BROWN FORMAN CORP, 10-K filed on 6/17/2022
Annual Report
v3.22.1
Document and Entity Information - USD ($)
$ in Millions
 12 Months Ended
Apr. 30, 2022
May 31, 2022
Document Information [Line Items]    
Document Type 10-K  
Document Annual Report true  
Document Period End Date Apr. 30, 2022  
Current Fiscal Year End Date --04-30  
Document Transition Report false  
Entity File Number 001-00123  
Entity Registrant Name BROWN-FORMAN CORPORATION  
Entity Incorporation, State or Country Code DE  
Entity Tax Identification Number 61-0143150  
Entity Address, Address Line One 850 Dixie Highway  
Entity Address, City or Town Louisville,  
Entity Address, State or Province KY  
Entity Address, Postal Zip Code 40210  
City Area Code 502  
Local Phone Number 585-1100  
Entity Well-known Seasoned Issuer Yes  
Entity Voluntary Filers No  
Entity Current Reporting Status Yes  
Entity Interactive Data Current Yes  
Entity Filer Category Large Accelerated Filer  
Entity Small Business false  
Entity Emerging Growth Company false  
Entity Shell Company false  
ICFR Auditor Attestation Flag true  
Entity Public Float $ 23,100  
Documents Incorporated by Reference Portions of the Proxy Statement of Registrant for use in connection with the Annual Meeting of Stockholders to be held July 28, 2022, are incorporated by reference into Part III of this report.  
Entity Central Index Key 0000014693  
Amendment Flag false  
Document Fiscal Year Focus 2022  
Document Fiscal Period Focus FY  
Common stock, Class A, voting [Member]    
Document Information [Line Items]    
Title of 12(b) Security Class A Common Stock (voting), $0.15 par value  
Trading Symbol BFA  
Security Exchange Name NYSE  
Entity Common Stock, Shares Outstanding   169,175,352
Common Stock, Class B, nonvoting [Member]    
Document Information [Line Items]    
Title of 12(b) Security Class B Common Stock (nonvoting), $0.15 par value  
Trading Symbol BFB  
Security Exchange Name NYSE  
Entity Common Stock, Shares Outstanding   309,878,389
1.20% senior notes, due July 7, 2026 [Member]    
Document Information [Line Items]    
Title of 12(b) Security 1.200% Notes due 2026  
Trading Symbol BF26  
Security Exchange Name NYSE  
2.60% senior notes, due July 7, 2028 [Member]    
Document Information [Line Items]    
Title of 12(b) Security 2.600% Notes due 2028  
Trading Symbol BF28  
Security Exchange Name NYSE  
v3.22.1
Audit Information
 12 Months Ended
Apr. 30, 2022
Apr. 30, 2021
Apr. 30, 2020
Auditor Information [Abstract]      
Auditor Name Ernst & Young LLP Ernst & Young LLP PricewaterhouseCoopers LLP
Auditor Location Louisville, Kentucky Louisville, Kentucky Louisville, Kentucky
Auditor Firm ID 42 42 238
v3.22.1
Consolidated Statements of Operations - USD ($)
$ in Millions
 12 Months Ended
Apr. 30, 2022
Apr. 30, 2021
Apr. 30, 2020
Income Statement [Abstract]      
Sales $ 5,081 $ 4,526 $ 4,306
Excise taxes 1,148 1,065 943
Net sales 3,933 3,461 3,363
Cost of sales 1,542 1,367 1,236
Gross profit 2,391 2,094 2,127
Advertising expenses 438 399 383
Selling, general, and administrative expenses 690 671 642
Gain on sale of business 0 (127) 0
Other expense (income), net 59 (15) 11
Operating income 1,204 1,166 1,091
Non-operating postretirement expense 13 6 5
Interest income (5) (2) (5)
Interest expense 82 81 82
Income before income taxes 1,114 1,081 1,009
Income taxes 276 178 182
Net income $ 838 $ 903 $ 827
Earnings per share:      
Basic (dollars per share) $ 1.75 $ 1.89 $ 1.73
Diluted (dollars per share) $ 1.74 $ 1.88 $ 1.72
v3.22.1
Consolidated Statements of Comprehensive Income - USD ($)
$ in Millions
 12 Months Ended
Apr. 30, 2022
Apr. 30, 2021
Apr. 30, 2020
Statement of Comprehensive Income [Abstract]      
Net income $ 838 $ 903 $ 827
Other comprehensive income (loss), net of tax:      
Currency translation adjustments (60) 123 (94)
Cash flow hedge adjustments 53 (76) 30
Postretirement benefits adjustments 77 78 (77)
Net other comprehensive income (loss) 70 125 (141)
Comprehensive income $ 908 $ 1,028 $ 686
v3.22.1
Consolidated Balance Sheets - USD ($)
$ in Millions
Apr. 30, 2022
Apr. 30, 2021
ASSETS    
Cash and cash equivalents $ 868 $ 1,150
Accounts receivable, net 813 753
Inventories:    
Barreled whiskey 1,155 1,101
Finished goods 312 323
Work in process 225 199
Raw materials and supplies 126 128
Total inventories 1,818 1,751
Other current assets 277 263
Total current assets 3,776 3,917
Property, plant, and equipment, net 875 832
Goodwill 761 779
Other intangible assets 586 676
Deferred tax assets 74 70
Other assets 301 248
Total assets 6,373 6,522
Liabilities    
Accounts payable and accrued expenses 703 679
Accrued income taxes 81 34
Short-term borrowings 0 205
Current portion of long-term debt 250 0
Total current liabilities 1,034 918
Long-term debt 2,019 2,354
Deferred tax liabilities 219 169
Accrued pension and other postretirement benefits 183 219
Other liabilities 181 206
Total liabilities 3,636 3,866
Commitments and contingencies
Stockholders’ Equity    
Retained earnings 3,242 3,243
Accumulated other comprehensive income (loss), net of tax (352) (422)
Treasury stock, at cost (5,803,000 and 5,511,000 shares in 2021 and 2022, respectively) (225) (237)
Total stockholders' equity 2,737 2,656
Total liabilities and stockholders' equity $ 6,373 $ 6,522
Parenthetical Information [Abstract]    
Treasury stock, shares 5,511,000 5,803,000
Common stock, Class A, voting [Member]    
Stockholders’ Equity    
Common stock $ 25 $ 25
Parenthetical Information [Abstract]    
Common stock, par value $ 0.15 $ 0.15
Common stock, shares authorized 170,000,000 170,000,000
Common stock, shares issued 170,000,000 170,000,000
Common Stock, Class B, nonvoting [Member]    
Stockholders’ Equity    
Common stock $ 47 $ 47
Parenthetical Information [Abstract]    
Common stock, par value $ 0.15 $ 0.15
Common stock, shares authorized 400,000,000 400,000,000
Common stock, shares issued 314,532,000 314,532,000
v3.22.1
Consolidated Statements of Cash Flows - USD ($)
$ in Millions
 12 Months Ended
Apr. 30, 2022
Apr. 30, 2021
Apr. 30, 2020
Cash flows from operating activities:      
Net income $ 838 $ 903 $ 827
Adjustments to reconcile net income to net cash provided by operations:      
Gain on sale of business 0 (127) 0
Asset impairment charges 61 0 13
Depreciation and amortization 79 77 74
Stock-based compensation expense 15 12 11
Deferred income tax provision (benefit) (11) (53) 39
Other, net 31 (23) 15
Changes in assets and liabilities, net of business acquisitions and dispositions:      
Accounts receivable (77) (150) 12
Inventories (93) (37) (203)
Other current assets 15 31 (27)
Accounts payable and accrued expenses 37 137 (30)
Accrued income taxes 47 8 18
Other operating assets and liabilities (6) 39 (25)
Cash provided by operating activities 936 817 724
Cash flows from investing activities:      
Proceeds from sale of business 0 177 0
Acquisition of business, net of cash acquired 0 (14) (22)
Additions to property, plant, and equipment (138) (62) (113)
Other, net 11 (3) (6)
Cash provided by (used for) investing activities (127) 98 (141)
Cash flows from financing activities:      
Proceeds from short-term borrowings, maturities greater than 90 days 0 344 0
Repayments of short-term borrowings, maturities greater than 90 days 0 (516) 0
Net change in short-term borrowings (196) 46 178
Payments of withholding taxes related to stock-based awards (11) (21) (43)
Acquisition of treasury stock 0 0 (1)
Dividends paid (831) (338) (325)
Cash used for financing activities (1,038) (485) (191)
Effect of exchange rate changes on cash, cash equivalents, and restricted cash (47) 45 (24)
Net increase (decrease) in cash, cash equivalents, and restricted cash (276) 475 368
Cash, cash equivalents, and restricted cash at beginning of period 1,150 675 307
Cash, cash equivalents,and restricted cash at end of period 874 1,150 675
Less: Restricted cash (included in other current assets) at end of period (6) 0 0
Cash and cash equivalents at end of period 868 1,150 675
Supplemental disclosure of cash paid for:      
Interest 80 79 83
Income taxes $ 226 $ 204 $ 143
v3.22.1
Consolidated Statements of Stockholders' Equity - USD ($)
$ in Millions
Total
Common Stock [Member]
Common stock, Class A, voting [Member]
Common Stock [Member]
Common Stock, Class B, nonvoting [Member]
Additional Paid-in Capital [Member]
Retained Earnings [Member]
AOCI Attributable to Parent [Member]
Treasury Stock, Common [Member]
Beginning Balance at Apr. 30, 2019 $ 1,647 $ 25 $ 47 $ 0 $ 2,238 $ (363) $ (300)
Increase (Decrease) in Stockholders' Equity [Roll Forward]              
Reclassification of tax effects [1]         43 (43)  
Net income 827       827    
Net other comprehensive income (loss) (141)         (141)  
Cash dividends (325)       (325)    
Acquisition of treasury stock (1)           (1)
Stock-based compensation expense 11     11      
Stock issued under compensation plans 43           43
Loss on issuance of treasury stock issued under compensation plans (86)     (11) (75)    
Ending Balance at Apr. 30, 2020 1,975 25 47 0 2,708 (547) (258)
Increase (Decrease) in Stockholders' Equity [Roll Forward]              
Net income 903       903    
Net other comprehensive income (loss) 125         125  
Cash dividends (338)       (338)    
Acquisition of treasury stock 0           0
Stock-based compensation expense 12     12      
Stock issued under compensation plans 21           21
Loss on issuance of treasury stock issued under compensation plans (42)     (12) (30)    
Ending Balance at Apr. 30, 2021 2,656 25 47 0 3,243 (422) (237)
Increase (Decrease) in Stockholders' Equity [Roll Forward]              
Net income 838       838    
Net other comprehensive income (loss) 70         70  
Cash dividends (831)       (831)    
Acquisition of treasury stock 0           0
Stock-based compensation expense 15     15      
Stock issued under compensation plans 12           12
Loss on issuance of treasury stock issued under compensation plans (23)     (15) (8)    
Ending Balance at Apr. 30, 2022 $ 2,737 $ 25 $ 47 $ 0 $ 3,242 $ (352) $ (225)
[1] Reflects adoption of Accounting Standards Update No. 2018-02, Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income (AOCI), effective May 1, 2019.
v3.22.1
Consolidated Statements of Stockholders' Equity (Parenthetical) - $ / shares
 12 Months Ended
Apr. 30, 2022
Apr. 30, 2021
Apr. 30, 2020
Statement of Stockholders' Equity [Abstract]      
Cash dividends (dollars per share) $ 1.7360 $ 0.7076 $ 0.6806
v3.22.1
Accounting Policies
 12 Months Ended
Apr. 30, 2022
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 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.
Accounts receivable. Accounts receivable are recorded net of an allowance for expected credit losses (allowance for doubtful accounts). We determine the allowance using information such as customer credit history and financial condition, historical loss experience, and macroeconomic factors. We write off account balances against the allowance when we have exhausted our collection efforts. The allowance for doubtful accounts was $7 and $13 at April 30, 2021 and 2022, respectively.
Inventories. Inventories are valued at the lower of cost or net realizable value. Approximately 52% 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 $353 and $385 higher than reported at April 30, 2021 and 2022, respectively.
Because we age most of our whiskeys in barrels for three years or more, 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 agave inventories, bulk tequila, bulk wine, 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, or more frequently if circumstances indicate the carrying amount may be impaired. Goodwill is impaired when the carrying amount of the related reporting unit exceeds its estimated fair value, in which case we write down the goodwill by the amount of the excess (limited to the carrying amount of the goodwill). We estimate the reporting unit's fair value using discounted estimated future cash flows or market information. Similarly, a brand name is impaired when its carrying amount exceeds its estimated fair value, in which case we write down the brand name to its estimated fair value. We 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, net sales, 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.
Revenue recognition. Our net sales predominantly reflect global sales of beverage alcohol consumer products. We sell these products under contracts with different types of customers, depending on the market. The customer is most often a distributor, wholesaler, or retailer.
Each contract typically includes a single performance obligation to transfer control of the products to the customer. Depending on the contract, control is transferred when the products are either shipped or delivered to the customer, at which point we recognize the transaction price for those products as net sales. The transaction price recognized at that point reflects our estimate of the consideration to be received in exchange for the products. The actual amount may ultimately differ due to the effect of various customer incentives and trade promotion activities. In making our estimates, we consider our historical experience and current expectations, as applicable. Subsequent adjustments recognized for changes in estimated transaction prices are typically not material.
Net sales exclude taxes we collect from customers that are imposed by various governments on our sales, and are reduced by payments to customers unless made in exchange for distinct goods or services with fair values approximating the payments. Net sales include any amounts we bill customers for shipping and handling activities related to the products. We recognize the cost of those activities in cost of sales during the same period in which we recognize the related net sales. Sales returns, which are permitted only in limited situations, are not material. Customer payment terms generally range from 30 to 90 days. There are no significant amounts of contract assets or liabilities.
Cost of sales. Cost of sales includes the costs of receiving, producing, inspecting, warehousing, insuring, and shipping goods sold during the period.
Advertising costs. We expense the production costs of advertising when the advertisements first take place. We expense all other advertising costs during the year in which the costs are incurred.
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.
Stock-based compensation. We use stock-based awards as part of our incentive compensation for eligible employees and directors. We recognize the grant-date fair value of an award as compensation expense on a straight-line basis over the requisite service period, which typically corresponds to the vesting period for the award. Upon forfeiture of an award prior to vesting, we reverse any previously-recognized compensation expense related to that award. We classify stock-based compensation expense within selling, general, and administrative expenses.
As we recognize compensation expense for a stock-based award, we concurrently recognize a related deferred tax asset. The subsequent vesting or exercise of the award will generally result in an actual tax benefit that differs from the deferred tax asset that had been recorded. The excess (deficiency) of the actual tax benefit over (under) the previously recorded tax asset is recognized as income tax benefit (expense) on the date of vesting or exercise.
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 indefinitely 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 in two steps. 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.
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 income and expenses. We record the resulting translation adjustments in other comprehensive income (loss).
v3.22.1
Balance Sheet Information
 12 Months Ended
Apr. 30, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Balance Sheet Information Balance Sheet Information
Supplemental information on our year-end balance sheets is as follows:
April 30,20212022
Other current assets:
Prepaid taxes$170 $155 
Other93 122 
$263 $277 
Property, plant, and equipment:
Land$82 $86 
Buildings659 660 
Equipment833 849 
Construction in process50 129 
1,624 1,724 
Less accumulated depreciation792 849 
$832 $875 
Accounts payable and accrued expenses:
Accounts payable, trade$172 $218 
Accrued expenses:
Advertising, promotion, and discounts202 200 
Compensation and commissions96 99 
Excise and other non-income taxes70 74 
Other139 112 
507 485 
$679 $703 
Accumulated other comprehensive income (loss), net of tax:
Currency translation adjustments$(179)$(239)
Cash flow hedge adjustments(16)37 
Postretirement benefits adjustments(227)(150)
$(422)$(352)
v3.22.1
Earnings Per Share
 12 Months Ended
Apr. 30, 2022
Earnings Per Share [Abstract]  
Earnings per Share Earnings per Share
We calculate basic earnings per share by dividing net income available to common stockholders by the weighted average number of common shares outstanding during the period. Diluted earnings per share further includes the dilutive effect of stock-based compensation awards. We calculate that dilutive effect using the “treasury stock method” (as defined by GAAP).
The following table presents information concerning basic and diluted earnings per share: 
202020212022
Net income available to common stockholders$827 $903 $838 
Share data (in thousands):
Basic average common shares outstanding477,765 478,527 478,879 
Dilutive effect of stock-based awards2,644 2,150 1,686 
Diluted average common shares outstanding480,409 480,677 480,565 
Basic earnings per share$1.73 $1.89 $1.75 
Diluted earnings per share$1.72 $1.88 $1.74 
We excluded common stock-based awards for approximately 301,000 shares, 234,000 shares, and 691,000 shares from the calculation of diluted earnings per share for 2020, 2021, and 2022, respectively, because they were not dilutive for those periods under the treasury stock method.
v3.22.1
Goodwill and Other Intangible Assets
 12 Months Ended
Apr. 30, 2022
Goodwill and Intangible Assets Disclosure [Abstract]  
Goodwill and Other Intangible Assets Goodwill and Other Intangible Assets
The following table shows the changes in goodwill (which include no accumulated impairment losses) and other intangible assets over the past two years: 
GoodwillOther Intangible Assets
Balance as of April 30, 2020
$756 $635 
Sale of business (Note 12)(4)(1)
Acquisition of business (Note 12)8 8 
Foreign currency translation adjustment19 34 
Balance as of April 30, 2021
779 676 
Foreign currency translation adjustment(18)(38)
Impairment— (52)
Balance as of April 30, 2022
$761 $586 
Our other intangible assets consist of trademarks and brand names, all with indefinite useful lives.
During the fourth quarter of fiscal 2022, we recognized a non-cash impairment charge for our Finlandia brand name. The impairment reflects a decline in our long-term outlook for Finlandia due to our suspension of operations in Russia, a key market for the brand. The impairment charge of $52 is included in “other expense (income), net” in the accompanying consolidated statement of operations. As of April 30, 2022, the remaining carrying amount of the Finlandia brand name was $181.
v3.22.1
Commitments and Contingencies
 12 Months Ended
Apr. 30, 2022
Commitments and Contingencies Disclosure [Abstract]  
Commitments and Contingencies Contingencies
We operate in a litigious environment, and we are sued in the normal course of business. Sometimes plaintiffs seek substantial damages. Significant judgment is required in predicting the outcome of these suits and claims, many of which take years to adjudicate. We accrue estimated costs for a contingency when we believe that a loss is probable and we can make a reasonable estimate of the loss, and then adjust the accrual as appropriate to reflect changes in facts and circumstances. We do not believe it is reasonably possible that these existing loss contingencies, individually or in the aggregate, would have a material adverse effect on our financial position, results of operations, or liquidity. No material accrued loss contingencies are recorded as of April 30, 2022.
