tequila2
72 90 224 266 
Wine3
50 54 162 176 
Vodka4
26 29 71 86 
Non-branded and bulk5
11 10 41 46 
Rest of portfolio21 19 50 54 
Total$911 $1,037 $2,649 $2,937 
1Includes all whiskey spirits and whiskey-based flavored liqueurs, ready-to-drink, and ready-to-pour products. The brands included in this category are the Jack Daniel's family of brands, the Woodford Reserve family of brands, the Old Forester family of brands, GlenDronach, Benriach, Glenglassaugh, Slane Irish Whiskey, and Coopers’ Craft.
2Includes the Herradura family of brands, el Jimador, New Mix, Pepe Lopez, and Antiguo.
3Includes Korbel Champagne and Sonoma-Cutrer wines.
4Includes Finlandia.
5Includes net sales of used barrels, bulk whiskey and wine, and contract bottling.
v3.22.0.1
Pension and Other Postretirement Benefits (Tables)
 9 Months Ended
Jan. 31, 2022
Retirement Benefits [Abstract]  
Schedule of Defined Benefit Plans Disclosures [Table Text Block]
The following table shows the components of the net cost of pension and other postretirement benefits recognized for our U.S. benefit plans. Information about similar international plans is not presented due to immateriality.
Three Months EndedNine Months Ended
January 31,January 31,
(Dollars in millions)2021202220212022
Pension Benefits:
  
Service cost$7 $7 $20 $20 
Interest cost6 5 19 16 
Expected return on plan assets(12)(11)(35)(34)
Amortization of:    
Prior service cost (credit)— — 1 1 
Net actuarial loss7 6 20 18 
Settlement charge— — — 1 
Net cost$8 $7 $25 $22 
Other Postretirement Benefits:
  
Service cost$— $— $1 $1 
Interest cost1 — 1 1 
Amortization of prior service cost (credit)(1)— (2)(1)
Net cost$— $— $— $1 
v3.22.0.1
Derivative Financial Instruments and Hedging Activities (Tables)
 9 Months Ended
Jan. 31, 2022
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Derivative Instruments, Gain (Loss) [Table Text Block]
The following tables present the pre-tax impact that changes in the fair value of our derivative instruments and non-derivative hedging instruments had on AOCI and earnings:
Three Months Ended
January 31,
(Dollars in millions)Classification20212022
Currency derivatives designated as cash flow hedges:   
Net gain (loss) recognized in AOCIn/a$(39)$23 
Net gain (loss) reclassified from AOCI into earningsSales4 2 
Currency derivatives not designated as hedging instruments:   
Net gain (loss) recognized in earningsSales$(6)$5 
Net gain (loss) recognized in earningsOther income (expense), net4 (1)
Foreign currency-denominated debt designated as net investment hedge:
Net gain (loss) recognized in AOCIn/a$(33)$17 
Total amounts presented in the accompanying condensed consolidated statements of operations for line items affected by the net gains (losses) shown above:
Sales$1,222 $1,365 
Other income (expense), net9 4 
Nine Months Ended
January 31,
(Dollars in millions)Classification20212022
Currency derivatives designated as cash flow hedges:   
Net gain (loss) recognized in AOCIn/a$(73)$53 
Net gain (loss) reclassified from AOCI into earningsSales21 1 
Currency derivatives not designated as hedging instruments:   
Net gain (loss) recognized in earningsSales$(11)$8 
Net gain (loss) recognized in earningsOther income (expense), net15 (1)
Foreign currency-denominated debt designated as net investment hedge:
Net gain (loss) recognized in AOCIn/a$(66)$38 
Total amounts presented in the accompanying condensed consolidated statements of operations for line items affected by the net gains (losses) shown above:
Sales$3,481 $3,831 
Other income (expense), net13 (1)
Schedule of Derivative Instruments in Statement of Financial Position, Fair Value [Table Text Block] The following table presents the fair values of our derivative instruments:
April 30, 2021January 31, 2022
(Dollars in millions)
Classification
Derivative Assets
Derivative Liabilities
Derivative Assets
