Document_and_Entity_Informatio
Document and Entity Information (USD $) | 12 Months Ended | ||
In Billions, except Share data, unless otherwise specified | Apr. 30, 2015 | Oct. 31, 2014 | Jun. 15, 2015 |
Document Information [Line Items] | |||
Entity Registrant Name | BROWN FORMAN CORP | ||
Entity Central Index Key | 14693 | ||
Document Type | 10-K | ||
Document Period End Date | 30-Apr-15 | ||
Amendment Flag | FALSE | ||
Document Fiscal Year Focus | 2015 | ||
Document Fiscal Period Focus | FY | ||
Current Fiscal Year End Date | -26 | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Public Float | $14.30 | ||
Common stock, Class A, voting [Member] | |||
Document Information [Line Items] | |||
Entity Common Stock, Shares Outstanding | 84,528,000 | ||
Common Stock, Class B, nonvoting [Member] | |||
Document Information [Line Items] | |||
Entity Common Stock, Shares Outstanding | 122,483,629 |
Consolidated_Statements_of_Ope
Consolidated Statements of Operations (USD $) | 12 Months Ended | ||
In Millions, except Per Share data, unless otherwise specified | Apr. 30, 2015 | Apr. 30, 2014 | Apr. 30, 2013 |
Income Statement [Abstract] | |||
Net sales | $4,096 | $3,946 | $3,784 |
Excise taxes | 962 | 955 | 935 |
Cost of sales | 951 | 913 | 894 |
Gross profit | 2,183 | 2,078 | 1,955 |
Advertising expenses | 437 | 436 | 408 |
Selling, general, and administrative expenses | 697 | 686 | 650 |
Other expense (income), net | 22 | -15 | -1 |
Operating income | 1,027 | 971 | 898 |
Interest income | 2 | 2 | 3 |
Interest expense | 27 | 26 | 36 |
Income before income taxes | 1,002 | 947 | 865 |
Income taxes | 318 | 288 | 274 |
Net income | $684 | $659 | $591 |
Earnings per share: | |||
Basic (dollars per share) | $3.23 | $3.08 | $2.77 |
Diluted (dollars per share) | $3.21 | $3.06 | $2.75 |
Consolidated_Statements_of_Com
Consolidated Statements of Comprehensive Income (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Apr. 30, 2015 | Apr. 30, 2014 | Apr. 30, 2013 |
Statement of Comprehensive Income [Abstract] | |||
Net income | $684 | $659 | $591 |
Currency translation adjustments | -114 | -4 | 17 |
Cash flow hedge adjustments | 32 | -4 | 3 |
Postretirement benefits adjustments | -30 | 31 | -1 |
Net other comprehensive income (loss) | -112 | 23 | 19 |
Comprehensive income | $572 | $682 | $610 |
Consolidated_Balance_Sheets
Consolidated Balance Sheets (USD $) | Apr. 30, 2015 | Apr. 30, 2014 |
In Millions, unless otherwise specified | ||
ASSETS | ||
Cash and cash equivalents | $370 | $437 |
Accounts receivable, less allowance for doubtful accounts of $9 in 2014 and $10 in 2015 | 583 | 569 |
Inventories: | ||
Barreled whiskey | 571 | 504 |
Finished goods | 200 | 187 |
Work in process | 121 | 144 |
Raw materials and supplies | 61 | 47 |
Total inventories | 953 | 882 |
Current deferred tax assets | 16 | 33 |
Other current assets | 332 | 256 |
Total current assets | 2,254 | 2,177 |
Property, plant, and equipment, net | 586 | 526 |
Goodwill | 607 | 620 |
Other intangible assets | 611 | 677 |
Deferred tax assets | 18 | 18 |
Other assets | 117 | 85 |
Total assets | 4,193 | 4,103 |
LIABILITIES | ||
Accounts payable and accrued expenses | 497 | 474 |
Accrued income taxes | 12 | 71 |
Current deferred tax liabilities | 9 | 8 |
Short-term borrowings | 190 | 8 |
Current portion of long-term debt | 250 | 0 |
Total current liabilities | 958 | 561 |
Long-term debt, less unamortized discount of $3 in 2014 and $2 in 2015 | 748 | 997 |
Deferred tax liabilities | 107 | 102 |
Accrued pension and other postretirement benefits | 311 | 244 |
Other liabilities | 164 | 167 |
Total liabilities | 2,288 | 2,071 |
Commitments and contingencies | ||
STOCKHOLDERS’ EQUITY | ||
Additional paid-in capital | 99 | 81 |
Retained earnings | 3,300 | 2,894 |
Accumulated other comprehensive income (loss), net of tax | -300 | -188 |
Treasury stock, at cost (13,858,000 and 18,613,000 shares in 2014 and 2015, respectively) | -1,228 | -789 |
Total stockholders’ equity | 1,905 | 2,032 |
Total liabilities and stockholders’ equity | 4,193 | 4,103 |
Common stock, Class A, voting [Member] | ||
STOCKHOLDERS’ EQUITY | ||
Common stock | 13 | 13 |
Total stockholders’ equity | 13 | 13 |
Common Stock, Class B, nonvoting [Member] | ||
STOCKHOLDERS’ EQUITY | ||
Common stock | 21 | 21 |
Total stockholders’ equity | $21 | $21 |
Consolidated_Balance_Sheets_Pa
Consolidated Balance Sheets (Parenthetical) (USD $) | Apr. 30, 2015 | Apr. 30, 2014 |
In Millions, except Share data, unless otherwise specified | ||
Allowance for doubtful accounts | $10 | $9 |
Unamortized discount | $2 | $3 |
Treasury stock, shares | 18,613,000 | 13,858,000 |
Common stock, Class A, voting [Member] | ||
Common stock, par value | $0.15 | $0.15 |
Common stock, shares authorized | 85,000,000 | 85,000,000 |
Common stock, shares issued | 85,000,000 | 85,000,000 |
Common Stock, Class B, nonvoting [Member] | ||
Common stock, par value | $0.15 | $0.15 |
Common stock, shares authorized | 400,000,000 | 400,000,000 |
Common stock, shares issued | 142,313,000 | 142,313,000 |
Consolidated_Statements_of_Cas
Consolidated Statements of Cash Flows (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Apr. 30, 2015 | Apr. 30, 2014 | Apr. 30, 2013 |
Cash flows from operating activities: | |||
Net income | $684 | $659 | $591 |
Adjustments to reconcile net income to net cash provided by operations: | |||
Depreciation and amortization | 51 | 50 | 51 |
Stock-based compensation expense | 15 | 13 | 11 |
Deferred income taxes | 6 | -5 | 26 |
Other, net | 9 | 1 | 2 |
Changes in assets and liabilities: | |||
Accounts receivable | -50 | -34 | -65 |
Inventories | -102 | -67 | -105 |
Other current assets | -30 | -43 | -22 |
Accounts payable and accrued expenses | 64 | 31 | 58 |
Accrued income taxes | -58 | 60 | 17 |
Noncurrent assets and liabilities | 19 | -16 | -27 |
Cash provided by operating activities | 608 | 649 | 537 |
Cash flows from investing activities: | |||
Additions to property, plant, and equipment | -120 | -126 | -95 |
Proceeds from sale of property, plant, and equipment | 0 | 2 | 0 |
Acquisition of brand names and trademarks | -4 | -1 | -1 |
Computer software expenditures | -1 | -2 | -1 |
Cash used for investing activities | -125 | -127 | -97 |
Cash flows from financing activities: | |||
Net change in short-term borrowings | 183 | 5 | -1 |
Repayment of long-term debt | 0 | -2 | -253 |
Proceeds from long-term debt | 0 | 0 | 747 |
Debt issuance costs | 0 | 0 | -7 |
Net payments related to exercise of stock-based awards | -14 | -19 | -16 |
Excess tax benefits from stock-based awards | 18 | 10 | 17 |
Acquisition of treasury stock | -462 | -49 | 0 |
Dividends paid | -256 | -233 | -1,063 |
Cash used for financing activities | -531 | -288 | -576 |
Effect of exchange rate changes on cash and cash equivalents | -19 | -1 | 2 |
Net increase (decrease) in cash and cash equivalents | -67 | 233 | -134 |
Cash and cash equivalents, beginning of period | 437 | 204 | 338 |
Cash and cash equivalents, end of period | 370 | 437 | 204 |
Supplemental disclosure of cash paid for: | |||
Interest | 27 | 28 | 32 |
Income taxes | $375 | $281 | $252 |
Consolidated_Statements_of_Sto
Consolidated Statements of Stockholders' Equity (USD $) | Total | Common stock, Class A, voting [Member] | Common Stock, Class B, nonvoting [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | Accumulated Other Comprehensive (Loss) Income, Net of Tax [Member] | Treasury Stock, at Cost [Member] |
In Millions, except Share data in Thousands, unless otherwise specified | |||||||
Beginning Balance at Apr. 30, 2012 | $9 | $15 | $49 | $3,031 | ($230) | ($805) | |
Beginning Balance (shares) at Apr. 30, 2012 | 56,251 | 85,823 | |||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Stock split | 4 | 6 | -18 | 8 | |||
Stock split (shares) | 28,149 | 42,951 | |||||
Stock-based compensation expense | 11 | ||||||
Loss on issuance of treasury stock issued under compensation plans | 6 | 41 | |||||
Excess tax benefits from stock-based awards | 17 | ||||||
Net income | 591 | 591 | |||||
Cash dividends ($4.98, $1.09, and $1.21 per share in 2013, 2014, and 2015, respectively) | -1,063 | ||||||
Net other comprehensive (loss) income | 19 | 19 | |||||
Acquisition of treasury stock | 0 | ||||||
Stock issued under compensation plans | 31 | ||||||
Acquisition of treasury stock (shares) | 0 | 0 | |||||
Stock issued under compensation plans (shares) | 46 | ||||||
Stock issued under compensation plans (shares) | 487 | ||||||
Total common shares outstanding (shares) | 213,707 | 84,446 | 129,261 | ||||
Ending Balance at Apr. 30, 2013 | 1,628 | 13 | 21 | 71 | 2,500 | -211 | -766 |
Ending Balance (shares) at Apr. 30, 2013 | 213,707 | 84,446 | 129,261 | ||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Stock split | 0 | 0 | 0 | 0 | |||
Stock split (shares) | 0 | 0 | |||||
Stock-based compensation expense | 13 | ||||||
Loss on issuance of treasury stock issued under compensation plans | 13 | 32 | |||||
Excess tax benefits from stock-based awards | 10 | ||||||
Net income | 659 | 659 | |||||
Cash dividends ($4.98, $1.09, and $1.21 per share in 2013, 2014, and 2015, respectively) | -233 | ||||||
Net other comprehensive (loss) income | 23 | 23 | |||||
Acquisition of treasury stock | -49 | ||||||
Stock issued under compensation plans | 26 | ||||||
Acquisition of treasury stock (shares) | -46 | -661 | |||||
Stock issued under compensation plans (shares) | 62 | ||||||
Stock issued under compensation plans (shares) | 393 | ||||||
Total common shares outstanding (shares) | 213,455 | 84,462 | 128,993 | ||||
Ending Balance at Apr. 30, 2014 | 2,032 | 13 | 21 | 81 | 2,894 | -188 | -789 |
Ending Balance (shares) at Apr. 30, 2014 | 213,455 | 84,462 | 128,993 | ||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Stock split | 0 | 0 | 0 | 0 | |||
Stock split (shares) | 0 | 0 | |||||
Stock-based compensation expense | 15 | ||||||
Loss on issuance of treasury stock issued under compensation plans | 15 | 22 | |||||
Excess tax benefits from stock-based awards | 18 | ||||||
Net income | 684 | 684 | |||||
Cash dividends ($4.98, $1.09, and $1.21 per share in 2013, 2014, and 2015, respectively) | -256 | ||||||
Net other comprehensive (loss) income | -112 | -112 | |||||
Acquisition of treasury stock | -462 | ||||||
Stock issued under compensation plans | 23 | ||||||
Acquisition of treasury stock (shares) | -85 | -5,034 | |||||
Stock issued under compensation plans (shares) | 86 | ||||||
Stock issued under compensation plans (shares) | 278 | ||||||
Total common shares outstanding (shares) | 208,700 | 84,463 | 124,237 | ||||
Ending Balance at Apr. 30, 2015 | $1,905 | $13 | $21 | $99 | $3,300 | ($300) | ($1,228) |
Ending Balance (shares) at Apr. 30, 2015 | 208,700 | 84,463 | 124,237 |
Consolidated_Statements_of_Sto1
Consolidated Statements of Stockholders' Equity (Parenthetical) (USD $) | 12 Months Ended | ||
Apr. 30, 2015 | Apr. 30, 2014 | Apr. 30, 2013 | |
Statement of Stockholders' Equity [Abstract] | |||
Cash dividends (dollars per share) | $1.21 | $1.09 | $4.98 |
Accounting_Policies
Accounting Policies | 12 Months Ended | |||||||||||
Apr. 30, 2015 | ||||||||||||
Accounting Policies [Abstract] | ||||||||||||
ACCOUNTING POLICIES | ACCOUNTING POLICIES | |||||||||||
We prepare our consolidated financial statements in conformity with accounting principles generally accepted in the United States (GAAP). We also apply the following accounting policies when preparing our consolidated financial statements: | ||||||||||||
Principles of consolidation. Our consolidated financial statements include the accounts of all subsidiaries in which we have a controlling financial interest. We eliminate all intercompany transactions. | ||||||||||||
Estimates. To prepare financial statements that conform with GAAP, our management must make informed estimates that affect how we report revenues, expenses, assets, and liabilities, including contingent assets and liabilities. Actual results could (and probably will) differ from these estimates. | ||||||||||||
Cash equivalents. Cash equivalents include bank demand deposits and all highly liquid investments with original maturities of three months or less. | ||||||||||||
Allowance for doubtful accounts. We evaluate the collectability of accounts receivable based on a combination of factors. When we are aware of circumstances that may impair a specific customer’s ability to meet its financial obligations, we record a specific allowance to reduce the net recognized receivable to the amount we believe will be collected. We write off the uncollectable amount against the allowance when we have exhausted our collection efforts. | ||||||||||||
Inventories. We state inventories at the lower of cost or market, with approximately 57% of consolidated inventories being valued using the last-in, first-out (LIFO) method. We value the remainder primarily using the first-in, first-out (FIFO) method. FIFO cost approximates current replacement cost. If we had used the FIFO method for all inventories, they would have been $216 and $234 higher than reported at April 30, 2014 and 2015, respectively. | ||||||||||||
Because we age most of our whiskeys in barrels for three to six years, we bottle and sell only a portion of our whiskey inventory each year. Following industry practice, we classify all barreled whiskey as a current asset. We include warehousing, insurance, ad valorem taxes, and other carrying charges applicable to barreled whiskey in inventory costs. | ||||||||||||
We classify bulk wine, agave inventories, tequila, and liquid in bottling tanks as work in process. | ||||||||||||
Property, plant, and equipment. We state property, plant, and equipment at cost less accumulated depreciation. We calculate depreciation on a straight-line basis using our estimates of useful life, which are 20–40 years for buildings and improvements; 3–10 years for machinery, equipment, vehicles, furniture, and fixtures; and 3–7 years for capitalized software. | ||||||||||||
We assess our property, plant, and equipment for impairment whenever events or changes in circumstances indicate that the carrying value of those assets may not be recoverable. When we do not expect to recover the carrying value of an asset (or asset group) through undiscounted future cash flows, we write it down to its estimated fair value. We determine fair value using discounted estimated future cash flows, considering market values for similar assets when available. | ||||||||||||
When we retire or dispose of property, plant, and equipment, we remove its cost and accumulated depreciation from our balance sheet and reflect any gain or loss in operating income. We expense the costs of repairing and maintaining our property, plant, and equipment as we incur them. | ||||||||||||
Goodwill and other intangible assets. We have obtained most of our brands by acquiring other companies. When we acquire another company, we first allocate the purchase price to identifiable assets and liabilities, including intangible brand names and trademarks (“brand names”), based on estimated fair value. We then record any remaining purchase price as goodwill. We do not amortize goodwill or other intangible assets with indefinite lives. We consider all of our brand names to have indefinite lives. | ||||||||||||
We assess our goodwill and other indefinite-lived intangible assets for impairment at least annually. If the fair value of an asset is less than its book value, we write it down to its estimated fair value. For goodwill, if the book value of its reporting unit exceeds its estimated fair value, we measure for potential impairment by comparing the implied fair value of the reporting unit’s goodwill, determined in the same manner as in a business combination, to the book value of the goodwill. We estimate the fair value of a reporting unit using discounted estimated future cash flows. We typically estimate the fair value of a brand name using the “relief from royalty” method. We also consider market values for similar assets when available. Considerable management judgment is necessary to estimate fair value, including the selection of assumptions about future cash flows, discount rates, and royalty rates. | ||||||||||||
We have the option, before quantifying the fair value of a reporting unit or brand name, to evaluate qualitative factors to assess whether it is more likely than not that our goodwill or brand names are impaired. If we determine that is not the case, then we are not required to quantify the fair value. That assessment also takes considerable management judgment. | ||||||||||||
Foreign currency translation. The U.S. dollar is the functional currency for most of our consolidated operations. For those operations, we report all gains and losses from foreign currency transactions in current income. The local currency is the functional currency for some foreign operations. For those investments, we report cumulative translation effects as a component of accumulated other comprehensive income (loss), a component of stockholders’ equity. | ||||||||||||
Revenue recognition. We recognize revenue when title and risk of loss pass to the customer, typically when the product is shipped. Some sales contracts contain customer acceptance provisions that grant a right of return on the basis of either subjective or objective criteria. We record revenue net of estimated sales returns, allowances, and discounts. | ||||||||||||
Excise taxes. Our sales are often subject to excise taxes that we collect from our customers and remit to governmental authorities. We present these taxes on a gross basis (included in net sales and costs before gross profit) in the consolidated statement of operations. | ||||||||||||
Cost of sales. Cost of sales includes the costs of receiving, producing, inspecting, warehousing, insuring, and shipping goods sold during the period. | ||||||||||||
Shipping and handling fees and costs. We report the amounts we bill to our customers for shipping and handling as net sales, and we report the costs we incur for shipping and handling as cost of sales. | ||||||||||||
Advertising costs. We expense the costs of advertising during the year when the advertisements first take place. | ||||||||||||
Selling, general, and administrative expenses. Selling, general, and administrative expenses include the costs associated with our sales force, administrative staff and facilities, and other expenses related to our non-manufacturing functions. | ||||||||||||
Income taxes. We base our annual provision for income taxes on the pre-tax income reflected in our consolidated statement of operations. We establish deferred tax liabilities or assets for temporary differences between GAAP and tax reporting bases and later adjust them to reflect changes in tax rates expected to be in effect when the temporary differences reverse. We record a valuation allowance as necessary to reduce a deferred tax to the amount that we believe is more likely than not to be realized. We do not provide deferred income taxes on undistributed earnings of foreign subsidiaries that we expect to permanently reinvest. We record a deferred tax charge in prepaid taxes for the difference between GAAP and tax reporting bases with respect to the elimination of intercompany profit in ending inventory. | ||||||||||||
We assess our uncertain income tax positions using a two-step process. First, we evaluate whether the tax position will more likely than not, based on its technical merits, be sustained upon examination, including resolution of any related appeals or litigation. For a tax position that does not meet this first criterion, we recognize no tax benefit. For a tax position that does meet the first criterion, we recognize a tax benefit in an amount equal to the largest amount of benefit that we believe has more than a 50% likelihood of being realized upon ultimate resolution. We record interest and penalties on uncertain tax positions as income tax expense. | ||||||||||||
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, including stock options, stock-settled stock appreciation rights, restricted stock units, deferred stock units, and shares of restricted stock. 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: | ||||||||||||
2013 | 2014 | 2015 | ||||||||||
Net income available to common stockholders | $ | 591 | $ | 659 | $ | 684 | ||||||
Share data (in thousands): | ||||||||||||
Basic average common shares outstanding | 213,369 | 213,454 | 211,593 | |||||||||
Dilutive effect of stock-based awards | 1,617 | 1,628 | 1,490 | |||||||||
Diluted average common shares outstanding | 214,986 | 215,082 | 213,083 | |||||||||
Basic earnings per share | $ | 2.77 | $ | 3.08 | $ | 3.23 | ||||||
Diluted earnings per share | $ | 2.75 | $ | 3.06 | $ | 3.21 | ||||||
We excluded common stock-based awards for approximately 398,000 shares, 309,000 shares, and 361,000 shares from the calculation of diluted earnings per share for 2013, 2014, and 2015, respectively, because they were not dilutive for those periods under the treasury stock method. | ||||||||||||
We try to limit the source of shares for stock-based compensation awards to treasury shares that we purchase from time to time on the open market (at times in connection with a publicly announced share repurchase program), in private transactions, or otherwise. We may use newly-issued shares to cover exercises or redemptions of awards, and then purchase an equal number of shares on the open market or otherwise as quickly as is reasonably practicable. This practice minimizes long-term dilution to our stockholders. | ||||||||||||
Recent accounting pronouncements. In May 2014, the Financial Accounting Standards Board (FASB) issued new guidance on the recognition of revenue from contracts with customers. As issued, the new guidance would become effective for us beginning fiscal 2018. However, in April 2015, the FASB proposed an amendment to the new guidance that would defer the effective date by one year, though permit voluntary adoption as of the original effective date. In May 2015, the FASB proposed additional amendments to the new guidance. We are currently evaluating the potential impact of the new guidance and the proposed amendments on our financial statements. |
Balance_Sheet_Information
Balance Sheet Information | 12 Months Ended | |||||||
Apr. 30, 2015 | ||||||||
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, | 2014 | 2015 | ||||||
Other current assets: | ||||||||
Prepaid taxes | $ | 172 | $ | 181 | ||||
Other | 84 | 151 | ||||||
$ | 256 | $ | 332 | |||||
Property, plant, and equipment: | ||||||||
Land | $ | 72 | $ | 72 | ||||
Buildings | 381 | 419 | ||||||
Equipment | 534 | 561 | ||||||
Construction in process | 67 | 88 | ||||||
1,054 | 1,140 | |||||||
