Brown-Forman (BF-A) 10-Q 2 Mar 16 2016 Q3 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	9 Months Ended
	Jan. 31, 2016	Feb. 29, 2016
Document Information [Line Items]
Entity Registrant Name	BROWN FORMAN CORP
Entity Central Index Key	14,693
Document Type	10-Q
Document Period End Date	Jan. 31, 2016
Amendment Flag	false
Document Fiscal Year Focus	2,016
Document Fiscal Period Focus	Q3
Current Fiscal Year End Date	--04-30
Entity Filer Category	Large Accelerated Filer
Common stock, Class A, voting [Member]
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		84,530,209
Common stock, Class B, nonvoting [Member]
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		115,518,459

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations (Unaudited) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Jan. 31, 2016	Jan. 31, 2015	Jan. 31, 2016	Jan. 31, 2015
Income Statement [Abstract]
Net sales	$ 1,083	$ 1,093	$ 3,078	$ 3,149
Excise taxes	274	280	718	754
Cost of sales	254	260	729	738
Gross profit	555	553	1,631	1,657
Advertising expenses	107	112	317	334
Selling, general, and administrative expenses	167	163	507	512
Other expense (income), net	3	6	0	16
Operating income	278	272	807	795
Interest income	0	0	1	1
Interest expense	12	6	34	21
Income before income taxes	266	266	774	775
Income taxes	76	80	229	232
Net income	$ 190	$ 186	$ 545	$ 543
Earnings per share:
Basic (dollars per share)	$ 0.94	$ 0.88	$ 2.67	$ 2.56
Diluted (dollars per share)	0.94	0.87	2.65	2.54
Cash dividends per common share:
Declared (dollars per share)	0.680	0.630	1.310	1.210
Paid (dollars per share)	$ 0.340	$ 0.315	$ 0.970	$ 0.895

Condensed Consolidated Stateme3

Condensed Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Jan. 31, 2016	Jan. 31, 2015	Jan. 31, 2016	Jan. 31, 2015
Statement of Comprehensive Income [Abstract]
Net income	$ 190	$ 186	$ 545	$ 543
Other comprehensive income (loss), net of tax:
Currency translation adjustments	(30)	(62)	(58)	(108)
Cash flow hedge adjustments	8	34	20	61
Postretirement benefits adjustments	5	4	15	20
Net other comprehensive income (loss)	(17)	(24)	(23)	(27)
Comprehensive income	$ 173	$ 162	$ 522	$ 516

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Millions	Jan. 31, 2016	Apr. 30, 2015
Assets
Cash and cash equivalents	$ 317	$ 370
Accounts receivable, less allowance for doubtful accounts of $10 and $9 at April 30 and January 31, respectively	630	583
Inventories:
Barreled whiskey	634	571
Finished goods	203	200
Work in process	113	121
Raw materials and supplies	81	61
Total inventories	1,031	953
Current deferred tax assets	11	16
Assets held for sale	48	0
Other current assets	368	332
Total current assets	2,405	2,254
Property, plant, and equipment, net	621	586
Goodwill	589	607
Other intangible assets	582	611
Deferred tax assets	14	18
Other assets	122	112
Total assets	4,333	4,188
Liabilities
Accounts payable and accrued expenses	498	497
Dividends payable	68	0
Accrued income taxes	17	12
Current deferred tax liabilities	8	9
Short-term borrowings	509	190
Current portion of long-term debt	0	250
Total current liabilities	1,100	958
Long-term debt	1,229	743
Deferred tax liabilities	138	107
Accrued pension and other postretirement benefits	305	311
Other liabilities	144	164
Total liabilities	$ 2,916	$ 2,283
Commitments and contingencies
Stockholders' Equity
Additional paid-in capital	$ 114	$ 99
Retained earnings	3,561	3,300
Accumulated other comprehensive income (loss), net of tax	(323)	(300)
Treasury stock, at cost (18,613,000 and 26,160,000 shares at April 30 and January 31, respectively)	(1,969)	(1,228)
Total stockholders' equity	1,417	1,905
Total liabilities and stockholders' equity	4,333	4,188
Common stock, Class A, voting [Member]
Stockholders' Equity
Common stock	13	13
Common stock, Class B, nonvoting [Member]
Stockholders' Equity
Common stock	$ 21	$ 21

Condensed Consolidated Balance5

Condensed Consolidated Balance Sheets (Parenthetical) (Unaudited) - USD ($) $ in Millions	Jan. 31, 2016	Apr. 30, 2015
Allowance for doubtful accounts	$ 9	$ 10
Treasury stock, shares	26,160,000	18,613,000
Common stock, Class A, voting [Member]
Common stock, shares authorized	85,000,000	85,000,000
Common stock, shares issued	85,000,000	85,000,000
Common stock, Class B, nonvoting [Member]
Common stock, shares authorized	400,000,000	400,000,000
Common stock, shares issued	142,313,000	142,313,000

Condensed Consolidated Stateme6

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Millions	9 Months Ended
	Jan. 31, 2016	Jan. 31, 2015
Cash flows from operating activities:
Net income	$ 545	$ 543
Adjustments to reconcile net income to net cash provided by operations:
Depreciation and amortization	40	38
Stock-based compensation expense	12	9
Deferred income taxes	12	(8)
Changes in assets and liabilities	(161)	(207)
Cash provided by operating activities	448	375
Cash flows from investing activities:
Additions to property, plant, and equipment	(88)	(92)
Acquisition of brand names and trademarks	0	(3)
Computer software expenditures	(2)	(1)
Cash used for investing activities	(90)	(96)
Cash flows from financing activities:
Net increase in short-term borrowings	319	1
Repayment of long-term debt	(250)	0
Proceeds from long-term debt	490	0
Debt issuance costs	(5)	0
Net payments related to exercise of stock-based awards	(8)	(7)
Excess tax benefits from stock-based awards	15	18
Acquisition of treasury stock	(762)	(271)
Dividends paid	(199)	(190)
Cash used for financing activities	(400)	(449)
Effect of exchange rate changes on cash and cash equivalents	(11)	(17)
Net decrease in cash and cash equivalents	(53)	(187)
Cash and cash equivalents, beginning of period	370	437
Cash and cash equivalents, end of period	$ 317	$ 250

