Stockholders' Equity

9 Months Ended

Jan. 31, 2024

Equity, Attributable to Parent [Abstract]

Stockholders' Equity

Stockholders’ Equity

The following table shows the changes in stockholders’ equity by quarter during the nine months ended January 31, 2023:

(Dollars in millions)	Class A Common Stock		Class B Common Stock		Additional Paid-in Capital		Retained Earnings		AOCI		Treasury Stock		Total
Balance at April 30, 2022	$	25	$	47	$	—	$	3,242	$	(352)	$	(225)	$	2,737
Net income							249						249
Net other comprehensive income (loss)									1				1
Declaration of cash dividends							(180)						(180)
Stock-based compensation expense					4								4
Stock issued under compensation plans											4		4
Loss on issuance of treasury stock issued under compensation plans					(4)		(4)						(8)
Balance at July 31, 2022	25		47		—		3,307		(351)		(221)		2,807
Net income							227						227
Net other comprehensive income (loss)									2				2
Stock-based compensation expense					5								5
Stock issued under compensation plans											1		1
Loss on issuance of treasury stock issued under compensation plans					(2)								(2)
Balance at October 31, 2022	25		47		3		3,534		(349)		(220)		3,040
Net income							100						100
Net other comprehensive income (loss)									91				91
Declaration of cash dividends							(197)						(197)
Stock-based compensation expense					4								4
Stock issued under compensation plans											1		1
Loss on issuance of treasury stock issued under compensation plans					(1)								(1)
Balance at January 31, 2023	$	25	$	47	$	6	$	3,437	$	(258)	$	(219)	$	3,038

The following table shows the changes in stockholders’ equity by quarter during the nine months ended January 31, 2024:

(Dollars in millions)	Class A Common Stock		Class B Common Stock		Additional Paid-in Capital		Retained Earnings		AOCI		Treasury Stock		Total
Balance at April 30, 2023	$	25	$	47	$	1	$	3,643	$	(235)	$	(213)	$	3,268
Net income							231						231
Net other comprehensive income (loss)									36				36
Declaration of cash dividends							(197)						(197)
Stock-based compensation expense					4								4
Stock issued under compensation plans											3		3
Loss on issuance of treasury stock issued under compensation plans					(4)		(3)						(7)
Balance at July 31, 2023	25		47		1		3,674		(199)		(210)		3,338
Net income							242						242
Net other comprehensive income (loss)									(91)				(91)
Acquisition of treasury stock											(42)		(42)
Stock-based compensation expense					7								7
Balance at October 31, 2023	25		47		8		3,916		(290)		(252)		3,454
Net income							285						285
Net other comprehensive income (loss)									66				66
Declaration of cash dividends							(206)						(206)
Acquisition of treasury stock											(361)		(361)
Stock-based compensation expense					7								7
Balance at January 31, 2024	$	25	$	47	$	15	$	3,995	$	(224)	$	(613)	$	3,245

The following table shows the change in each component of accumulated other comprehensive income (AOCI), net of tax, during the nine months ended January 31, 2024:

(Dollars in millions)	Currency Translation Adjustments		Cash Flow Hedge Adjustments		Postretirement Benefits Adjustments		Total AOCI
Balance at April 30, 2023	$	(104)	$	10	$	(141)	$	(235)
Net other comprehensive income (loss)	10		(3)		4		11
Balance at January 31, 2024	$	(94)	$	7	$	(137)	$	(224)

The following table shows the cash dividends declared per share on our Class A and Class B common stock during the nine months ended January 31, 2024:

Declaration Date	Record Date	Payable Date	Amount per Share
May 25, 2023	June 8, 2023	July 3, 2023	$0.2055
July 27, 2023	September 5, 2023	October 2, 2023	$0.2055
November 16, 2023	December 1, 2023	January 2, 2024	$0.2178
January 23, 2024	March 8, 2024	April 1, 2024	$0.2178