Document and Entity Information
Document and Entity Information - shares | 6 Months Ended | |
Oct. 31, 2017 | Nov. 30, 2017 | |
Document Information [Line Items] | ||
Entity Registrant Name | BROWN FORMAN CORP | |
Entity Central Index Key | 14,693 | |
Document Type | 10-Q | |
Document Period End Date | Oct. 31, 2017 | |
Amendment Flag | false | |
Document Fiscal Year Focus | 2,018 | |
Document Fiscal Period Focus | Q2 | |
Current Fiscal Year End Date | --04-30 | |
Entity Filer Category | Large Accelerated Filer | |
Common stock, Class A, voting [Member] | ||
Document Information [Line Items] | ||
Entity Common Stock, Shares Outstanding | 169,061,063 | |
Common stock, Class B, nonvoting [Member] | ||
Document Information [Line Items] | ||
Entity Common Stock, Shares Outstanding | 215,276,608 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations (Unaudited) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Oct. 31, 2017 | Oct. 31, 2016 | Oct. 31, 2017 | Oct. 31, 2016 | |
Income Statement [Abstract] | ||||
Sales | $ 1,166 | $ 1,055 | $ 2,095 | $ 1,911 |
Excise taxes | 252 | 225 | 458 | 420 |
Net sales | 914 | 830 | 1,637 | 1,491 |
Cost of sales | 304 | 278 | 534 | 486 |
Gross profit | 610 | 552 | 1,103 | 1,005 |
Advertising expenses | 111 | 107 | 200 | 190 |
Selling, general, and administrative expenses | 163 | 163 | 324 | 326 |
Other expense (income), net | (10) | (9) | (11) | (15) |
Operating income | 346 | 291 | 590 | 504 |
Interest income | 1 | 1 | 2 | 1 |
Interest expense | 16 | 16 | 32 | 28 |
Income before income taxes | 331 | 276 | 560 | 477 |
Income taxes | 92 | 79 | 143 | 135 |
Net income | $ 239 | $ 197 | $ 417 | $ 342 |
Earnings per share: | ||||
Basic (dollars per share) | $ 0.62 | $ 0.51 | $ 1.08 | $ 0.87 |
Diluted (dollars per share) | 0.62 | 0.50 | 1.08 | 0.87 |
Cash dividends per common share: | ||||
Declared (dollars per share) | 0 | 0 | 0.365 | 0.34 |
Paid (dollars per share) | $ 0.1825 | $ 0.17 | $ 0.365 | $ 0.34 |
Condensed Consolidated Stateme3
Condensed Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Oct. 31, 2017 | Oct. 31, 2016 | Oct. 31, 2017 | Oct. 31, 2016 | |
Statement of Comprehensive Income [Abstract] | ||||
Net income | $ 239 | $ 197 | $ 417 | $ 342 |
Other comprehensive income (loss), net of tax: | ||||
Currency translation adjustments | (25) | (18) | 9 | (85) |
Cash flow hedge adjustments | 7 | 9 | (16) | 21 |
Postretirement benefits adjustments | 3 | 4 | 6 | 7 |
Net other comprehensive income (loss) | (15) | (5) | (1) | (57) |
Comprehensive income | $ 224 | $ 192 | $ 416 | $ 285 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Millions | Oct. 31, 2017 | Apr. 30, 2017 |
Assets | ||
Cash and cash equivalents | $ 212 | $ 182 |
Accounts receivable, less allowance for doubtful accounts of $7 at April 30 and October 31 | 753 | 557 |
Inventories: | ||
Barreled whiskey | 895 | 873 |
Finished goods | 242 | 186 |
Work in process | 117 | 119 |
Raw materials and supplies | 105 | 92 |
Total inventories | 1,359 | 1,270 |
Other current assets | 337 | 342 |
Total current assets | 2,661 | 2,351 |
Property, plant, and equipment, net | 740 | 713 |
Goodwill | 756 | 753 |
Other intangible assets | 659 | 641 |
Deferred tax assets | 15 | 16 |
Other assets | 147 | 151 |
Total assets | 4,978 | 4,625 |
Liabilities | ||
Accounts payable and accrued expenses | 556 | 501 |
Accrued income taxes | 11 | 9 |
Short-term borrowings | 235 | 211 |
Current portion of long-term debt | 250 | 249 |
Total current liabilities | 1,052 | 970 |
Long-term debt | 1,719 | 1,689 |
Deferred tax liabilities | 139 | 152 |
Accrued pension and other postretirement benefits | 287 | 314 |
Other liabilities | 134 | 130 |
Total liabilities | 3,331 | 3,255 |
Commitments and contingencies | ||
Stockholders' Equity | ||
Additional paid-in capital | 49 | 65 |
Retained earnings | 2,063 | 4,470 |
Accumulated other comprehensive income (loss), net of tax | (391) | (390) |
Treasury stock, at cost (70,540,000 and 3,311,000 shares at April 30 and October 31, respectively) | (132) | (2,843) |
Total stockholders' equity | 1,647 | 1,370 |
Total liabilities and stockholders' equity | 4,978 | 4,625 |
Common stock, Class A, voting [Member] | ||
Stockholders' Equity | ||
Common stock | 25 | 25 |
Common stock, Class B, nonvoting [Member] | ||
Stockholders' Equity | ||
Common stock | $ 33 | $ 43 |
Condensed Consolidated Balance5
Condensed Consolidated Balance Sheets (Parenthetical) (Unaudited) - USD ($) $ in Millions | Oct. 31, 2017 | Apr. 30, 2017 |
Allowance for doubtful accounts | $ 7 | $ 7 |
Treasury stock, shares | 3,311,000 | 70,540,000 |
Common stock, Class A, voting [Member] | ||
Common stock, par value | $ 0.15 | $ 0.15 |
Common stock, shares authorized | 170,000,000 | 170,000,000 |
Common stock, shares issued | 170,000,000 | 170,000,000 |
Common stock, Class B, nonvoting [Member] | ||
Common stock, par value | $ 0.15 | $ 0.15 |
Common stock, shares authorized | 400,000,000 | 400,000,000 |
Common stock, shares issued | 217,627,000 | 284,627,000 |
Condensed Consolidated Stateme6
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Millions | 6 Months Ended | |
Oct. 31, 2017 | Oct. 31, 2016 | |
Cash flows from operating activities: | ||
Net income | $ 417 | $ 342 |
Adjustments to reconcile net income to net cash provided by operations: | ||
Depreciation and amortization | 31 | 28 |
Stock-based compensation expense | 9 | 7 |
Deferred income taxes | (10) | (7) |
Changes in assets and liabilities, excluding the effects of acquisition of business | (233) | (201) |
Cash provided by operating activities | 214 | 169 |
Cash flows from investing activities: | ||
Acquisition of business, net of cash acquired | 0 | (307) |
Additions to property, plant, and equipment | (64) | (36) |
Computer software expenditures | (1) | (1) |
Cash used for investing activities | (65) | (344) |
Cash flows from financing activities: | ||
Net change in short-term borrowings | 21 | 6 |
Proceeds from long-term debt | 0 | 717 |
Debt issuance costs | 0 | (5) |
Net payments related to exercise of stock-based awards | (7) | (5) |
Acquisition of treasury stock | (1) | (442) |
Dividends paid | (140) | (134) |
Cash provided by (used for) financing activities | (127) | 137 |
Effect of exchange rate changes on cash and cash equivalents | 8 | (14) |
Net increase (decrease) in cash and cash equivalents | 30 | (52) |
Cash and cash equivalents, beginning of period | 182 | 263 |
Cash and cash equivalents, end of period | $ 212 | $ 211 |
Condensed Consolidated Financia
Condensed Consolidated Financial Statements | 6 Months Ended |
Oct. 31, 2017 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Condensed Consolidated Financial Statements | Condensed Consolidated Financial Statements We prepared the accompanying unaudited condensed consolidated financial statements pursuant to the rules and regulations of the U.S. Securities and Exchange Commission for interim financial information. In accordance with those rules and regulations, we condensed or omitted certain information and disclosures normally included in annual financial statements prepared in accordance with U.S. generally accepted accounting principles (GAAP). We suggest that you read these condensed financial statements together with the financial statements and footnotes included in our annual report on Form 10-K for the fiscal year ended April 30, 2017 (2017 Form 10-K). We prepared the accompanying financial statements on a basis that is substantially consistent with the accounting principles applied in our 2017 Form 10-K. In our opinion, the accompanying financial statements include all adjustments, consisting only of normal recurring adjustments (unless otherwise indicated), necessary for a fair statement of our financial results for the periods covered by this report. The BenRiach acquisition occurred during the first fiscal quarter of 2017 and the purchase price allocation was finalized as of June 1, 2017. There have been no material changes to the purchase price allocation. New accounting pronouncements to be adopted. In May 2014, the Financial Accounting Standards Board (FASB) issued a new revenue recognition standard that, along with various amendments issued in 2015 and 2016, will replace substantially all existing revenue recognition guidance in U.S. GAAP. The core principle of the standard requires an entity to recognize revenue to depict the transfer of goods or services to customers in an amount that reflects the consideration that it expects to be entitled to in exchange for those goods or services. The new standard also requires significantly more financial statement disclosures than existing revenue standards do. The new standard can be adopted using either of