Less accumulated depreciation | 528 | 554 | ||||||
$ | 526 | $ | 586 | |||||
Accounts payable and accrued expenses: | ||||||||
Accounts payable, trade | $ | 134 | $ | 123 | ||||
Accrued expenses: | ||||||||
Advertising and promotion | 107 | 128 | ||||||
Compensation and commissions | 111 | 110 | ||||||
Excise and other non-income taxes | 57 | 59 | ||||||
Self-insurance losses | 10 | 10 | ||||||
Postretirement benefits | 7 | 7 | ||||||
Interest | 7 | 7 | ||||||
Other | 41 | 53 | ||||||
340 | 374 | |||||||
$ | 474 | $ | 497 | |||||
Other liabilities: | ||||||||
Deferred benefit – tax (Note 11) | $ | 90 | $ | 75 | ||||
Other | 77 | 89 | ||||||
$ | 167 | $ | 164 | |||||
Goodwill_and_Other_Intangible_
Goodwill and Other Intangible Assets | 12 Months Ended | |||
Apr. 30, 2015 | ||||
Goodwill and Intangible Assets Disclosure [Abstract] | ||||
GOODWILL AND OTHER INTANGIBLE ASSETS | GOODWILL AND OTHER INTANGIBLE ASSETS | |||
The following table shows the changes in the amounts recorded as goodwill (which includes no accumulated impairment losses) over the past two years: | ||||
Balance as of April 30, 2013 | $ | 617 | ||
Foreign currency translation adjustment | 3 | |||
Balance as of April 30, 2014 | 620 | |||
Foreign currency translation adjustment | (13 | ) | ||
Balance as of April 30, 2015 | $ | 607 | ||
As of April 30, 2014 and 2015, our other intangible assets consisted of trademarks and brand names, all with indefinite useful lives. |
Commitments_and_Contingencies
Commitments and Contingencies | 12 Months Ended |
Apr. 30, 2015 | |
Commitments and Contingencies Disclosure [Abstract] | |
COMMITMENTS AND CONTINGENCIES | COMMITMENTS AND CONTINGENCIES |
Commitments. We made rental payments for real estate, vehicles, and office, computer, and manufacturing equipment under operating leases of $22, $24, and $23 during 2013, 2014, and 2015, respectively. We have commitments related to minimum lease payments of $17 in 2016, $13 in 2017, $6 in 2018, $3 in 2019, $1 in 2020, and $0 after 2020. | |
We have contracted with various growers and wineries to supply some of our future grape and bulk wine requirements. Many of these contracts call for prices to be adjusted annually up or down, according to market conditions. Some contracts set a fixed purchase price that might be higher or lower than prevailing market prices. We have total purchase obligations related to both types of contracts of $7 in 2016, $5 in 2017, $2 in 2018, $2 in 2019, $1 in 2020, and $1 after 2020. | |
We also have contracts for the purchase of agave, which is used to produce tequila. These contracts provide for prices to be determined based on market conditions at the time of harvest, which, although not specified, is expected to occur over the next 10 years. As of April 30, 2015, based on current market prices, obligations under these contracts total $3. | |
Contingencies. We operate in a litigious environment, and we are sued in the normal course of business. Sometimes plaintiffs seek substantial damages. Significant judgment is required in predicting the outcome of these suits and claims, many of which take years to adjudicate. We accrue estimated costs for a contingency when we believe that a loss is probable and we can make a reasonable estimate of the loss, and then adjust the accrual as appropriate to reflect changes in facts and circumstances. We do not believe it is reasonably possible that these loss contingencies, individually or in the aggregate, would have a material adverse effect on our financial position, results of operations, or liquidity. No material accrued loss contingencies are recorded as of April 30, 2015. | |
Guaranty. We have guaranteed the repayment by a third-party importer of its obligation under a bank credit facility that it uses in connection with its importation of our products in Russia. If the importer were to default on that obligation, which we believe is unlikely, our maximum possible exposure under the existing terms of the guaranty would be approximately $20 (subject to changes in foreign currency exchange rates). Both the fair value and carrying amount of the guaranty are insignificant. | |
As of April 30, 2015, our actual exposure under the guaranty of the importer’s obligation is approximately $8. We also have accounts receivable from that importer of approximately $17 at that date, which we expect to collect in full. | |
Based on the financial support we provide to the importer, we believe it meets the definition of a variable interest entity. However, because we do not control this entity, it is not included in our consolidated financial statements. |
Debt_and_Credit_Facilities
Debt and Credit Facilities | 12 Months Ended | |||||||
Apr. 30, 2015 | ||||||||
Debt Disclosure [Abstract] | ||||||||
DEBT AND CREDIT FACILITIES | DEBT AND CREDIT FACILITIES | |||||||
Our long-term debt (net of unamortized discount) consisted of: | ||||||||
April 30, | 2014 | 2015 | ||||||
2.50% senior notes, due in fiscal 2016 | $ | 249 | $ | 250 | ||||
1.00% senior notes, due in fiscal 2018 | 249 | 249 | ||||||
2.25% senior notes, due in fiscal 2023 | 249 | 249 | ||||||
3.75% senior notes, due in fiscal 2043 | 250 | 250 | ||||||
997 | 998 | |||||||
Less current portion | — | 250 | ||||||
$ | 997 | $ | 748 | |||||
Debt payments required over the next five fiscal years consist of $250 in 2016, $0 in 2017, $250 in 2018, $0 in 2019, $0 in 2020, and $500 after 2020. | ||||||||
The senior notes contain terms and covenants customary of these types of unsecured securities, including limitations on the amount of secured debt we can issue. | ||||||||
As of April 30, 2015, our short-term borrowings of $190 included $183 of commercial paper, with an average interest rate of 0.17%, and an average remaining maturity of 13 days. | ||||||||
We have a committed revolving credit agreement with various U.S. and international banks for $800 that expires in November 2018. Its most restrictive quantitative covenant requires that the ratio of our consolidated EBITDA (as defined in the agreement) to consolidated interest expense not be less than 3 to 1. At April 30, 2015, with a ratio of 38 to 1, we were well within this covenant’s parameters and had no borrowing outstanding under this facility. | ||||||||
On February 25, 2013, we redeemed, in full, our 5.00% notes due in fiscal 2014 by exercising a “make whole” call provision of the notes. In connection with the redemption, we incurred costs of $9, which is reflected as interest expense in the accompanying consolidated statement of operations for fiscal 2013. |
Fair_Value_Measurements
Fair Value Measurements | 12 Months Ended | |||||||||||||||
Apr. 30, 2015 | ||||||||||||||||
Fair Value Disclosures [Abstract] | ||||||||||||||||
FAIR VALUE MEASUREMENTS | FAIR VALUE MEASUREMENTS | |||||||||||||||
Fair value is defined as the exchange price that would be received for an asset or paid to transfer a liability in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants at the measurement date. We categorize the fair values of assets and liabilities into three levels based upon the assumptions (inputs) used to determine those values. Level 1 provides the most reliable measure of fair value, while Level 3 generally requires significant management judgment. The three levels are: | ||||||||||||||||
• | Level 1 – Quoted prices (unadjusted) in active markets for identical assets or liabilities. | |||||||||||||||
• | Level 2 – Observable inputs other than those included in Level 1, such as quoted prices for similar assets and liabilities in active markets, quoted prices for identical or similar assets and liabilities in inactive markets, or other inputs that are observable or can be derived from or corroborated by observable market data. | |||||||||||||||
• | Level 3 – Unobservable inputs supported by little or no market activity. | |||||||||||||||
The following table summarizes the assets and liabilities measured at fair value on a recurring basis: | ||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
April 30, 2014: | ||||||||||||||||
Assets: | ||||||||||||||||
Currency derivatives | $ | — | $ | 7 | $ | — | $ | 7 | ||||||||
Liabilities: | ||||||||||||||||
Currency derivatives | — | 7 | — | 7 | ||||||||||||
Short-term borrowings | — | 8 | — | 8 | ||||||||||||
Long-term debt | — | 963 | — | 963 | ||||||||||||
April 30, 2015: | ||||||||||||||||
Assets: | ||||||||||||||||
Currency derivatives | — | 59 | — | 59 | ||||||||||||
Liabilities: | ||||||||||||||||
Currency derivatives | — | 18 | — | 18 | ||||||||||||
Short-term borrowings | — | 190 | — | 190 | ||||||||||||
Current portion of long-term debt | — | 253 | — | 253 | ||||||||||||
Long-term debt | — | 735 | — | 735 | ||||||||||||
We determine the fair values of our currency derivatives (forwards and options) using standard valuation models. The significant inputs used in these models are readily available in public markets or can be derived from observable market transactions. Inputs used in these standard valuation models include the applicable exchange rate, forward rates, and discount rates. The standard valuation model for foreign currency options also uses implied volatility as an additional input. The discount rates are based on historical U.S. Treasury rates, and the implied volatility specific to individual foreign currency options is based on quoted rates from financial institutions. | ||||||||||||||||
The fair value of short-term borrowings approximates their carrying value. We determine the fair value of long-term debt primarily based on the prices at which similar debt has recently traded in the market and also considering the overall market conditions on the date of valuation. | ||||||||||||||||
We measure some assets and liabilities at fair value on a nonrecurring basis. That is, we do not measure them at fair value on an ongoing basis, but we do adjust them to fair value in some circumstances (for example, when we determine that an asset is impaired). No material nonrecurring fair value measurements were required during the periods presented in these financial statements. |
Fair_Value_of_Financial_Instru
Fair Value of Financial Instruments | 12 Months Ended | |||||||||||||||
Apr. 30, 2015 | ||||||||||||||||
Fair Value of Financial Instruments [Abstract] | ||||||||||||||||
FAIR VALUE OF FINANCIAL INSTRUMENTS | FAIR VALUE OF FINANCIAL INSTRUMENTS | |||||||||||||||
The fair values of cash, cash equivalents, and short-term borrowings approximate the carrying amounts due to the short maturities of these instruments. We determine the fair values of currency derivatives and long-term debt as discussed in Note 6. | ||||||||||||||||
Below is a comparison of the fair values and carrying amounts of these instruments: | ||||||||||||||||
2014 | 2015 | |||||||||||||||
April 30, | Carrying | Fair | Carrying | Fair | ||||||||||||
Amount | Value | Amount | Value | |||||||||||||
Assets: | ||||||||||||||||
Cash and cash equivalents | $ | 437 | $ | 437 | $ | 370 | $ | 370 | ||||||||
Currency derivatives | 7 | 7 | 59 | 59 | ||||||||||||
Liabilities: | ||||||||||||||||
Currency derivatives | 7 | 7 | 18 | 18 | ||||||||||||
Short-term borrowings | 8 | 8 | 190 | 190 | ||||||||||||
Current portion of long-term debt | — | — | 250 | 253 | ||||||||||||
Long-term debt | 997 | 963 | 748 | 735 | ||||||||||||
Derivative_Financial_Instrumen
Derivative Financial Instruments | 12 Months Ended | |||||||||||||||||||
Apr. 30, 2015 | ||||||||||||||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ||||||||||||||||||||
DERIVATIVE FINANCIAL INSTRUMENTS | DERIVATIVE FINANCIAL INSTRUMENTS | |||||||||||||||||||
Our multinational business exposes us to global market risks, including the effect of fluctuations in currency exchange rates, commodity prices, and interest rates. We use derivatives to help manage financial exposures that occur in the normal course of business. We formally document the purpose of each derivative contract, which includes linking the contract to the financial exposure it is designed to mitigate. We do not hold or issue derivatives for trading or speculative purposes. | ||||||||||||||||||||
We use currency derivative contracts to limit our exposure to the currency exchange risk that we cannot mitigate internally by using netting strategies. We designate most of these contracts as cash flow hedges of forecasted transactions (expected to occur within three years). We record all changes in the fair value of cash flow hedges (except any ineffective portion) in accumulated other comprehensive income (AOCI) until the underlying hedged transaction occurs, at which time we reclassify that amount into earnings. We assess the effectiveness of these hedges based on changes in forward exchange rates. The ineffective portion of the changes in fair value of our hedges (recognized immediately in earnings) during the periods presented in this report was not material. | ||||||||||||||||||||
We do not designate some of our currency derivatives as hedges because we use them to at least partially offset the immediate earnings impact of changes in foreign exchange rates on existing assets or liabilities. We immediately recognize the change in fair value of these contracts in earnings. | ||||||||||||||||||||
We had outstanding currency derivatives, related primarily to our euro, British pound, and Australian dollar exposures, with notional amounts totaling $1,152 and $1,212 at April 30, 2014 and 2015, respectively. | ||||||||||||||||||||
We use forward purchase contracts with suppliers to protect against corn price volatility. We expect to physically take delivery of the corn underlying each contract and use it for production over a reasonable period of time. Accordingly, we account for these contracts as normal purchases rather than derivative instruments. | ||||||||||||||||||||
From time to time, we manage our interest rate risk with swap contracts. However, no such swaps were outstanding at April 30, 2014 or 2015. | ||||||||||||||||||||
The following table presents the pre-tax impact that changes in the fair value of our derivative instruments had on AOCI and earnings in 2014 and 2015: | ||||||||||||||||||||
Classification in Statement of Operations | 2014 | 2015 | ||||||||||||||||||
Currency derivatives designated as cash flow hedges: | ||||||||||||||||||||
Net gain (loss) recognized in AOCI | n/a | $ | (7 | ) | $ | 96 | ||||||||||||||
Net gain (loss) reclassified from AOCI into earnings | Net sales | — | 41 | |||||||||||||||||
Derivatives not designated as hedging instruments: | ||||||||||||||||||||
Currency derivatives – net gain (loss) recognized in earnings | Net sales | 1 | 26 | |||||||||||||||||
Currency derivatives – net gain (loss) recognized in earnings | Other income | 10 | 4 | |||||||||||||||||
We expect to reclassify $39 of deferred net gains recorded in AOCI as of April 30, 2015, to earnings during fiscal 2016. This reclassification would offset the anticipated earnings impact of the underlying hedged exposures. The actual amounts that we ultimately reclassify to earnings will depend on the exchange rates in effect when the underlying hedged transactions occur. The maximum term of outstanding derivative contracts was 27 months and 36 months at April 30, 2014 and 2015, respectively. | ||||||||||||||||||||
The following table presents the fair values of our derivative instruments as of April 30, 2014 and 2015. | ||||||||||||||||||||
Balance Sheet Classification | Fair Value of | Fair Value of | ||||||||||||||||||
Derivatives in a | Derivatives in a | |||||||||||||||||||
Gain Position | Loss Position | |||||||||||||||||||
April 30, 2014: | ||||||||||||||||||||
Designated as cash flow hedges: | ||||||||||||||||||||
Currency derivatives | Other current assets | $ | 6 | $ | (6 | ) | ||||||||||||||
Currency derivatives | Other assets | 2 | — | |||||||||||||||||
Currency derivatives | Accrued expenses | 2 | (6 | ) | ||||||||||||||||
Currency derivatives | Other liabilities | — | (4 | ) | ||||||||||||||||
Not designated as hedges: | ||||||||||||||||||||
Currency derivatives | Other current assets | 5 | — | |||||||||||||||||
Currency derivatives | Accrued expenses | 1 | — | |||||||||||||||||
April 30, 2015: | ||||||||||||||||||||
Designated as cash flow hedges: | ||||||||||||||||||||
Currency derivatives | Other current assets | 42 | (2 | ) | ||||||||||||||||
Currency derivatives | Other assets | 20 | (3 | ) | ||||||||||||||||
Currency derivatives | Accrued expenses | — | (6 | ) | ||||||||||||||||
Currency derivatives | Other liabilities | — | (6 | ) | ||||||||||||||||
Not designated as hedges: | ||||||||||||||||||||
Currency derivatives | Other current assets | 3 | (1 | ) | ||||||||||||||||
Currency derivatives | Accrued expenses | 1 | (7 | ) | ||||||||||||||||
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 that are subject to net settlement agreements are presented on a net basis in the accompanying consolidated balance sheets. | ||||||||||||||||||||
Credit risk. We are exposed to credit-related losses if the counterparties to our derivative contracts default. This credit risk is limited to the fair value of the contracts. To manage this risk, we contract only with major financial institutions that have earned investment-grade credit ratings and with whom we have standard International Swaps and Derivatives Association (ISDA) agreements that allow for net settlement of the derivative contracts. Also, we have established counterparty credit guidelines that are regularly monitored and that provide for reports to senior management according to prescribed guidelines, and we monetize contracts when we believe it is warranted. Because of these safeguards, we believe the risk of loss from counterparty default to be immaterial. | ||||||||||||||||||||
Some of our derivative instruments require us to maintain a specific level of creditworthiness, which we have maintained. If our creditworthiness were to fall below that level, then the counterparties to our derivative instruments could request immediate payment or collateralization for derivative instruments in net liability positions. The aggregate fair value of all derivatives with creditworthiness requirements that were in a net liability position was $6 and $18 at April 30, 2014 and 2015, respectively. | ||||||||||||||||||||
Offsetting. As noted above, our derivative contracts are governed by ISDA agreements that allow for net settlement of derivative contracts with the same counterparty. It is our policy to present the fair values of current derivatives (that is, those with a remaining term of 12 months or less) with the same counterparty on a net basis in the balance sheet. Similarly, we present the fair values of noncurrent derivatives with the same counterparty on a net basis. Current derivatives are not netted with noncurrent derivatives in the balance sheet. The following table summarizes the gross and net amounts of our derivative contracts. | ||||||||||||||||||||
Gross Amounts of Recognized Assets (Liabilities) | Gross Amounts Offset in Balance Sheet | Net Amounts Presented in Balance Sheet | Gross Amounts Not Offset in Balance Sheet | Net Amounts | ||||||||||||||||
April 30, 2014: | ||||||||||||||||||||
Derivative assets | $ | 17 | $ | (10 | ) | $ | 7 | $ | (2 | ) | $ | 5 | ||||||||
Derivative liabilities | (17 | ) | 10 | (7 | ) | 2 | (5 | ) | ||||||||||||
April 30, 2015: | ||||||||||||||||||||
Derivative assets | 65 | (6 | ) | 59 | — | 59 | ||||||||||||||
Derivative liabilities | (24 | ) | 6 | (18 | ) | — | (18 | ) | ||||||||||||
No cash collateral was received or pledged related to our derivative contracts as of April 30, 2014 or 2015. |
Pension_and_Other_Postretireme
Pension and Other Postretirement Benefits | 12 Months Ended | |||||||||||||||||||||||
Apr. 30, 2015 | ||||||||||||||||||||||||
Compensation and Retirement Disclosure [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 obligation changed during each of the last two years. | ||||||||||||||||||||||||
Pension Benefits | Medical and Life | |||||||||||||||||||||||
Insurance Benefits | ||||||||||||||||||||||||
2014 | 2015 | 2014 | 2015 | |||||||||||||||||||||
Obligation at beginning of year | $ | 783 | $ | 785 | $ | 74 | $ | 69 | ||||||||||||||||
Service cost | 21 | 22 | 2 | 1 | ||||||||||||||||||||
Interest cost | 31 | 34 | 3 | 3 | ||||||||||||||||||||
Net actuarial loss (gain) | 4 | 91 | 3 | 3 | ||||||||||||||||||||
Plan amendments | — | — | (10 | ) | (16 | ) | ||||||||||||||||||
Retiree contributions | — | — | 1 | 1 | ||||||||||||||||||||
Benefits paid | (54 | ) | (45 | ) | (4 | ) | (4 | ) | ||||||||||||||||
Obligation at end of year | $ | 785 | $ | 887 | $ | 69 | $ | 57 | ||||||||||||||||
Service cost represents the present value of the benefits attributed to service rendered by employees during the year. Interest cost is the increase in the present value of the obligation due to the passage of time. Net actuarial loss (gain) is the change in value of the obligation resulting from experience different from that assumed or from a change in an actuarial assumption. (We discuss actuarial assumptions used at the end of this note.) Plan amendments may also change the value of the obligation. | ||||||||||||||||||||||||
As shown in the previous table, the change in the value of our pension and other postretirement benefit obligations also includes the effect of benefit payments and retiree contributions. Expected benefit payments (net of retiree contributions) over the next 10 years are as follows: | ||||||||||||||||||||||||
Pension Benefits | Medical and Life | |||||||||||||||||||||||
Insurance Benefits | ||||||||||||||||||||||||
2016 | $ | 51 | $ | 3 | ||||||||||||||||||||
2017 | 52 | 3 | ||||||||||||||||||||||
2018 | 53 | 3 | ||||||||||||||||||||||
2019 | 54 | 3 | ||||||||||||||||||||||
2020 | 56 | 3 | ||||||||||||||||||||||
2021 – 2025 | 303 | 18 | ||||||||||||||||||||||
Assets. We invest in specific assets to fund our pension benefit obligations. Our investment goal is to earn a total return that, over time, will grow assets sufficiently to fund our plans’ liabilities, after providing appropriate levels of contributions and accepting prudent levels of investment risk. To achieve this goal, plan assets are invested primarily in funds or portfolios of funds managed by outside managers. Investment risk is managed by company policies that require diversification of asset classes, manager styles, and individual holdings. We measure and monitor investment risk through quarterly and annual performance reviews, and through periodic asset/liability studies. | ||||||||||||||||||||||||