Condensed Consolidated Financia

Condensed Consolidated Financial Statements	9 Months Ended
	Jan. 31, 2016
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Condensed Consolidated Financial Statements	Condensed Consolidated Financial Statements We prepared the accompanying unaudited condensed consolidated financial statements pursuant to the rules and regulations of the U.S. Securities and Exchange Commission for interim financial information. In accordance with those rules and regulations, we condensed or omitted certain information and disclosures normally included in annual financial statements prepared in accordance with U.S. generally accepted accounting principles (GAAP). We suggest that you read these condensed financial statements together with the financial statements and footnotes included in our annual report on Form 10-K for the fiscal year ended April 30, 2015 (the 2015 Form 10-K). In our opinion, the accompanying financial statements include all adjustments, consisting only of normal recurring adjustments, necessary for a fair statement of our financial results for the periods covered by this report. We prepared the accompanying financial statements on a basis that is substantially consistent with the accounting principles applied in our 2015 Form 10-K, although during the first quarter of fiscal 2016 we adopted new guidance for the presentation of debt issuance costs. Under the new guidance, debt issuance costs are presented as a direct deduction from the debt liability rather than as an asset. In adopting the new guidance, we retrospectively adjusted our balance sheet as of April 30, 2015. As a result, the carrying amounts of other assets (noncurrent) and long-term debt have decreased by $5 million from the amounts previously reported as of that date. In May 2014, the Financial Accounting Standards Board (FASB) issued new guidance on the recognition of revenue from contracts with customers. As issued, the new guidance would have become effective for us beginning fiscal 2018. However, the FASB has since deferred the effective date until our fiscal 2019, though permitting voluntary adoption as of the original effective date. The FASB has also proposed further amendments to the new guidance. We are currently evaluating the potential impact of the new guidance and the proposed amendments on our financial statements. In November 2015, the FASB issued new guidance that will require all deferred tax assets and liabilities to be classified as noncurrent on our balance sheet. The new guidance will become effective for us beginning fiscal 2018, although we may voluntarily adopt the new guidance prior to that fiscal year. We have not yet determined the period in which we will adopt the new guidance. On February 25, 2016, the FASB issued new guidance on accounting for leases. The new guidance will become effective for us beginning fiscal 2020, although voluntary adoption during an earlier period will be permitted. We are currently evaluating the potential impact of the new guidance on our financial statements.

Inventories

Inventories	9 Months Ended
	Jan. 31, 2016
Inventory Disclosure [Abstract]
Inventories	Inventories We use the last-in, first-out (LIFO) method to determine the cost of most of our inventories. If the LIFO method had not been used, inventories at current cost would have been $234 million higher than reported as of April 30, 2015 , and $248 million higher than reported as of January 31, 2016 . Changes in the LIFO valuation reserve for interim periods are based on a proportionate allocation of the estimated change for the entire fiscal year.

Income Taxes

Income Taxes	9 Months Ended
	Jan. 31, 2016
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes Our consolidated interim effective tax rate is based upon our expected annual operating income, statutory tax rates, and income tax laws in the various jurisdictions in which we operate. Significant or unusual items, including adjustments to accruals for tax uncertainties, are recognized in the quarter in which the related event occurs. The effective tax rate of 29.5% for the nine months ended January 31, 2016 , is based on an expected tax rate of 29.6% on ordinary income for the full fiscal year, as adjusted for the recognition of a net tax benefit related to discrete items arising during the period and interest on previously provided tax contingencies. Our expected tax rate includes current fiscal year additions for existing tax contingency items.

Earnings Per Share

Earnings Per Share	9 Months Ended
	Jan. 31, 2016
Earnings Per Share [Abstract]
Earnings Per Share	Earnings Per Share We calculate basic earnings per share by dividing net income available to common stockholders by the weighted average number of common shares outstanding during the period. Diluted earnings per share further includes the dilutive effect of stock-based compensation awards, including stock options, stock-settled stock appreciation rights, restricted stock units, deferred stock units, and shares of restricted stock. We calculate that dilutive effect using the “treasury stock method” (as defined by GAAP). The following table presents information concerning basic and diluted earnings per share: Three Months Ended Nine Months Ended January 31, January 31, (Dollars in millions, except per share amounts) 2015 2016 2015 2016 Net income available to common stockholders $ 186 $ 190 $ 543 $ 545 Share data (in thousands): Basic average common shares outstanding 211,126 201,182 212,189 204,242 Dilutive effect of stock-based awards 1,480 1,208 1,512 1,334 Diluted average common shares outstanding 212,606 202,390 213,701 205,576 Basic earnings per share $ 0.88 $ 0.94 $ 2.56 $ 2.67 Diluted earnings per share $ 0.87 $ 0.94 $ 2.54 $ 2.65 We excluded common stock-based awards for approximately 359,000 shares and 375,000 shares from the calculation of diluted earnings per share for the three months ended January 31, 2015 and 2016 , respectively. We excluded common stock-based awards for approximately 363,000 shares and 478,000 shares from the calculation of diluted earnings per share for the nine months ended January 31, 2015 and 2016 , respectively. We excluded those awards because they were not dilutive for those periods under the treasury stock method.

