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.


	Balance Sheet Classification	April 30, 2024		April 30, 2025
Right-of-use assets	Other assets	$	96	$	101

Lease liabilities:
Current	Accounts payable and accrued expenses	$	24	$	26
Non-current	Other liabilities	73		78
Total		$	97	$	104

Weighted-average discount rate		4.2%		4.5%
Weighted-average remaining term		5.1 years		4.8 years


	2023		2024		2025
Total lease cost1	$	38	$	51	$	45
Cash paid for amounts included in the measurement of lease liabilities2	25		29		30
Right-of-use assets obtained in exchange for new lease liabilities	29		38		33

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, 2025:


	April 30, 2025
2026	$	30
2027	27
2028	20
2029	16
2030	12
Thereafter	10
Total lease payments	115
Less: Present value discount	(11)
Lease liabilities	$	104