Document and Entity Information - USD ($) $ in Billions	12 Months Ended
Document and Entity Information - USD ($) $ in Billions	Apr. 30, 2016	May 31, 2016	Oct. 31, 2015
Document Information [Line Items]
Entity Registrant Name	BROWN FORMAN CORP
Entity Central Index Key	0000014693
Document Type	10-K
Document Period End Date	Apr. 30, 2016
Amendment Flag	false
Document Fiscal Year Focus	2016
Document Fiscal Period Focus	FY
Current Fiscal Year End Date	--04-30
Entity Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Filer Category	Large Accelerated Filer
Entity Public Float			$ 15.4
Common stock, Class A, voting [Member]
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		84,509,838
Common Stock, Class B, nonvoting [Member]
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		112,418,105

Consolidated Statements of Operations - USD ($) $ in Millions	12 Months Ended
	Apr. 30, 2016	Apr. 30, 2015	Apr. 30, 2014
Income Statement [Abstract]
Net sales	$ 4,011	$ 4,096	$ 3,946
Excise taxes	922	962	955
Cost of sales	945	951	913
Gross profit	2,144	2,183	2,078
Advertising expenses	417	437	436
Selling, general, and administrative expenses	688	697	686
Gain on sale of business	(485)	0	0
Other expense (income), net	(9)	22	(15)
Operating income	1,533	1,027	971
Interest income	2	2	2
Interest expense	46	27	26
Income before income taxes	1,489	1,002	947
Income taxes	422	318	288
Net income	$ 1,067	$ 684	$ 659
Earnings per share:
Basic (dollars per share)	$ 5.26	$ 3.23	$ 3.08
Diluted (dollars per share)	$ 5.22	$ 3.21	$ 3.06

Consolidated Statements of Comprehensive Income - USD ($) $ in Millions	12 Months Ended
	Apr. 30, 2016	Apr. 30, 2015	Apr. 30, 2014
Statement of Comprehensive Income [Abstract]
Net income	$ 1,067	$ 684	$ 659
Other comprehensive income (loss), net of tax:
Currency translation adjustments	(23)	(114)	(4)
Cash flow hedge adjustments	(17)	32	(4)
Postretirement benefits adjustments	(10)	(30)	31
Net other comprehensive income (loss)	(50)	(112)	23
Comprehensive income	$ 1,017	$ 572	$ 682

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References + Details

Consolidated Balance Sheets - USD ($) $ in Millions	Apr. 30, 2016	Apr. 30, 2015
ASSETS
Cash and cash equivalents	$ 263	$ 370
Accounts receivable, less allowance for doubtful accounts of $10 in 2015 and $9 in 2016	559	583
Inventories:
Barreled whiskey	666	571
Finished goods	187	200
Work in process	116	121
Raw materials and supplies	85	61
Total inventories	1,054	953
Current deferred tax assets	0	16
Other current assets	357	332
Total current assets	2,233	2,254
Property, plant, and equipment, net	629	586
Goodwill	590	607
Other intangible assets	595	611
Deferred tax assets	17	18
Other assets	119	112
Total assets	4,183	4,188
LIABILITIES
Accounts payable and accrued expenses	501	497
Accrued income taxes	19	12
Current deferred tax liabilities	0	9
Short-term borrowings	271	190
Current portion of long-term debt	0	250
Total current liabilities	791	958
Long-term debt	1,230	743
Deferred tax liabilities	101	107
Accrued pension and other postretirement benefits	353	311
Other liabilities	146	164
Total liabilities	$ 2,621	$ 2,283
Commitments and contingencies
STOCKHOLDERS’ EQUITY
Additional paid-in capital	$ 114	$ 99
Retained earnings	4,065	3,300
Accumulated other comprehensive income (loss), net of tax	(350)	(300)
Treasury stock, at cost (18,613,000 and 29,571,000 shares in 2015 and 2016, respectively)	(2,301)	(1,228)
Total stockholders’ equity	1,562	1,905
Total liabilities and stockholders’ equity	4,183	4,188
Common stock, Class A, voting [Member]
STOCKHOLDERS’ EQUITY
Common stock	13	13
Total stockholders’ equity	13	13
Common Stock, Class B, nonvoting [Member]
STOCKHOLDERS’ EQUITY
Common stock	21	21
Total stockholders’ equity	$ 21	$ 21

Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Millions	Apr. 30, 2016	Apr. 30, 2015
Allowance for doubtful accounts	$ 9	$ 10
Treasury stock, shares	29,571,000	18,613,000
Common stock, Class A, voting [Member]
Common stock, par value	$ 0.15	$ 0.15
Common stock, shares authorized	85,000,000	85,000,000
Common stock, shares issued	85,000,000	85,000,000
Common Stock, Class B, nonvoting [Member]
Common stock, par value	$ 0.15	$ 0.15
Common stock, shares authorized	400,000,000	400,000,000
Common stock, shares issued	142,313,000	142,313,000

Consolidated Statements of Cash Flows - USD ($) $ in Millions	12 Months Ended
	Apr. 30, 2016	Apr. 30, 2015	Apr. 30, 2014
Cash flows from operating activities:
Net income	$ 1,067	$ 684	$ 659
Adjustments to reconcile net income to net cash provided by operations:
Gain on sale of business	(485)	0	0
Depreciation and amortization	56	51	50
Stock-based compensation expense	15	15	13
Deferred income taxes	10	6	(5)
Other, net	2	9	1
Changes in assets and liabilities, excluding the effects of sale of business:
Accounts receivable	8	(50)	(34)
Inventories	(127)	(102)	(67)
Other current assets	(57)	(30)	(43)
Accounts payable and accrued expenses	29	64	31
Accrued income taxes	7	(58)	60
Noncurrent assets and liabilities	(1)	19	(16)
Cash provided by operating activities	524	608	649
Cash flows from investing activities:
Proceeds from sale of business	543	0	0
Additions to property, plant, and equipment	(108)	(120)	(126)
Proceeds from sale of property, plant, and equipment	0	0	2
Acquisition of brand names and trademarks	0	(4)	(1)
Computer software expenditures	(2)	(1)	(2)
Cash provided by (used for) investing activities	433	(125)	(127)
Cash flows from financing activities:
Net change in short-term borrowings	80	183	5
Repayment of long-term debt	(250)	0	(2)
Proceeds from long-term debt	490	0	0
Debt issuance costs	(5)	0	0
Net payments related to exercise of stock-based awards	(17)	(14)	(19)
Excess tax benefits from stock-based awards	15	18	10
Acquisition of treasury stock	(1,107)	(462)	(49)
Dividends paid	(266)	(256)	(233)
Cash used for financing activities	(1,060)	(531)	(288)
Effect of exchange rate changes on cash and cash equivalents	(4)	(19)	(1)
Net increase (decrease) in cash and cash equivalents	(107)	(67)	233
Cash and cash equivalents, beginning of period	370	437	204
Cash and cash equivalents, end of period	263	370	437
Supplemental disclosure of cash paid for:
Interest	41	27	28
Income taxes	$ 430	$ 375	$ 281

Consolidated Statements of Stockholders' Equity - USD ($) shares in Thousands, $ in Millions	Total	Common stock, Class A, voting [Member]	Common Stock, Class B, nonvoting [Member]	Additional Paid-in Capital [Member]	Retained Earnings [Member]	Accumulated Other Comprehensive (Loss) Income, Net of Tax [Member]	Treasury Stock, at Cost [Member]
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Total common shares outstanding (shares)		84,446	129,261
Beginning Balance at Apr. 30, 2013				$ 71	$ 2,500	$ (211)	$ (766)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock-based compensation expense				13
Loss on issuance of treasury stock issued under compensation plans				(13)	(32)
Excess tax benefits from stock-based awards				10
Net income	$ 659				659
Cash dividends ($1.09, $1.21, and $1.31 per share in 2014, 2015, and 2016, respectively)					(233)
Net other comprehensive (loss) income	23					23
Acquisition of treasury stock							(49)
Stock issued under compensation plans							26
Ending Balance at Apr. 30, 2014	$ 2,032	$ 13	$ 21	81	2,894	(188)	(789)
Beginning Balance (shares) at Apr. 30, 2013		84,446	129,261
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Acquisition of treasury stock (shares)		(46)	(661)
Stock issued under compensation plans (shares)		62
Stock issued under compensation plans (shares)			393
Ending Balance (shares) at Apr. 30, 2014	213,455	84,462	128,993
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Total common shares outstanding (shares)	213,455	84,446	129,261
Total common shares outstanding (shares)	213,455	84,462	128,993
Stock-based compensation expense				15
Loss on issuance of treasury stock issued under compensation plans				(15)	(22)
Excess tax benefits from stock-based awards				18
Net income	$ 684				684
Cash dividends ($1.09, $1.21, and $1.31 per share in 2014, 2015, and 2016, respectively)					(256)
Net other comprehensive (loss) income	(112)					(112)
Acquisition of treasury stock							(462)
Stock issued under compensation plans							23
Ending Balance at Apr. 30, 2015	$ 1,905	$ 13	$ 21	99	3,300	(300)	(1,228)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Acquisition of treasury stock (shares)		(85)	(5,034)
Stock issued under compensation plans (shares)		86
Stock issued under compensation plans (shares)			278
Ending Balance (shares) at Apr. 30, 2015	208,700	84,463	124,237
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Total common shares outstanding (shares)	213,455	84,462	128,993
Total common shares outstanding (shares)	208,700	84,463	124,237
Stock-based compensation expense				15
Loss on issuance of treasury stock issued under compensation plans				(15)	(36)
Excess tax benefits from stock-based awards				15
Net income	$ 1,067				1,067
Cash dividends ($1.09, $1.21, and $1.31 per share in 2014, 2015, and 2016, respectively)					(266)
Net other comprehensive (loss) income	(50)					(50)
Acquisition of treasury stock							(1,107)
Stock issued under compensation plans							34
Ending Balance at Apr. 30, 2016	$ 1,562	$ 13	$ 21	$ 114	$ 4,065	$ (350)	$ (2,301)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Acquisition of treasury stock (shares)		(57)	(11,357)
Stock issued under compensation plans (shares)		124
Stock issued under compensation plans (shares)			332
Ending Balance (shares) at Apr. 30, 2016	197,742	84,530	113,212
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Total common shares outstanding (shares)	208,700	84,463	124,237
Total common shares outstanding (shares)	197,742	84,530	113,212

Consolidated Statements of Stockholders' Equity (Parenthetical) - $ / shares	12 Months Ended
	Apr. 30, 2016	Apr. 30, 2015	Apr. 30, 2014
Statement of Stockholders' Equity [Abstract]
Cash dividends (dollars per share)	$ 1.31	$ 1.21	$ 1.09

Accounting Policies	12 Months Ended
Accounting Policies	Apr. 30, 2016
Accounting Policies [Abstract]
ACCOUNTING POLICIES	ACCOUNTING POLICIES We prepare our consolidated financial statements in conformity with accounting principles generally accepted in the United States (GAAP). We also apply the following accounting policies when preparing our consolidated financial statements: Principles of consolidation. Our consolidated financial statements include the accounts of all subsidiaries in which we have a controlling financial interest. We eliminate all intercompany transactions. Estimates. To prepare financial statements that conform with GAAP, our management must make informed estimates that affect how we report revenues, expenses, assets, and liabilities, including contingent assets and liabilities. Actual results could (and probably will) differ from these estimates. Cash equivalents. Cash equivalents include bank demand deposits and all highly liquid investments with original maturities of three months or less. Allowance for doubtful accounts. We evaluate the collectability of accounts receivable based on a combination of factors. When we are aware of circumstances that may impair a specific customer’s ability to meet its financial obligations, we record a specific allowance to reduce the net recognized receivable to the amount we believe will be collected. We write off the uncollectable amount against the allowance when we have exhausted our collection efforts. Inventories. Inventories are valued at the lower of cost or market value. Approximately 59% of our consolidated inventories are valued using the last-in, first-out (LIFO) cost method, which we use for the majority of our U.S. inventories. We value the remainder of our inventories primarily using the first-in, first-out (FIFO) cost method. FIFO cost approximates current replacement cost. If we had used the FIFO method for all inventories, they would have been $234 and $248 higher than reported at April 30, 2015 and 2016, respectively. Because we age most of our whiskeys in barrels for three to six years, we bottle and sell only a portion of our whiskey inventory each year. Following industry practice, we classify all barreled whiskey as a current asset. We include warehousing, insurance, ad valorem taxes, and other carrying charges applicable to barreled whiskey in inventory costs. We classify bulk wine, agave inventories, tequila, and liquid in bottling tanks as work in process. Property, plant, and equipment. We state property, plant, and equipment at cost less accumulated depreciation. We calculate depreciation on a straight-line basis using our estimates of useful life, which are 20–40 years for buildings and improvements; 3–10 years for machinery, equipment, vehicles, furniture, and fixtures; and 3–7 years for capitalized software. We assess our property, plant, and equipment for impairment whenever events or changes in circumstances indicate that the carrying value of those assets may not be recoverable. When we do not expect to recover the carrying value of an asset (or asset group) through undiscounted future cash flows, we write it down to its estimated fair value. We determine fair value using discounted estimated future cash flows, considering market values for similar assets when available. When we retire or dispose of property, plant, and equipment, we remove its cost and accumulated depreciation from our balance sheet and reflect any gain or loss in operating income. We expense the costs of repairing and maintaining our property, plant, and equipment as we incur them. Goodwill and other intangible assets. We have obtained most of our brands by acquiring other companies. When we acquire another company, we first allocate the purchase price to identifiable assets and liabilities, including intangible brand names and trademarks (“brand names”), based on estimated fair value. We then record any remaining purchase price as goodwill. We do not amortize goodwill or other intangible assets with indefinite lives. We consider all of our brand names to have indefinite lives. We assess our goodwill and other indefinite-lived intangible assets for impairment at least annually. If an asset’s fair value is less than its book value, we write it down to its estimated fair value. For goodwill, if the book value of the reporting unit exceeds its estimated fair value, we measure for potential impairment by comparing the implied fair value of the reporting unit’s goodwill, determined in the same manner as in a business combination, to the goodwill’s book value. We estimate the reporting unit’s fair value using discounted estimated future cash flows or market information. We typically estimate the fair value of a brand name using the “relief from royalty” method. We also consider market values for similar assets when available. Considerable management judgment is necessary to estimate fair value, including the selection of assumptions about future cash flows, discount rates, and royalty rates. We have the option, before quantifying the fair value of a reporting unit or brand name, to evaluate qualitative factors to assess whether it is more likely than not that our goodwill or brand names are impaired. If we determine that is not the case, then we are not required to quantify the fair value. That assessment also takes considerable management judgment. Foreign currency transactions and translation. We report all gains and losses from foreign currency transactions (those denominated in a currency other than the entity’s functional currency) in current income. The U.S. dollar is the functional currency for most of our consolidated entities. The local currency is the functional currency for some of our consolidated foreign entities. We translate the financial statements of those foreign entities into U.S. dollars, using the exchange rate in effect at the balance sheet date to translate assets and liabilities, and using the average exchange rate for the reporting period to translate translate income and expenses. We record the resulting translation adjustments in other comprehensive income (loss). Revenue recognition. We recognize revenue when title and risk of loss pass to the customer, typically when the product is shipped. Some sales contracts contain customer acceptance provisions that grant a right of return on the basis of either subjective or objective criteria. We record revenue net of estimated sales returns, allowances, and discounts. Excise taxes. Our sales are often subject to excise taxes that we collect from our customers and remit to governmental authorities. We present these taxes on a gross basis (included in net sales and costs before gross profit) in the consolidated statement of operations. Cost of sales. Cost of sales includes the costs of receiving, producing, inspecting, warehousing, insuring, and shipping goods sold during the period. Shipping and handling fees and costs. We report the amounts we bill to our customers for shipping and handling as net sales, and we report the costs we incur for shipping and handling as cost of sales. Advertising costs. We expense the costs of advertising during the year when the advertisements first take place. Selling, general, and administrative expenses. Selling, general, and administrative expenses include the costs associated with our sales force, administrative staff and facilities, and other expenses related to our non-manufacturing functions. Income taxes. We base our annual provision for income taxes on the pre-tax income reflected in our consolidated statement of operations. We establish deferred tax liabilities or assets for temporary differences between GAAP and tax reporting bases and later adjust them to reflect changes in tax rates expected to be in effect when the temporary differences reverse. We record a valuation allowance as necessary to reduce a deferred tax asset to the amount that we believe is more likely than not to be realized. We do not provide deferred income taxes on undistributed earnings of foreign subsidiaries that we expect to permanently reinvest. We record a deferred tax charge in prepaid taxes for the difference between GAAP and tax reporting bases with respect to the elimination of intercompany profit in ending inventory. We assess our uncertain income tax positions using a two-step process. First, we evaluate whether the tax position will more likely than not, based on its technical merits, be sustained upon examination, including resolution of any related appeals or litigation. For a tax position that does not meet this first criterion, we recognize no tax benefit. For a tax position that does meet the first criterion, we recognize a tax benefit in an amount equal to the largest amount of benefit that we believe has more than a 50% likelihood of being realized upon ultimate resolution. We record interest and penalties on uncertain tax positions as income tax expense. Recent accounting pronouncements. In May 2014, the Financial Accounting Standards Board (FASB) issued new guidance on the recognition of revenue from contracts with customers. As issued, the new guidance would have become effective for us beginning fiscal 2018. However, the FASB has since deferred the effective date until our fiscal 2019, though permitting voluntary adoption as of the original effective date. The FASB has also issued various amendments and proposed further amendments to the new guidance. We are currently evaluating the potential impact of the new guidance (as amended) and the proposed amendments on our financial statements. In April 2015, FASB issued new guidance for the presentation of debt issuance costs, which we adopted during the first quarter of fiscal 2016. Under the new guidance, debt issuance costs are presented as a direct deduction from the debt liability rather than as an asset. In adopting the new guidance, we retrospectively adjusted our balance sheet as of April 30, 2015. As a result, the carrying amounts of other assets (noncurrent) and long-term debt have decreased by $5 million from the amounts previously reported as of that date. In November 2015, the FASB issued new guidance that requires all deferred tax assets and deferred tax liabilities to be presented as noncurrent on our balance sheet. We adopted this new guidance prospectively as of April 30, 2016. Accordingly, prior period balances have not been adjusted. In February 2016, the FASB issued new guidance on accounting for leases. The new guidance will become effective for us beginning fiscal 2020, although voluntary adoption during an earlier period will be permitted. We are currently evaluating the potential impact of the new guidance on our financial statements. In March 2016, the FASB issued new guidance related to certain aspects of the accounting for stock-based compensation, including the income tax consequences. Under the new guidance, all excess tax benefits and tax deficiencies will be recognized as income tax expense or benefit in our consolidated statement of operations, and excess tax benefits will be classified along with other income tax cash flows as an operating activity in our consolidated statement of cash flows. The new guidance will become effective for us beginning fiscal 2018, although early adoption is permitted. We currently expect to adopt the new guidance during fiscal 2017.