In May 2019, we notified Bacardi Martini Ltd. (Bacardi) of our intention not to renew the terms of our United Kingdom (U.K.) Cost Sharing Agreement (the Agreement), which then expired according to its terms on April 30, 2020. Following delivery of our notice and upon expiration of the Agreement, Bacardi claimed that it was entitled to compensation under the principle of commercial agency in the U.K., as well as additional compensation for the winding up of business conducted under the Agreement and for remitting the associated funds owed to us. Based on that claim, which we disputed, Bacardi withheld over £50 owed to us (included in accounts receivable in the accompanying consolidated balance sheet as of April 30, 2021). The dispute was resolved in December 2021, with Bacardi remitting over £47 related to this matter.
v3.22.1
Debt and Credit Facilities
 12 Months Ended
Apr. 30, 2022
Debt Disclosure [Abstract]  
Debt and Credit Facilities Debt and Credit Facilities
Our long-term debt (net of unamortized discounts and issuance costs) consisted of:
April 30,20212022
2.25% senior notes, $250 principal amount, due January 15, 2023
$249 $250 
3.50% senior notes, $300 principal amount, due April 15, 2025
298 298 
1.20% senior notes, €300 principal amount, due July 7, 2026
362 315 
2.60% senior notes, £300 principal amount, due July 7, 2028
415 374 
4.00% senior notes, $300 principal amount, due April 15, 2038
294 295 
3.75% senior notes, $250 principal amount, due January 15, 2043
248 248 
4.50% senior notes, $500 principal amount, due July 15, 2045
488 489 
2,354 2,269 
Less current portion— 250 
$2,354 $2,019 
Debt payments required over the next five fiscal years consist of $250 in 2023, $0 in 2024, $300 in 2025, $0 in 2026, $316 in 2027, and $1,427 after 2027.
The senior notes contain terms, events of default, and covenants customary of these types of unsecured securities, including limitations on the amount of secured debt we can issue.
Our short-term borrowings of $205 as of April 30, 2021, included $195 of borrowings under our commercial paper program. There were no borrowings under that program as of April 30, 2022.
April 30,20212022
Commercial paper$195$—
Average interest rate0.16%—%
Average remaining days to maturity240
We have a committed revolving credit agreement with various U.S. and international banks for $800 that expires in November 2024. At April 30, 2022, there were no borrowings outstanding under this facility.
v3.22.1
Common Stock
 12 Months Ended
Apr. 30, 2022
Common Stock [Abstract]  
Common Stock Common Stock
The following table shows the change in outstanding common shares during each of the last three years:
(Shares in thousands)Class AClass BTotal
Balance at April 30, 2019168,999 308,173 477,172 
Acquisition of treasury stock(13)(3)(16)
Stock issued under compensation plans54 999 1,053 
Balance at April 30, 2020
169,040 309,169 478,209 
Acquisition of treasury stock— — — 
Stock issued under compensation plans70 450 520 
Balance at April 30, 2021
169,110 309,619 478,729 
Acquisition of treasury stock— — — 
Stock issued under compensation plans65 226 291 
Balance at April 30, 2022
169,175 309,845 479,020 
v3.22.1
Net Sales
 12 Months Ended
Apr. 30, 2022
Net Sales [Abstract]  
Net Sales Net Sales
The following table shows our net sales by geography:
202020212022
United States
$1,690 $1,748 $1,917 
Developed International1
901 1,014 1,137 
Emerging2
572 578 714 
Travel Retail3
125 63 104 
Non-branded and bulk4
75 58 61 
$3,363 $3,461 $3,933 
1Represents net sales of branded products to “advanced economies” as defined by the International Monetary Fund (IMF), excluding the United States. Our largest developed international markets in fiscal 2022 were Germany, Australia, the United Kingdom, and France.
2Represents net sales of branded products to “emerging and developing economies” as defined by the IMF. Our largest emerging markets in fiscal 2022 were Mexico, Poland, Brazil, Russia, and Chile.
3Represents net sales of branded products to global duty-free customers, other travel retail customers, and the U.S. military regardless of customer location.
4Includes net sales of used barrels, contract bottling, and bulk whiskey and wine, regardless of customer location.

The following table shows our net sales by product category:
202020212022
Whiskey1
$2,671 $2,744 $3,110 
Tequila2
275 299 364 
Wine3
186 206 219 
Vodka4
109 90 109 
Non-branded and bulk5
75 58 61 
Rest of portfolio
47 64 70 
$3,363 $3,461 $3,933 
1Includes all whiskey spirits and whiskey-based flavored liqueurs, ready-to-drink, and ready-to-pour products. The brands included in this category are the Jack Daniel’s family of brands, the Woodford Reserve family of brands, the Old Forester family of brands, GlenDronach, Benriach, Glenglassaugh, Slane Irish Whiskey, and Coopers’ Craft.
2Includes the Herradura family of brands, el Jimador, New Mix, and other tequilas.
3Includes Korbel Champagne and Sonoma-Cutrer wines.
4Includes Finlandia.
5Includes net sales of used barrels, contract bottling, and bulk whiskey and wine.
v3.22.1
Pension and Other Postretirement Benefits
 12 Months Ended
Apr. 30, 2022
Retirement Benefits [Abstract]  
Pension and Other Postretirement Benefits 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 projected benefit obligations changed during each of the last two years. 
 Pension BenefitsMedical and Life
Insurance Benefits
 2021202220212022
Obligation at beginning of year$1,005 $1,012 $51 $49 
Service cost26 26 1 1 
Interest cost25 22 1 1 
Net actuarial loss (gain)1
9 (132)(1)(5)
Retiree contributions— — 1 1 
Benefits paid(53)(82)(4)(4)
Obligation at end of year$1,012 $846 $49 $43 
1 The net actuarial loss (gain) during each year was primarily attributable to changes in discount rates.
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 BenefitsMedical and Life
Insurance Benefits
2023$64 $3 
202461 3 
202560 3 
202661 3 
202762 3 
2028 – 2032312 16 
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, 2022, our target asset allocation is a mix of 40% public equity investments, 47% fixed income investments, and 13% 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 14.)
 Level 1Level 2Level 3Total
April 30, 2021
Equity securities$103 $— $— $103 
Limited partnership interest1
— — 2 2 
$103 $— $2 105 
Investments measured at net asset value:
Commingled trust funds2:
Equity funds266 
Fixed income funds357 
Real estate funds65 
Short-term investments8 
Limited partnership interests3
35 
Total$836 
April 30, 2022
Equity securities$78 $— $— $78 
Limited partnership interest1
— — 2 2 
$78 $— $2 80 
Investments measured at net asset value:
Commingled trust funds2:
Equity funds218 
Fixed income funds318 
Real estate funds78 
Short-term investments6 
Limited partnership interests3
41 
Total$741 
1 This limited partnership interest was initially valued at cost and has been adjusted to fair value as determined in good faith by management of the partnership using various factors, and does not meet the requirements for reporting at the net asset value (NAV). The valuation requires significant judgment due to the absence of quoted market prices and the inherent lack of liquidity. This limited partnership has a term expiring in September 2022, although this period may be extended.
2 Commingled trust fund valuations are based on the 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. Generally, for commingled trust funds other than real estate, redemptions are permitted daily with no notice period. The real estate fund is redeemable quarterly with 110 days' notice.
3 These limited partnership interests were initially valued at cost and have been adjusted using NAV per audited financial statements. Investments are generally not eligible for immediate redemption and have original terms averaging 10 to 13 years, although those periods may be extended.
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.
Level 3
Balance as of April 30, 2020
$2 
Return on assets held at end of year1 
Sales and settlements(1)
Balance as of April 30, 2021
2 
Return on assets held at end of year— 
Sales and settlements— 
Balance as of April 30, 2022
$2 
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 BenefitsMedical and Life
Insurance Benefits
 2021202220212022
Assets at beginning of year$749 $836 $— $— 
Actual return on assets124 (25)— — 
Retiree contributions— — 1 1 
Company contributions16 12 3 3 
Benefits paid(53)(82)(4)(4)
Assets at end of year$836 $741 $— $— 
We currently expect to contribute $13 to our pension plans and $3 to our postretirement medical and life insurance benefit plans during 2023.
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 BenefitsMedical and Life
Insurance Benefits
April 30,2021202220212022
Assets$836 $741 $— $— 
Obligations(1,012)(846)(49)(43)
Funded status$(176)$(105)$(49)$(43)

The funded status is recorded on the accompanying consolidated balance sheets as follows: 
 
Pension Benefits		Medical and Life
Insurance Benefits
April 30,2021202220212022
Other assets$4 $46 $— $— 
Accounts payable and accrued expenses(7)(8)(3)(3)
Accrued pension and other postretirement benefits(173)(143)(46)(40)
Net liability$(176)$(105)$(49)$(43)
Accumulated other comprehensive income (loss), before tax:
Net actuarial gain (loss)$(298)$(201)$(9)$(3)
Prior service credit (cost)(5)(4)4 2 
$(303)$(205)$(5)$(1)
The following table compares our pension plans whose accumulated benefit obligations exceed their assets with our pension plans whose assets exceed their accumulated benefit obligations.
 Accumulated
Benefit Obligation		Plan Assets
April 30,2021202220212022
Plans with accumulated benefit obligation in excess of assets$(155)$(135)$— $— 
Plans with assets in excess of accumulated benefit obligation(748)(623)836 741 
Total$(903)$(758)$836 $741 
The following table compares our pension plans whose projected benefit obligations exceed their assets with our pension plans whose assets exceed their projected benefit obligations.
 Projected
Benefit Obligation		Plan Assets
April 30,2021202220212022
Plans with projected benefit obligation in excess of assets$(941)$(150)$761 $— 
Plans with assets in excess of projected benefit obligation(71)(696)75 741 
Total$(1,012)$(846)$836 $741 
As noted above, we have no assets set aside for the postretirement medical or life insurance benefit plans.
Pension cost. The following table shows the components of the pension cost 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
 202020212022
Service cost$24 $26 $26 
Interest cost31 25 22 
Expected return on assets(46)(46)(45)
Amortization of:
Prior service cost (credit)1 1 1 
Net actuarial loss (gain)19 27 23 
Settlement charge1 — 12 
Net cost$30 $33 $39 
We determine the expected return on plan assets by applying our long-term rate of return assumption to the market-related value of plan assets, adjusted by earnings on contributions and benefit payments expected to be made during the year. We calculate the market-related value of plan assets by amortizing actual versus expected returns over five years.
We amortize prior service costs and net actuarial gains or losses on straight-line basis over the average remaining service period of the employees expected to receive benefits under the plan. However, for net actuarial gains or losses, we use a corridor approach that amortizes them only to the extent the gain or loss exceeds 10% of the greater of the projected benefit obligation or market-related value of plan assets.
Other postretirement benefits cost. The following table shows the components of the postretirement medical and life insurance benefits cost that we recognized during each of the last three years. 
 Medical and Life Insurance Benefits
 202020212022
Service cost$1 $1 $1 
Interest cost1 1 1 
Amortization of:
Prior service cost (credit)(3)(3)(2)
Net actuarial loss (gain)1 1 1 
Net cost$— $— $1 
We amortize prior service costs and net actuarial gains or losses on straight-line basis over the average remaining service period of the employees expected to receive benefits under the plan.
Other comprehensive income (loss). Prior service cost/credit and net actuarial loss/gain are recognized in other comprehensive income or loss (OCI) during the period in which they arise. These amounts are later amortized from accumulated OCI into pension and other postretirement benefit cost over future periods as described above. The following table shows the pre-tax effect of these amounts on OCI during each of the last three years.
 Pension BenefitsMedical and Life
Insurance Benefits
 202020212022202020212022
Net actuarial gain (loss)$(115)$69 $62 $(2)$1 $5 
Amortization reclassified to earnings:
Prior service cost (credit)1 1 1 (3)(3)(2)
Net actuarial loss (gain)20 27 35 1 1 1 
Net amount recognized in OCI$(94)$97 $98 $(4)$(1)$4 
Assumptions and sensitivity. We use various assumptions to determine the obligations and cost 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
 2021202220212022
Discount rate3.16 %4.36 %3.08 %4.33 %
Rate of salary increase4.00 %4.00 %n/an/a
Interest crediting rate3.06 %3.06 %n/an/a
 
The weighted-average assumptions used in computing benefit plan cost during each of the last three years were as follows: 
 Pension BenefitsMedical and Life
Insurance Benefits
 202020212022202020212022
Discount rate for service cost4.17 %3.49 %3.36 %4.24 %3.59 %3.49 %
Discount rate for interest cost3.57 %2.56 %2.34 %3.53 %2.47 %2.27 %
Rate of salary increase4.00 %4.00 %4.00 %n/an/an/a
Interest crediting rate3.07 %3.07 %3.06 %n/an/an/a
Expected return on plan assets6.50 %6.50 %6.25 %n/an/an/a
The assumed discount rates are determined 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 service cost and interest cost components are measured by applying the specific spot rates along the yield curve used to measure the benefit obligation at the beginning of the period.
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.
The assumed interest crediting is based on the greater of the average yield on 30-year Treasury bonds or the minimum rate specified in the applicable pension plan.
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.
The assumed health care cost trend rates as of the end of the last two years were as follows: 
 Medical and Life
Insurance Benefits
 20212022
Health care cost trend rate assumed for next year6.60 %6.10 %
Rate to which the cost trend rate is assumed to decline (the ultimate trend rate)4.50 %4.50 %
Year that the rate reaches the ultimate trend rate20302030
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 $12, $12, and $13 for matching contributions during 2020, 2021, and 2022, 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.
v3.22.1
Stock-Based Compensation
 12 Months Ended
Apr. 30, 2022
Share-based Payment Arrangement [Abstract]  
Stock-Based Compensation Stock-Based Compensation
The Brown-Forman 2013 Omnibus Compensation Plan (Plan) is our incentive compensation plan, designed to reward participants (including eligible officers, employees, and non-employee directors) for company performance. Under the Plan, we can grant stock-based incentive awards for up to 20,750,000 shares of common stock to eligible participants until July 28, 2023. As of April 30, 2022, awards for approximately 12,412,000 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 (in connection with a publicly announced share repurchase program), in private transactions, or otherwise.
Awards granted under the Plan include stock-settled stock appreciation rights (SSARs), performance-based restricted stock units (PBRSUs), and deferred stock units (DSUs).
SSARs. We grant SSARs at an exercise price equal to the closing market price of the underlying stock on the grant date. SSARs become exercisable after three years from the first day of the fiscal year of grant and generally are exercisable for seven years after that date. The following table presents information about SSARs outstanding as of April 30, 2022, and for the year then ended.
Number of
SSARs
(in thousands)		Weighted-
Average
Exercise Price
per SSAR		Weighted-
Average
Remaining
Contractual
Term (years)		Aggregate
Intrinsic Value
Outstanding at April 30, 2021
4,311 $43.54 
Granted451 71.24 
Exercised(565)29.67 
Forfeited or expired(29)63.82 
Other64 
Outstanding at April 30, 2022
4,232 $47.54 4.9$86 
Exercisable at April 30, 2022
2,829 $39.55 3.5$79 
We use the Black-Scholes pricing model to calculate the grant-date fair value of a SSAR. The weighted-average grant-date fair values and related valuation assumptions for the SSARS granted during each of the last three years were as follows:
202020212022
Grant-date fair value$11.13 $14.61 $16.61 
Valuation assumptions:
Expected term (years)7.07.07.0
Risk-free interest rate1.9 %0.4 %1.0 %
Expected volatility19.3 %23.3 %24.1 %
Expected dividend yield1.2 %1.0 %1.0 %
The expected term is based on past exercise experience for similar awards. The risk-free interest rate is based on zero-coupon U.S. Treasury rates as of the date of grant. Expected volatility and dividend yield are based on historical data, with consideration of other factors when applicable.
PBRSUs. The PBRSUs vest at the end of a three-year performance period that begins on the first day of the fiscal year of grant. Performance is measured by comparing the three-year cumulative total shareholder return of our Class B common stock to the three-year cumulative total shareholder return of the companies in the Standard & Poor's Consumer Staples Index, with specific payout levels ranging from 50% to 150%. At the end of the performance period, the number of PBRSUs is adjusted for performance, and then adjusted upward to account for dividends paid during the second and third years of the performance period. The resulting PBRSUs are then converted to common shares.
The following table presents information about PBRSUs outstanding as of April 30, 2022, and for the year then ended.
Number of
PBRSUs
(in thousands)		Weighted-
Average
Fair Value at
Grant Date
Outstanding at April 30, 2021254 $61.76 
Granted108 $70.11 
Adjusted for performance and dividends(10)$55.28 
Converted to common shares(77)$55.28 
Forfeited(5)$69.19 
Outstanding at April 30, 2022270 $67.02 
We calculate the grant-date fair value of a PBRSU using a Monte Carlo simulation technique. The weighted average grant-date fair values and related valuation assumptions for these awards granted during each of the last three years were as follows:
202020212022
Grant-date fair value$56.99 $73.68 $70.11 
Valuation assumptions:
Risk-free interest rate1.8 %0.1 %0.3 %
Expected volatility21.8 %29.9 %29.1 %
Expected dividend yield1.2 %1.1 %1.0 %
Remaining performance period (years) as of grant date2.82.82.8
DSUs. DSUs are granted to our non-employee directors. Each DSU represents the right to receive one share of common stock based on the closing price of the shares on the date of grant. Outstanding DSUs are credited with dividend-equivalent DSUs when dividends are paid on our common stock. Each annual grant vests after one year. DSUs are paid out in shares after the completion of a director's tenure on the board plus a six-month waiting period. The director may elect to receive the distribution either in a single lump sum or in ten equal annual installments. As of April 30, 2022, there were approximately 225,000 outstanding DSUs, of which approximately 201,000 were vested.