Derivative Liabilities
Designated as cash flow hedges:
Currency derivativesOther current assets$4 $(2)$21 $(3)
Currency derivativesOther assets— — 13 (1)
Currency derivativesAccrued expenses4 (18)— (1)
Currency derivativesOther liabilities1 (18)— — 
Not designated as hedges:
Currency derivativesOther current assets1 — — — 
Currency derivativesOther assets— — — — 
Currency derivativesAccrued expenses— — — (1)
Currency derivativesOther liabilities— — — — 
Offsetting Derivative Assets and Liabilities [Table Text Block]
The following table summarizes the gross and net amounts of our derivative contracts:
(Dollars in millions)
Gross Amounts of Recognized Assets (Liabilities)
Gross Amounts Offset in Balance Sheet
Net Amounts Presented in Balance Sheet
Gross Amounts Not Offset in Balance Sheet
Net Amounts
April 30, 2021
Derivative assets$10 $(7)$3 $(1)$2 
Derivative liabilities(38)7 (31)1 (30)
January 31, 2022
Derivative assets34 (4)30 — 30 
Derivative liabilities(6)4 (2)— (2)
v3.22.0.1
Fair Value Measurements (Tables)
 9 Months Ended
Jan. 31, 2022
Fair Value Disclosures [Abstract]  
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis [Table Text Block]
The following table summarizes the assets and liabilities measured or disclosed at fair value on a recurring basis:
April 30, 2021January 31, 2022
 CarryingFairCarryingFair
(Dollars in millions)AmountValueAmountValue
Assets  
Cash and cash equivalents$1,150 $1,150 $812 $812 
Currency derivatives3 3 30 30 
Liabilities  
Currency derivatives31 31 2 2 
Short-term borrowings205 205 16 16 
Long-term debt (including current portion)2,354 2,663 2,311 2,537 
v3.22.0.1
Other Comprehensive Income (Tables)
 9 Months Ended
Jan. 31, 2022
Statement of Comprehensive Income [Abstract]  
Comprehensive Income (Loss) [Table Text Block]
The following tables show the components of net other comprehensive income (loss):
Three Months EndedThree Months Ended
January 31, 2021January 31, 2022
(Dollars in millions)Pre-TaxTaxNetPre-TaxTaxNet
Currency translation adjustments:
Net gain (loss) on currency translation$39 $8 $47 $(23)$(4)$(27)
Reclassification to earnings— — — — — — 
Other comprehensive income (loss), net39 8 47 (23)(4)(27)
Cash flow hedge adjustments:
Net gain (loss) on hedging instruments(39)9 (30)23 (5)18 
Reclassification to earnings1
(4)1 (3)(2)— (2)
Other comprehensive income (loss), net(43)10 (33)21 (5)16 
Postretirement benefits adjustments:
Net actuarial gain (loss) and prior service cost— — — — — — 
Reclassification to earnings2
6 (1)5 6 (1)5 
Other comprehensive income (loss), net6 (1)5 6 (1)5 
Total other comprehensive income (loss), net$2 $17 $19 $4 $(10)$(6)
Nine Months EndedNine Months Ended
January 31, 2021January 31, 2022
(Dollars in millions)Pre-TaxTaxNetPre-TaxTaxNet
Currency translation adjustments:
Net gain (loss) on currency translation$97 $16 $113 $(40)$(9)$(49)
Reclassification to earnings— — — — — — 
Other comprehensive income (loss), net97 16 113 (40)(9)(49)
Cash flow hedge adjustments:
Net gain (loss) on hedging instruments(73)17 (56)53 (12)41 
Reclassification to earnings1
(21)5 (16)(1)— (1)
Other comprehensive income (loss), net(94)22 (72)52 (12)40 
Postretirement benefits adjustments:
Net actuarial gain (loss) and prior service cost— — — (1)— (1)
Reclassification to earnings2
23 (6)17 19 (5)14 
Other comprehensive income (loss), net23 (6)17 18 (5)13 
Total other comprehensive income (loss), net$26 $32 $58 $30 $(26)$4 
1Pre-tax amount for each period is classified as sales in the accompanying condensed consolidated statements of operations.
2For the nine months ended January 31, 2021, $4 of the pre-tax amount of $23 is classified in gain on sale of business in the accompanying condensed consolidated statements of operations. Otherwise, the pre-tax amount for each period is classified as non-operating postretirement expense.
