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Income Taxes
 6 Months Ended
Oct. 31, 2024
Income Tax Disclosure [Abstract]  
Income Taxes Income Taxes
Our consolidated interim effective tax rate is based on our expected annual operating income, statutory tax rates, and income tax laws in the various jurisdictions where we operate. Significant or unusual items, including adjustments to accruals for tax uncertainties, are recognized in the fiscal quarter in which the related event or a change in judgment occurs. The effective tax rate on ordinary income for the full fiscal year is expected to be 21.8%, which is higher than the U.S. federal statutory rate of 21.0%, due to the impact of state taxes and the tax effects of foreign operations, partially offset by the beneficial impact of the foreign-derived intangible income deduction.

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

The OECD (Organization for Economic Co-operation and Development) 15% global minimum tax under the Pillar Two Model Rules, which is now effective in countries with enacted legislation, did not materially impact our financial results in the six months ended October 31, 2024. We will continue to evaluate the impact in future periods as previously-enacting countries issue related guidance and additional countries consider adoption of the global minimum tax rules.