The grant-date fair value of a DSU is the closing market price of the underlying stock on the grant date. The weighted average grant-date fair values for these awards granted during each of the last three years were as follows:
202020212022
Grant-date fair value$53.34 $63.01 $67.35 
Additional information. The pre-tax stock-based compensation expense and related deferred income tax benefits recognized during the last three fiscal years were as follows:
202020212022
Pre-tax compensation expense$11 $12 $15 
Deferred tax benefit2 2 2 
As of April 30, 2022, there was $9 of total unrecognized compensation cost related to non-vested stock-based awards. That cost is expected to be recognized over a weighted-average period of 1.5 years. Further information related to our stock-based awards for the last three years is as follows:
202020212022
Intrinsic value of SSARs exercised$89 $47 $23 
Fair value of shares vested14 13 7 
Excess tax benefit from exercise / vesting of awards20 10 6 
v3.22.1
Income Taxes
 12 Months Ended
Apr. 30, 2022
Income Tax Disclosure [Abstract]  
Income Taxes 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:
202020212022
United States$849 $832 $954 
Foreign160 249 160 
$1,009 $1,081 $1,114 
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 (tax on income that will be recognized on future tax returns) and deferred tax assets (tax from deductions that will be recognized on future tax returns) for the estimated effects of the differences mentioned above.
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:
202020212022
Current:
U.S. federal$95 $146 $205 
Foreign29 50 64 
State and local19 35 18 
143 231 287 
Deferred:
U.S. federal34 (4)1 
Foreign7 (47)(9)
State and local(2)(2)(3)
39 (53)(11)
$182 $178 $276 
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
 202020212022
U.S. federal statutory rate21.0 %21.0 %21.0 %
State taxes, net of U.S. federal tax benefit1.7 %2.4 %1.0 %
Income taxed at other than U.S. federal statutory rate— %0.3 %1.3 %
Prior intercompany sales taxed at higher than current U.S. federal statutory rate— %0.2 %2.0 %
Tax benefit from foreign-derived sales(2.0 %)(1.7 %)(1.8)%
Adjustments related to prior years(1.1 %)(0.2 %)0.7 %
Excess tax benefits from stock-based awards(2.0 %)(1.0 %)(0.5)%
Tax rate changes— %— %0.4 %
Intercompany transfer of assets— %(4.0 %)— %
Other, net0.4 %(0.5 %)0.7 %
Effective rate18.0 %16.5 %24.8 %
Deferred tax assets and liabilities as of the end of each of the last two years were as follows:
April 30,20212022
Deferred tax assets:
Postretirement and other benefits$90 $69 
Accrued liabilities and other47 36 
Inventories30 40 
Lease liabilities17 20 
Derivative instruments5 — 
Loss and credit carryforwards63 69 
Total deferred tax assets252 234 
Valuation allowance(20)(27)
Total deferred tax assets, net of valuation allowance232 207 
Deferred tax liabilities:
Intangible assets(214)(219)
Property, plant, and equipment(89)(87)
Right-of-use assets(17)(20)
Derivative instruments— (11)
Other(11)(15)
Total deferred tax liabilities(331)(352)
Net deferred tax liability$(99)$(145)
Details of the loss and credit carryforwards and related valuation allowances as of the end of each of the last two years are as follows:
April 30, 2021April 30, 2022
Gross AmountDeferred Tax AssetValuation AllowanceGross AmountDeferred Tax AssetValuation AllowanceExpiration (as of April 30, 2022)
U.S.$99 $15 $(5)$53 $19 $(8)
Various1
Foreign228 48 (15)241 50 (19)
Various2
$327 $63 $(20)$294 $69 $(27)
1As of April 30, 2022, the deferred tax asset amount includes credit carryforwards of $8 that do not expire and loss and credit carryforwards of $11 that expire in varying amounts from 2023 to 2039.
2As of April 30, 2022, the deferred tax asset includes loss carryforwards of $19 that do not expire and $31 that expire in varying amounts over the next 9 years.
As of April 30, 2022, we had approximately $1,446 of undistributed earnings from our foreign subsidiaries ($1,542 at April 30, 2021). Most of these earnings have been previously subject to tax, primarily as a result of the one-time repatriation tax on foreign earnings required by the 2017 Tax Cuts and Jobs Act. Historically, we have asserted that the undistributed earnings of our foreign subsidiaries are reinvested indefinitely outside the United States. We continue to maintain indefinite reinvestment assertions for most undistributed earnings of our foreign subsidiaries, and no deferred taxes have been provided on the earnings. For undistributed earnings not considered permanently reinvested, deferred tax liabilities have been provided for any applicable income taxes and withholding taxes payable in various countries, which are not significant. We have also asserted that other outside basis differences related to our foreign subsidiaries are reinvested indefinitely and that the determination of any unrecognized deferred tax liabilities is not practicable due to the complexities in the calculations. The other outside basis differences relate primarily to differences between U.S. GAAP and tax basis that arose through purchase accounting. These basis differences could reverse through sales of foreign subsidiaries or other transactions, none of which are considered probable as of April 30, 2022.
At April 30, 2022, we had $14 of gross unrecognized tax benefits, $11 of which would reduce our effective income tax rate if recognized. A reconciliation of the beginning and ending unrecognized tax benefits follows: 
202020212022
Unrecognized tax benefits at beginning of year$11 $11 $12 
Additions for tax positions provided in prior periods2 1 2 
Additions for tax positions provided in current period— 2 2 
Decreases for tax positions provided in prior years(1)— — 
Settlements of tax positions in the current period(1)(1)— 
Lapse of statutes of limitations— (1)(2)
Unrecognized tax benefits at end of year$11 $12 $14 
We file income tax returns in the United States, including several state and local jurisdictions, as well as in several other countries where we conduct business. The major jurisdictions and their earliest fiscal years that are currently open for tax examinations are 2016 through 2021 in the United States, inclusive of federal and states; 2020 in the United Kingdom; 2018 in Australia; 2017 in Finland, Germany, Hungary, Korea, and Poland; 2016 in the Netherlands and Brazil; and 2013 in Mexico. In addition, we are participating in the Internal Revenue Service's Compliance Assurance Program for our fiscal 2022 tax year.
We believe there will be no material change in our gross unrecognized tax benefits in the next 12 months.
v3.22.1
Acquisitions and Divestiture
 12 Months Ended
Apr. 30, 2022
Acquisitions and Divestiture [Abstract]  
Acquisitions and Divestitures Acquisitions and Divestitures
Acquisitions. On July 3, 2019, we acquired 100% of the voting interests in The 86 Company, which owns Fords Gin, for $22 in cash. The purchase price was allocated largely to the intangible assets that were acquired, including goodwill of $11 and other indefinite-lived intangibles of $12, net of deferred tax liabilities of $1. The goodwill is primarily attributable to the value of leveraging our distribution network and brand-building expertise to grow global sales of the Fords Gin brand and to the knowledge and expertise of the organized workforce employed by the acquired business. We do not expect the goodwill to be deductible for tax purposes.
On December 1, 2020, we acquired 100% of the voting interests in Part Time Rangers Holdings Limited (Part Time Rangers) for $14 in cash (including repayment of debt). Part Time Rangers, which is based in New Zealand, produces spirits-based ready-to-drink products with all-natural fruit flavoring. The purchase price was allocated largely to the intangible assets of the acquired business, including goodwill of $8 and other intangible assets of $8, net of deferred tax liabilities of $2. The goodwill is primarily attributable to the value of leveraging our distribution network and brand-building expertise to grow sales of the Part Time Rangers brand. We do not expect the goodwill to be deductible for tax purposes.
The 86 Company and Part Time Rangers have been included in our consolidated financial statements since their respective acquisition dates. Actual and pro forma results are not presented due to immateriality.
Divestiture. On July 31, 2020, we sold the Early Times, Canadian Mist, and Collingwood brands for $177 in cash. The sale reflects the continued evolution of our portfolio strategy to focus on premium spirits brands. The total book value of the related business assets included in the sale was $50, consisting largely of inventories, the Canadian Mist production assets, and intellectual property. As a result of the sale, we recognized a pre-tax gain of $127 during fiscal 2021.
v3.22.1
Derivative Financial Instruments and Hedging Activities
 12 Months Ended
Apr. 30, 2022
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Derivative Financial Instruments and Hedging Activities Derivative Financial Instruments and Hedging Activities
We are subject to market risks, including the effect of fluctuations in foreign currency exchange rates, commodity prices, and interest rates. We use derivatives to help manage financial exposures that occur in the normal course of business. We formally document the purpose of each derivative contract, which includes linking the contract to the financial exposure it is designed to mitigate. We do not hold or issue derivatives for trading or speculative purposes.
We use currency derivative contracts to limit our exposure to the foreign currency exchange risk that we cannot mitigate internally by using netting strategies. We designate most of these contracts as cash flow hedges of forecasted transactions (expected to occur within three years). We record all changes in the fair value of cash flow hedges in accumulated other comprehensive income (AOCI) until the underlying hedged transaction occurs, at which time we reclassify that amount into earnings.
Some of our currency derivatives are not designated as hedges because we use them to partially offset the immediate earnings impact of changes in foreign currency exchange rates on existing assets or liabilities. We immediately recognize the change in fair value of these contracts in earnings.
We had outstanding currency derivatives, related primarily to our euro, British pound, and Australian dollar exposures, with notional amounts for all hedged currencies totaling $1,218 and $801 at April 30, 2021 and 2022, respectively. The maximum term of outstanding derivative contracts was approximately 36 months at both April 30, 2021 and 2022.
We also use foreign currency-denominated debt to help manage our foreign currency exchange risk. We designate a portion of those debt instruments as net investment hedges, which are intended to mitigate foreign currency exposure related to non-U.S. dollar net investments in certain foreign subsidiaries. Any change in value of the designated portion of the hedging instruments is recorded in AOCI, offsetting the foreign currency translation adjustment of the related net investments that is also recorded in AOCI. The amount of foreign currency-denominated debt designated as net investment hedges was $680 and $636 as of April 30, 2021 and 2022, respectively.
At inception, we expect each financial instrument designated as a hedge to be highly effective in offsetting the financial exposure it is designed to mitigate. We also assess their effectiveness continually. If determined to be no longer highly effective, we stop designating and accounting for the instrument as a hedge.
We use forward purchase contracts with suppliers to protect against corn price volatility. We expect to take physical delivery of the corn underlying each contract and use it for production over a reasonable period of time. Accordingly, we account for these contracts as normal purchases rather than as derivative instruments.
The following table presents the pre-tax impact that changes in the fair value of our derivative instruments and non-derivative hedging instruments had on AOCI and earnings during each of the last three years:
Classification in Statement of Operations202020212022
Currency derivatives designated as cash flow hedges:
Net gain (loss) recognized in AOCIn/a$61 $(78)$76 
Net gain (loss) reclassified from AOCI into earningsSales23 21 5 
Net gain (loss) reclassified from AOCI into earningsOther income (expense), net— — 2 
Currency derivatives not designated as hedging instruments:
Net gain (loss) recognized in earningsSales4 (13)12 
Net gain (loss) recognized in earningsOther income (expense), net(14)17 5 
Foreign currency-denominated debt designated as net investment hedge:
Net gain (loss) recognized in AOCIn/a22 (73)78 
Total amounts presented in the accompanying consolidated statements of operations for line items affected by the net gains (losses) shown above:
Sales4,306 4,526 5,081 
Other income (expense), net(11)15 (59)
We expect to reclassify $26 of deferred net gains on cash flow hedges recorded in AOCI as of April 30, 2022, to earnings during fiscal 2023. This reclassification would offset the anticipated earnings impact of the underlying hedged exposures. The actual amounts that we ultimately reclassify to earnings will depend on the exchange rates in effect when the underlying hedged transactions occur.
The following table presents the fair values of our derivative instruments as of April 30, 2021 and 2022:
Balance Sheet ClassificationDerivative AssetsDerivative Liabilities
April 30, 2021
Designated as cash flow hedges:
Currency derivativesOther current assets$4 $(2)
Currency derivativesOther assets— — 
Currency derivativesAccrued expenses4 (18)
Currency derivativesOther liabilities1 (18)
Not designated as hedges:
Currency derivativesOther current assets1 — 
Currency derivativesAccrued expenses— — 
April 30, 2022
Designated as cash flow hedges:
Currency derivativesOther current assets32 (3)
Currency derivativesOther assets20 (1)
Currency derivativesAccrued expenses— — 
Currency derivativesOther liabilities— — 
Not designated as hedges:
Currency derivativesOther current assets— — 
Currency derivativesAccrued expenses— (1)
The fair values reflected in the above table are presented on a gross basis. However, as discussed further below, the fair values of those instruments subject to net settlement agreements are presented on a net basis in our balance sheets.
In our statements of cash flows, we classify cash flows related to cash flow hedges in the same category as the cash flows from the hedged items.
Credit risk. We are exposed to credit-related losses if the counterparties to our derivative contracts default. This credit risk is limited to the fair value of the contracts. To manage this risk, we contract only with major financial institutions that have 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 we monitor regularly, and we monetize contracts when we believe it is warranted. Because of these safeguards, we believe we have no derivative positions that require credit valuation adjustments.
Our derivative instruments require us to maintain a specific level of creditworthiness, which we have maintained. If our creditworthiness were to fall below that level, then the counterparties to our derivative instruments could request immediate payment or collateralization for derivative instruments in net liability positions. The aggregate fair value of all derivatives with creditworthiness requirements that were in a net liability position was $30 and $0 at April 30, 2021 and 2022, 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 our balance sheets. Similarly, we present the fair values of noncurrent derivatives with the same counterparty on a net basis. We do not net current derivatives with noncurrent derivatives in our balance sheets.
The following table summarizes the gross and net amounts of our derivative contracts:
Gross Amounts of Recognized Assets (Liabilities)
Gross Amounts Offset in
Balance Sheet
Net Amounts Presented in Balance Sheet
Gross Amounts Not Offset in Balance Sheet
Net Amounts
April 30, 2021
Derivative assets$10 $(7)$3 $(1)$2 
Derivative liabilities(38)7 (31)1 (30)
April 30, 2022
Derivative assets52 (4)48 (1)47 
Derivative liabilities(5)4 (1)1 — 
No cash collateral was received or pledged related to our derivative contracts as of April 30, 2021 or 2022.
v3.22.1
Fair Value Measurements
 12 Months Ended
Apr. 30, 2022
Fair Value Disclosures [Abstract]  
Fair Value Measurements Fair Value Measurements
The following table summarizes the assets and liabilities measured or disclosed at fair value on a recurring basis:
 20212022
April 30,Carrying
Amount		Fair
Value		Carrying
Amount		Fair
Value
Assets:
Cash and cash equivalents$1,150 $1,150 $868 $868 
Currency derivatives3 3 48 48 
Liabilities:
Currency derivatives31 31 1 1 
Short-term borrowings205 205 — — 
Long-term debt (including current portion)2,354 2,663 2,269 2,239 
Fair value is defined as the exchange price that would be received for an asset or paid to transfer a liability in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants at the measurement date. We categorize the fair values of assets and liabilities into three levels based on the assumptions (inputs) used to determine those values. Level 1 provides the most reliable measure of fair value, while Level 3 generally requires significant management judgment. The three levels are:
•Level 1 – Quoted prices (unadjusted) in active markets for identical assets or liabilities.
•Level 2 – Observable inputs other than those included in Level 1, such as quoted prices for similar assets and liabilities in active markets, quoted prices for identical or similar assets and liabilities in inactive markets, or other inputs that are observable or can be derived from or corroborated by observable market data.
•Level 3 – Unobservable inputs supported by little or no market activity.
We determine the fair values of our currency derivatives (forward contracts) using standard valuation models. The significant inputs used in these models, which are readily available in public markets or can be derived from observable market transactions, include the applicable spot exchange rates, forward exchange rates, and interest rates. These fair value measurements are categorized as Level 2 within the valuation hierarchy.
We determine the fair value of long-term debt primarily based on the prices at which identical or similar debt has recently traded in the market and also considering the overall market conditions on the date of valuation. These fair value measurements are categorized as Level 2 within the valuation hierarchy.
The fair values of cash, cash equivalents, and short-term borrowings approximate the carrying amounts due to the short maturities of these instruments.
We measure some assets and liabilities at fair value on a nonrecurring basis. That is, we do not measure them at fair value on an ongoing basis, but we do adjust them to fair value in some circumstances (for example, when we determine that an asset is impaired). During fiscal 2022, we recognized non-cash impairment charges of $9 on certain fixed assets. The impairment charges, which were based on our measurements of the estimated fair values of those assets, are categorized as Level 2 within the valuation hierarchy. The remaining carrying amount of those fixed assets is not significant. Additionally, as discussed in Note 4, we recognized a non-cash impairment charge of $52 during fiscal 2022 related to our Finlandia brand name. The
impairment charge was based on the estimated fair value of the brand name, which we determined using the “relief from royalty” method, and which is categorized as Level 3 within the valuation hierarchy. No other material nonrecurring fair value measurements were required during the periods presented in these financial statements.
v3.22.1
Leases
 12 Months Ended
Apr. 30, 2022
Leases [Abstract]  
Leases Leases
We enter into lease arrangements, which we use primarily for office space, vehicles, and land. Substantially all of our leases are operating leases. Our finance leases are not material.
We record lease liabilities and right-of-use (ROU) assets on our balance sheet for leases with terms exceeding 12 months. We do not record lease liabilities or ROU assets for short-term leases. The amounts recorded for lease liabilities and ROU assets are based on the estimated present value, as of the lease commencement date, of the future payments to be made over the lease term. We calculate the present value using our incremental borrowing rate that corresponds to the term of the lease. We include the effect of an option to renew or terminate a lease in the lease term when it is reasonably certain that we will exercise the option.
Some of our leases contain non-lease components (e.g., maintenance or other services) in addition to lease components. We have elected the practical expedient not to separate the non-lease components from the lease components.
The following table shows information about our leases as of the end of the last two years:
Balance Sheet ClassificationApril 30,
2021		April 30,
2022
Right-of-use assetsOther assets$67 $74 
Lease liabilities:
CurrentAccounts payable and accrued expenses$20 $21 
Non-currentOther liabilities49 54 
Total$69 $75 
Weighted-average discount rate1.9%1.8%
Weighted-average remaining term5.3 years5.0 years
The following table shows information about the effects of leases during each of the last three years:
202020212022
Total lease cost1
$29 $41 $38 
Cash paid for amounts included in the measurement of lease liabilities2
21 26 25 
Right-of-use assets obtained in exchange for new lease liabilities35 25 35 
1Consists primarily of operating lease cost. Other components of lease cost were not material.
2Classified within operating activities in the accompanying consolidated statements of cash flows.
