BROWN FORMAN CORP, 10-Q filed on 12/5/2024
Quarterly Report
v3.24.3
Document and Entity Information - shares
 6 Months Ended
Oct. 31, 2024
Nov. 30, 2024
Document Information [Line Items]    
Document Type 10-Q  
Document Quarterly Report true  
Document Period End Date Oct. 31, 2024  
Document Transition Report false  
Entity File Number 001-00123  
Entity Registrant Name Brown-Forman Corporation  
Entity Incorporation, State or Country Code DE  
Entity Tax Identification Number 61-0143150  
Entity Address, Address Line One 850 Dixie Highway  
Entity Address, City or Town Louisville,  
Entity Address, State or Province KY  
Entity Address, Postal Zip Code 40210  
City Area Code 502  
Local Phone Number 585-1100  
Entity Current Reporting Status Yes  
Entity Interactive Data Current Yes  
Entity Filer Category Large Accelerated Filer  
Entity Small Business false  
Entity Emerging Growth Company false  
Entity Shell Company false  
Entity Central Index Key 0000014693  
Amendment Flag false  
Document Fiscal Year Focus 2025  
Document Fiscal Period Focus Q2  
Current Fiscal Year End Date --04-30  
Common stock, Class A, voting [Member]    
Document Information [Line Items]    
Title of 12(b) Security Class A Common Stock (voting), $0.15 par value  
Trading Symbol BFA  
Security Exchange Name NYSE  
Entity Common Stock, Shares Outstanding   169,123,305
Common stock, Class B, nonvoting [Member]    
Document Information [Line Items]    
Title of 12(b) Security Class B Common Stock (nonvoting), $0.15 par value  
Trading Symbol BFB  
Security Exchange Name NYSE  
Entity Common Stock, Shares Outstanding   303,537,999
1.20% notes, due July 7, 2026 [Member]    
Document Information [Line Items]    
Title of 12(b) Security 1.200% Notes due 2026  
Trading Symbol BF26  
Security Exchange Name NYSE  
2.60% notes, due July 7, 2028 [Member]    
Document Information [Line Items]    
Title of 12(b) Security 2.600% Notes due 2028  
Trading Symbol BF28  
Security Exchange Name NYSE  
v3.24.3
Condensed Consolidated Statements of Operations (Unaudited) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Oct. 31, 2024
Oct. 31, 2023
Oct. 31, 2024
Oct. 31, 2023
Income Statement [Abstract]        
Sales $ 1,376 $ 1,405 $ 2,587 $ 2,731
Excise taxes 281 298 541 586
Net sales 1,095 1,107 2,046 2,145
Cost of sales 449 436 835 823
Gross profit 646 671 1,211 1,322
Advertising expenses 126 140 252 271
Selling, general, and administrative expenses 187 192 375 392
Other expense (income), net (8) 0 (38) (7)
Operating income 341 339 622 666
Non-operating postretirement expense 1 0 1 1
Interest income (3) (2) (7) (4)
Interest expense 32 31 64 60
Equity method investment income (2) 0 (2) 0
Income before income taxes 313 310 566 609
Income taxes 55 68 113 136
Net income $ 258 $ 242 $ 453 $ 473
Earnings per share:        
Basic (dollars per share) $ 0.55 $ 0.50 $ 0.96 $ 0.99
Diluted (dollars per share) $ 0.55 $ 0.50 $ 0.96 $ 0.98
v3.24.3
Condensed Consolidated Statements of Comprehensive Income (Unaudited) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Oct. 31, 2024
Oct. 31, 2023
Oct. 31, 2024
Oct. 31, 2023
Statement of Comprehensive Income [Abstract]        
Net income $ 258 $ 242 $ 453 $ 473
Other comprehensive income (loss), net of tax:        
Currency translation adjustments (26) (104) (68) (65)
Cash flow hedge adjustments (1) 12 (3) 7
Postretirement benefits adjustments 0 1 1 3
Net other comprehensive income (loss) (27) (91) (70) (55)
Comprehensive income $ 231 $ 151 $ 383 $ 418
v3.24.3
Condensed Consolidated Balance Sheets (Unaudited) - USD ($)
$ in Millions
Oct. 31, 2024
Apr. 30, 2024
Assets    
Cash and cash equivalents $ 416 $ 446
Accounts receivable, less allowance for doubtful accounts of $8 at April 30 and $9 at October 31 954 769
Inventories:    
Barreled whiskey 1,563 1,490
Finished goods 438 452
Work in process 376 396
Raw materials and supplies 188 218
Total inventories 2,565 2,556
Other current assets 261 265
Total current assets 4,196 4,036
Property, plant, and equipment, net 1,060 1,074
Goodwill 1,468 1,455
Other intangible assets 1,000 990
Equity method investments 272 270
Deferred tax assets 60 69
Other assets 276 272
Total assets 8,332 8,166
Liabilities    
Accounts payable and accrued expenses 695 793
Accrued income taxes 46 38
Short-term borrowings 512 428
Current portion of long-term debt 300 300
Total current liabilities 1,553 1,559
Long-term debt 2,391 2,372
Deferred tax liabilities 290 315
Accrued pension and other postretirement benefits 159 160
Other liabilities 234 243
Total liabilities 4,627 4,649
Commitments and contingencies
Stockholders' Equity    
Additional paid-in capital 21 13
Retained earnings 4,508 4,261
Accumulated other comprehensive income (loss), net of tax (291) (221)
Treasury stock, at cost (11,932,000 and 11,871,000 shares at April 30 and October 31, respectively) (605) (608)
Total stockholders' equity 3,705 3,517
Total liabilities and stockholders' equity 8,332 8,166
Common stock, Class A, voting [Member]    
Stockholders' Equity    
Common stock 25 25
Common stock, Class B, nonvoting [Member]    
Stockholders' Equity    
Common stock $ 47 $ 47
v3.24.3
Condensed Consolidated Balance Sheets (Parenthetical) - USD ($)
$ in Millions
Oct. 31, 2024
Apr. 30, 2024
Statement of Financial Position [Abstract]    
Allowance for doubtful accounts $ 9 $ 8
Treasury Stock, Common, Shares 11,871,000 11,932,000
Common Class A [Member]    
Class of Stock [Line Items]    
Common stock, par value (dollars per share) $ 0.15 $ 0.15
Common stock, shares authorized 170,000,000 170,000,000
Common stock, shares issued 170,000,000 170,000,000
Nonvoting Common Stock [Member]    
Class of Stock [Line Items]    
Common stock, par value (dollars per share) $ 0.15 $ 0.15
Common stock, shares authorized 400,000,000 400,000,000
Common stock, shares issued 314,532,000 314,532,000
v3.24.3
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Millions
 6 Months Ended
Oct. 31, 2024
Oct. 31, 2023
Cash flows from operating activities:    
Net income $ 453 $ 473
Adjustments to reconcile net income to net cash provided by operations:    
Depreciation and amortization 44 41
Stock-based compensation expense 13 11
Deferred income tax benefit (12) (15)
Change in fair value of contingent consideration 5 (2)
Equity method investment income (2) 0
Other, net (10) 0
Changes in assets and liabilities:    
Accounts receivable (194) (103)
Inventories (76) (337)
Other current assets (2) 46
Accounts payable and accrued expenses (70) (31)
Accrued income taxes 6 16
Other operating assets and liabilities (26) (2)
Cash provided by operating activities 129 97
Cash flows from investing activities:    
Additions to property, plant, and equipment (72) (79)
Proceeds from sale of assets 51 13
Other, net 0 5
Cash used for investing activities (21) (61)
Cash flows from financing activities:    
Net change in short-term borrowings 83 220
Payments of withholding taxes related to stock-based awards (2) (4)
Acquisition of treasury stock 0 (42)
Dividends paid (206) (197)
Other, net (4) 0
Cash used for financing activities (129) (23)
Effect of exchange rate changes on cash, cash equivalents, and restricted cash (9) (7)
Net increase (decrease) in cash, cash equivalents, and restricted cash (30) 6
Cash, cash equivalents, and restricted cash at beginning of period 456 384
Cash, cash equivalents, and restricted cash at end of period 426 390
Less: Restricted cash (included in other current assets) at end of period (10) (10)
Less: Cash included in assets held for sale at end of period 0 (7)
Cash and cash equivalents at end of period 416 373
Supplemental information:    
Non-cash additions to property, plant and equipment 8 15
Right-of-use assets obtained in exchange for new lease obligations $ 20 $ 24
v3.24.3
Condensed Consolidated Financial Statements
 6 Months Ended
Oct. 31, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Condensed Consolidated Financial Statements Condensed Consolidated Financial Statements 
We prepared the accompanying unaudited condensed consolidated financial statements pursuant to the rules and regulations of the U.S. Securities and Exchange Commission for interim financial information. In accordance with those rules and regulations, we condensed or omitted certain information and disclosures normally included in annual financial statements prepared in accordance with U.S. generally accepted accounting principles (GAAP). In our opinion, the accompanying financial statements include all adjustments, consisting only of normal recurring adjustments (unless otherwise indicated), necessary for a fair statement of our financial results for the periods presented in these financial statements. The results for interim periods are not necessarily indicative of future or annual results.

