v3.25.1
Pension and Other Postretirement Benefits (Tables)
 12 Months Ended
Apr. 30, 2025
Retirement Benefits [Abstract]  
Change in present value of pension and other postretirement benefit obligation The following table shows how the present value of our projected benefit obligations changed during each of the last two years. 
 Pension BenefitsMedical and Life
Insurance Benefits
 2024202520242025
Obligation at beginning of year$731 $679 $40 $36 
Service cost18 16 — — 
Interest cost34 35 2 2 
Net actuarial loss (gain)1
(61)5 (3)3 
Plan amendments1 — — — 
Retiree contributions— — 3 2 
Benefits paid(44)(52)(6)(5)
Special termination benefits— — — 1 
Obligation at end of year$679 $683 $36 $39 
1 The net actuarial loss (gain) during each year was primarily attributable to changes in discount rates.
Expected benefit payments over the next 10 years Expected benefit payments (net of retiree contributions) over the next 10 years are as follows:
Pension BenefitsMedical and Life
Insurance Benefits
2026$105 $4 
202750 4 
202851 4 
202952 4 
203052 3 
2031 – 2035260 15 
Fair value of pension plan assets by category, as well as the actual and target allocations
The following table shows the fair value of pension plan assets by category as of the end of the last two years. (Fair value levels are defined in Note 17.)
 Level 1Level 2Level 3Total
April 30, 2024
Equity securities$31 $— $— $31 
Fixed income investments
— 278 — 278 
Limited partnership interest1
— — 1 1 
$31 $278 $1 310 
Investments measured at net asset value:
Commingled trust funds2:
Equity funds118 
Fixed income funds53 
Real estate fund49 
Short-term investments11 
Limited partnership interests3
38 
Net receivable (payable) for pending transactions
(3)
Total$576 
April 30, 2025
Equity securities$25 $— $— $25 
Fixed income investments— 242 — 242 
Limited partnership interest1
— — 1 1 
$25 $242 $1 268 
Investments measured at net asset value:
Commingled trust funds2:
Equity funds115 
Fixed income funds28 
Real estate fund41 
Short-term investments75 
Limited partnership interests3
47 
Net receivable (payable) for pending transactions
2 
Total$576 
1 This limited partnership interest was initially valued at cost and has been adjusted to fair value as determined in good faith by management of the partnership using various factors, and does not meet the requirements for reporting at the net asset value (NAV). The valuation requires significant judgment due to the absence of quoted market prices and the inherent lack of liquidity. This limited partnership has a term expiring in September 2025.
2 Commingled trust fund valuations are based on the NAV of the funds as determined by the fund administrators and reviewed by us. NAV represents the underlying assets owned by the fund, minus liabilities and divided by the number of shares or units outstanding. Generally, for commingled trust funds other than real estate, redemptions are permitted daily with no notice period. The real estate fund is redeemable quarterly with 110 days’ notice.
3 These limited partnership interests were initially valued at cost and have been adjusted using NAV per audited financial statements. Investments are generally not eligible for immediate redemption and have original terms averaging 10 to 13 years, although those periods may be extended.
Change in fair value of pension plan Assets
The following table shows how the total fair value of all pension plan assets changed during each of the last two years. (We do not have assets set aside for postretirement medical or life insurance benefits.) 
 Pension BenefitsMedical and Life
Insurance Benefits
 2024202520242025
Assets at beginning of year$606 $576 $— $— 
Actual return on assets(2)36 — — 
Retiree contributions— — 3 2 
Company contributions16 16 3 3 
Benefits paid(44)(52)(6)(5)
Assets at end of year$576 $576 $— $— 
Funded status of plans The following table shows the funded status of our plans.
 Pension BenefitsMedical and Life
Insurance Benefits
April 30,2024202520242025
Assets$576 $576 $— $— 
Obligations(679)(683)(36)(39)
Funded status$(103)$(107)$(36)$(39)
Funded status is recorded on the accompanying consolidated balance sheets
The funded status is recorded on the accompanying consolidated balance sheets as follows: 
 
Pension Benefits		Medical and Life
Insurance Benefits
April 30,2024202520242025
Other assets$32 $31 $— $— 
Accounts payable and accrued expenses(8)(9)(3)(4)
Accrued pension and other postretirement benefits(127)(129)(33)(35)
Net liability$(103)$(107)$(36)$(39)
Accumulated other comprehensive income (loss), before tax:
Net actuarial gain (loss)$(166)$(171)$2 $— 
Prior service credit (cost)(4)(2)1 1 
$(170)$(173)$3 $1 
Pension plans with accumulated benefit obligation in excess of plan assets
The following table compares our pension plans whose accumulated benefit obligations exceed their assets with our pension plans whose assets exceed their accumulated benefit obligations.