Asset allocation is the most important method for achieving our investment goals and is based on our assessment of the plans’ long-term return objectives and the appropriate balances needed for liquidity, stability, and diversification. The following table shows the fair value of pension plan assets by category, as well as the actual and target allocations, as of April 30, 2014 and 2015. (Fair value levels are defined in Note 6.) | ||||||||||||||||||||||||
Allocation by Asset Class | ||||||||||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | Actual | Target | |||||||||||||||||||
April 30, 2014: | ||||||||||||||||||||||||
Commingled trust funds1: | ||||||||||||||||||||||||
Equity funds | $ | — | $ | 235 | $ | — | $ | 235 | 38 | % | 38 | % | ||||||||||||
Fixed income funds | — | 196 | — | 196 | 32 | % | 35 | % | ||||||||||||||||
Real estate funds | — | 21 | 32 | 53 | 9 | % | 8 | % | ||||||||||||||||
Short-term investments | — | 3 | — | 3 | 1 | % | — | % | ||||||||||||||||
Total commingled trust funds | — | 455 | 32 | 487 | 80 | % | 81 | % | ||||||||||||||||
Hedge funds2 | — | — | 30 | 30 | 5 | % | 5 | % | ||||||||||||||||
Private equity3 | — | — | 25 | 25 | 4 | % | 5 | % | ||||||||||||||||
Equity securities | 63 | — | — | 63 | 11 | % | 9 | % | ||||||||||||||||
Total | $ | 63 | $ | 455 | $ | 87 | $ | 605 | 100 | % | 100 | % | ||||||||||||
April 30, 2015: | ||||||||||||||||||||||||
Commingled trust funds1: | ||||||||||||||||||||||||
Equity funds | $ | — | $ | 248 | $ | — | $ | 248 | 39 | % | 38 | % | ||||||||||||
Fixed income funds | — | 185 | — | 185 | 30 | % | 35 | % | ||||||||||||||||
Real estate funds | — | 20 | 36 | 56 | 9 | % | 8 | % | ||||||||||||||||
Short-term investments | — | 4 | — | 4 | 1 | % | — | % | ||||||||||||||||
Total commingled trust funds | — | 457 | 36 | 493 | 79 | % | 81 | % | ||||||||||||||||
Hedge funds2 | — | — | 31 | 31 | 5 | % | 5 | % | ||||||||||||||||
Private equity3 | — | — | 26 | 26 | 4 | % | 5 | % | ||||||||||||||||
Equity securities | 76 | — | — | 76 | 12 | % | 9 | % | ||||||||||||||||
Total | $ | 76 | $ | 457 | $ | 93 | $ | 626 | 100 | % | 100 | % | ||||||||||||
1Commingled trust fund valuations are based on the net asset value (NAV) of the funds as determined by the administrator of the fund and reviewed by us. NAV represents the underlying assets owned by the fund, minus liabilities and divided by the number of shares or units outstanding. | ||||||||||||||||||||||||
2Hedge fund valuations are based primarily on the NAV of the funds as determined by fund administrators and reviewed by us. During our review, we determine whether it is necessary to adjust a valuation for inherent liquidity and redemption issues that may exist within a fund’s underlying assets or fund unit values. | ||||||||||||||||||||||||
3As of April 30, 2014 and 2015, consists only of limited partnership interests, which are valued at the percentage ownership of total partnership equity as determined by the general partner. These valuations require significant judgment due to the absence of quoted market prices, the inherent lack of liquidity, and the long-term nature of these investments. | ||||||||||||||||||||||||
The following table shows how the fair value of the Level 3 assets changed during each of the last two years. There were no transfers of assets between Level 3 and either of the other two levels. | ||||||||||||||||||||||||
Real Estate | Hedge | Private | Total | |||||||||||||||||||||
Funds | Funds | Equity | ||||||||||||||||||||||
Balance as of April 30, 2013 | $ | 28 | $ | 26 | $ | 21 | $ | 75 | ||||||||||||||||
Return on assets held at end of year | 4 | 2 | 4 | 10 | ||||||||||||||||||||
Purchases and settlements | — | 2 | 3 | 5 | ||||||||||||||||||||
Sales and settlements | — | — | (3 | ) | (3 | ) | ||||||||||||||||||
Balance as of April 30, 2014 | 32 | 30 | 25 | 87 | ||||||||||||||||||||
Return on assets held at end of year | 4 | 1 | 1 | 6 | ||||||||||||||||||||
Purchases and settlements | — | — | 4 | 4 | ||||||||||||||||||||
Sales and settlements | — | — | (4 | ) | (4 | ) | ||||||||||||||||||
Balance as of April 30, 2015 | $ | 36 | $ | 31 | $ | 26 | $ | 93 | ||||||||||||||||
The following table shows how the total fair value of all pension plan assets changed during each of the last two years. (We do not have assets set aside for postretirement medical or life insurance benefits.) | ||||||||||||||||||||||||
Pension Benefits | Medical and Life | |||||||||||||||||||||||
Insurance Benefits | ||||||||||||||||||||||||
2014 | 2015 | 2014 | 2015 | |||||||||||||||||||||
Assets at beginning of year | $ | 573 | $ | 605 | $ | — | $ | — | ||||||||||||||||
Actual return on assets | 53 | 52 | — | — | ||||||||||||||||||||
Retiree contributions | — | — | 1 | 1 | ||||||||||||||||||||
Company contributions | 33 | 14 | 3 | 3 | ||||||||||||||||||||
Benefits paid | (54 | ) | (45 | ) | (4 | ) | (4 | ) | ||||||||||||||||
Assets at end of year | $ | 605 | $ | 626 | $ | — | $ | — | ||||||||||||||||
We currently expect to contribute $24 to our pension plans and $3 to our postretirement medical and life insurance benefit plans during 2016. | ||||||||||||||||||||||||
Funded status. The funded status of a plan refers to the difference between its assets and its obligations. The following table shows the funded status of our plans. | ||||||||||||||||||||||||
Pension Benefits | Medical and Life | |||||||||||||||||||||||
Insurance Benefits | ||||||||||||||||||||||||
April 30, | 2014 | 2015 | 2014 | 2015 | ||||||||||||||||||||
Assets | $ | 605 | $ | 626 | $ | — | $ | — | ||||||||||||||||
Obligations | (785 | ) | (887 | ) | (69 | ) | (57 | ) | ||||||||||||||||
Funded status | $ | (180 | ) | $ | (261 | ) | $ | (69 | ) | $ | (57 | ) | ||||||||||||
The funded status reflected above includes obligations attributable to our non-qualified Supplemental Executive Retirement Plan that is not funded with those plan assets presented above. However, we have set aside investments in corporate-owned life insurance policies to cover these obligations. The value of those investments, which are included in “other assets” on the accompanying balance sheets, is $31 and $48 as of April 30, 2014 and 2015, respectively. | ||||||||||||||||||||||||
The funded status is recorded on the accompanying consolidated balance sheets as follows: | ||||||||||||||||||||||||
Pension Benefits | Medical and Life | |||||||||||||||||||||||
Insurance Benefits | ||||||||||||||||||||||||
April 30, | 2014 | 2015 | 2014 | 2015 | ||||||||||||||||||||
Other assets | $ | 2 | $ | — | $ | — | $ | — | ||||||||||||||||
Accounts payable and accrued expenses | (4 | ) | (4 | ) | (3 | ) | (3 | ) | ||||||||||||||||
Accrued postretirement benefits | (178 | ) | (257 | ) | (66 | ) | (54 | ) | ||||||||||||||||
Net liability | $ | (180 | ) | $ | (261 | ) | $ | (69 | ) | $ | (57 | ) | ||||||||||||
Accumulated other comprehensive income (loss), before tax: | ||||||||||||||||||||||||
Net actuarial gain (loss) | $ | (296 | ) | $ | (353 | ) | $ | (14 | ) | $ | (16 | ) | ||||||||||||
Prior service credit (cost) | (5 | ) | (4 | ) | 5 | 18 | ||||||||||||||||||
$ | (301 | ) | $ | (357 | ) | $ | (9 | ) | $ | 2 | ||||||||||||||
The following table compares our pension plans that have assets in excess of their accumulated benefit obligations with those whose assets are less than their obligations. (As discussed above, we have no assets set aside for postretirement medical or life insurance benefits.) | ||||||||||||||||||||||||
Plan Assets | Accumulated | Projected | ||||||||||||||||||||||
Benefit Obligation | Benefit Obligation | |||||||||||||||||||||||
April 30, | 2014 | 2015 | 2014 | 2015 | 2014 | 2015 | ||||||||||||||||||
Plans with assets in excess of accumulated benefit obligation | $ | 52 | $ | 53 | $ | 49 | $ | 50 | $ | 50 | $ | 52 | ||||||||||||
Plans with accumulated benefit obligation in excess of assets | 553 | 573 | 640 | 710 | 735 | 835 | ||||||||||||||||||
Total | $ | 605 | $ | 626 | $ | 689 | $ | 760 | $ | 785 | $ | 887 | ||||||||||||
Pension expense. The following table shows the components of the pension expense recognized during each of the last three years. The amount for each year includes amortization of the prior service cost/credit and net actuarial loss/gain included in accumulated other comprehensive loss as of the beginning of the year. | ||||||||||||||||||||||||
Pension Benefits | ||||||||||||||||||||||||
2013 | 2014 | 2015 | ||||||||||||||||||||||
Service cost | $ | 20 | $ | 21 | $ | 22 | ||||||||||||||||||
Interest cost | 35 | 31 | 34 | |||||||||||||||||||||
Expected return on assets | (41 | ) | (40 | ) | (41 | ) | ||||||||||||||||||
Amortization of: | ||||||||||||||||||||||||
Prior service cost (credit) | 1 | 1 | 1 | |||||||||||||||||||||
Net actuarial loss (gain) | 28 | 31 | 22 | |||||||||||||||||||||
Net expense | $ | 43 | $ | 44 | $ | 38 | ||||||||||||||||||
The prior service cost/credit, which represents the effect of plan amendments on benefit obligations, is amortized on a straight-line basis over the average remaining service period of the employees expected to receive the benefits. The net actuarial loss/gain results from experience different from that assumed or from a change in actuarial assumptions (including the difference between actual and expected return on plan assets), and is amortized over at least that same period. The estimated amount of prior service cost and net actuarial loss that will be amortized from accumulated other comprehensive loss into pension expense in 2016 is $1 and $27, respectively. | ||||||||||||||||||||||||
Other postretirement benefit expense. The following table shows the components of the postretirement medical and life insurance benefit expense that we recognized during each of the last three years. | ||||||||||||||||||||||||
Medical and Life Insurance Benefits | ||||||||||||||||||||||||
2013 | 2014 | 2015 | ||||||||||||||||||||||
Service cost | $ | 2 | $ | 2 | $ | 1 | ||||||||||||||||||
Interest cost | 3 | 3 | 3 | |||||||||||||||||||||
Amortization of: | ||||||||||||||||||||||||
Prior service cost (credit) | 1 | — | (2 | ) | ||||||||||||||||||||
Net actuarial loss (gain) | — | — | 1 | |||||||||||||||||||||
Net expense | $ | 6 | $ | 5 | $ | 3 | ||||||||||||||||||
The estimated amount of prior service credit and net actuarial loss that will be amortized from accumulated other comprehensive loss into postretirement medical and life insurance benefit expense in 2016 is $3 and $1, respectively. | ||||||||||||||||||||||||
Other comprehensive income (loss). Prior service cost/credit and net actuarial loss/gain are recognized in other comprehensive income or loss (OCI) during the period in which they arise. These amounts are later amortized from accumulated OCI into pension and other postretirement benefit expense over future periods as described above. The following table shows the pre-tax effect of these amounts on OCI during each of the last three years: | ||||||||||||||||||||||||
Pension Benefits | Medical and Life | |||||||||||||||||||||||
Insurance Benefits | ||||||||||||||||||||||||
2013 | 2014 | 2015 | 2013 | 2014 | 2015 | |||||||||||||||||||
Prior service credit (cost) | $ | (4 | ) | $ | — | $ | — | $ | — | $ | 10 | $ | 16 | |||||||||||
Net actuarial gain (loss) | (18 | ) | 9 | (80 | ) | (10 | ) | (3 | ) | (3 | ) | |||||||||||||
Amortization reclassified to earnings: | ||||||||||||||||||||||||
Prior service cost (credit) | 1 | 1 | 1 | 1 | — | (2 | ) | |||||||||||||||||
Net actuarial loss (gain) | 28 | 31 | 22 | — | — | 1 | ||||||||||||||||||
Net amount recognized in OCI | $ | 7 | $ | 41 | $ | (57 | ) | $ | (9 | ) | $ | 7 | $ | 12 | ||||||||||
Assumptions and sensitivity. We use various assumptions to determine the obligations and expense related to our pension and other postretirement benefit plans. The weighted-average assumptions used in computing benefit plan obligations as of the end of the last two years were as follows: | ||||||||||||||||||||||||
Pension Benefits | Medical and Life | |||||||||||||||||||||||
Insurance Benefits | ||||||||||||||||||||||||
2014 | 2015 | 2014 | 2015 | |||||||||||||||||||||
Discount rate | 4.46 | % | 4.09 | % | 4.67 | % | 4.09 | % | ||||||||||||||||
Rate of salary increase | 4 | % | 4 | % | n/a | n/a | ||||||||||||||||||
The weighted-average assumptions used in computing benefit plan expense during each of the last three years were as follows: | ||||||||||||||||||||||||
Pension Benefits | Medical and Life | |||||||||||||||||||||||
Insurance Benefits | ||||||||||||||||||||||||
2013 | 2014 | 2015 | 2013 | 2014 | 2015 | |||||||||||||||||||
Discount rate | 4.92 | % | 4.08 | % | 4.46 | % | 4.84 | % | 4.36 | % | 4.67 | % | ||||||||||||
Rate of salary increase | 4 | % | 4 | % | 4 | % | n/a | n/a | n/a | |||||||||||||||
Expected return on plan assets | 7.75 | % | 7.5 | % | 7.5 | % | n/a | n/a | n/a | |||||||||||||||
The discount rate represents the interest rate used to discount the cash-flow stream of benefit payments to a net present value as of the calculation date. A lower assumed discount rate increases the present value of the benefit obligation. We determined the discount rate using a yield curve based on the interest rates of high-quality debt securities with maturities corresponding to the expected timing of our benefit payments. | ||||||||||||||||||||||||
The assumed rate of salary increase reflects the expected average annual increase in salaries as a result of inflation, merit increases, and promotions over the service period of the plan participants. A lower assumed rate decreases the present value of the benefit obligation. | ||||||||||||||||||||||||
The expected return on plan assets represents the long-term rate of return that we assume will be earned over the life of the pension assets. The assumption reflects expected capital market returns for each asset class, which are based on historical returns, adjusted for the expected effects of diversification and active management (net of fees). | ||||||||||||||||||||||||
The assumed health care cost trend rates as of the end of the last two years were as follows: | ||||||||||||||||||||||||
Medical and Life | ||||||||||||||||||||||||
Insurance Benefits | ||||||||||||||||||||||||
2014 | 2015 | |||||||||||||||||||||||
Health care cost trend rate assumed for next year: | ||||||||||||||||||||||||
Present rate before age 65 | 7.75 | % | 7.5 | % | ||||||||||||||||||||
Present rate age 65 and after | 6.75 | % | n/a | |||||||||||||||||||||
We project health care cost trend rates to decline gradually to 5.0% by 2023 and to remain level after that. Assumed health care cost trend rates have a significant effect on the amounts reported for postretirement medical plans. A 1% increase in assumed health care cost trend rates would have increased the accumulated postretirement benefit obligation as of April 30, 2015, by $1 and the aggregate service and interest costs for 2015 by $0. A 1% decrease in assumed health care cost trend rates would have decreased the accumulated postretirement benefit obligation as of April 30, 2015, by $1 and the aggregate service and interest costs for 2015 by $0. | ||||||||||||||||||||||||
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 $9, $10, and $10 for matching contributions during 2013, 2014, and 2015, 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. |
StockBased_Compensation
Stock-Based Compensation | 12 Months Ended | ||||||||||||
Apr. 30, 2015 | |||||||||||||
Compensation Related Costs [Abstract] | |||||||||||||
STOCK-BASED COMPENSATION | STOCK-BASED COMPENSATION | ||||||||||||
The Brown-Forman 2013 Omnibus Compensation Plan is our incentive compensation plan, which is designed to reward its participants (including our eligible officers, employees, and non-employee directors) for company performance. Under the Plan, we can grant stock-based incentive awards for up to 8,300,000 shares of common stock to eligible participants until July 28, 2023. As of April 30, 2015, awards for approximately 7,253,000 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 private transactions, or otherwise. | |||||||||||||
The following table presents information about stock options and stock-settled stock appreciation rights (SSARs) granted under the Plan (or its predecessor plans) as of April 30, 2015, and for the year then ended: | |||||||||||||
Number of | Weighted | Weighted | Aggregate | ||||||||||
Underlying | Average | Average | Intrinsic Value | ||||||||||
Shares | Exercise Price | Remaining | |||||||||||
(in thousands) | per Award | Contractual | |||||||||||
Term (years) | |||||||||||||
Outstanding at April 30, 2014 | 4,063 | $ | 42.44 | ||||||||||
Granted | 366 | 91.97 | |||||||||||
Exercised | (601 | ) | 33.5 | ||||||||||
Forfeited or expired | (11 | ) | 86.63 | ||||||||||
Outstanding at April 30, 2015 | 3,817 | $ | 48.46 | 4.9 | $ | 163 | |||||||
Exercisable at April 30, 2015 | 2,528 | $ | 36.33 | 3.5 | $ | 139 | |||||||
The total intrinsic value of options and SSARs exercised during 2013, 2014, and 2015 was $52, $48, and $35, respectively. | |||||||||||||
We grant stock options and SSARs at an exercise price equal to the market price of the underlying stock on the grant date. Stock options and SSARs become exercisable after 3 years from the first day of the fiscal year of grant and expire 7 years after that date. The grant-date fair values of these awards granted during 2013, 2014, and 2015 were $10.70, $14.84, and $19.67 per award, respectively. We estimated the fair values using the Black-Scholes pricing model with the following assumptions: | |||||||||||||
2013 | 2014 | 2015 | |||||||||||
Risk-free interest rate | 0.9 | % | 1.9 | % | 2.2 | % | |||||||
Expected volatility | 22.9 | % | 22.5 | % | 22.3 | % | |||||||
Expected dividend yield | 1.9 | % | 1.8 | % | 1.7 | % | |||||||
Expected term (years) | 6.5 | 6.75 | 6.75 | ||||||||||
We have also granted restricted stock units (RSUs), deferred stock units (DSUs), and shares of performance-based restricted stock (PBRS) under the Plan (or its predecessor plans). Approximately 319,000 shares underlying these awards, with a weighted-average remaining vesting period of 1.7 years, were nonvested at April 30, 2015. The following table summarizes the changes in the number of shares underlying these awards during 2015: | |||||||||||||
Number of | Weighted | ||||||||||||
Underlying Shares | Average | ||||||||||||
(in thousands) | Fair Value at | ||||||||||||
Grant Date | |||||||||||||
Nonvested at April 30, 2014 | 365 | $ | 60.04 | ||||||||||
Granted | 70 | 92.66 | |||||||||||
Adjusted for dividends or performance | 9 | 66.93 | |||||||||||
Vested | (124 | ) | 47.57 | ||||||||||
Forfeited | (1 | ) | 81.77 | ||||||||||
Nonvested at April 30, 2015 | 319 | $ | 72.25 | ||||||||||
For PBRS awards, performance is measured based on the relative ranking of the total shareholder return of our Class B common stock during the three-year performance period compared to that of the companies within the Standard & Poor’s Consumer Staples Index at the end of the performance period, with specific payout levels ranging from 50% to 150%. | |||||||||||||
The total fair value of RSUs, PBRS awards, and DSUs vested during 2013, 2014, and 2015 was $5, $11, and $11, respectively. | |||||||||||||
The accompanying consolidated statements of operations reflect compensation expense related to stock-based incentive awards on a pre-tax basis of $11 in 2013, $13 in 2014, and $15 in 2015, partially offset by deferred income tax benefits of $4 in 2013, $5 in 2014, and $6 in 2015. As of April 30, 2015, there was $13 of total unrecognized compensation cost related to non-vested stock-based compensation. That cost is expected to be recognized over a weighted-average period of 2.2 years. |
Income_Taxes
Income Taxes | 12 Months Ended | |||||||||||
Apr. 30, 2015 | ||||||||||||
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: | ||||||||||||
2013 | 2014 | 2015 | ||||||||||
United States | $ | 751 | $ | 797 | $ | 912 | ||||||
Foreign | 114 | 150 | 90 | |||||||||
$ | 865 | $ | 947 | $ | 1,002 | |||||||
The income shown above was determined according to GAAP. Because those standards sometimes differ from the tax rules used to calculate taxable income, there are differences between: (a) the amount of taxable income and pretax financial income for a year; and (b) the tax bases of assets or liabilities and their amounts as recorded in our financial statements. As a result, we recognize a current tax liability for the estimated income tax payable on the current tax return, and deferred tax liabilities (income tax payable on income that will be recognized on future tax returns) and deferred tax assets (income tax refunds from deductions that will be recognized on future tax returns) for the estimated effects of the differences mentioned above. | ||||||||||||
Deferred tax assets and liabilities as of the end of each of the last two years were as follows: | ||||||||||||
2014 | 2015 | |||||||||||
April 30, | ||||||||||||
Deferred tax assets: | ||||||||||||
Postretirement and other benefits | $ | 139 | $ | 164 | ||||||||
Accrued liabilities and other | 30 | 22 | ||||||||||
Inventories | 8 | 12 | ||||||||||
Loss and credit carryforwards | 52 | 46 | ||||||||||
Valuation allowance | (34 | ) | (27 | ) | ||||||||
Total deferred tax assets, net | 195 | 217 | ||||||||||
Deferred tax liabilities: | ||||||||||||
Intangible assets | (184 | ) | (207 | ) | ||||||||
Property, plant, and equipment | (49 | ) | (61 | ) | ||||||||
Other | (21 | ) | (31 | ) | ||||||||
Total deferred tax liabilities | (254 | ) | (299 | ) | ||||||||
Net deferred tax liability | $ | (59 | ) | $ | (82 | ) | ||||||
As of April 30, 2015, the gross amounts of loss carryforwards include a $34 net operating loss in Brazil (no expiration); a U.K. non-trading loss of $36 (no expiration); a $28 net operating loss in Finland (expires in varying amounts in 2024 and 2025); a $26 net operating loss in Mexico (expires in varying amounts between 2016 and 2018); and other foreign net operating losses of $27 ($8 that do not expire and $19 that expire in varying amounts between 2016 and 2025). | ||||||||||||
The $27 valuation allowance at April 30, 2015 ($34 at April 30, 2014), relates primarily to a $12 net operating loss in Brazil which decreased $7 in 2015 due to adjustments to certain prior year net operating losses as a result of filing amended returns, partially offset by an increase in current year net operating losses. Although the Brazil losses can be carried forward indefinitely, it is uncertain that we will realize sufficient taxable income to allow us to use these losses. The valuation allowance also includes $8 ($7 at April 30, 2014) related to other foreign net operating losses that expire between 2016 and 2023. The remaining valuation allowance relates to a $7 ($8 at April 30, 2014) non-trading loss carryforward in the United Kingdom that was generated during 2009. Although the non-trading losses can be carried forward indefinitely, we know of no significant transactions that will let us use them. | ||||||||||||