v3.22.0.1
Earnings Per Share (Details) - USD ($)
$ / shares in Units, shares in Thousands, $ in Millions
 3 Months Ended 9 Months Ended
Jan. 31, 2022
Jan. 31, 2021
Jan. 31, 2022
Jan. 31, 2021
Basic and diluted earnings per share        
Net income available to common stockholders $ 259 $ 219 $ 687 $ 783
Share data (in thousands):        
Basic average common shares outstanding 478,887 478,599 478,844 478,471
Dilutive effect of stock-based awards 1,680 2,237 1,755 2,194
Diluted average common shares outstanding 480,567 480,836 480,599 480,665
Basic earnings per share (dollars per share) $ 0.54 $ 0.46 $ 1.43 $ 1.64
Diluted earnings per share (dollars per share) $ 0.54 $ 0.45 $ 1.43 $ 1.63
v3.22.0.1
Earnings Per Share (Details Textual) - shares
shares in Thousands
 3 Months Ended 9 Months Ended
Jan. 31, 2022
Jan. 31, 2021
Jan. 31, 2022
Jan. 31, 2021
Earnings Per Share (Textual) [Abstract]        
Common stock-based awards excluded from the calculation of diluted earnings per share 789 298 623 211
v3.22.0.1
Inventories (Details) - USD ($)
$ in Millions
Jan. 31, 2022
Apr. 30, 2021
Inventories (Textual) [Abstract]    
Excess of current costs over stated LIFO value $ 388 $ 353
v3.22.0.1
Goodwill and Other Intangible Assets (Details)
$ in Millions
 9 Months Ended
Jan. 31, 2022
USD ($)
Goodwill [Roll Forward]  
Balance at April 30, 2021 $ 779
Foreign currency translation adjustment (8)
Balance at January 31, 2022 771
Indefinite-lived Intangible Assets [Roll Forward]  
Balance at April 30, 2021 676
Foreign currency translation adjustment (24)
Balance at January 31, 2022 $ 652
v3.22.0.1
Commitments and Contingencies Guaranty (Details) - USD ($)
$ in Millions
Jan. 31, 2022
Apr. 30, 2021
Concentration Risk [Line Items]    
Accounts Receivable, after Allowance for Credit Loss, Current $ 796 $ 753
Credit Concentration Risk [Member]    
Concentration Risk [Line Items]    
Guarantor Obligations, Maximum Exposure, Undiscounted 11  
Guarantee Obligations Current Exposure 4  
Accounts Receivable, after Allowance for Credit Loss, Current $ 9  
v3.22.0.1
Commitments and Contingencies Contingencies (Details) - GBP (£)
£ in Millions
 1 Months Ended
Dec. 31, 2021
Apr. 30, 2021
Loss Contingencies [Line Items]    
Loss Contingency, Amount Sought by Counterparty   £ 49
Loss Contingency, Amount Withheld by Counterparty   £ 50
Loss Contingency, Amount Remitted by Counterparty £ 47  
v3.22.0.1
Debt (Details)
€ in Millions, £ in Millions, $ in Millions
 9 Months Ended 12 Months Ended
Jan. 31, 2022
USD ($)
Apr. 30, 2021
USD ($)
Jan. 31, 2022
EUR (€)
Jan. 31, 2022
GBP (£)
Apr. 30, 2021
EUR (€)
Apr. 30, 2021
GBP (£)
Debt Instrument [Line Items]            
Long-term debt, including current portion $ 2,311 $ 2,354        
Current portion of long-term debt 250 0        
Long-term debt 2,061 2,354        
2.25% notes, due January 15, 2023 [Member]            
Debt Instrument [Line Items]            
Debt Instrument, Face Amount $ 250 $ 250        
Debt Instrument, Maturity Date Jan. 15, 2023 Jan. 15, 2023        
Debt Instrument, Interest Rate, Stated Percentage 2.25% 2.25% 2.25% 2.25% 2.25% 2.25%
Long-term debt, including current portion $ 250 $ 249        
3.50% senior notes, due April 15, 2025 [Member]            
Debt Instrument [Line Items]            
Debt Instrument, Face Amount $ 300 $ 300        
Debt Instrument, Maturity Date Apr. 15, 2025 Apr. 15, 2025        
Debt Instrument, Interest Rate, Stated Percentage 3.50% 3.50% 3.50% 3.50% 3.50% 3.50%
Long-term debt, including current portion $ 298 $ 298        
1.20% notes, due July 7, 2026 [Member]            
Debt Instrument [Line Items]            
Debt Instrument, Face Amount | €     € 300   € 300  
Debt Instrument, Maturity Date Jul. 07, 2026 Jul. 07, 2026        
Debt Instrument, Interest Rate, Stated Percentage 1.20% 1.20% 1.20% 1.20% 1.20% 1.20%
Long-term debt, including current portion $ 333 $ 362        
2.60% notes, due July 7, 2028 [Member]            
Debt Instrument [Line Items]            