Balance Sheet Information

12 Months Ended

Apr. 30, 2016

Organization, Consolidation and Presentation of Financial Statements [Abstract]

BALANCE SHEET INFORMATION

Supplemental information on our year-end balance sheets is as follows:



April 30,	2015		2016
Other current assets:
Prepaid taxes	$	181	$	208
Other	151		149
	$	332	$	357
Property, plant, and equipment:
Land	$	72	$	76
Buildings	419		468
Equipment	561		619
Construction in process	88		54
	1,140		1,217
Less accumulated depreciation	554		588
	$	586	$	629
Accounts payable and accrued expenses:
Accounts payable, trade	$	123	$	121
Accrued expenses:
Advertising and promotion	128		133
Compensation and commissions	110		105
Excise and other non-income taxes	59		58
Other	77		84
	374		380
	$	497	$	501
Other liabilities:
Deferred benefit – tax (Note 11)	$	75	$	59
Other	89		87
	$	164	$	146

Goodwill and Other Intangible Assets

12 Months Ended

Apr. 30, 2016

Goodwill and Intangible Assets Disclosure [Abstract]

GOODWILL AND OTHER INTANGIBLE ASSETS

The following table shows the changes in the amounts recorded as goodwill (which include no accumulated impairment losses) over the past two years:



Balance as of April 30, 2014	$	620
Foreign currency translation adjustment	(13		)
Balance as of April 30, 2015	607
Sale of business (Note 15)	(16		)
Foreign currency translation adjustment	(1		)
Balance as of April 30, 2016	$	590

As of April 30, 2015 and 2016, our other intangible assets consisted of trademarks and brand names, all with indefinite useful lives.

- Definition

The entire disclosure for the aggregate amount of goodwill and a description of intangible assets, which may include (a) for amortizable intangible assets (also referred to as finite-lived intangible assets), the carrying amount, the amount of any significant residual value, and the weighted-average amortization period, (b) for intangible assets not subject to amortization (also referred to as indefinite-lived intangible assets), the carrying amount, and (c) the amount of research and development assets acquired and written off in the period, including the line item in the income statement in which the amounts written off are aggregated, if not readily apparent from the income statement. Also discloses (a) for amortizable intangibles assets in total and by major class, the gross carrying amount and accumulated amortization, the total amortization expense for the period, and the estimated aggregate amortization expense for each of the five succeeding fiscal years, (b) for intangible assets not subject to amortization the carrying amount in total and by major class, and (c) for goodwill, in total and for each reportable segment, the changes in the carrying amount of goodwill during the period (including the aggregate amount of goodwill acquired, the aggregate amount of impairment losses recognized, and the amount of goodwill included in the gain (loss) on disposal of a reporting unit). If any part of goodwill has not been allocated to a reportable segment, discloses the unallocated amount and the reasons for not allocating. For each impairment loss recognized related to an intangible asset (excluding goodwill), discloses: (a) a description of the impaired intangible asset and the facts and circumstances leading to the impairment, (b) the amount of the impairment loss and the method for determining fair value, (c) the caption in the income statement or the statement of activities in which the impairment loss is aggregated, and (d) the segment in which the impaired intangible asset is reported. For each goodwill impairment loss recognized, discloses: (a) a description of the facts and circumstances leading to the impairment, (b) the amount of the impairment loss and the method of determining the fair value of the associated reporting unit, and (c) if a recognized impairment loss is an estimate not finalized and the reasons why the estimate is not final. May also disclose the nature and amount of any significant adjustments made to a previous estimate of an impairment loss.

+ References + Details

Commitments and Contingencies	12 Months Ended
Commitments and Contingencies	Apr. 30, 2016
Commitments and Contingencies Disclosure [Abstract]
COMMITMENTS AND CONTINGENCIES	COMMITMENTS AND CONTINGENCIES Commitments. We made rental payments for real estate, vehicles, and office, computer, and manufacturing equipment under operating leases of $24, $23, and $23 during 2014, 2015, and 2016, respectively. We have commitments related to minimum lease payments of $18 in 2017, $10 in 2018, $8 in 2019, $5 in 2020, $2 in 2021, and $3 after 2021. We have contracted with various growers and wineries to supply some of our future grape and bulk wine requirements. Many of these contracts call for prices to be adjusted annually up or down, according to market conditions. Some contracts set a fixed purchase price that might be higher or lower than prevailing market prices. We have total purchase obligations related to both types of contracts of $10 in 2017, $4 in 2018, $3 in 2019, $1 in 2020, $1 in 2021, and $1 after 2021. We also have contracts for the purchase of agave, which is used to produce tequila. These contracts provide for prices to be determined based on market conditions at the time of harvest, which, although not specified, is expected to occur over the next 10 years. As of April 30, 2016, based on current market prices, obligations under these contracts total $2. 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 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 are recorded as of April 30, 2016. Guaranty. 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 $22 (subject to changes in foreign currency exchange rates). Both the fair value and carrying amount of the guaranty are insignificant. As of April 30, 2016, our actual exposure under the guaranty of the importer’s obligation is approximately $17. We also have accounts receivable from that importer of approximately $9 at that date, 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.

Debt and Credit Facilities

12 Months Ended

Apr. 30, 2016

Debt Disclosure [Abstract]

DEBT AND CREDIT FACILITIES

Our long-term debt (net of unamortized discounts and issuance costs) consisted of:



April 30,	2015		2016
2.50% senior notes, $250 principal amount, due in fiscal 2016	$	250	$	—
1.00% senior notes, $250 principal amount, due in fiscal 2018	248		249
2.25% senior notes, $250 principal amount, due in fiscal 2023	247		248
3.75% senior notes, $250 principal amount, due in fiscal 2043	248		248
4.50% senior notes, $500 principal amount, due in fiscal 2046	—		485
	993		1,230
Less current portion	250		—
	$	743	$	1,230

Debt payments required over the next five fiscal years consist of $0 in 2017, $250 in 2018, $0 in 2019, $0 in 2020, $0 in 2021, and $1,000 after 2021.

The senior notes contain terms and covenants customary of these types of unsecured securities, including limitations on the amount of secured debt we can issue.

We issued senior, unsecured notes with an aggregate principal amount of $500 in June 2015. Interest on the notes will accrue at a rate of 4.50% and be paid semi-annually. As of April 30, 2016, the carrying amount of the notes was $485 ($500 principal, less unamortized discounts of $10 and issuance costs of $5). The notes are due on July 15, 2045.

We repaid our $250 of 2.50% notes on their maturity date of January 15, 2016.

As of April 30, 2015, our short-term borrowings of $190 included $183 of commercial paper, with an average interest rate of 0.17%, and an average remaining maturity of 13 days. As of April 30, 2016, our short-term borrowings of $271 included $269 of commercial paper, with an average interest rate of 0.53%, and an average remaining maturity of 26 days.

We have a committed revolving credit agreement with various U.S. and international banks for $800 that expires in November 2018. Its most restrictive quantitative covenant requires that the ratio of our consolidated EBITDA (as defined in the agreement) to consolidated interest expense not be less than 3 to 1. At April 30, 2016, with a ratio of 24 to 1, we were well within this covenant’s parameters and had no borrowing outstanding under this facility. We recently entered into a $400 364-day credit facility agreement that matures on May 5, 2017, for additional liquidity. This credit facility has no quantitative covenants.

Fair Value Measurements

12 Months Ended

Apr. 30, 2016

Fair Value Disclosures [Abstract]

FAIR VALUE MEASUREMENTS

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 upon 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.

The following table summarizes the assets and liabilities measured at fair value on a recurring basis:



	Level 1		Level 2		Level 3		Total
April 30, 2015:
Assets:
Currency derivatives	$	—	$	59	$	—	$	59
Liabilities:
Currency derivatives	—		18		—		18
Short-term borrowings	—		190		—		190
Current portion of long-term debt	—		253		—		253
Long-term debt	—		735		—		735
April 30, 2016:
Assets:
Currency derivatives	—		19		—		19
Liabilities:
Currency derivatives	—		10		—		10
Short-term borrowings	—		271		—		271
Long-term debt	—		1,293		—		1,293

We determine the fair values of our currency derivatives (forwards 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 exchange rates, forward rates, and discount rates. The discount rates are based on the historical U.S. Treasury rates.

The fair value of short-term borrowings approximates their carrying value. We determine the fair value of long-term debt primarily based on the prices at which similar debt has recently traded in the market and also considering the overall market conditions on the date of valuation.

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). No material nonrecurring fair value measurements were required during the periods presented in these financial statements.

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References + Details

Fair Value of Financial Instruments

12 Months Ended

Apr. 30, 2016

Fair Value of Financial Instruments [Abstract]

FAIR VALUE OF FINANCIAL INSTRUMENTS

The fair values of cash, cash equivalents, and short-term borrowings approximate the carrying amounts due to the short maturities of these instruments. We determine the fair values of currency derivatives and long-term debt as discussed in Note 6.

Below is a comparison of the fair values and carrying amounts of these instruments:



	2015				2016
April 30,	Carrying Amount		Fair Value		Carrying Amount		Fair Value
Assets:
Cash and cash equivalents	$	370	$	370	$	263	$	263
Currency derivatives	59		59		19		19
Liabilities:
Currency derivatives	18		18		10		10
Short-term borrowings	190		190		271		271
Current portion of long-term debt	250		253		—		—
Long-term debt	743		735		1,230		1,293

Derivative Financial Instruments

12 Months Ended

Apr. 30, 2016

Derivative Instruments and Hedging Activities Disclosure [Abstract]

DERIVATIVE FINANCIAL INSTRUMENTS

Our multinational business exposes us to global market risks, including the effect of fluctuations in 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 currency exchange 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 (except any ineffective portion) in accumulated other comprehensive income (AOCI) until the underlying hedged transaction occurs, at which time we reclassify that amount into earnings. We assess the effectiveness of these hedges based on changes in forward exchange rates. The ineffective portion of the changes in fair value of our hedges (recognized immediately in earnings) during the periods presented in this report was not material.

We do not designate some of our currency derivatives as hedges because we use them to at least partially offset the immediate earnings impact of changes in foreign 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 totaling $1,212 and $1,265 at April 30, 2015 and 2016, respectively.

We use forward purchase contracts with suppliers to protect against corn price volatility. We expect to physically take 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 derivative instruments.

From time to time, we manage our interest rate risk with swap contracts. However, no such swaps were outstanding at April 30, 2015 or 2016.

During May 2015, we entered into interest rate derivative contracts (U.S. Treasury lock agreements) to manage the interest rate risk related to the anticipated issuance of fixed-rate senior, unsecured notes. We designated the contracts as cash flow hedges of the future interest payments associated with the anticipated notes. Upon issuance of the notes in June 2015 (see Note 5), we settled the contracts for a gain of $8. The entire gain was recorded to AOCI and will be amortized as a reduction of interest expense over the life of the notes.

The following table presents the pre-tax impact that changes in the fair value of our derivative instruments had on AOCI and earnings in 2015 and 2016:



	Classification in Statement of Operations	2015		2016
Currency derivatives designated as cash flow hedges:
Net gain (loss) recognized in AOCI	n/a	$	96	$	22
Net gain (loss) reclassified from AOCI into earnings	Net sales	41		60
Interest rate derivatives designated as cash flow hedges:
Net gain (loss) recognized in AOCI	n/a	—		8
Derivatives not designated as hedging instruments:
Currency derivatives – net gain (loss) recognized in earnings	Net sales	26		1
Currency derivatives – net gain (loss) recognized in earnings	Other income	4		(5		)

We expect to reclassify $13 of deferred net gains recorded in AOCI as of April 30, 2016, to earnings during fiscal 2017. 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 maximum term of outstanding derivative contracts was 36 months and 36 months at April 30, 2015 and 2016, respectively.

The following table presents the fair values of our derivative instruments as of April 30, 2015 and 2016:



	Balance Sheet Classification	Fair Value of Derivatives in a Gain Position		Fair Value of Derivatives in a Loss Position
April 30, 2015:
Designated as cash flow hedges:
Currency derivatives	Other current assets	$	42	$	(2	)
Currency derivatives	Other assets	20		(3		)
Currency derivatives	Accrued expenses	—		(6		)
Currency derivatives	Other liabilities	—		(6		)
Not designated as hedges:
Currency derivatives	Other current assets	3		(1		)
Currency derivatives	Accrued expenses	1		(7		)
April 30, 2016:
Designated as cash flow hedges:
Currency derivatives	Other current assets	23		(2		)
Currency derivatives	Other assets	3		(2		)
Currency derivatives	Accrued expenses	4		(8		)
Currency derivatives	Other liabilities	3		(9		)
Not designated as hedges:
Currency derivatives	Other current assets	1		(4		)

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 the accompanying consolidated balance sheets.

In our statement 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 earned 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 are regularly monitored and that provide for reports to senior management according to prescribed guidelines, 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.

Some of 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 $18 and $8 at April 30, 2015 and 2016, respectively.

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 (that is, those with a remaining term of 12 months or less) with the same counterparty on a net basis in the balance sheet. Similarly, we present the fair values of noncurrent derivatives with the same counterparty on a net basis. Current derivatives are not netted with noncurrent derivatives in the balance sheet. The following table summarizes the gross and net amounts of our derivative contracts:



	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, 2015:
Derivative assets	$	65		$	(6	)	$	59		$	—		$	59
Derivative liabilities	(24		)	6			(18		)	—			(18		)
April 30, 2016:
Derivative assets	34			(15		)	19			(6		)	13
Derivative liabilities	(25		)	15			(10		)	6			(4		)

No cash collateral was received or pledged related to our derivative contracts as of April 30, 2015 or 2016.

- Definition

The entire disclosure for derivative instruments and hedging activities including, but not limited to, risk management strategies, non-hedging derivative instruments, assets, liabilities, revenue and expenses, and methodologies and assumptions used in determining the amounts.

