Stockholders' Equity

6 Months Ended

Oct. 31, 2025

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, 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, 2024	$	25	$	47	$	13	$	4,261	$	(221)	$	(608)	$	3,517
Net income							195						195
Net other comprehensive income (loss)									(43)				(43)
Declaration of cash dividends							(206)						(206)
Stock-based compensation expense					4								4
Stock issued under compensation plans											3		3
Loss on issuance of treasury stock issued under compensation plans					(5)								(5)
Balance at July 31, 2024	25		47		12		4,250		(264)		(605)		3,465
Net income							258						258
Net other comprehensive income (loss)									(27)				(27)
Stock-based compensation expense					9								9
Balance at October 31, 2024	$	25	$	47	$	21	$	4,508	$	(291)	$	(605)	$	3,705

The following table shows the changes in stockholders’ equity by quarter during the six months ended October 31, 2025:

(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, 2025	$	25	$	47	$	36	$	4,710	$	(220)	$	(605)	$	3,993
Net income							170						170
Net other comprehensive income (loss)									36				36
Declaration of cash dividends							(214)						(214)
Stock-based compensation expense					4								4
Stock issued under compensation plans											5		5
Loss on issuance of treasury stock issued under compensation plans					(6)								(6)
Balance at July 31, 2025	25		47		34		4,666		(184)		(600)		3,988
Net income							224						224
Net other comprehensive income (loss)									14				14
Acquisition of treasury stock											(100)		(100)
Stock-based compensation expense					8								8
Balance at October 31, 2025	$	25	$	47	$	42	$	4,890	$	(170)	$	(700)	$	4,134

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, 2025:

(Dollars in millions)	Currency Translation Adjustments		Cash Flow Hedge Adjustments		Postretirement Benefits Adjustments		Total AOCI
Balance at April 30, 2025	$	(92)	$	(5)	$	(123)	$	(220)
Net other comprehensive income (loss)	34		4		12		50
Balance at October 31, 2025	$	(58)	$	(1)	$	(111)	$	(170)

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, 2025:

Declaration Date	Record Date	Payable Date	Amount per Share
May 22, 2025	June 9, 2025	July 1, 2025	$0.2265
July 24, 2025	September 3, 2025	October 1, 2025	$0.2265

On November 19, 2025, our Board of Directors increased the quarterly cash dividend on our Class A and Class B common stock from $0.2265 to $0.2310 per share. The quarterly cash dividend is payable on January 2, 2026, to stockholders of record on December 5, 2025.