Stockholders' Equity

6 Months Ended

Oct. 31, 2020

Stockholders' Equity Attributable to Parent [Abstract]

Stockholders' Equity

Stockholders’ Equity

The following table shows the changes in stockholders’ equity by quarter during the six months ended October 31, 2019:

(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, 2019	$	25	$	47	$	—	$	2,238	$	(363)	$	(300)	$	1,647
Adoption of ASU 2018-02							43		(43)				—
Net income							186						186
Net other comprehensive income (loss)									(1)				(1)
Declaration of cash dividends							(158)						(158)
Acquisition of treasury stock											(1)		(1)
Stock-based compensation expense					3								3
Stock issued under compensation plans											16		16
Loss on issuance of treasury stock issued under compensation plans					(2)		(27)						(29)
Balance at July 31, 2019	25		47		1		2,282		(407)		(285)		1,663
Net income							282						282
Net other comprehensive income (loss)									7				7
Stock-based compensation expense					3								3
Stock issued under compensation plans											11		11
Loss on issuance of treasury stock issued under compensation plans					(4)		(20)						(24)
Balance at October 31, 2019	$	25	$	47	$	—	$	2,544	$	(400)	$	(274)	$	1,942

The following table shows the changes in stockholders’ equity by quarter during the six months ended October 31, 2020:

(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, 2020	$	25	$	47	$	—	$	2,708	$	(547)	$	(258)	$	1,975
Net income							324						324
Net other comprehensive income (loss)									24				24
Declaration of cash dividends							(167)						(167)
Stock-based compensation expense					3								3
Stock issued under compensation plans											10		10
Loss on issuance of treasury stock issued under compensation plans					(3)		(16)						(19)
Balance at July 31, 2020	25		47		—		2,849		(523)		(248)		2,150
Net income							240						240
Net other comprehensive income (loss)									15				15
Stock-based compensation expense					3								3
Stock issued under compensation plans											5		5
Loss on issuance of treasury stock issued under compensation plans					(3)		(7)						(10)
Balance at October 31, 2020	$	25	$	47	$	—	$	3,082	$	(508)	$	(243)	$	2,403

The following table shows the change in each component of accumulated other comprehensive income (AOCI), net of tax, during the six months ended October 31, 2020:

(Dollars in millions)	Currency Translation Adjustments		Cash Flow Hedge Adjustments		Postretirement Benefits Adjustments		Total AOCI
Balance at April 30, 2020	$	(302)	$	60	$	(305)	$	(547)
Net other comprehensive income (loss)	66		(39)		12		39
Balance at October 31, 2020	$	(236)	$	21	$	(293)	$	(508)

The following table shows the cash dividends declared per share on our Class A and Class B common stock during the six months ended October 31, 2020:

Declaration Date	Record Date	Payable Date	Amount per Share
May 21, 2020	June 8, 2020	July 1, 2020	$0.1743
July 23, 2020	September 4, 2020	October 1, 2020	$0.1743

As announced on November 19, 2020, our Board of Directors increased the quarterly cash dividend on our Class A and Class B common stock from $0.1743 per share to $0.1795 per share. Stockholders of record on December 4, 2020, will receive the cash dividend on January 4, 2021.