We suggest that you read these condensed financial statements together with the financial statements and footnotes included in our Annual Report on Form 10-K for the fiscal year ended April 30, 2024 (2024 Form 10-K). We prepared the accompanying financial statements on a basis that is substantially consistent with the accounting principles applied in our 2024 Form 10-K.

Accounting standards not yet adopted. In November 2023, the Financial Accounting Standards Board (FASB) issued an updated accounting standard requiring additional disclosures about significant segment expenses and other segment items. The update also requires interim disclosure of segment information that is currently required only on an annual basis. We are required to adopt the updated standard for annual disclosures beginning in fiscal 2025, and for interim disclosures in fiscal 2026, with earlier adoption permitted. The update is to be applied retroactively.

In December 2023, the FASB issued an updated accounting standard requiring additional annual disclosures about income taxes, primarily related to the rate reconciliation and information about income taxes paid. We are required to adopt the new guidance beginning in fiscal 2026, with earlier adoption permitted. The update can be applied either prospectively or retrospectively.

In November 2024, the FASB issued an updated accounting standard requiring disaggregation, in the notes to the financial statements, of expense line items in the income statement that include certain categories of expenses. We are required to adopt the updated standard for annual disclosures beginning in fiscal 2028, and for interim disclosures in fiscal 2029, with earlier adoption permitted. The update can be applied either prospectively or retrospectively.

We are currently evaluating the impact that adopting these accounting standards updates will have on our disclosures.
v3.24.3
Earnings Per Share
 6 Months Ended
Oct. 31, 2024
Earnings Per Share [Abstract]  
Earnings Per Share Earnings Per Share 
We calculate basic earnings per share by dividing net income available to common stockholders by the weighted average number of common shares outstanding during the period. Diluted earnings per share further includes the dilutive effect of stock-based compensation awards. We calculate that dilutive effect using the “treasury stock method” (as defined by GAAP).
The following table presents information concerning basic and diluted earnings per share:
Three Months EndedSix Months Ended
October 31,October 31,
(Dollars in millions, except per share amounts)2023202420232024
Net income available to common stockholders$242 $258 $473 $453 
Share data (in thousands):  
Basic average common shares outstanding479,200 472,660 479,262 472,647 
Dilutive effect of stock-based awards915 397 972 350 
Diluted average common shares outstanding480,115 473,057 480,234 472,997 
Basic earnings per share$0.50 $0.55 $0.99 $0.96 
Diluted earnings per share$0.50 $0.55 $0.98 $0.96 

We excluded common stock-based awards for approximately 1,688,000 shares and 3,018,000 shares from the calculation of diluted earnings per share for the three months ended October 31, 2023 and 2024, respectively. We excluded common stock-based awards for approximately 1,486,000 shares and 2,800,000 shares from the calculation of diluted earnings per share for the six months ended October 31, 2023 and 2024, respectively. We excluded those awards because they were not dilutive for those periods under the treasury stock method.
v3.24.3
Inventories
 6 Months Ended
Oct. 31, 2024
Inventory Disclosure [Abstract]  
Inventories Inventories
We value some of our consolidated inventories, including most of our U.S. inventories, at the lower of cost, using the last-in, first-out (LIFO) method or market value. If the LIFO method had not been used, inventories at current cost would have been $512 million higher than reported as of April 30, 2024, and $552 million higher than reported as of October 31, 2024. Changes in the LIFO valuation reserve for interim periods are based on an allocation of the projected change for the entire fiscal year, recognized proportionately over the remainder of the fiscal year.
v3.24.3
Goodwill and Other Intangible Assets
 6 Months Ended
Oct. 31, 2024
Goodwill and Intangible Assets Disclosure [Abstract]  
Goodwill and Other Intangible Assets Goodwill and Other Intangible Assets
The following table shows the changes in goodwill (which includes no accumulated impairment losses) and other intangible assets during the six months ended October 31, 2024:
(Dollars in millions)Goodwill
Other Intangible Assets
Balance at April 30, 2024
$1,455 $990 
Foreign currency translation adjustment13 10 
Balance at October 31, 2024
$1,468 $1,000 

Our other intangible assets consist of trademarks and brand names, all with indefinite useful lives.
v3.24.3
Equity Method Investments
 6 Months Ended
Oct. 31, 2024
Equity Method Investments and Joint Ventures [Abstract]  
Equity Method Investments Equity Method Investments
Our equity method investments include a 21.4% ownership of the common stock of The Duckhorn Portfolio, Inc. (“Duckhorn”), which we obtained as partial consideration for our sale of the Sonoma-Cutrer wine business to Duckhorn on April 30, 2024. Our other equity method investments are immaterial.

The carrying amount of our investment in Duckhorn was $267 million as of April 30, 2024, reflecting the fair value of the common stock, based on its quoted market price at the April 30, 2024 closing date of the transaction. The carrying amount as of October 31, 2024, was $269 million, which includes the initial carrying amount of $267 million and $2 million subsequently recognized for our share of Duckhorn’s earnings.

The difference between the carrying amount of the investment and our proportionate share of the net assets of Duckhorn was not material as of both April 30, 2024, and October 31, 2024. As of October 31, 2024, the fair value of the investment was $346 million.
In connection with our sale of the Sonoma-Cutrer wine business to Duckhorn, we agreed to a lock-up provision under which we are restricted from selling or otherwise disposing of our equity investment in Duckhorn. The restriction period will terminate no later than October 31, 2025.

Also, effective April 30, 2024, we entered into a transition services agreement (TSA) with Duckhorn related to the sale of the Sonoma-Cutrer wine business. Our cost of sales for the three months and six months ended October 31, 2024, included $2 million and $24 million, respectively, for Sonoma-Cuter products purchased from Duckhorn under the TSA. Fees earned for transition services provided to Duckhorn under the TSA were immaterial. Services related to the TSA ended on or about August 31, 2024.

On October 6, 2024, Duckhorn entered into a definitive agreement pursuant to which Duckhorn will be acquired by private equity funds. Under the terms of the agreement, upon completion of the proposed transaction, we would receive cash of $350 million in exchange for our 21.4% ownership interest in Duckhorn. The completion of the transaction, which is expected to occur by April 30, 2025, is subject to customary closing conditions, including approval by Duckhorn’s stockholders.
v3.24.3
Contingencies
 6 Months Ended
Oct. 31, 2024
Commitments and Contingencies Disclosure [Abstract]  
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 were recorded as of October 31, 2024.
v3.24.3
Debt
 6 Months Ended
Oct. 31, 2024
Debt Disclosure [Abstract]  
Debt Debt
Our long-term debt (net of unamortized discount and issuance costs) consisted of:
(Principal and carrying amounts in millions)April 30, 2024October 31,
2024
3.50% senior notes, $300 principal amount, due April 15, 2025
$300 $300 
1.20% senior notes, €300 principal amount, due July 7, 2026
321 325 
2.60% senior notes, £300 principal amount, due July 7, 2028
375 388 
4.75% senior notes, $650 principal amount, due April 15, 2033
643 644 
4.00% senior notes, $300 principal amount, due April 15, 2038
295 296 
3.75% senior notes, $250 principal amount, due January 15, 2043
248 248 
4.50% senior notes, $500 principal amount, due July 15, 2045
490 490 
2,672 2,691 
Less current portion300 300 
$2,372 $2,391 
Our short-term borrowings consisted of borrowings under our commercial paper program, as follows:
(Dollars in millions)April 30, 2024October 31,
2024
Commercial paper (par amount)$429$514
Average interest rate5.49%4.93%
Average remaining days to maturity1224
v3.24.3
Stockholders' Equity
 6 Months Ended
Oct. 31, 2024
Equity, Attributable to Parent [Abstract]  
Stockholders' Equity Stockholders’ Equity
The following table shows the changes in stockholders’ equity by quarter during the six months ended October 31, 2023:
(Dollars in millions)
Class A Common Stock
Class B Common Stock
Additional Paid-in Capital
Retained Earnings
AOCI
Treasury Stock
Total
Balance at April 30, 2023
$25 $47 $1 $3,643 $(235)$(213)$3,268 
Net income231 231 
Net other comprehensive income (loss)36 36 
Declaration of cash dividends (197)(197)
Stock-based compensation expense4 4 
Stock issued under compensation plans3 3 
Loss on issuance of treasury stock issued under compensation plans(4)(3)(7)
Balance at July 31, 2023
25 47 1 3,674 (199)(210)3,338 
Net income242 242 
Net other comprehensive income (loss)(91)(91)
Acquisition of treasury stock(42)(42)
Stock-based compensation expense7 7 
Balance at October 31, 2023
$25 $47 $8 $3,916 $(290)$(252)$3,454 

The following table shows the changes in stockholders’ equity by quarter during the six months ended October 31, 2024:
(Dollars in millions)
Class A Common Stock
Class B Common Stock
Additional Paid-in Capital
Retained Earnings
AOCI
Treasury Stock
Total
Balance at April 30, 2024$25 $47 $13 $4,261 $(221)$(608)$3,517 
Net income195 195 
Net other comprehensive income (loss)(43)(43)
Declaration of cash dividends(206)(206)
Stock-based compensation expense4 4 
Stock issued under compensation plans3 3 
Loss on issuance of treasury stock issued under compensation plans(5)(5)
Balance at July 31, 202425 47 12 4,250 (264)(605)3,465 
Net income258 258 
Net other comprehensive income (loss)(27)(27)
Stock-based compensation expense9 9 
Balance at October 31, 2024$25 $47 $21 $4,508 $(291)$(605)$3,705 