Debt Instrument, Face Amount | £       £ 300   £ 300
Debt Instrument, Maturity Date Jul. 07, 2028 Jul. 07, 2028        
Debt Instrument, Interest Rate, Stated Percentage 2.60% 2.60% 2.60% 2.60% 2.60% 2.60%
Long-term debt, including current portion $ 399 $ 415        
4.00% senior notes, due April 15, 2038 [Member]            
Debt Instrument [Line Items]            
Debt Instrument, Face Amount $ 300 $ 300        
Debt Instrument, Maturity Date Apr. 15, 2038 Apr. 15, 2038        
Debt Instrument, Interest Rate, Stated Percentage 4.00% 4.00% 4.00% 4.00% 4.00% 4.00%
Long-term debt, including current portion $ 295 $ 294        
3.75% notes, due January 15, 2043 [Member]            
Debt Instrument [Line Items]            
Debt Instrument, Face Amount $ 250 $ 250        
Debt Instrument, Maturity Date Jan. 15, 2043 Jan. 15, 2043        
Debt Instrument, Interest Rate, Stated Percentage 3.75% 3.75% 3.75% 3.75% 3.75% 3.75%
Long-term debt, including current portion $ 248 $ 248        
4.50% notes, due July 15, 2045 [Member]            
Debt Instrument [Line Items]            
Debt Instrument, Face Amount $ 500 $ 500        
Debt Instrument, Maturity Date Jul. 15, 2045 Jul. 15, 2045        
Debt Instrument, Interest Rate, Stated Percentage 4.50% 4.50% 4.50% 4.50% 4.50% 4.50%
Long-term debt, including current portion $ 488 $ 488        
v3.22.0.1
Debt Short-term Borrowings (Details) - USD ($)
$ in Millions
 9 Months Ended 12 Months Ended
Jan. 31, 2022
Apr. 30, 2021
Short-term Debt [Abstract]    
Short-term borrowings $ 16 $ 205
Commercial Paper $ 0 $ 195
Commercial Paper, Weighted Average Interest Rate, at Point in Time 0.00% 0.16%
Commercial Paper Borrowings, Average Remaining Maturity 0 days 24 days
v3.22.0.1
Stockholders' Equity (Details) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Jan. 31, 2022
Oct. 31, 2021
Jul. 31, 2021
Jan. 31, 2021
Oct. 31, 2020
Jul. 31, 2020
Jan. 31, 2022
Jan. 31, 2021
Beginning balance $ 2,923 $ 2,683 $ 2,656 $ 2,403 $ 2,150 $ 1,975 $ 2,656 $ 1,975
Net income 259 236 192 219 240 324 687 783
Net other comprehensive income (loss) (6) 2 8 19 15 24 4 58
Declaration of cash dividends (659)   (172) (172)   (167)    
Stock-based compensation expense 4 3 4 3 3 3    
Stock issued under compensation plans 2 1 5 3 5 10    
Loss on issuance of treasury stock issued under compensation plans (4) (2) (10) (7) (10) (19)    
Ending balance 2,519 2,923 2,683 2,468 2,403 2,150 2,519 2,468
Additional Paid-in Capital [Member]                
Beginning balance 3 2 0 0 0 0 0 0
Stock-based compensation expense 4 3 4 3 3 3    
Loss on issuance of treasury stock issued under compensation plans (4) (2) (2) (3) (3) (3)    
Ending balance 3 3 2 0 0 0 3 0
Retained Earnings [Member]                
Beginning balance 3,491 3,255 3,243 3,082 2,849 2,708 3,243 2,708
Net income 259 236 192 219 240 324    
Declaration of cash dividends (659)   (172) (172)   (167)    
Loss on issuance of treasury stock issued under compensation plans (8) (4) (7) (16)    
Ending balance 3,091 3,491 3,255 3,125 3,082 2,849 3,091 3,125
AOCI Attributable to Parent [Member]                
Beginning balance (412) (414) (422) (508) (523) (547) (422) (547)
Net other comprehensive income (loss) (6) 2 8 19 15 24    
Ending balance (418) (412) (414) (489) (508) (523) (418) (489)
Treasury Stock, Common [Member]                
Beginning balance (231) (232) (237) (243) (248) (258) (237) (258)
Stock issued under compensation plans 2 1 5 3 5 10    
Ending balance (229) (231) (232) (240) (243) (248) (229) (240)
Common stock, Class A, voting [Member] | Common Stock [Member]                
Beginning balance 25 25 25 25 25 25 25 25
Ending balance 25 25 25 25 25 25 25 25
Common stock, Class B, nonvoting [Member] | Common Stock [Member]                
Beginning balance 47 47 47 47 47 47 47 47
Ending balance $ 47 $ 47 $ 47 $ 47 $ 47 $ 47 $ 47 $ 47
v3.22.0.1
Stockholders' Equity Accumulated Other Comprehensive Income (Details) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Jan. 31, 2022