Contingencies

Contingencies	9 Months Ended
	Jan. 31, 2016
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies We operate in a litigious environment, and we are sued in the normal course of business. Sometimes plaintiffs seek substantial damages. Significant judgment is required in predicting the outcome of these suits and claims, many of which take years to adjudicate. We accrue estimated costs for a contingency when we believe that a loss is probable and we can make a reasonable estimate of the loss, and then adjust the accrual as appropriate to reflect changes in facts and circumstances. We do not believe it is reasonably possible that these loss contingencies, individually or in the aggregate, would have a material adverse effect on our financial position, results of operations, or liquidity. No material accrued loss contingencies are recorded as of January 31, 2016 . We have guaranteed the repayment by a third-party importer of its obligation under a bank credit facility that it uses in connection with its importation of our products in Russia. If the importer were to default on that obligation, which we believe is unlikely, our maximum possible exposure under the existing terms of the guaranty would be approximately $19 million (subject to changes in foreign currency exchange rates). Both the fair value and carrying amount of the guaranty are insignificant. As of January 31, 2016 , our actual exposure under the guaranty of the importer's obligation is approximately $8 million . We also have accounts receivable from that importer of approximately $19 million at January 31, 2016 , which we expect to collect in full. Based on the financial support we provide to the importer, we believe it meets the definition of a variable interest entity. However, because we do not control this entity, it is not included in our consolidated financial statements.

Debt

Debt	9 Months Ended
	Jan. 31, 2016
Debt Disclosure [Abstract]
Debt	Debt Our long-term debt (net of unamortized discount and issuance costs) consisted of: (Dollars in millions) April 30, January 31, 2.50% notes, due in fiscal 2016 $ 250 $ — 1.00% notes, due in fiscal 2018 248 249 2.25% notes, due in fiscal 2023 247 247 3.75% notes, due in fiscal 2043 248 248 4.50% notes, due in fiscal 2046 — 485 993 1,229 Less current portion 250 — $ 743 $ 1,229 We issued senior, unsecured notes with an aggregate principal amount of $500 million in June 2015. Interest on the notes will accrue at a rate of 4.50% and be paid semi-annually. As of January 31, 2016 , the carrying amount of the notes was $485 million ( $500 million principal, less discounts of $10 million and issuance costs of $5 million ). The notes are due on July 15, 2045. We repaid our $250 million of 2.50% notes on their maturity date of January 15, 2016. As of April 30, 2015, our short-term borrowings of $190 million included $183 million of commercial paper, with an average interest rate of 0.17% and a remaining maturity of 13 days . As of January 31, 2016 , our short-term borrowings of $509 million included $506 million of commercial paper, with an average interest rate of 0.61% and a remaining maturity of 37 days .

Pension and Other Postretiremen

Pension and Other Postretirement Benefits	9 Months Ended
	Jan. 31, 2016
Compensation and Retirement Disclosure [Abstract]
Pension and Other Postretirement Benefits	Pension and Other Postretirement Benefits The following table shows the components of the pension and other postretirement benefit cost recognized for our U.S. benefit plans during the periods covered by this report. Information about similar international plans is not presented due to immateriality. Three Months Ended Nine Months Ended January 31, January 31, (Dollars in millions) 2015 2016 2015 2016 Pension Benefits : Service cost $ 5 $ 6 $ 16 $ 19 Interest cost 8 9 25 26 Expected return on plan assets (10 ) (10 ) (31 ) (30 ) Amortization of: Prior service cost — — 1 1 Net actuarial loss 6 7 17 21 Net cost $ 9 $ 12 $ 28 $ 37 Other Postretirement Benefits : Service cost $ — $ — $ 1 $ 1 Interest cost 1 1 2 2 Amortization of: Prior service cost (1 ) (1 ) (1 ) (2 ) Net actuarial loss — — 1 1 Net cost $ — $ — $ 3 $ 2

Fair Value Measurements

Fair Value Measurements	9 Months Ended
	Jan. 31, 2016
Fair Value Disclosures [Abstract]
Fair Value Measurements	Fair Value Measurements Fair value is defined as the exchange price that would be received for an asset or paid to transfer a liability in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants at the measurement date. We categorize the fair values of assets and liabilities into three levels based upon the assumptions (inputs) used to determine those values. Level 1 provides the most reliable measure of fair value, while Level 3 generally requires significant management judgment. The three levels are: • Level 1 – Quoted prices (unadjusted) in active markets for identical assets or liabilities. • Level 2 – Observable inputs other than those included in Level 1, such as quoted prices for similar assets and liabilities in active markets; quoted prices for identical or similar assets and liabilities in markets that are not active; or other inputs that are observable or can be derived from or corroborated by observable market data. • Level 3 – Unobservable inputs that are supported by little or no market activity. The following table summarizes the assets and liabilities measured or disclosed at fair value on a recurring basis: (Dollars in millions) Level 1 Level 2 Level 3 Total April 30, 2015: Assets: Currency derivatives $ — $ 59 $ — $ 59 Liabilities: Currency derivatives — 18 — 18 Short-term borrowings — 190 — 190 Current portion of long-term debt — 253 — 253 Long-term debt — 735 — 735 January 31, 2016: Assets: Currency derivatives — 77 — 77 Liabilities: Currency derivatives — 1 — 1 Short-term borrowings — 509 — 509 Long-term debt — 1,256 — 1,256 We determine the fair values of our currency derivatives (forward contracts) using standard valuation models. The significant inputs used in these models, which are readily available in public markets or can be derived from observable market transactions, include the applicable exchange rates, forward rates, and discount rates. The discount rates are based on the historical U.S. Treasury rates. The fair value of short-term borrowings approximates their carrying amount. We determine the fair value of long-term debt primarily based on the prices at which similar debt has recently traded in the market and also considering the overall market conditions on the date of valuation. We measure some assets and liabilities at fair value on a nonrecurring basis. That is, we do not measure them at fair value on an ongoing basis, but we do adjust them to fair value in some circumstances (for example, when we determine that an asset is impaired). No material nonrecurring fair value measurements were required during the periods presented in these financial statements.