The following table shows the change in each component of accumulated other comprehensive income (AOCI), net of tax, during the six months ended October 31, 2024:
(Dollars in millions)
Currency Translation Adjustments
Cash Flow Hedge Adjustments
Postretirement Benefits Adjustments
Total AOCI
Balance at April 30, 2024
$(111)$10 $(120)$(221)
Net other comprehensive income (loss)(68)(3)1 (70)
Balance at October 31, 2024
$(179)$7 $(119)$(291)
The following table shows the cash dividends declared per share on our Class A and Class B common stock during the six months ended October 31, 2024:
Declaration DateRecord DatePayable DateAmount per Share
May 23, 2024June 7, 2024July 1, 2024$0.2178
July 25, 2024September 3, 2024October 1, 2024$0.2178
On November 21, 2024, our Board of Directors increased the quarterly cash dividend on our Class A and Class B common stock from $0.2178 to $0.2265 per share. The quarterly cash dividend is payable on January 2, 2025, to stockholders of record on December 6, 2024.
v3.24.3
Net Sales
 6 Months Ended
Oct. 31, 2024
Net Sales [Abstract]  
Net Sales Net Sales 
The following table shows our net sales by geography:
Three Months EndedSix Months Ended
October 31,October 31,
(Dollars in millions)2023202420232024
United States
$531 $489 $973 $908 
Developed International1
291 289 600 569 
Emerging2
221 242 442 427 
Travel Retail3
44 45 90 86 
Non-branded and bulk4
20 30 40 56 
Total$1,107 $1,095 $2,145 $2,046 
1Represents net sales of branded products to “advanced economies” as defined by the International Monetary Fund (IMF), excluding the United States. Our top developed international markets are Germany, Australia, the United Kingdom, France, Canada, and Spain.
2Represents net sales of branded products to “emerging and developing economies” as defined by the IMF. Our top emerging markets are Mexico, Poland, and Brazil.
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 services, and non-branded bulk whiskey, regardless of customer location.

The following table shows our net sales by product category:
Three Months EndedSix Months Ended
October 31,October 31,
(Dollars in millions)2023202420232024
Whiskey1
$739 $769 $1,436 $1,428 
Ready-to-Drink2
132 133 270 254 
Tequila3
81 72 162 134 
Non-branded and bulk4
20 30 40 56 
Rest of portfolio5
135 91 237 174 
Total$1,107 $1,095 $2,145 $2,046 
1Includes all whiskey spirits and whiskey-based flavored liqueurs. The brands included in this category are the Jack Daniel's family of brands (excluding the “ready-to-drink” products outlined below), the Woodford Reserve family of brands, the Old Forester family of brands, The GlenDronach, Benriach, Glenglassaugh, Slane Irish Whiskey, and Coopers’ Craft.
2Includes the Jack Daniel’s ready-to-drink (RTD) and ready-to-pour (RTP) products, New Mix, and other RTD/RTP products.
3Includes el Jimador, the Herradura family of brands, and other tequilas.
4Includes net sales of used barrels, contract bottling services, and non-branded bulk whiskey.
5Includes Sonoma-Cutrer (which was divested on April 30, 2024), Korbel California Champagnes, Diplomático, Gin Mare, Chambord, Finlandia Vodka (which was divested on November 1, 2023), Fords Gin, and Korbel Brandy.
v3.24.3
Pension and Other Postretirement Benefits
 6 Months Ended
Oct. 31, 2024
Retirement Benefits [Abstract]  
Pension and Other Postretirement Benefits Pension Costs
The following table shows the components of the net cost recognized for our U.S. pension plans. Similar information for other defined benefit plans is not presented due to immateriality.
Three Months EndedSix Months Ended
October 31,October 31,
(Dollars in millions)2023202420232024
Service cost$5 $4 $9 $8 
Interest cost8 9 17 18 
Expected return on plan assets(10)(10)(19)(19)
Amortization of net actuarial loss2 1 3 1 
Net cost$5 $4 $10 $8 
v3.24.3
Income Taxes
 6 Months Ended
Oct. 31, 2024
Income Tax Disclosure [Abstract]  
Income Taxes Income Taxes
Our consolidated interim effective tax rate is based on our expected annual operating income, statutory tax rates, and income tax laws in the various jurisdictions where we operate. Significant or unusual items, including adjustments to accruals for tax uncertainties, are recognized in the fiscal quarter in which the related event or a change in judgment occurs. The effective tax rate on ordinary income for the full fiscal year is expected to be 21.8%, which is higher than the U.S. federal statutory rate of 21.0%, due to the impact of state taxes and the tax effects of foreign operations, partially offset by the beneficial impact of the foreign-derived intangible income deduction.

The effective tax rate of 20.1% for the six months ended October 31, 2024, was lower than the expected tax rate of 21.8% on ordinary income for the full fiscal year ending April 30, 2025, primarily due to the beneficial impact of state income tax refunds related to amended prior year returns, partially offset by the impact of increased valuation allowances in the current period. The effective tax rate of 20.1% for the six months ended October 31, 2024, was lower than the effective tax rate of 22.4% for the same period last year, primarily due to the beneficial impact of state income tax refunds related to amended prior year returns and the absence of an unfavorable tax rate change in the prior fiscal year, partially offset by the impact of increased valuation allowances in the current period.

The OECD (Organization for Economic Co-operation and Development) 15% global minimum tax under the Pillar Two Model Rules, which is now effective in countries with enacted legislation, did not materially impact our financial results in the six months ended October 31, 2024. We will continue to evaluate the impact in future periods as previously-enacting countries issue related guidance and additional countries consider adoption of the global minimum tax rules.
v3.24.3
Derivative Financial Instruments and Hedging Activities
 6 Months Ended
Oct. 31, 2024
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 rate risk that we cannot mitigate internally by using netting strategies. We designate most of these contracts as cash flow hedges of forecasted transactions (expected to occur within two years). We record all changes in the fair value of cash flow hedges in AOCI until the underlying hedged transaction occurs, at which time we reclassify that amount to earnings.

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

We had outstanding currency derivatives, related primarily to our euro, British pound, and Australian dollar exposures, with notional amounts for all hedged currencies totaling $566 million at April 30, 2024, and $515 million at October 31, 2024. The maximum term of outstanding derivative contracts was 24 months at both April 30, 2024 and October 31, 2024.

We also use foreign currency-denominated debt instruments to help manage our foreign currency exchange rate risk. We designate a portion of those debt instruments as net investment hedges, which are intended to mitigate foreign currency
exposure related to non-U.S. dollar net investments in certain foreign subsidiaries. Any change in value of the designated portion of the hedging instruments is recorded in AOCI, offsetting the foreign currency translation adjustment of the related net investments that is also recorded in AOCI. The amount of foreign currency-denominated debt instruments designated as net investment hedges was $497 million at April 30, 2024, and $512 million at October 31, 2024.

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 assess the effectiveness of our hedges continually. If we determine that any financial instruments designated as hedges are no longer highly effective, we discontinue hedge accounting for those instruments.

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:
Three Months Ended
October 31,
(Dollars in millions)Classification20232024
Derivative Instruments
Currency derivatives designated as cash flow hedges:   
Net gain (loss) recognized in AOCIn/a$21 $(2)
Net gain (loss) reclassified from AOCI into earningsSales5 (1)
Currency derivatives not designated as hedging instruments:   
Net gain (loss) recognized in earningsSales$4 $1 
Net gain (loss) recognized in earningsOther income (expense), net(1)(2)
Non-Derivative Hedging Instruments
Foreign currency-denominated debt designated as net investment hedge:
Net gain (loss) recognized in AOCIn/a$26 $(6)
Total amounts presented in the accompanying condensed consolidated statements of operations for line items affected by the net gains (losses) shown above:
Sales$1,405 $1,376 
Other income (expense), net— 8 
Six Months Ended
October 31,
(Dollars in millions)Classification20232024
Derivative Instruments
Currency derivatives designated as cash flow hedges:   
Net gain (loss) recognized in AOCIn/a$17 $(1)
Net gain (loss) reclassified from AOCI into earningsSales8 3 
Currency derivatives not designated as hedging instruments:   
Net gain (loss) recognized in earningsSales$2 $— 
Net gain (loss) recognized in earningsOther income (expense), net6 (6)
Non-Derivative Hedging Instruments
Foreign currency-denominated debt designated as net investment hedge:
Net gain (loss) recognized in AOCIn/a$17 $(15)
Total amounts presented in the accompanying condensed consolidated statements of operations for line items affected by the net gains (losses) shown above:
Sales$2,731 $2,587 
Other income (expense), net7 38 

We expect to reclassify $4 million of deferred net gains on cash flow hedges recorded in AOCI as of October 31, 2024 to earnings during the next 12 months. This reclassification would offset the anticipated earnings impact of the underlying hedged exposures. The actual amounts that we ultimately reclassify to earnings will depend on the exchange rates in effect when the underlying hedged transactions occur.