The following table includes a maturity analysis of future (undiscounted) lease payments and a reconciliation of those payments to the lease liabilities recorded on our balance sheet as of April 30, 2022:
April 30,
2022
2023$22 
202418 
202513 
20269 
20277 
Thereafter10 
Total lease payments79 
Less: Present value discount(4)
Lease liabilities$75 
v3.22.1
Other Comprehensive Income
 12 Months Ended
Apr. 30, 2022
Other Comprehensive Income (Loss), Net of Tax [Abstract]  
Other Comprehensive Income Other Comprehensive Income
The following table presents the components of net other comprehensive income (loss) during each of the last three years:
Pre-TaxTaxNet
Year Ended April 30, 2020
Currency translation adjustments:
Net gain (loss) on currency translation$(88)$(6)$(94)
Reclassification to earnings— — — 
Other comprehensive income (loss), net(88)(6)(94)
Cash flow hedge adjustments:
Net gain (loss) on hedging instruments61 (14)47 
Reclassification to earnings1
(23)6 (17)
Other comprehensive income (loss), net38 (8)30 
Postretirement benefits adjustments:
Net actuarial gain (loss) and prior service cost(119)28 (91)
Reclassification to earnings2
18 (4)14 
Other comprehensive income (loss), net(101)24 (77)
Total other comprehensive income (loss), net$(151)$10 $(141)
Year Ended April 30, 2021
Currency translation adjustments:
Net gain (loss) on currency translation$106 $17 $123 
Reclassification to earnings— — — 
Other comprehensive income (loss), net106 17 123 
Cash flow hedge adjustments:
Net gain (loss) on hedging instruments(78)17 (61)
Reclassification to earnings1
(21)6 (15)
Other comprehensive income (loss), net(99)23 (76)
Postretirement benefits adjustments:
Net actuarial gain (loss) and prior service cost71 (16)55 
Reclassification to earnings2
30 (7)23 
Other comprehensive income (loss), net101 (23)78 
Total other comprehensive income (loss), net$108 $17 $125 
Year Ended April 30, 2022
Currency translation adjustments:
Net gain (loss) on currency translation$(42)$(18)$(60)
Reclassification to earnings— — — 
Other comprehensive income (loss), net(42)(18)(60)
Cash flow hedge adjustments:
Net gain (loss) on hedging instruments76 (17)59 
Reclassification to earnings1
(7)1 (6)
Other comprehensive income (loss), net69 (16)53 
Postretirement benefits adjustments:
Net actuarial gain (loss) and prior service cost67 (16)51 
Reclassification to earnings2
34 (8)26 
Other comprehensive income (loss), net101 (24)77 
Total other comprehensive income (loss), net$128 $(58)$70 
1For 2022, $(2) of the pre-tax amount of $(7) is classified in other income in the accompanying consolidated statements of operations. Otherwise, the pre-tax amount for each year is classified as sales.
2For 2021, $4 of the pre-tax amount of $30 is classified in gain on sale of business in the accompanying consolidated statements of operations. Otherwise, the pre-tax amount for each year is classified as non-operating postretirement expense.
v3.22.1
Supplemental Information
 12 Months Ended
Apr. 30, 2022
Segment Reporting [Abstract]  
Supplemental Information Supplemental Information
The following table presents net sales by geography: 
202020212022
Net sales:
United States$1,690 $1,748 $1,917 
Germany171 206 228 
Australia155 209 219 
United Kingdom180 205 218 
Mexico155 150 178 
Other1,012 943 1,173 
$3,363 $3,461 $3,933 

Net sales are attributed to countries based on where customers are located. See Note 8 for additional information about net sales, including net sales by product category.
Our two largest customers accounted for 18% and 13% of consolidated net sales in 2020; 19% and 13% of consolidated net sales in 2021; and 14% and 12% of consolidated net sales in 2022.
The net book value of property, plant, and equipment located outside the United States was $107 and $116 as of April 30, 2021 and 2022, respectively. Other long-lived assets located outside the United States are not significant.
We have concluded that our business constitutes a single operating segment.
v3.22.1
Schedule II - Valuation and Qualifying Accounts
 12 Months Ended
Apr. 30, 2022
SEC Schedule, 12-09, Valuation and Qualifying Accounts [Abstract]  
Schedule II - Valuation and Qualifying Accounts
Schedule II – Valuation and Qualifying Accounts
For the Years Ended April 30, 2020, 2021, and 2022
(Expressed in millions)
 
Col. ACol. BCol. C(1)Col. C(2)Col. DCol. E
DescriptionBalance at
Beginning
of Period		Additions
Charged to
Costs and
Expenses		Additions
Charged to
Other
Accounts		DeductionsBalance
at End
of Period
2020
Allowance for doubtful accounts$7 $4 $— $— $11 
Deferred tax valuation allowance$25 $2 $— $5 $22 
2021
Allowance for doubtful accounts$11 $— $— $4 
(1)
$7 
Deferred tax valuation allowance$22 $10 $— $12 $20 
2022
Allowance for doubtful accounts$7 $7 $— $1 
(1)
$13 
Deferred tax valuation allowance$20 $8 $— $1 $27 
 
(1)Doubtful accounts written off, net of recoveries.
v3.22.1
Accounting Policies (Policies)
 12 Months Ended
Apr. 30, 2022
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 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.
Accounts receivable Accounts receivable. Accounts receivable are recorded net of an allowance for expected credit losses (allowance for doubtful accounts). We determine the allowance using information such as customer credit history and financial condition, historical loss experience, and macroeconomic factors. We write off account balances against the allowance when we have exhausted our collection efforts. The allowance for doubtful accounts was $7 and $13 at April 30, 2021 and 2022, respectively.
Inventories
Inventories. Inventories are valued at the lower of cost or net realizable value. Approximately 52% 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 $353 and $385 higher than reported at April 30, 2021 and 2022, respectively.
Because we age most of our whiskeys in barrels for three years or more, 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 agave inventories, bulk tequila, bulk wine, 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, or more frequently if circumstances indicate the carrying amount may be impaired. Goodwill is impaired when the carrying amount of the related reporting unit exceeds its estimated fair value, in which case we write down the goodwill by the amount of the excess (limited to the carrying amount of the goodwill). We estimate the reporting unit's fair value using discounted estimated future cash flows or market information. Similarly, a brand name is impaired when its carrying amount exceeds its estimated fair value, in which case we write down the brand name to its estimated fair value. We 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, net sales, 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.
Revenue recognition
Revenue recognition. Our net sales predominantly reflect global sales of beverage alcohol consumer products. We sell these products under contracts with different types of customers, depending on the market. The customer is most often a distributor, wholesaler, or retailer.
Each contract typically includes a single performance obligation to transfer control of the products to the customer. Depending on the contract, control is transferred when the products are either shipped or delivered to the customer, at which point we recognize the transaction price for those products as net sales. The transaction price recognized at that point reflects our estimate of the consideration to be received in exchange for the products. The actual amount may ultimately differ due to the effect of various customer incentives and trade promotion activities. In making our estimates, we consider our historical experience and current expectations, as applicable. Subsequent adjustments recognized for changes in estimated transaction prices are typically not material.
Net sales exclude taxes we collect from customers that are imposed by various governments on our sales, and are reduced by payments to customers unless made in exchange for distinct goods or services with fair values approximating the payments. Net sales include any amounts we bill customers for shipping and handling activities related to the products. We recognize the cost of those activities in cost of sales during the same period in which we recognize the related net sales. Sales returns, which are permitted only in limited situations, are not material. Customer payment terms generally range from 30 to 90 days. There are no significant amounts of contract assets or liabilities.
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.
Advertising costs Advertising costs. We expense the production costs of advertising when the advertisements first take place. We expense all other advertising costs during the year in which the costs are incurred.
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.
Stock-based compensation
Stock-based compensation. We use stock-based awards as part of our incentive compensation for eligible employees and directors. We recognize the grant-date fair value of an award as compensation expense on a straight-line basis over the requisite service period, which typically corresponds to the vesting period for the award. Upon forfeiture of an award prior to vesting, we reverse any previously-recognized compensation expense related to that award. We classify stock-based compensation expense within selling, general, and administrative expenses.
As we recognize compensation expense for a stock-based award, we concurrently recognize a related deferred tax asset. The subsequent vesting or exercise of the award will generally result in an actual tax benefit that differs from the deferred tax asset that had been recorded. The excess (deficiency) of the actual tax benefit over (under) the previously recorded tax asset is recognized as income tax benefit (expense) on the date of vesting or exercise.
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 indefinitely 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 in two steps. 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.
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 income and expenses. We record the resulting translation adjustments in other comprehensive income (loss).
v3.22.1
Derivative Financial Instruments and Hedging Activities (Policies)
 12 Months Ended
Apr. 30, 2022
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Classification of Cash Flows Related to Cash Flow Hedges [Policy Text Block] In our statements of cash flows, we classify cash flows related to cash flow hedges in the same category as the cash flows from the hedged items.
Derivatives, Offsetting Fair Value Amounts, Policy [Policy Text Block] Offsetting. As noted above, our derivative contracts are governed by ISDA agreements that allow for net settlement of derivative contracts with the same counterparty. It is our policy to present the fair values of current derivatives (that is, those with a remaining term of 12 months or less) with the same counterparty on a net basis in our balance sheets. Similarly, we present the fair values of noncurrent derivatives with the same counterparty on a net basis. We do not net current derivatives with noncurrent derivatives in our balance sheets.
v3.22.1
Leases Leases (Policies)
 12 Months Ended
Apr. 30, 2022
Leases [Abstract]  
Lessee, Leases [Policy Text Block]
We record lease liabilities and right-of-use (ROU) assets on our balance sheet for leases with terms exceeding 12 months. We do not record lease liabilities or ROU assets for short-term leases. The amounts recorded for lease liabilities and ROU assets are based on the estimated present value, as of the lease commencement date, of the future payments to be made over the lease term. We calculate the present value using our incremental borrowing rate that corresponds to the term of the lease. We include the effect of an option to renew or terminate a lease in the lease term when it is reasonably certain that we will exercise the option.
Some of our leases contain non-lease components (e.g., maintenance or other services) in addition to lease components. We have elected the practical expedient not to separate the non-lease components from the lease components.
v3.22.1
Balance Sheet Information (Tables)
 12 Months Ended
Apr. 30, 2022
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 30,20212022
Other current assets:
Prepaid taxes$170 $155 
Other93 122 
$263 $277 
Property, plant, and equipment:
Land$82 $86 
Buildings659 660 
Equipment833 849 
Construction in process50 129 
1,624 1,724 
Less accumulated depreciation792 849 
$832 $875 
Accounts payable and accrued expenses:
Accounts payable, trade$172 $218 
Accrued expenses:
Advertising, promotion, and discounts202 200 
Compensation and commissions96 99 
Excise and other non-income taxes70 74 
Other139 112 
507 485 
$679 $703 
Accumulated other comprehensive income (loss), net of tax:
Currency translation adjustments$(179)$(239)
Cash flow hedge adjustments(16)37 
Postretirement benefits adjustments(227)(150)
$(422)$(352)
v3.22.1
Earnings Per Share (Tables)
 12 Months Ended
Apr. 30, 2022
Earnings Per Share [Abstract]  
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block]
The following table presents information concerning basic and diluted earnings per share: 
202020212022
Net income available to common stockholders$827 $903 $838 
Share data (in thousands):
Basic average common shares outstanding477,765 478,527 478,879 
Dilutive effect of stock-based awards2,644 2,150 1,686 
Diluted average common shares outstanding480,409 480,677 480,565 
Basic earnings per share$1.73 $1.89 $1.75 
Diluted earnings per share$1.72 $1.88 $1.74 
v3.22.1
Goodwill and Other Intangible Assets (Tables)
 12 Months Ended
Apr. 30, 2022
Goodwill and Intangible Assets Disclosure [Abstract]  
Schedule of Intangible Assets and Goodwill [Table Text Block]
The following table shows the changes in goodwill (which include no accumulated impairment losses) and other intangible assets over the past two years: 
GoodwillOther Intangible Assets
Balance as of April 30, 2020
$756 $635 
Sale of business (Note 12)(4)(1)
Acquisition of business (Note 12)8 8 
Foreign currency translation adjustment19 34 
Balance as of April 30, 2021
779 676 
Foreign currency translation adjustment(18)(38)
Impairment— (52)
Balance as of April 30, 2022
$761 $586 
v3.22.1
Debt and Credit Facilities (Tables)
 12 Months Ended
Apr. 30, 2022
Debt Disclosure [Abstract]  
Schedule of long-term debt
Our long-term debt (net of unamortized discounts and issuance costs) consisted of:
April 30,20212022
2.25% senior notes, $250 principal amount, due January 15, 2023
$249 $250 
3.50% senior notes, $300 principal amount, due April 15, 2025
298 298 
1.20% senior notes, €300 principal amount, due July 7, 2026
362 315 
2.60% senior notes, £300 principal amount, due July 7, 2028
415 374 
4.00% senior notes, $300 principal amount, due April 15, 2038
294 295 
3.75% senior notes, $250 principal amount, due January 15, 2043
248 248 
4.50% senior notes, $500 principal amount, due July 15, 2045
488 489 
2,354 2,269 
Less current portion— 250 
$2,354 $2,019 
Schedule of short-term debt
April 30,20212022
Commercial paper$195$—
Average interest rate0.16%—%
Average remaining days to maturity240
v3.22.1
Common Stock (Tables)
 12 Months Ended
Apr. 30, 2022
Class of Stock [Line Items]  
Schedule of Common Stock Outstanding Roll Forward [Table Text Block]
The following table shows the change in outstanding common shares during each of the last three years:
(Shares in thousands)Class AClass BTotal
Balance at April 30, 2019168,999 308,173 477,172 
Acquisition of treasury stock(13)(3)(16)
Stock issued under compensation plans54 999 1,053 
Balance at April 30, 2020
169,040 309,169 478,209 
Acquisition of treasury stock— — — 
Stock issued under compensation plans70 450 520 
Balance at April 30, 2021
169,110 309,619 478,729 
Acquisition of treasury stock— — — 
Stock issued under compensation plans65 226 291 
Balance at April 30, 2022
169,175 309,845 479,020 
v3.22.1
Net Sales (Tables)
 12 Months Ended
Apr. 30, 2022
Net Sales [Abstract]  
Disaggregation of Revenue [Table Text Block]
The following table shows our net sales by geography:
202020212022
United States
$1,690 $1,748 $1,917 
Developed International1
901 1,014 1,137 
Emerging2
572 578 714 
Travel Retail3
125 63 104 
Non-branded and bulk4
75 58 61 
$3,363 $3,461 $3,933 
1Represents net sales of branded products to “advanced economies” as defined by the International Monetary Fund (IMF), excluding the United States. Our largest developed international markets in fiscal 2022 were Germany, Australia, the United Kingdom, and France.
2Represents net sales of branded products to “emerging and developing economies” as defined by the IMF. Our largest emerging markets in fiscal 2022 were Mexico, Poland, Brazil, Russia, and Chile.
3Represents net sales of branded products to global duty-free customers, other travel retail customers, and the U.S. military regardless of customer location.
4Includes net sales of used barrels, contract bottling, and bulk whiskey and wine, regardless of customer location.

The following table shows our net sales by product category:
202020212022
Whiskey1
$2,671 $2,744 $3,110 
Tequila2
275 299 364 
Wine3
186 206 219 
Vodka4
109 90 109 
Non-branded and bulk5
75 58 61 
Rest of portfolio
47 64 70 
$3,363 $3,461 $3,933 
1Includes all whiskey spirits and whiskey-based flavored liqueurs, ready-to-drink, and ready-to-pour products. The brands included in this category are the Jack Daniel’s family of brands, the Woodford Reserve family of brands, the Old Forester family of brands, GlenDronach, Benriach, Glenglassaugh, Slane Irish Whiskey, and Coopers’ Craft.
2Includes the Herradura family of brands, el Jimador, New Mix, and other tequilas.
3Includes Korbel Champagne and Sonoma-Cutrer wines.
4Includes Finlandia.
5Includes net sales of used barrels, contract bottling, and bulk whiskey and wine.
v3.22.1
Pension and Other Postretirement Benefits (Tables)
 12 Months Ended
Apr. 30, 2022
Retirement Benefits [Abstract]  
Change in present value of pension and other postretirement benefit obligation The following table shows how the present value of our projected benefit obligations changed during each of the last two years. 
 Pension BenefitsMedical and Life
Insurance Benefits
 2021202220212022
Obligation at beginning of year$1,005 $1,012 $51 $49 
Service cost26 26 1 1 
Interest cost25 22 1 1 
Net actuarial loss (gain)1
9 (132)(1)(5)
Retiree contributions— — 1 1 
Benefits paid(53)(82)(4)(4)
Obligation at end of year$1,012 $846 $49 $43 
1 The net actuarial loss (gain) during each year was primarily attributable to changes in discount rates.
Expected benefit payments over the next 10 years Expected benefit payments (net of retiree contributions) over the next 10 years are as follows:
Pension BenefitsMedical and Life
Insurance Benefits
2023$64 $3 
202461 3 
202560 3 
202661 3 
202762 3 
2028 – 2032312 16 
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 14.)
 Level 1Level 2Level 3Total
April 30, 2021
Equity securities$103 $— $— $103 
Limited partnership interest1
— — 2 2 
$103 $— $2 105 
Investments measured at net asset value:
Commingled trust funds2:
Equity funds266 
Fixed income funds357 
Real estate funds65 
Short-term investments8 
Limited partnership interests3
35 
Total$836 
April 30, 2022
Equity securities$78 $— $— $78 
Limited partnership interest1
— — 2 2 
$78 $— $2 80 
Investments measured at net asset value:
Commingled trust funds2:
Equity funds218 
Fixed income funds318 
Real estate funds78 
Short-term investments6 
Limited partnership interests3
41 
Total$741 
1 This limited partnership interest was initially valued at cost and has been adjusted to fair value as determined in good faith by management of the partnership using various factors, and does not meet the requirements for reporting at the net asset value (NAV). The valuation requires significant judgment due to the absence of quoted market prices and the inherent lack of liquidity. This limited partnership has a term expiring in September 2022, although this period may be extended.
2 Commingled trust fund valuations are based on the 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. Generally, for commingled trust funds other than real estate, redemptions are permitted daily with no notice period. The real estate fund is redeemable quarterly with 110 days' notice.
3 These limited partnership interests were initially valued at cost and have been adjusted using NAV per audited financial statements. Investments are generally not eligible for immediate redemption and have original terms averaging 10 to 13 years, although those periods may be extended.
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.
Level 3
Balance as of April 30, 2020
$2 
Return on assets held at end of year1 
Sales and settlements(1)
Balance as of April 30, 2021
2 
Return on assets held at end of year— 
Sales and settlements— 
Balance as of April 30, 2022
$2 
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 BenefitsMedical and Life
Insurance Benefits
 2021202220212022
Assets at beginning of year$749 $836 $— $— 
Actual return on assets124 (25)— — 
Retiree contributions— — 1 1 
Company contributions16 12 3 3 
Benefits paid(53)(82)(4)(4)
Assets at end of year$836 $741 $— $— 
Funded status of plans The following table shows the funded status of our plans.