During 2014, we deferred a tax benefit of $95 that resulted primarily from the release of certain deferred tax liabilities in connection with an intercompany transfer of assets, composed primarily of an intangible asset. We are amortizing the deferred benefit to tax expense over approximately six years for financial reporting purposes, in accordance with Accounting Standard Codification (ASC) 740-10-25-3(e) (Income Taxes) and ASC 810-45-8 (Consolidation), resulting in a tax benefit of $5 and $15 for 2014 and 2015, respectively. The remaining balance of the deferred benefit, which is included in “other liabilities” on the accompanying balance sheet, was $75 as of April 30, 2015. This intercompany transfer of assets also resulted in a taxable gain that is primarily responsible for the increase in our accrued taxes balance from April 30, 2013, to April 30, 2014. The tax on this gain was paid in 2015 and was primarily responsible for the decrease in our accrued taxes balance from April 30, 2014. | ||||||||||||
Deferred tax liabilities were not provided on undistributed earnings of foreign subsidiaries ($797 and $803 at April 30, 2014 and 2015, respectively) because we expect these undistributed earnings to be reinvested indefinitely outside the United States. If these amounts were not considered permanently reinvested, additional deferred tax liabilities of approximately $175 and $163 would have been provided as of April 30, 2014 and 2015, respectively. | ||||||||||||
Total income tax expense for a year includes the tax associated with the current tax return (“current tax expense”) and the change in the net deferred tax asset or liability (“deferred tax expense”). Our total income tax expense for each of the last three years was as follows: | ||||||||||||
2013 | 2014 | 2015 | ||||||||||
Current: | ||||||||||||
U.S. federal | $ | 197 | $ | 243 | $ | 259 | ||||||
Foreign | 41 | 49 | 42 | |||||||||
State and local | 10 | 1 | 11 | |||||||||
248 | 293 | 312 | ||||||||||
Deferred: | ||||||||||||
U.S. federal | $ | 23 | $ | 3 | $ | 15 | ||||||
Foreign | 1 | (6 | ) | (11 | ) | |||||||
State and local | 2 | (2 | ) | 2 | ||||||||
26 | (5 | ) | 6 | |||||||||
$ | 274 | $ | 288 | $ | 318 | |||||||
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 | ||||||||||||
2013 | 2014 | 2015 | ||||||||||
U.S. federal statutory rate | 35 | % | 35 | % | 35 | % | ||||||
State taxes, net of U.S. federal tax benefit | 1 | % | 0.7 | % | 1 | % | ||||||
Income taxed at other than U.S. federal statutory rate | (1.4 | )% | (2.2 | )% | (0.5 | )% | ||||||
Tax benefit from U.S. manufacturing | (2.1 | )% | (2.8 | )% | (2.5 | )% | ||||||
Amortization of deferred tax benefit from intercompany transactions | — | % | (0.4 | )% | (1.6 | )% | ||||||
Other, net | (0.8 | )% | 0.2 | % | 0.3 | % | ||||||
Effective rate | 31.7 | % | 30.5 | % | 31.7 | % | ||||||
At April 30, 2015, we had $13 of gross unrecognized tax benefits, $8 of which would reduce our effective income tax rate if recognized. A reconciliation of the beginning and ending unrecognized tax benefits follows: | ||||||||||||
2013 | 2014 | 2015 | ||||||||||
Unrecognized tax benefits at beginning of year | $ | 13 | $ | 11 | $ | 11 | ||||||
Additions for tax positions provided in prior periods | 2 | 1 | 2 | |||||||||
Additions for tax positions provided in current period | 1 | 1 | 1 | |||||||||
Decreases for tax positions provided in prior years | (1 | ) | (1 | ) | (1 | ) | ||||||
Settlements of tax positions in the current period | (3 | ) | (1 | ) | — | |||||||
Lapse of statutes of limitations | (1 | ) | — | — | ||||||||
Unrecognized tax benefits at end of year | $ | 11 | $ | 11 | $ | 13 | ||||||
We file income tax returns in the United States, including several state and local jurisdictions, as well as in several other countries in which we conduct business. The major jurisdictions and their earliest fiscal years that are currently open for tax examinations are 2006 for one state in the United States; 2013 in the United Kingdom; 2011 in Australia and Ireland; 2010 in Brazil and the Netherlands; 2009 in Poland and Finland; and 2004 in Mexico. The audits of our fiscal 2013 and 2014 U.S. federal tax returns were concluded in the first quarters of fiscal 2015 and 2016, respectively. In addition, we are participating in the Internal Revenue Service’s Compliance Assurance Program for our fiscal 2015 tax year. | ||||||||||||
We believe there will be no material change in our gross unrecognized tax benefits in the next 12 months. |
Accumulated_Other_Comprehensiv
Accumulated Other Comprehensive Income (Notes) | 12 Months Ended | |||||||||||||||
Apr. 30, 2015 | ||||||||||||||||
Accumulated Other Comprehensive Income [Abstract] | ||||||||||||||||
ACCUMULATED OTHER COMPREHENSIVE INCOME | ACCUMULATED OTHER COMPREHENSIVE INCOME | |||||||||||||||
The following table summarizes the change in each component of AOCI, net of tax, during 2015: | ||||||||||||||||
Currency Translation Adjustments | Cash Flow Hedge Adjustments | Postretirement Benefits Adjustments | Total AOCI | |||||||||||||
Balance at April 30, 2014 | $ | 6 | $ | (4 | ) | $ | (190 | ) | $ | (188 | ) | |||||
Net other comprehensive income (loss) | (114 | ) | 32 | (30 | ) | (112 | ) | |||||||||
Balance at April 30, 2015 | $ | (108 | ) | $ | 28 | $ | (220 | ) | $ | (300 | ) | |||||
The following table presents the components of net other comprehensive income (loss) during each of the last three years: | ||||||||||||||||
Pre-Tax | Tax | Net | ||||||||||||||
Year Ended April 30, 2013 | ||||||||||||||||
Currency translation adjustments | $ | 16 | $ | 1 | $ | 17 | ||||||||||
Cash flow hedge adjustments: | ||||||||||||||||
Net gain (loss) on hedging instruments | 7 | (4 | ) | 3 | ||||||||||||
Reclassification to earnings1 | (1 | ) | 1 | — | ||||||||||||
Postretirement benefits adjustments: | ||||||||||||||||
Net actuarial gain (loss) and prior service cost | (32 | ) | 16 | (16 | ) | |||||||||||
Reclassification to earnings2 | 30 | (15 | ) | 15 | ||||||||||||
Net other comprehensive income (loss) | $ | 20 | $ | (1 | ) | $ | 19 | |||||||||
Year Ended April 30, 2014 | ||||||||||||||||
Currency translation adjustments | $ | (2 | ) | $ | (2 | ) | $ | (4 | ) | |||||||
Cash flow hedge adjustments: | ||||||||||||||||
Net gain (loss) on hedging instruments | (7 | ) | 3 | (4 | ) | |||||||||||
Reclassification to earnings1 | — | — | — | |||||||||||||
Postretirement benefits adjustments: | ||||||||||||||||
Net actuarial gain (loss) and prior service cost | 18 | (7 | ) | 11 | ||||||||||||
Reclassification to earnings2 | 32 | (12 | ) | 20 | ||||||||||||
Net other comprehensive income (loss) | $ | 41 | $ | (18 | ) | $ | 23 | |||||||||
Year Ended April 30, 2015 | ||||||||||||||||
Currency translation adjustments | $ | (120 | ) | $ | 6 | $ | (114 | ) | ||||||||
Cash flow hedge adjustments: | ||||||||||||||||
Net gain (loss) on hedging instruments | 96 | (40 | ) | 56 | ||||||||||||
Reclassification to earnings1 | (41 | ) | 17 | (24 | ) | |||||||||||
Postretirement benefits adjustments: | ||||||||||||||||
Net actuarial gain (loss) and prior service cost | (70 | ) | 26 | (44 | ) | |||||||||||
Reclassification to earnings2 | 22 | (8 | ) | 14 | ||||||||||||
Net other comprehensive income (loss) | $ | (113 | ) | $ | 1 | $ | (112 | ) | ||||||||
1Pre-tax amount is classified as net sales in the accompanying consolidated statements of operations. | ||||||||||||||||
2Pre-tax amount is a component of pension and other postretirement benefit expense (as shown in Note 9). |
Supplemental_Information
Supplemental Information | 12 Months Ended | |||||||||||
Apr. 30, 2015 | ||||||||||||
Segment Reporting [Abstract] | ||||||||||||
SUPPLEMENTAL INFORMATION | SUPPLEMENTAL INFORMATION | |||||||||||
The following table presents net sales by product category: | ||||||||||||
2013 | 2014 | 2015 | ||||||||||
Net sales: | ||||||||||||
Spirits | $ | 3,613 | $ | 3,765 | $ | 3,903 | ||||||
Wine | 171 | 181 | 193 | |||||||||
$ | 3,784 | $ | 3,946 | $ | 4,096 | |||||||
The following table presents net sales by geography: | ||||||||||||
2013 | 2014 | 2015 | ||||||||||
Net sales: | ||||||||||||
United States | $ | 1,562 | $ | 1,624 | $ | 1,780 | ||||||
Europe | 1,147 | 1,264 | 1,270 | |||||||||
Australia | 510 | 469 | 431 | |||||||||
Other | 565 | 589 | 615 | |||||||||
$ | 3,784 | $ | 3,946 | $ | 4,096 | |||||||
Net sales are attributed to countries based on where customers are located. | ||||||||||||
The net book value of property, plant, and equipment located in Mexico was $50 and $40 as of April 30, 2014 and 2015, respectively. Other long-lived assets located outside the United States are not significant. | ||||||||||||
We have concluded that our business constitutes a single operating segment. |
Cash_Dividends
Cash Dividends | 12 Months Ended |
Apr. 30, 2015 | |
Cash and Cash Equivalents [Abstract] | |
CASH DIVIDENDS | CASH DIVIDENDS |
We paid total cash dividends per share of $4.98 (including a special dividend per share of $4.00) in 2013, $1.09 in 2014, and $1.21 in 2015. |
Stock_Split
Stock Split | 12 Months Ended |
Apr. 30, 2015 | |
Equity [Abstract] | |
STOCK SPLIT | STOCK SPLIT |
On June 14, 2012, our Board of Directors authorized a 3-for-2 stock split for outstanding shares of the Company’s Class A and Class B common stock, subject to stockholder approval of an amendment to the Company’s Restated Certificate of Incorporation to increase the number of authorized shares of Class A and Class B common stock. The amendment, which was approved by stockholders on July 26, 2012, increased the authorized number of Class A Common Stock to 85,000,000 from 57,000,000 and the authorized number of Class B Common Stock to 400,000,000 from 100,000,000. | |
The stock split, which was effected as a stock dividend, resulted in our issuing one new share of Class A common stock for each two shares of Class A common stock outstanding and one new share of Class B common stock for each two shares of Class B common stock outstanding. The stock split was paid on August 10, 2012, to stockholders of record as of August 3, 2012. We did not apply the stock split to our treasury shares. | |
As a result of the stock split, we reclassified approximately $10 from our retained earnings account to our common stock accounts during 2013. The $10 represents the $0.15 par value per share of the new shares issued in the stock split. Also, we adjusted retained earnings and treasury stock by approximately $8 to reflect the book value (at cost) of treasury shares issued in connection with the stock split. | |
We have restated previously reported share and per share amounts in the accompanying financial statements and related notes to reflect the stock split. |
Schedule_II_Valuation_and_Qual
Schedule II - Valuation and Qualifying Accounts | 12 Months Ended | |||||||||||||||||||
Apr. 30, 2015 | ||||||||||||||||||||
Valuation and Qualifying Accounts [Abstract] | ||||||||||||||||||||
SCHEDULE II - VALUATION AND QUALIFYING ACCOUNTS | SCHEDULE II – VALUATION AND QUALIFYING ACCOUNTS | |||||||||||||||||||
For the Years Ended April 30, 2013, 2014, and 2015 | ||||||||||||||||||||
(Expressed in millions) | ||||||||||||||||||||
Col. A | Col. B | Col. C(1) | Col. C(2) | Col. D | Col. E | |||||||||||||||
Description | Balance at | Additions | Additions | Deductions | Balance | |||||||||||||||
Beginning | Charged to | Charged to | at End | |||||||||||||||||
of Period | Costs and | Other | of Period | |||||||||||||||||
Expenses | Accounts | |||||||||||||||||||
2013 | ||||||||||||||||||||
Allowance for Doubtful Accounts | $ | 9 | 2 | $ | — | 2 | (1) | $ | 9 | |||||||||||
2014 | ||||||||||||||||||||
Allowance for Doubtful Accounts | $ | 9 | $ | — | $ | — | — | (1) | $ | 9 | ||||||||||
2015 | ||||||||||||||||||||
Allowance for Doubtful Accounts | $ | 9 | 2 | — | $ | 1 | (1) | $ | 10 | |||||||||||
(1) | Doubtful accounts written off, net of recoveries. |
Accounting_Policies_Policies
Accounting Policies (Policies) | 12 Months Ended | |||||||||||
Apr. 30, 2015 | ||||||||||||
Accounting Policies [Abstract] | ||||||||||||
Principles of consolidation | Principles of consolidation. Our consolidated financial statements include the accounts of all subsidiaries in which we have a controlling financial interest. We eliminate all intercompany transactions. | |||||||||||
Estimates | Estimates. To prepare financial statements that conform with GAAP, our management must make informed estimates that affect how we report revenues, expenses, assets, and liabilities, including contingent assets and liabilities. Actual results could (and probably will) differ from these estimates. | |||||||||||
Cash equivalents | Cash equivalents. Cash equivalents include bank demand deposits and all highly liquid investments with original maturities of three months or less. | |||||||||||
Allowance for doubtful accounts | Allowance for doubtful accounts. We evaluate the collectability of accounts receivable based on a combination of factors. When we are aware of circumstances that may impair a specific customer’s ability to meet its financial obligations, we record a specific allowance to reduce the net recognized receivable to the amount we believe will be collected. We write off the uncollectable amount against the allowance when we have exhausted our collection efforts. | |||||||||||
Inventories | Inventories. We state inventories at the lower of cost or market, with approximately 57% of consolidated inventories being valued using the last-in, first-out (LIFO) method. We value the remainder primarily using the first-in, first-out (FIFO) method. FIFO cost approximates current replacement cost. If we had used the FIFO method for all inventories, they would have been $216 and $234 higher than reported at April 30, 2014 and 2015, respectively. | |||||||||||
Because we age most of our whiskeys in barrels for three to six years, we bottle and sell only a portion of our whiskey inventory each year. Following industry practice, we classify all barreled whiskey as a current asset. We include warehousing, insurance, ad valorem taxes, and other carrying charges applicable to barreled whiskey in inventory costs. | ||||||||||||
We classify bulk wine, agave inventories, tequila, and liquid in bottling tanks as work in process. | ||||||||||||
Property, plant, and equipment | Property, plant, and equipment. We state property, plant, and equipment at cost less accumulated depreciation. We calculate depreciation on a straight-line basis using our estimates of useful life, which are 20–40 years for buildings and improvements; 3–10 years for machinery, equipment, vehicles, furniture, and fixtures; and 3–7 years for capitalized software. | |||||||||||
We assess our property, plant, and equipment for impairment whenever events or changes in circumstances indicate that the carrying value of those assets may not be recoverable. When we do not expect to recover the carrying value of an asset (or asset group) through undiscounted future cash flows, we write it down to its estimated fair value. We determine fair value using discounted estimated future cash flows, considering market values for similar assets when available. | ||||||||||||
When we retire or dispose of property, plant, and equipment, we remove its cost and accumulated depreciation from our balance sheet and reflect any gain or loss in operating income. We expense the costs of repairing and maintaining our property, plant, and equipment as we incur them. | ||||||||||||
Goodwill and other intangible assets | Goodwill and other intangible assets. We have obtained most of our brands by acquiring other companies. When we acquire another company, we first allocate the purchase price to identifiable assets and liabilities, including intangible brand names and trademarks (“brand names”), based on estimated fair value. We then record any remaining purchase price as goodwill. We do not amortize goodwill or other intangible assets with indefinite lives. We consider all of our brand names to have indefinite lives. | |||||||||||
We assess our goodwill and other indefinite-lived intangible assets for impairment at least annually. If the fair value of an asset is less than its book value, we write it down to its estimated fair value. For goodwill, if the book value of its reporting unit exceeds its estimated fair value, we measure for potential impairment by comparing the implied fair value of the reporting unit’s goodwill, determined in the same manner as in a business combination, to the book value of the goodwill. We estimate the fair value of a reporting unit using discounted estimated future cash flows. We typically estimate the fair value of a brand name using the “relief from royalty” method. We also consider market values for similar assets when available. Considerable management judgment is necessary to estimate fair value, including the selection of assumptions about future cash flows, discount rates, and royalty rates. | ||||||||||||
We have the option, before quantifying the fair value of a reporting unit or brand name, to evaluate qualitative factors to assess whether it is more likely than not that our goodwill or brand names are impaired. If we determine that is not the case, then we are not required to quantify the fair value. That assessment also takes considerable management judgment. | ||||||||||||
Foreign currency translation | Foreign currency translation. The U.S. dollar is the functional currency for most of our consolidated operations. For those operations, we report all gains and losses from foreign currency transactions in current income. The local currency is the functional currency for some foreign operations. For those investments, we report cumulative translation effects as a component of accumulated other comprehensive income (loss), a component of stockholders’ equity. | |||||||||||
Revenue recognition | Revenue recognition. We recognize revenue when title and risk of loss pass to the customer, typically when the product is shipped. Some sales contracts contain customer acceptance provisions that grant a right of return on the basis of either subjective or objective criteria. We record revenue net of estimated sales returns, allowances, and discounts. | |||||||||||
Excise taxes | Excise taxes. Our sales are often subject to excise taxes that we collect from our customers and remit to governmental authorities. We present these taxes on a gross basis (included in net sales and costs before gross profit) in the consolidated statement of operations. | |||||||||||
Cost of sales | Cost of sales. Cost of sales includes the costs of receiving, producing, inspecting, warehousing, insuring, and shipping goods sold during the period. | |||||||||||
Shipping and handling fees and costs | Shipping and handling fees and costs. We report the amounts we bill to our customers for shipping and handling as net sales, and we report the costs we incur for shipping and handling as cost of sales. | |||||||||||
Advertising costs | Advertising costs. We expense the costs of advertising during the year when the advertisements first take place. | |||||||||||
Selling, general, and administrative expenses | Selling, general, and administrative expenses. Selling, general, and administrative expenses include the costs associated with our sales force, administrative staff and facilities, and other expenses related to our non-manufacturing functions. | |||||||||||
Income taxes | Income taxes. We base our annual provision for income taxes on the pre-tax income reflected in our consolidated statement of operations. We establish deferred tax liabilities or assets for temporary differences between GAAP and tax reporting bases and later adjust them to reflect changes in tax rates expected to be in effect when the temporary differences reverse. We record a valuation allowance as necessary to reduce a deferred tax to the amount that we believe is more likely than not to be realized. We do not provide deferred income taxes on undistributed earnings of foreign subsidiaries that we expect to permanently reinvest. We record a deferred tax charge in prepaid taxes for the difference between GAAP and tax reporting bases with respect to the elimination of intercompany profit in ending inventory. | |||||||||||
We assess our uncertain income tax positions using a two-step process. First, we evaluate whether the tax position will more likely than not, based on its technical merits, be sustained upon examination, including resolution of any related appeals or litigation. For a tax position that does not meet this first criterion, we recognize no tax benefit. For a tax position that does meet the first criterion, we recognize a tax benefit in an amount equal to the largest amount of benefit that we believe has more than a 50% likelihood of being realized upon ultimate resolution. We record interest and penalties on uncertain tax positions as income tax expense. | ||||||||||||
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, including stock options, stock-settled stock appreciation rights, restricted stock units, deferred stock units, and shares of restricted stock. 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: | ||||||||||||
2013 | 2014 | 2015 | ||||||||||
Net income available to common stockholders | $ | 591 | $ | 659 | $ | 684 | ||||||
Share data (in thousands): | ||||||||||||
Basic average common shares outstanding | 213,369 | 213,454 | 211,593 | |||||||||
Dilutive effect of stock-based awards | 1,617 | 1,628 | 1,490 | |||||||||
Diluted average common shares outstanding | 214,986 | 215,082 | 213,083 | |||||||||
Basic earnings per share | $ | 2.77 | $ | 3.08 | $ | 3.23 | ||||||
Diluted earnings per share | $ | 2.75 | $ | 3.06 | $ | 3.21 | ||||||
We excluded common stock-based awards for approximately 398,000 shares, 309,000 shares, and 361,000 shares from the calculation of diluted earnings per share for 2013, 2014, and 2015, respectively, because they were not dilutive for those periods under the treasury stock method. | ||||||||||||
We try to limit the source of shares for stock-based compensation awards to treasury shares that we purchase from time to time on the open market (at times in connection with a publicly announced share repurchase program), in private transactions, or otherwise. We may use newly-issued shares to cover exercises or redemptions of awards, and then purchase an equal number of shares on the open market or otherwise as quickly as is reasonably practicable. This practice minimizes long-term dilution to our stockholders. | ||||||||||||