Oct. 31, 2021
Jul. 31, 2021
Jan. 31, 2021
Oct. 31, 2020
Jul. 31, 2020
Jan. 31, 2022
Jan. 31, 2021
Accumulated Other Comprehensive Income (Loss) [Line Items]                
Beginning balance     $ (422)       $ (422)  
Net other comprehensive income (loss) $ (6) $ 2 8 $ 19 $ 15 $ 24 4 $ 58
Ending balance (418)           (418)  
Accumulated Foreign Currency Adjustment Attributable to Parent [Member]                
Accumulated Other Comprehensive Income (Loss) [Line Items]                
Beginning balance     (179)       (179)  
Net other comprehensive income (loss) (27)     47     (49) 113
Ending balance (228)           (228)  
Accumulated Net Gain (Loss) from Cash Flow Hedges Attributable to Parent [Member]                
Accumulated Other Comprehensive Income (Loss) [Line Items]                
Beginning balance     (16)       (16)  
Net other comprehensive income (loss) 16     (33)     40 (72)
Ending balance 24           24  
Accumulated Defined Benefit Plans Adjustment Attributable to Parent [Member]                
Accumulated Other Comprehensive Income (Loss) [Line Items]                
Beginning balance     (227)       (227)  
Net other comprehensive income (loss) 5     5     13 $ 17
Ending balance (214)           $ (214)  
AOCI Attributable to Parent [Member]                
Accumulated Other Comprehensive Income (Loss) [Line Items]                
Net other comprehensive income (loss) $ (6) $ 2 $ 8 $ 19 $ 15 $ 24    
v3.22.0.1
Stockholders' Equity Dividends (Details)
 9 Months Ended
Jan. 31, 2022
$ / shares
July 2021 dividend payment  
Class of Stock [Line Items]  
Dividends Payable, Date Declared, Month and Year May 27, 2021
Dividends Payable, Date of Record Jun. 08, 2021
Dividends Payable, Date to be Paid Jul. 01, 2021
Common Stock, Dividends, Per Share, Declared $ 0.1795
October 2021 dividend payment  
Class of Stock [Line Items]  
Dividends Payable, Date Declared, Month and Year Jul. 22, 2021
Dividends Payable, Date of Record Sep. 03, 2021
Dividends Payable, Date to be Paid Oct. 01, 2021
Common Stock, Dividends, Per Share, Declared $ 0.1795
December 2021 dividend payment  
Class of Stock [Line Items]  
Dividends Payable, Date Declared, Month and Year Nov. 18, 2021
Dividends Payable, Date of Record Dec. 03, 2021
Dividends Payable, Date to be Paid Dec. 28, 2021
Common Stock, Dividends, Per Share, Declared $ 0.1885
April 2022 dividend payment  
Class of Stock [Line Items]  
Dividends Payable, Date Declared, Month and Year Jan. 25, 2022
Dividends Payable, Date of Record Mar. 08, 2022
Dividends Payable, Date to be Paid Apr. 01, 2022
Common Stock, Dividends, Per Share, Declared $ 0.1885
December 2021 special dividend payment  
Class of Stock [Line Items]  
Dividends Payable, Date Declared, Month and Year Nov. 18, 2021
Dividends Payable, Date of Record Dec. 09, 2021
Dividends Payable, Date to be Paid Dec. 29, 2021
Common Stock, Dividends, Per Share, Declared $ 1.0000
v3.22.0.1
Net Sales by Geography (Details) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Jan. 31, 2022
Jan. 31, 2021
Jan. 31, 2022
Jan. 31, 2021
Disaggregation of Revenue [Line Items]        
Net sales $ 1,037 $ 911 $ 2,937 $ 2,649
United States [Member]        
Disaggregation of Revenue [Line Items]        
Net sales 488 425 1,400 1,334
Developed International [Member]        
Disaggregation of Revenue [Line Items]        
Net sales 318 292 884 [1] 789 [1]
Emerging [Member]        
Disaggregation of Revenue [Line Items]        
Net sales 196 171 533 [2] 438 [2]
Travel Retail [Member]        
Disaggregation of Revenue [Line Items]        
Net sales 25 12 74 [3] 47 [3]
Non-branded and bulk [Member]        
Disaggregation of Revenue [Line Items]        
Net sales $ 10 $ 11 $ 46 [4] $ 41 [4]
[1] Represents net sales of branded products to “advanced economies” as defined by the International Monetary Fund (IMF), excluding the United States. Our largest developed international markets are Australia, Germany, the United Kingdom, France, and Canada.