+ References

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+ Details

Pension and Other Postretirement Benefits

12 Months Ended

Apr. 30, 2016

Compensation and Retirement Disclosure [Abstract]

PENSION AND OTHER POSTRETIREMENT BENEFITS

We sponsor various defined benefit pension plans as well as postretirement plans providing retiree health care and retiree life insurance benefits. Below, we discuss our obligations related to these plans, the assets dedicated to meeting the obligations, and the amounts we recognized in our financial statements as a result of sponsoring these plans.

Obligations. We provide eligible employees with pension and other postretirement benefits based on factors such as years of service and compensation level during employment. The pension obligation shown below (“projected benefit obligation”) consists of: (a) benefits earned by employees to date based on current salary levels (“accumulated benefit obligation”); and (b) benefits to be received by employees as a result of expected future salary increases. (The obligation for medical and life insurance benefits is not affected by future salary increases.) The following table shows how the present value of our obligation changed during each of the last two years.



	Pension Benefits						Medical and Life Insurance Benefits
	2015			2016			2015			2016
Obligation at beginning of year	$	785		$	887		$	69		$	57
Service cost	22			26			1			1
Interest cost	34			35			3			2
Net actuarial loss (gain)	91			8			3			(1		)
Plan amendments	—			—			(16		)	—
Retiree contributions	—			—			1			1
Benefits paid	(45		)	(58		)	(4		)	(4		)
Obligation at end of year	$	887		$	898		$	57		$	56

Service cost represents the present value of the benefits attributed to service rendered by employees during the year. Interest cost is the increase in the present value of the obligation due to the passage of time. Net actuarial loss (gain) is the change in value of the obligation resulting from experience different from that assumed or from a change in an actuarial assumption. (We discuss actuarial assumptions used at the end of this note.) Plan amendments may also change the value of the obligation.

As shown in the previous table, the change in the value of our pension and other postretirement benefit obligations also includes the effect of benefit payments and retiree contributions. Expected benefit payments (net of retiree contributions) over the next 10 years are as follows:



	Pension Benefits		Medical and Life Insurance Benefits
2017	$	51	$	3
2018	52		3
2019	53		3
2020	54		3
2021	56		3
2022 – 2026	303		18

Assets. We invest in specific assets to fund our pension benefit obligations. Our investment goal is to earn a total return that, over time, will grow assets sufficiently to fund our plans’ liabilities, after providing appropriate levels of contributions and accepting prudent levels of investment risk. To achieve this goal, plan assets are invested primarily in funds or portfolios of funds managed by outside managers. Investment risk is managed by company policies that require diversification of asset classes, manager styles, and individual holdings. We measure and monitor investment risk through quarterly and annual performance reviews, and through periodic asset/liability studies.

Asset allocation is the most important method for achieving our investment goals and is based on our assessment of the plans’ long-term return objectives and the appropriate balances needed for liquidity, stability, and diversification. As of April 30, 2016, our target asset allocation is a mix of 47% public equity investments, 35% fixed income investments, and 18% alternative investments.

The following table shows the fair value of pension plan assets by category as of the end of the last two years. (Fair value levels are defined in Note 6.)



	Level 1		Level 2		Level 3		Total
April 30, 2015:
Commingled trust funds¹:
Equity funds	$	—	$	248	$	—	$	248
Fixed income funds	—		185		—		185
Real estate funds	—		20		36		56
Short-term investments	—		4		—		4
Total commingled trust funds	—		457		36		493
Hedge funds²	—		—		31		31
Private equity³	—		—		26		26
Equity securities	76		—		—		76
Total	$	76	$	457	$	93	$	626
April 30, 2016:
Commingled trust funds¹:
Equity funds	$	—	$	197	$	—	$	197
Fixed income funds	—		197		—		197
Real estate funds	—		—		59		59
Short-term investments	—		4		—		4
Total commingled trust funds	—		398		59		457
Hedge funds²	—		—		30		30
Private equity³	—		—		29		29
Equity securities	78		—		—		78
Total	$	78	$	398	$	118	$	594

¹Commingled trust fund valuations are based on the net asset value (NAV) of the funds as determined by the fund administrators and reviewed by us. NAV represents the underlying assets owned by the fund, minus liabilities and divided by the number of shares or units outstanding.

²Hedge fund valuations are based primarily on the NAV of the funds as determined by fund administrators and reviewed by us. During our review, we determine whether it is necessary to adjust a valuation for inherent liquidity and redemption issues that may exist within a fund’s underlying assets or fund unit values.

³As of April 30, 2015 and 2016, consists only of limited partnership interests, which are valued at the percentage ownership of total partnership equity as determined by the general partner. These valuations require significant judgment due to the absence of quoted market prices, the inherent lack of liquidity, and the long-term nature of these investments.

The following table shows how the fair value of the Level 3 assets changed during each of the last two years. There were no transfers of assets between Level 3 and either of the other two levels.



	Real Estate Funds		Hedge Funds			Private Equity			Total
Balance as of April 30, 2014	$	32	$	30		$	25		$	87
Return on assets held at end of year	4		1			1			6
Purchases and settlements	—		—			4			4
Sales and settlements	—		—			(4		)	(4		)
Balance as of April 30, 2015	36		31			26			93
Return on assets held at end of year	4		(1		)	1			4
Purchases and settlements	19		—			5			24
Sales and settlements	—		—			(3		)	(3		)
Balance as of April 30, 2016	$	59	$	30		$	29		$	118

The following table shows how the total fair value of all pension plan assets changed during each of the last two years. (We do not have assets set aside for postretirement medical or life insurance benefits.)



	Pension Benefits						Medical and Life Insurance Benefits
	2015			2016			2015			2016
Assets at beginning of year	$	605		$	626		$	—		$	—
Actual return on assets	52			2			—			—
Retiree contributions	—			—			1			1
Company contributions	14			24			3			3
Benefits paid	(45		)	(58		)	(4		)	(4		)
Assets at end of year	$	626		$	594		$	—		$	—

We currently expect to contribute $30 to our pension plans and $3 to our postretirement medical and life insurance benefit plans during 2017.

Funded status. The funded status of a plan refers to the difference between its assets and its obligations. The following table shows the funded status of our plans.



	Pension Benefits						Medical and Life Insurance Benefits
April 30,	2015			2016			2015			2016
Assets	$	626		$	594		$	—		$	—
Obligations	(887		)	(898		)	(57		)	(56		)
Funded status	$	(261	)	$	(304	)	$	(57	)	$	(56	)

The funded status reflected above includes obligations attributable to our non-qualified Supplemental Executive Retirement Plan that is not funded with those plan assets presented above. However, we have set aside investments in corporate-owned life insurance policies to cover these obligations. The value of those investments, which are included in “other assets” on the accompanying balance sheets, is $48 and $64 as of April 30, 2015 and 2016, respectively.

The funded status is recorded on the accompanying consolidated balance sheets as follows:



	Pension Benefits						Medical and Life Insurance Benefits
April 30,	2015			2016			2015			2016
Accounts payable and accrued expenses	(4		)	(4		)	(3		)	(3		)
Accrued postretirement benefits	(257		)	(300		)	(54		)	(53		)
Net liability	$	(261	)	$	(304	)	$	(57	)	$	(56	)
Accumulated other comprehensive income (loss), before tax:
Net actuarial gain (loss)	$	(353	)	$	(372	)	$	(16	)	$	(13	)
Prior service credit (cost)	(4		)	(4		)	18			15
	$	(357	)	$	(376	)	$	2		$	2

The following table compares our pension plans whose assets exceed their accumulated benefit obligations with those whose obligations exceed their assets. (As discussed above, we have no assets set aside for postretirement medical or life insurance benefits.)



	Plan Assets				Accumulated Benefit Obligation				Projected Benefit Obligation
April 30,	2015		2016		2015		2016		2015		2016
Plans with assets in excess of accumulated benefit obligation	$	53	$	—	$	50	$	—	$	52	$	—
Plans with accumulated benefit obligation in excess of assets	573		594		710		776		835		898
Total	$	626	$	594	$	760	$	776	$	887	$	898

Pension expense. The following table shows the components of the pension expense recognized during each of the last three years. The amount for each year includes amortization of the prior service cost/credit and net actuarial loss/gain included in accumulated other comprehensive loss as of the beginning of the year.



	Pension Benefits
	2014			2015			2016
Service cost	$	21		$	22		$	26
Interest cost	31			34			35
Expected return on assets	(40		)	(41		)	(40		)
Amortization of:
Prior service cost (credit)	1			1			1
Net actuarial loss (gain)	31			22			27
Net expense	$	44		$	38		$	49

The prior service cost/credit, which represents the effect of plan amendments on benefit obligations, is amortized on a straight-line basis over the average remaining service period of the employees expected to receive the benefits. The net actuarial loss/gain results from experience different from that assumed or from a change in actuarial assumptions (including the difference between actual and expected return on plan assets), and is amortized over at least that same period. The estimated amount of prior service cost and net actuarial loss that will be amortized from accumulated other comprehensive loss into pension expense in 2017 is $1 and $25, respectively.

Other postretirement benefit expense. The following table shows the components of the postretirement medical and life insurance benefit expense that we recognized during each of the last three years.



	Medical and Life Insurance Benefits
	2014		2015			2016
Service cost	$	2	$	1		$	1
Interest cost	3		3			2
Amortization of:
Prior service cost (credit)	—		(2		)	(2		)
Net actuarial loss (gain)	—		1			1
Net expense	$	5	$	3		$	2

The estimated amount of prior service credit and net actuarial loss that will be amortized from accumulated other comprehensive loss into postretirement medical and life insurance benefit expense in 2017 is $3 and $1, respectively.

Other comprehensive income (loss). Prior service cost/credit and net actuarial loss/gain are recognized in other comprehensive income or loss (OCI) during the period in which they arise. These amounts are later amortized from accumulated OCI into pension and other postretirement benefit expense over future periods as described above. The following table shows the pre-tax effect of these amounts on OCI during each of the last three years.



	Pension Benefits								Medical and Life Insurance Benefits
	2014		2015			2016			2014			2015			2016
Prior service credit (cost)	$	—	$	—		$	—		$	10		$	16		$	—
Net actuarial gain (loss)	9		(80		)	(46		)	(3		)	(3		)	1
Amortization reclassified to earnings:
Prior service cost (credit)	1		1			1			—			(2		)	(2		)
Net actuarial loss (gain)	31		22			27			—			1			1
Net amount recognized in OCI	$	41	$	(57	)	$	(18	)	$	7		$	12		$	—

Assumptions and sensitivity. We use various assumptions to determine the obligations and expense related to our pension and other postretirement benefit plans. The weighted-average assumptions used in computing benefit plan obligations as of the end of the last two years were as follows:



	Pension Benefits				Medical and Life Insurance Benefits
	2015		2016		2015		2016
Discount rate	4.09	%	4.02	%	4.09	%	3.96	%
Rate of salary increase	4.00	%	4.00	%	n/a		n/a

The weighted-average assumptions used in computing benefit plan expense during each of the last three years were as follows:



	Pension Benefits						Medical and Life Insurance Benefits
	2014		2015		2016		2014		2015		2016
Discount rate	4.08	%	4.46	%	4.09	%	4.36	%	4.67	%	4.09	%
Rate of salary increase	4.00	%	4.00	%	4.00	%	n/a		n/a		n/a
Expected return on plan assets	7.50	%	7.50	%	7.00	%	n/a		n/a		n/a

The discount rate represents the interest rate used to discount the cash-flow stream of benefit payments to a net present value as of the calculation date. A lower assumed discount rate increases the present value of the benefit obligation. We determined the discount rate using a yield curve based on the interest rates of high-quality debt securities with maturities corresponding to the expected timing of our benefit payments.

The assumed rate of salary increase reflects the expected average annual increase in salaries as a result of inflation, merit increases, and promotions over the service period of the plan participants. A lower assumed rate decreases the present value of the benefit obligation.

The expected return on plan assets represents the long-term rate of return that we assume will be earned over the life of the pension assets. The assumption reflects expected capital market returns for each asset class, which are based on historical returns, adjusted for the expected effects of diversification and active management (net of fees).

The assumed health care cost trend rates as of the end of the last two years were as follows:



	Medical and Life Insurance Benefits
	2015		2016
Health care cost trend rate assumed for next year	7.50	%	7.25	%
Rate to which the cost trend rate is assumed to decline (the ultimate trend rate)	5.00	%	5.00	%
Year that the rate reaches the ultimate trend rate	2023		2024

A one percentage point change in the assumed health care cost trend rate would not have significantly changed the accumulated postretirement benefit obligation as of April 30, 2016, or the aggregate service and interest costs for 2016.

Savings plans. We also sponsor various defined contribution benefit plans that together cover substantially all U.S. employees. Employees can make voluntary contributions in accordance with their respective plans, which include a 401(k) tax deferral option. We match a percentage of each employee’s contributions in accordance with plan terms. We expensed $10, $10, and $11 for matching contributions during 2014, 2015, and 2016, respectively.

International plans. The information presented above for defined benefit plans and defined contribution benefit plans reflects amounts for U.S. plans only. Information about similar international plans is not presented due to immateriality.

Stock-Based Compensation

12 Months Ended

Apr. 30, 2016

STOCK-BASED COMPENSATION

The Brown-Forman 2013 Omnibus Compensation Plan is our incentive compensation plan, which is designed to reward its participants (including our eligible officers, employees, and non-employee directors) for company performance. Under the Plan, we can grant stock-based incentive awards for up to 8,300,000 shares of common stock to eligible participants until July 28, 2023. As of April 30, 2016, awards for approximately 6,804,000 shares remain available for issuance under the Plan. We try to limit the source of shares delivered to participants under the Plan to treasury shares that we purchase from time to time on the open market(at times in connection with a publicly announced share repurchase program), in private transactions, or otherwise.

The following table presents information about stock options and stock-settled stock appreciation rights (SSARs) granted under the Plan (or its predecessor plans) as of April 30, 2016, and for the year then ended.



	Number of Underlying Shares (in thousands)		Weighted Average Exercise Price per Award		Weighted Average Remaining Contractual Term (years)	Aggregate Intrinsic Value
Outstanding at April 30, 2015	3,817		$	48.46
Granted	378		102.25
Exercised	(758	)	36.88
Forfeited or expired	(11	)	87.71
Outstanding at April 30, 2016	3,426		$	56.83	5.0	$	138
Exercisable at April 30, 2016	2,293		$	41.24	3.6	$	126

The total intrinsic value of options and SSARs exercised during 2014, 2015, and 2016 was $48, $35, and $47, respectively.

We grant stock options and SSARs at an exercise price equal to the market price of the underlying stock on the grant date. Stock options and SSARs become exercisable after three years from the first day of the fiscal year of grant and expire seven years after that date. The grant-date fair values of these awards granted during 2014, 2015, and 2016 were $14.84, $19.67, and $19.06 per award, respectively. We estimated the fair values using the Black-Scholes pricing model with the following assumptions:



	2014		2015		2016
Risk-free interest rate	1.9	%	2.2	%	2.1	%
Expected volatility	22.5	%	22.3	%	19.1	%
Expected dividend yield	1.8	%	1.7	%	1.6	%
Expected term (years)	6.75		6.75		6.75

We have also granted restricted stock units (RSUs), deferred stock units (DSUs), and shares of performance-based restricted stock (PBRS) under the Plan (or its predecessor plans). Approximately 274,000 shares underlying these awards, with a weighted-average remaining vesting period of 1.6 years, were nonvested at April 30, 2016. The following table summarizes the changes in the number of shares underlying these awards during 2016.



	Number of Underlying Shares (in thousands)		Weighted Average Fair Value at Grant Date
Nonvested at April 30, 2015	319		$	72.25
Granted	55		119.37
Adjusted for dividends or performance	(1	)	68.43
Vested	(98	)	62.59
Forfeited	(1	)	79.36
Nonvested at April 30, 2016	274		$	85.22

For PBRS awards, performance is measured based on the relative ranking of the total shareholder return of our Class B common stock during the three-year performance period compared to that of the companies within the Standard & Poor’s Consumer Staples Index at the end of the performance period, with specific payout levels ranging from 50% to 150%.

The total fair value of RSUs, PBRS awards, and DSUs vested during 2014, 2015, and 2016 was $11, $11, and $10, respectively.