Fair Value of Financial Instrum

Fair Value of Financial Instruments	9 Months Ended
	Jan. 31, 2016
Fair Value of Financial Instruments [Abstract]
Fair Value of Financial Instruments	Fair Value of Financial Instruments The fair value of cash, cash equivalents, and short-term borrowings approximate the carrying amounts due to the short maturities of these instruments. We determine the fair value of derivative financial instruments and long-term debt as discussed in Note 8. Below is a comparison of the fair values and carrying amounts of these instruments: April 30, 2015 January 31, 2016 Carrying Fair Carrying Fair (Dollars in millions) Amount Value Amount Value Assets: Cash and cash equivalents $ 370 $ 370 $ 317 $ 317 Currency derivatives 59 59 77 77 Liabilities: Currency derivatives 18 18 1 1 Short-term borrowings 190 190 509 509 Current portion of long-term debt 250 253 — — Long-term debt 743 735 1,229 1,256

Derivative Financial Instrument

Derivative Financial Instruments	9 Months Ended
	Jan. 31, 2016
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Derivative Financial Instruments	Derivative Financial Instruments Our multinational business exposes us to global market risks, including the effect of fluctuations in currency exchange rates, commodity prices, and interest rates. We use derivatives to help manage financial exposures that occur in the normal course of business. We formally document the purpose of each derivative contract, which includes linking the contract to the financial exposure it is designed to mitigate. We do not hold or issue derivatives for trading or speculative purposes. We use currency derivative contracts to limit our exposure to the currency exchange risk that we cannot mitigate internally by using netting strategies. We designate most of these contracts as cash flow hedges of forecasted transactions (expected to occur within three years). We record all changes in the fair value of cash flow hedges (except any ineffective portion) in accumulated other comprehensive income (AOCI) until the underlying hedged transaction occurs, at which time we reclassify that amount into earnings. We assess the effectiveness of these hedges based on changes in forward exchange rates. The ineffective portion of the changes in fair value of our hedges (recognized immediately in earnings) during the periods presented in this report was not material. We do not designate some of our currency derivatives as hedges because we use them to at least partially offset the immediate earnings impact of changes in foreign exchange rates on existing assets or liabilities. We immediately recognize the change in fair value of these contracts in earnings. We had outstanding currency derivatives, related primarily to our euro, British pound, and Australian dollar exposures, with notional amounts totaling $1,212 million at April 30, 2015 and $1,274 million at January 31, 2016 . We use forward purchase contracts with suppliers to protect against corn price volatility. We expect to physically take delivery of the corn underlying each contract and use it for production over a reasonable period of time. Accordingly, we account for these contracts as normal purchases rather than derivative instruments. During May 2015, we entered into interest rate derivative contracts (U.S. treasury lock agreements) to manage the interest rate risk related to the anticipated issuance of fixed-rate senior, unsecured notes. We designated the contracts as cash flow hedges of the future interest payments associated with the anticipated notes. Upon issuance of the notes in June 2015 (see Note 6), we settled the contracts for a gain of $8 million . The entire gain was recorded to AOCI and will be amortized as a reduction of interest expense over the life of the notes. The following table presents the pre-tax impact that changes in the fair value of our derivative instruments had on AOCI and earnings during the periods covered by this report: Three Months Ended January 31, (Dollars in millions) Classification 2015 2016 Currency derivatives designated as cash flow hedges: Net gain (loss) recognized in AOCI n/a $ 71 $ 29 Net gain (loss) reclassified from AOCI into income Net sales 16 17 Derivatives not designated as hedging instruments: Currency derivatives – net gain (loss) recognized in income Net sales 19 5 Currency derivatives – net gain (loss) recognized in income Other income 11 (2 ) Nine Months Ended January 31, (Dollars in millions) Classification 2015 2016 Currency derivatives designated as cash flow hedges: Net gain (loss) recognized in AOCI n/a $ 118 $ 66 Net gain (loss) reclassified from AOCI into income Net sales 20 46 Interest rate derivatives designated as cash flow hedges: Net gain (loss) recognized in AOCI n/a — 8 Derivatives not designated as hedging instruments: Currency derivatives – net gain (loss) recognized in income Net sales 31 9 Currency derivatives – net gain (loss) recognized in income Other income 5 2 We expect to reclassify $45 million of deferred net gains recorded in AOCI as of January 31, 2016 , to earnings during the next 12 months. This reclassification would offset the anticipated earnings impact of the underlying hedged exposures. The actual amounts that we ultimately reclassify to earnings will depend on the exchange rates in effect when the underlying hedged transactions occur. As of January 31, 2016 , the maximum term of our outstanding derivative contracts was 36 months . The following table presents the fair values of our derivative instruments as of April 30, 2015 and January 31, 2016 . (Dollars in millions) Classification Fair value of derivatives in a gain position Fair value of derivatives in a loss position April 30, 2015: Designated as cash flow hedges: Currency derivatives Other current assets $ 42 $ (2 ) Currency derivatives Other assets 20 (3 ) Currency derivatives Accrued expenses — (6 ) Currency derivatives Other liabilities — (6 ) Not designated as hedges: Currency derivatives Other current assets 3 (1 ) Currency derivatives Accrued expenses 1 (7 ) January 31, 2016: Designated as cash flow hedges: Currency derivatives Other current assets 52 — Currency derivatives Other assets 24 (1 ) Currency derivatives Accrued expenses — (1 ) Not designated as hedges: Currency derivatives Other current assets 5 (3 ) The fair values reflected in the above table are presented on a gross basis. However, as discussed further below, the fair values of those instruments that are subject to net settlement agreements are presented in our balance sheets on a net basis. In our statement of cash flows, we classify cash flows related to cash flow hedges in the same category as the cash flows from the hedged items. Credit risk. We are exposed to credit-related losses if the counterparties to our derivative contracts default. This credit risk is limited to the fair value of the contracts. To manage this risk, we contract only with major financial institutions that have earned investment-grade credit ratings and with whom we have standard International Swaps and Derivatives Association (ISDA) agreements that allow for net settlement of the derivative contracts. Also, we have established counterparty credit guidelines that are regularly monitored and that provide for reports to senior management according to prescribed guidelines, and we monetize contracts when we believe it is warranted. Because of these safeguards, we believe we have no derivative positions that warrant credit valuation adjustments. Some of our derivative instruments require us to maintain a specific level of creditworthiness, which we have maintained. If our creditworthiness were to fall below that level, then the counterparties to our derivative instruments could request immediate payment or collateralization for derivative instruments in net liability positions. The aggregate fair value of all derivatives with creditworthiness requirements that were in a net liability position was $18 million at April 30, 2015 and $0 at January 31, 2016 . Offsetting. As noted above, our derivative contracts are governed by ISDA agreements that allow for net settlement of derivative contracts with the same counterparty. It is our policy to present the fair values of current derivatives (i.e., those with a remaining term of 12 months or less) with the same counterparty on a net basis in the balance sheet. Similarly, we present the fair values of noncurrent derivatives with the same counterparty on a net basis. Current derivatives are not netted with noncurrent derivatives in the balance sheet. 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, 2015: Derivative assets $ 65 $ (6 ) $ 59 $ — $ 59 Derivative liabilities (24 ) 6 (18 ) — (18 ) January 31, 2016: Derivative assets 81 (4 ) 77 (1 ) 76 Derivative liabilities (5 ) 4 (1 ) 1 — No cash collateral was received or pledged related to our derivative contracts as of April 30, 2015 and January 31, 2016 .