 Pension BenefitsMedical and Life
Insurance Benefits
April 30,2021202220212022
Assets$836 $741 $— $— 
Obligations(1,012)(846)(49)(43)
Funded status$(176)$(105)$(49)$(43)
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 30,2021202220212022
Other assets$4 $46 $— $— 
Accounts payable and accrued expenses(7)(8)(3)(3)
Accrued pension and other postretirement benefits(173)(143)(46)(40)
Net liability$(176)$(105)$(49)$(43)
Accumulated other comprehensive income (loss), before tax:
Net actuarial gain (loss)$(298)$(201)$(9)$(3)
Prior service credit (cost)(5)(4)4 2 
$(303)$(205)$(5)$(1)
Pension plans with accumulated benefit obligation in excess of plan assets
The following table compares our pension plans whose accumulated benefit obligations exceed their assets with our pension plans whose assets exceed their accumulated benefit obligations.
 Accumulated
Benefit Obligation		Plan Assets
April 30,2021202220212022
Plans with accumulated benefit obligation in excess of assets$(155)$(135)$— $— 
Plans with assets in excess of accumulated benefit obligation(748)(623)836 741 
Total$(903)$(758)$836 $741 
Pension plans with projected benefit obligation in excess of plan assets
The following table compares our pension plans whose projected benefit obligations exceed their assets with our pension plans whose assets exceed their projected benefit obligations.
 Projected
Benefit Obligation		Plan Assets
April 30,2021202220212022
Plans with projected benefit obligation in excess of assets$(941)$(150)$761 $— 
Plans with assets in excess of projected benefit obligation(71)(696)75 741 
Total$(1,012)$(846)$836 $741 
Pension expense The following table shows the components of the pension cost 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
 202020212022
Service cost$24 $26 $26 
Interest cost31 25 22 
Expected return on assets(46)(46)(45)
Amortization of:
Prior service cost (credit)1 1 1 
Net actuarial loss (gain)19 27 23 
Settlement charge1 — 12 
Net cost$30 $33 $39 
Postretirement medical and life insurance benefit expense The following table shows the components of the postretirement medical and life insurance benefits cost that we recognized during each of the last three years. 
 Medical and Life Insurance Benefits
 202020212022
Service cost$1 $1 $1 
Interest cost1 1 1 
Amortization of:
Prior service cost (credit)(3)(3)(2)
Net actuarial loss (gain)1 1 1 
Net cost$— $— $1 
Amounts recognized in other comprehensive income The following table shows the pre-tax effect of these amounts on OCI during each of the last three years.
 Pension BenefitsMedical and Life
Insurance Benefits
 202020212022202020212022
Net actuarial gain (loss)$(115)$69 $62 $(2)$1 $5 
Amortization reclassified to earnings:
Prior service cost (credit)1 1 1 (3)(3)(2)
Net actuarial loss (gain)20 27 35 1 1 1 
Net amount recognized in OCI$(94)$97 $98 $(4)$(1)$4 
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
 2021202220212022
Discount rate3.16 %4.36 %3.08 %4.33 %
Rate of salary increase4.00 %4.00 %n/an/a
Interest crediting rate3.06 %3.06 %n/an/a
Assumptions used in computing benefit plan expense
The weighted-average assumptions used in computing benefit plan cost during each of the last three years were as follows: 
 Pension BenefitsMedical and Life
Insurance Benefits
 202020212022202020212022
Discount rate for service cost4.17 %3.49 %3.36 %4.24 %3.59 %3.49 %
Discount rate for interest cost3.57 %2.56 %2.34 %3.53 %2.47 %2.27 %
Rate of salary increase4.00 %4.00 %4.00 %n/an/an/a
Interest crediting rate3.07 %3.07 %3.06 %n/an/an/a
Expected return on plan assets6.50 %6.50 %6.25 %n/an/an/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
 20212022
Health care cost trend rate assumed for next year6.60 %6.10 %
Rate to which the cost trend rate is assumed to decline (the ultimate trend rate)4.50 %4.50 %
Year that the rate reaches the ultimate trend rate20302030
v3.22.1
Stock-Based Compensation (Tables)
 12 Months Ended
Apr. 30, 2022
Share-based Payment Arrangement [Abstract]  
Share-based Payment Arrangement, Stock Appreciation Right, Activity [Table Text Block] The following table presents information about SSARs outstanding as of April 30, 2022, and for the year then ended.
Number of
SSARs
(in thousands)		Weighted-
Average
Exercise Price
per SSAR		Weighted-
Average
Remaining
Contractual
Term (years)		Aggregate
Intrinsic Value
Outstanding at April 30, 2021
4,311 $43.54 
Granted451 71.24 
Exercised(565)29.67 
Forfeited or expired(29)63.82 
Other64 
Outstanding at April 30, 2022
4,232 $47.54 4.9$86 
Exercisable at April 30, 2022
2,829 $39.55 3.5$79 
Schedule of Share-Based Payment Award, Stock Appreciation Rights, Valuation Assumptions [Table Text Block] The weighted-average grant-date fair values and related valuation assumptions for the SSARS granted during each of the last three years were as follows:
202020212022
Grant-date fair value$11.13 $14.61 $16.61 
Valuation assumptions:
Expected term (years)7.07.07.0
Risk-free interest rate1.9 %0.4 %1.0 %
Expected volatility19.3 %23.3 %24.1 %
Expected dividend yield1.2 %1.0 %1.0 %
Share-based Payment Arrangement, Performance Based Restricted Stock Units, Activity [Table Text Block]
The following table presents information about PBRSUs outstanding as of April 30, 2022, and for the year then ended.
Number of
PBRSUs
(in thousands)		Weighted-
Average
Fair Value at
Grant Date
Outstanding at April 30, 2021254 $61.76 
Granted108 $70.11 
Adjusted for performance and dividends(10)$55.28 
Converted to common shares(77)$55.28 
Forfeited(5)$69.19 
Outstanding at April 30, 2022270 $67.02 
Schedule of Share-Based Payment Award, Performance Based Restricted Stock Units, Valuation Assumptions [Table Text Block] The weighted average grant-date fair values and related valuation assumptions for these awards granted during each of the last three years were as follows:
202020212022
Grant-date fair value$56.99 $73.68 $70.11 
Valuation assumptions:
Risk-free interest rate1.8 %0.1 %0.3 %
Expected volatility21.8 %29.9 %29.1 %
Expected dividend yield1.2 %1.1 %1.0 %
Remaining performance period (years) as of grant date2.82.82.8
Grant Date Fair Values of DSUs [Table Text Block] The weighted average grant-date fair values for these awards granted during each of the last three years were as follows:
202020212022
Grant-date fair value$53.34 $63.01 $67.35 
Share-based Payment Arrangement, Cost by Plan [Table Text Block] The pre-tax stock-based compensation expense and related deferred income tax benefits recognized during the last three fiscal years were as follows:
202020212022
Pre-tax compensation expense$11 $12 $15 
Deferred tax benefit2 2 2 
Stock-Based Awards, Other Information [Table Text Block] Further information related to our stock-based awards for the last three years is as follows:
202020212022
Intrinsic value of SSARs exercised$89 $47 $23 
Fair value of shares vested14 13 7 
Excess tax benefit from exercise / vesting of awards20 10 6 
v3.22.1
Income Taxes (Tables)
 12 Months Ended
Apr. 30, 2022
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:
202020212022
United States$849 $832 $954 
Foreign160 249 160 
$1,009 $1,081 $1,114 
Total income tax expense Our total income tax expense for each of the last three years was as follows:
202020212022
Current:
U.S. federal$95 $146 $205 
Foreign29 50 64 
State and local19 35 18 
143 231 287 
Deferred:
U.S. federal34 (4)1 
Foreign7 (47)(9)
State and local(2)(2)(3)
39 (53)(11)
$182 $178 $276 
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
 202020212022
U.S. federal statutory rate21.0 %21.0 %21.0 %
State taxes, net of U.S. federal tax benefit1.7 %2.4 %1.0 %
Income taxed at other than U.S. federal statutory rate— %0.3 %1.3 %
Prior intercompany sales taxed at higher than current U.S. federal statutory rate— %0.2 %2.0 %
Tax benefit from foreign-derived sales(2.0 %)(1.7 %)(1.8)%
Adjustments related to prior years(1.1 %)(0.2 %)0.7 %
Excess tax benefits from stock-based awards(2.0 %)(1.0 %)(0.5)%
Tax rate changes— %— %0.4 %
Intercompany transfer of assets— %(4.0 %)— %
Other, net0.4 %(0.5 %)0.7 %
Effective rate18.0 %16.5 %24.8 %
Deferred tax assets and liabilities
Deferred tax assets and liabilities as of the end of each of the last two years were as follows:
April 30,20212022
Deferred tax assets:
Postretirement and other benefits$90 $69 
Accrued liabilities and other47 36 
Inventories30 40 
Lease liabilities17 20 
Derivative instruments5 — 
Loss and credit carryforwards63 69 
Total deferred tax assets252 234 
Valuation allowance(20)(27)
Total deferred tax assets, net of valuation allowance232 207 
Deferred tax liabilities:
Intangible assets(214)(219)
Property, plant, and equipment(89)(87)
Right-of-use assets(17)(20)
Derivative instruments— (11)
Other(11)(15)
Total deferred tax liabilities(331)(352)
Net deferred tax liability$(99)$(145)
Loss carryforwards and valuation allowances
Details of the loss and credit carryforwards and related valuation allowances as of the end of each of the last two years are as follows:
April 30, 2021April 30, 2022
Gross AmountDeferred Tax AssetValuation AllowanceGross AmountDeferred Tax AssetValuation AllowanceExpiration (as of April 30, 2022)
U.S.$99 $15 $(5)$53 $19 $(8)
Various1
Foreign228 48 (15)241 50 (19)
Various2
$327 $63 $(20)$294 $69 $(27)
1As of April 30, 2022, the deferred tax asset amount includes credit carryforwards of $8 that do not expire and loss and credit carryforwards of $11 that expire in varying amounts from 2023 to 2039.
2As of April 30, 2022, the deferred tax asset includes loss carryforwards of $19 that do not expire and $31 that expire in varying amounts over the next 9 years.
Reconciliation of ending and beginning unrecognized tax benefits A reconciliation of the beginning and ending unrecognized tax benefits follows: 
202020212022
Unrecognized tax benefits at beginning of year$11 $11 $12 
Additions for tax positions provided in prior periods2 1 2 
Additions for tax positions provided in current period— 2 2 
Decreases for tax positions provided in prior years(1)— — 
Settlements of tax positions in the current period(1)(1)— 
Lapse of statutes of limitations— (1)(2)
Unrecognized tax benefits at end of year$11 $12 $14 
v3.22.1
Derivative Financial Instruments and Hedging Activities (Tables)
 12 Months Ended
Apr. 30, 2022
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 and non-derivative hedging instruments had on AOCI and earnings during each of the last three years:
Classification in Statement of Operations202020212022
Currency derivatives designated as cash flow hedges:
Net gain (loss) recognized in AOCIn/a$61 $(78)$76 
Net gain (loss) reclassified from AOCI into earningsSales23 21 5 
Net gain (loss) reclassified from AOCI into earningsOther income (expense), net— — 2 
Currency derivatives not designated as hedging instruments:
Net gain (loss) recognized in earningsSales4 (13)12 
Net gain (loss) recognized in earningsOther income (expense), net(14)17 5 
Foreign currency-denominated debt designated as net investment hedge:
Net gain (loss) recognized in AOCIn/a22 (73)78 
Total amounts presented in the accompanying consolidated statements of operations for line items affected by the net gains (losses) shown above:
Sales4,306 4,526 5,081 
Other income (expense), net(11)15 (59)
Schedule of fair values of derivative instruments
The following table presents the fair values of our derivative instruments as of April 30, 2021 and 2022:
Balance Sheet ClassificationDerivative AssetsDerivative Liabilities
April 30, 2021
Designated as cash flow hedges:
Currency derivativesOther current assets$4 $(2)
Currency derivativesOther assets— — 
Currency derivativesAccrued expenses4 (18)
Currency derivativesOther liabilities1 (18)
Not designated as hedges:
Currency derivativesOther current assets1 — 
Currency derivativesAccrued expenses— — 
April 30, 2022
Designated as cash flow hedges:
Currency derivativesOther current assets32 (3)
Currency derivativesOther assets20 (1)
Currency derivativesAccrued expenses— — 
Currency derivativesOther liabilities— — 
Not designated as hedges:
Currency derivativesOther current assets— — 
Currency derivativesAccrued expenses— (1)
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, 2021
Derivative assets$10 $(7)$3 $(1)$2 
Derivative liabilities(38)7 (31)1 (30)
April 30, 2022
Derivative assets52 (4)48 (1)47 
Derivative liabilities(5)4 (1)1 — 
v3.22.1
Fair Value Measurements (Tables)
 12 Months Ended
Apr. 30, 2022
Fair Value Disclosures [Abstract]  
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis [Table Text Block]
The following table summarizes the assets and liabilities measured or disclosed at fair value on a recurring basis:
 20212022
April 30,Carrying
Amount		Fair
Value		Carrying
Amount		Fair
Value
Assets:
Cash and cash equivalents$1,150 $1,150 $868 $868 
Currency derivatives3 3 48 48 
Liabilities:
Currency derivatives31 31 1 1 
Short-term borrowings205 205 — — 
Long-term debt (including current portion)2,354 2,663 2,269 2,239 
v3.22.1
Leases Leases (Tables)
 12 Months Ended
Apr. 30, 2022
Leases [Abstract]  
ROU Assets and Lease Liabilities [Table Text Block]
The following table shows information about our leases as of the end of the last two years:
Balance Sheet ClassificationApril 30,
2021		April 30,
2022
Right-of-use assetsOther assets$67 $74 
Lease liabilities:
CurrentAccounts payable and accrued expenses$20 $21 
Non-currentOther liabilities49 54 
Total$69 $75 
Weighted-average discount rate1.9%1.8%
Weighted-average remaining term5.3 years5.0 years
Lease Cost and Other Lease Information [Table Text Block]
The following table shows information about the effects of leases during each of the last three years:
202020212022
Total lease cost1
$29 $41 $38 
Cash paid for amounts included in the measurement of lease liabilities2
21 26 25 
Right-of-use assets obtained in exchange for new lease liabilities35 25 35 
1Consists primarily of operating lease cost. Other components of lease cost were not material.
2Classified within operating activities in the accompanying consolidated statements of cash flows.
Lessee, Operating Lease, Liability, Maturity [Table Text Block]
The following table includes a maturity analysis of future (undiscounted) lease payments and a reconciliation of those payments to the lease liabilities recorded on our balance sheet as of April 30, 2022:
April 30,
2022
2023$22 
202418 
202513 
20269 
20277 
Thereafter10 
Total lease payments79 
Less: Present value discount(4)
Lease liabilities$75 
v3.22.1
Other Comprehensive Income (Tables)
 12 Months Ended
Apr. 30, 2022
Other Comprehensive Income (Loss), Net of Tax [Abstract]  
Comprehensive Income (Loss) [Table Text Block]
The following table presents the components of net other comprehensive income (loss) during each of the last three years:
Pre-TaxTaxNet
Year Ended April 30, 2020
Currency translation adjustments:
Net gain (loss) on currency translation$(88)$(6)$(94)
Reclassification to earnings— — — 
Other comprehensive income (loss), net(88)(6)(94)
Cash flow hedge adjustments:
Net gain (loss) on hedging instruments61 (14)47 
Reclassification to earnings1
(23)6 (17)
Other comprehensive income (loss), net38 (8)30 
Postretirement benefits adjustments:
Net actuarial gain (loss) and prior service cost(119)28 (91)
Reclassification to earnings2
18 (4)14 
Other comprehensive income (loss), net(101)24 (77)
Total other comprehensive income (loss), net$(151)$10 $(141)
Year Ended April 30, 2021
Currency translation adjustments:
Net gain (loss) on currency translation$106 $17 $123 
Reclassification to earnings— — — 
Other comprehensive income (loss), net106 17 123 
Cash flow hedge adjustments:
Net gain (loss) on hedging instruments(78)17 (61)
Reclassification to earnings1
(21)6 (15)
Other comprehensive income (loss), net(99)23 (76)
Postretirement benefits adjustments:
Net actuarial gain (loss) and prior service cost71 (16)55 
Reclassification to earnings2
30 (7)23 
Other comprehensive income (loss), net101 (23)78 
Total other comprehensive income (loss), net$108 $17 $125 
Year Ended April 30, 2022
Currency translation adjustments:
Net gain (loss) on currency translation$(42)$(18)$(60)
Reclassification to earnings— — — 
Other comprehensive income (loss), net(42)(18)(60)
Cash flow hedge adjustments:
Net gain (loss) on hedging instruments76 (17)59 
Reclassification to earnings1
(7)1 (6)
Other comprehensive income (loss), net69 (16)53 
Postretirement benefits adjustments:
Net actuarial gain (loss) and prior service cost67 (16)51 
Reclassification to earnings2
34 (8)26 
Other comprehensive income (loss), net101 (24)77 
Total other comprehensive income (loss), net$128 $(58)$70 
1For 2022, $(2) of the pre-tax amount of $(7) is classified in other income in the accompanying consolidated statements of operations. Otherwise, the pre-tax amount for each year is classified as sales.