Recent accounting pronouncements | Recent accounting pronouncements. In May 2014, the Financial Accounting Standards Board (FASB) issued new guidance on the recognition of revenue from contracts with customers. As issued, the new guidance would become effective for us beginning fiscal 2018. However, in April 2015, the FASB proposed an amendment to the new guidance that would defer the effective date by one year, though permit voluntary adoption as of the original effective date. In May 2015, the FASB proposed additional amendments to the new guidance. We are currently evaluating the potential impact of the new guidance and the proposed amendments on our financial statements. |
Derivative_Financial_Instrumen1
Derivative Financial Instruments Derivative Financial Instruments (Policies) | 12 Months Ended |
Apr. 30, 2015 | |
Derivative Financial Instruments [Abstract] | |
Derivatives, Offsetting Fair Value Amounts, Policy [Policy Text Block] | Offsetting. As noted above, our derivative contracts are governed by ISDA agreements that allow for net settlement of derivative contracts with the same counterparty. It is our policy to present the fair values of current derivatives (that is, those with a remaining term of 12 months or less) with the same counterparty on a net basis in the balance sheet. Similarly, we present the fair values of noncurrent derivatives with the same counterparty on a net basis. Current derivatives are not netted with noncurrent derivatives in the balance sheet. |
Accounting_Policies_Tables
Accounting Policies (Tables) | 12 Months Ended | |||||||||||
Apr. 30, 2015 | ||||||||||||
Accounting Policies [Abstract] | ||||||||||||
Basic and diluted earnings per share | The following table presents information concerning basic and diluted earnings per share: | |||||||||||
2013 | 2014 | 2015 | ||||||||||
Net income available to common stockholders | $ | 591 | $ | 659 | $ | 684 | ||||||
Share data (in thousands): | ||||||||||||
Basic average common shares outstanding | 213,369 | 213,454 | 211,593 | |||||||||
Dilutive effect of stock-based awards | 1,617 | 1,628 | 1,490 | |||||||||
Diluted average common shares outstanding | 214,986 | 215,082 | 213,083 | |||||||||
Basic earnings per share | $ | 2.77 | $ | 3.08 | $ | 3.23 | ||||||
Diluted earnings per share | $ | 2.75 | $ | 3.06 | $ | 3.21 | ||||||
Balance_Sheet_Information_Tabl
Balance Sheet Information (Tables) | 12 Months Ended | |||||||
Apr. 30, 2015 | ||||||||
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, | 2014 | 2015 | ||||||
Other current assets: | ||||||||
Prepaid taxes | $ | 172 | $ | 181 | ||||
Other | 84 | 151 | ||||||
$ | 256 | $ | 332 | |||||
Property, plant, and equipment: | ||||||||
Land | $ | 72 | $ | 72 | ||||
Buildings | 381 | 419 | ||||||
Equipment | 534 | 561 | ||||||
Construction in process | 67 | 88 | ||||||
1,054 | 1,140 | |||||||
Less accumulated depreciation | 528 | 554 | ||||||
$ | 526 | $ | 586 | |||||
Accounts payable and accrued expenses: | ||||||||
Accounts payable, trade | $ | 134 | $ | 123 | ||||
Accrued expenses: | ||||||||
Advertising and promotion | 107 | 128 | ||||||
Compensation and commissions | 111 | 110 | ||||||
Excise and other non-income taxes | 57 | 59 | ||||||
Self-insurance losses | 10 | 10 | ||||||
Postretirement benefits | 7 | 7 | ||||||
Interest | 7 | 7 | ||||||
Other | 41 | 53 | ||||||
340 | 374 | |||||||
$ | 474 | $ | 497 | |||||
Other liabilities: | ||||||||
Deferred benefit – tax (Note 11) | $ | 90 | $ | 75 | ||||
Other | 77 | 89 | ||||||
$ | 167 | $ | 164 | |||||
Goodwill_and_Other_Intangible_1
Goodwill and Other Intangible Assets (Tables) | 12 Months Ended | |||
Apr. 30, 2015 | ||||
Goodwill and Intangible Assets Disclosure [Abstract] | ||||
Schedule of changes in the amount recorded as goodwill | The following table shows the changes in the amounts recorded as goodwill (which includes no accumulated impairment losses) over the past two years: | |||
Balance as of April 30, 2013 | $ | 617 | ||
Foreign currency translation adjustment | 3 | |||
Balance as of April 30, 2014 | 620 | |||
Foreign currency translation adjustment | (13 | ) | ||
Balance as of April 30, 2015 | $ | 607 | ||
Debt_and_Credit_Facilities_Tab
Debt and Credit Facilities (Tables) | 12 Months Ended | |||||||
Apr. 30, 2015 | ||||||||
Debt Disclosure [Abstract] | ||||||||
Schedule of long-term debt | Our long-term debt (net of unamortized discount) consisted of: | |||||||
April 30, | 2014 | 2015 | ||||||
2.50% senior notes, due in fiscal 2016 | $ | 249 | $ | 250 | ||||
1.00% senior notes, due in fiscal 2018 | 249 | 249 | ||||||
2.25% senior notes, due in fiscal 2023 | 249 | 249 | ||||||
3.75% senior notes, due in fiscal 2043 | 250 | 250 | ||||||
997 | 998 | |||||||
Less current portion | — | 250 | ||||||
$ | 997 | $ | 748 | |||||
Fair_Value_Measurements_Tables
Fair Value Measurements (Tables) | 12 Months Ended | |||||||||||||||
Apr. 30, 2015 | ||||||||||||||||
Fair Value Disclosures [Abstract] | ||||||||||||||||
Summary of assets and liabilities measured at fair value on a recurring basis | The following table summarizes the assets and liabilities measured at fair value on a recurring basis: | |||||||||||||||
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
April 30, 2014: | ||||||||||||||||
Assets: | ||||||||||||||||
Currency derivatives | $ | — | $ | 7 | $ | — | $ | 7 | ||||||||
Liabilities: | ||||||||||||||||
Currency derivatives | — | 7 | — | 7 | ||||||||||||
Short-term borrowings | — | 8 | — | 8 | ||||||||||||
Long-term debt | — | 963 | — | 963 | ||||||||||||
April 30, 2015: | ||||||||||||||||
Assets: | ||||||||||||||||
Currency derivatives | — | 59 | — | 59 | ||||||||||||
Liabilities: | ||||||||||||||||
Currency derivatives | — | 18 | — | 18 | ||||||||||||
Short-term borrowings | — | 190 | — | 190 | ||||||||||||
Current portion of long-term debt | — | 253 | — | 253 | ||||||||||||
Long-term debt | — | 735 | — | 735 | ||||||||||||
Fair_Value_of_Financial_Instru1
Fair Value of Financial Instruments (Tables) | 12 Months Ended | |||||||||||||||
Apr. 30, 2015 | ||||||||||||||||
Fair Value of Financial Instruments [Abstract] | ||||||||||||||||
Comparison of the fair values and carrying amounts of financial instruments | Below is a comparison of the fair values and carrying amounts of these instruments: | |||||||||||||||
2014 | 2015 | |||||||||||||||
April 30, | Carrying | Fair | Carrying | Fair | ||||||||||||
Amount | Value | Amount | Value | |||||||||||||
Assets: | ||||||||||||||||
Cash and cash equivalents | $ | 437 | $ | 437 | $ | 370 | $ | 370 | ||||||||
Currency derivatives | 7 | 7 | 59 | 59 | ||||||||||||
Liabilities: | ||||||||||||||||
Currency derivatives | 7 | 7 | 18 | 18 | ||||||||||||
Short-term borrowings | 8 | 8 | 190 | 190 | ||||||||||||
Current portion of long-term debt | — | — | 250 | 253 | ||||||||||||
Long-term debt | 997 | 963 | 748 | 735 | ||||||||||||
Derivative_Financial_Instrumen2
Derivative Financial Instruments (Tables) | 12 Months Ended | |||||||||||||||||||
Apr. 30, 2015 | ||||||||||||||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ||||||||||||||||||||
Schedule of fair values of derivative instruments affecting statements of operations | The following table presents the pre-tax impact that changes in the fair value of our derivative instruments had on AOCI and earnings in 2014 and 2015: | |||||||||||||||||||
Classification in Statement of Operations | 2014 | 2015 | ||||||||||||||||||
Currency derivatives designated as cash flow hedges: | ||||||||||||||||||||
Net gain (loss) recognized in AOCI | n/a | $ | (7 | ) | $ | 96 | ||||||||||||||
Net gain (loss) reclassified from AOCI into earnings | Net sales | — | 41 | |||||||||||||||||
Derivatives not designated as hedging instruments: | ||||||||||||||||||||
Currency derivatives – net gain (loss) recognized in earnings | Net sales | 1 | 26 | |||||||||||||||||
Currency derivatives – net gain (loss) recognized in earnings | Other income | 10 | 4 | |||||||||||||||||
Schedule of fair values of derivative instruments | The following table presents the fair values of our derivative instruments as of April 30, 2014 and 2015. | |||||||||||||||||||
Balance Sheet Classification | Fair Value of | Fair Value of | ||||||||||||||||||
Derivatives in a | Derivatives in a | |||||||||||||||||||
Gain Position | Loss Position | |||||||||||||||||||
April 30, 2014: | ||||||||||||||||||||
Designated as cash flow hedges: | ||||||||||||||||||||
Currency derivatives | Other current assets | $ | 6 | $ | (6 | ) | ||||||||||||||
Currency derivatives | Other assets | 2 | — | |||||||||||||||||
Currency derivatives | Accrued expenses | 2 | (6 | ) | ||||||||||||||||
Currency derivatives | Other liabilities | — | (4 | ) | ||||||||||||||||
Not designated as hedges: | ||||||||||||||||||||
Currency derivatives | Other current assets | 5 | — | |||||||||||||||||
Currency derivatives | Accrued expenses | 1 | — | |||||||||||||||||
April 30, 2015: | ||||||||||||||||||||
Designated as cash flow hedges: | ||||||||||||||||||||
Currency derivatives | Other current assets | 42 | (2 | ) | ||||||||||||||||
Currency derivatives | Other assets | 20 | (3 | ) | ||||||||||||||||
Currency derivatives | Accrued expenses | — | (6 | ) | ||||||||||||||||
Currency derivatives | Other liabilities | — | (6 | ) | ||||||||||||||||
Not designated as hedges: | ||||||||||||||||||||
Currency derivatives | Other current assets | 3 | (1 | ) | ||||||||||||||||
Currency derivatives | Accrued expenses | 1 | (7 | ) | ||||||||||||||||
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, 2014: | ||||||||||||||||||||
Derivative assets | $ | 17 | $ | (10 | ) | $ | 7 | $ | (2 | ) | $ | 5 | ||||||||
Derivative liabilities | (17 | ) | 10 | (7 | ) | 2 | (5 | ) | ||||||||||||
April 30, 2015: | ||||||||||||||||||||
Derivative assets | 65 | (6 | ) | 59 | — | 59 | ||||||||||||||
Derivative liabilities | (24 | ) | 6 | (18 | ) | — | (18 | ) | ||||||||||||
Pension_and_Other_Postretireme1
Pension and Other Postretirement Benefits (Tables) | 12 Months Ended | |||||||||||||||||||||||
Apr. 30, 2015 | ||||||||||||||||||||||||
Compensation and Retirement Disclosure [Abstract] | ||||||||||||||||||||||||
Change in present value of pension and other postretirement benefit obligation | The following table shows how the present value of our obligation changed during each of the last two years. | |||||||||||||||||||||||
Pension Benefits | Medical and Life | |||||||||||||||||||||||
Insurance Benefits | ||||||||||||||||||||||||
2014 | 2015 | 2014 | 2015 | |||||||||||||||||||||
Obligation at beginning of year | $ | 783 | $ | 785 | $ | 74 | $ | 69 | ||||||||||||||||
Service cost | 21 | 22 | 2 | 1 | ||||||||||||||||||||
Interest cost | 31 | 34 | 3 | 3 | ||||||||||||||||||||
Net actuarial loss (gain) | 4 | 91 | 3 | 3 | ||||||||||||||||||||
Plan amendments | — | — | (10 | ) | (16 | ) | ||||||||||||||||||
Retiree contributions | — | — | 1 | 1 | ||||||||||||||||||||
Benefits paid | (54 | ) | (45 | ) | (4 | ) | (4 | ) | ||||||||||||||||
Obligation at end of year | $ | 785 | $ | 887 | $ | 69 | $ | 57 | ||||||||||||||||
Expected benefit payments over the next 10 years | Expected benefit payments (net of retiree contributions) over the next 10 years are as follows: | |||||||||||||||||||||||
Pension Benefits | Medical and Life | |||||||||||||||||||||||
Insurance Benefits | ||||||||||||||||||||||||
2016 | $ | 51 | $ | 3 | ||||||||||||||||||||
2017 | 52 | 3 | ||||||||||||||||||||||
2018 | 53 | 3 | ||||||||||||||||||||||
2019 | 54 | 3 | ||||||||||||||||||||||
2020 | 56 | 3 | ||||||||||||||||||||||
2021 – 2025 | 303 | 18 | ||||||||||||||||||||||
Fair value of pension plan assets by category, as well as the actual and target allocations | The following table shows the fair value of pension plan assets by category, as well as the actual and target allocations, as of April 30, 2014 and 2015. (Fair value levels are defined in Note 6.) | |||||||||||||||||||||||
Allocation by Asset Class | ||||||||||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | Actual | Target | |||||||||||||||||||
April 30, 2014: | ||||||||||||||||||||||||
Commingled trust funds1: | ||||||||||||||||||||||||
Equity funds | $ | — | $ | 235 | $ | — | $ | 235 | 38 | % | 38 | % | ||||||||||||
Fixed income funds | — | 196 | — | 196 | 32 | % | 35 | % | ||||||||||||||||
Real estate funds | — | 21 | 32 | 53 | 9 | % | 8 | % | ||||||||||||||||
Short-term investments | — | 3 | — | 3 | 1 | % | — | % | ||||||||||||||||
Total commingled trust funds | — | 455 | 32 | 487 | 80 | % | 81 | % | ||||||||||||||||
Hedge funds2 | — | — | 30 | 30 | 5 | % | 5 | % | ||||||||||||||||
Private equity3 | — | — | 25 | 25 | 4 | % | 5 | % | ||||||||||||||||
Equity securities | 63 | — | — | 63 | 11 | % | 9 | % | ||||||||||||||||
Total | $ | 63 | $ | 455 | $ | 87 | $ | 605 | 100 | % | 100 | % | ||||||||||||
April 30, 2015: | ||||||||||||||||||||||||
Commingled trust funds1: | ||||||||||||||||||||||||
Equity funds | $ | — | $ | 248 | $ | — | $ | 248 | 39 | % | 38 | % | ||||||||||||
Fixed income funds | — | 185 | — | 185 | 30 | % | 35 | % | ||||||||||||||||
Real estate funds | — | 20 | 36 | 56 | 9 | % | 8 | % | ||||||||||||||||
Short-term investments | — | 4 | — | 4 | 1 | % | — | % | ||||||||||||||||
Total commingled trust funds | — | 457 | 36 | 493 | 79 | % | 81 | % | ||||||||||||||||
Hedge funds2 | — | — | 31 | 31 | 5 | % | 5 | % | ||||||||||||||||
Private equity3 | — | — | 26 | 26 | 4 | % | 5 | % | ||||||||||||||||
Equity securities | 76 | — | — | 76 | 12 | % | 9 | % | ||||||||||||||||
Total | $ | 76 | $ | 457 | $ | 93 | $ | 626 | 100 | % | 100 | % | ||||||||||||
1Commingled trust fund valuations are based on the net asset value (NAV) of the funds as determined by the administrator of the fund and reviewed by us. NAV represents the underlying assets owned by the fund, minus liabilities and divided by the number of shares or units outstanding. | ||||||||||||||||||||||||
2Hedge fund valuations are based primarily on the NAV of the funds as determined by fund administrators and reviewed by us. During our review, we determine whether it is necessary to adjust a valuation for inherent liquidity and redemption issues that may exist within a fund’s underlying assets or fund unit values. | ||||||||||||||||||||||||
3As of April 30, 2014 and 2015, consists only of limited partnership interests, which are valued at the percentage ownership of total partnership equity as determined by the general partner. These valuations require significant judgment due to the absence of quoted market prices, the inherent lack of liquidity, and the long-term nature of these investments. | ||||||||||||||||||||||||
Change in fair value of Level 3 assets | The following table shows how the fair value of the Level 3 assets changed during each of the last two years. There were no transfers of assets between Level 3 and either of the other two levels. | |||||||||||||||||||||||
Real Estate | Hedge | Private | Total | |||||||||||||||||||||
Funds | Funds | Equity | ||||||||||||||||||||||
Balance as of April 30, 2013 | $ | 28 | $ | 26 | $ | 21 | $ | 75 | ||||||||||||||||
Return on assets held at end of year | 4 | 2 | 4 | 10 | ||||||||||||||||||||
Purchases and settlements | — | 2 | 3 | 5 | ||||||||||||||||||||
Sales and settlements | — | — | (3 | ) | (3 | ) | ||||||||||||||||||
Balance as of April 30, 2014 | 32 | 30 | 25 | 87 | ||||||||||||||||||||
Return on assets held at end of year | 4 | 1 | 1 | 6 | ||||||||||||||||||||
Purchases and settlements | — | — | 4 | 4 | ||||||||||||||||||||
Sales and settlements | — | — | (4 | ) | (4 | ) | ||||||||||||||||||
Balance as of April 30, 2015 | $ | 36 | $ | 31 | $ | 26 | $ | 93 | ||||||||||||||||
Change in fair value of pension plan Assets | The following table shows how the total fair value of all pension plan assets changed during each of the last two years. (We do not have assets set aside for postretirement medical or life insurance benefits.) | |||||||||||||||||||||||
Pension Benefits | Medical and Life | |||||||||||||||||||||||
Insurance Benefits | ||||||||||||||||||||||||
2014 | 2015 | 2014 | 2015 | |||||||||||||||||||||
Assets at beginning of year | $ | 573 | $ | 605 | $ | — | $ | — | ||||||||||||||||
Actual return on assets | 53 | 52 | — | — | ||||||||||||||||||||
Retiree contributions | — | — | 1 | 1 | ||||||||||||||||||||
Company contributions | 33 | 14 | 3 | 3 | ||||||||||||||||||||
Benefits paid | (54 | ) | (45 | ) | (4 | ) | (4 | ) | ||||||||||||||||
Assets at end of year | $ | 605 | $ | 626 | $ | — | $ | — | ||||||||||||||||
Funded status of plans | The following table shows the funded status of our plans. | |||||||||||||||||||||||
Pension Benefits | Medical and Life | |||||||||||||||||||||||
Insurance Benefits | ||||||||||||||||||||||||
April 30, | 2014 | 2015 | 2014 | 2015 | ||||||||||||||||||||
Assets | $ | 605 | $ | 626 | $ | — | $ | — | ||||||||||||||||
Obligations | (785 | ) | (887 | ) | (69 | ) | (57 | ) | ||||||||||||||||
Funded status | $ | (180 | ) | $ | (261 | ) | $ | (69 | ) | $ | (57 | ) | ||||||||||||
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, | 2014 | 2015 | 2014 | 2015 | ||||||||||||||||||||
Other assets | $ | 2 | $ | — | $ | — | $ | — | ||||||||||||||||
Accounts payable and accrued expenses | (4 | ) | (4 | ) | (3 | ) | (3 | ) | ||||||||||||||||
Accrued postretirement benefits | (178 | ) | (257 | ) | (66 | ) | (54 | ) | ||||||||||||||||
Net liability | $ | (180 | ) | $ | (261 | ) | $ | (69 | ) | $ | (57 | ) | ||||||||||||
Accumulated other comprehensive income (loss), before tax: | ||||||||||||||||||||||||
Net actuarial gain (loss) | $ | (296 | ) | $ | (353 | ) | $ | (14 | ) | $ | (16 | ) | ||||||||||||
Prior service credit (cost) | (5 | ) | (4 | ) | 5 | 18 | ||||||||||||||||||
$ | (301 | ) | $ | (357 | ) | $ | (9 | ) | $ | 2 | ||||||||||||||
Pension plans that have assets in excess of their accumulated benefit obligations with those whose assets are less than their obligations | The following table compares our pension plans that have assets in excess of their accumulated benefit obligations with those whose assets are less than their obligations. (As discussed above, we have no assets set aside for postretirement medical or life insurance benefits.) | |||||||||||||||||||||||
Plan Assets | Accumulated | Projected | ||||||||||||||||||||||
Benefit Obligation | Benefit Obligation | |||||||||||||||||||||||
April 30, | 2014 | 2015 | 2014 | 2015 | 2014 | 2015 | ||||||||||||||||||
Plans with assets in excess of accumulated benefit obligation | $ | 52 | $ | 53 | $ | 49 | $ | 50 | $ | 50 | $ | 52 | ||||||||||||
Plans with accumulated benefit obligation in excess of assets | 553 | 573 | 640 | 710 | 735 | 835 | ||||||||||||||||||
Total | $ | 605 | $ | 626 | $ | 689 | $ | 760 | $ | 785 | $ | 887 | ||||||||||||
Pension expense | The following table shows the components of the pension expense recognized during each of the last three years. The amount for each year includes amortization of the prior service cost/credit and net actuarial loss/gain included in accumulated other comprehensive loss as of the beginning of the year. | |||||||||||||||||||||||
Pension Benefits | ||||||||||||||||||||||||
2013 | 2014 | 2015 | ||||||||||||||||||||||
Service cost | $ | 20 | $ | 21 | $ | 22 | ||||||||||||||||||
Interest cost | 35 | 31 | 34 | |||||||||||||||||||||
Expected return on assets | (41 | ) | (40 | ) | (41 | ) | ||||||||||||||||||
Amortization of: | ||||||||||||||||||||||||
Prior service cost (credit) | 1 | 1 | 1 | |||||||||||||||||||||
Net actuarial loss (gain) | 28 | 31 | 22 | |||||||||||||||||||||
Net expense | $ | 43 | $ | 44 | $ | 38 | ||||||||||||||||||
Postretirement medical and life insurance benefit expense | The following table shows the components of the postretirement medical and life insurance benefit expense that we recognized during each of the last three years. | |||||||||||||||||||||||
Medical and Life Insurance Benefits | ||||||||||||||||||||||||
2013 | 2014 | 2015 | ||||||||||||||||||||||
Service cost | $ | 2 | $ | 2 | $ | 1 | ||||||||||||||||||
Interest cost | 3 | 3 | 3 | |||||||||||||||||||||
Amortization of: | ||||||||||||||||||||||||
Prior service cost (credit) | 1 | — | (2 | ) | ||||||||||||||||||||
Net actuarial loss (gain) | — | — | 1 | |||||||||||||||||||||
Net expense | $ | 6 | $ | 5 | $ | 3 | ||||||||||||||||||
Amounts recognized in other comprehensive income | The following table shows the pre-tax effect of these amounts on OCI during each of the last three years: | |||||||||||||||||||||||
Pension Benefits | Medical and Life | |||||||||||||||||||||||
Insurance Benefits | ||||||||||||||||||||||||
2013 | 2014 | 2015 | 2013 | 2014 | 2015 | |||||||||||||||||||
Prior service credit (cost) | $ | (4 | ) | $ | — | $ | — | $ | — | $ | 10 | $ | 16 | |||||||||||
Net actuarial gain (loss) | (18 | ) | 9 | (80 | ) | (10 | ) | (3 | ) | (3 | ) | |||||||||||||
Amortization reclassified to earnings: | ||||||||||||||||||||||||
Prior service cost (credit) | 1 | 1 | 1 | 1 | — | (2 | ) | |||||||||||||||||
Net actuarial loss (gain) | 28 | 31 | 22 | — | — | 1 | ||||||||||||||||||
Net amount recognized in OCI | $ | 7 | $ | 41 | $ | (57 | ) | $ | (9 | ) | $ | 7 | $ | 12 | ||||||||||
Assumptions used in computing benefit plan obligations | The weighted-average assumptions used in computing benefit plan obligations as of the end of the last two years were as follows: | |||||||||||||||||||||||
Pension Benefits | Medical and Life | |||||||||||||||||||||||
Insurance Benefits | ||||||||||||||||||||||||
2014 | 2015 | 2014 | 2015 | |||||||||||||||||||||
Discount rate | 4.46 | % | 4.09 | % | 4.67 | % | 4.09 | % | ||||||||||||||||
Rate of salary increase | 4 | % | 4 | % | n/a | n/a | ||||||||||||||||||
Assumptions used in computing benefit plan expense | assumptions used in computing benefit plan expense during each of the last three years were as follows: | |||||||||||||||||||||||
Pension Benefits | Medical and Life | |||||||||||||||||||||||
Insurance Benefits | ||||||||||||||||||||||||
2013 | 2014 | 2015 | 2013 | 2014 | 2015 | |||||||||||||||||||
Discount rate | 4.92 | % | 4.08 | % | 4.46 | % | 4.84 | % | 4.36 | % | 4.67 | % | ||||||||||||
Rate of salary increase | 4 | % | 4 | % | 4 | % | n/a | n/a | n/a | |||||||||||||||
Expected return on plan assets | 7.75 | % | 7.5 | % | 7.5 | % | n/a | n/a | n/a | |||||||||||||||
Assumed health care cost trend rates | The assumed health care cost trend rates as of the end of the last two years were as follows: | |||||||||||||||||||||||
Medical and Life | ||||||||||||||||||||||||
Insurance Benefits | ||||||||||||||||||||||||
2014 | 2015 | |||||||||||||||||||||||
Health care cost trend rate assumed for next year: | ||||||||||||||||||||||||
Present rate before age 65 | 7.75 | % | 7.5 | % | ||||||||||||||||||||
Present rate age 65 and after | 6.75 | % | n/a | |||||||||||||||||||||
StockBased_Compensation_Tables
Stock-Based Compensation (Tables) | 12 Months Ended | ||||||||||||
Apr. 30, 2015 | |||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |||||||||||||