The accompanying consolidated statements of operations reflect compensation expense related to stock-based incentive awards on a pre-tax basis of $13 in 2014, $15 in 2015, and $15 in 2016, partially offset by deferred income tax benefits of $5 in 2014, $6 in 2015, and $6 in 2016. As of April 30, 2016, there was $13 of total unrecognized compensation cost related to non-vested stock-based compensation. That cost is expected to be recognized over a weighted-average period of 1.9 years.

Income Taxes

12 Months Ended

Apr. 30, 2016

Income Tax Disclosure [Abstract]

INCOME TAXES

We incur income taxes on the earnings of our U.S. and foreign operations. The following table, based on the locations of the taxable entities from which sales were derived (rather than the location of customers), presents the U.S. and foreign components of our income before income taxes:



	2014		2015		2016
United States	$	797	$	912	$	1,184
Foreign	150		90		305
	$	947	$	1,002	$	1,489

The income shown above was determined according to GAAP. Because those standards sometimes differ from the tax rules used to calculate taxable income, there are differences between: (a) the amount of taxable income and pretax financial income for a year; and (b) the tax bases of assets or liabilities and their amounts as recorded in our financial statements. As a result, we recognize a current tax liability for the estimated income tax payable on the current tax return, and deferred tax liabilities (income tax payable on income that will be recognized on future tax returns) and deferred tax assets (income tax refunds from deductions that will be recognized on future tax returns) for the estimated effects of the differences mentioned above.

Deferred tax assets and liabilities as of the end of each of the last two years were as follows:



	2015			2016
April 30,
Deferred tax assets:
Postretirement and other benefits	$	164		$	183
Accrued liabilities and other	22			10
Inventories	12			26
Loss and credit carryforwards	46			39
Valuation allowance	(27		)	(25		)
Total deferred tax assets, net	217			233
Deferred tax liabilities:
Intangible assets	(207		)	(225		)
Property, plant, and equipment	(61		)	(83		)
Other	(31		)	(9		)
Total deferred tax liabilities	(299		)	(317		)
Net deferred tax liability	$	(82	)	$	(84	)

As of April 30, 2016, the gross amounts of loss carryforwards include a $35 net operating loss in Brazil (no expiration); a U.K. non-trading loss of $31 (no expiration); a $51 net operating loss in Finland (expires in varying amounts between 2024 and 2026); a $19 net operating loss in Mexico (expires in varying amounts in 2017 and 2018); and other foreign net operating losses of $27 ($9 that do not expire and $18 that expire in varying amounts between 2017 and 2026).

The $25 valuation allowance at April 30, 2016 ($27 at April 30, 2015), relates primarily to a $12 ($12 at April 30, 2015) net operating loss in Brazil. Although the losses in Brazil can be carried forward indefinitely, it is uncertain that we will realize sufficient taxable income to allow us to use these losses. The valuation allowance also includes $7 ($8 at April 30, 2015) related to other foreign net operating losses that expire between 2017 and 2026. The remaining valuation allowance relates to a $6 ($7 at April 30, 2015) non-trading loss carryforward in the United Kingdom that was generated during 2009. Although the non-trading losses can be carried forward indefinitely, we know of no significant transactions that will let us use them.

During 2014, we deferred a tax benefit of $95 that resulted primarily from the release of certain deferred tax liabilities in connection with an intercompany transfer of assets, composed primarily of an intangible asset. We are amortizing the deferred benefit to tax expense over approximately six years for financial reporting purposes, in accordance with Accounting Standard Codification (ASC) 740-10-25-3(e) (Income Taxes) and ASC 810-45-8 (Consolidation), resulting in a tax benefit of $5 in 2014, $15 in 2015, and $16 in 2016. The remaining balance of the deferred benefit, which is included in “other liabilities” on the accompanying balance sheet, was $59 as of April 30, 2016.

Deferred tax liabilities were not provided on undistributed earnings of foreign subsidiaries ($803 and $1,005 at April 30, 2015 and 2016, respectively) because we expect these undistributed earnings to be reinvested indefinitely outside the United States. If these amounts were not considered permanently reinvested, additional deferred tax liabilities of approximately $163 and $222 would have been provided as of April 30, 2015 and 2016, respectively.

Total income tax expense for a year includes the tax associated with the current tax return (“current tax expense”) and the change in the net deferred tax asset or liability (“deferred tax expense”). Our total income tax expense for each of the last three years was as follows:



	2014			2015			2016
Current:
U.S. federal	$	243		$	259		$	347
Foreign	49			42			47
State and local	1			11			18
	293			312			412
Deferred:
U.S. federal	$	3		$	15		$	24
Foreign	(6		)	(11		)	(17		)
State and local	(2		)	2			3
	(5		)	6			10
	$	288		$	318		$	422

Our consolidated effective tax rate usually differs from current statutory rates due to the recognition of amounts for events or transactions with no tax consequences. The following table reconciles our effective tax rate to the federal statutory tax rate in the United States:



	Percent of Income Before Taxes
	2014		2015		2016
U.S. federal statutory rate	35.0	%	35.0	%	35.0	%
State taxes, net of U.S. federal tax benefit	0.7	%	1.0	%	1.0	%
Income taxed at other than U.S. federal statutory rate	(2.2	)%	(0.5	)%	(2.5	)%
Tax benefit from U.S. manufacturing	(2.8	)%	(2.5	)%	(2.4	)%
Tax impact of sale of business	—	%	—	%	(1.1	)%
Amortization of deferred tax benefit from intercompany transactions	(0.4	)%	(1.6	)%	(1.6	)%
Other, net	0.2	%	0.3	%	(0.1	)%
Effective rate	30.5	%	31.7	%	28.3	%

At April 30, 2016, we had $9 of gross unrecognized tax benefits, $6 of which would reduce our effective income tax rate if recognized. A reconciliation of the beginning and ending unrecognized tax benefits follows:



	2014			2015			2016
Unrecognized tax benefits at beginning of year	$	11		$	11		$	13
Additions for tax positions provided in prior periods	1			2			1
Additions for tax positions provided in current period	1			1			—
Decreases for tax positions provided in prior years	(1		)	(1		)	(4		)
Settlements of tax positions in the current period	(1		)	—			(1		)
Lapse of statutes of limitations	—			—			—
Unrecognized tax benefits at end of year	$	11		$	13		$	9

We file income tax returns in the United States, including several state and local jurisdictions, as well as in several other countries in which we conduct business. The major jurisdictions and their earliest fiscal years that are currently open for tax examinations are 2011 for one state in the United States; 2013 in the United Kingdom; 2012 in Australia and Ireland; 2011 in Brazil and the Netherlands; 2010 in Poland; 2008 in Finland; and 2005 in Mexico. The audit of our fiscal 2014 U.S. federal tax return was concluded in the first quarter of fiscal 2016. In addition, we are participating in the Internal Revenue Service’s Compliance Assurance Program for our fiscal 2016 tax year.

We believe there will be no material change in our gross unrecognized tax benefits in the next 12 months.

Earnings Per Share (Notes)

12 Months Ended

Apr. 30, 2016

Earnings Per Share [Abstract]

Earnings Per Share [Text Block]

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:



	2014		2015		2016
Net income available to common stockholders	$	659	$	684	$	1,067
Share data (in thousands):
Basic average common shares outstanding	213,454		211,593		202,977
Dilutive effect of stock-based awards	1,628		1,490		1,303
Diluted average common shares outstanding	215,082		213,083		204,280

Basic earnings per share	$	3.08	$	3.23	$	5.26
Diluted earnings per share	$	3.06	$	3.21	$	5.22

We excluded common stock-based awards for approximately 309,000 shares, 361,000 shares, and 453,000 shares from the calculation of diluted earnings per share for 2014, 2015, and 2016, respectively, because they were not dilutive for those periods under the treasury stock method.

Accumulated Other Comprehensive Income (Notes)

12 Months Ended

Apr. 30, 2016

Accumulated Other Comprehensive Income [Abstract]

ACCUMULATED OTHER COMPREHENSIVE INCOME

The following table summarizes the change in each component of AOCI, net of tax, during 2016:



	Currency Translation Adjustments			Cash Flow Hedge Adjustments			Postretirement Benefits Adjustments			Total AOCI
Balance at April 30, 2015	$	(108	)	$	28		$	(220	)	$	(300	)
Net other comprehensive income (loss)	(23		)	(17		)	(10		)	(50		)
Balance at April 30, 2016	$	(131	)	$	11		$	(230	)	$	(350	)

The following table presents the components of net other comprehensive income (loss) during each of the last three years:



	Pre-Tax			Tax			Net
Year Ended April 30, 2014
Currency translation adjustments	$	(2	)	$	(2	)	$	(4	)
Cash flow hedge adjustments:
Net gain (loss) on hedging instruments	(7		)	3			(4		)
Reclassification to earnings¹	—			—			—
Postretirement benefits adjustments:
Net actuarial gain (loss) and prior service cost	18			(7		)	11
Reclassification to earnings²	32			(12		)	20
Net other comprehensive income (loss)	$	41		$	(18	)	$	23

Year Ended April 30, 2015
Currency translation adjustments	$	(120	)	$	6		$	(114	)
Cash flow hedge adjustments:
Net gain (loss) on hedging instruments	96			(40		)	56
Reclassification to earnings¹	(41		)	17			(24		)
Postretirement benefits adjustments:
Net actuarial gain (loss) and prior service cost	(70		)	26			(44		)
Reclassification to earnings²	22			(8		)	14
Net other comprehensive income (loss)	$	(113	)	$	1		$	(112	)

Year Ended April 30, 2016
Currency translation adjustments	$	(22	)	$	(1	)	$	(23	)
Cash flow hedge adjustments:
Net gain (loss) on hedging instruments	30			(10		)	20
Reclassification to earnings¹	(60		)	23			(37		)
Postretirement benefits adjustments:
Net actuarial gain (loss) and prior service cost	(47		)	19			(28		)
Reclassification to earnings²	30			(12		)	18
Net other comprehensive income (loss)	$	(69	)	$	19		$	(50	)

¹Pre-tax amount is classified as net sales in the accompanying consolidated statements of operations.

²Pre-tax amount is a component of pension and other postretirement benefit expense (as shown in Note 9, except for amounts related to non-U.S. benefit plans, about which no information is presented in Note 9 due to immateriality).

- Definition

The entire disclosure for comprehensive income, which includes, but is not limited to, 1) the amount of income tax expense or benefit allocated to each component of other comprehensive income, including reclassification adjustments, 2) the reclassification adjustments for each classification of other comprehensive income and 3) the ending accumulated balances for each component of comprehensive income.

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+ Details

Supplemental Information

12 Months Ended

Apr. 30, 2016

Segment Reporting [Abstract]

SUPPLEMENTAL INFORMATION

The following table presents net sales by product category:



	2014		2015		2016
Net sales:
Spirits	$	3,765	$	3,903	$	3,809
Wine	181		193		202
	$	3,946	$	4,096	$	4,011

The following table presents net sales by geography:



	2014		2015		2016
Net sales:
United States	$	1,624	$	1,780	$	1,838
Europe	1,264		1,270		1,242
Australia	469		431		379
Other	589		615		552
	$	3,946	$	4,096	$	4,011

Net sales are attributed to countries based on where customers are located.

The net book value of property, plant, and equipment located in Mexico was $40 and $33 as of April 30, 2015 and 2016, respectively. Other long-lived assets located outside the United States are not significant.

We have concluded that our business constitutes a single operating segment.

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

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+ Details

Gain on Sale of Business (Notes)	12 Months Ended
Gain on Sale of Business (Notes)	Apr. 30, 2016
Gain on Sale of Business [Abstract]
Disposal Groups, Including Discontinued Operations, Disclosure [Text Block]	GAIN ON SALE OF BUSINESS On March 1, 2016, we sold our Southern Comfort and Tuaca brands to Sazerac Company, Inc. for $543 in cash (subject to a post-closing inventory adjustment). The total book value of the related business assets included in the sale was $49, and consisted of $11 in inventories, $16 in goodwill, and $22 in other intangible assets. As a result of the sale, we recognized a gain of $485 (net of transaction costs of $9) during the fourth quarter of fiscal 2016.

- Definition

The entire disclosure related to a disposal group. Includes, but is not limited to, a discontinued operation, disposal classified as held-for-sale or disposed of by means other than sale or disposal of an individually significant component.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 205
-SubTopic 20
-Section 45
-Paragraph 11
-URI http://asc.fasb.org/extlink&oid=51716988&loc=SL51721533-107759

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 205
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-Section 50
-Paragraph 4B
-URI http://asc.fasb.org/extlink&oid=51717284&loc=SL51721665-107760

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 205
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Reference 4: http://www.xbrl.org/2003/role/presentationRef
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-Name Accounting Standards Codification
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-URI http://asc.fasb.org/extlink&oid=51719941&loc=SL51724579-110230

Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
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-Section 50
-Paragraph 4A
-URI http://asc.fasb.org/extlink&oid=51717284&loc=SL51721663-107760

Reference 6: http://www.xbrl.org/2003/role/presentationRef
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-Name Accounting Standards Codification
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-URI http://asc.fasb.org/extlink&oid=51719941&loc=d3e2941-110230

Reference 7: http://www.xbrl.org/2003/role/presentationRef
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-Name Accounting Standards Codification
-Topic 205
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-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=51717284&loc=d3e1361-107760

Reference 8: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
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-Section 50
-Paragraph 5B
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-Publisher FASB
-Name Accounting Standards Codification
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-Section 50
-Paragraph 3A
-URI http://asc.fasb.org/extlink&oid=51717284&loc=SL51721659-107760

Reference 10: http://www.xbrl.org/2003/role/presentationRef
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-Name Accounting Standards Codification
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Reference 11: http://www.xbrl.org/2003/role/presentationRef
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-Name Accounting Standards Codification
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-Publisher FASB
-Name Accounting Standards Codification
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Reference 13: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
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-URI http://asc.fasb.org/extlink&oid=51717284&loc=SL51721683-107760

+ Details

Subsequent Events (Notes)	12 Months Ended
Subsequent Events (Notes)	Apr. 30, 2016
Subsequent Event [Line Items]
Subsequent Events [Text Block]	SUBSEQUENT EVENTS Stock split. On May 26, 2016, our Board of Directors approved a two-for-one stock split, to be paid in the form of a stock dividend, for all outstanding shares of our Class A and Class B common stock. Implementing the stock split is subject to the approval of an increase in the number of authorized shares of Class A common stock at our annual meeting of shareholders, scheduled to be held on July 28, 2016. If approved, we expect the new shares will be distributed on or about August 18, 2016, to shareholders of record on or about August 8, 2016. Acquisition. On June 1, 2016, we acquired 90% of the voting equity interests in The BenRiach Distillery Company Limited for approximately $307 in cash. The acquisition included our assumption of the company’s debts and transaction-related obligations totaling approximately $66, which we have since paid. The acquisition, which brings three single malt Scotch whisky brands into our whiskey portfolio, includes brand trademarks, inventories, three malt distilleries, a bottling plant, and BenRiach’s headquarters in Edinburgh, Scotland. The transaction includes a put and call option agreement for the remaining 10% equity shares. Under that agreement, we may choose (or be required) to purchase the remaining 10% for approximately 24 million British pounds (approximately $34 at the exchange rate on June 1, 2016) during the one-year period ending November 14, 2017.

Schedule II - Valuation and Qualifying Accounts

12 Months Ended

Apr. 30, 2016

Valuation and Qualifying Accounts [Abstract]

SCHEDULE II - VALUATION AND QUALIFYING ACCOUNTS

SCHEDULE II – VALUATION AND QUALIFYING ACCOUNTS

For the Years Ended April 30, 2014, 2015, and 2016

(Expressed in millions)



Col. A	Col. B		Col. C(1)		Col. C(2)		Col. D			Col. E
Description	Balance at Beginning of Period		Additions Charged to Costs and Expenses		Additions Charged to Other Accounts		Deductions			Balance at End of Period
2014
Allowance for Doubtful Accounts	$	9	$	—	$	—	$	—		$	9
2015
Allowance for Doubtful Accounts	$	9	$	2	$	—	$	1	⁽¹⁾	$	10
2016
Allowance for Doubtful Accounts	$	10	$	1	$	—	$	2	⁽¹⁾	$	9


⁽¹⁾	Doubtful accounts written off, net of recoveries.