The following table presents the fair values of our derivative instruments:
April 30, 2024October 31, 2024
(Dollars in millions)
Classification
Derivative Assets
Derivative Liabilities
Derivative Assets
Derivative Liabilities
Designated as cash flow hedges:
Currency derivativesOther current assets$11 $(2)$8 $(3)
Currency derivativesOther assets1 (1)1 — 
Not designated as hedges:
Currency derivativesAccrued expenses— (1)— (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 investment-grade credit ratings and with whom we have standard International Swaps and Derivatives Association (ISDA) agreements that allow for net settlement of the derivative contracts. Also, we have established counterparty credit guidelines that we monitor regularly, and we monetize contracts when we believe it is warranted. Because of these safeguards, we believe we have no derivative positions that warrant credit valuation adjustments.

Our derivative instruments require us to maintain a specific level of creditworthiness, which we have maintained. If our creditworthiness were to fall below that level, then the counterparties to our derivative instruments could request immediate payment or collateralization for derivative instruments in net liability positions. The aggregate fair value of our derivatives with
creditworthiness requirements that were in a net liability position was $1 million at April 30, 2024, and $1 million at October 31, 2024.

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:
(Dollars in millions)
Gross Amounts of Recognized Assets (Liabilities)
Gross Amounts Offset in Balance Sheet
Net Amounts Presented in Balance Sheet
Gross Amounts Not Offset in Balance Sheet
Net Amounts
April 30, 2024
Derivative assets$12 $(3)$9 $— $9 
Derivative liabilities(4)3 (1)— (1)
October 31, 2024
Derivative assets9 (3)6 — 6 
Derivative liabilities(4)3 (1)— (1)

No cash collateral was received or pledged related to our derivative contracts as of April 30, 2024, or October 31, 2024.
v3.24.3
Fair Value Measurements
 6 Months Ended
Oct. 31, 2024
Fair Value Disclosures [Abstract]  
Fair Value Measurements Fair Value Measurements
The following table summarizes the assets and liabilities measured or disclosed at fair value on a recurring basis:
April 30, 2024October 31, 2024
 CarryingFairCarryingFair
(Dollars in millions)AmountValueAmountValue
Assets  
Cash and cash equivalents$446 $446 $416 $416 
Currency derivatives, net9 9 6 6 
Liabilities  
Currency derivatives, net1 1 1 1 
Contingent consideration
69 69 75 75 
Short-term borrowings428 428 512 512 
Long-term debt (including current portion)
2,672 2,468 2,691 2,547 

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 determine the fair value of our contingent consideration liability using a Monte Carlo simulation model, which requires the use of Level 3 inputs, such as projected future net sales, discount rates, and volatility rates. Changes in any of these Level 3 inputs could result in material changes to the fair value of the contingent consideration and could materially impact the amount of noncash expense (or income) recorded each reporting period.

The following table shows the changes in our contingent consideration liability during the six months ended October 31, 2024:
(Dollars in millions)
Balance at April 30, 2024$69 
Change in fair value1
5 
Foreign currency translation adjustment1 
Balance at October 31, 2024$75 
1Classified as “other expense (income), net” in the accompanying condensed consolidated statement of operations.

We measure some assets and liabilities at fair value on a nonrecurring basis. That is, we do not measure them at fair value on an ongoing basis, but we do adjust them to fair value in some circumstances (for example, when we determine that an asset is impaired). No material nonrecurring fair value measurements were required during the periods presented in these financial statements.
v3.24.3
Other Comprehensive Income
 6 Months Ended
Oct. 31, 2024
Statement of Comprehensive Income [Abstract]  
Other Comprehensive Income Other Comprehensive Income
The following table shows the components of net other comprehensive income (loss):
Three Months EndedThree Months Ended
October 31, 2023October 31, 2024
(Dollars in millions)Pre-TaxTaxNetPre-TaxTaxNet
Currency translation adjustments:
Net gain (loss) on currency translation$(98)$(6)$(104)$(27)$1 $(26)
Reclassification to earnings— — — — — — 
Other comprehensive income (loss), net(98)(6)(104)(27)1 (26)
Cash flow hedge adjustments:
Net gain (loss) on hedging instruments21 (5)16 (2)— (2)
Reclassification to earnings1
(5)1 (4)1 — 1 
Other comprehensive income (loss), net16 (4)12 (1)— (1)
Postretirement benefits adjustments:
Net actuarial gain (loss) and prior service cost— — — — — — 
Reclassification to earnings2
2 (1)1 — — — 
Other comprehensive income (loss), net2 (1)1 — — — 
Total other comprehensive income (loss), net$(80)$(11)$(91)$(28)$1 $(27)
Six Months EndedSix Months Ended
October 31, 2023October 31, 2024
(Dollars in millions)Pre-TaxTaxNetPre-TaxTaxNet
Currency translation adjustments:
Net gain (loss) on currency translation$(61)$(4)$(65)$(71)$3 $(68)
Reclassification to earnings— — — — — — 
Other comprehensive income (loss), net(61)(4)(65)(71)3 (68)
Cash flow hedge adjustments:
Net gain (loss) on hedging instruments17 (4)13 (1)— (1)
Reclassification to earnings1
(8)2 (6)(3)1 (2)
Other comprehensive income (loss), net9 (2)7 (4)1 (3)
Postretirement benefits adjustments:
Net actuarial gain (loss) and prior service cost— — — — — — 
Reclassification to earnings2
4 (1)3 1 — 1 
Other comprehensive income (loss), net4 (1)3 1 — 1 
Total other comprehensive income (loss), net$(48)$(7)$(55)$(74)$4 $(70)
1Pre-tax amount for each period is classified as sales in the accompanying condensed consolidated statements of operations.
2Pre-tax amount for each period is classified as non-operating postretirement expense in the accompanying condensed consolidated statements of operations.
v3.24.3
Pay vs Performance Disclosure - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Oct. 31, 2024
Jul. 31, 2024
Oct. 31, 2023
Jul. 31, 2023
Oct. 31, 2024
Oct. 31, 2023
Pay vs Performance Disclosure            
Net income $ 258 $ 195 $ 242 $ 231 $ 453 $ 473
v3.24.3
Insider Trading Arrangements
 6 Months Ended
Oct. 31, 2024
Trading Arrangements, by Individual  
Rule 10b5-1 Arrangement Adopted false
Non-Rule 10b5-1 Arrangement Adopted false
Rule 10b5-1 Arrangement Terminated false
Non-Rule 10b5-1 Arrangement Terminated false
v3.24.3
Condensed Consolidated Financial Statements (Policies)
 6 Months Ended
Oct. 31, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
New Accounting Pronouncements, Policy [Policy Text Block]
Accounting standards not yet adopted. In November 2023, the Financial Accounting Standards Board (FASB) issued an updated accounting standard requiring additional disclosures about significant segment expenses and other segment items. The update also requires interim disclosure of segment information that is currently required only on an annual basis. We are required to adopt the updated standard for annual disclosures beginning in fiscal 2025, and for interim disclosures in fiscal 2026, with earlier adoption permitted. The update is to be applied retroactively.

In December 2023, the FASB issued an updated accounting standard requiring additional annual disclosures about income taxes, primarily related to the rate reconciliation and information about income taxes paid. We are required to adopt the new guidance beginning in fiscal 2026, with earlier adoption permitted. The update can be applied either prospectively or retrospectively.

In November 2024, the FASB issued an updated accounting standard requiring disaggregation, in the notes to the financial statements, of expense line items in the income statement that include certain categories of expenses. We are required to adopt the updated standard for annual disclosures beginning in fiscal 2028, and for interim disclosures in fiscal 2029, with earlier adoption permitted. The update can be applied either prospectively or retrospectively.