2For 2021, $4 of the pre-tax amount of $30 is classified in gain on sale of business in the accompanying consolidated statements of operations. Otherwise, the pre-tax amount for each year is classified as non-operating postretirement expense.
v3.22.1
Supplemental Information (Tables)
 12 Months Ended
Apr. 30, 2022
Segment Reporting [Abstract]  
Net sales by geography
The following table presents net sales by geography: 
202020212022
Net sales:
United States$1,690 $1,748 $1,917 
Germany171 206 228 
Australia155 209 219 
United Kingdom180 205 218 
Mexico155 150 178 
Other1,012 943 1,173 
$3,363 $3,461 $3,933 
v3.22.1
Accounting Policies Allowance for Doubtful Accounts (Details) - USD ($)
$ in Millions
Apr. 30, 2022
Apr. 30, 2021
Allowance for Doubtful Accounts [Abstract]    
Accounts Receivable, Allowance for Credit Loss, Current $ 13 $ 7
v3.22.1
Accounting Policies (Textual) (Details) - USD ($)
$ in Millions
 12 Months Ended
Apr. 30, 2022
Apr. 30, 2021
Accounting Policies (Textual) [Abstract]    
Inventories valued using LIFO method (percent) 52.00%  
FIFO method value of inventory in excess of reported $ 385 $ 353
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] | 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  
v3.22.1
Accounting Policies Revenue recognition policy (Details)
 12 Months Ended
Apr. 30, 2022
Apr. 30, 2021
Revenue recognition policy [Abstract]    
Revenue, Transaction Price Measurement, Tax Exclusion [true false] true true
v3.22.1
Accounting Policies Advertising expense policy (Details)
 12 Months Ended
Apr. 30, 2022
Apr. 30, 2021
Revenue recognition policy [Abstract]    
Advertising Cost, Expense Method [Fixed List] Expensed first time advertising takes place Expensed first time advertising takes place
v3.22.1
Balance Sheet Information (Details) - USD ($)
$ in Millions
Apr. 30, 2022
Apr. 30, 2021
Other current assets:    
Prepaid taxes $ 155 $ 170
Other 122 93
Other current assets 277 263
Property, plant, and equipment:    
Land 86 82
Buildings 660 659
Equipment 849 833
Construction in process 129 50
Property, plant and equipment, gross 1,724 1,624
Less accumulated depreciation 849 792
Property, plant, and equipment, net 875 832
Accounts payable and accrued expenses:    
Accounts payable, trade 218 172
Accrued expenses:    
Advertising, promotion, and discounts 200 202
Compensation and commissions 99 96
Excise and other non-income taxes 74 70
Other 112 139
Accrued expenses 485 507
Accounts payable and accrued expenses 703 679
Accumulated other comprehensive income (loss), net of tax:    
Currency translation adjustments (239) (179)
Cash flow hedge adjustments 37 (16)
Postretirement benefits adjustments (150) (227)
Accumulated other comprehensive income (loss), net of tax: $ (352) $ (422)
v3.22.1
Earnings Per Share (Details) - USD ($)
$ / shares in Units, shares in Thousands, $ in Millions
 12 Months Ended
Apr. 30, 2022
Apr. 30, 2021
Apr. 30, 2020
Earnings Per Share [Abstract]      
Net income available to common stockholders $ 838 $ 903 $ 827
Share data (in thousands):      
Basic average common shares outstanding (shares) 478,879 478,527 477,765
Dilutive effect of stock-based awards (shares) 1,686 2,150 2,644
Diluted average common shares outstanding (shares) 480,565 480,677 480,409
Basic earnings per share (dollars per share) $ 1.75 $ 1.89 $ 1.73
Diluted earnings per share (dollars per share) $ 1.74 $ 1.88 $ 1.72
Antidilutive common stock-based awards excluded from calculation of diluted earnings per share (shares) 691 234 301
v3.22.1
Goodwill and Other Intangible Assets (Details) - USD ($)
$ in Millions
 12 Months Ended
Apr. 30, 2022
Apr. 30, 2021
Goodwill [Roll Forward]    
Beginning balance $ 779 $ 756
Sale of business (Note 12)   (4)
Acquisition of business (Note 12)   8
Foreign currency translation adjustment (18) 19
Impairment 0  
Ending balance 761 779
Indefinite-lived Intangible Assets [Roll Forward]    
Beginning balance 676 635
Sale of business (Note 12)   (1)
Acquisition of business (Note 12)   8
Foreign currency translation adjustment (38) 34
Impairment (52)  
Ending balance $ 586 $ 676
v3.22.1
Goodwill and Other Intangible Assets Impairment (Details) - USD ($)
$ in Millions
 12 Months Ended
Apr. 30, 2022
Apr. 30, 2021
Apr. 30, 2020
Indefinite-lived Intangible Assets [Line Items]      
Impairment of Intangible Assets, Indefinite-lived (Excluding Goodwill) $ 52    
Intangible Assets, Net (Excluding Goodwill) 586 $ 676 $ 635
Finlandia      
Indefinite-lived Intangible Assets [Line Items]      
Intangible Assets, Net (Excluding Goodwill) $ 181    
v3.22.1
Commitments and Contingencies Contingencies (Details) - GBP (£)
£ in Millions
 1 Months Ended
Dec. 31, 2021
Apr. 30, 2021
Loss Contingencies [Line Items]    
Loss Contingency, Amount Withheld by Counterparty   £ 50
Loss Contingency, Amount Remitted by Counterparty £ 47  
v3.22.1
Debt and Credit Facilities (Schedule of Long-Term Debt) (Details)
€ in Millions, £ in Millions, $ in Millions
 12 Months Ended
Apr. 30, 2022
USD ($)
Apr. 30, 2021
USD ($)
Apr. 30, 2022
EUR (€)
Apr. 30, 2022
GBP (£)
Apr. 30, 2021
EUR (€)
Apr. 30, 2021
GBP (£)
Debt Instrument [Line Items]            
Long-term debt, including current portion $ 2,269 $ 2,354        
Current portion of long-term debt 250 0        
Long-term debt 2,019 2,354        
2.25% senior notes, due January 15, 2023 [Member]            
Debt Instrument [Line Items]            
Debt Instrument, Face Amount $ 250 $ 250        
Debt Instrument, Maturity Date Jan. 15, 2023 Jan. 15, 2023        
Debt Instrument, Interest Rate, Stated Percentage 2.25% 2.25% 2.25% 2.25% 2.25% 2.25%
Long-term debt, including current portion $ 250 $ 249        
3.50% senior notes, due April 15, 2025 [Member]            
Debt Instrument [Line Items]            
Debt Instrument, Face Amount $ 300 $ 300        
Debt Instrument, Maturity Date Apr. 15, 2025 Apr. 15, 2025        
Debt Instrument, Interest Rate, Stated Percentage 3.50% 3.50% 3.50% 3.50% 3.50% 3.50%
Long-term debt, including current portion $ 298 $ 298        
1.20% senior notes, due July 7, 2026 [Member]            
Debt Instrument [Line Items]            
Debt Instrument, Face Amount | €     € 300   € 300  
Debt Instrument, Maturity Date Jul. 07, 2026 Jul. 07, 2026        
Debt Instrument, Interest Rate, Stated Percentage 1.20% 1.20% 1.20% 1.20% 1.20% 1.20%
Long-term debt, including current portion $ 315 $ 362        
2.60% senior notes, due July 7, 2028 [Member]            
Debt Instrument [Line Items]            
Debt Instrument, Face Amount | £       £ 300   £ 300
Debt Instrument, Maturity Date Jul. 07, 2028 Jul. 07, 2028        
Debt Instrument, Interest Rate, Stated Percentage 2.60% 2.60% 2.60% 2.60% 2.60% 2.60%
Long-term debt, including current portion $ 374 $ 415        
4.00% senior notes, due April 15, 2038 [Member]            
Debt Instrument [Line Items]            
Debt Instrument, Face Amount $ 300 $ 300        
Debt Instrument, Maturity Date Apr. 15, 2038 Apr. 15, 2038        
Debt Instrument, Interest Rate, Stated Percentage 4.00% 4.00% 4.00% 4.00% 4.00% 4.00%
Long-term debt, including current portion $ 295 $ 294        
3.75% senior notes, due January 15, 2043 [Member]            
Debt Instrument [Line Items]            
Debt Instrument, Face Amount $ 250 $ 250        
Debt Instrument, Maturity Date Jan. 15, 2043 Jan. 15, 2043        
Debt Instrument, Interest Rate, Stated Percentage 3.75% 3.75% 3.75% 3.75% 3.75% 3.75%
Long-term debt, including current portion $ 248 $ 248        
4.50% senior notes, due July 15, 2045 [Member]            
Debt Instrument [Line Items]            
Debt Instrument, Face Amount $ 500 $ 500        
Debt Instrument, Maturity Date Jul. 15, 2045 Jul. 15, 2045        
Debt Instrument, Interest Rate, Stated Percentage 4.50% 4.50% 4.50% 4.50% 4.50% 4.50%
Long-term debt, including current portion $ 489 $ 488        
v3.22.1
Debt and Credit Facilities (Textual) (Details)
$ in Millions
Apr. 30, 2022
USD ($)
Long-term Debt, Fiscal Year Maturity [Abstract]  
2023 $ 250
2024 0
2025 300
2026 0
2027 316
After 2027 $ 1,427
v3.22.1
Debt and Credit Facilities Short-term borrowings (Details) - USD ($)
$ in Millions
 12 Months Ended
Apr. 30, 2022
Apr. 30, 2021
Short-term Debt [Abstract]    
Short-term borrowings $ 0 $ 205
Commercial Paper $ 0 $ 195
Commercial Paper, Weighted Average Interest Rate, at Point in Time 0.00% 0.16%
Commercial Paper Borrowings, Average Remaining Maturity 0 days 24 days
v3.22.1
Debt and Credit Facilities Credit Facilities (Details)
Apr. 30, 2022
USD ($)
Eight Hundred Million Credit Facility Expiring November 2022 [Member]  
Line of Credit Facility [Line Items]  
Line of Credit Facility, Current Borrowing Capacity $ 800,000,000
v3.22.1
Common Stock Rollforward of Outstanding Shares (Details) - shares
shares in Thousands
 12 Months Ended
Apr. 30, 2022
Apr. 30, 2021
Apr. 30, 2020
Class of Stock [Line Items]      
Beginning balance 478,729 478,209 477,172
Acquisition of treasury stock 0 0 (16)
Stock issued under compensation plans 291 520 1,053
Ending balance 479,020 478,729 478,209
Common stock, Class A, voting [Member]      
Class of Stock [Line Items]      
Beginning balance 169,110 169,040 168,999
Acquisition of treasury stock 0 0 (13)
Stock issued under compensation plans 65 70 54
Ending balance 169,175 169,110 169,040
Common Stock, Class B, nonvoting [Member]      
Class of Stock [Line Items]      
Beginning balance 309,619 309,169 308,173
Acquisition of treasury stock 0 0 (3)
Stock issued under compensation plans 226 450 999
Ending balance 309,845 309,619 309,169
v3.22.1
Net Sales by Geography (Details) - USD ($)
$ in Millions
 12 Months Ended
Apr. 30, 2022
Apr. 30, 2021
Apr. 30, 2020
Disaggregation of Revenue [Line Items]      
Net sales $ 3,933 $ 3,461 $ 3,363
United States      
Disaggregation of Revenue [Line Items]      
Net sales 1,917 1,748 1,690
Developed International [Member]      
Disaggregation of Revenue [Line Items]      
Net sales [1] 1,137 1,014 901
Emerging [Member]      
Disaggregation of Revenue [Line Items]      
Net sales [2] 714 578 572
Travel Retail [Member]      
Disaggregation of Revenue [Line Items]      
Net sales [3] 104 63 125
Non-branded and bulk [Member]      
Disaggregation of Revenue [Line Items]      
Net sales [4] $ 61 $ 58 $ 75
[1] Represents net sales of branded products to “advanced economies” as defined by the International Monetary Fund (IMF), excluding the United States. Our largest developed international markets in fiscal 2022 were Germany, Australia, the United Kingdom, and France.
[2] Represents net sales of branded products to “emerging and developing economies” as defined by the IMF. Our largest emerging markets in fiscal 2022 were Mexico, Poland, Brazil, Russia, and Chile.
[3] Represents net sales of branded products to global duty-free customers, other travel retail customers, and the U.S. military regardless of customer location.
[4] Includes net sales of used barrels, contract bottling, and bulk whiskey and wine, regardless of customer location.
v3.22.1
Net Sales by Product Category (Details) - USD ($)
$ in Millions
 12 Months Ended
Apr. 30, 2022
Apr. 30, 2021
Apr. 30, 2020
Disaggregation of Revenue [Line Items]      
Net sales $ 3,933 $ 3,461 $ 3,363
Whiskey [Member]      
Disaggregation of Revenue [Line Items]      
Net sales [1] 3,110 2,744 2,671
Tequila [Member]      
Disaggregation of Revenue [Line Items]      
Net sales [2] 364 299 275
Wine [Member]      
Disaggregation of Revenue [Line Items]      
Net sales [3] 219 206 186
Vodka [Member]      
Disaggregation of Revenue [Line Items]      
Net sales [4] 109 90 109
Rest of portfolio [Member]      
Disaggregation of Revenue [Line Items]      
Net sales 70 64 47
Non-branded and bulk [Member]      
Disaggregation of Revenue [Line Items]      
Net sales [5] $ 61 $ 58 $ 75
[1] Includes all whiskey spirits and whiskey-based flavored liqueurs, ready-to-drink, and ready-to-pour products. The brands included in this category are the Jack Daniel’s family of brands, the Woodford Reserve family of brands, the Old Forester family of brands, GlenDronach, Benriach, Glenglassaugh, Slane Irish Whiskey, and Coopers’ Craft.
[2] Includes the Herradura family of brands, el Jimador, New Mix, and other tequilas.
[3] Includes Korbel Champagne and Sonoma-Cutrer wines.
[4] Includes Finlandia.
[5] Includes net sales of used barrels, contract bottling, and bulk whiskey and wine.
v3.22.1
Pension and Other Postretirement Benefits (Change in Benefit Obligation) (Details) - USD ($)
$ in Millions
 12 Months Ended
Apr. 30, 2022
Apr. 30, 2021
Apr. 30, 2020
Pension Benefits [Member]      
Changes in present value of pension and other postretirement benefits      
Obligation at beginning of year $ 1,012 $ 1,005  
Service cost 26 26 $ 24
Interest cost 22 25 31
Net actuarial loss (gain)1 [1] (132) 9  
Retiree contributions 0 0  
Benefits paid (82) (53)  
Obligation at end of year 846 1,012 1,005
Medical and Life Insurance Benefits [Member]      
Changes in present value of pension and other postretirement benefits      
Obligation at beginning of year 49 51  
Service cost 1 1 1
Interest cost 1 1 1
Net actuarial loss (gain)1 [1] (5) (1)  
Retiree contributions 1 1  
Benefits paid (4) (4)  
Obligation at end of year $ 43 $ 49 $ 51
[1] The net actuarial loss (gain) during each year was primarily attributable to changes in discount rates
v3.22.1
Pension and Other Postretirement Benefits (Expected Benefit Payments) (Details)
$ in Millions
Apr. 30, 2022
USD ($)
Pension Benefits [Member]  
Expected benefit payments over the next 10 years  
2023 $ 64
2024 61
2025 60
2026 61
2027 62
2028 – 2032 312
Medical and Life Insurance Benefits [Member]  
Expected benefit payments over the next 10 years  
2023 3
2024 3
2025 3
2026 3
2027 3
2028 – 2032 $ 16
v3.22.1
Pension and Other Postretirement Benefits Target asset allocation (Details)
Apr. 30, 2022
Public Equity Investments [Member]  
Defined Benefit Plan Disclosure [Line Items]  
Defined Benefit Plan, Plan Assets, Target Allocation, Percentage 40.00%
Fixed Income Investments [Member]  
Defined Benefit Plan Disclosure [Line Items]  
Defined Benefit Plan, Plan Assets, Target Allocation, Percentage 47.00%
Alternative Investments [Member]  
Defined Benefit Plan Disclosure [Line Items]  
Defined Benefit Plan, Plan Assets, Target Allocation, Percentage 13.00%
v3.22.1
Pension and Other Postretirement Benefits (Fair Value of Pension Plan Assets and Asset Allocations) (Details) - USD ($)
$ in Millions
Apr. 30, 2022
Apr. 30, 2021
Apr. 30, 2020
Defined Benefit Plan Disclosure [Line Items]      
Total, Plan Assets $ 741 $ 836  
Level 1 [Member]      
Defined Benefit Plan Disclosure [Line Items]      
Total, Plan Assets 78 103  
Level 2 [Member]      
Defined Benefit Plan Disclosure [Line Items]      
Total, Plan Assets 0 0  
Level 3 [Member]      
Defined Benefit Plan Disclosure [Line Items]      
Total, Plan Assets 2 2 $ 2
Fair Value, Inputs, Level 1, 2 and 3 [Member]      
Defined Benefit Plan Disclosure [Line Items]      
Total, Plan Assets 80 105  
Equity Securities [Member] | Level 1 [Member]      
Defined Benefit Plan Disclosure [Line Items]      
Total, Plan Assets 78 103  
Equity Securities [Member] | Level 2 [Member]      
Defined Benefit Plan Disclosure [Line Items]      
Total, Plan Assets 0 0  
Equity Securities [Member] | Level 3 [Member]      
Defined Benefit Plan Disclosure [Line Items]      
Total, Plan Assets 0 0  
Equity Securities [Member] | Fair Value, Inputs, Level 1, 2 and 3 [Member]      
Defined Benefit Plan Disclosure [Line Items]      
Total, Plan Assets 78 103  
Limited Partnership Interests [Member] | Level 1 [Member]      
Defined Benefit Plan Disclosure [Line Items]      
Total, Plan Assets [1] 0 0  
Limited Partnership Interests [Member] | Level 2 [Member]      
Defined Benefit Plan Disclosure [Line Items]      
Total, Plan Assets [1] 0 0  
Limited Partnership Interests [Member] | Level 3 [Member]      
Defined Benefit Plan Disclosure [Line Items]      
Total, Plan Assets [1] 2 2  
Limited Partnership Interests [Member] | Fair Value, Inputs, Level 1, 2 and 3 [Member]      
Defined Benefit Plan Disclosure [Line Items]      
Total, Plan Assets [1] 2 2  
Limited Partnership Interests [Member] | Fair Value Measured at Net Asset Value Per Share [Member]      
Defined Benefit Plan Disclosure [Line Items]      
Total, Plan Assets [2] 41 35  
Equity Funds [Member] | Fair Value Measured at Net Asset Value Per Share [Member]      
Defined Benefit Plan Disclosure [Line Items]      
Total, Plan Assets [3] 218 266  
Fixed Income Funds [Member] | Fair Value Measured at Net Asset Value Per Share [Member]      
Defined Benefit Plan Disclosure [Line Items]      
Total, Plan Assets [3] 318 357  
Real Estate funds [Member] | Fair Value Measured at Net Asset Value Per Share [Member]      
Defined Benefit Plan Disclosure [Line Items]      
Total, Plan Assets [3] 78 65  
Short-term Investments [Member] | Fair Value Measured at Net Asset Value Per Share [Member]      
Defined Benefit Plan Disclosure [Line Items]      
Total, Plan Assets [3] $ 6 $ 8  
[1] This limited partnership interest was initially valued at cost and has been adjusted to fair value as determined in good faith by management of the partnership using various factors, and does not meet the requirements for reporting at the net asset value (NAV). The valuation requires significant judgment due to the absence of quoted market prices and the inherent lack of liquidity. This limited partnership has a term expiring in September 2022, although this period may be extended.
[2] These limited partnership interests were initially valued at cost and have been adjusted using NAV per audited financial statements. Investments are generally not eligible for immediate redemption and have original terms averaging 10 to 13 years, although those periods may be extended.