[2] Represents net sales of branded products to “emerging and developing economies” as defined by the IMF. Our largest emerging markets are Mexico, Poland, Brazil, and Russia.
[3] Represents net sales of branded products to global duty-free customers, other travel retail customers, and the U.S. military regardless of customer location.
[4] Includes net sales of used barrels, bulk whiskey and wine, and contract bottling regardless of customer location.
v3.22.0.1
Net Sales by Product Category (Details) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Jan. 31, 2022
Jan. 31, 2021
Jan. 31, 2022
Jan. 31, 2021
Disaggregation of Revenue [Line Items]        
Net sales $ 1,037 $ 911 $ 2,937 $ 2,649
Whiskey [Member]        
Disaggregation of Revenue [Line Items]        
Net sales [1] 835 731 2,309 2,101
Tequila [Member]        
Disaggregation of Revenue [Line Items]        
Net sales [2] 90 72 266 224
Wine [Member]        
Disaggregation of Revenue [Line Items]        
Net sales [3] 54 50 176 162
Vodka [Member]        
Disaggregation of Revenue [Line Items]        
Net sales [4] 29 26 86 71
Non-branded and bulk [Member]        
Disaggregation of Revenue [Line Items]        
Net sales [5] 10 11 46 41
Rest of portfolio [Member]        
Disaggregation of Revenue [Line Items]        
Net sales $ 19 $ 21 $ 54 $ 50
[1] Includes all whiskey spirits and whiskey-based flavored liqueurs, ready-to-drink, and ready-to-pour products. The brands included in this category are the Jack Daniel's family of brands, the Woodford Reserve family of brands, the Old Forester family of brands, GlenDronach, Benriach, Glenglassaugh, Slane Irish Whiskey, and Coopers’ Craft.
[2] Includes the Herradura family of brands, el Jimador, New Mix, Pepe Lopez, and Antiguo.
[3] Includes Korbel Champagne and Sonoma-Cutrer wines.
[4] Includes Finlandia.
[5] Includes net sales of used barrels, bulk whiskey and wine, and contract bottling.
v3.22.0.1
Pension and Other Postretirement Benefits (Details) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Jan. 31, 2022
Jan. 31, 2021
Jan. 31, 2022
Jan. 31, 2021
Pension Benefits [Member]        
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]        
Defined Benefit Plan, Sponsor Location [Extensible List]        
Service cost $ 7 $ 7 $ 20 $ 20
Interest cost 5 6 16 19
Expected return on plan assets (11) (12) (34) (35)
Amortization of prior service cost (credit) 0 0 1 1
Amortization of net actuarial loss (gain) 6 7 18 20
Settlement loss 0 0 1 0
Net cost 7 8 $ 22 $ 25
Other Postretirement Benefits [Member]        
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]        
Defined Benefit Plan, Sponsor Location [Extensible List]        
Service cost 0 0 $ 1 $ 1
Interest cost 0 1 1 1
Amortization of prior service cost (credit) 0 (1) (1) (2)
Net cost $ 0 $ 0 $ 1 $ 0
v3.22.0.1
Income Taxes (Details)
 9 Months Ended 12 Months Ended
Jan. 31, 2022
Jan. 31, 2021
Apr. 30, 2022
Expected Tax Rate on Ordinary Income 22.70%    
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent 21.00%    
Effective Income Tax Rate Reconciliation, Percent 23.40% 16.20%  
Forecast [Member]      
Expected Tax Rate on Ordinary Income     22.70%
v3.22.0.1
Derivative Financial Instruments and Hedging Activities (Details) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Jan. 31, 2022
Jan. 31, 2021
Jan. 31, 2022
Jan. 31, 2021
Total amounts presented in the accompanying consolidated statements of operations for line items affected by the net gains (losses) shown above: [Abstract]        
Sales $ 1,365 $ 1,222 $ 3,831 $ 3,481
Other income (expense), net 4 9 (1) 13
Foreign Currency Denominated Debt [Member]        
Foreign currency-denominated debt designated as net investment hedge: [Abstract]        
Net gain (loss) recognized in AOCI 17 (33) 38 (66)
Currency derivatives [Member]        
Currency derivatives designated as cash flow hedges: [Abstract]        
Net gain (loss) recognized in AOCI 23 (39) 53 (73)
Currency derivatives [Member] | Sales [Member]        
Currency derivatives designated as cash flow hedges: [Abstract]        
Net gain (loss) reclassified from AOCI into earnings 2 4 1 21
