Derivative Financial Instruments and Hedging Activities (Tables)

3 Months Ended

Jul. 31, 2026

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of Notional Amounts of Outstanding Derivative Positions

The following table presents the contractual amounts of our outstanding instruments:



(Dollars in millions)	Designation	April 30, 2026		July 31, 2026
Currency derivatives	Cash flow hedges	$	517	$	520
Foreign currency-denominated debt1	Net investment hedges	538		403
Currency derivatives2	Net investment hedges	—		131
Currency derivatives	Undesignated	69		291

1At April 30, 2026, includes £299 million, or approximately $404 million, of outstanding British pound-denominated debt and €115 million, or approximately $134 million, of outstanding euro-denominated debt designated as a net investment hedge. The euro-denominated debt matured in the first quarter of fiscal 2027 (refer to Note 7). At July 31, 2026, includes £299 million, or approximately $403 million, of outstanding British pound-denominated debt designated as a net investment hedge. This debt matures in fiscal 2029.

2At July 31, 2026, we had outstanding cross-currency swaps with a total notional value of €300 million, or approximately $341 million, of which $131 million is designated as a hedge of a portion of our net investment in certain European operations. These derivative contracts mature in fiscal 2033.

Derivative Instruments, Gain (Loss) [Table Text Block]

The following table presents the pre-tax impact that changes in the fair value of our derivative instruments and non-derivative hedging instruments had on AOCI and earnings:


		Three Months Ended
		July 31,
(Dollars in millions)	Classification	2025		2026
Derivative Instruments
Currency derivatives designated as cash flow hedges:
Net gain (loss) recognized in AOCI	n/a	$	—	$	4
Net gain (loss) reclassified from AOCI into earnings	Sales	(3)		(4)







Currency derivatives designated as net investment hedge:
Net gain (loss) recognized in AOCI	n/a	$	—	$	(2)
Currency derivatives not designated as hedging instruments:
Net gain (loss) recognized in earnings	Sales	$	—	$	1
Net gain (loss) recognized in earnings	Other income (expense), net	2		(4)

Non-Derivative Hedging Instruments
Foreign currency-denominated debt designated as net investment hedge:
Net gain (loss) recognized in AOCI	n/a	$	5	$	4





Total amounts presented in the accompanying condensed consolidated statements of operations for line items affected by the net gains (losses) shown above:
Sales		$	1,191	$	1,181
Other income (expense), net		17		2

Schedule of Derivative Instruments in Statement of Financial Position, Fair Value [Table Text Block]

The following table presents the fair values of our derivative instruments:


		April 30, 2026				July 31, 2026
(Dollars in millions)	Classification	Derivative Assets		Derivative Liabilities		Derivative Assets		Derivative Liabilities
Designated as cash flow hedges:


Currency derivatives	Accrued expenses	$	2	$	(15)	$	4	$	(11)
Currency derivatives	Other liabilities	1		(2)		1		(1)
Designated as net investment hedge:
Currency derivatives	Other liabilities	—		—		—		(2)



Not designated as hedges:
Currency derivatives	Other current assets	1		—		—		—


Currency derivatives	Other liabilities	—		—		—		(4)

Offsetting Derivative Assets and Liabilities [Table Text Block]

The following table summarizes the gross and net amounts of our derivative contracts:


(Dollars in millions)	Gross Amounts of Recognized Assets (Liabilities)		Gross Amounts Offset in Balance Sheet		Net Amounts Presented in Balance Sheet		Gross Amounts Not Offset in Balance Sheet		Net Amounts
April 30, 2026
Derivative assets	$	4	$	(3)	$	1	$	—	$	1
Derivative liabilities	(17)		3		(14)		—		(14)
July 31, 2026
Derivative assets	$	5	$	(5)	$	—	$	—	$	—
Derivative liabilities	(18)		5		(13)		—		(13)