two transition options: a full retrospective transition method or a modified retrospective method. Under the full retrospective method, the guidance would be applied to each prior reporting period presented. Under the modified retrospective method, the cumulative effect of initially applying the new guidance would be recorded as an adjustment to the opening balance of retained earnings for the annual reporting period that includes the date of initial application. We are continuing to assess the potential impact of the new guidance on our financial statements. Based on our assessment to date, we currently expect our accounting for certain customer incentives to be the area most likely affected by the new recognition requirements. We also expect to disclose additional information about revenues under the new standard. As we progress in our assessment, we are also identifying and preparing to make any changes to our accounting policies and practices, systems, processes, and controls that may be required to implement the new standard. We currently expect to choose the modified retrospective method in transitioning to the new standard, which we will adopt effective May 1, 2018. We are also currently evaluating the potential impact on our financial statements of the additional new accounting pronouncements described below: • In February 2016, the FASB issued a new standard on accounting for leases. Under the new standard, a lessee should recognize on its balance sheet a liability to make lease payments and a right-of-use asset representing its right to use the underlying asset for the lease term. The standard permits an entity to make an accounting policy election not to recognize lease assets and liabilities for leases with a term of 12 months or less. The standard, which also requires additional quantitative and qualitative disclosures about leasing arrangements, will become effective for us beginning fiscal 2020. It is to be applied using a modified retrospective transition approach for leases existing at the beginning of the earliest comparative period presented in the adoption-period financial statements. • In August 2016, the FASB issued new guidance on the classification of certain cash receipts and cash payments on the statement of cash flows. The new guidance, which addresses eight specific cash flow classification issues, is intended to reduce diversity in practice. It will become effective for us beginning fiscal 2019 and is to be applied retrospectively. • In October 2016, the FASB issued revised guidance that requires the recognition of the income tax consequences (expense or benefit) of an intercompany transfer of assets other than inventory when the transfer occurs. It maintains the existing requirement to defer the recognition of the income tax consequences of an intercompany transfer of inventory until the inventory is sold to an outside party. The guidance will become effective for us beginning fiscal 2019 and is to be applied on a modified retrospective basis through a cumulative-effect adjustment directly to retained earnings as of the beginning of the period of adoption. • In January 2017, the FASB issued updated guidance that eliminates the second step of the existing two-step quantitative test of goodwill for impairment. Under the new guidance, the quantitative test will consist of a single step in which the carrying amount of the reporting unit will be compared to its fair value. An impairment charge would be recognized for the amount by which the carrying amount exceeds the reporting unit’s fair value; however, the amount of the impairment would be limited to the total amount of goodwill allocated to the reporting unit. The guidance does not affect the existing option to perform the qualitative assessment for a reporting unit to determine whether the quantitative impairment test is necessary. Although adoption is not required until fiscal 2021, we currently expect to adopt the new standard, prospectively, beginning in fiscal 2019. • In March 2017, the FASB issued new guidance for the presentation of the net periodic cost (NPC) associated with pension and other postretirement benefit plans. The guidance requires the service cost component of the NPC to be reported in the income statement in the same line item(s) as other compensation costs arising from services rendered by the pertinent employees during the period. The other components of the NPC are to be presented separately from the service cost and outside of income from operations. In addition, the guidance allows only the service cost component of NPC to be eligible for capitalization when applicable. The guidance will become effective for us beginning fiscal 2019. It is to be applied retrospectively for the presentation in the income statement and prospectively, on and after the effective date, for the capitalization of service cost. • In August 2017, the FASB issued updated guidance on hedge accounting. The guidance expands hedge accounting for financial and nonfinancial risk components, eliminates the requirement to separately measure and report hedge ineffectiveness, simplifies the way assessments of hedge effectiveness may be performed, and amends some presentation and disclosure requirements for hedges. The guidance will become effective for us beginning fiscal 2020. It is to be applied using a modified retrospective transition approach for cash flow and net investment hedges existing at the date of adoption. The amended presentation and disclosure guidance is required only prospectively. Although we have not yet determined our plans for adoption, we are considering the possibility of adopting this new guidance before the required adoption date. Early adoption of any of the new accounting pronouncements described above is permitted. However, except as noted above, we do not currently expect to adopt the new pronouncements before their effective dates. |
Inventories
Inventories | 6 Months Ended |
Oct. 31, 2017 | |
Inventory Disclosure [Abstract] | |
Inventories | Inventories Inventories are valued at the lower of cost or market. Some of our consolidated inventories are valued using the last-in, first-out (LIFO) method, which we use for the majority of our U.S. inventories. If the LIFO method had not been used, inventories at current cost would have been $272 million higher than reported as of April 30, 2017 , and $285 million higher than reported as of October 31, 2017 . Changes in the LIFO valuation reserve for interim periods are based on a proportionate allocation of the estimated change for the entire fiscal year. |
Income Taxes
Income Taxes | 6 Months Ended |
Oct. 31, 2017 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes Our consolidated interim effective tax rate is based upon our expected annual operating income, statutory tax rates, and income tax laws in the various jurisdictions in which we operate. Significant or unusual items, including adjustments to accruals for tax uncertainties, are recognized in the quarter in which the related event or a change in judgment occurs. The effective tax rate of 25.5% for the six months ended October 31, 2017 , is lower than the expected tax rate of 28.4% on ordinary income for the full fiscal year, primarily due to (a) a reduction in U.S. tax recorded in the first quarter of fiscal 2018 for certain prior years on foreign exchange gains in non-U.S. entities due to a change in method of accounting for U.S. tax purposes, and (b) the excess tax benefits related to stock-based compensation. Our expected tax rate includes current fiscal year additions for existing tax contingency items. |
Earnings Per Share
Earnings Per Share | 6 Months Ended |
Oct. 31, 2017 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | Earnings Per Share We calculate basic earnings per share by dividing net income available to common stockholders by the weighted average number of common shares outstanding during the period. Diluted earnings per share further includes the dilutive effect of stock-based compensation awards. We calculate that dilutive effect using the “treasury stock method” (as defined by GAAP). The following table presents information concerning basic and diluted earnings per share: Three Months Ended Six Months Ended October 31, October 31, (Dollars in millions, except per share amounts) 2016 2017 2016 2017 Net income available to common stockholders $ 197 $ 239 $ 342 $ 417 Share data (in thousands): Basic average common shares outstanding 389,050 384,120 390,994 384,076 Dilutive effect of stock-based awards 2,798 2,507 2,895 2,428 Diluted average common shares outstanding 391,848 386,627 393,889 386,504 Basic earnings per share $ 0.51 $ 0.62 $ 0.87 $ 1.08 Diluted earnings per share $ 0.50 $ 0.62 $ 0.87 $ 1.08 We excluded common stock-based awards for approximately 1,937,000 shares and 1,201,000 shares from the calculation of diluted earnings per share for the three months ended October 31, 2016 and 2017 , respectively. We excluded common stock-based awards for approximately 1,555,000 shares and 1,288,000 shares from the calculation of diluted earnings per share for the six months ended October 31, 2016 and 2017 , respectively. We excluded those awards because they were not dilutive for those periods under the treasury stock method. |