Accounting Policies (Policies)	12 Months Ended
Accounting Policies (Policies)	Apr. 30, 2016
Accounting Policies [Abstract]
Principles of consolidation	Principles of consolidation. Our consolidated financial statements include the accounts of all subsidiaries in which we have a controlling financial interest. We eliminate all intercompany transactions.
Estimates	Estimates. To prepare financial statements that conform with GAAP, our management must make informed estimates that affect how we report revenues, expenses, assets, and liabilities, including contingent assets and liabilities. Actual results could (and probably will) differ from these estimates.
Cash equivalents	Cash equivalents. Cash equivalents include bank demand deposits and all highly liquid investments with original maturities of three months or less.
Allowance for doubtful accounts	Allowance for doubtful accounts. We evaluate the collectability of accounts receivable based on a combination of factors. When we are aware of circumstances that may impair a specific customer’s ability to meet its financial obligations, we record a specific allowance to reduce the net recognized receivable to the amount we believe will be collected. We write off the uncollectable amount against the allowance when we have exhausted our collection efforts.
Inventories	Inventories. Inventories are valued at the lower of cost or market value. Approximately 59% of our consolidated inventories are valued using the last-in, first-out (LIFO) cost method, which we use for the majority of our U.S. inventories. We value the remainder of our inventories primarily using the first-in, first-out (FIFO) cost method. FIFO cost approximates current replacement cost. If we had used the FIFO method for all inventories, they would have been $234 and $248 higher than reported at April 30, 2015 and 2016, respectively. Because we age most of our whiskeys in barrels for three to six years, we bottle and sell only a portion of our whiskey inventory each year. Following industry practice, we classify all barreled whiskey as a current asset. We include warehousing, insurance, ad valorem taxes, and other carrying charges applicable to barreled whiskey in inventory costs. We classify bulk wine, agave inventories, tequila, and liquid in bottling tanks as work in process.
Property, plant, and equipment	Property, plant, and equipment. We state property, plant, and equipment at cost less accumulated depreciation. We calculate depreciation on a straight-line basis using our estimates of useful life, which are 20–40 years for buildings and improvements; 3–10 years for machinery, equipment, vehicles, furniture, and fixtures; and 3–7 years for capitalized software. We assess our property, plant, and equipment for impairment whenever events or changes in circumstances indicate that the carrying value of those assets may not be recoverable. When we do not expect to recover the carrying value of an asset (or asset group) through undiscounted future cash flows, we write it down to its estimated fair value. We determine fair value using discounted estimated future cash flows, considering market values for similar assets when available. When we retire or dispose of property, plant, and equipment, we remove its cost and accumulated depreciation from our balance sheet and reflect any gain or loss in operating income. We expense the costs of repairing and maintaining our property, plant, and equipment as we incur them.
Goodwill and other intangible assets	Goodwill and other intangible assets. We have obtained most of our brands by acquiring other companies. When we acquire another company, we first allocate the purchase price to identifiable assets and liabilities, including intangible brand names and trademarks (“brand names”), based on estimated fair value. We then record any remaining purchase price as goodwill. We do not amortize goodwill or other intangible assets with indefinite lives. We consider all of our brand names to have indefinite lives. We assess our goodwill and other indefinite-lived intangible assets for impairment at least annually. If an asset’s fair value is less than its book value, we write it down to its estimated fair value. For goodwill, if the book value of the reporting unit exceeds its estimated fair value, we measure for potential impairment by comparing the implied fair value of the reporting unit’s goodwill, determined in the same manner as in a business combination, to the goodwill’s book value. We estimate the reporting unit’s fair value using discounted estimated future cash flows or market information. We typically estimate the fair value of a brand name using the “relief from royalty” method. We also consider market values for similar assets when available. Considerable management judgment is necessary to estimate fair value, including the selection of assumptions about future cash flows, discount rates, and royalty rates. We have the option, before quantifying the fair value of a reporting unit or brand name, to evaluate qualitative factors to assess whether it is more likely than not that our goodwill or brand names are impaired. If we determine that is not the case, then we are not required to quantify the fair value. That assessment also takes considerable management judgment.
Foreign currency transactions and translation	Foreign currency transactions and translation. We report all gains and losses from foreign currency transactions (those denominated in a currency other than the entity’s functional currency) in current income. The U.S. dollar is the functional currency for most of our consolidated entities. The local currency is the functional currency for some of our consolidated foreign entities. We translate the financial statements of those foreign entities into U.S. dollars, using the exchange rate in effect at the balance sheet date to translate assets and liabilities, and using the average exchange rate for the reporting period to translate translate income and expenses.
Revenue recognition	Revenue recognition. We recognize revenue when title and risk of loss pass to the customer, typically when the product is shipped. Some sales contracts contain customer acceptance provisions that grant a right of return on the basis of either subjective or objective criteria. We record revenue net of estimated sales returns, allowances, and discounts.
Excise taxes	Excise taxes. Our sales are often subject to excise taxes that we collect from our customers and remit to governmental authorities. We present these taxes on a gross basis (included in net sales and costs before gross profit) in the consolidated statement of operations.
Cost of sales	Cost of sales. Cost of sales includes the costs of receiving, producing, inspecting, warehousing, insuring, and shipping goods sold during the period.
Shipping and handling fees and costs	Shipping and handling fees and costs. We report the amounts we bill to our customers for shipping and handling as net sales, and we report the costs we incur for shipping and handling as cost of sales.
Advertising costs	Advertising costs. We expense the costs of advertising during the year when the advertisements first take place.
Selling, general, and administrative expenses	Selling, general, and administrative expenses. Selling, general, and administrative expenses include the costs associated with our sales force, administrative staff and facilities, and other expenses related to our non-manufacturing functions.
Income taxes	Income taxes. We base our annual provision for income taxes on the pre-tax income reflected in our consolidated statement of operations. We establish deferred tax liabilities or assets for temporary differences between GAAP and tax reporting bases and later adjust them to reflect changes in tax rates expected to be in effect when the temporary differences reverse. We record a valuation allowance as necessary to reduce a deferred tax asset to the amount that we believe is more likely than not to be realized. We do not provide deferred income taxes on undistributed earnings of foreign subsidiaries that we expect to permanently reinvest. We record a deferred tax charge in prepaid taxes for the difference between GAAP and tax reporting bases with respect to the elimination of intercompany profit in ending inventory. We assess our uncertain income tax positions using a two-step process. First, we evaluate whether the tax position will more likely than not, based on its technical merits, be sustained upon examination, including resolution of any related appeals or litigation. For a tax position that does not meet this first criterion, we recognize no tax benefit. For a tax position that does meet the first criterion, we recognize a tax benefit in an amount equal to the largest amount of benefit that we believe has more than a 50% likelihood of being realized upon ultimate resolution. We record interest and penalties on uncertain tax positions as income tax expense.
Recent accounting pronouncements	Recent accounting pronouncements. In May 2014, the Financial Accounting Standards Board (FASB) issued new guidance on the recognition of revenue from contracts with customers. As issued, the new guidance would have become effective for us beginning fiscal 2018. However, the FASB has since deferred the effective date until our fiscal 2019, though permitting voluntary adoption as of the original effective date. The FASB has also issued various amendments and proposed further amendments to the new guidance. We are currently evaluating the potential impact of the new guidance (as amended) and the proposed amendments on our financial statements. In April 2015, FASB issued new guidance for the presentation of debt issuance costs, which we adopted during the first quarter of fiscal 2016. Under the new guidance, debt issuance costs are presented as a direct deduction from the debt liability rather than as an asset. In adopting the new guidance, we retrospectively adjusted our balance sheet as of April 30, 2015. As a result, the carrying amounts of other assets (noncurrent) and long-term debt have decreased by $5 million from the amounts previously reported as of that date. In November 2015, the FASB issued new guidance that requires all deferred tax assets and deferred tax liabilities to be presented as noncurrent on our balance sheet. We adopted this new guidance prospectively as of April 30, 2016. Accordingly, prior period balances have not been adjusted. In February 2016, the FASB issued new guidance on accounting for leases. The new guidance will become effective for us beginning fiscal 2020, although voluntary adoption during an earlier period will be permitted. We are currently evaluating the potential impact of the new guidance on our financial statements. In March 2016, the FASB issued new guidance related to certain aspects of the accounting for stock-based compensation, including the income tax consequences. Under the new guidance, all excess tax benefits and tax deficiencies will be recognized as income tax expense or benefit in our consolidated statement of operations, and excess tax benefits will be classified along with other income tax cash flows as an operating activity in our consolidated statement of cash flows. The new guidance will become effective for us beginning fiscal 2018, although early adoption is permitted. We currently expect to adopt the new guidance during fiscal 2017.

Derivative Financial Instruments Derivative Financial Instruments (Policies)	12 Months Ended
	Apr. 30, 2016
Derivative Financial Instruments [Abstract]
Classification of Cash Flows Related to Cash Flow Hedges [Policy Text Block]	In our statement 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 (that is, those with a remaining term of 12 months or less) with the same counterparty on a net basis in the balance sheet. Similarly, we present the fair values of noncurrent derivatives with the same counterparty on a net basis. Current derivatives are not netted with noncurrent derivatives in the balance sheet.

Balance Sheet Information (Tables)

12 Months Ended

Apr. 30, 2016

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Supplemental information on year end balance sheets

Supplemental information on our year-end balance sheets is as follows:



April 30,	2015		2016
Other current assets:
Prepaid taxes	$	181	$	208
Other	151		149
	$	332	$	357
Property, plant, and equipment:
Land	$	72	$	76
Buildings	419		468
Equipment	561		619
Construction in process	88		54
	1,140		1,217
Less accumulated depreciation	554		588
	$	586	$	629
Accounts payable and accrued expenses:
Accounts payable, trade	$	123	$	121
Accrued expenses:
Advertising and promotion	128		133
Compensation and commissions	110		105
Excise and other non-income taxes	59		58
Other	77		84
	374		380
	$	497	$	501
Other liabilities:
Deferred benefit – tax (Note 11)	$	75	$	59
Other	89		87
	$	164	$	146

Goodwill and Other Intangible Assets (Tables)

12 Months Ended

Apr. 30, 2016

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of changes in the amount recorded as goodwill

The following table shows the changes in the amounts recorded as goodwill (which include no accumulated impairment losses) over the past two years:



Balance as of April 30, 2014	$	620
Foreign currency translation adjustment	(13		)
Balance as of April 30, 2015	607
Sale of business (Note 15)	(16		)
Foreign currency translation adjustment	(1		)
Balance as of April 30, 2016	$	590

Debt and Credit Facilities (Tables)

12 Months Ended

Apr. 30, 2016

Debt Disclosure [Abstract]

Schedule of long-term debt

Our long-term debt (net of unamortized discounts and issuance costs) consisted of:



April 30,	2015		2016
2.50% senior notes, $250 principal amount, due in fiscal 2016	$	250	$	—
1.00% senior notes, $250 principal amount, due in fiscal 2018	248		249
2.25% senior notes, $250 principal amount, due in fiscal 2023	247		248
3.75% senior notes, $250 principal amount, due in fiscal 2043	248		248
4.50% senior notes, $500 principal amount, due in fiscal 2046	—		485
	993		1,230
Less current portion	250		—
	$	743	$	1,230

- Definition

Tabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 210
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02.22)
-URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21475-112644

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
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-Section 50
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-URI http://asc.fasb.org/extlink&oid=6479336&loc=d3e64711-112823

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
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-Paragraph 1
-Subparagraph (SX 210.4-08.(e),(f))
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Reference 5: http://www.xbrl.org/2003/role/presentationRef
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-Name Accounting Standards Codification
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Reference 7: http://www.xbrl.org/2003/role/presentationRef
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Reference 8: http://www.xbrl.org/2003/role/presentationRef
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-URI http://asc.fasb.org/extlink&oid=6451184&loc=d3e28551-108399

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-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
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-Paragraph 7
-URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21521-112644

+ Details

Fair Value Measurements (Tables)

12 Months Ended

Apr. 30, 2016

Fair Value Disclosures [Abstract]

Summary of assets and liabilities measured at fair value on a recurring basis

The following table summarizes the assets and liabilities measured at fair value on a recurring basis:



	Level 1		Level 2		Level 3		Total
April 30, 2015:
Assets:
Currency derivatives	$	—	$	59	$	—	$	59
Liabilities:
Currency derivatives	—		18		—		18
Short-term borrowings	—		190		—		190
Current portion of long-term debt	—		253		—		253
Long-term debt	—		735		—		735
April 30, 2016:
Assets:
Currency derivatives	—		19		—		19
Liabilities:
Currency derivatives	—		10		—		10
Short-term borrowings	—		271		—		271
Long-term debt	—		1,293		—		1,293

Fair Value of Financial Instruments (Tables)

12 Months Ended

Apr. 30, 2016

Fair Value of Financial Instruments [Abstract]

Comparison of the fair values and carrying amounts of financial instruments

Below is a comparison of the fair values and carrying amounts of these instruments:



	2015				2016
April 30,	Carrying Amount		Fair Value		Carrying Amount		Fair Value
Assets:
Cash and cash equivalents	$	370	$	370	$	263	$	263
Currency derivatives	59		59		19		19
Liabilities:
Currency derivatives	18		18		10		10
Short-term borrowings	190		190		271		271
Current portion of long-term debt	250		253		—		—
Long-term debt	743		735		1,230		1,293

Derivative Financial Instruments (Tables)

12 Months Ended

Apr. 30, 2016

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of fair values of derivative instruments affecting statements of operations

The following table presents the pre-tax impact that changes in the fair value of our derivative instruments had on AOCI and earnings in 2015 and 2016:



	Classification in Statement of Operations	2015		2016
Currency derivatives designated as cash flow hedges:
Net gain (loss) recognized in AOCI	n/a	$	96	$	22
Net gain (loss) reclassified from AOCI into earnings	Net sales	41		60
Interest rate derivatives designated as cash flow hedges:
Net gain (loss) recognized in AOCI	n/a	—		8
Derivatives not designated as hedging instruments:
Currency derivatives – net gain (loss) recognized in earnings	Net sales	26		1
Currency derivatives – net gain (loss) recognized in earnings	Other income	4		(5		)

Schedule of fair values of derivative instruments

The following table presents the fair values of our derivative instruments as of April 30, 2015 and 2016:



	Balance Sheet Classification	Fair Value of Derivatives in a Gain Position		Fair Value of Derivatives in a Loss Position
April 30, 2015:
Designated as cash flow hedges:
Currency derivatives	Other current assets	$	42	$	(2	)
Currency derivatives	Other assets	20		(3		)
Currency derivatives	Accrued expenses	—		(6		)
Currency derivatives	Other liabilities	—		(6		)
Not designated as hedges:
Currency derivatives	Other current assets	3		(1		)
Currency derivatives	Accrued expenses	1		(7		)
April 30, 2016:
Designated as cash flow hedges:
Currency derivatives	Other current assets	23		(2		)
Currency derivatives	Other assets	3		(2		)
Currency derivatives	Accrued expenses	4		(8		)
Currency derivatives	Other liabilities	3		(9		)
Not designated as hedges:
Currency derivatives	Other current assets	1		(4		)

Offsetting Assets and Liabilities [Table Text Block]

The following table summarizes the gross and net amounts of our derivative contracts:



	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, 2015:
Derivative assets	$	65		$	(6	)	$	59		$	—		$	59
Derivative liabilities	(24		)	6			(18		)	—			(18		)
April 30, 2016:
Derivative assets	34			(15		)	19			(6		)	13
Derivative liabilities	(25		)	15			(10		)	6			(4		)

Pension and Other Postretirement Benefits (Tables)

12 Months Ended

Apr. 30, 2016

Compensation and Retirement Disclosure [Abstract]

Change in present value of pension and other postretirement benefit obligation

The following table shows how the present value of our obligation changed during each of the last two years.



	Pension Benefits						Medical and Life Insurance Benefits
	2015			2016			2015			2016
Obligation at beginning of year	$	785		$	887		$	69		$	57
Service cost	22			26			1			1
Interest cost	34			35			3			2
Net actuarial loss (gain)	91			8			3			(1		)
Plan amendments	—			—			(16		)	—
Retiree contributions	—			—			1			1
Benefits paid	(45		)	(58		)	(4		)	(4		)
Obligation at end of year	$	887		$	898		$	57		$	56

Expected benefit payments over the next 10 years

Expected benefit payments (net of retiree contributions) over the next 10 years are as follows:



	Pension Benefits		Medical and Life Insurance Benefits
2017	$	51	$	3
2018	52		3
2019	53		3
2020	54		3
2021	56		3
2022 – 2026	303		18

Fair value of pension plan assets by category, as well as the actual and target allocations

The following table shows the fair value of pension plan assets by category as of the end of the last two years. (Fair value levels are defined in Note 6.)



