v3.26.1
Retirement Benefits Plans
 12 Months Ended
Apr. 30, 2026
Retirement Benefits [Abstract]  
Retirement Benefits Plans Retirement Benefits Plans
Defined contribution plans
The Company contributes to defined contribution plans substantially covering all qualifying employees.
$52 million, $48 million, and $47 million was recorded in the consolidated statements of income related to contributions payable to these plans by the Company at rates specified in the rules of the plans for the fiscal years ended April 30, 2026, 2025 and 2024, respectively. The expenses associated with these contributions was recorded in “Selling, general and administrative expenses” on the consolidated statements of income.
Defined benefit plan
The following table provides a reconciliation of benefit obligations and plan assets of the Company’s defined benefit pension plan:
April 30,
(In millions)20262025
Changes in projected benefit obligations
Benefit obligations at beginning of year
$
83 
$
85 
Interest cost
5 
4 
Benefits paid
(5)
(4)
Actuarial gain
(2)
(7)
Foreign exchange movement
— 
5 
Benefit obligations at end of year$81 $83 
Changes in fair value of plan assets
Fair value of plan assets at beginning of year
$
82 
$84 
Interest income
5 
4 
Loss on plan assets
(2)
(7)
Benefits paid
(5)
(4)
Foreign exchange movement
1 
5 
Fair value of plan assets at end of year$81 $82 
Funded status$— $(1)
April 30,
(In millions)20262025
Amounts recognized in balance sheet
Other long-term liabilities
$
— 
$
(1)
Net amount recognized$— $(1)
Weighted-average assumptions used to determine projected benefit obligationsYear Ended April 30,
202620252024
Discount rate
6.2 
%
5.6 
%
5.2 
%
Inflation assumption
RPI
3.2 
%
2.9 
%
3.2 
%
CPI
2.7 
%
2.3 
%
2.7 
%
Rate of pension increase in payment
3.0 
%
2.8 
%
3.0 
%
Expected return on plan assets
6.2 
%
5.6 
%
5.2 
%
The following table sets forth the net periodic pension cost (benefit):
(In millions)Year Ended April 30,
202620252024
Components of net periodic pension cost (benefit)
Interest cost
$
5 
$
4 
$
4 
Expected return on plan assets
(5)
(4)
(4)
Net amortization of actuarial net loss
— 
— 
22 
Net periodic pension cost$— $— $22 
The discount rate used is the yield at the balance sheet date on AA-rated corporate bonds. The calculation is performed by a qualified actuary using the projected unit credit method.
The plan’s assets are invested in the following asset classes along with their fair value hierarchy:
(In millions)Year Ended April 30,
20262025
Asset category
Insurance policies
Level 2
81 
82 
Total$81 $82 
The following table presents estimated future benefit payments (in millions):
Year-ending April 30,
2027
$5 
2028
5 
2029
6 
2030
6 
2031
6 
Thereafter
32 
Total$60