We are currently evaluating the impact that adopting these accounting standards updates will have on our disclosures.
v3.24.3
Inventories (Policies)
 6 Months Ended
Oct. 31, 2024
Inventory Disclosure [Abstract]  
Inventory, Policy [Policy Text Block] We value some of our consolidated inventories, including most of our U.S. inventories, at the lower of cost, using the last-in, first-out (LIFO) method or market value.
v3.24.3
Derivative Financial Instruments and Hedging Activities (Policies)
 6 Months Ended
Oct. 31, 2024
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 sheet
v3.24.3
Earnings Per Share (Tables)
 6 Months Ended
Oct. 31, 2024
Earnings Per Share [Abstract]  
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block]
The following table presents information concerning basic and diluted earnings per share:
Three Months EndedSix Months Ended
October 31,October 31,
(Dollars in millions, except per share amounts)2023202420232024
Net income available to common stockholders$242 $258 $473 $453 
Share data (in thousands):  
Basic average common shares outstanding479,200 472,660 479,262 472,647 
Dilutive effect of stock-based awards915 397 972 350 
Diluted average common shares outstanding480,115 473,057 480,234 472,997 
Basic earnings per share$0.50 $0.55 $0.99 $0.96 
Diluted earnings per share$0.50 $0.55 $0.98 $0.96 
v3.24.3
Goodwill and Other Intangible Assets (Tables)
 6 Months Ended
Oct. 31, 2024
Goodwill and Intangible Assets Disclosure [Abstract]  
Schedule of Intangible Assets and Goodwill [Table Text Block]
The following table shows the changes in goodwill (which includes no accumulated impairment losses) and other intangible assets during the six months ended October 31, 2024:
(Dollars in millions)Goodwill
Other Intangible Assets
Balance at April 30, 2024
$1,455 $990 
Foreign currency translation adjustment13 10 
Balance at October 31, 2024
$1,468 $1,000 
v3.24.3
Debt (Tables)
 6 Months Ended
Oct. 31, 2024
Debt Disclosure [Abstract]  
Schedule of Long-term Debt Instruments [Table Text Block]
Our long-term debt (net of unamortized discount and issuance costs) consisted of:
(Principal and carrying amounts in millions)April 30, 2024October 31,
2024
3.50% senior notes, $300 principal amount, due April 15, 2025
$300 $300 
1.20% senior notes, €300 principal amount, due July 7, 2026
321 325 
2.60% senior notes, £300 principal amount, due July 7, 2028
375 388 
4.75% senior notes, $650 principal amount, due April 15, 2033
643 644 
4.00% senior notes, $300 principal amount, due April 15, 2038
295 296 
3.75% senior notes, $250 principal amount, due January 15, 2043
248 248 
4.50% senior notes, $500 principal amount, due July 15, 2045
490 490 
2,672 2,691 
Less current portion300 300 
$2,372 $2,391 
Schedule of Short-term Debt [Table Text Block]
Our short-term borrowings consisted of borrowings under our commercial paper program, as follows:
(Dollars in millions)April 30, 2024October 31,
2024
Commercial paper (par amount)$429$514
Average interest rate5.49%4.93%
Average remaining days to maturity1224
v3.24.3
Stockholders' Equity (Tables)
 6 Months Ended
Oct. 31, 2024
Equity, Attributable to Parent [Abstract]  
Schedule of Stockholders Equity [Table Text Block]
The following table shows the changes in stockholders’ equity by quarter during the six months ended October 31, 2023:
(Dollars in millions)
Class A Common Stock
Class B Common Stock
Additional Paid-in Capital
Retained Earnings
AOCI
Treasury Stock
Total
Balance at April 30, 2023
$25 $47 $1 $3,643 $(235)$(213)$3,268 
Net income231 231 
Net other comprehensive income (loss)36 36 
Declaration of cash dividends (197)(197)
Stock-based compensation expense4 4 
Stock issued under compensation plans3 3 
Loss on issuance of treasury stock issued under compensation plans(4)(3)(7)
Balance at July 31, 2023
25 47 1 3,674 (199)(210)3,338 
Net income242 242 
Net other comprehensive income (loss)(91)(91)
Acquisition of treasury stock(42)(42)
Stock-based compensation expense7 7 
Balance at October 31, 2023
$25 $47 $8 $3,916 $(290)$(252)$3,454 

The following table shows the changes in stockholders’ equity by quarter during the six months ended October 31, 2024:
(Dollars in millions)
Class A Common Stock
Class B Common Stock
Additional Paid-in Capital
Retained Earnings
AOCI
Treasury Stock
Total
Balance at April 30, 2024$25 $47 $13 $4,261 $(221)$(608)$3,517 
Net income195 195 
Net other comprehensive income (loss)(43)(43)
Declaration of cash dividends(206)(206)
Stock-based compensation expense4 4 
Stock issued under compensation plans3 3 
Loss on issuance of treasury stock issued under compensation plans(5)(5)
Balance at July 31, 202425 47 12 4,250 (264)(605)3,465 
Net income258 258 
Net other comprehensive income (loss)(27)(27)
Stock-based compensation expense9 9 
Balance at October 31, 2024$25 $47 $21 $4,508 $(291)$(605)$3,705 
Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block]
The following table shows the change in each component of accumulated other comprehensive income (AOCI), net of tax, during the six months ended October 31, 2024:
(Dollars in millions)
Currency Translation Adjustments
Cash Flow Hedge Adjustments
Postretirement Benefits Adjustments
Total AOCI
Balance at April 30, 2024
$(111)$10 $(120)$(221)
Net other comprehensive income (loss)(68)(3)1 (70)
Balance at October 31, 2024
$(179)$7 $(119)$(291)
Dividends Declared [Table Text Block]
The following table shows the cash dividends declared per share on our Class A and Class B common stock during the six months ended October 31, 2024:
Declaration DateRecord DatePayable DateAmount per Share
May 23, 2024June 7, 2024July 1, 2024$0.2178
July 25, 2024September 3, 2024October 1, 2024$0.2178
v3.24.3
Net Sales (Tables)
 6 Months Ended
Oct. 31, 2024
Net Sales [Abstract]  
Disaggregation of Revenue [Table Text Block]
The following table shows our net sales by geography:
Three Months EndedSix Months Ended
October 31,October 31,
(Dollars in millions)2023202420232024
United States
$531 $489 $973 $908 
Developed International1
291 289 600 569 
Emerging2
221 242 442 427 
Travel Retail3
44 45 90 86 
Non-branded and bulk4
20 30 40 56 
Total$1,107 $1,095 $2,145 $2,046 
1Represents net sales of branded products to “advanced economies” as defined by the International Monetary Fund (IMF), excluding the United States. Our top developed international markets are Germany, Australia, the United Kingdom, France, Canada, and Spain.
2Represents net sales of branded products to “emerging and developing economies” as defined by the IMF. Our top emerging markets are Mexico, Poland, and Brazil.
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 services, and non-branded bulk whiskey, regardless of customer location.