[3] Commingled trust fund valuations are based on the 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. Generally, for commingled trust funds other than real estate, redemptions are permitted daily with no notice period. The real estate fund is redeemable quarterly with 110 days' notice.
v3.22.1
Pension and Other Postretirement Benefits (Change in Fair Value of Level 3 Assets) (Details) - USD ($)
$ in Millions
 12 Months Ended
Apr. 30, 2022
Apr. 30, 2021
Change in fair value of Level 3 Assets    
Beginning balance $ 836  
Ending balance 741 $ 836
Level 3 [Member]    
Change in fair value of Level 3 Assets    
Beginning balance 2 2
Return on assets held at end of year 0 1
Sales and settlements 0 (1)
Ending balance $ 2 $ 2
v3.22.1
Pension and Other Postretirement Benefits (Change in Fair Value of Pension Plan Assets) (Details) - USD ($)
$ in Millions
 12 Months Ended
Apr. 30, 2022
Apr. 30, 2021
Change in fair value of pension plan Assets    
Beginning balance $ 836  
Ending balance 741 $ 836
Pension Benefits [Member]    
Change in fair value of pension plan Assets    
Beginning balance 836 749
Actual return on assets (25) 124
Retiree contributions 0 0
Company contributions 12 16
Benefits paid (82) (53)
Ending balance 741 836
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
v3.22.1
Pension and Other Postretirement Benefits (Funded Status of Plans) (Details) - USD ($)
$ in Millions
Apr. 30, 2022
Apr. 30, 2021
Apr. 30, 2020
Funded Status of Plans      
Assets $ 741 $ 836  
Pension Benefits [Member]      
Funded Status of Plans      
Assets 741 836 $ 749
Obligations (846) (1,012) (1,005)
Funded status (105) (176)  
Medical and Life Insurance Benefits [Member]      
Funded Status of Plans      
Assets 0 0 0
Obligations (43) (49) $ (51)
Funded status $ (43) $ (49)  
v3.22.1
Pension and Other Postretirement Benefits (Funded Status Recorded on Accompanying Balance Sheets) (Details) - USD ($)
$ in Millions
Apr. 30, 2022
Apr. 30, 2021
Funded status is recorded on the accompanying consolidated balance sheets    
Accrued pension and other postretirement benefits $ (183) $ (219)
Pension Benefits [Member]    
Funded status is recorded on the accompanying consolidated balance sheets    
Other assets 46 4
Accounts payable and accrued expenses (8) (7)
Accrued pension and other postretirement benefits (143) (173)
Net liability (105) (176)
Accumulated other comprehensive income (loss), before tax:    
Net actuarial gain (loss) (201) (298)
Prior service credit (cost) (4) (5)
Total (205) (303)
Medical and Life Insurance Benefits [Member]    
Funded status is recorded on the accompanying consolidated balance sheets    
Other assets 0 0
Accounts payable and accrued expenses (3) (3)
Accrued pension and other postretirement benefits (40) (46)
Net liability (43) (49)
Accumulated other comprehensive income (loss), before tax:    
Net actuarial gain (loss) (3) (9)
Prior service credit (cost) 2 4
Total $ (1) $ (5)
v3.22.1
Pension and Other Postretirement Benefits (Plans with ABO in Excess of Plan Assets) (Details) - USD ($)
$ in Millions
Apr. 30, 2022
Apr. 30, 2021
Apr. 30, 2020
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]      
Total, Plan Assets $ 741 $ 836  
Pension Plan [Member]      
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]      
Defined Benefit Plan, Plan with Accumulated Benefit Obligation in Excess of Plan Assets, Accumulated Benefit Obligation (135) (155)  
Defined Benefit Plan Pension Plans With Assets In Excess Of Accumulated Benefit Obligation Aggregate Accumulated Benefit Obligation (623) (748)  
Defined Benefit Plan, Accumulated Benefit Obligation (758) (903)  
Defined Benefit Plan, Plan with Accumulated Benefit Obligation in Excess of Plan Assets, Plan Assets 0 0  
Defined Benefit Plan Pension Plans With Assets In Excess Of Accumulated Benefit Obligation Aggregate Fair Value Of Plan Assets 741 836  
Total, Plan Assets $ 741 $ 836 $ 749
v3.22.1
Pension and Other Postretirement Benefits (Plans with PBO in Excess of Plan Assets) (Details) - USD ($)
$ in Millions
Apr. 30, 2022
Apr. 30, 2021
Apr. 30, 2020
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]      
Total, Plan Assets $ 741 $ 836  
Pension Plan [Member]      
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]      
Defined Benefit Plan, Pension Plan with Projected Benefit Obligation in Excess of Plan Assets, Projected Benefit Obligation (150) (941)  
Defined Benefit Plan, Pension Plan with Plan Assets in Excess of Projected Benefit Obligation, Projected Benefit Obligation (696) (71)  
Defined Benefit Plan, Benefit Obligation (846) (1,012) $ (1,005)
Defined Benefit Plan, Pension Plan with Projected Benefit Obligation in Excess of Plan Assets, Plan Assets 0 761  
Defined Benefit Plan, Pension Plan with Plan Assets in Excess of Projected Benefit Obligation, Plan Assets 741 75  
Total, Plan Assets $ 741 $ 836 $ 749
v3.22.1
Pension and Other Postretirement Benefits (Schedule of Components of Pension Expense) (Details) - Pension Benefits [Member] - USD ($)
$ in Millions
 12 Months Ended
Apr. 30, 2022
Apr. 30, 2021
Apr. 30, 2020
Pension Expense      
Service cost $ 26 $ 26 $ 24
Interest cost 22 25 31
Expected return on assets (45) (46) (46)
Amortization of prior service cost (credit) 1 1 1
Amortization of net actuarial loss (gain) 23 27 19
Settlement charge 12 0 1
Net cost $ 39 $ 33 $ 30
v3.22.1
Pension and Other Postretirement Benefits (Schedule of Components of Other Postretirement Benefit Expense) (Details) - Medical and Life Insurance Benefits [Member] - USD ($)
$ in Millions
 12 Months Ended
Apr. 30, 2022
Apr. 30, 2021
Apr. 30, 2020
Postretirement medical and life insurance benefit expense      
Service cost $ 1 $ 1 $ 1
Interest cost 1 1 1
Amortization of prior service cost (credit) (2) (3) (3)
Amortization of net actuarial loss (gain) 1 1 1
Net cost $ 1 $ 0 $ 0
v3.22.1
Pension and Other Postretirement Benefits (Changes in Funded Status of Benefit Plans Recognized in Other Comprehensive (Income) Loss) (Details) - USD ($)
$ in Millions
 12 Months Ended
Apr. 30, 2022
Apr. 30, 2021
Apr. 30, 2020
Pension Benefits [Member]      
Amounts recognized in OCI      
Net actuarial gain (loss) $ 62 $ 69 $ (115)
Amortization reclassified to earnings:      
Prior service cost (credit) 1 1 1
Net actuarial loss (gain) 35 27 20
Net amount recognized in OCI 98 97 (94)
Medical and Life Insurance Benefits [Member]      
Amounts recognized in OCI      
Net actuarial gain (loss) 5 1 (2)
Amortization reclassified to earnings:      
Prior service cost (credit) (2) (3) (3)
Net actuarial loss (gain) 1 1 1
Net amount recognized in OCI $ 4 $ (1) $ (4)
v3.22.1
Pension and Other Postretirement Benefits (Assumptions and SensItivity) (Details)
 12 Months Ended
Apr. 30, 2022
Apr. 30, 2021
Apr. 30, 2020
Pension Benefits [Member]      
Assumptions used in computing benefit plan obligations      
Discount rate (percent) 4.36% 3.16%  
Rate of salary increase (percent) 4.00% 4.00%  
Interest crediting rate (percent) 3.06% 3.06%  
Assumptions used in computing benefit plan expense      
Discount rate for service cost (percent) 3.36% 3.49% 4.17%
Discount rate for interest cost (percent) 2.34% 2.56% 3.57%
Rate of salary increase (percent) 4.00% 4.00% 4.00%
Interest crediting rate (percent) 3.06% 3.07% 3.07%
Expected return on plan assets (percent) 6.25% 6.50% 6.50%
Medical and Life Insurance Benefits [Member]      
Assumptions used in computing benefit plan obligations      
Discount rate (percent) 4.33% 3.08%  
Assumptions used in computing benefit plan expense      
Discount rate for service cost (percent) 3.49% 3.59% 4.24%
Discount rate for interest cost (percent) 2.27% 2.47% 3.53%
Assumed health care cost trend rates      
Health care cost trend rate assumed for next year (percent) 6.10% 6.60%  
Rate to which the cost trend rate is assumed to decline (the ultimate trend rate) (percent) 4.50% 4.50%  
v3.22.1
Pension and Other Postretirement Benefits Sponsor Location (Details)
 12 Months Ended
Apr. 30, 2022
Apr. 30, 2021
Pension Plan [Member]    
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]    
Defined Benefit Plan, Sponsor Location [Extensible List] Domestic Plan [Member] Domestic Plan [Member]
Other Postretirement Benefits Plan [Member]    
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]    
Defined Benefit Plan, Sponsor Location [Extensible List] Domestic Plan [Member] Domestic Plan [Member]
v3.22.1
Pension and Other Postretirement Benefits (Textual) (Details)
$ in Millions
Apr. 30, 2022
USD ($)
Pension Benefits [Member]  
Defined Benefit Plan Disclosure [Line Items]  
Expected contribution to benefit plans in 2023 $ 13
Medical and Life Insurance Benefits [Member]  
Defined Benefit Plan Disclosure [Line Items]  
Expected contribution to benefit plans in 2023 $ 3
v3.22.1
Pension and Other Postretirement Benefits (Savings Plans) (Details) - USD ($)
$ in Millions
 12 Months Ended
Apr. 30, 2022
Apr. 30, 2021
Apr. 30, 2020
Retirement Benefits [Abstract]      
Expense for matching contributions $ 13 $ 12 $ 12
v3.22.1
Stock-Based Compensation (Details)
shares in Thousands
Apr. 30, 2022
shares
Share-based Payment Arrangement [Abstract]  
Shares authorized under 2013 Omnibus Compensation Plan (shares) 20,750
Share remaining available for issuance under 2013 Omnibus Compensation Plan (shares) 12,412
v3.22.1
Stock-Based Compensation SSARs (Details) - Stock Appreciation Rights (SARs) [Member]
$ / shares in Units, shares in Thousands, $ in Millions
 12 Months Ended
Apr. 30, 2022
USD ($)
$ / shares
shares
Share-based Compensation Arrangement by Share-based Payment Award, Non-Option Equity Instruments, Outstanding [Roll Forward]  
Outstanding, beginning balance (shares) 4,311
SSARs granted (shares) 451
SSARs exercised (shares) (565)
SSARs forfeited or expired (shares) (29)
SSARs, other (shares) 64
Outstanding, ending balance (shares) 4,232
SSARs exercisable (shares) 2,829
Weighted Average Exercise Price [Roll Forward]  
Weighted average exercise price, beginning (dollars per share) | $ / shares $ 43.54
Weighted average exercise price, grants in period (dollars per share) | $ / shares 71.24
Weighted average exercise price, exercises in period (dollars per share) | $ / shares 29.67
Weighted average exercise price, forfeitures and expirations in period (dollars per share) | $ / shares 63.82
Weighted average exercise price, ending (dollars per share) | $ / shares 47.54
Weighted average exercise price, exercisable (dollars per share) | $ / shares $ 39.55
SSARs outstanding, Weighted Average Remaining Contractual Term (years) 4 years 10 months 24 days
SSARs exercisable, Weighted Average Remaining Contractual Term (years) 3 years 6 months
SSARs outstanding, Aggregate Intrinsic Value | $ $ 86
SSARs exercisable, Aggregate Intrinsic Value | $ $ 79
v3.22.1
Stock-Based Compensation SSARs Fair Value Assumptions (Details) - Stock Appreciation Rights (SARs) [Member] - $ / shares
 12 Months Ended
Apr. 30, 2022
Apr. 30, 2021
Apr. 30, 2020
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Gran-date fair value (dollars per share) $ 16.61 $ 14.61 $ 11.13
Expected term (years) 7 years 7 years 7 years
Risk-free interest rate (percent) 1.00% 0.40% 1.90%
Expected volatility (percent) 24.10% 23.30% 19.30%
Expected dividend yield (percent) 1.00% 1.00% 1.20%
v3.22.1
Stock-Based Compensation PBRSUs (Details) - Performance Based Restricted Stock Units (PBRSUs) [Member] - $ / shares
shares in Thousands
 12 Months Ended
Apr. 30, 2022
Apr. 30, 2021
Apr. 30, 2020
Number of PBRSUs [Roll Forward]      
Outstanding, beginning balance (shares) 254    
PBRSUs granted (shares) 108    
PBRSUs adjusted for performance and dividends (10)    
PBRSUs converted to common shares (shares) (77)    
PBRSUs forfeited (shares) (5)    
Outstanding, ending balance (shares) 270 254  
Weighted Average Fair Value at Grant Date [Roll Forward]      
Weighted Average Fair Value at Grant Date, Outstanding, Beginning (dollars per share) $ 61.76    
Weighted Average Fair Value at Grant Date, Granted (dollars per share) 70.11 $ 73.68 $ 56.99
Weighted Average Fair Value at Grant Date, Adjusted for Performance and Dividends (dollars per share) 55.28    
Weighted Average Fair Value at Grant Date, Converted to Common Shares (dollars per share) 55.28    
Weighted Average Fair Value at Grant Date, Forfeited (dollars per share) 69.19    
Weighted Average Fair Value at Grant Date, Outstanding, Ending (dollars per share) $ 67.02 $ 61.76  
v3.22.1
Stock-Based Compensation PBRSUs Fair Value Assumptions (Details) - Performance Based Restricted Stock Units (PBRSUs) [Member] - $ / shares
 12 Months Ended
Apr. 30, 2022
Apr. 30, 2021
Apr. 30, 2020
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Gran-date fair value (dollars per share) $ 70.11 $ 73.68 $ 56.99
Risk-free interest rate (percent) 0.30% 0.10% 1.80%
Expected volatility (percent) 29.10% 29.90% 21.80%
Expected dividend yield (percent) 1.00% 1.10% 1.20%
Remaining performance period (years) as of grant date 2 years 9 months 18 days 2 years 9 months 18 days 2 years 9 months 18 days
v3.22.1
Stock-Based Compensation DSUs (Details) - Deferred Stock Units (DSUs) [Member] - $ / shares
 12 Months Ended
Apr. 30, 2022
Apr. 30, 2021
Apr. 30, 2020
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Share-based Compensation Arrangement by Share-based Payment Award, Non-Option Equity Instruments, Outstanding, Number 225,000    
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number 201,000    
Gran-date fair value (dollars per share) $ 67.35 $ 63.01 $ 53.34
v3.22.1
Stock-Based Compensation Additional Information (Details) - USD ($)
$ in Millions
 12 Months Ended
Apr. 30, 2022
Apr. 30, 2021
Apr. 30, 2020
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Pre-tax compensation expense $ 15 $ 12 $ 11
Deferred tax benefit 2 2 2
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount $ 9    
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition 1 year 6 months    
Intrinsic value of SSARs exercised $ 23 47 89
Fair value of shares vested 7 13 14
Excess tax benefit from exercise / vesting of awards $ 6 $ 10 $ 20
v3.22.1
Income Taxes (Schedule of Income from U.S. and Foreign Operations) (Details) - USD ($)
$ in Millions
 12 Months Ended
Apr. 30, 2022
Apr. 30, 2021
Apr. 30, 2020
Domestic and Foreign components of our Income before Income taxes      
United States $ 954 $ 832 $ 849
Foreign 160 249 160
Income before income taxes $ 1,114 $ 1,081 $ 1,009
v3.22.1
Income Taxes (Components of Income Tax Expense) (Details) - USD ($)
$ in Millions
 12 Months Ended
Apr. 30, 2022
Apr. 30, 2021
Apr. 30, 2020
Current:      
U.S. federal $ 205 $ 146 $ 95
Foreign 64 50 29
State and local 18 35 19
Current income tax expense 287 231 143
Deferred:      
U.S. federal 1 (4) 34
Foreign (9) (47) 7
State and local (3) (2) (2)
Deferred income taxes expense (11) (53) 39
Total income tax expense $ 276 $ 178 $ 182
v3.22.1
Income Taxes (Effective Tax Rate Reconciliation) (Details)
 12 Months Ended
Apr. 30, 2022
Apr. 30, 2021
Apr. 30, 2020
Reconciles our effective tax rate to the federal statutory tax rate in the United States      
U.S. federal statutory rate 21.00% 21.00% 21.00%
State taxes, net of U.S. federal tax benefit 1.00% 2.40% 1.70%
Income taxed at other than U.S. federal statutory rate 1.30% 0.30% 0.00%
Prior intercompany sales taxed at higher than current U.S. federal statutory rate 2.00% 0.20% 0.00%
Tax benefit from foreign-derived sales (1.80%) (1.70%) (2.00%)
Adjustments related to prior years 0.70% (0.20%) (1.10%)
Excess tax benefits from stock-based awards (0.50%) (1.00%) (2.00%)
Tax rate changes 0.40% 0.00% 0.00%
Intercompany transfer of assets 0.00% (4.00%) 0.00%
Other, net 0.70% (0.50%) 0.40%
Effective rate 24.80% 16.50% 18.00%
v3.22.1
Income Taxes (Deferred Tax Assets and Liabilities) (Details) - USD ($)
$ in Millions
Apr. 30, 2022
Apr. 30, 2021
Deferred tax assets:    
Postretirement and other benefits $ 69 $ 90
Accrued liabilities and other 36 47
Inventories 40 30
Lease liabilities 20 17
Derivative instruments 0 5
Loss and credit carryforwards 69 63
Total deferred tax assets 234 252
Valuation allowance (27) (20)
Total deferred tax assets, net of valuation allowance 207 232
Deferred tax liabilities:    
Intangible assets (219) (214)
Property, plant, and equipment (87) (89)
Right-of-use assets (20) (17)
Derivative instruments (11) 0
Other (15) (11)
Total deferred tax liabilities (352) (331)
Net deferred tax liability $ (145) $ (99)
v3.22.1
Income Taxes (Loss Carryforwards) (Details) - USD ($)
$ in Millions
Apr. 30, 2022
Apr. 30, 2021
Operating Loss Carryforwards [Line Items]    
Loss and Credit Carryforwards $ 294 $ 327
Deferred Tax Assets, Loss and Credit Carryforwards 69 63
Loss and Credit Carryforwards, Valuation Allowance (27) (20)
Domestic Tax Authority    
Operating Loss Carryforwards [Line Items]    
Loss and Credit Carryforwards 53 99
Deferred Tax Assets, Loss and Credit Carryforwards 19 [1] 15
Loss and Credit Carryforwards, Valuation Allowance (8) (5)
Domestic Tax Authority | Not Subject to Expiration [Member]    
Operating Loss Carryforwards [Line Items]    
Deferred Tax Assets, Loss and Credit Carryforwards 8  
Domestic Tax Authority | Subject to Expiration [Member]    
Operating Loss Carryforwards [Line Items]    
Deferred Tax Assets, Loss and Credit Carryforwards 11  
Foreign Tax Authority [Member]    
Operating Loss Carryforwards [Line Items]    
Loss and Credit Carryforwards 241 228
Deferred Tax Assets, Loss and Credit Carryforwards 50 [2] 48
Loss and Credit Carryforwards, Valuation Allowance (19) $ (15)
Foreign Tax Authority [Member] | Not Subject to Expiration [Member]    
Operating Loss Carryforwards [Line Items]    
Deferred Tax Assets, Loss and Credit Carryforwards 19  
Foreign Tax Authority [Member] | Subject to Expiration [Member]    
Operating Loss Carryforwards [Line Items]    
Deferred Tax Assets, Loss and Credit Carryforwards $ 31  
[1] As of April 30, 2022, the deferred tax asset amount includes credit carryforwards of $8 that do not expire and loss and credit carryforwards of $11 that expire in varying amounts from 2023 to 2039.
