v3.26.1
Fair Value Measurements
 12 Months Ended
Apr. 30, 2026
Fair Value Disclosures [Abstract]  
Fair Value Measurements Fair Value Measurements
The carrying amounts reported in the consolidated balance sheets for cash, accounts receivable, accounts payable and accrued expenses and other liabilities approximate fair value due to the immediate to short-term maturity of these financial instruments. The fair values of the first priority senior secured credit facility and finance leases approximated their book values as of April 30, 2026 and 2025. The estimated fair values of the Company's senior notes and contingent consideration were as follows:
April 30, 2026
(In millions)Carrying
Amount		Fair
Value
Liabilities
Senior notesLevel 2
6,162 
6,165 
Contingent consideration
Level 3
27 
27 
April 30, 2025
(In millions)Carrying
Amount		Fair
Value
Liabilities
Senior notes
Level 1
6,154 
6,018 
Contingent consideration
Level 3
18 
18 
The senior notes are carried at amortized cost and the contingent consideration and equity investments are carried at fair value in the consolidated balance sheets.
Contingent consideration relates to recent acquisitions and is based on the post-acquisition performance of the acquired businesses. The consideration is expected to be paid out over the next seven years and is reassessed at each reporting date. Contingent consideration is a Level 3 financial liability. Future anticipated payments in respect of contingent consideration are initially recorded at fair value which is the present value of the expected cash outflows of the obligations. The obligations are dependent upon the future financial performance of the businesses acquired. The fair value is estimated based on internal financial projections prepared in relation to the acquisition with the contingent consideration
discounted to present value using a discount rate in line with the Company’s cost of debt. Details of the movement in the fair value during the year are as follows:
April 30,
(In millions)20262025
Beginning balance$18 $31 
Acquired businesses
16 
4 
Settled
— 
(13)
Released
(8)
(5)
Amortization of discount
1 
1 
Ending balance$27 $18 
Equity investments without a readily observable fair value of $32 million as of April 30, 2026 and 2025 are included in “Other long-term assets” in the consolidated balance sheets. The investments are assessed for impairment when events or changes in circumstances indicate that the carrying amounts may not be recoverable, and measured at cost minus impairment, if any, plus or minus changes resulting from observable price changes in orderly transactions for an identical or similar investment of the same issuer, and as such classified within Level 3 of the fair value hierarchy. During the year ended April 30, 2026 and 2025, no impairment losses were recognized. There was no activity related to such investments during the year ended April 30, 2026.
Details of the movement in the fair value during the year are as follows:
April 30,
(In millions)20262025
Beginning balance$32 $57 
Loss for the year
— 
(25)
Ending balance$32 $32