	Level 1		Level 2		Level 3		Total
April 30, 2015:
Commingled trust funds¹:
Equity funds	$	—	$	248	$	—	$	248
Fixed income funds	—		185		—		185
Real estate funds	—		20		36		56
Short-term investments	—		4		—		4
Total commingled trust funds	—		457		36		493
Hedge funds²	—		—		31		31
Private equity³	—		—		26		26
Equity securities	76		—		—		76
Total	$	76	$	457	$	93	$	626
April 30, 2016:
Commingled trust funds¹:
Equity funds	$	—	$	197	$	—	$	197
Fixed income funds	—		197		—		197
Real estate funds	—		—		59		59
Short-term investments	—		4		—		4
Total commingled trust funds	—		398		59		457
Hedge funds²	—		—		30		30
Private equity³	—		—		29		29
Equity securities	78		—		—		78
Total	$	78	$	398	$	118	$	594

¹Commingled trust fund valuations are based on the net asset value (NAV) of the funds as determined by the fund administrators and reviewed by us. NAV represents the underlying assets owned by the fund, minus liabilities and divided by the number of shares or units outstanding.

²Hedge fund valuations are based primarily on the NAV of the funds as determined by fund administrators and reviewed by us. During our review, we determine whether it is necessary to adjust a valuation for inherent liquidity and redemption issues that may exist within a fund’s underlying assets or fund unit values.

³As of April 30, 2015 and 2016, consists only of limited partnership interests, which are valued at the percentage ownership of total partnership equity as determined by the general partner. These valuations require significant judgment due to the absence of quoted market prices, the inherent lack of liquidity, and the long-term nature of these investments.

Change in fair value of Level 3 assets

The following table shows how the fair value of the Level 3 assets changed during each of the last two years. There were no transfers of assets between Level 3 and either of the other two levels.



	Real Estate Funds		Hedge Funds			Private Equity			Total
Balance as of April 30, 2014	$	32	$	30		$	25		$	87
Return on assets held at end of year	4		1			1			6
Purchases and settlements	—		—			4			4
Sales and settlements	—		—			(4		)	(4		)
Balance as of April 30, 2015	36		31			26			93
Return on assets held at end of year	4		(1		)	1			4
Purchases and settlements	19		—			5			24
Sales and settlements	—		—			(3		)	(3		)
Balance as of April 30, 2016	$	59	$	30		$	29		$	118

Change in fair value of pension plan Assets

The following table shows how the total fair value of all pension plan assets changed during each of the last two years. (We do not have assets set aside for postretirement medical or life insurance benefits.)



	Pension Benefits						Medical and Life Insurance Benefits
	2015			2016			2015			2016
Assets at beginning of year	$	605		$	626		$	—		$	—
Actual return on assets	52			2			—			—
Retiree contributions	—			—			1			1
Company contributions	14			24			3			3
Benefits paid	(45		)	(58		)	(4		)	(4		)
Assets at end of year	$	626		$	594		$	—		$	—

Funded status of plans

The following table shows the funded status of our plans.



	Pension Benefits						Medical and Life Insurance Benefits
April 30,	2015			2016			2015			2016
Assets	$	626		$	594		$	—		$	—
Obligations	(887		)	(898		)	(57		)	(56		)
Funded status	$	(261	)	$	(304	)	$	(57	)	$	(56	)

Funded status is recorded on the accompanying consolidated balance sheets

The funded status is recorded on the accompanying consolidated balance sheets as follows:



	Pension Benefits						Medical and Life Insurance Benefits
April 30,	2015			2016			2015			2016
Accounts payable and accrued expenses	(4		)	(4		)	(3		)	(3		)
Accrued postretirement benefits	(257		)	(300		)	(54		)	(53		)
Net liability	$	(261	)	$	(304	)	$	(57	)	$	(56	)
Accumulated other comprehensive income (loss), before tax:
Net actuarial gain (loss)	$	(353	)	$	(372	)	$	(16	)	$	(13	)
Prior service credit (cost)	(4		)	(4		)	18			15
	$	(357	)	$	(376	)	$	2		$	2

Pension plans that have assets in excess of their accumulated benefit obligations with those whose assets are less than their obligations

The following table compares our pension plans whose assets exceed their accumulated benefit obligations with those whose obligations exceed their assets. (As discussed above, we have no assets set aside for postretirement medical or life insurance benefits.)



	Plan Assets				Accumulated Benefit Obligation				Projected Benefit Obligation
April 30,	2015		2016		2015		2016		2015		2016
Plans with assets in excess of accumulated benefit obligation	$	53	$	—	$	50	$	—	$	52	$	—
Plans with accumulated benefit obligation in excess of assets	573		594		710		776		835		898
Total	$	626	$	594	$	760	$	776	$	887	$	898

Pension expense

The following table shows the components of the pension expense recognized during each of the last three years. The amount for each year includes amortization of the prior service cost/credit and net actuarial loss/gain included in accumulated other comprehensive loss as of the beginning of the year.



	Pension Benefits
	2014			2015			2016
Service cost	$	21		$	22		$	26
Interest cost	31			34			35
Expected return on assets	(40		)	(41		)	(40		)
Amortization of:
Prior service cost (credit)	1			1			1
Net actuarial loss (gain)	31			22			27
Net expense	$	44		$	38		$	49

Postretirement medical and life insurance benefit expense

The following table shows the components of the postretirement medical and life insurance benefit expense that we recognized during each of the last three years.



	Medical and Life Insurance Benefits
	2014		2015			2016
Service cost	$	2	$	1		$	1
Interest cost	3		3			2
Amortization of:
Prior service cost (credit)	—		(2		)	(2		)
Net actuarial loss (gain)	—		1			1
Net expense	$	5	$	3		$	2

Amounts recognized in other comprehensive income

The following table shows the pre-tax effect of these amounts on OCI during each of the last three years.



	Pension Benefits								Medical and Life Insurance Benefits
	2014		2015			2016			2014			2015			2016
Prior service credit (cost)	$	—	$	—		$	—		$	10		$	16		$	—
Net actuarial gain (loss)	9		(80		)	(46		)	(3		)	(3		)	1
Amortization reclassified to earnings:
Prior service cost (credit)	1		1			1			—			(2		)	(2		)
Net actuarial loss (gain)	31		22			27			—			1			1
Net amount recognized in OCI	$	41	$	(57	)	$	(18	)	$	7		$	12		$	—

Assumptions used in computing benefit plan obligations

The weighted-average assumptions used in computing benefit plan obligations as of the end of the last two years were as follows:



	Pension Benefits				Medical and Life Insurance Benefits
	2015		2016		2015		2016
Discount rate	4.09	%	4.02	%	4.09	%	3.96	%
Rate of salary increase	4.00	%	4.00	%	n/a		n/a

Assumptions used in computing benefit plan expense

assumptions used in computing benefit plan expense during each of the last three years were as follows:



	Pension Benefits						Medical and Life Insurance Benefits
	2014		2015		2016		2014		2015		2016
Discount rate	4.08	%	4.46	%	4.09	%	4.36	%	4.67	%	4.09	%
Rate of salary increase	4.00	%	4.00	%	4.00	%	n/a		n/a		n/a
Expected return on plan assets	7.50	%	7.50	%	7.00	%	n/a		n/a		n/a

Assumed health care cost trend rates

The assumed health care cost trend rates as of the end of the last two years were as follows:



	Medical and Life Insurance Benefits
	2015		2016
Health care cost trend rate assumed for next year	7.50	%	7.25	%
Rate to which the cost trend rate is assumed to decline (the ultimate trend rate)	5.00	%	5.00	%
Year that the rate reaches the ultimate trend rate	2023		2024

Stock-Based Compensation (Tables)

12 Months Ended

Apr. 30, 2016

Disclosure of Compensation Related Costs, Share-based Payments [Abstract]

Summary of stock options and SSARs granted under the plan

The following table presents information about stock options and stock-settled stock appreciation rights (SSARs) granted under the Plan (or its predecessor plans) as of April 30, 2016, and for the year then ended.



	Number of Underlying Shares (in thousands)		Weighted Average Exercise Price per Award		Weighted Average Remaining Contractual Term (years)	Aggregate Intrinsic Value
Outstanding at April 30, 2015	3,817		$	48.46
Granted	378		102.25
Exercised	(758	)	36.88
Forfeited or expired	(11	)	87.71
Outstanding at April 30, 2016	3,426		$	56.83	5.0	$	138
Exercisable at April 30, 2016	2,293		$	41.24	3.6	$	126

Assumptions used for fair value estimation

We estimated the fair values using the Black-Scholes pricing model with the following assumptions:



	2014		2015		2016
Risk-free interest rate	1.9	%	2.2	%	2.1	%
Expected volatility	22.5	%	22.3	%	19.1	%
Expected dividend yield	1.8	%	1.7	%	1.6	%
Expected term (years)	6.75		6.75		6.75

Summary of changes in outstanding RSUs and restricted stock

The following table summarizes the changes in the number of shares underlying these awards during 2016.



	Number of Underlying Shares (in thousands)		Weighted Average Fair Value at Grant Date
Nonvested at April 30, 2015	319		$	72.25
Granted	55		119.37
Adjusted for dividends or performance	(1	)	68.43
Vested	(98	)	62.59
Forfeited	(1	)	79.36
Nonvested at April 30, 2016	274		$	85.22

Income Taxes (Tables)

12 Months Ended

Apr. 30, 2016

Income Tax Disclosure [Abstract]

Domestic and Foreign income before Income taxes

The following table, based on the locations of the taxable entities from which sales were derived (rather than the location of customers), presents the U.S. and foreign components of our income before income taxes:



	2014		2015		2016
United States	$	797	$	912	$	1,184
Foreign	150		90		305
	$	947	$	1,002	$	1,489

Deferred tax assets and liabilities

Deferred tax assets and liabilities as of the end of each of the last two years were as follows:



	2015			2016
April 30,
Deferred tax assets:
Postretirement and other benefits	$	164		$	183
Accrued liabilities and other	22			10
Inventories	12			26
Loss and credit carryforwards	46			39
Valuation allowance	(27		)	(25		)
Total deferred tax assets, net	217			233
Deferred tax liabilities:
Intangible assets	(207		)	(225		)
Property, plant, and equipment	(61		)	(83		)
Other	(31		)	(9		)
Total deferred tax liabilities	(299		)	(317		)
Net deferred tax liability	$	(82	)	$	(84	)

Total income tax expense

Our total income tax expense for each of the last three years was as follows:



	2014			2015			2016
Current:
U.S. federal	$	243		$	259		$	347
Foreign	49			42			47
State and local	1			11			18
	293			312			412
Deferred:
U.S. federal	$	3		$	15		$	24
Foreign	(6		)	(11		)	(17		)
State and local	(2		)	2			3
	(5		)	6			10
	$	288		$	318		$	422

Reconciles our effective tax rate to the federal statutory tax rate in the United States

The following table reconciles our effective tax rate to the federal statutory tax rate in the United States:



	Percent of Income Before Taxes
	2014		2015		2016
U.S. federal statutory rate	35.0	%	35.0	%	35.0	%
State taxes, net of U.S. federal tax benefit	0.7	%	1.0	%	1.0	%
Income taxed at other than U.S. federal statutory rate	(2.2	)%	(0.5	)%	(2.5	)%
Tax benefit from U.S. manufacturing	(2.8	)%	(2.5	)%	(2.4	)%
Tax impact of sale of business	—	%	—	%	(1.1	)%
Amortization of deferred tax benefit from intercompany transactions	(0.4	)%	(1.6	)%	(1.6	)%
Other, net	0.2	%	0.3	%	(0.1	)%
Effective rate	30.5	%	31.7	%	28.3	%

Reconciliation of ending and beginning unrecognized tax benefits

A reconciliation of the beginning and ending unrecognized tax benefits follows:



	2014			2015			2016
Unrecognized tax benefits at beginning of year	$	11		$	11		$	13
Additions for tax positions provided in prior periods	1			2			1
Additions for tax positions provided in current period	1			1			—
Decreases for tax positions provided in prior years	(1		)	(1		)	(4		)
Settlements of tax positions in the current period	(1		)	—			(1		)
Lapse of statutes of limitations	—			—			—
Unrecognized tax benefits at end of year	$	11		$	13		$	9

Earnings Per Share (Tables)

12 Months Ended

Apr. 30, 2016

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:



	2014		2015		2016
Net income available to common stockholders	$	659	$	684	$	1,067
Share data (in thousands):
Basic average common shares outstanding	213,454		211,593		202,977
Dilutive effect of stock-based awards	1,628		1,490		1,303
Diluted average common shares outstanding	215,082		213,083		204,280

Basic earnings per share	$	3.08	$	3.23	$	5.26
Diluted earnings per share	$	3.06	$	3.21	$	5.22

Accumulated Other Comprehensive Income (Tables)

12 Months Ended

Apr. 30, 2016

Accumulated Other Comprehensive Income [Abstract]

Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block]

The following table summarizes the change in each component of AOCI, net of tax, during 2016:



	Currency Translation Adjustments			Cash Flow Hedge Adjustments			Postretirement Benefits Adjustments			Total AOCI
Balance at April 30, 2015	$	(108	)	$	28		$	(220	)	$	(300	)
Net other comprehensive income (loss)	(23		)	(17		)	(10		)	(50		)
Balance at April 30, 2016	$	(131	)	$	11		$	(230	)	$	(350	)

Comprehensive Income (Loss) [Table Text Block]

The following table presents the components of net other comprehensive income (loss) during each of the last three years:



	Pre-Tax			Tax			Net
Year Ended April 30, 2014
Currency translation adjustments	$	(2	)	$	(2	)	$	(4	)
Cash flow hedge adjustments:
Net gain (loss) on hedging instruments	(7		)	3			(4		)
Reclassification to earnings¹	—			—			—
Postretirement benefits adjustments:
Net actuarial gain (loss) and prior service cost	18			(7		)	11
Reclassification to earnings²	32			(12		)	20
Net other comprehensive income (loss)	$	41		$	(18	)	$	23

Year Ended April 30, 2015
Currency translation adjustments	$	(120	)	$	6		$	(114	)
Cash flow hedge adjustments:
Net gain (loss) on hedging instruments	96			(40		)	56
Reclassification to earnings¹	(41		)	17			(24		)
Postretirement benefits adjustments:
Net actuarial gain (loss) and prior service cost	(70		)	26			(44		)
Reclassification to earnings²	22			(8		)	14
Net other comprehensive income (loss)	$	(113	)	$	1		$	(112	)

Year Ended April 30, 2016
Currency translation adjustments	$	(22	)	$	(1	)	$	(23	)
Cash flow hedge adjustments:
Net gain (loss) on hedging instruments	30			(10		)	20
Reclassification to earnings¹	(60		)	23			(37		)
Postretirement benefits adjustments:
Net actuarial gain (loss) and prior service cost	(47		)	19			(28		)
Reclassification to earnings²	30			(12		)	18
Net other comprehensive income (loss)	$	(69	)	$	19		$	(50	)

¹Pre-tax amount is classified as net sales in the accompanying consolidated statements of operations.

²Pre-tax amount is a component of pension and other postretirement benefit expense (as shown in Note 9, except for amounts related to non-U.S. benefit plans, about which no information is presented in Note 9 due to immateriality).