Commitments and Contingencies
Commitments and Contingencies | 6 Months Ended |
Oct. 31, 2017 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Commitments and Contingencies We operate in a litigious environment, and we are sued in the normal course of business. Sometimes plaintiffs seek substantial damages. Significant judgment is required in predicting the outcome of these suits and claims, many of which take years to adjudicate. We accrue estimated costs for a contingency when we believe that a loss is probable and we can make a reasonable estimate of the loss, and then adjust the accrual as appropriate to reflect changes in facts and circumstances. We do not believe it is reasonably possible that these existing loss contingencies, individually or in the aggregate, would have a material adverse effect on our financial position, results of operations, or liquidity. No material accrued loss contingencies are recorded as of October 31, 2017 . We have guaranteed the repayment by a third-party importer of its obligation under a bank credit facility that it uses in connection with its importation of our products in Russia. If the importer were to default on that obligation, which we believe is unlikely, our maximum possible exposure under the existing terms of the guaranty would be approximately $11 million (subject to changes in foreign currency exchange rates). Both the fair value and carrying amount of the guaranty are insignificant. As of October 31, 2017 , our actual exposure under the guaranty of the importer’s obligation is approximately $9 million . We also have accounts receivable from that importer of approximately $10 million at October 31, 2017 , 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
Debt | 6 Months Ended |
Oct. 31, 2017 | |
Debt Disclosure [Abstract] | |
Debt | Debt Our long-term debt (net of unamortized discount and issuance costs) consists of: (Principal and carrying amounts in millions) April 30, October 31, 1.00% senior notes, $250 principal amount, due January 15, 2018 $ 249 $ 250 2.25% senior notes, $250 principal amount, due January 15, 2023 248 248 1.20% senior notes, €300 principal amount, due July 7, 2026 324 346 2.60% senior notes, £300 principal amount, due July 7, 2028 383 391 3.75% senior notes, $250 principal amount, due January 15, 2043 248 248 4.50% senior notes, $500 principal amount, due July 15, 2045 486 486 1,938 1,969 Less current portion 249 250 $ 1,689 $ 1,719 As of April 30, 2017, our short-term borrowings of $211 million included $208 million of commercial paper, with an average interest rate of 1.04% and a remaining maturity of 22 days . As of October 31, 2017 , our short-term borrowings of $235 million included $230 million of commercial paper, with an average interest rate of 1.28% and a remaining maturity of 20 days . |
Pension and Other Postretiremen
Pension and Other Postretirement Benefits | 6 Months Ended |
Oct. 31, 2017 | |
Retirement Benefits [Abstract] | |
Pension and Other Postretirement Benefits | Pension and Other Postretirement Benefits The following table shows the components of the pension and other postretirement benefit cost recognized for our U.S. benefit plans. Information about similar international plans is not presented due to immateriality. Three Months Ended Six Months Ended October 31, October 31, (Dollars in millions) 2016 2017 2016 2017 Pension Benefits : Service cost $ 6 $ 6 $ 13 $ 12 Interest cost 9 7 18 15 Expected return on plan assets (10 ) (10 ) (21 ) (21 ) Amortization of net actuarial loss 6 6 13 11 Net cost $ 11 $ 9 $ 23 $ 17 Other Postretirement Benefits : Service cost $ — $ — $ 1 $ — Interest cost 1 1 1 1 Amortization of prior service cost (credit) (1 ) (1 ) (1 ) (1 ) Net cost $ — $ — $ 1 $ — |
Fair Value Measurements
Fair Value Measurements | 6 Months Ended |
Oct. 31, 2017 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | Fair Value Measurements The following table summarizes the assets and liabilities measured or disclosed at fair value on a recurring basis: April 30, 2017 October 31, 2017 Carrying Fair Carrying Fair (Dollars in millions) Amount Value Amount Value Assets: Cash and cash equivalents $ 182 $ 182 $ 212 $ 212 Currency derivatives 25 25 3 3 Liabilities: Currency derivatives 10 10 21 21 Short-term borrowings 211 211 235 235 Current portion of long-term debt 249 249 250 249 Long-term debt 1,689 1,752 1,719 1,791 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 that are supported by little or no market activity. We determine the fair values of our currency derivatives (forward contracts) using standard valuation models. The significant inputs used in these models, which are readily available in public markets or can be derived from observable market transactions, include the applicable spot rates, forward rates, and discount rates. The discount rates are based on the historical U.S. Treasury rates. These fair value measurements are categorized as Level 2 within the valuation hierarchy. We determine the fair value of long-term debt primarily based on the prices at which similar debt has recently traded in the market and also considering the overall market conditions on the date of valuation. These fair value measurements are categorized as Level 2 within the valuation hierarchy. The fair value of cash, cash equivalents, and short-term borrowings approximate the carrying amounts due to the short maturities of these instruments. We measure some assets and liabilities at fair value on a nonrecurring basis. That is, we do not measure them at fair value on an ongoing basis, but we do adjust them to fair value in some circumstances (for example, when we determine that an asset is impaired). No material nonrecurring fair value measurements were required during the periods presented in these financial statements. |
Derivative Financial Instrument
Derivative Financial Instruments and Hedging Activities | 6 Months Ended |
Oct. 31, 2017 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivative Financial Instruments and Hedging Activities | Derivative Financial Instruments and Hedging Activities 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 had outstanding currency derivatives, related primarily to our euro, British pound, and Australian dollar exposures, with notional amounts totaling $1,188 million at April 30, 2017 and $1,149 million at October 31, 2017 . During fiscal 2017, we designated some currency derivative forward contracts and foreign currency-denominated long-term debt as after-tax net investment hedges of our investments in certain foreign subsidiaries. During fiscal 2018, we have continued to designate some foreign currency-denominated debt for that purpose. Any change in value of the designated portion of the hedging instruments is recorded in AOCI, offsetting the foreign currency translation adjustment of the related net investments that is also recorded in AOCI. As of October 31, 2017, $607 million of our foreign currency-denominated debt was designated as a net investment hedge. Our net investment hedges are intended to mitigate foreign exchange exposure related to non-U.S. dollar net investments in certain foreign subsidiaries against changes in foreign exchange rates. There was no ineffectiveness related to our net investment hedges. We do not designate some of our currency derivatives and foreign currency-denominated debt 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 instruments in earnings. 