Currency derivatives not designated as hedging instruments: [Abstract]        
Net gain (loss) recognized in earnings 5 (6) 8 (11)
Currency derivatives [Member] | Other Income [Member]        
Currency derivatives not designated as hedging instruments: [Abstract]        
Net gain (loss) recognized in earnings $ (1) $ 4 $ (1) $ 15
v3.22.0.1
Derivative Financial Instruments and Hedging Activities (Details 1) - USD ($)
$ in Millions
Jan. 31, 2022
Apr. 30, 2021
Fair values of derivative instruments    
Derivative Asset, Fair Value, Gross Asset $ 34 $ 10
Derivative Liability, Fair Value, Gross Liability 6 38
Currency derivatives [Member] | Designated as Hedging Instrument [Member] | Cash Flow Hedging [Member] | Other Current Assets [Member]    
Fair values of derivative instruments    
Derivative Asset, Fair Value, Gross Asset 21 4
Derivative Liability, Fair Value, Gross Liability (3) (2)
Currency derivatives [Member] | Designated as Hedging Instrument [Member] | Cash Flow Hedging [Member] | Other Assets [Member]    
Fair values of derivative instruments    
Derivative Asset, Fair Value, Gross Asset 13 0
Derivative Liability, Fair Value, Gross Liability (1) 0
Currency derivatives [Member] | Designated as Hedging Instrument [Member] | Cash Flow Hedging [Member] | Accrued Expenses [Member]    
Fair values of derivative instruments    
Derivative Asset, Fair Value, Gross Asset 0 4
Derivative Liability, Fair Value, Gross Liability (1) (18)
Currency derivatives [Member] | Designated as Hedging Instrument [Member] | Cash Flow Hedging [Member] | Other Liabilities [Member]    
Fair values of derivative instruments    
Derivative Asset, Fair Value, Gross Asset 0 1
Derivative Liability, Fair Value, Gross Liability 0 (18)
Currency derivatives [Member] | Not designated as hedges [Member] | Other Current Assets [Member]    
Fair values of derivative instruments    
Derivative Asset, Fair Value, Gross Asset 0 1
Derivative Liability, Fair Value, Gross Liability 0 0
Currency derivatives [Member] | Not designated as hedges [Member] | Other Assets [Member]    
Fair values of derivative instruments    
Derivative Asset, Fair Value, Gross Asset 0 0
Derivative Liability, Fair Value, Gross Liability 0 0
Currency derivatives [Member] | Not designated as hedges [Member] | Accrued Expenses [Member]    
Fair values of derivative instruments    
Derivative Asset, Fair Value, Gross Asset 0 0
Derivative Liability, Fair Value, Gross Liability (1) 0
Currency derivatives [Member] | Not designated as hedges [Member] | Other Liabilities [Member]    
Fair values of derivative instruments    
Derivative Asset, Fair Value, Gross Asset 0 0
Derivative Liability, Fair Value, Gross Liability $ 0 $ 0
v3.22.0.1
Derivative Financial Instruments and Hedging Activities (Details Textual) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Jul. 31, 2021
Jan. 31, 2022
Apr. 30, 2021
Derivative Financial Instruments (Textual) [Abstract]      
Maximum term of outstanding derivative contracts 36 months 36 months  
Foreign Currency Cash Flow Hedge Gain (Loss) to be Reclassified During Next 12 Months   $ 15  
Aggregate fair value of derivatives with creditworthiness requirements that were in a net liability position   2 $ 30
Designated as Hedging Instrument [Member] | Net Investment Hedging [Member]      
Derivative Instruments, Gain (Loss) [Line Items]      
Debt Instrument, Face Amount   676 680
Foreign Exchange Contract [Member]      
Derivative Instruments, Gain (Loss) [Line Items]      
Derivative, Notional Amount   $ 860 $ 1,218
v3.22.0.1
Offsetting Derivative Assets and Liabilities (Details) - USD ($)
$ in Millions
Jan. 31, 2022
Apr. 30, 2021
Offsetting Assets and Liabilities [Line Items]    
Gross Amount of Derivative Assets $ 34 $ 10
Gross Amount of Derivative Liabilities Offset Against Derivative Assets in Balance Sheet (4) (7)
Net Amount of Derivative Assets Presented in Balance Sheet 30 3
Gross Amount of Derivative Liabilities Not Offset Against Derivative Assets in Balance Sheet 0 (1)
Net Amount of Derivative Assets 30 2
Gross Amount of Derivative Liabilities (6) (38)
Gross Amount of Derivative Assets Offset Against Derivative Liabilities in Balance Sheet 4 7
