v3.25.1
Income Taxes (Tables)
 12 Months Ended
Apr. 30, 2025
Income Tax Disclosure [Abstract]  
Domestic and Foreign income before Income taxes The following table, based on the locations of the taxable entities from which sales were derived (rather than the location of customers), presents the U.S. and foreign components of our income before income taxes:
202320242025
United States$841 $917 $826 
Foreign176 381 255 
$1,017 $1,298 $1,081 
Total income tax expense Our total income tax expense for each of the last three years was as follows:
202320242025
Current:
U.S. federal$157 $150 $173 
Foreign46 81 73 
State and local34 25 5 
237 256 251 
Deferred:
U.S. federal(4)16 (45)
Foreign6 (5)19 
State and local(5)7 (13)
(3)18 (39)
$234 $274 $212 
Reconciles our effective tax rate to the federal statutory tax rate in the United States The following table reconciles our effective tax rate to the federal statutory tax rate in the United States: 
 Percent of Income Before Taxes
 202320242025
U.S. federal statutory rate21.0 %21.0 %21.0 %
State taxes, net of U.S. federal tax benefit2.5 %1.3 %1.7 %
Income taxed at other than U.S. federal statutory rate3.0 %0.5 %1.5 %
Prior intercompany sales taxed at higher than current U.S. federal statutory rate1.0 %— %— %
Tax benefit from foreign-derived sales(3.0 %)(1.7 %)(2.8)%
Business divestitures
— %(0.7 %)— %
Adjustments related to prior years(0.5 %)— %(1.7)%
Excess tax benefits from stock-based awards(0.3 %)(0.1 %)— %
Tax rate changes— %0.4 %— %
Valuation allowance(1.3 %)0.1 %1.4 %
Other, net0.6 %0.4 %(1.5)%
Effective rate23.0 %21.2 %19.6 %
Deferred tax assets and liabilities
Deferred tax assets and liabilities as of the end of each of the last two years were as follows:
April 30,20242025
Deferred tax assets:
Postretirement and other benefits$65 $65 
Accrued liabilities and other29 44 
Inventories26 42 
Lease liabilities27 27 
Derivative instruments— 2 
Loss and credit carryforwards65 57 
Interest expense limitation carryforwards
18 23 
Total deferred tax assets230 260 
Valuation allowance(16)(35)
Total deferred tax assets, net of valuation allowance214 225 
Deferred tax liabilities:
Intangible assets(295)(294)
Property, plant, and equipment(93)(96)
Right-of-use assets(27)(27)
Derivative instruments(3)— 
Equity method investments
(37)— 
Other(5)(2)
Total deferred tax liabilities(460)(419)
Net deferred tax liability$(246)$(194)
Loss carryforwards and valuation allowances
Details of the loss, credit, and interest expense limitation carryforwards and related valuation allowances as of the end of each of the last two years are as follows:
April 30, 2024April 30, 2025
Gross AmountDeferred Tax AssetValuation AllowanceGross AmountDeferred Tax AssetValuation Allowance
Loss and credit carryforwards:
U.S.$110 $38 $(7)$68 $31 
1
$(10)
Foreign161 27 (9)135 26 
2
(15)
271 65 (16)203 57 (25)
Interest expense limitation carryforwards:
Foreign
74 18 — 91 23 
3
(10)
Total carryforwards
$345 $83 $(16)$294 $80 $(35)
1As of April 30, 2025, the deferred tax asset amount includes credit carryforwards of $12 that do not expire and loss and credit carryforwards of $19 that expire in varying amounts from 2026 to 2050.
2As of April 30, 2025, the deferred tax asset includes loss carryforwards of $23 that do not expire and $3 that expire in varying amounts over the next 10 years.
3The interest expense limitation carryforwards do not expire.
Reconciliation of ending and beginning unrecognized tax benefits A reconciliation of the beginning and ending unrecognized tax benefits follows: 
202320242025
Unrecognized tax benefits at beginning of year$14 $21 $14 
Additions for tax positions provided in prior periods8 1 — 
Additions for tax positions provided in current period3 2 2 
Decreases for tax positions provided in prior years— (3)— 
Settlements of tax positions in the current period— (3)— 
Lapse of statutes of limitations(4)(4)(3)
Unrecognized tax benefits at end of year$21 $14 $13