Accumulated Other Comprehensive

Accumulated Other Comprehensive Income	9 Months Ended
	Jan. 31, 2016
Accumulated Other Comprehensive Income [Abstract]
Accumulated Other Comprehensive Income	Accumulated Other Comprehensive Income The following table summarizes the changes in each component of accumulated other comprehensive income (AOCI), net of tax, during the three months ended January 31, 2015 and 2016 : Currency Translation Adjustments Cash Flow Hedge Adjustments Postretirement Benefits Adjustments Total AOCI Balance at October 31, 2014 $ (40 ) $ 23 $ (174 ) $ (191 ) Net other comprehensive income (loss) (62 ) 34 4 (24 ) Balance at January 31, 2015 $ (102 ) $ 57 $ (170 ) $ (215 ) Balance at October 31, 2015 $ (136 ) $ 40 $ (210 ) $ (306 ) Net other comprehensive income (loss) (30 ) 8 5 (17 ) Balance at January 31, 2016 $ (166 ) $ 48 $ (205 ) $ (323 ) The following table presents the components of net other comprehensive income (loss) during the three months ended January 31, 2015 and 2016 : Pre-Tax Tax Net Three Months Ended January 31, 2015 Currency translation adjustments $ (65 ) $ 3 $ (62 ) Cash flow hedge adjustments: Net gain (loss) on hedging instruments 71 (28 ) 43 Reclassification to earnings 1 (16 ) 7 (9 ) Postretirement benefits adjustments: Net actuarial gain (loss) and prior service cost — — — Reclassification to earnings 2 6 (2 ) 4 Net other comprehensive income (loss) $ (4 ) $ (20 ) $ (24 ) Three Months Ended January 31, 2016 Currency translation adjustments $ (30 ) $ — $ (30 ) Cash flow hedge adjustments: Net gain (loss) on hedging instruments 29 (11 ) 18 Reclassification to earnings 1 (17 ) 7 (10 ) Postretirement benefits adjustments: Net actuarial gain (loss) and prior service cost — — — Reclassification to earnings 2 7 (2 ) 5 Net other comprehensive income (loss) $ (11 ) $ (6 ) $ (17 ) 1 Pre-tax amount is classified as net sales in the accompanying consolidated statements of operations. 2 Pre-tax amount is a component of pension and other postretirement benefit expense (as shown in Note 7, except for amounts related to non-U.S. benefit plans about which information is not presented in Note 7 due to immateriality). The following table summarizes the changes in each component of AOCI, net of tax, during the nine months ended January 31, 2015 and 2016 : Currency Translation Adjustments Cash Flow Hedge Adjustments Postretirement Benefits Adjustments Total AOCI Balance at April 30, 2014 $ 6 $ (4 ) $ (190 ) $ (188 ) Net other comprehensive income (loss) (108 ) 61 20 (27 ) Balance at January 31, 2015 $ (102 ) $ 57 $ (170 ) $ (215 ) Balance at April 30, 2015 $ (108 ) $ 28 $ (220 ) $ (300 ) Net other comprehensive income (loss) (58 ) 20 15 (23 ) Balance at January 31, 2016 $ (166 ) $ 48 $ (205 ) $ (323 ) The following table presents the components of net other comprehensive income (loss) during the nine months ended January 31, 2015 and 2016 : Pre-Tax Tax Net Nine Months Ended January 31, 2015 Currency translation adjustments $ (113 ) $ 5 $ (108 ) Cash flow hedge adjustments: Net gain (loss) on hedging instruments 118 (45 ) 73 Reclassification to earnings 1 (20 ) 8 (12 ) Postretirement benefits adjustments: Net actuarial gain (loss) and prior service cost 14 (5 ) 9 Reclassification to earnings 2 18 (7 ) 11 Net other comprehensive income (loss) $ 17 $ (44 ) $ (27 ) Nine Months Ended January 31, 2016 Currency translation adjustments $ (57 ) $ (1 ) $ (58 ) Cash flow hedge adjustments: Net gain (loss) on hedging instruments 74 (26 ) 48 Reclassification to earnings 1 (46 ) 18 (28 ) Postretirement benefits adjustments: Net actuarial gain (loss) and prior service cost — — — Reclassification to earnings 2 23 (8 ) 15 Net other comprehensive income (loss) $ (6 ) $ (17 ) $ (23 ) 1 Pre-tax amount is classified as net sales in the accompanying consolidated statements of operations. 2 Pre-tax amount is a component of pension and other postretirement benefit expense (as shown in Note 7, except for amounts related to non-U.S. benefit plans about which information is not presented in Note 7 due to immateriality).