Summary of stock options and SSARs granted under the plan | The following table presents information about stock options and stock-settled stock appreciation rights (SSARs) granted under the Plan (or its predecessor plans) as of April 30, 2015, and for the year then ended: | ||||||||||||
Number of | Weighted | Weighted | Aggregate | ||||||||||
Underlying | Average | Average | Intrinsic Value | ||||||||||
Shares | Exercise Price | Remaining | |||||||||||
(in thousands) | per Award | Contractual | |||||||||||
Term (years) | |||||||||||||
Outstanding at April 30, 2014 | 4,063 | $ | 42.44 | ||||||||||
Granted | 366 | 91.97 | |||||||||||
Exercised | (601 | ) | 33.5 | ||||||||||
Forfeited or expired | (11 | ) | 86.63 | ||||||||||
Outstanding at April 30, 2015 | 3,817 | $ | 48.46 | 4.9 | $ | 163 | |||||||
Exercisable at April 30, 2015 | 2,528 | $ | 36.33 | 3.5 | $ | 139 | |||||||
Assumptions used for fair value estimation | We estimated the fair values using the Black-Scholes pricing model with the following assumptions: | ||||||||||||
2013 | 2014 | 2015 | |||||||||||
Risk-free interest rate | 0.9 | % | 1.9 | % | 2.2 | % | |||||||
Expected volatility | 22.9 | % | 22.5 | % | 22.3 | % | |||||||
Expected dividend yield | 1.9 | % | 1.8 | % | 1.7 | % | |||||||
Expected term (years) | 6.5 | 6.75 | 6.75 | ||||||||||
Summary of changes in outstanding RSUs and restricted stock | The following table summarizes the changes in the number of shares underlying these awards during 2015: | ||||||||||||
Number of | Weighted | ||||||||||||
Underlying Shares | Average | ||||||||||||
(in thousands) | Fair Value at | ||||||||||||
Grant Date | |||||||||||||
Nonvested at April 30, 2014 | 365 | $ | 60.04 | ||||||||||
Granted | 70 | 92.66 | |||||||||||
Adjusted for dividends or performance | 9 | 66.93 | |||||||||||
Vested | (124 | ) | 47.57 | ||||||||||
Forfeited | (1 | ) | 81.77 | ||||||||||
Nonvested at April 30, 2015 | 319 | $ | 72.25 | ||||||||||
Income_Taxes_Tables
Income Taxes (Tables) | 12 Months Ended | |||||||||||
Apr. 30, 2015 | ||||||||||||
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: | |||||||||||
2013 | 2014 | 2015 | ||||||||||
United States | $ | 751 | $ | 797 | $ | 912 | ||||||
Foreign | 114 | 150 | 90 | |||||||||
$ | 865 | $ | 947 | $ | 1,002 | |||||||
Deferred tax assets and liabilities | Deferred tax assets and liabilities as of the end of each of the last two years were as follows: | |||||||||||
2014 | 2015 | |||||||||||
April 30, | ||||||||||||
Deferred tax assets: | ||||||||||||
Postretirement and other benefits | $ | 139 | $ | 164 | ||||||||
Accrued liabilities and other | 30 | 22 | ||||||||||
Inventories | 8 | 12 | ||||||||||
Loss and credit carryforwards | 52 | 46 | ||||||||||
Valuation allowance | (34 | ) | (27 | ) | ||||||||
Total deferred tax assets, net | 195 | 217 | ||||||||||
Deferred tax liabilities: | ||||||||||||
Intangible assets | (184 | ) | (207 | ) | ||||||||
Property, plant, and equipment | (49 | ) | (61 | ) | ||||||||
Other | (21 | ) | (31 | ) | ||||||||
Total deferred tax liabilities | (254 | ) | (299 | ) | ||||||||
Net deferred tax liability | $ | (59 | ) | $ | (82 | ) | ||||||
Total income tax expense | Our total income tax expense for each of the last three years was as follows: | |||||||||||
2013 | 2014 | 2015 | ||||||||||
Current: | ||||||||||||
U.S. federal | $ | 197 | $ | 243 | $ | 259 | ||||||
Foreign | 41 | 49 | 42 | |||||||||
State and local | 10 | 1 | 11 | |||||||||
248 | 293 | 312 | ||||||||||
Deferred: | ||||||||||||
U.S. federal | $ | 23 | $ | 3 | $ | 15 | ||||||
Foreign | 1 | (6 | ) | (11 | ) | |||||||
State and local | 2 | (2 | ) | 2 | ||||||||
26 | (5 | ) | 6 | |||||||||
$ | 274 | $ | 288 | $ | 318 | |||||||
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 | ||||||||||||
2013 | 2014 | 2015 | ||||||||||
U.S. federal statutory rate | 35 | % | 35 | % | 35 | % | ||||||
State taxes, net of U.S. federal tax benefit | 1 | % | 0.7 | % | 1 | % | ||||||
Income taxed at other than U.S. federal statutory rate | (1.4 | )% | (2.2 | )% | (0.5 | )% | ||||||
Tax benefit from U.S. manufacturing | (2.1 | )% | (2.8 | )% | (2.5 | )% | ||||||
Amortization of deferred tax benefit from intercompany transactions | — | % | (0.4 | )% | (1.6 | )% | ||||||
Other, net | (0.8 | )% | 0.2 | % | 0.3 | % | ||||||
Effective rate | 31.7 | % | 30.5 | % | 31.7 | % | ||||||
Reconciliation of ending and beginning unrecognized tax benefits | A reconciliation of the beginning and ending unrecognized tax benefits follows: | |||||||||||
2013 | 2014 | 2015 | ||||||||||
Unrecognized tax benefits at beginning of year | $ | 13 | $ | 11 | $ | 11 | ||||||
Additions for tax positions provided in prior periods | 2 | 1 | 2 | |||||||||
Additions for tax positions provided in current period | 1 | 1 | 1 | |||||||||
Decreases for tax positions provided in prior years | (1 | ) | (1 | ) | (1 | ) | ||||||
Settlements of tax positions in the current period | (3 | ) | (1 | ) | — | |||||||
Lapse of statutes of limitations | (1 | ) | — | — | ||||||||
Unrecognized tax benefits at end of year | $ | 11 | $ | 11 | $ | 13 | ||||||
Accumulated_Other_Comprehensiv1
Accumulated Other Comprehensive Income (Tables) | 12 Months Ended | |||||||||||||||
Apr. 30, 2015 | ||||||||||||||||
Accumulated Other Comprehensive Income [Abstract] | ||||||||||||||||
Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block] | The following table summarizes the change in each component of AOCI, net of tax, during 2015: | |||||||||||||||
Currency Translation Adjustments | Cash Flow Hedge Adjustments | Postretirement Benefits Adjustments | Total AOCI | |||||||||||||
Balance at April 30, 2014 | $ | 6 | $ | (4 | ) | $ | (190 | ) | $ | (188 | ) | |||||
Net other comprehensive income (loss) | (114 | ) | 32 | (30 | ) | (112 | ) | |||||||||
Balance at April 30, 2015 | $ | (108 | ) | $ | 28 | $ | (220 | ) | $ | (300 | ) | |||||
Comprehensive Income (Loss) [Table Text Block] | The following table presents the components of net other comprehensive income (loss) during each of the last three years: | |||||||||||||||
Pre-Tax | Tax | Net | ||||||||||||||
Year Ended April 30, 2013 | ||||||||||||||||
Currency translation adjustments | $ | 16 | $ | 1 | $ | 17 | ||||||||||
Cash flow hedge adjustments: | ||||||||||||||||
Net gain (loss) on hedging instruments | 7 | (4 | ) | 3 | ||||||||||||
Reclassification to earnings1 | (1 | ) | 1 | — | ||||||||||||
Postretirement benefits adjustments: | ||||||||||||||||
Net actuarial gain (loss) and prior service cost | (32 | ) | 16 | (16 | ) | |||||||||||
Reclassification to earnings2 | 30 | (15 | ) | 15 | ||||||||||||
Net other comprehensive income (loss) | $ | 20 | $ | (1 | ) | $ | 19 | |||||||||
Year Ended April 30, 2014 | ||||||||||||||||
Currency translation adjustments | $ | (2 | ) | $ | (2 | ) | $ | (4 | ) | |||||||
Cash flow hedge adjustments: | ||||||||||||||||
Net gain (loss) on hedging instruments | (7 | ) | 3 | (4 | ) | |||||||||||
Reclassification to earnings1 | — | — | — | |||||||||||||
Postretirement benefits adjustments: | ||||||||||||||||
Net actuarial gain (loss) and prior service cost | 18 | (7 | ) | 11 | ||||||||||||
Reclassification to earnings2 | 32 | (12 | ) | 20 | ||||||||||||
Net other comprehensive income (loss) | $ | 41 | $ | (18 | ) | $ | 23 | |||||||||
Year Ended April 30, 2015 | ||||||||||||||||
Currency translation adjustments | $ | (120 | ) | $ | 6 | $ | (114 | ) | ||||||||
Cash flow hedge adjustments: | ||||||||||||||||
Net gain (loss) on hedging instruments | 96 | (40 | ) | 56 | ||||||||||||
Reclassification to earnings1 | (41 | ) | 17 | (24 | ) | |||||||||||
Postretirement benefits adjustments: | ||||||||||||||||
Net actuarial gain (loss) and prior service cost | (70 | ) | 26 | (44 | ) | |||||||||||
Reclassification to earnings2 | 22 | (8 | ) | 14 | ||||||||||||
Net other comprehensive income (loss) | $ | (113 | ) | $ | 1 | $ | (112 | ) | ||||||||
1Pre-tax amount is classified as net sales in the accompanying consolidated statements of operations. | ||||||||||||||||
2Pre-tax amount is a component of pension and other postretirement benefit expense (as shown in Note 9). |
Supplemental_Information_Table
Supplemental Information (Tables) | 12 Months Ended | |||||||||||
Apr. 30, 2015 | ||||||||||||
Segment Reporting [Abstract] | ||||||||||||
Net sales by product category | The following table presents net sales by product category: | |||||||||||
2013 | 2014 | 2015 | ||||||||||
Net sales: | ||||||||||||
Spirits | $ | 3,613 | $ | 3,765 | $ | 3,903 | ||||||
Wine | 171 | 181 | 193 | |||||||||
$ | 3,784 | $ | 3,946 | $ | 4,096 | |||||||
Net sales by geography | The following table presents net sales by geography: | |||||||||||
2013 | 2014 | 2015 | ||||||||||
Net sales: | ||||||||||||
United States | $ | 1,562 | $ | 1,624 | $ | 1,780 | ||||||
Europe | 1,147 | 1,264 | 1,270 | |||||||||
Australia | 510 | 469 | 431 | |||||||||
Other | 565 | 589 | 615 | |||||||||
$ | 3,784 | $ | 3,946 | $ | 4,096 | |||||||
Accounting_Policies_Basic_and_
Accounting Policies (Basic and Diluted Earnings Per Share) (Details) (USD $) | 12 Months Ended | ||
In Millions, except Share data in Thousands, unless otherwise specified | Apr. 30, 2015 | Apr. 30, 2014 | Apr. 30, 2013 |
Basic and diluted earnings per share | |||
Net income available to common stockholders | $684 | $659 | $591 |
Share data (in thousands): | |||
Basic average common shares outstanding (shares) | 211,593 | 213,454 | 213,369 |
Dilutive effect of stock-based awards (shares) | 1,490 | 1,628 | 1,617 |
Diluted average common shares outstanding (shares) | 213,083 | 215,082 | 214,986 |
Basic earnings per share (dollars per share) | $3.23 | $3.08 | $2.77 |
Diluted earnings per share (dollars per share) | $3.21 | $3.06 | $2.75 |
Accounting_Policies_Textual_De
Accounting Policies (Textual) (Details) (USD $) | 12 Months Ended | ||
In Millions, except Share data in Thousands, unless otherwise specified | Apr. 30, 2015 | Apr. 30, 2014 | Apr. 30, 2013 |
Accounting Policies (Textual) [Abstract] | |||
Inventories valued using LIFO method (percent) | 57.00% | ||
FIFO method value of inventory in excess of reported | $234 | $216 | |
Antidilutive common stock-based awards excluded from calculation of diluted earnings per share (shares) | 361 | 309 | 398 |
Minimum [Member] | |||
Accounting Policies (Textual) [Abstract] | |||
Whiskey aging period (years) | 3 years | ||
Minimum [Member] | Building Improvements [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Estimated useful life (years) | 20 years | ||
Minimum [Member] | Machinery and Equipment [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Estimated useful life (years) | 3 years | ||
Minimum [Member] | Software [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Estimated useful life (years) | 3 years | ||
Maximum [Member] | |||
Accounting Policies (Textual) [Abstract] | |||
Whiskey aging period (years) | 6 years | ||
Maximum [Member] | Building Improvements [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Estimated useful life (years) | 40 years | ||
Maximum [Member] | Machinery and Equipment [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Estimated useful life (years) | 10 years | ||
Maximum [Member] | Software [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Estimated useful life (years) | 7 years |
Balance_Sheet_Information_Deta
Balance Sheet Information (Details) (USD $) | Apr. 30, 2015 | Apr. 30, 2014 |
In Millions, unless otherwise specified | ||
Other current assets: | ||
Prepaid taxes | $181 | $172 |
Other | 151 | 84 |
Other current assets | 332 | 256 |
Property, plant, and equipment: | ||
Land | 72 | 72 |
Buildings | 419 | 381 |
Equipment | 561 | 534 |
Construction in process | 88 | 67 |
Property, plant and equipment, gross | 1,140 | 1,054 |
Less accumulated depreciation | 554 | 528 |
Property, plant, and equipment, net | 586 | 526 |
Accounts payable and accrued expenses: | ||
Accounts payable, trade | 123 | 134 |
Accrued expenses: | ||
Advertising and promotion | 128 | 107 |
Compensation and commissions | 110 | 111 |
Excise and other non-income taxes | 59 | 57 |
Self-insurance losses | 10 | 10 |
Postretirement benefits | 7 | 7 |
Interest | 7 | 7 |
Other | 53 | 41 |
Accrued expenses | 374 | 340 |
Accounts payable and accrued expenses | 497 | 474 |
Other liabilities: | ||
Deferred benefit – tax (Note 11) | 75 | 90 |
Other | 89 | 77 |
Other liabilities | $164 | $167 |
Goodwill_and_Other_Intangible_2
Goodwill and Other Intangible Assets (Goodwill Rollforward) (Details) (USD $) | 12 Months Ended | |
In Millions, unless otherwise specified | Apr. 30, 2015 | Apr. 30, 2014 |
Amount recorded as goodwill | ||
Goodwill , Beginning Balance | $620 | $617 |
Foreign currency translation adjustment | -13 | 3 |
Goodwill , Ending Balance | $607 | $620 |
Commitments_and_Contingencies_
Commitments and Contingencies Commitments (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Apr. 30, 2015 | Apr. 30, 2014 | Apr. 30, 2013 |
Commitments (Textual) [Abstract] | |||
Rental payment under operating leases | $23 | $24 | $22 |
Operating Leases, Future Minimum Payments Due, Fiscal Year Maturity [Abstract] | |||
Minimum lease payment, 2016 | 17 | ||
Minimum lease payment, 2017 | 13 | ||
Minimum lease payment, 2018 | 6 | ||
Minimum lease payment, 2019 | 3 | ||
Minimum lease payment, 2020 | 1 | ||
Minimum lease payment, after 2020 | 0 | ||
Unrecorded Unconditional Purchase Obligation, Fiscal Year Maturity [Abstract] | |||
Total purchase obligation, 2016 | 7 | ||
Total purchase obligation, 2017 | 5 | ||
Total purchase obligation, 2018 | 2 | ||
Total purchase obligation, 2019 | 2 | ||
Total purchase obligation, 2020 | 1 | ||
Total purchase obligation, after 2020 | 1 | ||
Agave [Member] | |||
Commitments (Textual) [Abstract] | |||
Agave purchase contract, period (years) | 10 years | ||
Total obligations | $3 |
Commitments_and_Contingencies_1
Commitments and Contingencies Guaranty (Details) (USD $) | Apr. 30, 2015 | Apr. 30, 2014 |
In Millions, unless otherwise specified | ||
Concentration Risk [Line Items] | ||
Accounts Receivable, Net, Current | $583 | $569 |
Credit Concentration Risk [Member] | ||
Concentration Risk [Line Items] | ||
Guarantor Obligations, Maximum Exposure, Undiscounted | 20 | |
Guarantee Obligations Current Exposure | 8 | |
Accounts Receivable, Net, Current | $17 |
Debt_and_Credit_Facilities_Sch
Debt and Credit Facilities (Schedule of Long-Term Debt) (Details) (USD $) | Apr. 30, 2015 | Apr. 30, 2014 | Feb. 25, 2013 |
In Millions, unless otherwise specified | |||
Long - term debt | |||
Total long term debt | $998 | $997 | |
Less current portion | 250 | 0 | |
Total Long term debt excluding current portion | 748 | 997 | |
5.0% notes due in fiscal 2014 [Member] | |||
Long - term debt | |||
Interest rate on long term debt (percent) | 5.00% | ||
2.5% notes, due in fiscal 2016 [Member] | |||
Long - term debt | |||
Total long term debt | 250 | 249 | |
Interest rate on long term debt (percent) | 2.50% | 2.50% | |
1.0% notes due in fiscal 2018 [Member] | |||
Long - term debt | |||
Total long term debt | 249 | 249 | |
Interest rate on long term debt (percent) | 1.00% | 1.00% | |
2.25% notes due in Fiscal 2023 [Member] | |||
Long - term debt | |||
Total long term debt | 249 | 249 | |
Interest rate on long term debt (percent) | 2.25% | 2.25% | |
3.75% notes due in Fiscal 2043 [Member] | |||
Long - term debt | |||
Total long term debt | $250 | $250 | |
Interest rate on long term debt (percent) | 3.75% | 3.75% |
Debt_and_Credit_Facilities_Tex
Debt and Credit Facilities (Textual) (Details) (USD $) | 0 Months Ended | |
In Millions, unless otherwise specified | Feb. 25, 2013 | Apr. 30, 2015 |
Debt Instrument [Line Items] | ||
Debt redemption costs | $9 | |
Long-term Debt, Fiscal Year Maturity [Abstract] | ||
2016 | 250 | |
2017 | 0 | |
2018 | 250 | |
2019 | 0 | |
2020 | 0 | |
After 2020 | $500 | |
5.0% notes due in fiscal 2014 [Member] | ||
Debt Instrument [Line Items] | ||
Interest rate on long term debt (percent) | 5.00% |
Debt_and_Credit_Facilities_Sho
Debt and Credit Facilities Short-term borrowings (Details) (USD $) | 12 Months Ended | |
In Millions, unless otherwise specified | Apr. 30, 2015 | Apr. 30, 2014 |
Short-term Debt [Abstract] | ||
Short-term borrowings | $190 | $8 |
Commercial Paper | $183 | |
Commercial Paper Borrowings, Weighted Average Interest Rate | 0.17% | |
Commercial Paper Borrowings, Average Remaining Maturity | 13 days |
Debt_and_Credit_Facilities_Cre
Debt and Credit Facilities Credit Facilities (Details) (USD $) | Apr. 30, 2015 |
Line of Credit Facility [Abstract] | |
Borrowing capacity under revolving credit agreement with various domestic and international banks | $800,000,000 |
Credit agreement covenant, ratio of EBITDA to consolidated interest expense, less than | 3 |
Fair_Value_Measurements_Detail
Fair Value Measurements (Details) (USD $) | Apr. 30, 2015 | Apr. 30, 2014 |
In Millions, unless otherwise specified | ||
Financial Instruments, Financial Liabilities, Balance Sheet Groupings [Abstract] | ||
Derivative liabilities | $18 | $7 |
Short-term borrowings | 190 | 8 |
Long-term debt | 735 | 963 |
Currency derivatives [Member] | ||
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract] | ||
Derivative assets | 59 | 7 |
Recurring [Member] | ||
Financial Instruments, Financial Liabilities, Balance Sheet Groupings [Abstract] | ||
Short-term borrowings | 190 | 8 |
Current portion of long-term debt | 253 | |
Long-term debt | 735 | 963 |
Recurring [Member] | Currency derivatives [Member] | ||
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract] | ||
Derivative assets | 59 | 7 |
Financial Instruments, Financial Liabilities, Balance Sheet Groupings [Abstract] | ||
Derivative liabilities | 18 | 7 |
Recurring [Member] | Level 1 [Member] | ||
Financial Instruments, Financial Liabilities, Balance Sheet Groupings [Abstract] | ||
Short-term borrowings | 0 | 0 |
Current portion of long-term debt | 0 | |
Long-term debt | 0 | 0 |
Recurring [Member] | Level 1 [Member] | Currency derivatives [Member] | ||
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract] | ||
Derivative assets | 0 | 0 |
Financial Instruments, Financial Liabilities, Balance Sheet Groupings [Abstract] | ||
Derivative liabilities | 0 | 0 |
Recurring [Member] | Level 2 [Member] | ||
Financial Instruments, Financial Liabilities, Balance Sheet Groupings [Abstract] | ||
Short-term borrowings | 190 | 8 |
Current portion of long-term debt | 253 | |
Long-term debt | 735 | 963 |
Recurring [Member] | Level 2 [Member] | Currency derivatives [Member] | ||
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract] | ||
Derivative assets | 59 | 7 |
Financial Instruments, Financial Liabilities, Balance Sheet Groupings [Abstract] | ||
Derivative liabilities | 18 | 7 |
Recurring [Member] | Level 3 [Member] | ||
Financial Instruments, Financial Liabilities, Balance Sheet Groupings [Abstract] | ||
Short-term borrowings | 0 | 0 |
Current portion of long-term debt | 0 | |
Long-term debt | 0 | 0 |
Recurring [Member] | Level 3 [Member] | Currency derivatives [Member] | ||
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract] | ||
Derivative assets | 0 | 0 |
Financial Instruments, Financial Liabilities, Balance Sheet Groupings [Abstract] | ||
Derivative liabilities | $0 | $0 |
Fair_Value_of_Financial_Instru2
Fair Value of Financial Instruments (Details) (USD $) | Apr. 30, 2015 | Apr. 30, 2014 |
In Millions, unless otherwise specified | ||
Assets: | ||
Cash and cash equivalents | $370 | $437 |
Derivative assets | 59 | 7 |
Liabilities: | ||
Derivative liabilities | 18 | 7 |
Short-term borrowings | 190 | 8 |
Short-term borrowings | 190 | 8 |
Current portion of long-term debt | 250 | 0 |
Current portion of long-term debt | 253 | 0 |
Long-term Debt, Excluding Current Maturities | 748 | 997 |
Long-term debt | 735 | 963 |
Foreign Exchange Contract [Member] | ||
Assets: | ||
Currency derivatives, assets | 59 | 7 |
Liabilities: | ||
Currency derivatives, liabilities | 18 | 7 |
Reported Value Measurement [Member] | ||
Assets: | ||
Cash and cash equivalents | 370 | 437 |
Liabilities: | ||
Short-term borrowings | 190 | 8 |
Current portion of long-term debt | 250 | 0 |
Long-term Debt, Excluding Current Maturities | 748 | 997 |
Reported Value Measurement [Member] | Foreign Exchange Contract [Member] | ||
Assets: | ||
Currency derivatives, assets | 59 | 7 |
Liabilities: | ||
Currency derivatives, liabilities | $18 | $7 |
Derivative_Financial_Instrumen3
Derivative Financial Instruments (Gain (Loss) on Derivatives Recognized in Consolidated Statement of Operations) (Details) (Currency derivatives [Member], USD $) | 12 Months Ended | |
In Millions, unless otherwise specified | Apr. 30, 2015 | Apr. 30, 2014 |
Cash Flow Hedging [Member] | ||
Fair values of derivative instruments affecting statements of operations | ||
Net gain (loss) recognized in AOCI | $96 | ($7) |
Net Sales [Member] | Cash Flow Hedging [Member] | ||
Fair values of derivative instruments affecting statements of operations | ||
Net gain (loss) reclassified from AOCI into earnings | 41 | 0 |
Net Sales [Member] | Not designated as hedges [Member] | ||
Fair values of derivative instruments affecting statements of operations | ||
Net gain (loss) recognized in earnings | 26 | 1 |
Other Income [Member] | Not designated as hedges [Member] | ||
Fair values of derivative instruments affecting statements of operations | ||
Net gain (loss) recognized in earnings | $4 | $10 |
Derivative_Financial_Instrumen4
Derivative Financial Instruments (Fair Value of Derivatives in a Gain (Loss) Position) (Details) (Currency derivatives [Member], USD $) | Apr. 30, 2015 | Apr. 30, 2014 |
In Millions, unless otherwise specified | ||
Fair value of derivatives in a gain position [Member] | Cash Flow Hedging [Member] | Other Assets [Member] | ||
Fair values of derivative instruments | ||
Fair value of derivatives in a gain (loss) position | $20 | $2 |
Fair value of derivatives in a gain position [Member] | Cash Flow Hedging [Member] | Other Current Assets [Member] | ||
Fair values of derivative instruments | ||
Fair value of derivatives in a gain (loss) position | 42 | 6 |
Fair value of derivatives in a gain position [Member] | Cash Flow Hedging [Member] | Accrued expenses [Member] | ||
Fair values of derivative instruments | ||
Fair value of derivatives in a gain (loss) position | 0 | 2 |
Fair value of derivatives in a gain position [Member] | Cash Flow Hedging [Member] | Other Liabilities [Member] | ||
Fair values of derivative instruments | ||
Fair value of derivatives in a gain (loss) position | 0 | 0 |
Fair value of derivatives in a gain position [Member] | Not designated as hedges [Member] | Other Current Assets [Member] | ||
Fair values of derivative instruments | ||
Fair value of derivatives in a gain (loss) position | 3 | 5 |