The following table shows our net sales by product category:
Three Months EndedSix Months Ended
October 31,October 31,
(Dollars in millions)2023202420232024
Whiskey1
$739 $769 $1,436 $1,428 
Ready-to-Drink2
132 133 270 254 
Tequila3
81 72 162 134 
Non-branded and bulk4
20 30 40 56 
Rest of portfolio5
135 91 237 174 
Total$1,107 $1,095 $2,145 $2,046 
1Includes all whiskey spirits and whiskey-based flavored liqueurs. The brands included in this category are the Jack Daniel's family of brands (excluding the “ready-to-drink” products outlined below), the Woodford Reserve family of brands, the Old Forester family of brands, The GlenDronach, Benriach, Glenglassaugh, Slane Irish Whiskey, and Coopers’ Craft.
2Includes the Jack Daniel’s ready-to-drink (RTD) and ready-to-pour (RTP) products, New Mix, and other RTD/RTP products.
3Includes el Jimador, the Herradura family of brands, and other tequilas.
4Includes net sales of used barrels, contract bottling services, and non-branded bulk whiskey.
5Includes Sonoma-Cutrer (which was divested on April 30, 2024), Korbel California Champagnes, Diplomático, Gin Mare, Chambord, Finlandia Vodka (which was divested on November 1, 2023), Fords Gin, and Korbel Brandy.
v3.24.3
Pension and Other Postretirement Benefits (Tables)
 6 Months Ended
Oct. 31, 2024
Retirement Benefits [Abstract]  
Schedule of Defined Benefit Plans Disclosures [Table Text Block]
The following table shows the components of the net cost recognized for our U.S. pension plans. Similar information for other defined benefit plans is not presented due to immateriality.
Three Months EndedSix Months Ended
October 31,October 31,
(Dollars in millions)2023202420232024
Service cost$5 $4 $9 $8 
Interest cost8 9 17 18 
Expected return on plan assets(10)(10)(19)(19)
Amortization of net actuarial loss2 1 3 1 
Net cost$5 $4 $10 $8 
v3.24.3
Derivative Financial Instruments and Hedging Activities (Tables)
 6 Months Ended
Oct. 31, 2024
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Derivative Instruments, Gain (Loss) [Table Text Block]
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:
Three Months Ended
October 31,
(Dollars in millions)Classification20232024
Derivative Instruments
Currency derivatives designated as cash flow hedges:   
Net gain (loss) recognized in AOCIn/a$21 $(2)
Net gain (loss) reclassified from AOCI into earningsSales5 (1)
Currency derivatives not designated as hedging instruments:   
Net gain (loss) recognized in earningsSales$4 $1 
Net gain (loss) recognized in earningsOther income (expense), net(1)(2)
Non-Derivative Hedging Instruments
Foreign currency-denominated debt designated as net investment hedge:
Net gain (loss) recognized in AOCIn/a$26 $(6)
Total amounts presented in the accompanying condensed consolidated statements of operations for line items affected by the net gains (losses) shown above:
Sales$1,405 $1,376 
Other income (expense), net— 8 
Six Months Ended
October 31,
(Dollars in millions)Classification20232024
Derivative Instruments
Currency derivatives designated as cash flow hedges:   
Net gain (loss) recognized in AOCIn/a$17 $(1)
Net gain (loss) reclassified from AOCI into earningsSales8 3 
Currency derivatives not designated as hedging instruments:   
Net gain (loss) recognized in earningsSales$2 $— 
Net gain (loss) recognized in earningsOther income (expense), net6 (6)
Non-Derivative Hedging Instruments
Foreign currency-denominated debt designated as net investment hedge:
Net gain (loss) recognized in AOCIn/a$17 $(15)
Total amounts presented in the accompanying condensed consolidated statements of operations for line items affected by the net gains (losses) shown above:
Sales$2,731 $2,587 
Other income (expense), net7 38 
Schedule of Derivative Instruments in Statement of Financial Position, Fair Value [Table Text Block]
The following table presents the fair values of our derivative instruments:
April 30, 2024October 31, 2024
(Dollars in millions)
Classification
Derivative Assets
Derivative Liabilities
Derivative Assets
Derivative Liabilities
Designated as cash flow hedges:
Currency derivativesOther current assets$11 $(2)$8 $(3)
Currency derivativesOther assets1 (1)1 — 
Not designated as hedges:
Currency derivativesAccrued expenses— (1)— (1)
Offsetting Derivative Assets and Liabilities [Table Text Block]
The following table summarizes the gross and net amounts of our derivative contracts:
(Dollars in millions)
Gross Amounts of Recognized Assets (Liabilities)
Gross Amounts Offset in Balance Sheet
Net Amounts Presented in Balance Sheet
Gross Amounts Not Offset in Balance Sheet
Net Amounts
April 30, 2024
Derivative assets$12 $(3)$9 $— $9 
Derivative liabilities(4)3 (1)— (1)
October 31, 2024
Derivative assets9 (3)6 — 6 
Derivative liabilities(4)3 (1)— (1)
v3.24.3
Fair Value Measurements (Tables)
 6 Months Ended
Oct. 31, 2024
Fair Value Disclosures [Abstract]  
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis [Table Text Block]
The following table summarizes the assets and liabilities measured or disclosed at fair value on a recurring basis:
April 30, 2024October 31, 2024
 CarryingFairCarryingFair
(Dollars in millions)AmountValueAmountValue
Assets  
Cash and cash equivalents$446 $446 $416 $416 
Currency derivatives, net9 9 6 6 
Liabilities  
Currency derivatives, net1 1 1 1 
Contingent consideration
69 69 75 75 
Short-term borrowings428 428 512 512 
Long-term debt (including current portion)
2,672 2,468 2,691 2,547 
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Table Text Block]
The following table shows the changes in our contingent consideration liability during the six months ended October 31, 2024:
(Dollars in millions)
Balance at April 30, 2024$69 
Change in fair value1
5 
Foreign currency translation adjustment1 
Balance at October 31, 2024$75 
1Classified as “other expense (income), net” in the accompanying condensed consolidated statement of operations.
v3.24.3
Other Comprehensive Income (Tables)
 6 Months Ended
Oct. 31, 2024
Statement of Comprehensive Income [Abstract]  
Comprehensive Income (Loss) [Table Text Block]
The following table shows the components of net other comprehensive income (loss):
Three Months EndedThree Months Ended
October 31, 2023October 31, 2024
(Dollars in millions)Pre-TaxTaxNetPre-TaxTaxNet
Currency translation adjustments:
Net gain (loss) on currency translation$(98)$(6)$(104)$(27)$1 $(26)
Reclassification to earnings— — — — — — 
Other comprehensive income (loss), net(98)(6)(104)(27)1 (26)
Cash flow hedge adjustments:
Net gain (loss) on hedging instruments21 (5)16 (2)— (2)
Reclassification to earnings1
(5)1 (4)1 — 1 
Other comprehensive income (loss), net16 (4)12 (1)— (1)
Postretirement benefits adjustments:
Net actuarial gain (loss) and prior service cost— — — — — — 
Reclassification to earnings2
2 (1)1 — — — 
Other comprehensive income (loss), net2 (1)1 — — — 
Total other comprehensive income (loss), net$(80)$(11)$(91)$(28)$1 $(27)
Six Months EndedSix Months Ended
October 31, 2023October 31, 2024
(Dollars in millions)Pre-TaxTaxNetPre-TaxTaxNet
Currency translation adjustments:
Net gain (loss) on currency translation$(61)$(4)$(65)$(71)$3 $(68)
Reclassification to earnings— — — — — — 
Other comprehensive income (loss), net(61)(4)(65)(71)3 (68)
Cash flow hedge adjustments:
Net gain (loss) on hedging instruments17 (4)13 (1)— (1)
Reclassification to earnings1
(8)2 (6)(3)1 (2)
Other comprehensive income (loss), net9 (2)7 (4)1 (3)
Postretirement benefits adjustments:
Net actuarial gain (loss) and prior service cost— — — — — — 
Reclassification to earnings2
4 (1)3 1 — 1 
Other comprehensive income (loss), net4 (1)3 1 — 1 
Total other comprehensive income (loss), net$(48)$(7)$(55)$(74)$4 $(70)
1Pre-tax amount for each period is classified as sales in the accompanying condensed consolidated statements of operations.
2Pre-tax amount for each period is classified as non-operating postretirement expense in the accompanying condensed consolidated statements of operations.
v3.24.3
Earnings Per Share (Details) - USD ($)
$ / shares in Units, shares in Thousands, $ in Millions
 3 Months Ended 6 Months Ended
Oct. 31, 2024
Oct. 31, 2023
Oct. 31, 2024
Oct. 31, 2023
Earnings Per Share [Abstract]        
Net income available to common stockholders, basic $ 258 $ 242 $ 453 $ 473
Net income available to common stockholders, diluted $ 258 $ 242 $ 453 $ 473
Share data (in thousands):        
Basic average common shares outstanding 472,660 479,200 472,647 479,262
Dilutive effect of stock-based awards 397 915 350 972
Diluted average common shares outstanding 473,057 480,115 472,997 480,234
Basic earnings per share (dollars per share) $ 0.55 $ 0.50 $ 0.96 $ 0.99
Diluted earnings per share (dollars per share) $ 0.55 $ 0.50 $ 0.96 $ 0.98
v3.24.3
Earnings Per Share (Details Textual) - shares
shares in Thousands
 3 Months Ended 6 Months Ended
Oct. 31, 2024
Oct. 31, 2023
Oct. 31, 2024
Oct. 31, 2023
Earnings Per Share (Textual) [Abstract]        
Common stock-based awards excluded from the calculation of diluted earnings per share 3,018 1,688 2,800 1,486
v3.24.3
Inventories (Details) - USD ($)
$ in Millions
Oct. 31, 2024
Apr. 30, 2024
Inventories (Textual) [Abstract]    
Excess of current costs over stated LIFO value $ 552 $ 512
v3.24.3
Goodwill and Other Intangible Assets (Details)
$ in Millions
 6 Months Ended
Oct. 31, 2024
USD ($)
Goodwill [Roll Forward]  
Balance at April 30, 2024 $ 1,455
Foreign currency translation adjustment 13
Balance at October 31, 2024 1,468
Indefinite-lived Intangible Assets [Roll Forward]  
Balance at April 30, 2024 990
Foreign currency translation adjustment 10
