Stockholders' Equity

9 Months Ended

Jan. 31, 2023

Stockholders' 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, 2022:

(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, 2021	$	25	$	47	$	—	$	3,243	$	(422)	$	(237)	$	2,656
Net income							192						192
Net other comprehensive income (loss)									8				8
Declaration of cash dividends							(172)						(172)
Stock-based compensation expense					4								4
Stock issued under compensation plans											5		5
Loss on issuance of treasury stock issued under compensation plans					(2)		(8)						(10)
Balance at July 31, 2021	25		47		2		3,255		(414)		(232)		2,683
Net income							236						236
Net other comprehensive income (loss)									2				2
Stock-based compensation expense					3								3
Stock issued under compensation plans											1		1
Loss on issuance of treasury stock issued under compensation plans					(2)								(2)
Balance at October 31, 2021	25		47		3		3,491		(412)		(231)		2,923
Net income							259						259
Net other comprehensive income (loss)									(6)				(6)
Declaration of cash dividends							(659)						(659)
Stock-based compensation expense					4								4
Stock issued under compensation plans											2		2
Loss on issuance of treasury stock issued under compensation plans					(4)								(4)
Balance at January 31, 2022	$	25	$	47	$	3	$	3,091	$	(418)	$	(229)	$	2,519

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 change in each component of accumulated other comprehensive income (AOCI), net of tax, during the nine months ended January 31, 2023:

(Dollars in millions)	Currency Translation Adjustments		Cash Flow Hedge Adjustments		Postretirement Benefits Adjustments		Total AOCI
Balance at April 30, 2022	$	(239)	$	37	$	(150)	$	(352)
Net other comprehensive income (loss)	108		(24)		10		94
Balance at January 31, 2023	$	(131)	$	13	$	(140)	$	(258)

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, 2023:

Declaration Date	Record Date	Payable Date	Amount per Share
May 26, 2022	June 8, 2022	July 1, 2022	$0.1885
July 28, 2022	September 6, 2022	October 3, 2022	$0.1885
November 17, 2022	December 2, 2022	January 3, 2023	$0.2055
January 24, 2023	March 8, 2023	April 3, 2023	$0.2055