Fair value of derivatives in a gain position [Member] | Not designated as hedges [Member] | Accrued expenses [Member] | ||
Fair values of derivative instruments | ||
Fair value of derivatives in a gain (loss) position | 1 | 1 |
Fair value of derivatives in a loss position [Member] | Cash Flow Hedging [Member] | Other Assets [Member] | ||
Fair values of derivative instruments | ||
Fair value of derivatives in a gain (loss) position | -3 | 0 |
Fair value of derivatives in a loss position [Member] | Cash Flow Hedging [Member] | Other Current Assets [Member] | ||
Fair values of derivative instruments | ||
Fair value of derivatives in a gain (loss) position | -2 | -6 |
Fair value of derivatives in a loss position [Member] | Cash Flow Hedging [Member] | Accrued expenses [Member] | ||
Fair values of derivative instruments | ||
Fair value of derivatives in a gain (loss) position | -6 | -6 |
Fair value of derivatives in a loss position [Member] | Cash Flow Hedging [Member] | Other Liabilities [Member] | ||
Fair values of derivative instruments | ||
Fair value of derivatives in a gain (loss) position | -6 | -4 |
Fair value of derivatives in a loss position [Member] | Not designated as hedges [Member] | Other Current Assets [Member] | ||
Fair values of derivative instruments | ||
Fair value of derivatives in a gain (loss) position | -1 | 0 |
Fair value of derivatives in a loss position [Member] | Not designated as hedges [Member] | Accrued expenses [Member] | ||
Fair values of derivative instruments | ||
Fair value of derivatives in a gain (loss) position | ($7) | $0 |
Derivative_Financial_Instrumen5
Derivative Financial Instruments (Textual) (Details) (USD $) | 12 Months Ended | |
In Millions, unless otherwise specified | Apr. 30, 2015 | Apr. 30, 2014 |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ||
Derivative, Notional Amount | $1,212 | $1,152 |
Net losses recorded in AOCI expected to reclassify to earnings during the next 12 months | -39 | |
Maximum term of outstanding derivative contracts (months) | 36 months | 27 months |
Aggregate fair value of derivatives with creditworthiness requirements that were in a net liability position | $18 | $6 |
Derivative_Financial_Instrumen6
Derivative Financial Instruments Offsetting Derivative Assets and Liabilities (Details) (USD $) | Apr. 30, 2015 | Apr. 30, 2014 |
In Millions, unless otherwise specified | ||
Offsetting Assets and Liabilities [Line Items] | ||
Gross Amount of Derivative Assets | $65 | $17 |
Gross Amount of Derivative Liabilities Offset Against Derivative Assets in Balance Sheet | -6 | -10 |
Net Amount of Derivative Assets Presented in Balance Sheet | 59 | 7 |
Gross Amount of Derivative Liabilities Not Offset Against Derivative Assets in Balance Sheet | 0 | -2 |
Net Amount of Derivative Assets | 59 | 5 |
Gross Amount of Derivative Liabilities | -24 | -17 |
Gross Amount of Derivative Assets Offset Against Derivative Liabilities in Balance Sheet | 6 | 10 |
Net Amount of Derivative Liabilities Presented in Balance Sheet | 18 | 7 |
Gross Amount of Derivative Assets Not Offset Against Derivative Liabilities in Balance Sheet | 0 | 2 |
Net Amount of Derivative Liabilities | $18 | $5 |
Pension_and_Other_Postretireme2
Pension and Other Postretirement Benefits (Change in Benefit Obligation) (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Apr. 30, 2015 | Apr. 30, 2014 | Apr. 30, 2013 |
Pension Benefits [Member] | |||
Changes in present value of pension and other postretirement benefits | |||
Obligation at beginning of year | $785 | $783 | |
Service cost | 22 | 21 | 20 |
Interest cost | 34 | 31 | 35 |
Net actuarial loss (gain) | 91 | 4 | |
Plan amendments | 0 | 0 | |
Retiree contributions | 0 | 0 | |
Benefits paid | -45 | -54 | |
Obligation at end of year | 887 | 785 | 783 |
Medical and Life Insurance Benefits [Member] | |||
Changes in present value of pension and other postretirement benefits | |||
Obligation at beginning of year | 69 | 74 | |
Service cost | 1 | 2 | 2 |
Interest cost | 3 | 3 | 3 |
Net actuarial loss (gain) | 3 | 3 | |
Plan amendments | -16 | -10 | |
Retiree contributions | 1 | 1 | |
Benefits paid | -4 | -4 | |
Obligation at end of year | $57 | $69 | $74 |
Pension_and_Other_Postretireme3
Pension and Other Postretirement Benefits (Expected Benefit Payments) (Details) (USD $) | Apr. 30, 2015 |
In Millions, unless otherwise specified | |
Pension Benefits [Member] | |
Expected benefit payments over the next 10 years | |
2016 | $51 |
2017 | 52 |
2018 | 53 |
2019 | 54 |
2020 | 56 |
2021-2025 | 303 |
Medical and Life Insurance Benefits [Member] | |
Expected benefit payments over the next 10 years | |
2016 | 3 |
2017 | 3 |
2018 | 3 |
2019 | 3 |
2020 | 3 |
2021-2025 | $18 |
Pension_and_Other_Postretireme4
Pension and Other Postretirement Benefits (Fair Value of Pension Plan Assets and Asset Allocations) (Details) (USD $) | 12 Months Ended | ||||
In Millions, unless otherwise specified | Apr. 30, 2015 | Apr. 30, 2014 | Apr. 30, 2013 | ||
Fair value of pension plan assets by category, as well as the actual and target allocations | |||||
Total, Plan Assets | $626 | $605 | |||
Allocation by asset class, Actual (percent) | 100.00% | 100.00% | |||
Allocation by asset class, Target (percent) | 100.00% | 100.00% | |||
Level 1 [Member] | |||||
Fair value of pension plan assets by category, as well as the actual and target allocations | |||||
Total, Plan Assets | 76 | 63 | |||
Level 2 [Member] | |||||
Fair value of pension plan assets by category, as well as the actual and target allocations | |||||
Total, Plan Assets | 457 | 455 | |||
Level 3 [Member] | |||||
Fair value of pension plan assets by category, as well as the actual and target allocations | |||||
Total, Plan Assets | 93 | 87 | 75 | ||
Commingled Trust Funds [Member] | |||||
Fair value of pension plan assets by category, as well as the actual and target allocations | |||||
Total, Plan Assets | 493 | [1] | 487 | [1] | |
Allocation by asset class, Actual (percent) | 79.00% | [1] | 80.00% | [1] | |
Allocation by asset class, Target (percent) | 81.00% | [1] | 81.00% | [1] | |
Commingled Trust Funds [Member] | Level 1 [Member] | |||||
Fair value of pension plan assets by category, as well as the actual and target allocations | |||||
Total, Plan Assets | 0 | [1] | 0 | [1] | |
Commingled Trust Funds [Member] | Level 2 [Member] | |||||
Fair value of pension plan assets by category, as well as the actual and target allocations | |||||
Total, Plan Assets | 457 | [1] | 455 | [1] | |
Commingled Trust Funds [Member] | Level 3 [Member] | |||||
Fair value of pension plan assets by category, as well as the actual and target allocations | |||||
Total, Plan Assets | 36 | [1] | 32 | [1] | |
Equity Funds [Member] | |||||
Fair value of pension plan assets by category, as well as the actual and target allocations | |||||
Total, Plan Assets | 248 | [1] | 235 | [1] | |
Allocation by asset class, Actual (percent) | 39.00% | [1] | 38.00% | [1] | |
Allocation by asset class, Target (percent) | 38.00% | [1] | 38.00% | [1] | |
Equity Funds [Member] | Level 1 [Member] | |||||
Fair value of pension plan assets by category, as well as the actual and target allocations | |||||
Total, Plan Assets | 0 | [1] | 0 | [1] | |
Equity Funds [Member] | Level 2 [Member] | |||||
Fair value of pension plan assets by category, as well as the actual and target allocations | |||||
Total, Plan Assets | 248 | [1] | 235 | [1] | |
Equity Funds [Member] | Level 3 [Member] | |||||
Fair value of pension plan assets by category, as well as the actual and target allocations | |||||
Total, Plan Assets | 0 | [1] | 0 | [1] | |
Fixed Income Funds [Member] | |||||
Fair value of pension plan assets by category, as well as the actual and target allocations | |||||
Total, Plan Assets | 185 | [1] | 196 | [1] | |
Allocation by asset class, Actual (percent) | 30.00% | [1] | 32.00% | [1] | |
Allocation by asset class, Target (percent) | 35.00% | [1] | 35.00% | [1] | |
Fixed Income Funds [Member] | Level 1 [Member] | |||||
Fair value of pension plan assets by category, as well as the actual and target allocations | |||||
Total, Plan Assets | 0 | [1] | 0 | [1] | |
Fixed Income Funds [Member] | Level 2 [Member] | |||||
Fair value of pension plan assets by category, as well as the actual and target allocations | |||||
Total, Plan Assets | 185 | [1] | 196 | [1] | |
Fixed Income Funds [Member] | Level 3 [Member] | |||||
Fair value of pension plan assets by category, as well as the actual and target allocations | |||||
Total, Plan Assets | 0 | [1] | 0 | [1] | |
Real Estate funds [Member] | |||||
Fair value of pension plan assets by category, as well as the actual and target allocations | |||||
Total, Plan Assets | 56 | [1] | 53 | [1] | |
Allocation by asset class, Actual (percent) | 9.00% | [1] | 9.00% | [1] | |
Allocation by asset class, Target (percent) | 8.00% | [1] | 8.00% | [1] | |
Real Estate funds [Member] | Level 1 [Member] | |||||
Fair value of pension plan assets by category, as well as the actual and target allocations | |||||
Total, Plan Assets | 0 | [1] | 0 | [1] | |
Real Estate funds [Member] | Level 2 [Member] | |||||
Fair value of pension plan assets by category, as well as the actual and target allocations | |||||
Total, Plan Assets | 20 | [1] | 21 | [1] | |
Real Estate funds [Member] | Level 3 [Member] | |||||
Fair value of pension plan assets by category, as well as the actual and target allocations | |||||
Total, Plan Assets | 36 | [1] | 32 | [1] | 28 |
Short-term Investments [Member] | |||||
Fair value of pension plan assets by category, as well as the actual and target allocations | |||||
Total, Plan Assets | 4 | [1] | |||
Allocation by asset class, Actual (percent) | 1.00% | [1] | |||
Allocation by asset class, Target (percent) | 0.00% | [1] | |||
Short-term Investments [Member] | Level 1 [Member] | |||||
Fair value of pension plan assets by category, as well as the actual and target allocations | |||||
Total, Plan Assets | 0 | [1] | |||
Short-term Investments [Member] | Level 2 [Member] | |||||
Fair value of pension plan assets by category, as well as the actual and target allocations | |||||
Total, Plan Assets | 4 | [1] | |||
Short-term Investments [Member] | Level 3 [Member] | |||||
Fair value of pension plan assets by category, as well as the actual and target allocations | |||||
Total, Plan Assets | 0 | [1] | |||
Hedge Funds [Member] | |||||
Fair value of pension plan assets by category, as well as the actual and target allocations | |||||
Total, Plan Assets | 31 | [2] | 30 | [2] | |
Allocation by asset class, Actual (percent) | 5.00% | [2] | 5.00% | [2] | |
Allocation by asset class, Target (percent) | 5.00% | [2] | 5.00% | [2] | |
Hedge Funds [Member] | Level 1 [Member] | |||||
Fair value of pension plan assets by category, as well as the actual and target allocations | |||||
Total, Plan Assets | 0 | [2] | 0 | [2] | |
Hedge Funds [Member] | Level 2 [Member] | |||||
Fair value of pension plan assets by category, as well as the actual and target allocations | |||||
Total, Plan Assets | 0 | [2] | 0 | [2] | |
Hedge Funds [Member] | Level 3 [Member] | |||||
Fair value of pension plan assets by category, as well as the actual and target allocations | |||||
Total, Plan Assets | 31 | [2] | 30 | [2] | 26 |
Private Equity [Member] | |||||
Fair value of pension plan assets by category, as well as the actual and target allocations | |||||
Total, Plan Assets | 26 | [3] | 25 | [3] | |
Allocation by asset class, Actual (percent) | 4.00% | [3] | 4.00% | [3] | |
Allocation by asset class, Target (percent) | 5.00% | [3] | 5.00% | [3] | |
Private Equity [Member] | Level 1 [Member] | |||||
Fair value of pension plan assets by category, as well as the actual and target allocations | |||||
Total, Plan Assets | 0 | [3] | 0 | [3] | |
Private Equity [Member] | Level 2 [Member] | |||||
Fair value of pension plan assets by category, as well as the actual and target allocations | |||||
Total, Plan Assets | 0 | [3] | 0 | [3] | |
Private Equity [Member] | Level 3 [Member] | |||||
Fair value of pension plan assets by category, as well as the actual and target allocations | |||||
Total, Plan Assets | 26 | [3] | 25 | [3] | 21 |
Equity Securities [Member] | |||||
Fair value of pension plan assets by category, as well as the actual and target allocations | |||||
Total, Plan Assets | 76 | ||||
Allocation by asset class, Actual (percent) | 12.00% | ||||
Allocation by asset class, Target (percent) | 9.00% | ||||
Equity Securities [Member] | Level 1 [Member] | |||||
Fair value of pension plan assets by category, as well as the actual and target allocations | |||||
Total, Plan Assets | 76 | ||||
Equity Securities [Member] | Level 2 [Member] | |||||
Fair value of pension plan assets by category, as well as the actual and target allocations | |||||
Total, Plan Assets | 0 | ||||
Equity Securities [Member] | Level 3 [Member] | |||||
Fair value of pension plan assets by category, as well as the actual and target allocations | |||||
Total, Plan Assets | $0 | ||||
[1] | Commingled trust fund valuations are based on the net asset value (NAV) of the funds as determined by the administrator of the fund 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. | ||||
[2] | Hedge fund valuations are based primarily on the NAV of the funds as determined by fund administrators and reviewed by us. During our review, we determine whether it is necessary to adjust a valuation for inherent liquidity and redemption issues that may exist within a fund’s underlying assets or fund unit values. | ||||
[3] | As of April 30, 2014 and 2015, consists only of limited partnership interests, which are valued at the percentage ownership of total partnership equity as determined by the general partner. These valuations require significant judgment due to the absence of quoted market prices, the inherent lack of liquidity, and the long-term nature of these investments. |
Pension_and_Other_Postretireme5
Pension and Other Postretirement Benefits (Change in Fair Value of Level 3 Assets) (Details) (USD $) | 12 Months Ended | |||
In Millions, unless otherwise specified | Apr. 30, 2015 | Apr. 30, 2014 | ||
Change in fair value of Level 3 Assets | ||||
Ending balance | $626 | $605 | ||
Level 3 [Member] | ||||
Change in fair value of Level 3 Assets | ||||
Beginning balance | 87 | 75 | ||
Return on assets held at end of year | 6 | 10 | ||
Purchases and settlements | 4 | 5 | ||
Sales and settlements | -4 | -3 | ||
Ending balance | 93 | 87 | ||
Real Estate funds [Member] | ||||
Change in fair value of Level 3 Assets | ||||
Ending balance | 56 | [1] | 53 | [1] |
Real Estate funds [Member] | Level 3 [Member] | ||||
Change in fair value of Level 3 Assets | ||||
Beginning balance | 32 | [1] | 28 | |
Return on assets held at end of year | 4 | 4 | ||
Purchases and settlements | 0 | 0 | ||
Sales and settlements | 0 | 0 | ||
Ending balance | 36 | [1] | 32 | [1] |
Hedge Funds [Member] | ||||
Change in fair value of Level 3 Assets | ||||
Ending balance | 31 | [2] | 30 | [2] |
Hedge Funds [Member] | Level 3 [Member] | ||||
Change in fair value of Level 3 Assets | ||||
Beginning balance | 30 | [2] | 26 | |
Return on assets held at end of year | 1 | 2 | ||
Purchases and settlements | 0 | 2 | ||
Sales and settlements | 0 | 0 | ||
Ending balance | 31 | [2] | 30 | [2] |
Private Equity [Member] | ||||
Change in fair value of Level 3 Assets | ||||
Ending balance | 26 | [3] | 25 | [3] |
Private Equity [Member] | Level 3 [Member] | ||||
Change in fair value of Level 3 Assets | ||||
Beginning balance | 25 | [3] | 21 | |
Return on assets held at end of year | 1 | 4 | ||
Purchases and settlements | 4 | 3 | ||
Sales and settlements | -4 | -3 | ||
Ending balance | $26 | [3] | $25 | [3] |
[1] | Commingled trust fund valuations are based on the net asset value (NAV) of the funds as determined by the administrator of the fund 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. | |||
[2] | Hedge fund valuations are based primarily on the NAV of the funds as determined by fund administrators and reviewed by us. During our review, we determine whether it is necessary to adjust a valuation for inherent liquidity and redemption issues that may exist within a fund’s underlying assets or fund unit values. | |||
[3] | As of April 30, 2014 and 2015, consists only of limited partnership interests, which are valued at the percentage ownership of total partnership equity as determined by the general partner. These valuations require significant judgment due to the absence of quoted market prices, the inherent lack of liquidity, and the long-term nature of these investments. |
Pension_and_Other_Postretireme6
Pension and Other Postretirement Benefits (Change in Fair Vlaue of Pension Plan Assets) (Details) (USD $) | 12 Months Ended | |
In Millions, unless otherwise specified | Apr. 30, 2015 | Apr. 30, 2014 |
Change in fair value of pension plan Assets | ||
Ending balance | $626 | $605 |
Pension Benefits [Member] | ||
Change in fair value of pension plan Assets | ||
Beginning balance | 605 | 573 |
Actual return on assets | 52 | 53 |
Retiree contributions | 0 | 0 |
Company contributions | 14 | 33 |
Benefits paid | -45 | -54 |
Ending balance | 626 | 605 |
Medical and Life Insurance Benefits [Member] | ||
Change in fair value of pension plan Assets | ||
Beginning balance | 0 | 0 |
Actual return on assets | 0 | 0 |
Retiree contributions | 1 | 1 |
Company contributions | 3 | 3 |
Benefits paid | -4 | -4 |
Ending balance | $0 | $0 |
Pension_and_Other_Postretireme7
Pension and Other Postretirement Benefits (Funded Status of Plans) (Details) (USD $) | Apr. 30, 2015 | Apr. 30, 2014 | Apr. 30, 2013 |
In Millions, unless otherwise specified | |||
Funded Status of Plans | |||
Assets | $626 | $605 | |
Pension Benefits [Member] | |||
Funded Status of Plans | |||
Assets | 626 | 605 | 573 |
Obligations | -887 | -785 | -783 |
Funded status | -261 | -180 | |
Medical and Life Insurance Benefits [Member] | |||
Funded Status of Plans | |||
Assets | 0 | 0 | 0 |
Obligations | -57 | -69 | -74 |
Funded status | ($57) | ($69) |
Pension_and_Other_Postretireme8
Pension and Other Postretirement Benefits (Funded Status Recorded on Accompanying Balance Sheets) (Details) (USD $) | Apr. 30, 2015 | Apr. 30, 2014 |
In Millions, unless otherwise specified | ||
Funded status is recorded on the accompanying consolidated balance sheets | ||
Accounts payable and accrued expenses | ($7) | ($7) |
Accrued postretirement benefits | -311 | -244 |
Pension Benefits [Member] | ||
Funded status is recorded on the accompanying consolidated balance sheets | ||
Other assets | 0 | 2 |
Accounts payable and accrued expenses | -4 | -4 |
Accrued postretirement benefits | -257 | -178 |
Net liability | -261 | -180 |
Accumulated other comprehensive income (loss), before tax: | ||
Net actuarial gain (loss) | -353 | -296 |
Prior service credit (cost) | -4 | -5 |
Total | -357 | -301 |
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 postretirement benefits | -54 | -66 |
Net liability | -57 | -69 |
Accumulated other comprehensive income (loss), before tax: | ||
Net actuarial gain (loss) | -16 | -14 |
Prior service credit (cost) | 18 | 5 |
Total | $2 | ($9) |
Pension_and_Other_Postretireme9
Pension and Other Postretirement Benefits (Funded Status of Pension Plan Assets) (Details) (USD $) | Apr. 30, 2015 | Apr. 30, 2014 | Apr. 30, 2013 |
In Millions, unless otherwise specified | |||
Pension plans that have assets in excess of their accumulated benefit obligations with those whose assets are less than their obligations | |||
Plans with assets in excess of accumulated benefit obligation, Plan Assets | $53 | $52 | |
Plans with accumulated benefit obligation in excess of assets, Plan Assets | 573 | 553 | |
Total, Plan Assets | 626 | 605 | |
Plans with assets in excess of accumulated benefit obligation, Accumulated Benefit Obligation | 50 | 49 | |
Plans with accumulated benefit obligation in excess of assets, Accumulated Benefit Obligation | 710 | 640 | |
Total, Accumulated Benefit Obligation | 760 | 689 | |
Plans with assets in excess of accumulated benefit obligation, Projected Benefit Obligation | 52 | 50 | |
Plans with accumulated benefit obligation in excess of assets, Projected Benefit Obligation | 835 | 735 | |
Pension Benefits [Member] | |||
Pension plans that have assets in excess of their accumulated benefit obligations with those whose assets are less than their obligations | |||
Total, Plan Assets | 626 | 605 | 573 |
Total, Projected Benefit Obligation | 887 | 785 | 783 |
Medical and Life Insurance Benefits [Member] | |||
Pension plans that have assets in excess of their accumulated benefit obligations with those whose assets are less than their obligations | |||
Total, Plan Assets | 0 | 0 | 0 |
Total, Projected Benefit Obligation | $57 | $69 | $74 |
Recovered_Sheet1
Pension and Other Postretirement Benefits Other Assets (Details) (USD $) | Apr. 30, 2015 | Apr. 30, 2014 |
In Millions, unless otherwise specified | ||
Investments, All Other Investments [Abstract] | ||
Life Insurance, Corporate or Bank Owned, Amount | $48 | $31 |
Recovered_Sheet2
Pension and Other Postretirement Benefits (Schedule of Components of Pension Expense) (Details) (Pension Benefits [Member], USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Apr. 30, 2015 | Apr. 30, 2014 | Apr. 30, 2013 |
Pension Benefits [Member] | |||
Pension Expense | |||
Service cost | $22 | $21 | $20 |
Interest cost | 34 | 31 | 35 |
Expected return on assets | -41 | -40 | -41 |
Amortization of prior service cost (credit) | 1 | 1 | 1 |
Amortization of net actuarial loss (gain) | 22 | 31 | 28 |
Net expense | $38 | $44 | $43 |
Recovered_Sheet3
Pension and Other Postretirement Benefits (Schedule of Components of Other Postretirement Benefit Expense) (Details) (Medical and Life Insurance Benefits [Member], USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Apr. 30, 2015 | Apr. 30, 2014 | Apr. 30, 2013 |
Medical and Life Insurance Benefits [Member] | |||
Postretirement medical and life insurance benefit expense | |||
Service cost | $1 | $2 | $2 |
Interest cost | 3 | 3 | 3 |
Amortization of prior service cost (credit) | -2 | 0 | 1 |
Amortization of net actuarial loss (gain) | 1 | 0 | 0 |
Net expense | $3 | $5 | $6 |
Recovered_Sheet4
Pension and Other Postretirement Benefits (Changes in Funded Status of Benefit Plans Recognized in Other Comprehensive (Income) Loss) (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Apr. 30, 2015 | Apr. 30, 2014 | Apr. 30, 2013 |
Pension Benefits [Member] | |||
Amounts recognized in OCI | |||
Prior service credit (cost) | $0 | $0 | ($4) |
Net actuarial gain (loss) | -80 | 9 | -18 |
Amortization reclassified to earnings: | |||
Prior service cost (credit) | 1 | 1 | 1 |
Net actuarial loss (gain) | 22 | 31 | 28 |
Net amount recognized in OCI | -57 | 41 | 7 |