Dividends Payable

Dividends Payable	9 Months Ended
	Jan. 31, 2016
Dividends [Abstract]
Dividends Payable	Dividends Payable On January 28, 2016, our Board of Directors declared a regular quarterly cash dividend of $0.34 per share on our Class A and Class B common stock. Stockholders of record on March 9, 2016, will receive the cash dividend on April 1, 2016.

Assets Held for Sale (Notes)

Assets Held for Sale (Notes)	9 Months Ended
	Jan. 31, 2016
Discontinued Operations and Disposal Groups [Abstract]
Assets Held for Sale [Text Block]	Assets Held for Sale / Subsequent Event During the quarter ended January 31, 2016, we reached an agreement to sell our Southern Comfort and Tuaca brands to Sazerac Company, Inc. The total book value of the related business assets as of January 31, 2016, was $48 million , and consisted of the following: January 31, 2016 (Dollars in millions) Inventories $ 10 Goodwill 16 Other intangible assets 22 $ 48 The total book value is presented as assets held for sale in the accompanying condensed consolidated balance sheet as of January 31, 2016. On March 1, 2016, we completed the sale to Sazerac Company, Inc. for approximately $542 million in cash (subject to a post-closing inventory adjustment). As a result of the sale, we expect to record a one-time operating income gain of approximately $483 million during the quarter ending April 30, 2016.

Derivative Financial Instrume20

Derivative Financial Instruments (Policies)	9 Months Ended
	Jan. 31, 2016
Derivative Financial Instruments [Abstract]
Classification of Cash Flows Related to Cash Flow Hedges [Policy Text Block]	In our statement of cash flows, we classify cash flows related to cash flow hedges in the same category as the cash flows from the hedged items.
Derivatives, Offsetting Fair Value Amounts, Policy [Policy Text Block]	Offsetting. As noted above, our derivative contracts are governed by ISDA agreements that allow for net settlement of derivative contracts with the same counterparty. It is our policy to present the fair values of current derivatives (i.e., those with a remaining term of 12 months or less) with the same counterparty on a net basis in the balance sheet. Similarly, we present the fair values of noncurrent derivatives with the same counterparty on a net basis. Current derivatives are not netted with noncurrent derivatives in the balance sheet

Earnings Per Share (Tables)

Earnings Per Share (Tables)	9 Months Ended
	Jan. 31, 2016
Earnings Per Share [Abstract]
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block]	The following table presents information concerning basic and diluted earnings per share: Three Months Ended Nine Months Ended January 31, January 31, (Dollars in millions, except per share amounts) 2015 2016 2015 2016 Net income available to common stockholders $ 186 $ 190 $ 543 $ 545 Share data (in thousands): Basic average common shares outstanding 211,126 201,182 212,189 204,242 Dilutive effect of stock-based awards 1,480 1,208 1,512 1,334 Diluted average common shares outstanding 212,606 202,390 213,701 205,576 Basic earnings per share $ 0.88 $ 0.94 $ 2.56 $ 2.67 Diluted earnings per share $ 0.87 $ 0.94 $ 2.54 $ 2.65

Debt (Tables)

Debt (Tables)	9 Months Ended
	Jan. 31, 2016
Debt Disclosure [Abstract]
Schedule of Long-term Debt Instruments	Our long-term debt (net of unamortized discount and issuance costs) consisted of: (Dollars in millions) April 30, January 31, 2.50% notes, due in fiscal 2016 $ 250 $ — 1.00% notes, due in fiscal 2018 248 249 2.25% notes, due in fiscal 2023 247 247 3.75% notes, due in fiscal 2043 248 248 4.50% notes, due in fiscal 2046 — 485 993 1,229 Less current portion 250 — $ 743 $ 1,229

Pension and Other Postretirem23

Pension and Other Postretirement Benefits (Tables)	9 Months Ended
	Jan. 31, 2016
Compensation and Retirement Disclosure [Abstract]
Schedule of Defined Benefit Plans Disclosures [Table Text Block]	The following table shows the components of the pension and other postretirement benefit cost recognized for our U.S. benefit plans during the periods covered by this report. Information about similar international plans is not presented due to immateriality. Three Months Ended Nine Months Ended January 31, January 31, (Dollars in millions) 2015 2016 2015 2016 Pension Benefits : Service cost $ 5 $ 6 $ 16 $ 19 Interest cost 8 9 25 26 Expected return on plan assets (10 ) (10 ) (31 ) (30 ) Amortization of: Prior service cost — — 1 1 Net actuarial loss 6 7 17 21 Net cost $ 9 $ 12 $ 28 $ 37 Other Postretirement Benefits : Service cost $ — $ — $ 1 $ 1 Interest cost 1 1 2 2 Amortization of: Prior service cost (1 ) (1 ) (1 ) (2 ) Net actuarial loss — — 1 1 Net cost $ — $ — $ 3 $ 2