Net Amount of Derivative Liabilities Presented in Balance Sheet 2 31
Gross Amount of Derivative Assets Not Offset Against Derivative Liabilities in Balance Sheet 0 1
Net Amount of Derivative Liabilities $ 2 $ 30
v3.22.0.1
Fair Value Measurements (Details) - USD ($)
$ in Millions
Jan. 31, 2022
Apr. 30, 2021
Assets:    
Cash and cash equivalents, Carrying Amount $ 812 $ 1,150
Cash and cash equivalents, Fair Value 812 1,150
Liabilities:    
Short-term borrowings, Carrying Amount 16 205
Short-term borrowings, Fair Value 16 205
Long-term debt (including current portion), Carrying Amount 2,311 2,354
Fair Value, Inputs, Level 2 [Member]    
Assets:    
Currency derivatives, Fair Value 30 3
Liabilities:    
Currency derivatives, Fair Value 2 31
Long-term debt (including current portion), Fair Value 2,537 2,663
Foreign Exchange Contract [Member]    
Assets:    
Currency derivatives, Carrying Amount 30 3
Liabilities:    
Currency derivatives, Carrying Amount $ 2 $ 31
v3.22.0.1
Impairment Charge (Details)
$ in Millions
 9 Months Ended
Jan. 31, 2022
USD ($)
Fair Value Disclosures [Abstract]  
Tangible Asset Impairment Charges $ 9
v3.22.0.1
Other Comprehensive Income (Details) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Jan. 31, 2022
Oct. 31, 2021
Jul. 31, 2021
Jan. 31, 2021
Oct. 31, 2020
Jul. 31, 2020
Jan. 31, 2022
Jan. 31, 2021
Before Tax:                
Net other comprehensive income (loss) $ 4     $ 2     $ 30 $ 26
Tax Effect:                
Net other comprehensive income (loss) (10)     17     (26) 32
Net of Tax:                
Net other comprehensive income (loss) (6) $ 2 $ 8 19 $ 15 $ 24 4 58
Accumulated Foreign Currency Adjustment Attributable to Parent [Member]                
Before Tax:                
Net gain (loss) (23)     39     (40) 97
Reclassification to earnings 0     0     0 0
Net other comprehensive income (loss) (23)     39     (40) 97
Tax Effect:                
Net gain (loss) (4)     8     (9) 16
Reclassification to earnings 0     0     0 0
Net other comprehensive income (loss) (4)     8     (9) 16
Net of Tax:                
Net gain (loss) (27)     47     (49) 113
Reclassification to earnings 0     0     0 0
Net other comprehensive income (loss) (27)     47     (49) 113
Accumulated Net Gain (Loss) from Cash Flow Hedges Attributable to Parent [Member]                
Before Tax:                
Net gain (loss) 23     (39)     53 (73)
Reclassification to earnings [1] (2)     (4)     (1) (21)
Net other comprehensive income (loss) 21     (43)     52 (94)
Tax Effect:                
Net gain (loss) (5)     9     (12) 17
Reclassification to earnings [1] 0     1     0 5
Net other comprehensive income (loss) (5)     10     (12) 22
Net of Tax:                
Net gain (loss) 18     (30)     41 (56)
Reclassification to earnings [1] (2)     (3)     (1) (16)
Net other comprehensive income (loss) 16     (33)     40 (72)
Accumulated Defined Benefit Plans Adjustment Attributable to Parent [Member]                
Before Tax:                
Net gain (loss) 0     0     (1) 0
Reclassification to earnings [2] 6     6     19 23
Net other comprehensive income (loss) 6     6     18 23
Tax Effect:                
Net gain (loss) 0     0     0 0
Reclassification to earnings [2] (1)     (1)     (5) (6)
Net other comprehensive income (loss) (1)     (1)     (5) (6)
Net of Tax:                
Net gain (loss) 0     0     (1) 0
Reclassification to earnings [2] 5     5     14 17
Net other comprehensive income (loss) $ 5     $ 5     $ 13 17
Gain on sale of business [Member] | Accumulated Defined Benefit Plans Adjustment Attributable to Parent [Member]                
Before Tax:                
Reclassification to earnings               $ 4
[1] Pre-tax amount for each period is classified as sales in the accompanying condensed consolidated statements of operations.
[2] For the nine months ended January 31, 2021, $4 of the pre-tax amount of $23 is classified in gain on sale of business in the accompanying condensed consolidated statements of operations. Otherwise, the pre-tax amount for each period is classified as non-operating postretirement expense.