 Accumulated
Benefit Obligation		Plan Assets
April 30,2024202520242025
Plans with accumulated benefit obligation in excess of assets$(124)$(128)$— $— 
Plans with assets in excess of accumulated benefit obligation(487)(507)576 576 
Total$(611)$(635)$576 $576 
Pension plans with projected benefit obligation in excess of plan assets
The following table compares our pension plans whose projected benefit obligations exceed their assets with our pension plans whose assets exceed their projected benefit obligations.
 Projected
Benefit Obligation		Plan Assets
April 30,2024202520242025
Plans with projected benefit obligation in excess of assets$(135)$(138)$— $— 
Plans with assets in excess of projected benefit obligation(544)(545)576 576 
Total$(679)$(683)$576 $576 
Pension expense The following table shows the components of the pension cost recognized during each of the last three years. The amount for each year includes amortization of the prior service cost/credit and net actuarial loss/gain included in accumulated other comprehensive loss as of the beginning of the year. 
 Pension Benefits
 202320242025
Service cost$20 $18 $16 
Interest cost32 34 35 
Expected return on assets(43)(40)(38)
Amortization of:
Prior service cost (credit)1 1 1 
Net actuarial loss (gain)9 6 2 
Curtailment charge
— — 2 
Settlement charge29 — — 
Net cost$48 $19 $18 
Postretirement medical and life insurance benefit expense The following table shows the components of the postretirement medical and life insurance benefits cost that we recognized during each of the last three years. 
 Medical and Life Insurance Benefits
 202320242025
Service cost$1 $— $— 
Interest cost1 2 2 
Curtailment charge
— — 1 
Net cost$2 $2 $3 
Amounts recognized in other comprehensive income The following table shows the pre-tax effect of these amounts on OCI during each of the last three years.
 Pension BenefitsMedical and Life
Insurance Benefits
 202320242025202320242025
Prior service credit (cost)$— $(1)$— $— $— $— 
Net actuarial gain (loss)(29)20 (6)2 3 (2)
Amortization reclassified to earnings:
Prior service cost (credit)1 1 1 — — (1)
Net actuarial loss (gain)38 6 2 — — — 
Net amount recognized in OCI$10 $26 $(3)$2 $3 $(3)
Assumptions used in computing benefit plan obligations The weighted-average assumptions used in computing benefit plan obligations as of the end of the last two years were as follows:
 
Pension Benefits		Medical and Life
Insurance Benefits
 2024202520242025
Discount rate5.70 %5.62 %5.66 %5.45 %
Rate of salary increase4.00 %4.00 %n/an/a
Interest crediting rate4.79 %4.69 %n/an/a
Assumptions used in computing benefit plan expense
The weighted-average assumptions used in computing benefit plan cost during each of the last three years were as follows: 
 Pension BenefitsMedical and Life
Insurance Benefits
 202320242025202320242025
Discount rate for service cost4.52 %4.98 %5.74 %4.50 %5.02 %5.73 %
Discount rate for interest cost4.12 %4.79 %5.53 %3.96 %4.78 %5.49 %
Rate of salary increase4.00 %4.00 %4.00 %n/an/an/a
Interest crediting rate3.06 %3.69 %4.79 %n/an/an/a
Expected return on plan assets6.25 %6.50 %6.56 %n/an/an/a
Assumed health care cost trend rates
The assumed health care cost trend rates as of the end of the last two years were as follows: 
 Medical and Life
Insurance Benefits
 20242025
Health care cost trend rate assumed for next year7.13 %8.54 %
Rate to which the cost trend rate is assumed to decline (the ultimate trend rate)4.50 %4.50 %
Year that the rate reaches the ultimate trend rate20322034