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	9 Months Ended
	Jan. 31, 2016
Fair Value Disclosures [Abstract]
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis [Table Text Block]	The following table summarizes the assets and liabilities measured or disclosed at fair value on a recurring basis: (Dollars in millions) Level 1 Level 2 Level 3 Total April 30, 2015: Assets: Currency derivatives $ — $ 59 $ — $ 59 Liabilities: Currency derivatives — 18 — 18 Short-term borrowings — 190 — 190 Current portion of long-term debt — 253 — 253 Long-term debt — 735 — 735 January 31, 2016: Assets: Currency derivatives — 77 — 77 Liabilities: Currency derivatives — 1 — 1 Short-term borrowings — 509 — 509 Long-term debt — 1,256 — 1,256

Fair Value of Financial Instr25

Fair Value of Financial Instruments (Tables)	9 Months Ended
	Jan. 31, 2016
Fair Value of Financial Instruments [Abstract]
Comparison of the fair values and carrying amounts of financial instrument	The fair value of cash, cash equivalents, and short-term borrowings approximate the carrying amounts due to the short maturities of these instruments. We determine the fair value of derivative financial instruments and long-term debt as discussed in Note 8. Below is a comparison of the fair values and carrying amounts of these instruments: April 30, 2015 January 31, 2016 Carrying Fair Carrying Fair (Dollars in millions) Amount Value Amount Value Assets: Cash and cash equivalents $ 370 $ 370 $ 317 $ 317 Currency derivatives 59 59 77 77 Liabilities: Currency derivatives 18 18 1 1 Short-term borrowings 190 190 509 509 Current portion of long-term debt 250 253 — — Long-term debt 743 735 1,229 1,256

Derivative Financial Instrume26

Derivative Financial Instruments (Tables)	9 Months Ended
	Jan. 31, 2016
Derivative Instruments and Hedging Activities Disclosure [Abstract]
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 had on AOCI and earnings during the periods covered by this report: Three Months Ended January 31, (Dollars in millions) Classification 2015 2016 Currency derivatives designated as cash flow hedges: Net gain (loss) recognized in AOCI n/a $ 71 $ 29 Net gain (loss) reclassified from AOCI into income Net sales 16 17 Derivatives not designated as hedging instruments: Currency derivatives – net gain (loss) recognized in income Net sales 19 5 Currency derivatives – net gain (loss) recognized in income Other income 11 (2 ) Nine Months Ended January 31, (Dollars in millions) Classification 2015 2016 Currency derivatives designated as cash flow hedges: Net gain (loss) recognized in AOCI n/a $ 118 $ 66 Net gain (loss) reclassified from AOCI into income Net sales 20 46 Interest rate derivatives designated as cash flow hedges: Net gain (loss) recognized in AOCI n/a — 8 Derivatives not designated as hedging instruments: Currency derivatives – net gain (loss) recognized in income Net sales 31 9 Currency derivatives – net gain (loss) recognized in income Other income 5 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 as of April 30, 2015 and January 31, 2016 . (Dollars in millions) Classification Fair value of derivatives in a gain position Fair value of derivatives in a loss position April 30, 2015: Designated as cash flow hedges: Currency derivatives Other current assets $ 42 $ (2 ) Currency derivatives Other assets 20 (3 ) Currency derivatives Accrued expenses — (6 ) Currency derivatives Other liabilities — (6 ) Not designated as hedges: Currency derivatives Other current assets 3 (1 ) Currency derivatives Accrued expenses 1 (7 ) January 31, 2016: Designated as cash flow hedges: Currency derivatives Other current assets 52 — Currency derivatives Other assets 24 (1 ) Currency derivatives Accrued expenses — (1 ) Not designated as hedges: Currency derivatives Other current assets 5 (3 )
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, 2015: Derivative assets $ 65 $ (6 ) $ 59 $ — $ 59 Derivative liabilities (24 ) 6 (18 ) — (18 ) January 31, 2016: Derivative assets 81 (4 ) 77 (1 ) 76 Derivative liabilities (5 ) 4 (1 ) 1 —