Balance at October 31, 2024 $ 1,000
v3.24.3
Equity Method Investments (Details) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended 12 Months Ended
Oct. 31, 2024
Oct. 31, 2023
Oct. 31, 2024
Oct. 31, 2023
Apr. 30, 2025
Apr. 30, 2024
Schedule of Equity Method Investments [Line Items]            
Equity method investments $ 272   $ 272     $ 270
Related Party Transaction, Purchases from Related Party 2   24      
Income (Loss) from Equity Method Investments $ 2 $ 0 $ 2 $ 0    
Duckhorn            
Schedule of Equity Method Investments [Line Items]            
Equity Method Investment, Ownership Percentage 21.40%   21.40%     21.40%
Equity method investments $ 269   $ 269     $ 267
Equity Method Investment, Quoted Market Value $ 346   346      
Income (Loss) from Equity Method Investments     $ 2      
Duckhorn | Forecast [Member]            
Schedule of Equity Method Investments [Line Items]            
Proceeds from Sale of Equity Method Investments         $ 350  
v3.24.3
Debt (Details)
€ in Millions, £ in Millions, $ in Millions
 6 Months Ended
Oct. 31, 2024
USD ($)
Oct. 31, 2024
EUR (€)
Oct. 31, 2024
GBP (£)
Apr. 30, 2024
USD ($)
Apr. 30, 2024
EUR (€)
Apr. 30, 2024
GBP (£)
Debt Instrument [Line Items]            
Long-term debt, including current portion $ 2,691     $ 2,672    
Current portion of long-term debt 300     300    
Long-term debt 2,391     2,372    
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          
Debt Instrument, Interest Rate, Stated Percentage 3.50% 3.50% 3.50% 3.50% 3.50% 3.50%
Long-term debt, including current portion $ 300     $ 300    
1.20% notes, due July 7, 2026 [Member]            
Debt Instrument [Line Items]            
Debt Instrument, Face Amount | €   € 300     € 300  
Debt Instrument, Maturity Date Jul. 07, 2026          
Debt Instrument, Interest Rate, Stated Percentage 1.20% 1.20% 1.20% 1.20% 1.20% 1.20%
Long-term debt, including current portion $ 325     $ 321    
2.60% notes, due July 7, 2028 [Member]            
Debt Instrument [Line Items]            
Debt Instrument, Face Amount | £     £ 300     £ 300
Debt Instrument, Maturity Date Jul. 07, 2028          
Debt Instrument, Interest Rate, Stated Percentage 2.60% 2.60% 2.60% 2.60% 2.60% 2.60%
Long-term debt, including current portion $ 388     $ 375    
4.75% senior notes, due April 15, 2033 {Member}            
Debt Instrument [Line Items]            
Debt Instrument, Face Amount $ 650     $ 650    
Debt Instrument, Maturity Date Apr. 15, 2033          
Debt Instrument, Interest Rate, Stated Percentage 4.75% 4.75% 4.75% 4.75% 4.75% 4.75%
Long-term debt, including current portion $ 644     $ 643    
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          
Debt Instrument, Interest Rate, Stated Percentage 4.00% 4.00% 4.00% 4.00% 4.00% 4.00%
Long-term debt, including current portion $ 296     $ 295    
3.75% notes, due January 15, 2043 [Member]            
Debt Instrument [Line Items]            
Debt Instrument, Face Amount $ 250     $ 250    
Debt Instrument, Maturity Date Jan. 15, 2043          
Debt Instrument, Interest Rate, Stated Percentage 3.75% 3.75% 3.75% 3.75% 3.75% 3.75%
Long-term debt, including current portion $ 248     $ 248    
4.50% notes, due July 15, 2045 [Member]            
Debt Instrument [Line Items]            
Debt Instrument, Face Amount $ 500     $ 500    
Debt Instrument, Maturity Date Jul. 15, 2045          
Debt Instrument, Interest Rate, Stated Percentage 4.50% 4.50% 4.50% 4.50% 4.50% 4.50%
Long-term debt, including current portion $ 490     $ 490    
v3.24.3
Debt Short-term Borrowings (Details) - Commercial Paper - USD ($)
$ in Millions
 6 Months Ended 12 Months Ended
Oct. 31, 2024
Apr. 30, 2024
Short-Term Debt [Line Items]    
Commercial paper (par amount) $ 514 $ 429
Average interest rate 4.93% 5.49%
Average remaining days to maturity 24 days 12 days
v3.24.3
Stockholders' Equity (Details) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Oct. 31, 2024
Jul. 31, 2024
Oct. 31, 2023
Jul. 31, 2023
Oct. 31, 2024
Oct. 31, 2023
Beginning balance $ 3,465 $ 3,517 $ 3,338 $ 3,268 $ 3,517 $ 3,268
Net income 258 195 242 231 453 473
Net other comprehensive income (loss) (27) (43) (91) 36 (70) (55)
Declaration of cash dividends   (206)   (197)    
Acquisition of treasury stock     (42)      
Stock-based compensation expense 9 4 7 4    
Stock issued under compensation plans   3   3    
Loss on issuance of treasury stock issued under compensation plans   (5)   (7)    
Ending balance 3,705 3,465 3,454 3,338 3,705 3,454
Additional Paid-in Capital [Member]            
Beginning balance 12 13 1 1 13 1
Stock-based compensation expense 9 4 7 4    
Loss on issuance of treasury stock issued under compensation plans   (5)   (4)    
Ending balance 21 12 8 1 21 8
Retained Earnings [Member]            
Beginning balance 4,250 4,261 3,674 3,643 4,261 3,643
Net income 258 195 242 231    
Declaration of cash dividends   (206)   (197)    
Loss on issuance of treasury stock issued under compensation plans     (3)    
Ending balance 4,508 4,250 3,916 3,674 4,508 3,916
AOCI Attributable to Parent [Member]            
Beginning balance (264) (221) (199) (235) (221) (235)
Net other comprehensive income (loss) (27) (43) (91) 36    
Ending balance (291) (264) (290) (199) (291) (290)
Treasury Stock, Common [Member]            
Beginning balance (605) (608) (210) (213) (608) (213)
Acquisition of treasury stock     (42)      
Stock issued under compensation plans   3   3    
Ending balance (605) (605) (252) (210) (605) (252)
Common stock, Class A, voting [Member] | Common Stock [Member]            
Beginning balance 25 25 25 25 25 25
Ending balance 25 25 25 25 25 25
Common stock, Class B, nonvoting [Member] | Common Stock [Member]            
Beginning balance 47 47 47 47 47 47
Ending balance $ 47 $ 47 $ 47 $ 47 $ 47 $ 47
v3.24.3
Stockholders' Equity Accumulated Other Comprehensive Income (Details) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Oct. 31, 2024
Jul. 31, 2024
Oct. 31, 2023
Jul. 31, 2023
Oct. 31, 2024
Oct. 31, 2023
Accumulated Other Comprehensive Income (Loss) [Line Items]            
Beginning balance   $ (221)     $ (221)  
Net other comprehensive income (loss) $ (27) (43) $ (91) $ 36 (70) $ (55)
Ending balance (291)       (291)  
Accumulated Foreign Currency Adjustment Attributable to Parent [Member]            
Accumulated Other Comprehensive Income (Loss) [Line Items]            
Beginning balance   (111)     (111)  
Net other comprehensive income (loss) (26)   (104)   (68) (65)
Ending balance (179)       (179)  
Accumulated Net Gain (Loss) from Cash Flow Hedges Attributable to Parent [Member]            
Accumulated Other Comprehensive Income (Loss) [Line Items]            
Beginning balance   10     10  
Net other comprehensive income (loss) (1)   12   (3) 7
Ending balance 7       7  
Accumulated Defined Benefit Plans Adjustment Attributable to Parent [Member]            
Accumulated Other Comprehensive Income (Loss) [Line Items]            
Beginning balance   (120)     (120)  
Net other comprehensive income (loss) 0   1   1 $ 3
Ending balance (119)       $ (119)  
AOCI Attributable to Parent [Member]            
Accumulated Other Comprehensive Income (Loss) [Line Items]            
Net other comprehensive income (loss) $ (27) $ (43) $ (91) $ 36    
v3.24.3
Stockholders' Equity Dividends (Details) - $ / shares
 6 Months Ended
Nov. 21, 2024
Oct. 31, 2024
July 2024 dividend payment    
Class of Stock [Line Items]    
Dividends Payable, Date Declared   May 23, 2024
Dividends Payable, Date of Record   Jun. 07, 2024
Dividends Payable, Date to be Paid   Jul. 01, 2024
Common Stock, Dividends, Per Share, Declared   $ 0.2178
October 2024 dividend payment    
Class of Stock [Line Items]    
Dividends Payable, Date Declared   Jul. 25, 2024
Dividends Payable, Date of Record   Sep. 03, 2024
Dividends Payable, Date to be Paid   Oct. 01, 2024
Common Stock, Dividends, Per Share, Declared   $ 0.2178
Subsequent Event [Member] | January 2025 dividend payment    
Class of Stock [Line Items]    
Dividends Payable, Date Declared Nov. 21, 2024  
Dividends Payable, Date of Record Dec. 06, 2024  
Dividends Payable, Date to be Paid Jan. 02, 2025  
Common Stock, Dividends, Per Share, Declared $ 0.2265  
v3.24.3
Net Sales by Geography (Details) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Oct. 31, 2024
Oct. 31, 2023
Oct. 31, 2024
Oct. 31, 2023
Disaggregation of Revenue [Line Items]        
Net sales $ 1,095 $ 1,107 $ 2,046 $ 2,145
United States [Member]        
Disaggregation of Revenue [Line Items]        
Net sales 489 531 908 973
Developed International [Member]        
Disaggregation of Revenue [Line Items]        
Net sales [1] 289 291 569 600
Emerging [Member]        
Disaggregation of Revenue [Line Items]        
Net sales [2] 242 221 427 442
Travel Retail [Member]        
Disaggregation of Revenue [Line Items]        
Net sales [3] 45 44 86 90
Non-branded and bulk [Member]        
Disaggregation of Revenue [Line Items]        
Net sales [4] $ 30 $ 20 $ 56 $ 40
[1] Represents net sales of branded products to “advanced economies” as defined by the International Monetary Fund (IMF), excluding the United States. Our top developed international markets are Germany, Australia, the United Kingdom, France, Canada, and Spain.
[2] Represents net sales of branded products to “emerging and developing economies” as defined by the IMF. Our top emerging markets are Mexico, Poland, and Brazil.
[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 services, and non-branded bulk whiskey, regardless of customer location.
v3.24.3