Medical and Life Insurance Benefits [Member] | |||
Amounts recognized in OCI | |||
Prior service credit (cost) | 16 | 10 | 0 |
Net actuarial gain (loss) | -3 | -3 | -10 |
Amortization reclassified to earnings: | |||
Prior service cost (credit) | -2 | 0 | 1 |
Net actuarial loss (gain) | 1 | 0 | 0 |
Net amount recognized in OCI | $12 | $7 | ($9) |
Recovered_Sheet5
Pension and Other Postretirement Benefits (Assumptions and Sensativity) (Details) | 12 Months Ended | ||
Apr. 30, 2015 | Apr. 30, 2014 | Apr. 30, 2013 | |
Pension Benefits [Member] | |||
Assumptions used in computing benefit plan obligations | |||
Discount rate (percent) | 4.09% | 4.46% | |
Rate of salary increase (percent) | 4.00% | 4.00% | |
Assumptions used in computing benefit plan expense | |||
Discount rate (percent) | 4.46% | 4.08% | 4.92% |
Rate of salary increase (percent) | 4.00% | 4.00% | 4.00% |
Expected return on plan assets (percent) | 7.50% | 7.50% | 7.75% |
Medical and Life Insurance Benefits [Member] | |||
Assumptions used in computing benefit plan obligations | |||
Discount rate (percent) | 4.09% | 4.67% | |
Assumptions used in computing benefit plan expense | |||
Discount rate (percent) | 4.67% | 4.36% | 4.84% |
Present rate before age 65 [Member] | Medical and Life Insurance Benefits [Member] | |||
Assumed health care cost trend rates | |||
Present rate (percent) | 7.50% | 7.75% | |
Present rate age 65 and after [Member] | Medical and Life Insurance Benefits [Member] | |||
Assumed health care cost trend rates | |||
Present rate (percent) | 6.75% |
Recovered_Sheet6
Pension and Other Postretirement Benefits (Textual) (Details) (USD $) | 12 Months Ended |
In Millions, unless otherwise specified | Apr. 30, 2015 |
Pension Benefits [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Expected contribution to benefit plans in 2016 | $24 |
Estimated amount of prior service cost that will be amortized from accumulated other comprehensive loss into pension expense in 2016 | 1 |
Estimated amount of net actuarial loss that will be amortized from accumulated other comprehensive loss into pension expense in 2016 | 27 |
Medical and Life Insurance Benefits [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Expected contribution to benefit plans in 2016 | 3 |
Estimated amount of prior service cost that will be amortized from accumulated other comprehensive loss into pension expense in 2016 | 3 |
Estimated amount of net actuarial loss that will be amortized from accumulated other comprehensive loss into pension expense in 2016 | 1 |
Project health care cost trend rates to decline gradually to, by 2023 and thereafter | 5.00% |
1% increase in assumed health care cost trend rates would have increased the accumulated postretirement benefit obligation | 1 |
1% increase in assumed health care cost trend rates would have increased the aggregate service and interest costs | 0 |
1% decrease in assumed health care cost trend rates would have decreased the accumulated postretirement benefit obligation | 1 |
1% decrease in assumed health care cost trend rates would have decreased the aggregate service and interest costs | $0 |
Recovered_Sheet7
Pension and Other Postretirement Benefits (Savings Plans) (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Apr. 30, 2015 | Apr. 30, 2014 | Apr. 30, 2013 |
Compensation and Retirement Disclosure [Abstract] | |||
Expense for matching contributions | $10 | $10 | $9 |
StockBased_Compensation_Schedu
Stock-Based Compensation (Schedule of Stock Options and SSARs) (Details) (USD $) | 12 Months Ended |
In Millions, except Share data in Thousands, unless otherwise specified | Apr. 30, 2015 |
Stock Options and SSARs, Number of Underlying Shares [Roll Forward] | |
Stock options and SSARs oustanding, Beginning balance (shares) | 4,063 |
Stock options and SSARs outstanding, Granted (shares) | 366 |
Stock options and SSARs outstanding, Exercised (shares) | -601 |
Stock options and SSARs outstanding, Forfeited or expired (shares) | -11 |
Stock options and SSARs oustanding, Ending balance (shares) | 3,817 |
Stock Options and SSARs, Weighted Average Exercise Price [Roll Forward] | |
Stock options and SSARs outstanding, Weighted Average Exercise Price Per Award, Beginning balance (dollars per share) | $42.44 |
Stock options and SSARs outstanding, Weighted Average Exercise Price Per Award, Granted (dollars per share) | $91.97 |
Stock options and SSARs outstanding, Weighted Average Exercise Price Per Award, Exercised (dollars per share) | $33.50 |
Stock options and SSARs outstanding, Weighted Average Exercise Price Per Award, Forfeited or expired (dollars per share) | $86.63 |
Stock options and SSARs outstanding, Weighted Average Exercise Price Per Award, Ending balance (dollars per share) | $48.46 |
Stock options and SSARs outstanding, Weighted Average Remaining Contractual Term (years) | 4 years 10 months 24 days |
Stock options and SSARs outstanding, Aggregate Intrinsic Value | $163 |
Stock options and SSARs Exercisable (shares) | 2,528 |
Stock options and SSARs Exercisable, Weighted Average Exercise Price Per Award (dollars per share) | $36.33 |
Stock options and SSARs Exercisable, Weighted Average Remaining Contractual Term (years) | 3 years 6 months |
Stock options and SSARs Exercisable, Aggregate Intrinsic Value | $139 |
StockBased_Compensation_Stock_
Stock-Based Compensation (Stock Options and SSARs Fair Value Assumptions) (Details) | 12 Months Ended | ||
Apr. 30, 2015 | Apr. 30, 2014 | Apr. 30, 2013 | |
Assumptions used for fair value estimation | |||
Risk-free interest rate | 2.20% | 1.90% | 0.90% |
Expected volatility | 22.30% | 22.50% | 22.90% |
Expected dividend yield | 1.70% | 1.80% | 1.90% |
Expected term (years) | 6 years 9 months | 6 years 9 months | 6 years 6 months |
StockBased_Compensation_Schedu1
Stock-Based Compensation (Schedule of Changes in the Number of Underlying Shares) (Details) (Restricted Stock [Member], USD $) | 12 Months Ended |
In Thousands, except Per Share data, unless otherwise specified | Apr. 30, 2015 |
Restricted Stock [Member] | |
Number of Underlying Shares [Roll Forward] | |
Number of shares outstanding, Beginning balance (shares) | 365 |
Number of shares outstanding, Granted (shares) | 70 |
Number of shares outstanding, Adjusted for dividends or performance (shares) | 9 |
Number of shares outstanding, Vested (shares) | -124 |
Number of shares outstanding, Forfeited (shares) | -1 |
Number of shares outstanding, Ending balance (shares) | 319 |
Weighted Average Fair Value at Grant Date [Roll Forward] | |
Weighted Average Fair Value at Grant Date, Beginning balance (dollars per share) | $60.04 |
Weighted Average Fair Value at Grant Date, Granted (dollars per share) | $92.66 |
Weighted Average Fair Value at Grant Date, Adjusted for dividends or performance (dollars per share) | $66.93 |
Weighted Average Fair Value at Grant Date, Vested (dollars per share) | $47.57 |
Weighted Average Fair Value at Grant Date, Forfeited (dollars per share) | $81.77 |
Weighted Average Fair Value at Grant Date, Ending balance (dollars per share) | $72.25 |
StockBased_Compensation_Textua
Stock-Based Compensation (Textual) (Details) (USD $) | 12 Months Ended | ||
In Millions, except Share data, unless otherwise specified | Apr. 30, 2015 | Apr. 30, 2014 | Apr. 30, 2013 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
The total intrinsic value of options and SSARs exercised | $35 | $48 | $52 |
Stock options and SSARs award vesting period (years) | 3 years | ||
Stock options and SSARs award expiration period (years) | 7 years | ||
Grant-date fair value per award (dollars per share) | $19.67 | $14.84 | $10.70 |
Stock-based incentive awards on a pre-tax | 15 | 13 | 11 |
Compensation expense partially offset by deferred income tax benefits | 6 | 5 | 4 |
Total unrecognized compensation cost related to non-vested stock-based compensation | 13 | ||
Unrecognized compensation cost, weighted-average period of recognition (years) | 2 years 2 months 12 days | ||
Restricted Stock [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Number of shares outstanding under Restricted stock units (shares) | 319,000 | ||
Weighted-average remaining restriction period (years) | 1 year 8 months 12 days | ||
Total fair value of RSUs, restricted stock, and DSUs vested | $11 | $11 | $5 |
Omnibus Compensation Plan 2004 [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Shares authorized under 2013 Omnibus Compensation Plan (shares) | 8,300,000 | ||
Shares issued under 2013 Omnibus Compensation Plan (shares) | 7,253,000 |
Income_Taxes_Schedule_of_Incom
Income Taxes (Schedule of Income from U.S. and Foreign Operations) (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Apr. 30, 2015 | Apr. 30, 2014 | Apr. 30, 2013 |
Domestic and Foreign components of our Income before Income taxes | |||
United States | $912 | $797 | $751 |
Foreign | 90 | 150 | 114 |
Income before income taxes | $1,002 | $947 | $865 |
Income_Taxes_Deferred_Tax_Asse
Income Taxes (Deferred Tax Assets and Liabilities) (Details) (USD $) | Apr. 30, 2015 | Apr. 30, 2014 |
In Millions, unless otherwise specified | ||
Deferred tax assets: | ||
Postretirement and other benefits | $164 | $139 |
Accrued liabilities and other | 22 | 30 |
Inventories | 12 | 8 |
Loss and credit carryforwards | 46 | 52 |
Valuation allowance | -27 | -34 |
Total deferred tax assets, net | 217 | 195 |
Deferred tax liabilities: | ||
Intangible assets | -207 | -184 |
Property, plant, and equipment | -61 | -49 |
Other | -31 | -21 |
Total deferred tax liabilities | -299 | -254 |
Net deferred tax liability | ($82) | ($59) |
Income_Taxes_Components_of_Inc
Income Taxes (Components of Income Tax Expense) (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Apr. 30, 2015 | Apr. 30, 2014 | Apr. 30, 2013 |
Current: | |||
U.S. federal | $259 | $243 | $197 |
Foreign | 42 | 49 | 41 |
State and local | 11 | 1 | 10 |
Current income tax expense | 312 | 293 | 248 |
Deferred: | |||
U.S. federal | 15 | 3 | 23 |
Foreign | -11 | -6 | 1 |
State and local | 2 | -2 | 2 |
Deferred income taxes expense | 6 | -5 | 26 |
Total income tax expense | $318 | $288 | $274 |
Income_Taxes_Effective_Tax_Rat
Income Taxes (Effective Tax Rate Reconciliation) (Details) | 12 Months Ended | ||
Apr. 30, 2015 | Apr. 30, 2014 | Apr. 30, 2013 | |
Reconciles our effective tax rate to the federal statutory tax rate in the United States | |||
U.S. federal statutory rate | 35.00% | 35.00% | 35.00% |
State taxes, net of U.S. federal tax benefit | 1.00% | 0.70% | 1.00% |
Income taxed at other than U.S. federal statutory rate | -0.50% | -2.20% | -1.40% |
Tax benefit from U.S. manufacturing | -2.50% | -2.80% | -2.10% |
Amortization of deferred tax benefit from intercompany transactions | -1.60% | -0.40% | 0.00% |
Other, net | 0.30% | 0.20% | -0.80% |
Effective rate | 31.70% | 30.50% | 31.70% |
Income_Taxes_Unrecognized_Tax_
Income Taxes (Unrecognized Tax Benefits) (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Apr. 30, 2015 | Apr. 30, 2014 | Apr. 30, 2013 |
Reconciliation of Unrecognized Tax Benefits [Roll Forward] | |||
Unrecognized tax benefits at beginning of year | $11 | $11 | $13 |
Additions for tax positions provided in prior periods | 2 | 1 | 2 |
Additions for tax positions provided in current period | 1 | 1 | 1 |
Decreases for tax positions provided in prior years | 1 | 1 | 1 |
Settlements of tax positions in the current period | 0 | -1 | -3 |
Lapse of statutes of limitations | 0 | 0 | -1 |
Unrecognized tax benefits at end of year | $13 | $11 | $11 |
Income_Taxes_Operating_Loss_Ca
Income Taxes (Operating Loss Carryforwards) (Details) (USD $) | 12 Months Ended | |
In Millions, unless otherwise specified | Apr. 30, 2015 | Apr. 30, 2014 |
Operating Loss Carryforwards [Line Items] | ||
Valuation allowance | $27 | $34 |
Other Countries [Member] | ||
Operating Loss Carryforwards [Line Items] | ||
Net operating losses in Brazil, valuation allowance | 8 | 7 |
Brazil [Member] | ||
Operating Loss Carryforwards [Line Items] | ||
Net operating losses in Brazil, valuation allowance | 12 | |
Valuation Allowance, Deferred Tax Asset, Change in Amount | 7 | |
UK Non Trading Loss [Member] | ||
Operating Loss Carryforwards [Line Items] | ||
Non-trading loss carryforward, valuation allowance | 7 | 8 |
Net Operating Loss Carryforward [Member] | Foreign Tax Authority [Member] | Other Countries [Member] | ||
Operating Loss Carryforwards [Line Items] | ||
Net operating losses | 27 | |
Not Subject to Expiration [Member] | Net Operating Loss Carryforward [Member] | Foreign Tax Authority [Member] | Brazil [Member] | ||
Operating Loss Carryforwards [Line Items] | ||
Net operating losses | 34 | |
Not Subject to Expiration [Member] | Net Operating Loss Carryforward [Member] | Foreign Tax Authority [Member] | Other Countries [Member] | ||
Operating Loss Carryforwards [Line Items] | ||
Net operating losses | 8 | |
Not Subject to Expiration [Member] | Non-Trading Loss Carryforward [Member] | Foreign Tax Authority [Member] | UNITED KINGDOM | ||
Operating Loss Carryforwards [Line Items] | ||
Non-trading loss carryforward | 36 | |
Subject to Expiration [Member] | Net Operating Loss Carryforward [Member] | Foreign Tax Authority [Member] | MEXICO | ||
Operating Loss Carryforwards [Line Items] | ||
Net operating losses | 26 | |
Subject to Expiration [Member] | Net Operating Loss Carryforward [Member] | Foreign Tax Authority [Member] | Other Countries [Member] | ||
Operating Loss Carryforwards [Line Items] | ||
Net operating losses | 19 | |
Subject to Expiration [Member] | Net Operating Loss Carryforward [Member] | Foreign Tax Authority [Member] | FINLAND | ||
Operating Loss Carryforwards [Line Items] | ||
Net operating losses | $28 |
Income_Taxes_Deferred_Tax_Liab
Income Taxes (Deferred Tax Liabilities Not Recognized) (Details) (USD $) | Apr. 30, 2015 | Apr. 30, 2014 |
In Millions, unless otherwise specified | ||
Income Tax Disclosure [Abstract] | ||
Undistributed earnings of foreign subsidiaries | $803 | $797 |
Deferred Tax Liability Not Recognized, Amount of Unrecognized Deferred Tax Liability, Undistributed Earnings of Foreign Subsidiaries | $163 | $175 |
Income_Taxes_Textual_Details
Income Taxes (Textual) (Details) (USD $) | 12 Months Ended | |||
In Millions, unless otherwise specified | Apr. 30, 2015 | Apr. 30, 2014 | Apr. 30, 2013 | Apr. 30, 2012 |
Income Tax Disclosure [Abstract] | ||||
Deferred Income, Tax Benefit of Intercompany Transfer of Assets, Before Amortization | $95 | |||
Other Income Tax Expense (Benefit), Continuing Operations | 15 | 5 | ||
Deferred Tax Assets, Valuation Allowance | 27 | 34 | ||
Gross unrecognized tax benefits | 13 | 11 | 11 | 13 |
Reduction in effective income tax rate if recognized | 8 | |||
Estimated increase in unrecognized tax benefits in next 12 months as a result of net tax positions taken | 0 | |||
Deferred benefit – tax (Note 11) | $75 | $90 |
Accumulated_Other_Comprehensiv2
Accumulated Other Comprehensive Income Accumulated Other Comprehensive Income (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Apr. 30, 2015 | Apr. 30, 2014 | Apr. 30, 2013 |
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Accumulated other comprehensive income (loss), net of tax | ($300) | ($188) | |
Currency translation adjustments | -114 | -4 | 17 |
Cash flow hedge adjustments | 32 | -4 | 3 |
Postretirement benefits adjustments | -30 | 31 | -1 |
Net other comprehensive income (loss) | -112 | 23 | 19 |
Accumulated Translation Adjustment [Member] | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Accumulated other comprehensive income (loss), net of tax | -108 | 6 | |
Accumulated Net Gain (Loss) from Designated or Qualifying Cash Flow Hedges [Member] | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Accumulated other comprehensive income (loss), net of tax | 28 | -4 | |
Accumulated Defined Benefit Plans Adjustment [Member] | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Accumulated other comprehensive income (loss), net of tax | ($220) | ($190) |
Accumulated_Other_Comprehensiv3
Accumulated Other Comprehensive Income Schedule of Other Comprehensive Income (Details) (USD $) | 12 Months Ended | |||||
In Millions, unless otherwise specified | Apr. 30, 2015 | Apr. 30, 2014 | Apr. 30, 2013 | |||
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Gain (Loss) Arising During Period, Net of Tax | ($120) | ($2) | $16 | |||
Other Comprehensive Income (Loss), Foreign Currency Translation Adjustment, Tax | 6 | -2 | 1 | |||
Currency translation adjustments | -114 | -4 | 17 | |||
Other Comprehensive Income (Loss), Unrealized Gain (Loss) on Derivatives Arising During Period, before Tax | 96 | -7 | 7 | |||
Other Comprehensive Income (Loss), Unrealized Gain (Loss) on Derivatives Arising During Period, Tax | -40 | 3 | -4 | |||
Other Comprehensive Income (Loss), Unrealized Gain (Loss) on Derivatives Arising During Period, Net of Tax | 56 | -4 | 3 | |||
Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI on Derivatives, before Tax | -41 | [1] | 0 | [1] | -1 | [1] |
Other Comprehensive Income (Loss), Reclassification Adjustment on Derivatives Included in Net Income, Tax | 17 | [1] | 0 | [1] | 1 | [1] |
Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI on Derivatives, Net of Tax | -24 | [1] | 0 | [1] | 0 | [1] |
Other Comprehensive Income (Loss), Pension and Other Postretirement Benefit Plans, Net Unamortized Gain (Loss) and Net Prior Service Credit (Cost) Arising During Period, before Tax | -70 | 18 | -32 | |||
Other Comprehensive Income (Loss), Pension and Other Postretirement Benefit Plans, Net Unamortized Gain (Loss) and Net Prior Service Credit (Cost) Arising During Period, Tax | 26 | -7 | 16 | |||
Other Comprehensive Income Defined Benefit Plan Actuarial Gain Loss And Net Prior Service Costs Credit Arising During Period Net Of Tax | -44 | 11 | -16 | |||
Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI, Pension and Other Postretirement Benefit Plans, for Net Gain (Loss) and Net Prior Service Credit (Cost), before Tax | 22 | [2] | 32 | [2] | 30 | [2] |
Other Comprehensive (Income) Loss, Reclassification Adjustment from AOCI, Pension and Other Postretirement Benefit Plans, for Net (Gain) Loss and Prior Service (Credit) Cost, Tax | -8 | [2] | -12 | [2] | -15 | [2] |
Other Comprehensive Income Reclassification Of Actuarial Gain Loss And Prior Service Cost Net Of Tax | 14 | [2] | 20 | [2] | 15 | [2] |
Other Comprehensive Income (Loss), before Tax, Portion Attributable to Parent | -113 | 41 | 20 | |||
Other Comprehensive Income (Loss), Tax, Portion Attributable to Parent | 1 | -18 | -1 | |||
Net other comprehensive income (loss) | ($112) | $23 | $19 | |||
[1] | 1Pre-tax amount is classified as net sales in the accompanying consolidated statements of operations. | |||||
[2] | 2Pre-tax amount is a component of pension and other postretirement benefit expense (as shown in Note 9). |
Supplemental_Information_Net_S
Supplemental Information (Net Sales by Product Category) (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Apr. 30, 2015 | Apr. 30, 2014 | Apr. 30, 2013 |
Net sales: | |||
Net sales | $4,096 | $3,946 | $3,784 |
Spirits [Member] | |||
Net sales: | |||
Net sales | 3,903 | 3,765 | 3,613 |
Wine [Member] | |||
Net sales: | |||
Net sales | $193 | $181 | $171 |
Supplemental_Information_Net_S1
Supplemental Information (Net Sales by Geography) (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Apr. 30, 2015 | Apr. 30, 2014 | Apr. 30, 2013 |
Net sales: | |||
Net sales | $4,096 | $3,946 | $3,784 |
UNITED STATES | |||
Net sales: | |||
Net sales | 1,780 | 1,624 | 1,562 |
Europe [Member] | |||
Net sales: | |||
Net sales | 1,270 | 1,264 | 1,147 |
Australia [Member] | |||
Net sales: | |||
Net sales | 431 | 469 | 510 |
Other Countries [Member] | |||
Net sales: | |||
Net sales | $615 | $589 | $565 |
Supplemental_Information_Textu
Supplemental Information (Textual) (Details) (Mexico [Member], USD $) | Apr. 30, 2015 | Apr. 30, 2014 |
In Millions, unless otherwise specified | ||
Mexico [Member] | ||
Segment Reporting Information [Line Items] | ||
Net book value of property, plant, and equipment located in Mexico | $40 | $50 |
Cash_Dividends_Details
Cash Dividends (Details) (USD $) | 12 Months Ended | ||
Apr. 30, 2015 | Apr. 30, 2014 | Apr. 30, 2013 | |
Cash Dividends (Textual) [Abstract] | |||
Total cash dividends per share (dollars per share) | $1.21 | $1.09 | $4.98 |
Special cash dividend per share (dollars per share) | $4 |
Stock_Split_Details
Stock Split (Details) (USD $) | 0 Months Ended | 12 Months Ended | 0 Months Ended | ||||
In Millions, except Share data, unless otherwise specified | Jun. 14, 2012 | Apr. 30, 2015 | Apr. 30, 2014 | Apr. 30, 2013 | Aug. 03, 2013 | Jul. 26, 2012 | Aug. 03, 2012 |
Class of Stock [Line Items] | |||||||
Stock split conversion ratio | 1.5 | ||||||
Common stock, Class A, voting [Member] | |||||||
Class of Stock [Line Items] | |||||||
Common stock, shares authorized (shares) | 85,000,000 | 85,000,000 | |||||
Adjustment to retained earnings due to stock split | $0 | $0 | ($4) | ||||
Common stock, par value (dollars per share) | $0.15 | $0.15 | |||||
Common stock, Class A, voting [Member] | After Amendment [Member] | |||||||
Class of Stock [Line Items] | |||||||
Common stock, shares authorized (shares) | 85,000,000 | ||||||
Common stock, Class A, voting [Member] | Before Amendment [Member] | |||||||
Class of Stock [Line Items] | |||||||
Common stock, shares authorized (shares) | 57,000,000 | ||||||
Common Class B [Member] | After Amendment [Member] | |||||||
Class of Stock [Line Items] | |||||||
Common stock, shares authorized (shares) | 400,000,000 | ||||||
Common Class B [Member] | Before Amendment [Member] | |||||||
Class of Stock [Line Items] | |||||||
Common stock, shares authorized (shares) | 100,000,000 | ||||||
Common Stock [Member] | |||||||
Class of Stock [Line Items] | |||||||
Adjustment to retained earnings due to stock split | 10 | ||||||
Common stock, par value (dollars per share) | $0.15 | ||||||
Treasury Stock [Member] | |||||||
Class of Stock [Line Items] | |||||||
Adjustment to retained earnings due to stock split | $0 | $0 | ($8) | ($8) |
Schedule_II_Valuation_and_Qual1
Schedule II - Valuation and Qualifying Accounts (Details) (Allowance for Doubtful Accounts [Member], USD $) | 12 Months Ended | ||||
In Millions, unless otherwise specified | Apr. 30, 2015 | Apr. 30, 2014 | Apr. 30, 2013 | ||
Allowance for Doubtful Accounts [Member] | |||||
Movement in Valuation Allowances and Reserves [Roll Forward] | |||||
Balance at Beginning of Period | $9 | $9 | $9 | ||
Additions Charged to Costs and Expenses | 2 | 0 | 2 | ||
Additions Charged to Other Accounts | 0 | 0 | 0 | ||
Deductions | 1 | [1] | 0 | [1] | 2 |
Balance at End of Period | $10 | $9 | $9 | ||
[1] | Doubtful accounts written off, net of recoveries. |