Supplemental Information (Tables)

12 Months Ended

Apr. 30, 2016

Segment Reporting [Abstract]

Net sales by product category

The following table presents net sales by product category:



	2014		2015		2016
Net sales:
Spirits	$	3,765	$	3,903	$	3,809
Wine	181		193		202
	$	3,946	$	4,096	$	4,011

Net sales by geography

The following table presents net sales by geography:



	2014		2015		2016
Net sales:
United States	$	1,624	$	1,780	$	1,838
Europe	1,264		1,270		1,242
Australia	469		431		379
Other	589		615		552
	$	3,946	$	4,096	$	4,011

Accounting Policies (Textual) (Details) - USD ($) $ in Millions	12 Months Ended
	Apr. 30, 2016	Apr. 30, 2015
Accounting Policies (Textual) [Abstract]
Inventories valued using LIFO method (percent)	59.00%
FIFO method value of inventory in excess of reported	$ 248	$ 234
Minimum [Member]
Accounting Policies (Textual) [Abstract]
Whiskey aging period (years)	3 years
Minimum [Member] \| Building Improvements [Member]
Property, Plant and Equipment [Line Items]
Estimated useful life (years)	20 years
Minimum [Member] \| Machinery and Equipment [Member]
Property, Plant and Equipment [Line Items]
Estimated useful life (years)	3 years
Minimum [Member] \| Software [Member]
Property, Plant and Equipment [Line Items]
Estimated useful life (years)	3 years
Maximum [Member]
Accounting Policies (Textual) [Abstract]
Whiskey aging period (years)	6 years
Maximum [Member] \| Building Improvements [Member]
Property, Plant and Equipment [Line Items]
Estimated useful life (years)	40 years
Maximum [Member] \| Machinery and Equipment [Member]
Property, Plant and Equipment [Line Items]
Estimated useful life (years)	10 years
Maximum [Member] \| Software [Member]
Property, Plant and Equipment [Line Items]
Estimated useful life (years)	7 years

Accounting Policies Recent accounting pronouncements (Details) $ in Millions	Apr. 30, 2015 USD ($)
Accounting Standards Update 2015-03 [Member]
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
New Accounting Pronouncement or Change in Accounting Principle, Cumulative Effect of Change on Equity or Net Assets	$ 5

- Definition

Amount of cumulative effect of the change in accounting principle or new accounting pronouncement on retained earnings or other components of equity or net assets in the statement of financial position as of the beginning of the earliest period presented.

+ References + Details

Balance Sheet Information (Details) - USD ($) $ in Millions	Apr. 30, 2016	Apr. 30, 2015
Other current assets:
Prepaid taxes	$ 208	$ 181
Other	149	151
Other current assets	357	332
Property, plant, and equipment:
Land	76	72
Buildings	468	419
Equipment	619	561
Construction in process	54	88
Property, plant and equipment, gross	1,217	1,140
Less accumulated depreciation	588	554
Property, plant, and equipment, net	629	586
Accounts payable and accrued expenses:
Accounts payable, trade	121	123
Accrued expenses:
Advertising and promotion	133	128
Compensation and commissions	105	110
Excise and other non-income taxes	58	59
Other	84	77
Accrued expenses	380	374
Accounts payable and accrued expenses	501	497
Other liabilities:
Deferred benefit – tax (Note 11)	59	75
Other	87	89
Other liabilities	$ 146	$ 164

Goodwill and Other Intangible Assets (Goodwill Rollforward) (Details) - USD ($) $ in Millions	12 Months Ended
	Apr. 30, 2016	Apr. 30, 2015
Amount recorded as goodwill
Goodwill , Beginning Balance	$ 607	$ 620
Goodwill, Written off Related to Sale of Business Unit	(16)
Foreign currency translation adjustment	(1)	(13)
Goodwill , Ending Balance	$ 590	$ 607

Commitments and Contingencies Commitments (Details) - USD ($) $ in Millions	12 Months Ended
	Apr. 30, 2016	Apr. 30, 2015	Apr. 30, 2014
Commitments (Textual) [Abstract]
Rental payment under operating leases	$ 23	$ 23	$ 24
Operating Leases, Future Minimum Payments Due, Fiscal Year Maturity [Abstract]
Minimum lease payment, 2017	18
Minimum lease payment, 2018	10
Minimum lease payment, 2019	8
Minimum lease payment, 2020	5
Minimum lease payment, 2021	2
Minimum lease payment, after 2021	3
Unrecorded Unconditional Purchase Obligation, Fiscal Year Maturity [Abstract]
Total purchase obligation, 2017	10
Total purchase obligation, 2018	4
Total purchase obligation, 2019	3
Total purchase obligation, 2020	1
Total purchase obligation, 2021	1
Total purchase obligation, after 2021	$ 1
Agave [Member]
Commitments (Textual) [Abstract]
Agave purchase contract, period (years)	10 years
Total obligations	$ 2

Commitments and Contingencies Guaranty (Details) - USD ($) $ in Millions	Apr. 30, 2016	Apr. 30, 2015
Concentration Risk [Line Items]
Accounts Receivable, Net, Current	$ 559	$ 583
Credit Concentration Risk [Member]
Concentration Risk [Line Items]
Guarantor Obligations, Maximum Exposure, Undiscounted	22
Guarantee Obligations Current Exposure	17
Accounts Receivable, Net, Current	$ 9

Debt and Credit Facilities (Schedule of Long-Term Debt) (Details) - USD ($) $ in Millions	Apr. 30, 2016	Jun. 30, 2015	Apr. 30, 2015
Long - term debt
Total long term debt	$ 1,230		$ 993
Less current portion	0		250
Total Long term debt excluding current portion	1,230		743
2.5% notes, due in fiscal 2016 [Member]
Long - term debt
Total long term debt	$ 0		$ 250
Interest rate on long term debt (percent)	2.50%		2.50%
Debt Instrument, Face Amount	$ 250		$ 250
1.0% notes due in fiscal 2018 [Member]
Long - term debt
Total long term debt	$ 249		$ 248
Interest rate on long term debt (percent)	1.00%		1.00%
Debt Instrument, Face Amount	$ 250		$ 250
2.25% notes due in Fiscal 2023 [Member]
Long - term debt
Total long term debt	$ 248		$ 247
Interest rate on long term debt (percent)	2.25%		2.25%
Debt Instrument, Face Amount	$ 250		$ 250
3.75% notes due in Fiscal 2043 [Member]
Long - term debt
Total long term debt	$ 248		$ 248
Interest rate on long term debt (percent)	3.75%		3.75%
Debt Instrument, Face Amount	$ 250		$ 250
4.5% notes due in Fiscal 2046 [Member]
Long - term debt
Total long term debt	$ 485		$ 0
Interest rate on long term debt (percent)	4.50%	4.50%	4.50%
Debt Instrument, Face Amount	$ 500	$ 500	$ 500

Debt and Credit Facilities (Textual) (Details) $ in Millions	Apr. 30, 2016 USD ($)
Long-term Debt, Fiscal Year Maturity [Abstract]
2017	$ 0
2018	250
2019	0
2020	0
2021	0
After 2021	$ 1,000

Debt and Credit Facilities Long-Term Debt (Textual) (Details) - USD ($) $ in Millions	Jan. 15, 2016	Apr. 30, 2016	Jun. 30, 2015	Apr. 30, 2015
Debt Instrument [Line Items]
Long-term Debt		$ 1,230		$ 993
Four Point Five Percent Notes Due in Fiscal Two Thousand Forty Six [Member]
Debt Instrument [Line Items]
Debt Instrument, Face Amount		$ 500	$ 500	$ 500
Debt Instrument, Interest Rate, Stated Percentage		4.50%	4.50%	4.50%
Long-term Debt		$ 485		$ 0
Debt Instrument, Unamortized Discount		10
Unamortized Debt Issuance Expense		5
Two Point Five Percent Notes Due In Fiscal Two Thousand Sixteen [Member]
Debt Instrument [Line Items]
Debt Instrument, Face Amount		$ 250		$ 250
Debt Instrument, Interest Rate, Stated Percentage		2.50%		2.50%
Long-term Debt		$ 0		$ 250
Repayments of Debt	$ 250

Debt and Credit Facilities Short-term borrowings (Details) - USD ($) $ in Millions	12 Months Ended
	Apr. 30, 2016	Apr. 30, 2015
Short-term Debt [Abstract]
Short-term borrowings	$ 271	$ 190
Commercial Paper	$ 269	$ 183
Commercial Paper Borrowings, Weighted Average Interest Rate	0.53%	0.17%
Commercial Paper Borrowings, Average Remaining Maturity	26 days	13 days

Debt and Credit Facilities Credit Facilities (Details)	Apr. 30, 2016 USD ($)
Eight Hundred Million Credit Facility Expiring November 2018 [Member]
Line of Credit Facility [Line Items]
Line of Credit Facility, Current Borrowing Capacity	$ 800,000,000
Line of Credit Facility, Covenant Compliance, Ratio of Earnings Before Interest, Taxes, Deprecation, and Amortization to Consolidated Interest Expense	3
Four Hundred Million Credit Facility Expiring May 2017 [Member]
Line of Credit Facility [Line Items]
Line of Credit Facility, Current Borrowing Capacity	$ 400,000,000

Fair Value Measurements (Details) - USD ($) $ in Millions	Apr. 30, 2016	Apr. 30, 2015
Financial Instruments, Financial Liabilities, Balance Sheet Groupings [Abstract]
Derivative liabilities	$ 10	$ 18
Short-term borrowings	271	190
Long-term debt	1,293	735
Currency derivatives [Member]
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract]
Derivative assets	19	59
Recurring [Member]
Financial Instruments, Financial Liabilities, Balance Sheet Groupings [Abstract]
Short-term borrowings	271	190
Current portion of long-term debt		253
Long-term debt	1,293	735
Recurring [Member] \| Currency derivatives [Member]
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract]
Derivative assets	19	59
Financial Instruments, Financial Liabilities, Balance Sheet Groupings [Abstract]
Derivative liabilities	10	18
Recurring [Member] \| Level 1 [Member]
Financial Instruments, Financial Liabilities, Balance Sheet Groupings [Abstract]
Short-term borrowings	0	0
Current portion of long-term debt		0
Long-term debt	0	0
Recurring [Member] \| Level 1 [Member] \| Currency derivatives [Member]
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract]
Derivative assets	0	0
Financial Instruments, Financial Liabilities, Balance Sheet Groupings [Abstract]
Derivative liabilities	0	0
Recurring [Member] \| Level 2 [Member]
Financial Instruments, Financial Liabilities, Balance Sheet Groupings [Abstract]
Short-term borrowings	271	190
Current portion of long-term debt		253
Long-term debt	1,293	735
Recurring [Member] \| Level 2 [Member] \| Currency derivatives [Member]
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract]
Derivative assets	19	59
Financial Instruments, Financial Liabilities, Balance Sheet Groupings [Abstract]
Derivative liabilities	10	18
Recurring [Member] \| Level 3 [Member]
Financial Instruments, Financial Liabilities, Balance Sheet Groupings [Abstract]
Short-term borrowings	0	0
Current portion of long-term debt		0
Long-term debt	0	0
Recurring [Member] \| Level 3 [Member] \| Currency derivatives [Member]
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract]
Derivative assets	0	0
Financial Instruments, Financial Liabilities, Balance Sheet Groupings [Abstract]
Derivative liabilities	$ 0	$ 0

Fair Value of Financial Instruments (Details) - USD ($) $ in Millions	Apr. 30, 2016	Apr. 30, 2015
Assets:
Cash and cash equivalents	$ 263	$ 370
Derivative assets	19	59
Liabilities:
Derivative liabilities	10	18
Short-term borrowings	271	190
Short-term borrowings	271	190
Current portion of long-term debt	0	250
Current portion of long-term debt	0	253
Long-term Debt, Excluding Current Maturities	1,230	743
Long-term debt	1,293	735
Foreign Exchange Contract [Member]
Assets:
Currency derivatives, assets	19	59
Liabilities:
Currency derivatives, liabilities	10	18
Reported Value Measurement [Member]
Assets:
Cash and cash equivalents	263	370
Liabilities:
Short-term borrowings	271	190
Current portion of long-term debt	0	250
Long-term Debt, Excluding Current Maturities	1,230	743
Reported Value Measurement [Member] \| Foreign Exchange Contract [Member]
Assets:
Currency derivatives, assets	19	59
Liabilities:
Currency derivatives, liabilities	$ 10	$ 18

Derivative Financial Instruments (Gain (Loss) on Derivatives Recognized in Consolidated Statement of Operations) (Details) - USD ($) $ in Millions	12 Months Ended
	Apr. 30, 2016	Apr. 30, 2015
Cash Flow Hedging [Member] \| Treasury Lock [Member]
Fair values of derivative instruments affecting statements of operations
Net gain (loss) recognized in AOCI	$ 8	$ 0
Designated as Hedging Instrument [Member] \| Cash Flow Hedging [Member] \| Currency derivatives [Member]
Fair values of derivative instruments affecting statements of operations
Net gain (loss) recognized in AOCI	22	96
Designated as Hedging Instrument [Member] \| Net Sales [Member] \| Cash Flow Hedging [Member] \| Currency derivatives [Member]
Fair values of derivative instruments affecting statements of operations
Net gain (loss) reclassified from AOCI into earnings	60	41
Not Designated as Hedging Instrument [Member] \| Net Sales [Member] \| Currency derivatives [Member]
Fair values of derivative instruments affecting statements of operations
Net gain (loss) recognized in earnings	1	26
Not Designated as Hedging Instrument [Member] \| Other Income [Member] \| Currency derivatives [Member]
Fair values of derivative instruments affecting statements of operations
Net gain (loss) recognized in earnings	$ (5)	$ 4

Derivative Financial Instruments (Fair Value of Derivatives in a Gain (Loss) Position) (Details) - Currency derivatives [Member] - USD ($) $ in Millions	Apr. 30, 2016	Apr. 30, 2015
Fair value of derivatives in a gain position [Member] \| Not designated as hedges [Member] \| Other Current Assets [Member]
Fair values of derivative instruments
Fair value of derivatives in a gain (loss) position	$ 1	$ 3
Fair value of derivatives in a gain position [Member] \| Not designated as hedges [Member] \| Accrued expenses [Member]
Fair values of derivative instruments
Fair value of derivatives in a gain (loss) position		1
Fair value of derivatives in a loss position [Member] \| Not designated as hedges [Member] \| Other Current Assets [Member]
Fair values of derivative instruments
Fair value of derivatives in a gain (loss) position	(4)	(1)
Fair value of derivatives in a loss position [Member] \| Not designated as hedges [Member] \| Accrued expenses [Member]
Fair values of derivative instruments
Fair value of derivatives in a gain (loss) position		(7)
Cash Flow Hedging [Member] \| Fair value of derivatives in a gain position [Member] \| Designated as Hedging Instrument [Member] \| Other Assets [Member]
Fair values of derivative instruments
Fair value of derivatives in a gain (loss) position	3	20
Cash Flow Hedging [Member] \| Fair value of derivatives in a gain position [Member] \| Designated as Hedging Instrument [Member] \| Other Current Assets [Member]
Fair values of derivative instruments
Fair value of derivatives in a gain (loss) position	23	42
Cash Flow Hedging [Member] \| Fair value of derivatives in a gain position [Member] \| Designated as Hedging Instrument [Member] \| Accrued expenses [Member]
Fair values of derivative instruments
Fair value of derivatives in a gain (loss) position	4	0
Cash Flow Hedging [Member] \| Fair value of derivatives in a gain position [Member] \| Designated as Hedging Instrument [Member] \| Other Liabilities [Member]
Fair values of derivative instruments
Fair value of derivatives in a gain (loss) position	3	0
Cash Flow Hedging [Member] \| Fair value of derivatives in a loss position [Member] \| Designated as Hedging Instrument [Member] \| Other Assets [Member]
Fair values of derivative instruments
Fair value of derivatives in a gain (loss) position	(2)	(3)
Cash Flow Hedging [Member] \| Fair value of derivatives in a loss position [Member] \| Designated as Hedging Instrument [Member] \| Other Current Assets [Member]
Fair values of derivative instruments
Fair value of derivatives in a gain (loss) position	(2)	(2)
Cash Flow Hedging [Member] \| Fair value of derivatives in a loss position [Member] \| Designated as Hedging Instrument [Member] \| Accrued expenses [Member]
Fair values of derivative instruments
Fair value of derivatives in a gain (loss) position	(8)	(6)
Cash Flow Hedging [Member] \| Fair value of derivatives in a loss position [Member] \| Designated as Hedging Instrument [Member] \| Other Liabilities [Member]
Fair values of derivative instruments
Fair value of derivatives in a gain (loss) position	$ (9)	$ (6)

Derivative Financial Instruments (Textual) (Details) - USD ($) $ in Millions	12 Months Ended
	Apr. 30, 2016	Apr. 30, 2015
Derivative [Line Items]
Derivative, Notional Amount	$ 1,265	$ 1,212
Net losses recorded in AOCI expected to reclassify to earnings during the next 12 months	$ (13)
Maximum term of outstanding derivative contracts (months)	36 months	36 months
Aggregate fair value of derivatives with creditworthiness requirements that were in a net liability position	$ 8	$ 18
Treasury Lock [Member] \| Cash Flow Hedging [Member]
Derivative [Line Items]
Derivative Instruments, Gain (Loss) Recognized in Other Comprehensive Income (Loss), Effective Portion, Net	$ 8	$ 0