[2] As of April 30, 2022, the deferred tax asset includes loss carryforwards of $19 that do not expire and $31 that expire in varying amounts over the next 9 years.
v3.22.1
Income Taxes (Earnings of Foreign Subsidiaries) (Details) - USD ($)
$ in Millions
Apr. 30, 2022
Apr. 30, 2021
Income Tax Disclosure [Abstract]    
Undistributed Earnings of Foreign Subsidiaries $ 1,446 $ 1,542
v3.22.1
Income Taxes (Unrecognized Tax Benefits) (Details) - USD ($)
$ in Millions
 12 Months Ended
Apr. 30, 2022
Apr. 30, 2021
Apr. 30, 2020
Reconciliation of Unrecognized Tax Benefits [Roll Forward]      
Unrecognized tax benefits at beginning of year $ 12 $ 11 $ 11
Additions for tax positions provided in prior periods 2 1 2
Additions for tax positions provided in current period 2 2 0
Decreases for tax positions provided in prior years 0 0 (1)
Settlements of tax positions in the current period 0 (1) (1)
Lapse of statutes of limitations (2) (1) 0
Unrecognized tax benefits at end of year 14 $ 12 $ 11
Unrecognized Tax Benefits [Abstract]      
Unrecognized Tax Benefits that Would Impact Effective Tax Rate 11    
Significant Change in Unrecognized Tax Benefits is Reasonably Possible, Amount of Unrecorded Benefit $ 0    
v3.22.1
Acquisitions (Details) - USD ($)
$ in Millions
Dec. 01, 2020
Jul. 03, 2019
Apr. 30, 2022
Apr. 30, 2021
Apr. 30, 2020
Business Acquisition [Line Items]          
Goodwill     $ 761 $ 779 $ 756
The 86 Company [Member]          
Business Acquisition [Line Items]          
Business Acquisition, Percentage of Voting Interests Acquired   100.00%      
Payments to Acquire Businesses, Gross   $ 22      
Goodwill   11      
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Indefinite-Lived Intangible Assets   12      
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Deferred Tax Liabilities   $ 1      
Part Time Rangers Holdings Limited          
Business Acquisition [Line Items]          
Business Acquisition, Percentage of Voting Interests Acquired 100.00%        
Payments to Acquire Businesses, Gross $ 14        
Goodwill 8        
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Indefinite-Lived Intangible Assets 8        
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Deferred Tax Liabilities $ 2        
v3.22.1
Divestiture (Details) - USD ($)
$ in Millions
 12 Months Ended
Apr. 30, 2022
Apr. 30, 2021
Apr. 30, 2020
Jul. 31, 2021
Acquisitions and Divestiture [Abstract]        
Proceeds from Divestiture of Businesses $ 0 $ 177 $ 0  
Disposal Group, Including Discontinued Operation, Assets       $ 50
Disposal Group, Not Discontinued Operation, Gain (Loss) on Disposal $ 0 $ 127 $ 0  
v3.22.1
Derivative Financial Instruments and Hedging Activities (Gain (Loss) on Derivatives Recognized in Consolidated Statement of Operations) (Details) - USD ($)
$ in Millions
 12 Months Ended
Apr. 30, 2022
Apr. 30, 2021
Apr. 30, 2020
Total amounts presented in the accompanying condensed consolidated statements of operations for line items affected by the net gains (losses) shown above: [Abstract]      
Sales $ 5,081 $ 4,526 $ 4,306
Other income (expense), net (59) 15 (11)
Foreign Currency Denominated Debt [Member]      
Foreign currency-denominated debt designated as net investment hedge: [Abstract]      
Net gain (loss) recognized in AOCI 78 (73) 22
Currency derivatives [Member]      
Currency derivatives designated as cash flow hedges: [Abstract]      
Net gain (loss) recognized in AOCI 76 (78) 61
Currency derivatives [Member] | Sales [Member]      
Currency derivatives designated as cash flow hedges: [Abstract]      
Net gain (loss) reclassified from AOCI into earnings 5 21 23
Currency derivatives not designated as hedging instruments: [Abstract]      
Net gain (loss) recognized in earnings 12 (13) 4
Currency derivatives [Member] | Other Income (Expense), Net [Member]      
Currency derivatives designated as cash flow hedges: [Abstract]      
Net gain (loss) reclassified from AOCI into earnings 2 0 0
Currency derivatives not designated as hedging instruments: [Abstract]      
Net gain (loss) recognized in earnings $ 5 $ 17 $ (14)
v3.22.1
Derivative Financial Instruments and Hedging Activities (Fair Value of Derivatives in a Gain (Loss) Position) (Details) - USD ($)
$ in Millions
Apr. 30, 2022
Apr. 30, 2021
Fair values of derivative instruments    
Derivative Asset, Fair Value, Gross Asset $ 52 $ 10
Derivative Liability, Fair Value, Gross Liability (5) (38)
Currency derivatives [Member] | Designated as Hedging Instrument [Member] | Cash Flow Hedging [Member] | Other Current Assets [Member]    
Fair values of derivative instruments    
Derivative Asset, Fair Value, Gross Asset 32 4
Derivative Liability, Fair Value, Gross Liability (3) (2)
Currency derivatives [Member] | Designated as Hedging Instrument [Member] | Cash Flow Hedging [Member] | Other Assets [Member]    
Fair values of derivative instruments    
Derivative Asset, Fair Value, Gross Asset 20 0
Derivative Liability, Fair Value, Gross Liability (1) 0
Currency derivatives [Member] | Designated as Hedging Instrument [Member] | Cash Flow Hedging [Member] | Accrued expenses [Member]    
Fair values of derivative instruments    
Derivative Asset, Fair Value, Gross Asset 0 4
Derivative Liability, Fair Value, Gross Liability 0 (18)
Currency derivatives [Member] | Designated as Hedging Instrument [Member] | Cash Flow Hedging [Member] | Other Liabilities [Member]    
Fair values of derivative instruments    
Derivative Asset, Fair Value, Gross Asset 0 1
Derivative Liability, Fair Value, Gross Liability 0 (18)
Currency derivatives [Member] | Not designated as hedges [Member] | Other Current Assets [Member]    
Fair values of derivative instruments    
Derivative Asset, Fair Value, Gross Asset 0 1
Derivative Liability, Fair Value, Gross Liability 0 0
Currency derivatives [Member] | Not designated as hedges [Member] | Accrued expenses [Member]    
Fair values of derivative instruments    
Derivative Asset, Fair Value, Gross Asset 0 0
Derivative Liability, Fair Value, Gross Liability $ (1) $ 0
v3.22.1
Derivative Financial Instruments and Hedging Activities (Textual) (Details) - USD ($)
$ in Millions
 12 Months Ended
Apr. 30, 2022
Apr. 30, 2021
Derivative Instruments and Hedging Activities [Line Items]    
Maximum Remaining Maturity of Foreign Currency Derivatives 36 months 36 months
Foreign Currency Cash Flow Hedge Gain (Loss) to be Reclassified During Next 12 Months $ 26  
Derivative, Net Liability Position, Aggregate Fair Value 0 $ 30
Foreign Exchange Contract [Member]    
Derivative Instruments and Hedging Activities [Line Items]    
Derivative, Notional Amount 801 1,218
Designated as Hedging Instrument [Member] | Net Investment Hedging [Member]    
Derivative Instruments and Hedging Activities [Line Items]    
Debt Instrument, Face Amount $ 636 $ 680
v3.22.1
Derivative Financial Instruments and Hedging Activities Offsetting Derivative Assets and Liabilities (Details) - USD ($)
$ in Millions
Apr. 30, 2022
Apr. 30, 2021
Offsetting Assets and Liabilities [Line Items]    
Gross Amount of Derivative Assets $ 52 $ 10
Gross Amount of Derivative Liabilities Offset Against Derivative Assets in Balance Sheet (4) (7)
Net Amount of Derivative Assets Presented in Balance Sheet 48 3
Gross Amount of Derivative Liabilities Not Offset Against Derivative Assets in Balance Sheet (1) (1)
Net Amount of Derivative Assets 47 2
Gross Amount of Derivative Liabilities (5) (38)
Gross Amount of Derivative Assets Offset Against Derivative Liabilities in Balance Sheet 4 7
Net Amount of Derivative Liabilities Presented in Balance Sheet (1) (31)
Gross Amount of Derivative Assets Not Offset Against Derivative Liabilities in Balance Sheet 1 1
Net Amount of Derivative Liabilities $ 0 $ (30)
v3.22.1
Fair Value Measurements Fair Value Measurements (Details) - USD ($)
$ in Millions
Apr. 30, 2022
Apr. 30, 2021
Apr. 30, 2020
Assets:      
Cash and cash equivalents, Carrying Amount $ 868 $ 1,150 $ 675
Cash and cash equivalents, Fair Value 868 1,150  
Liabilities:      
Short-term borrowings, Carrying Amount 0 205  
Short-term borrowings, Fair Value 0 205  
Long-term debt (including current portion), Carrying Amount 2,269 2,354  
Fair Value, Inputs, Level 2 [Member]      
Assets:      
Currency derivatives, Fair Value 48 3  
Liabilities:      
Currency derivatives, Fair Value 1 31  
Long-term debt (including current portion), Fair Value 2,239 2,663  
Foreign Exchange Contract [Member]      
Assets:      
Currency derivatives, Carrying Amount 48 3  
Liabilities:      
Currency derivatives, Carrying Amount $ 1 $ 31  
v3.22.1
Impairment Charges (Details)
$ in Millions
 12 Months Ended
Apr. 30, 2022
USD ($)
Fair Value Disclosures [Abstract]  
Tangible Asset Impairment Charges $ 9
Impairment of Intangible Assets, Indefinite-lived (Excluding Goodwill) $ 52
v3.22.1
Leases ROU Assets and Liabilities (Details) - USD ($)
$ in Millions
Apr. 30, 2022
Apr. 30, 2021
Leases [Abstract]    
Right-of-use assets $ 74 $ 67
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible List]    
Lease Liabilities:    
Current $ 21 $ 20
Operating Lease, Liability, Current, Statement of Financial Position [Extensible List]    
Non-current $ 54 $ 49
Operating Lease, Liability, Noncurrent, Statement of Financial Position [Extensible List]    
Total $ 75 $ 69
Weighted-average discount rate 1.80% 1.90%
Weighted-average remaining term 5 years 5 years 3 months 18 days
v3.22.1
Leases Lease Cost and Other Information (Details) - USD ($)
$ in Millions
 12 Months Ended
Apr. 30, 2022
Apr. 30, 2021
Apr. 30, 2020
Leases [Abstract]      
Total lease cost $ 38 $ 41 [1] $ 29 [1]
Cash paid for amounts included in the measurement of lease liabilities 25 26 [2] 21 [2]
Right-of-use assets obtained in exchange for new lease liabilities $ 35 $ 25 $ 35
[1] Consists primarily of operating lease cost. Other components of lease cost were not material.
[2] Classified within operating activities in the accompanying consolidated statements of cash flows.
v3.22.1
Leases Future Operating Lease Payments (Details) - USD ($)
$ in Millions
Apr. 30, 2022
Apr. 30, 2021
Leases [Abstract]    
2023 $ 22  
2024 18  
2025 13  
2026 9  
2027 7  
Thereafter 10  
Total lease payments 79  
Less: Present value discount (4)  
Lease liabilities $ 75 $ 69
v3.22.1
Other Comprehensive Income Schedule of Other Comprehensive Income (Details) - USD ($)
$ in Millions
 12 Months Ended
Apr. 30, 2022
Apr. 30, 2021
Apr. 30, 2020
Before Tax:      
Net other comprehensive income (loss) $ 128 $ 108 $ (151)
Tax Effect:      
Net other comprehensive income (loss) (58) 17 10
Net of Tax:      
Net other comprehensive income (loss) 70 125 (141)
Accumulated Foreign Currency Adjustment Attributable to Parent [Member]      
Before Tax:      
Net gain (loss) (42) 106 (88)
Reclassification to earnings 0 0 0
Net other comprehensive income (loss) (42) 106 (88)
Tax Effect:      
Net gain (loss) (18) 17 (6)
Reclassification to earnings 0 0 0
Net other comprehensive income (loss) (18) 17 (6)
Net of Tax:      
Net gain (loss) (60) 123 (94)
Reclassification to earnings 0 0 0
Net other comprehensive income (loss) (60) 123 (94)
Accumulated Net Gain (Loss) from Cash Flow Hedges Attributable to Parent [Member]      
Before Tax:      
Net gain (loss) 76 (78) 61
Reclassification to earnings [1] (7) (21) (23)
Net other comprehensive income (loss) 69 (99) 38
Tax Effect:      
Net gain (loss) (17) 17 (14)
Reclassification to earnings 1 6 6
Net other comprehensive income (loss) (16) 23 (8)
Net of Tax:      
Net gain (loss) 59 (61) 47
Reclassification to earnings (6) (15) (17)
Net other comprehensive income (loss) 53 (76) 30
Accumulated Defined Benefit Plans Adjustment Attributable to Parent [Member]      
Before Tax:      
Net gain (loss) 67 71 (119)
Reclassification to earnings [2] 34 30 18
Net other comprehensive income (loss) 101 101 (101)
Tax Effect:      
Net gain (loss) (16) (16) 28
Reclassification to earnings (8) (7) (4)
Net other comprehensive income (loss) (24) (23) 24
Net of Tax:      
Net gain (loss) 51 55 (91)
Reclassification to earnings 26 23 14
Net other comprehensive income (loss) 77 78 $ (77)
Accumulated Defined Benefit Plans Adjustment Attributable to Parent [Member] | Gain on sale of business      
Before Tax:      
Reclassification to earnings   $ 4  
Accumulated Defined Benefit Plans Adjustment Attributable to Parent [Member] | Other Income [Member]      
Before Tax:      
Reclassification to earnings $ (2)    
[1] For 2022, $(2) of the pre-tax amount of $(7) is classified in other income in the accompanying consolidated statements of operations. Otherwise, the pre-tax amount for each year is classified as sales.
[2] For 2021, $4 of the pre-tax amount of $30 is classified in gain on sale of business in the accompanying consolidated statements of operations. Otherwise, the pre-tax amount for each year is classified as non-operating postretirement expense.
v3.22.1
Supplemental Information (Net Sales by Geography) (Details) - USD ($)
$ in Millions
 12 Months Ended
Apr. 30, 2022
Apr. 30, 2021
Apr. 30, 2020
Geographic Areas, Revenues from External Customers [Abstract]      
Net sales $ 3,933 $ 3,461 $ 3,363
United States      
Geographic Areas, Revenues from External Customers [Abstract]      
Net sales 1,917 1,748 1,690
Germany      
Geographic Areas, Revenues from External Customers [Abstract]      
Net sales 228 206 171
Australia      
Geographic Areas, Revenues from External Customers [Abstract]      
Net sales 219 209 155
United Kingdom      
Geographic Areas, Revenues from External Customers [Abstract]      
Net sales 218 205 180
Mexico      
Geographic Areas, Revenues from External Customers [Abstract]      
Net sales 178 150 155
Other Countries      
Geographic Areas, Revenues from External Customers [Abstract]      
Net sales $ 1,173 $ 943 $ 1,012
v3.22.1
Supplemental Information Major Customers (Details) - Revenue from Contract with Customer, Product and Service Benchmark [Member] - Customer Concentration Risk
 12 Months Ended
Apr. 30, 2022
Apr. 30, 2021
Apr. 30, 2020
Largest Customer [Member]      
Percentage of Net Sales from Major Customers [Abstract]      
Concentration Risk, Percentage 14.00% 19.00% 18.00%
Second Largest Customer [Member]      
Percentage of Net Sales from Major Customers [Abstract]      
Concentration Risk, Percentage 12.00% 13.00% 13.00%
v3.22.1
Supplemental Information (PP&E) (Details) - USD ($)
$ in Millions
Apr. 30, 2022
Apr. 30, 2021
Property, Plant and Equipment [Abstract]    
Property, Plant and Equipment, Net $ 875 $ 832
Non-US [Member]    
Property, Plant and Equipment [Abstract]    
Property, Plant and Equipment, Net $ 116 $ 107
v3.22.1
Schedule II - Valuation and Qualifying Accounts (Details) - USD ($)
$ in Millions
 12 Months Ended
Apr. 30, 2022
Apr. 30, 2021
Apr. 30, 2020
SEC Schedule, 12-09, Allowance, Credit Loss [Member]      
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward]      
Balance at Beginning of Period $ 7 $ 11 $ 7
Additions Charged to Costs and Expenses 7 0 4
Additions Charged to Other Accounts 0 0 0
Deductions 1 [1] 4 0 [1]
Balance at End of Period 13 7 11
SEC Schedule, 12-09, Valuation Allowance, Deferred Tax Asset [Member]      
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward]      
Balance at Beginning of Period 20 22 25
Additions Charged to Costs and Expenses 8 10 2
Additions Charged to Other Accounts 0 0 0
Deductions 1 12 5
Balance at End of Period $ 27 $ 20 $ 22
[1] Doubtful accounts written off, net of recoveries.