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 as derivative instruments. The following tables present the pre-tax impact that changes in the fair value of our derivative instruments and non-derivative hedging instruments had on AOCI and earnings: Three Months Ended October 31, (Dollars in millions) Classification 2016 2017 Derivative Instruments Currency derivatives designated as cash flow hedges: Net gain (loss) recognized in AOCI n/a $ 23 $ 7 Net gain (loss) reclassified from AOCI into earnings Sales 9 (5 ) Currency derivatives not designated as hedging instruments: Net gain (loss) recognized in earnings Sales 2 1 Net gain (loss) recognized in earnings Other income (3 ) (4 ) Non-Derivative Hedging Instruments Foreign currency-denominated debt designated as net investment hedge: Net gain (loss) recognized in AOCI n/a 34 1 Foreign currency-denominated debt not designated as hedging instrument: Net gain (loss) recognized in earnings Other income 3 1 Six Months Ended October 31, (Dollars in millions) Classification 2016 2017 Derivative Instruments Currency derivatives designated as cash flow hedges: Net gain (loss) recognized in AOCI n/a $ 52 $ (29 ) Net gain (loss) reclassified from AOCI into earnings Sales 19 (3 ) Currency derivatives designated as net investment hedge: Net gain (loss) recognized in AOCI n/a 8 — Currency derivatives not designated as hedging instruments: Net gain (loss) recognized in earnings Sales 3 (2 ) Net gain (loss) recognized in earnings Other income (8 ) 5 Non-Derivative Hedging Instruments Foreign currency-denominated debt designated as net investment hedge: Net gain (loss) recognized in AOCI n/a 24 (15 ) Foreign currency-denominated debt not designated as hedging instrument: Net gain (loss) recognized in earnings Other income 2 (15 ) We expect to reclassify $5 million of deferred net losses on cash flow hedges recorded in AOCI as of October 31, 2017 , to earnings during the next 12 months. This reclassification would offset the anticipated earnings impact of the underlying hedged exposures. The actual amounts that we ultimately reclassify to earnings will depend on the exchange rates in effect when the underlying hedged transactions occur. As of October 31, 2017 , the maximum term of our outstanding derivative contracts was 36 months . The following table presents the fair values of our derivative instruments: (Dollars in millions) Classification Fair value of derivatives in a gain position Fair value of derivatives in a loss position April 30, 2017: Designated as cash flow hedges: Currency derivatives Other current assets $ 21 $ (2 ) Currency derivatives Other assets 9 (4 ) Currency derivatives Accrued expenses 2 (8 ) Currency derivatives Other liabilities 1 (4 ) Not designated as hedges: Currency derivatives Other current assets 2 (1 ) Currency derivatives Accrued expenses — (1 ) October 31, 2017: Designated as cash flow hedges: Currency derivatives Other current assets 5 (3 ) Currency derivatives Other assets 1 — Currency derivatives Accrued expenses 6 (15 ) Currency derivatives Other liabilities 4 (15 ) Not designated as hedges: Currency derivatives Accrued expenses — (1 ) The fair values reflected in the above table are presented on a gross basis. However, as discussed further below, the fair values of those instruments that are subject to net settlement agreements are presented in our balance sheets on a net basis. In our statement of cash flows, we classify cash flows related to cash flow hedges in the same category as the cash flows from the hedged items. Credit risk. We are exposed to credit-related losses if the counterparties to our derivative contracts default. This credit risk is limited to the fair value of the contracts. To manage this risk, we contract only with major financial institutions that have earned investment-grade credit ratings and with whom we have standard International Swaps and Derivatives Association (ISDA) agreements that allow for net settlement of the derivative contracts. Also, we have established counterparty credit guidelines that are regularly monitored, and we monetize contracts when we believe it is warranted. Because of these safeguards, we believe we have no derivative positions that warrant credit valuation adjustments. Some of our derivative instruments require us to maintain a specific level of creditworthiness, which we have maintained. If our creditworthiness were to fall below that level, then the counterparties to our derivative instruments could request immediate payment or collateralization for derivative instruments in net liability positions. The aggregate fair value of all derivatives with creditworthiness requirements that were in a net liability position was $9 million at April 30, 2017 and $21 million at October 31, 2017 . Offsetting. As noted above, our derivative contracts are governed by ISDA agreements that allow for net settlement of derivative contracts with the same counterparty. It is our policy to present the fair values of current derivatives (i.e., those with a remaining term of 12 months or less) with the same counterparty on a net basis in 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: (Dollars in millions) Gross Amounts of Recognized Assets (Liabilities) Gross Amounts Offset in Balance Sheet Net Amounts Presented in Balance Sheet Gross Amounts Not Offset in Balance Sheet Net Amounts April 30, 2017: Derivative assets $ 35 $ (10 ) $ 25 $ (1 ) $ 24 Derivative liabilities (20 ) 10 (10 ) 1 (9 ) October 31, 2017: Derivative assets 16 (13 ) 3 — 3 Derivative liabilities (34 ) 13 (21 ) — (21 ) No cash collateral was received or pledged related to our derivative contracts as of April 30, 2017 or October 31, 2017 . |
Goodwill and Other Intangible A
Goodwill and Other Intangible Assets | 6 Months Ended |
Oct. 31, 2017 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill and Intangible Assets Disclosure [Text Block] | Goodwill and Other Intangible Assets The following table summarizes the changes in goodwill and other intangible assets during the six months ended October 31, 2017: (Dollars in millions) Goodwill Other Intangible Assets Balance at April 30, 2017 $ 753 $ 641 Foreign currency translation adjustment 3 18 Balance at October 31, 2017 $ 756 $ 659 Our other intangible assets consist of trademarks and brand names, all with indefinite useful lives. |
Stockholders' Equity
Stockholders' Equity | 6 Months Ended |
Oct. 31, 2017 | |
Stockholders' Equity Attributable to Parent [Abstract] | |
Stockholders' Equity Note Disclosure [Text Block] | Stockholders’ Equity The following table summarizes the changes in stockholders’ equity during the six months ended October 31, 2017: (Dollars in millions) Class A Common Stock Class B Common Stock Additional Paid-in Capital Retained Earnings AOCI Treasury Stock Total Balance at April 30, 2017 $ 25 $ 43 $ 65 $ 4,470 $ (390 ) $ (2,843 ) $ 1,370 Retirement of treasury stock (10 ) (8 ) (2,684 ) 2,702 — Net income 417 417 Net other comprehensive income (loss) (1 ) (1 ) Cash dividends (140 ) (140 ) Acquisition of treasury stock (1 ) (1 ) Stock-based compensation expense 9 9 Stock issued under compensation plans 10 10 Loss on issuance of treasury stock issued under compensation plans (17 ) (17 ) Balance at October 31, 2017 $ 25 $ 33 $ 49 $ 2,063 $ (391 ) $ (132 ) $ 1,647 Retirement of Treasury Stock. On May 24, 2017, we retired 67,000,000 shares of Class B common stock previously held as treasury shares. This retirement reduced the number of issued shares of Class B common stock by that same amount. Dividends. The following table summarizes the cash dividends declared per share on our Class A and Class B common stock during the six months ended October 31, 2017: Declaration Date Record Date Payable Date Amount per Share May 24, 2017 June 5, 2017 July 3, 2017 $0.1825 July 27, 2017 September 7, 2017 October 2, 2017 $0.1825 As announced on November 16, 2017 , our Board of Directors increased the quarterly cash dividend on our Class A and Class B common stock from $0.1825 per share to $0.1975 per share. Stockholders of record on December 7, 2017 , will receive the cash dividend on January 2, 2018 . Accumulated Other Comprehensive Income. The following table summarizes the changes in each component of AOCI, net of tax, during the six months ended October 31, 2017: (Dollars in millions) Currency Translation Adjustments Cash Flow Hedge Adjustments Postretirement Benefits Adjustments Total AOCI Balance at April 30, 2017 $ (204 ) $ 11 $ (197 ) $ (390 ) Net other comprehensive income (loss) 9 (16 ) 6 (1 ) Balance at October 31, 2017 $ (195 ) $ (5 ) $ (191 ) $ (391 ) |
Other Comprehensive Income
Other Comprehensive Income | 6 Months Ended |
Oct. 31, 2017 | |
Statement of Comprehensive Income [Abstract] | |
