Leases

12 Months Ended

Apr. 30, 2023

We enter into lease arrangements, which we use primarily for office space, vehicles, and land. Substantially all of our leases are operating leases. Our finance leases are not material.

We record lease liabilities and right-of-use (ROU) assets on our balance sheet for leases with terms exceeding 12 months. We do not record lease liabilities or ROU assets for short-term leases. The amounts recorded for lease liabilities and ROU assets are based on the estimated present value, as of the lease commencement date, of the future payments to be made over the lease term. We calculate the present value using our incremental borrowing rate that corresponds to the term of the lease. We include the effect of an option to renew or terminate a lease in the lease term when it is reasonably certain that we will exercise the option.

Some of our leases contain non-lease components (e.g., maintenance or other services) in addition to lease components. We have elected the practical expedient not to separate the non-lease components from the lease components.

The following table shows information about our leases as of the end of the last two years:


	Balance Sheet Classification	April 30, 2022		April 30, 2023
Right-of-use assets	Other assets	$	74	$	84

Lease liabilities:
Current	Accounts payable and accrued expenses	$	21	$	22
Non-current	Other liabilities	54		63
Total		$	75	$	85

Weighted-average discount rate		1.8%		3.3%
Weighted-average remaining term		5.0 years		5.1 years

The following table shows information about the effects of leases during each of the last three years:


	2021		2022		2023
Total lease cost1	$	41	$	38	$	38
Cash paid for amounts included in the measurement of lease liabilities2	26		25		25
Right-of-use assets obtained in exchange for new lease liabilities	25		35		29

1Consists primarily of operating lease cost. Other components of lease cost were not material.

2Classified within operating activities in the accompanying consolidated statements of cash flows.

The following table includes a maturity analysis of future (undiscounted) lease payments and a reconciliation of those payments to the lease liabilities recorded on our balance sheet as of April 30, 2023:


	April 30, 2023
2024	$	24
2025	19
2026	15
2027	13
2028	9
Thereafter	12
Total lease payments	92
Less: Present value discount	(7)
Lease liabilities	$	85