Net Sales by Product Category (Details) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Oct. 31, 2024
Oct. 31, 2023
Oct. 31, 2024
Oct. 31, 2023
Disaggregation of Revenue [Line Items]        
Net sales $ 1,095 $ 1,107 $ 2,046 $ 2,145
Whiskey [Member]        
Disaggregation of Revenue [Line Items]        
Net sales [1] 769 739 1,428 1,436
Ready-to-Drink        
Disaggregation of Revenue [Line Items]        
Net sales [2] 133 132 254 270
Tequila [Member]        
Disaggregation of Revenue [Line Items]        
Net sales [3] 72 81 134 162
Non-branded and bulk [Member]        
Disaggregation of Revenue [Line Items]        
Net sales [4] 30 20 56 40
Rest of portfolio [Member]        
Disaggregation of Revenue [Line Items]        
Net sales [5] $ 91 $ 135 $ 174 $ 237
[1] Includes all whiskey spirits and whiskey-based flavored liqueurs. The brands included in this category are the Jack Daniel's family of brands (excluding the “ready-to-drink” products outlined below), the Woodford Reserve family of brands, the Old Forester family of brands, The GlenDronach, Benriach, Glenglassaugh, Slane Irish Whiskey, and Coopers’ Craft.
[2] Includes the Jack Daniel’s ready-to-drink (RTD) and ready-to-pour (RTP) products, New Mix, and other RTD/RTP products.
[3] Includes el Jimador, the Herradura family of brands, and other tequilas.
[4] Includes net sales of used barrels, contract bottling services, and non-branded bulk whiskey.
[5] Includes Sonoma-Cutrer (which was divested on April 30, 2024), Korbel California Champagnes, Diplomático, Gin Mare, Chambord, Finlandia Vodka (which was divested on November 1, 2023), Fords Gin, and Korbel Brandy.
v3.24.3
Pension and Other Postretirement Benefits (Details) - Pension Benefits [Member] - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Oct. 31, 2024
Oct. 31, 2023
Oct. 31, 2024
Oct. 31, 2023
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]        
Defined Benefit Plan, Sponsor Location [Extensible List]        
Service cost $ 4 $ 5 $ 8 $ 9
Interest cost 9 8 18 17
Expected return on plan assets (10) (10) (19) (19)
Amortization of net actuarial loss (gain) 1 2 1 3
Net cost $ 4 $ 5 $ 8 $ 10
v3.24.3
Income Taxes (Details)
 6 Months Ended
Oct. 31, 2024
Oct. 31, 2023
Expected Tax Rate on Ordinary Income 21.80%  
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent 21.00%  
Effective Income Tax Rate Reconciliation, Percent 20.10% 22.40%
v3.24.3
Derivative Financial Instruments and Hedging Activities (Details) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Oct. 31, 2024
Oct. 31, 2023
Oct. 31, 2024
Oct. 31, 2023
Total amounts presented in the accompanying consolidated statements of operations for line items affected by the net gains (losses) shown above: [Abstract]        
Sales $ 1,376 $ 1,405 $ 2,587 $ 2,731
Other income (expense), net 8 0 38 7
Foreign Currency Denominated Debt [Member]        
Foreign currency-denominated debt designated as net investment hedge: [Abstract]        
Net gain (loss) recognized in AOCI (6) 26 (15) 17
Currency derivatives [Member]        
Currency derivatives designated as cash flow hedges: [Abstract]        
Net gain (loss) recognized in AOCI (2) 21 (1) 17
Currency derivatives [Member] | Sales [Member]        
Currency derivatives designated as cash flow hedges: [Abstract]        
Net gain (loss) reclassified from AOCI into earnings (1) 5 3 8
Currency derivatives not designated as hedging instruments: [Abstract]        
Net gain (loss) recognized in earnings 1 4 0 2
Currency derivatives [Member] | Other Income [Member]        
Currency derivatives not designated as hedging instruments: [Abstract]        
Net gain (loss) recognized in earnings $ (2) $ (1) $ (6) $ 6
v3.24.3
Derivative Financial Instruments and Hedging Activities (Details 1) - USD ($)
$ in Millions
Oct. 31, 2024
Apr. 30, 2024
Fair values of derivative instruments    
Derivative Asset, Fair Value, Gross Asset $ 9 $ 12
Derivative Liability, Fair Value, Gross Liability 4 4
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 8 11
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 1 1
Derivative Liability, Fair Value, Gross Liability 0 (1)
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) $ (1)
v3.24.3
Derivative Financial Instruments and Hedging Activities (Details Textual) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Jul. 31, 2024
Oct. 31, 2024
Apr. 30, 2024
Derivative Financial Instruments (Textual) [Abstract]      
Maximum term of outstanding derivative contracts 24 months 24 months  
Foreign Currency Cash Flow Hedge Gain (Loss) to be Reclassified During Next 12 Months   $ 4  
Derivative, Net Liability Position, Aggregate Fair Value   1 $ 1
Designated as Hedging Instrument [Member] | Net Investment Hedging [Member]      
Derivative Instruments, Gain (Loss) [Line Items]      
Debt Instrument, Face Amount   512 497
Foreign Exchange Contract [Member]      
Derivative Instruments, Gain (Loss) [Line Items]      
Derivative, Notional Amount   $ 515 $ 566
v3.24.3
Offsetting Derivative Assets and Liabilities (Details) - USD ($)
$ in Millions
Oct. 31, 2024
Apr. 30, 2024
Offsetting Assets and Liabilities [Line Items]    
Gross Amount of Derivative Assets $ 9 $ 12
Gross Amount of Derivative Liabilities Offset Against Derivative Assets in Balance Sheet (3) (3)
Net Amount of Derivative Assets Presented in Balance Sheet 6 9
Gross Amount of Derivative Liabilities Not Offset Against Derivative Assets in Balance Sheet 0 0
Net Amount of Derivative Assets 6 9
Gross Amount of Derivative Liabilities (4) (4)
Gross Amount of Derivative Assets Offset Against Derivative Liabilities in Balance Sheet 3 3
Net Amount of Derivative Liabilities Presented in Balance Sheet 1 1
Gross Amount of Derivative Assets Not Offset Against Derivative Liabilities in Balance Sheet 0 0
Net Amount of Derivative Liabilities $ 1 $ 1
v3.24.3
Fair Value Measurements (Details) - USD ($)
$ in Millions
Oct. 31, 2024
Apr. 30, 2024
Oct. 31, 2023
Assets:      
Cash and cash equivalents $ 416 $ 446 $ 373
Cash and cash equivalents, Fair Value 416 446  
Liabilities:      
Contingent consideration, Carrying Amount 75 69  
Short-term borrowings, Carrying Amount 512 428  
Short-term borrowings, Fair Value 512 428  
Long-term debt (including current portion), Carrying Amount 2,691 2,672  
Fair Value, Inputs, Level 2 [Member]      
Assets:      
Currency derivatives, net, Fair Value 6 9  
Liabilities:      
Currency derivatives, net, Fair Value 1 1  
Long-term debt (including current portion), Fair Value 2,547 2,468  
Fair Value, Inputs, Level 3 [Member]      
Liabilities:      
Contingent consideration, Fair Value 75 69  
Foreign Exchange Contract [Member]      
Assets:      
Currency derivatives, net, Carrying Amount 6 9  
Liabilities:      
Currency derivatives, net, Carrying Amount $ 1 $ 1  
v3.24.3
Rollforward of Contingent Consideration (Details)
$ in Millions
 6 Months Ended
Oct. 31, 2024
USD ($)
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]  
Balance at April 30, 2024 $ 69
Change in fair value 5 [1]
Foreign currency translation adjustment 1
Balance at October 31, 2024 $ 75
[1] Classified as “other expense (income), net” in the accompanying condensed consolidated statement of operations.
v3.24.3
Other Comprehensive Income (Details) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Oct. 31, 2024
Jul. 31, 2024
Oct. 31, 2023
Jul. 31, 2023
Oct. 31, 2024
Oct. 31, 2023
Before Tax:            
Net other comprehensive income (loss) $ (28)   $ (80)   $ (74) $ (48)
Tax Effect:            
Net other comprehensive income (loss) 1   (11)   4 (7)
Net of Tax:            
Net other comprehensive income (loss) (27) $ (43) (91) $ 36 (70) (55)
Accumulated Foreign Currency Adjustment Attributable to Parent [Member]            
Before Tax:            
Net gain (loss) (27)   (98)   (71) (61)
Reclassification to earnings 0   0   0 0
Net other comprehensive income (loss) (27)   (98)   (71) (61)
Tax Effect:            
Net gain (loss) 1   (6)   3 (4)
Reclassification to earnings 0   0   0 0
Net other comprehensive income (loss) 1   (6)   3 (4)
Net of Tax:            
Net gain (loss) (26)   (104)   (68) (65)
Reclassification to earnings 0   0   0 0
Net other comprehensive income (loss) (26)   (104)   (68) (65)
Accumulated Net Gain (Loss) from Cash Flow Hedges Attributable to Parent [Member]            
Before Tax:            
Net gain (loss) (2)   21   (1) 17
Reclassification to earnings [1] 1   (5)   (3) (8)
Net other comprehensive income (loss) (1)   16   (4) 9
Tax Effect:            
Net gain (loss) 0   (5)   0 (4)
Reclassification to earnings [1] 0   1   1 2
Net other comprehensive income (loss) 0   (4)   1 (2)
Net of Tax:            
Net gain (loss) (2)   16   (1) 13
Reclassification to earnings [1] 1   (4)   (2) (6)
Net other comprehensive income (loss) (1)   12   (3) 7
Accumulated Defined Benefit Plans Adjustment Attributable to Parent [Member]            
Before Tax:            
Net gain (loss) 0   0   0 0
Reclassification to earnings [2] 0   2   1 4
Net other comprehensive income (loss) 0   2   1 4
Tax Effect:            
Net gain (loss) 0   0   0 0
Reclassification to earnings [2] 0   (1)   0 (1)
Net other comprehensive income (loss) 0   (1)   0 (1)
Net of Tax:            
Net gain (loss) 0   0   0 0
Reclassification to earnings [2] 0   1   1 3
Net other comprehensive income (loss) $ 0   $ 1   $ 1 $ 3
[1] Pre-tax amount for each period is classified as sales in the accompanying condensed consolidated statements of operations.
[2] Pre-tax amount for each period is classified as non-operating postretirement expense in the accompanying condensed consolidated statements of operations.