Comprehensive Income (Loss) Note [Text Block] | Other Comprehensive Income The following tables present the components of net other comprehensive income (loss): Three Months Ended Three Months Ended October 31, 2016 October 31, 2017 (Dollars in millions) Pre-Tax Tax Net Pre-Tax Tax Net Currency translation adjustments: Net gain (loss) on currency translation $ (4 ) $ (14 ) $ (18 ) $ (25 ) $ — $ (25 ) Reclassification to earnings — — — — — — Other comprehensive income (loss), net (4 ) (14 ) (18 ) (25 ) — (25 ) Cash flow hedge adjustments: Net gain (loss) on hedging instruments 23 (9 ) 14 7 (3 ) 4 Reclassification to earnings 1 (9 ) 4 (5 ) 5 (2 ) 3 Other comprehensive income (loss), net 14 (5 ) 9 12 (5 ) 7 Postretirement benefits adjustments: Net actuarial gain (loss) and prior service cost — — — (1 ) — (1 ) Reclassification to earnings 2 7 (3 ) 4 6 (2 ) 4 Other comprehensive income (loss), net 7 (3 ) 4 5 (2 ) 3 Total other comprehensive income (loss), net $ 17 $ (22 ) $ (5 ) $ (8 ) $ (7 ) $ (15 ) Six Months Ended Six Months Ended October 31, 2016 October 31, 2017 (Dollars in millions) Pre-Tax Tax Net Pre-Tax Tax Net Currency translation adjustments: Net gain (loss) on currency translation (72 ) (13 ) (85 ) 3 6 9 Reclassification to earnings — — — — — — Other comprehensive income (loss), net (72 ) (13 ) (85 ) 3 6 9 Cash flow hedge adjustments: Net gain (loss) on hedging instruments 52 (20 ) 32 (29 ) 11 (18 ) Reclassification to earnings 1 (19 ) 8 (11 ) 3 (1 ) 2 Other comprehensive income (loss), net 33 (12 ) 21 (26 ) 10 (16 ) Postretirement benefits adjustments: Net actuarial gain (loss) and prior service cost — — — — — — Reclassification to earnings 2 12 (5 ) 7 10 (4 ) 6 Other comprehensive income (loss), net 12 (5 ) 7 10 (4 ) 6 Total other comprehensive income (loss), net $ (27 ) $ (30 ) $ (57 ) $ (13 ) $ 12 $ (1 ) 1 Pre-tax amount is classified as sales in the accompanying consolidated statements of operations. 2 Pre-tax amount is a component of pension and other postretirement benefit expense (as shown in Note 7, except for amounts related to non-U.S. benefit plans, about which no information is presented in Note 7 due to immateriality). |
Derivative Financial Instrume19
Derivative Financial Instruments and Hedging Activities (Policies) | 6 Months Ended |
Oct. 31, 2017 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Classification of Cash Flows Related to Cash Flow Hedges [Policy Text Block] | In our statement of cash flows, we classify cash flows related to cash flow hedges in the same category as the cash flows from the hedged items. |
Derivatives, Offsetting Fair Value Amounts, Policy [Policy Text Block] | Offsetting. As noted above, our derivative contracts are governed by ISDA agreements that allow for net settlement of derivative contracts with the same counterparty. It is our policy to present the fair values of current derivatives (i.e., 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 |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 6 Months Ended |
Oct. 31, 2017 | |
Earnings Per Share [Abstract] | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | The following table presents information concerning basic and diluted earnings per share: Three Months Ended Six Months Ended October 31, October 31, (Dollars in millions, except per share amounts) 2016 2017 2016 2017 Net income available to common stockholders $ 197 $ 239 $ 342 $ 417 Share data (in thousands): Basic average common shares outstanding 389,050 384,120 390,994 384,076 Dilutive effect of stock-based awards 2,798 2,507 2,895 2,428 Diluted average common shares outstanding 391,848 386,627 393,889 386,504 Basic earnings per share $ 0.51 $ 0.62 $ 0.87 $ 1.08 Diluted earnings per share $ 0.50 $ 0.62 $ 0.87 $ 1.08 |
Debt (Tables)
Debt (Tables) | 6 Months Ended |
Oct. 31, 2017 | |
Debt Disclosure [Abstract] | |
Schedule of Long-term Debt Instruments | Our long-term debt (net of unamortized discount and issuance costs) consists of: (Principal and carrying amounts in millions) April 30, October 31, 1.00% senior notes, $250 principal amount, due January 15, 2018 $ 249 $ 250 2.25% senior notes, $250 principal amount, due January 15, 2023 248 248 1.20% senior notes, €300 principal amount, due July 7, 2026 324 346 2.60% senior notes, £300 principal amount, due July 7, 2028 383 391 3.75% senior notes, $250 principal amount, due January 15, 2043 248 248 4.50% senior notes, $500 principal amount, due July 15, 2045 486 486 1,938 1,969 Less current portion 249 250 $ 1,689 $ 1,719 |
Pension and Other Postretirem22
Pension and Other Postretirement Benefits (Tables) | 6 Months Ended |
Oct. 31, 2017 | |
Retirement Benefits [Abstract] | |
Schedule of Defined Benefit Plans Disclosures [Table Text Block] | The following table shows the components of the pension and other postretirement benefit cost recognized for our U.S. benefit plans. Information about similar international plans is not presented due to immateriality. Three Months Ended Six Months Ended October 31, October 31, (Dollars in millions) 2016 2017 2016 2017 Pension Benefits : Service cost $ 6 $ 6 $ 13 $ 12 Interest cost 9 7 18 15 Expected return on plan assets (10 ) (10 ) (21 ) (21 ) Amortization of net actuarial loss 6 6 13 11 Net cost $ 11 $ 9 $ 23 $ 17 Other Postretirement Benefits : Service cost $ — $ — $ 1 $ — Interest cost 1 1 1 1 Amortization of prior service cost (credit) (1 ) (1 ) (1 ) (1 ) Net cost $ — $ — $ 1 $ — |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 6 Months Ended |
Oct. 31, 2017 | |
Fair Value Disclosures [Abstract] | |
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis [Table Text Block] | The following table summarizes the assets and liabilities measured or disclosed at fair value on a recurring basis: April 30, 2017 October 31, 2017 Carrying Fair Carrying Fair (Dollars in millions) Amount Value Amount Value Assets: Cash and cash equivalents $ 182 $ 182 $ 212 $ 212 Currency derivatives 25 25 3 3 Liabilities: Currency derivatives 10 10 21 21 Short-term borrowings 211 211 235 235 Current portion of long-term debt 249 249 250 249 Long-term debt 1,689 1,752 1,719 1,791 |
Derivative Financial Instrume24
Derivative Financial Instruments and Hedging Activities (Tables) | 6 Months Ended |
Oct. 31, 2017 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivative Instruments, Gain (Loss) [Table Text Block] | The following tables present the pre-tax impact that changes in the fair value of our derivative instruments and non-derivative hedging instruments had on AOCI and earnings: Three Months Ended October 31, (Dollars in millions) Classification 2016 2017 Derivative Instruments Currency derivatives designated as cash flow hedges: Net gain (loss) recognized in AOCI n/a $ 23 $ 7 Net gain (loss) reclassified from AOCI into earnings Sales 9 (5 ) Currency derivatives not designated as hedging instruments: Net gain (loss) recognized in earnings Sales 2 1 Net gain (loss) recognized in earnings Other income (3 ) (4 ) Non-Derivative Hedging Instruments Foreign currency-denominated debt designated as net investment hedge: Net gain (loss) recognized in AOCI n/a 34 1 Foreign currency-denominated debt not designated as hedging instrument: Net gain (loss) recognized in earnings Other income 3 1 Six Months Ended October 31, (Dollars in millions) Classification 2016 2017 Derivative Instruments Currency derivatives designated as cash flow hedges: Net gain (loss) recognized in AOCI n/a $ 52 $ (29 ) Net gain (loss) reclassified from AOCI into earnings Sales 19 (3 ) Currency derivatives designated as net investment hedge: Net gain (loss) recognized in AOCI n/a 8 — Currency derivatives not designated as hedging instruments: Net gain (loss) recognized in earnings Sales 3 (2 ) Net gain (loss) recognized in earnings Other income (8 ) 5 Non-Derivative Hedging Instruments Foreign currency-denominated debt designated as net investment hedge: Net gain (loss) recognized in AOCI n/a 24 (15 ) Foreign currency-denominated debt not designated as hedging instrument: Net gain (loss) recognized in earnings Other income 2 (15 ) |
Schedule of Derivative Instruments in Statement of Financial Position, Fair Value [Table Text Block] | The following table presents the fair values of our derivative instruments: (Dollars in millions) Classification Fair value of derivatives in a gain position Fair value of derivatives in a loss position April 30, 2017: Designated as cash flow hedges: Currency derivatives Other current assets $ 21 $ (2 ) Currency derivatives Other assets 9 (4 ) Currency derivatives Accrued expenses 2 (8 ) Currency derivatives Other liabilities 1 (4 ) Not designated as hedges: Currency derivatives Other current assets 2 (1 ) Currency derivatives Accrued expenses — (1 ) October 31, 2017: Designated as cash flow hedges: Currency derivatives Other current assets 5 (3 ) Currency derivatives Other assets 1 — Currency derivatives Accrued expenses 6 (15 ) Currency derivatives Other liabilities 4 (15 ) Not designated as hedges: Currency derivatives Accrued expenses — (1 ) |