Derivative Financial Instruments Offsetting Derivative Assets and Liabilities (Details) - USD ($) $ in Millions	Apr. 30, 2016	Apr. 30, 2015
Offsetting Assets and Liabilities [Line Items]
Gross Amount of Derivative Assets	$ 34	$ 65
Gross Amount of Derivative Liabilities Offset Against Derivative Assets in Balance Sheet	(15)	(6)
Net Amount of Derivative Assets Presented in Balance Sheet	19	59
Gross Amount of Derivative Liabilities Not Offset Against Derivative Assets in Balance Sheet	(6)	0
Net Amount of Derivative Assets	13	59
Gross Amount of Derivative Liabilities	(25)	(24)
Gross Amount of Derivative Assets Offset Against Derivative Liabilities in Balance Sheet	15	6
Net Amount of Derivative Liabilities Presented in Balance Sheet	(10)	(18)
Gross Amount of Derivative Assets Not Offset Against Derivative Liabilities in Balance Sheet	6	0
Net Amount of Derivative Liabilities	$ (4)	$ (18)

Pension and Other Postretirement Benefits (Change in Benefit Obligation) (Details) - USD ($) $ in Millions	12 Months Ended
	Apr. 30, 2016	Apr. 30, 2015	Apr. 30, 2014
Pension Benefits [Member]
Changes in present value of pension and other postretirement benefits
Obligation at beginning of year	$ 887	$ 785
Service cost	26	22	$ 21
Interest cost	35	34	31
Net actuarial loss (gain)	8	91
Plan amendments	0	0
Retiree contributions	0	0
Benefits paid	(58)	(45)
Obligation at end of year	898	887	785
Medical and Life Insurance Benefits [Member]
Changes in present value of pension and other postretirement benefits
Obligation at beginning of year	57	69
Service cost	1	1	2
Interest cost	2	3	3
Net actuarial loss (gain)	(1)	3
Plan amendments	0	(16)
Retiree contributions	1	1
Benefits paid	(4)	(4)
Obligation at end of year	$ 56	$ 57	$ 69

Pension and Other Postretirement Benefits (Expected Benefit Payments) (Details) $ in Millions	Apr. 30, 2016 USD ($)
Pension Benefits [Member]
Expected benefit payments over the next 10 years
2017	$ 51
2018	52
2019	53
2020	54
2021	56
2022-2026	303
Medical and Life Insurance Benefits [Member]
Expected benefit payments over the next 10 years
2017	3
2018	3
2019	3
2020	3
2021	3
2022-2026	$ 18

Pension and Other Postretirement Benefits Target asset allocation (Details)	12 Months Ended
	Apr. 30, 2016
Public Equity Investments [Member]
Defined Benefit Plan Disclosure [Line Items]
Defined Benefit Plan, Target Plan Asset Allocations	47.00%
Fixed Income Investments [Member]
Defined Benefit Plan Disclosure [Line Items]
Defined Benefit Plan, Target Plan Asset Allocations	35.00%
Alternative Investments [Member]
Defined Benefit Plan Disclosure [Line Items]
Defined Benefit Plan, Target Plan Asset Allocations	18.00%

Pension and Other Postretirement Benefits (Fair Value of Pension Plan Assets and Asset Allocations) (Details) - USD ($)
$ in Millions

Apr. 30, 2016

Apr. 30, 2015

Apr. 30, 2014

Pension and Other Postretirement Benefits (Change in Fair Value of Pension Plan Assets) (Details) - USD ($) $ in Millions	12 Months Ended
	Apr. 30, 2016	Apr. 30, 2015
Change in fair value of pension plan Assets
Beginning balance	$ 626
Ending balance	594	$ 626
Pension Benefits [Member]
Change in fair value of pension plan Assets
Beginning balance	626	605
Actual return on assets	2	52
Retiree contributions	0	0
Company contributions	24	14
Benefits paid	(58)	(45)
Ending balance	594	626
Medical and Life Insurance Benefits [Member]
Change in fair value of pension plan Assets
Beginning balance	0	0
Actual return on assets	0	0
Retiree contributions	1	1
Company contributions	3	3
Benefits paid	(4)	(4)
Ending balance	$ 0	$ 0

Pension and Other Postretirement Benefits (Funded Status of Plans) (Details) - USD ($) $ in Millions	Apr. 30, 2016	Apr. 30, 2015	Apr. 30, 2014
Funded Status of Plans
Assets	$ 594	$ 626
Pension Benefits [Member]
Funded Status of Plans
Assets	594	626	$ 605
Obligations	(898)	(887)	(785)
Funded status	(304)	(261)
Medical and Life Insurance Benefits [Member]
Funded Status of Plans
Assets	0	0	0
Obligations	(56)	(57)	$ (69)
Funded status	$ (56)	$ (57)

Pension and Other Postretirement Benefits Other Assets (Details) - USD ($) $ in Millions	Apr. 30, 2016	Apr. 30, 2015
Investments, All Other Investments [Abstract]
Life Insurance, Corporate or Bank Owned, Amount	$ 64	$ 48

Pension and Other Postretirement Benefits (Funded Status Recorded on Accompanying Balance Sheets) (Details) - USD ($) $ in Millions	Apr. 30, 2016	Apr. 30, 2015
Funded status is recorded on the accompanying consolidated balance sheets
Accrued postretirement benefits	$ (353)	$ (311)
Pension Benefits [Member]
Funded status is recorded on the accompanying consolidated balance sheets
Accounts payable and accrued expenses	(4)	(4)
Accrued postretirement benefits	(300)	(257)
Net liability	(304)	(261)
Accumulated other comprehensive income (loss), before tax:
Net actuarial gain (loss)	(372)	(353)
Prior service credit (cost)	(4)	(4)
Total	(376)	(357)
Medical and Life Insurance Benefits [Member]
Funded status is recorded on the accompanying consolidated balance sheets
Accounts payable and accrued expenses	(3)	(3)
Accrued postretirement benefits	(53)	(54)
Net liability	(56)	(57)
Accumulated other comprehensive income (loss), before tax:
Net actuarial gain (loss)	(13)	(16)
Prior service credit (cost)	15	18
Total	$ 2	$ 2

Pension and Other Postretirement Benefits Pension plans whose assets (obligations) exceed obligations (assets) (Details) - USD ($) $ in Millions	Apr. 30, 2016	Apr. 30, 2015	Apr. 30, 2014
Defined Benefit Plan Disclosure [Line Items]
Total, Plan Assets	$ 594	$ 626
Pension Plan [Member]
Defined Benefit Plan Disclosure [Line Items]
Plans with assets in excess of accumulated benefit obligation, Plan Assets	0	53
Plans with accumulated benefit obligation in excess of assets, Plan Assets	594	573
Total, Plan Assets	594	626	$ 605
Plans with assets in excess of accumulated benefit obligation, Accumulated Benefit Obligation	0	50
Plans with accumulated benefit obligation in excess of assets, Accumulated Benefit Obligation	776	710
Total, Accumulated Benefit Obligation	776	760
Plans with assets in excess of accumulated benefit obligation, Projected Benefit Obligation	0	52
Plans with accumulated benefit obligation in excess of assets, Projected Benefit Obligation	898	835
Total, Projected Benefit Obligation	$ 898	$ 887	$ 785

Stock-Based Compensation (Schedule of Stock Options and SSARs) (Details) $ / shares in Units, shares in Thousands, $ in Millions	12 Months Ended
	Apr. 30, 2016 USD ($) $ / shares shares
Stock Options and SSARs, Number of Underlying Shares [Roll Forward]
Stock options and SSARs oustanding, Beginning balance (shares) \| shares	3,817
Stock options and SSARs outstanding, Granted (shares) \| shares	378
Stock options and SSARs outstanding, Exercised (shares) \| shares	(758)
Stock options and SSARs outstanding, Forfeited or expired (shares) \| shares	(11)
Stock options and SSARs oustanding, Ending balance (shares) \| shares	3,426
Stock Options and SSARs, Weighted Average Exercise Price [Roll Forward]
Stock options and SSARs outstanding, Weighted Average Exercise Price Per Award, Beginning balance (dollars per share) \| $ / shares	$ 48.46
Stock options and SSARs outstanding, Weighted Average Exercise Price Per Award, Granted (dollars per share) \| $ / shares	102.25
Stock options and SSARs outstanding, Weighted Average Exercise Price Per Award, Exercised (dollars per share) \| $ / shares	36.88
Stock options and SSARs outstanding, Weighted Average Exercise Price Per Award, Forfeited or expired (dollars per share) \| $ / shares	87.71
Stock options and SSARs outstanding, Weighted Average Exercise Price Per Award, Ending balance (dollars per share) \| $ / shares	$ 56.83
Stock options and SSARs outstanding, Weighted Average Remaining Contractual Term (years)	4 years 11 months 15 days
Stock options and SSARs outstanding, Aggregate Intrinsic Value \| $	$ 138
Stock options and SSARs Exercisable (shares) \| shares	2,293
Stock options and SSARs Exercisable, Weighted Average Exercise Price Per Award (dollars per share) \| $ / shares	$ 41.24
Stock options and SSARs Exercisable, Weighted Average Remaining Contractual Term (years)	3 years 7 months 24 days
Stock options and SSARs Exercisable, Aggregate Intrinsic Value \| $	$ 126

Stock-Based Compensation (Schedule of Changes in the Number of Underlying Shares) (Details) - Restricted Stock [Member] shares in Thousands	12 Months Ended
	Apr. 30, 2016 $ / shares shares
Number of Underlying Shares [Roll Forward]
Number of shares outstanding, Beginning balance (shares) \| shares	319
Number of shares outstanding, Granted (shares) \| shares	55
Number of shares outstanding, Adjusted for dividends or performance (shares) \| shares	(1)
Number of shares outstanding, Vested (shares) \| shares	(98)
Number of shares outstanding, Forfeited (shares) \| shares	(1)
Number of shares outstanding, Ending balance (shares) \| shares	274
Weighted Average Fair Value at Grant Date [Roll Forward]
Weighted Average Fair Value at Grant Date, Beginning balance (dollars per share) \| $ / shares	$ 72.25
Weighted Average Fair Value at Grant Date, Granted (dollars per share) \| $ / shares	119.37
Weighted Average Fair Value at Grant Date, Adjusted for dividends or performance (dollars per share) \| $ / shares	68.43
Weighted Average Fair Value at Grant Date, Vested (dollars per share) \| $ / shares	62.59
Weighted Average Fair Value at Grant Date, Forfeited (dollars per share) \| $ / shares	79.36
Weighted Average Fair Value at Grant Date, Ending balance (dollars per share) \| $ / shares	$ 85.22

Income Taxes (Deferred Tax Assets and Liabilities) (Details) - USD ($) $ in Millions	Apr. 30, 2016	Apr. 30, 2015
Deferred tax assets:
Postretirement and other benefits	$ 183	$ 164
Accrued liabilities and other	10	22
Inventories	26	12
Loss and credit carryforwards	39	46
Valuation allowance	(25)	(27)
Total deferred tax assets, net	233	217
Deferred tax liabilities:
Intangible assets	(225)	(207)
Property, plant, and equipment	(83)	(61)
Other	(9)	(31)
Total deferred tax liabilities	(317)	(299)
Net deferred tax liability	$ (84)	$ (82)

Income Taxes (Operating Loss Carryforwards) (Details) - USD ($) $ in Millions	Apr. 30, 2016	Apr. 30, 2015
Operating Loss Carryforwards [Line Items]
Valuation allowance	$ 25	$ 27
Other Countries [Member]
Operating Loss Carryforwards [Line Items]
Net operating losses in Brazil, valuation allowance	7	8
Brazil [Member]
Operating Loss Carryforwards [Line Items]
Net operating losses in Brazil, valuation allowance	12	12
UK Non Trading Loss [Member]
Operating Loss Carryforwards [Line Items]
Non-trading loss carryforward, valuation allowance	6	$ 7
Net Operating Loss Carryforward [Member] \| Foreign Tax Authority [Member] \| Other Countries [Member]
Operating Loss Carryforwards [Line Items]
Net operating losses	27
Not Subject to Expiration [Member] \| Net Operating Loss Carryforward [Member] \| Foreign Tax Authority [Member] \| Brazil [Member]
Operating Loss Carryforwards [Line Items]
Net operating losses	35
Not Subject to Expiration [Member] \| Net Operating Loss Carryforward [Member] \| Foreign Tax Authority [Member] \| Other Countries [Member]
Operating Loss Carryforwards [Line Items]
Net operating losses	9
Not Subject to Expiration [Member] \| Non-Trading Loss Carryforward [Member] \| Foreign Tax Authority [Member] \| UNITED KINGDOM
Operating Loss Carryforwards [Line Items]
Non-trading loss carryforward	31
Subject to Expiration [Member] \| Net Operating Loss Carryforward [Member] \| Foreign Tax Authority [Member] \| MEXICO
Operating Loss Carryforwards [Line Items]
Net operating losses	19
Subject to Expiration [Member] \| Net Operating Loss Carryforward [Member] \| Foreign Tax Authority [Member] \| Other Countries [Member]
Operating Loss Carryforwards [Line Items]
Net operating losses	18
Subject to Expiration [Member] \| Net Operating Loss Carryforward [Member] \| Foreign Tax Authority [Member] \| FINLAND
Operating Loss Carryforwards [Line Items]
Net operating losses	$ 51

Income Taxes (Deferred Tax Liabilities Not Recognized) (Details) - USD ($) $ in Millions	Apr. 30, 2016	Apr. 30, 2015
Income Tax Disclosure [Abstract]
Undistributed earnings of foreign subsidiaries	$ 1,005	$ 803
Deferred Tax Liability Not Recognized, Amount of Unrecognized Deferred Tax Liability, Undistributed Earnings of Foreign Subsidiaries	$ 222	$ 163

Income Taxes (Textual) (Details) - USD ($) $ in Millions	12 Months Ended
Income Taxes (Textual) (Details) - USD ($) $ in Millions	Apr. 30, 2016	Apr. 30, 2015	Apr. 30, 2014	Apr. 30, 2013
Income Tax Disclosure [Abstract]
Deferred Income, Tax Benefit of Intercompany Transfer of Assets, Before Amortization			$ 95
Other Income Tax Expense (Benefit), Continuing Operations	$ 16	$ 15	5
Deferred Tax Assets, Valuation Allowance	25	27
Gross unrecognized tax benefits	9	13	$ 11	$ 11
Reduction in effective income tax rate if recognized	6
Estimated increase in unrecognized tax benefits in next 12 months as a result of net tax positions taken	0
Deferred benefit – tax (Note 11)	$ 59	$ 75

Supplemental Information (Textual) (Details) - USD ($) $ in Millions	Apr. 30, 2016	Apr. 30, 2015
Mexico [Member]
Segment Reporting Information [Line Items]
Net book value of property, plant, and equipment located in Mexico	$ 33	$ 40

Gain on Sale of Business (Details) - USD ($) $ in Millions	12 Months Ended
Gain on Sale of Business (Details) - USD ($) $ in Millions	Apr. 30, 2016	Apr. 30, 2015	Apr. 30, 2014	Mar. 01, 2016
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Disposal Group, Not Discontinued Operations, Transaction Costs	$ 9
Disposal Group, Not Discontinued Operation, Gain (Loss) on Disposal	$ 485	$ 0	$ 0
Disposal Group, Held-for-sale or Disposed of by Sale, Not Discontinued Operations [Member]
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Disposal Group, Including Discontinued Operation, Consideration				$ 543
Disposal Group, Including Discontinued Operation, Assets, Current				49
Disposal Group, Including Discontinued Operation, Inventory, Current				11
Disposal Group, Including Discontinued Operation, Goodwill, Current				16
Disposal Group, Including Discontinued Operation, Intangible Assets, Current				$ 22

Subsequent Events Acquisition (Details) £ in Millions, $ in Millions	Jun. 01, 2016 USD ($)	Jun. 01, 2016 GBP (£)
Business Acquisition [Line Items]
Business Acquisition, Percentage of Voting Interests Acquired	90.00%	90.00%
Payments to Acquire Businesses, Gross	$ 307
Business Combination, Consideration Transferred, Liabilities Incurred	$ 66
Noncontrolling Interest, Ownership Percentage by Noncontrolling Owners	10.00%	10.00%
Put and Call Option, Exercise Price	$ 34	£ 24