Offsetting Derivative Assets and Liabilities [Table Text Block] | The following table summarizes the gross and net amounts of our derivative contracts: (Dollars in millions) Gross Amounts of Recognized Assets (Liabilities) Gross Amounts Offset in Balance Sheet Net Amounts Presented in Balance Sheet Gross Amounts Not Offset in Balance Sheet Net Amounts April 30, 2017: Derivative assets $ 35 $ (10 ) $ 25 $ (1 ) $ 24 Derivative liabilities (20 ) 10 (10 ) 1 (9 ) October 31, 2017: Derivative assets 16 (13 ) 3 — 3 Derivative liabilities (34 ) 13 (21 ) — (21 ) |
Goodwill and Other Intangible25
Goodwill and Other Intangible Assets (Tables) | 6 Months Ended |
Oct. 31, 2017 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of Intangible Assets and Goodwill [Table Text Block] | The following table summarizes the changes in goodwill and other intangible assets during the six months ended October 31, 2017: (Dollars in millions) Goodwill Other Intangible Assets Balance at April 30, 2017 $ 753 $ 641 Foreign currency translation adjustment 3 18 Balance at October 31, 2017 $ 756 $ 659 |
Stockholders' Equity (Tables)
Stockholders' Equity (Tables) | 6 Months Ended |
Oct. 31, 2017 | |
Stockholders' Equity Attributable to Parent [Abstract] | |
Schedule of Stockholders Equity [Table Text Block] | The following table summarizes the changes in stockholders’ equity during the six months ended October 31, 2017: (Dollars in millions) Class A Common Stock Class B Common Stock Additional Paid-in Capital Retained Earnings AOCI Treasury Stock Total Balance at April 30, 2017 $ 25 $ 43 $ 65 $ 4,470 $ (390 ) $ (2,843 ) $ 1,370 Retirement of treasury stock (10 ) (8 ) (2,684 ) 2,702 — Net income 417 417 Net other comprehensive income (loss) (1 ) (1 ) Cash dividends (140 ) (140 ) Acquisition of treasury stock (1 ) (1 ) Stock-based compensation expense 9 9 Stock issued under compensation plans 10 10 Loss on issuance of treasury stock issued under compensation plans (17 ) (17 ) Balance at October 31, 2017 $ 25 $ 33 $ 49 $ 2,063 $ (391 ) $ (132 ) $ 1,647 |
Dividends Declared [Table Text Block] | The following table summarizes the cash dividends declared per share on our Class A and Class B common stock during the six months ended October 31, 2017: Declaration Date Record Date Payable Date Amount per Share May 24, 2017 June 5, 2017 July 3, 2017 $0.1825 July 27, 2017 September 7, 2017 October 2, 2017 $0.1825 |
Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block] | The following table summarizes the changes in each component of AOCI, net of tax, during the six months ended October 31, 2017: (Dollars in millions) Currency Translation Adjustments Cash Flow Hedge Adjustments Postretirement Benefits Adjustments Total AOCI Balance at April 30, 2017 $ (204 ) $ 11 $ (197 ) $ (390 ) Net other comprehensive income (loss) 9 (16 ) 6 (1 ) Balance at October 31, 2017 $ (195 ) $ (5 ) $ (191 ) $ (391 ) |
Other Comprehensive Income (Tab
Other Comprehensive Income (Tables) | 6 Months Ended |
Oct. 31, 2017 | |
Statement of Comprehensive Income [Abstract] | |
Comprehensive Income (Loss) [Table Text Block] | The following tables present the components of net other comprehensive income (loss): Three Months Ended Three Months Ended October 31, 2016 October 31, 2017 (Dollars in millions) Pre-Tax Tax Net Pre-Tax Tax Net Currency translation adjustments: Net gain (loss) on currency translation $ (4 ) $ (14 ) $ (18 ) $ (25 ) $ — $ (25 ) Reclassification to earnings — — — — — — Other comprehensive income (loss), net (4 ) (14 ) (18 ) (25 ) — (25 ) Cash flow hedge adjustments: Net gain (loss) on hedging instruments 23 (9 ) 14 7 (3 ) 4 Reclassification to earnings 1 (9 ) 4 (5 ) 5 (2 ) 3 Other comprehensive income (loss), net 14 (5 ) 9 12 (5 ) 7 Postretirement benefits adjustments: Net actuarial gain (loss) and prior service cost — — — (1 ) — (1 ) Reclassification to earnings 2 7 (3 ) 4 6 (2 ) 4 Other comprehensive income (loss), net 7 (3 ) 4 5 (2 ) 3 Total other comprehensive income (loss), net $ 17 $ (22 ) $ (5 ) $ (8 ) $ (7 ) $ (15 ) Six Months Ended Six Months Ended October 31, 2016 October 31, 2017 (Dollars in millions) Pre-Tax Tax Net Pre-Tax Tax Net Currency translation adjustments: Net gain (loss) on currency translation (72 ) (13 ) (85 ) 3 6 9 Reclassification to earnings — — — — — — Other comprehensive income (loss), net (72 ) (13 ) (85 ) 3 6 9 Cash flow hedge adjustments: Net gain (loss) on hedging instruments 52 (20 ) 32 (29 ) 11 (18 ) Reclassification to earnings 1 (19 ) 8 (11 ) 3 (1 ) 2 Other comprehensive income (loss), net 33 (12 ) 21 (26 ) 10 (16 ) Postretirement benefits adjustments: Net actuarial gain (loss) and prior service cost — — — — — — Reclassification to earnings 2 12 (5 ) 7 10 (4 ) 6 Other comprehensive income (loss), net 12 (5 ) 7 10 (4 ) 6 Total other comprehensive income (loss), net $ (27 ) $ (30 ) $ (57 ) $ (13 ) $ 12 $ (1 ) 1 Pre-tax amount is classified as sales in the accompanying consolidated statements of operations. 2 Pre-tax amount is a component of pension and other postretirement benefit expense (as shown in Note 7, except for amounts related to non-U.S. benefit plans, about which no information is presented in Note 7 due to immateriality). |
Inventories (Details)
Inventories (Details) - USD ($) $ in Millions | Oct. 31, 2017 | Apr. 30, 2017 |
Inventories (Textual) [Abstract] | ||
Excess of current costs over stated LIFO value | $ 285 | $ 272 |
Income Taxes (Details)
Income Taxes (Details) | 6 Months Ended |
Oct. 31, 2017 | |
Income Taxes (Textual) [Abstract] | |
Effective tax rate | 25.50% |
Expected tax rate | 28.40% |
Earnings Per Share (Details)
Earnings Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Millions | 3 Months Ended | 6 Months Ended | ||
Oct. 31, 2017 | Oct. 31, 2016 | Oct. 31, 2017 | Oct. 31, 2016 | |
Basic and diluted earnings per share | ||||
Net income available to common stockholders | $ 239 | $ 197 | $ 417 | $ 342 |
Share data (in thousands): | ||||
Basic average common shares outstanding | 384,120 | 389,050 | 384,076 | 390,994 |
Dilutive effect of stock-based awards | 2,507 | 2,798 | 2,428 | 2,895 |
Diluted average common shares outstanding | 386,627 | 391,848 | 386,504 | 393,889 |
Basic earnings per share (dollars per share) | $ 0.62 | $ 0.51 | $ 1.08 | $ 0.87 |
Diluted earnings per share (dollars per share) | $ 0.62 | $ 0.50 | $ 1.08 | $ 0.87 |
Earnings Per Share (Details Tex
Earnings Per Share (Details Textual) - shares shares in Thousands | 3 Months Ended | 6 Months Ended | ||
Oct. 31, 2017 | Oct. 31, 2016 | Oct. 31, 2017 | Oct. 31, 2016 | |
Earnings Per Share (Textual) [Abstract] | ||||
Common stock-based awards excluded from the calculation of diluted earnings per share | 1,201 | 1,937 | 1,288 | 1,555 |
Commitments and Contingencies (
Commitments and Contingencies (Details) - USD ($) $ in Millions | Oct. 31, 2017 | Apr. 30, 2017 |
Concentration Risk [Line Items] | ||
Accounts receivable | $ 753 | $ 557 |
Credit Concentration Risk [Member] | ||
Concentration Risk [Line Items] | ||
Guaranty exposure, maximum | 11 | |
Guaranty exposure, current | 9 | |
Accounts receivable | $ 10 |
Debt (Details)
Debt (Details) € in Millions, £ in Millions, $ in Millions | 6 Months Ended | 12 Months Ended | ||||
Oct. 31, 2017EUR (€) | Apr. 30, 2017EUR (€) | Oct. 31, 2017GBP (£) | Oct. 31, 2017USD ($) | Apr. 30, 2017GBP (£) | Apr. 30, 2017USD ($) | |
Debt Instrument [Line Items] | ||||||
Long-term debt, including current portion | $ 1,969 | $ 1,938 | ||||
Current portion of long-term debt | 250 | 249 | ||||
Long-term debt | 1,719 | 1,689 | ||||
1.00% notes, due January 15, 2018 [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Debt Instrument, Face Amount | $ 250 | $ 250 | ||||
Debt Instrument, Maturity Date | Jan. 15, 2018 | Jan. 15, 2018 | ||||
Debt Instrument, Interest Rate, Stated Percentage | 1.00% | 1.00% | 1.00% | 1.00% | 1.00% | 1.00% |
Long-term debt, including current portion | $ 250 | $ 249 | ||||
2.25% notes, due January 15, 2023 [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Debt Instrument, Face Amount | $ 250 | $ 250 | ||||
Debt Instrument, Maturity Date | Jan. 15, 2023 | Jan. 15, 2023 | ||||
Debt Instrument, Interest Rate, Stated Percentage | 2.25% | 2.25% | 2.25% | 2.25% | 2.25% | 2.25% |
Long-term debt, including current portion | $ 248 | $ 248 | ||||
1.20% notes, due July 7, 2026 [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Debt Instrument, Face Amount | € | € 300 | € 300 | ||||
Debt Instrument, Maturity Date | Jul. 7, 2026 | Jul. 7, 2026 | ||||
Debt Instrument, Interest Rate, Stated Percentage | 1.20% | 1.20% | 1.20% | 1.20% | 1.20% | 1.20% |
Long-term debt, including current portion | $ 346 | $ 324 | ||||
2.60% notes, due July 7, 2028 [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Debt Instrument, Face Amount | £ | £ 300 | £ 300 | ||||
Debt Instrument, Maturity Date | Jul. 7, 2028 | Jul. 7, 2028 | ||||
Debt Instrument, Interest Rate, Stated Percentage | 2.60% | 2.60% | 2.60% | 2.60% | 2.60% | 2.60% |
Long-term debt, including current portion | $ 391 | $ 383 | ||||
3.75% notes, due January 15, 2043 [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Debt Instrument, Face Amount | $ 250 | $ 250 | ||||
Debt Instrument, Maturity Date | Jan. 15, 2043 | Jan. 15, 2043 | ||||
Debt Instrument, Interest Rate, Stated Percentage | 3.75% | 3.75% | 3.75% | 3.75% | 3.75% | 3.75% |
Long-term debt, including current portion | $ 248 | $ 248 | ||||
4.50% notes, due July 15, 2045 [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Debt Instrument, Face Amount | $ 500 | $ 500 | ||||
Debt Instrument, Maturity Date | Jul. 15, 2045 | Jul. 15, 2045 | ||||
Debt Instrument, Interest Rate, Stated Percentage | 4.50% | 4.50% | 4.50% | 4.50% | 4.50% | 4.50% |
Long-term debt, including current portion | $ 486 | $ 486 |
Debt (Details Textual)
Debt (Details Textual) - USD ($) $ in Millions | 6 Months Ended | 12 Months Ended |
Oct. 31, 2017 | Apr. 30, 2017 | |
Short-term Debt [Abstract] | ||
Short-term borrowings | $ 235 | $ 211 |
Commercial Paper | $ 230 | $ 208 |
Commercial Paper Borrowings, Weighted Average Interest Rate | 1.28% | 1.04% |
Commercial Paper Borrowings, Average Remaining Maturity | 20 days | 22 days |
Pension and Other Postretirem35
Pension and Other Postretirement Benefits (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Oct. 31, 2017 | Oct. 31, 2016 | Oct. 31, 2017 | Oct. 31, 2016 | |
Pension Benefits [Member] | ||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||
Defined Benefit Plan, Sponsor Location [Extensible List] | country:US | country:US | country:US | country:US |
Service cost | $ 6 | $ 6 | $ 12 | $ 13 |
Interest cost | 7 | 9 | 15 | 18 |
Expected return on plan assets | (10) | (10) | (21) | (21) |
Amortization of: | ||||
Net actuarial loss | 6 | 6 | 11 | 13 |
Net cost | $ 9 | $ 11 | $ 17 | $ 23 |
Other Postretirement Benefits [Member] | ||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||
Defined Benefit Plan, Sponsor Location [Extensible List] | country:US | country:US | country:US | country:US |
Service cost | $ 0 | $ 0 | $ 0 | $ 1 |
Interest cost | 1 | 1 | 1 | 1 |
Amortization of: | ||||
Prior service cost (credit) | (1) | (1) | (1) | (1) |
Net cost | $ 0 | $ 0 | $ 0 | $ 1 |
Fair Value Measurements (Detail
Fair Value Measurements (Details) - USD ($) $ in Millions | Oct. 31, 2017 | Apr. 30, 2017 | Oct. 31, 2016 | Apr. 30, 2016 |
Assets: | ||||
Cash and cash equivalents, Carrying Amount | $ 212 | $ 182 | $ 211 | $ 263 |
Cash and cash equivalents, Fair Value | 212 | 182 | ||
Liabilities: | ||||
Short-term borrowings, Carrying Amount | 235 | 211 | ||
Short-term borrowings, Fair Value | 235 | 211 | ||
Current portion of long-term debt, Carrying Amount | 250 | 249 | ||
Long-term debt, Carrying Amount | 1,719 | 1,689 | ||
Fair Value, Inputs, Level 2 [Member] | ||||
Assets: | ||||
Currency derivatives, Fair Value | 3 | 25 | ||
Liabilities: | ||||
Currency derivatives, Fair Value | 21 | 10 | ||
Current portion of long-term debt, Fair Value | 249 | 249 | ||
Long-term debt, Fair Value | 1,791 | 1,752 | ||
Foreign Exchange Contract [Member] | ||||
Assets: | ||||
Currency derivatives, Carrying Amount | 3 | 25 | ||
Liabilities: | ||||
Currency derivatives, Carrying Amount | $ 21 | $ 10 |
Derivative Financial Instrume37
Derivative Financial Instruments and Hedging Activities (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Oct. 31, 2017 | Oct. 31, 2016 | Oct. 31, 2017 | Oct. 31, 2016 | |
Designated as Hedging Instrument [Member] | Cash Flow Hedging [Member] | Currency derivatives [Member] | ||||
Derivative Instruments [Abstract] | ||||
Net gain (loss) recognized in AOCI | $ 7 | $ 23 | $ (29) | $ 52 |
Designated as Hedging Instrument [Member] | Net Investment Hedging [Member] | Currency derivatives [Member] | ||||
Derivative Instruments [Abstract] | ||||
Net gain (loss) recognized in AOCI | 0 | 8 | ||
Sales [Member] | Designated as Hedging Instrument [Member] | Cash Flow Hedging [Member] | Currency derivatives [Member] | ||||
Derivative Instruments [Abstract] | ||||
Net gain (loss) reclassified from AOCI into earnings | (5) | 9 | (3) | 19 |
Sales [Member] | Not Designated as Hedging Instrument [Member] | Currency derivatives [Member] | ||||
Derivative Instruments [Abstract] | ||||
Net gain (loss) recognized in earnings | 1 | 2 | (2) | 3 |
Other Income [Member] | Not Designated as Hedging Instrument [Member] | Currency derivatives [Member] | ||||
Derivative Instruments [Abstract] | ||||
Net gain (loss) recognized in earnings | (4) | (3) | 5 | (8) |
Foreign Currency Denominated Debt [Member] | Designated as Hedging Instrument [Member] | Net Investment Hedging [Member] | ||||
Non-Derivative Hedging Instruments [Abstract] | ||||
Net gain (loss) recognized in AOCI | 1 | 34 | (15) | 24 |
Foreign Currency Denominated Debt [Member] | Other Income [Member] | Not Designated as Hedging Instrument [Member] | ||||
Non-Derivative Hedging Instruments [Abstract] | ||||
Net gain (loss) recognized in earnings | $ 1 | $ 3 | $ (15) | $ 2 |
Derivative Financial Instrume38
Derivative Financial Instruments and Hedging Activities (Details 1) - Currency derivatives [Member] - USD ($) $ in Millions | Oct. 31, 2017 | Apr. 30, 2017 |
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 | $ 2 | |
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 | $ 0 | 0 |
Fair value of derivatives in a gain position [Member] | Designated as Hedging Instrument [Member] | Cash Flow Hedging [Member] | Other Current Assets [Member] | ||
Fair values of derivative instruments | ||
Fair value of derivatives in a gain (loss) position | 5 | 21 |
Fair value of derivatives in a gain position [Member] | Designated as Hedging Instrument [Member] | Cash Flow Hedging [Member] | Other Assets [Member] | ||
Fair values of derivative instruments | ||
Fair value of derivatives in a gain (loss) position | 1 | 9 |
Fair value of derivatives in a gain position [Member] | Designated as Hedging Instrument [Member] | Cash Flow Hedging [Member] | Accrued Expenses [Member] | ||
Fair values of derivative instruments | ||
Fair value of derivatives in a gain (loss) position | 6 | 2 |
Fair value of derivatives in a gain position [Member] | Designated as Hedging Instrument [Member] | Cash Flow Hedging [Member] | Other Liabilities [Member] | ||
Fair values of derivative instruments | ||
Fair value of derivatives in a gain (loss) position | 4 | 1 |
Fair value of derivatives in a loss position [Member] | Not designated as hedges [Member] | Other Current Assets [Member] | ||
Fair values of derivative instruments | ||
Fair value of derivatives in a gain (loss) position | (1) | |
Fair value of derivatives in a loss position [Member] | Not designated as hedges [Member] | 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] | Designated as Hedging Instrument [Member] | Cash Flow Hedging [Member] | Other Current Assets [Member] | ||
Fair values of derivative instruments | ||
Fair value of derivatives in a gain (loss) position | (3) | (2) |
Fair value of derivatives in a loss position [Member] | Designated as Hedging Instrument [Member] | Cash Flow Hedging [Member] | Other Assets [Member] | ||
Fair values of derivative instruments | ||
Fair value of derivatives in a gain (loss) position | 0 | (4) |
Fair value of derivatives in a loss position [Member] | Designated as Hedging Instrument [Member] | Cash Flow Hedging [Member] | Accrued Expenses [Member] | ||
Fair values of derivative instruments | ||
Fair value of derivatives in a gain (loss) position | (15) | (8) |
Fair value of derivatives in a loss position [Member] | Designated as Hedging Instrument [Member] | Cash Flow Hedging [Member] | Other Liabilities [Member] | ||
Fair values of derivative instruments | ||
Fair value of derivatives in a gain (loss) position | $ (15) | $ (4) |
Derivative Financial Instrume39
Derivative Financial Instruments and Hedging Activities (Details Textual) - USD ($) $ in Millions | 6 Months Ended | |
Oct. 31, 2017 | Apr. 30, 2017 | |
Derivative Financial Instruments (Textual) [Abstract] | ||
Foreign Currency Cash Flow Hedge Gain (Loss) to be Reclassified During Next 12 Months | $ (5) | |
Maximum term of outstanding derivative contracts | 36 months | |
Aggregate fair value of derivatives with creditworthiness requirements that were in a net liability position | $ 21 | $ 9 |
Designated as Hedging Instrument [Member] | Net Investment Hedging [Member] | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Debt Instrument, Face Amount | 607 | |
Foreign Exchange Contract [Member] | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Derivative, Notional Amount | $ 1,149 | $ 1,188 |
Derivative Financial Instrume40
Derivative Financial Instruments and Hedging Activities Offsetting Derivative Assets and Liabilities (Details) - USD ($) $ in Millions | Oct. 31, 2017 | Apr. 30, 2017 |
Offsetting Assets and Liabilities [Line Items] | ||
Gross Amount of Derivative Assets | $ 16 | $ 35 |
Gross Amount of Derivative Liabilities Offset Against Derivative Assets in Balance Sheet | (13) | (10) |
Net Amount of Derivative Assets Presented in Balance Sheet | 3 | 25 |
Gross Amount of Derivative Liabilities Not Offset Against Derivative Assets in Balance Sheet | 0 | (1) |
Net Amount of Derivative Assets | 3 | 24 |
Gross Amount of Derivative Liabilities | (34) | (20) |
Gross Amount of Derivative Assets Offset Against Derivative Liabilities in Balance Sheet | 13 | 10 |
Net Amount of Derivative Liabilities Presented in Balance Sheet | 21 | 10 |
Gross Amount of Derivative Assets Not Offset Against Derivative Liabilities in Balance Sheet | 0 | 1 |
Net Amount of Derivative Liabilities | $ 21 | $ 9 |
Goodwill and Other Intangible41
Goodwill and Other Intangible Assets (Details) $ in Millions | 6 Months Ended |
Oct. 31, 2017USD ($) | |
Goodwill [Roll Forward] | |
Balance at April 30, 2017 | $ 753 |
Foreign currency translation adjustment | 3 |
Balance at October 31, 2017 | 756 |
Indefinite-lived Intangible Assets [Roll Forward] | |
Balance at April 30, 2017 | 641 |
Foreign currency translation adjustment | 18 |
Balance at October 31, 2017 | $ 659 |
Stockholders' Equity (Details)
Stockholders' Equity (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Oct. 31, 2017 | Oct. 31, 2016 | Oct. 31, 2017 | Oct. 31, 2016 | |
Balance at April 30, 2017 | $ 1,370 | |||
Retirement of treasury stock | 0 | |||
Net income | $ 239 | $ 197 | 417 | $ 342 |
Net other comprehensive income (loss) | (15) | $ (5) | (1) | $ (57) |
Cash dividends | (140) | |||
Acquisition of treasury stock | (1) | |||
Stock-based compensation expense | 9 | |||
Stock issued under compensation plans | 10 | |||
Loss on issuance of treasury stock issued under compensation plans | (17) | |||
Balance at October 31, 2017 | 1,647 | 1,647 | ||
Additional Paid-in Capital [Member] | ||||
Balance at April 30, 2017 | 65 | |||
Retirement of treasury stock | (8) | |||
Stock-based compensation expense | 9 | |||
Loss on issuance of treasury stock issued under compensation plans | (17) | |||
Balance at October 31, 2017 | 49 | 49 | ||
Retained Earnings [Member] | ||||
Balance at April 30, 2017 | 4,470 | |||
Retirement of treasury stock | (2,684) | |||
Net income | 417 | |||
Cash dividends | (140) | |||
Balance at October 31, 2017 | 2,063 | 2,063 | ||
AOCI Attributable to Parent [Member] | ||||
Balance at April 30, 2017 | (390) | |||
Net other comprehensive income (loss) | (1) | |||
Balance at October 31, 2017 | (391) | (391) | ||
Treasury Stock, Common [Member] | ||||
Balance at April 30, 2017 | (2,843) | |||
Retirement of treasury stock | 2,702 | |||
Acquisition of treasury stock | (1) | |||
Stock issued under compensation plans | 10 | |||
Balance at October 31, 2017 | (132) | (132) | ||
Common stock, Class A, voting [Member] | Common Stock [Member] | ||||
Balance at April 30, 2017 | 25 | |||
Balance at October 31, 2017 | 25 | 25 | ||
Common stock, Class B, nonvoting [Member] | Common Stock [Member] | ||||
Balance at April 30, 2017 | 43 | |||
Retirement of treasury stock | (10) | |||
Balance at October 31, 2017 | $ 33 | $ 33 |
Stockholders' Equity Retirement
Stockholders' Equity Retirement of Treasury Stock (Details) | May 24, 2017shares |
Common stock, Class B, nonvoting [Member] | |
Equity, Class of Treasury Stock [Line Items] | |
Treasury Stock, Shares, Retired | 67,000,000 |
Stockholders' Equity Dividends
Stockholders' Equity Dividends (Details) - $ / shares | Nov. 16, 2017 | Oct. 31, 2017 | Oct. 31, 2016 | Oct. 31, 2017 | Oct. 31, 2016 |
Class of Stock [Line Items] | |||||
Common Stock, Dividends, Per Share, Declared | $ 0 | $ 0 | $ 0.365 | $ 0.34 | |
July 2017 dividend payment [Member] | |||||
Class of Stock [Line Items] | |||||
Dividends Payable, Date Declared, Month and Year | May 24, 2017 | ||||
Dividends Payable, Date of Record | Jun. 5, 2017 | ||||
Dividends Payable, Date to be Paid | Jul. 3, 2017 | ||||
Common Stock, Dividends, Per Share, Declared | $ 0.1825 | ||||
October 2017 dividend payment [Member] | |||||
Class of Stock [Line Items] | |||||
Dividends Payable, Date Declared, Month and Year | Jul. 27, 2017 | ||||
Dividends Payable, Date of Record | Sep. 7, 2017 | ||||
Dividends Payable, Date to be Paid | Oct. 2, 2017 | ||||
Common Stock, Dividends, Per Share, Declared | $ 0.1825 | ||||
Subsequent Event [Member] | January 2018 dividend payment [Member] | |||||
Class of Stock [Line Items] | |||||
Dividends Payable, Date Declared, Month and Year | Nov. 16, 2017 | ||||
Dividends Payable, Date of Record | Dec. 7, 2017 | ||||
Dividends Payable, Date to be Paid | Jan. 2, 2018 | ||||
Common Stock, Dividends, Per Share, Declared | $ 0.1975 |
Stockholders' Equity Accumulate
Stockholders' Equity Accumulated Other Comprehensive Income (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Oct. 31, 2017 | Oct. 31, 2016 | Oct. 31, 2017 | Oct. 31, 2016 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Beginning balance | $ (390) | |||
Net other comprehensive income (loss) | $ (15) | $ (5) | (1) | $ (57) |
Ending balance | (391) | (391) | ||
Accumulated Foreign Currency Adjustment Attributable to Parent [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Beginning balance | (204) | |||
Net other comprehensive income (loss) | (25) | (18) | 9 | (85) |
Ending balance | (195) | (195) | ||
Accumulated Net Gain (Loss) from Cash Flow Hedges Attributable to Parent [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Beginning balance | 11 | |||
Net other comprehensive income (loss) | 7 | 9 | (16) | 21 |
Ending balance | (5) | (5) | ||
Accumulated Defined Benefit Plans Adjustment Attributable to Parent [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Beginning balance | (197) | |||
Net other comprehensive income (loss) | 3 | $ 4 | 6 | $ 7 |
Ending balance | $ (191) | $ (191) |
Other Comprehensive Income (Det
Other Comprehensive Income (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | |||
Oct. 31, 2017 | Oct. 31, 2016 | Oct. 31, 2017 | Oct. 31, 2016 | ||
Before Tax: | |||||
Net other comprehensive income (loss) | $ (8) | $ 17 | $ (13) | $ (27) | |
Tax Effect: | |||||
Net other comprehensive income (loss) | (7) | (22) | 12 | (30) | |
Net of Tax: | |||||
Net other comprehensive income (loss) | (15) | (5) | (1) | (57) | |
Accumulated Foreign Currency Adjustment Attributable to Parent [Member] | |||||
Before Tax: | |||||
Net gain (loss) | (25) | (4) | 3 | (72) | |
Reclassification to earnings | 0 | 0 | 0 | 0 | |
Net other comprehensive income (loss) | (25) | (4) | 3 | (72) | |
Tax Effect: | |||||
Net gain (loss) | 0 | (14) | 6 | (13) | |
Reclassification to earnings | 0 | 0 | 0 | 0 | |
Net other comprehensive income (loss) | 0 | (14) | 6 | (13) | |
Net of Tax: | |||||
Net gain (loss) | (25) | (18) | 9 | (85) | |
Reclassification to earnings | 0 | 0 | 0 | 0 | |
Net other comprehensive income (loss) | (25) | (18) | 9 | (85) | |
Accumulated Net Gain (Loss) from Cash Flow Hedges Attributable to Parent [Member] | |||||
Before Tax: | |||||
Net gain (loss) | 7 | 23 | (29) | 52 | |
Reclassification to earnings | [1] | 5 | (9) | 3 | (19) |
Net other comprehensive income (loss) | 12 | 14 | (26) | 33 | |
Tax Effect: | |||||
Net gain (loss) | (3) | (9) | 11 | (20) | |
Reclassification to earnings | [1] | (2) | 4 | (1) | 8 |
Net other comprehensive income (loss) | (5) | (5) | 10 | (12) | |
Net of Tax: | |||||
Net gain (loss) | 4 | 14 | (18) | 32 | |
Reclassification to earnings | [1] | 3 | (5) | 2 | (11) |
Net other comprehensive income (loss) | 7 | 9 | (16) | 21 | |
Accumulated Defined Benefit Plans Adjustment Attributable to Parent [Member] | |||||
Before Tax: | |||||
Net gain (loss) | (1) | 0 | 0 | 0 | |
Reclassification to earnings | [2] | 6 | 7 | 10 | 12 |
Net other comprehensive income (loss) | 5 | 7 | 10 | 12 | |
Tax Effect: | |||||
Net gain (loss) | 0 | 0 | 0 | 0 | |
Reclassification to earnings | [2] | (2) | (3) | (4) | (5) |
Net other comprehensive income (loss) | (2) | (3) | (4) | (5) | |
Net of Tax: | |||||
Net gain (loss) | (1) | 0 | 0 | 0 | |
Reclassification to earnings | [2] | 4 | 4 | 6 | 7 |
Net other comprehensive income (loss) | $ 3 | $ 4 | $ 6 | $ 7 | |
[1] | Pre-tax amount is classified as sales in the accompanying consolidated statements of operations. | ||||
[2] | Pre-tax amount is a component of pension and other postretirement benefit expense (as shown in Note 7, except for amounts related to non-U.S. benefit plans, about which no information is presented in Note 7 due to immateriality). |