Accumulated Other Comprehensi27

Accumulated Other Comprehensive Income (Tables)	9 Months Ended
	Jan. 31, 2016
Accumulated Other Comprehensive Income [Abstract]
Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block]	The following table summarizes the changes in each component of AOCI, net of tax, during the nine months ended January 31, 2015 and 2016 : Currency Translation Adjustments Cash Flow Hedge Adjustments Postretirement Benefits Adjustments Total AOCI Balance at April 30, 2014 $ 6 $ (4 ) $ (190 ) $ (188 ) Net other comprehensive income (loss) (108 ) 61 20 (27 ) Balance at January 31, 2015 $ (102 ) $ 57 $ (170 ) $ (215 ) Balance at April 30, 2015 $ (108 ) $ 28 $ (220 ) $ (300 ) Net other comprehensive income (loss) (58 ) 20 15 (23 ) Balance at January 31, 2016 $ (166 ) $ 48 $ (205 ) $ (323 ) The following table summarizes the changes in each component of accumulated other comprehensive income (AOCI), net of tax, during the three months ended January 31, 2015 and 2016 : Currency Translation Adjustments Cash Flow Hedge Adjustments Postretirement Benefits Adjustments Total AOCI Balance at October 31, 2014 $ (40 ) $ 23 $ (174 ) $ (191 ) Net other comprehensive income (loss) (62 ) 34 4 (24 ) Balance at January 31, 2015 $ (102 ) $ 57 $ (170 ) $ (215 ) Balance at October 31, 2015 $ (136 ) $ 40 $ (210 ) $ (306 ) Net other comprehensive income (loss) (30 ) 8 5 (17 ) Balance at January 31, 2016 $ (166 ) $ 48 $ (205 ) $ (323 )
Comprehensive Income (Loss) [Table Text Block]	The following table presents the components of net other comprehensive income (loss) during the three months ended January 31, 2015 and 2016 : Pre-Tax Tax Net Three Months Ended January 31, 2015 Currency translation adjustments $ (65 ) $ 3 $ (62 ) Cash flow hedge adjustments: Net gain (loss) on hedging instruments 71 (28 ) 43 Reclassification to earnings 1 (16 ) 7 (9 ) Postretirement benefits adjustments: Net actuarial gain (loss) and prior service cost — — — Reclassification to earnings 2 6 (2 ) 4 Net other comprehensive income (loss) $ (4 ) $ (20 ) $ (24 ) Three Months Ended January 31, 2016 Currency translation adjustments $ (30 ) $ — $ (30 ) Cash flow hedge adjustments: Net gain (loss) on hedging instruments 29 (11 ) 18 Reclassification to earnings 1 (17 ) 7 (10 ) Postretirement benefits adjustments: Net actuarial gain (loss) and prior service cost — — — Reclassification to earnings 2 7 (2 ) 5 Net other comprehensive income (loss) $ (11 ) $ (6 ) $ (17 ) 1 Pre-tax amount is classified as net sales in the accompanying consolidated statements of operations. 2 Pre-tax amount is a component of pension and other postretirement benefit expense (as shown in Note 7, except for amounts related to non-U.S. benefit plans about which information is not presented in Note 7 due to immateriality). The following table presents the components of net other comprehensive income (loss) during the nine months ended January 31, 2015 and 2016 : Pre-Tax Tax Net Nine Months Ended January 31, 2015 Currency translation adjustments $ (113 ) $ 5 $ (108 ) Cash flow hedge adjustments: Net gain (loss) on hedging instruments 118 (45 ) 73 Reclassification to earnings 1 (20 ) 8 (12 ) Postretirement benefits adjustments: Net actuarial gain (loss) and prior service cost 14 (5 ) 9 Reclassification to earnings 2 18 (7 ) 11 Net other comprehensive income (loss) $ 17 $ (44 ) $ (27 ) Nine Months Ended January 31, 2016 Currency translation adjustments $ (57 ) $ (1 ) $ (58 ) Cash flow hedge adjustments: Net gain (loss) on hedging instruments 74 (26 ) 48 Reclassification to earnings 1 (46 ) 18 (28 ) Postretirement benefits adjustments: Net actuarial gain (loss) and prior service cost — — — Reclassification to earnings 2 23 (8 ) 15 Net other comprehensive income (loss) $ (6 ) $ (17 ) $ (23 ) 1 Pre-tax amount is classified as net sales in the accompanying consolidated statements of operations. 2 Pre-tax amount is a component of pension and other postretirement benefit expense (as shown in Note 7, except for amounts related to non-U.S. benefit plans about which information is not presented in Note 7 due to immateriality).

Assets Held for Sale (Tables)

Assets Held for Sale (Tables)	9 Months Ended
	Jan. 31, 2016
Discontinued Operations and Disposal Groups [Abstract]
Assets Held for Sale [Table Text Block]	During the quarter ended January 31, 2016, we reached an agreement to sell our Southern Comfort and Tuaca brands to Sazerac Company, Inc. The total book value of the related business assets as of January 31, 2016, was $48 million , and consisted of the following: January 31, 2016 (Dollars in millions) Inventories $ 10 Goodwill 16 Other intangible assets 22 $ 48

Condensed Consolidated Financ29

Condensed Consolidated Financial Statements Condensed Consolidated Financial Statements (Details) $ in Millions	Apr. 30, 2015USD ($)
Accounting Standards Update 2015-03 [Member]
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
New Accounting Pronouncement or Change in Accounting Principle, Cumulative Effect of Change on Equity or Net Assets	$ 5

Inventories (Details)

Inventories (Details) - USD ($) $ in Millions	Jan. 31, 2016	Apr. 30, 2015
Inventories (Textual) [Abstract]
Excess of current costs over stated LIFO value	$ 248	$ 234

Income Taxes (Details)

Income Taxes (Details)	9 Months Ended
	Jan. 31, 2016
Income Taxes (Textual) [Abstract]
Effective tax rate	29.50%
Expected tax rate	29.60%

Earnings Per Share (Details)

Earnings Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Millions	3 Months Ended		9 Months Ended
	Jan. 31, 2016	Jan. 31, 2015	Jan. 31, 2016	Jan. 31, 2015
Basic and diluted earnings per share
Net income available to common stockholders	$ 190	$ 186	$ 545	$ 543
Share data (in thousands):
Basic average common shares outstanding	201,182	211,126	204,242	212,189
Dilutive effect of stock-based awards	1,208	1,480	1,334	1,512
Diluted average common shares outstanding	202,390	212,606	205,576	213,701
Basic earnings per share (dollars per share)	$ 0.94	$ 0.88	$ 2.67	$ 2.56
Diluted earnings per share (dollars per share)	$ 0.94	$ 0.87	$ 2.65	$ 2.54

Earnings Per Share (Details Tex

Earnings Per Share (Details Textual) - shares shares in Thousands	3 Months Ended		9 Months Ended
	Jan. 31, 2016	Jan. 31, 2015	Jan. 31, 2016	Jan. 31, 2015
Earnings Per Share (Textual) [Abstract]
Common stock-based awards excluded from the calculation of diluted earnings per share	375	359	478	363

Guarantee (Details)

Guarantee (Details) - USD ($) $ in Millions	Jan. 31, 2016	Apr. 30, 2015
Concentration Risk [Line Items]
Accounts receivable	$ 630	$ 583
Credit Concentration Risk [Member]
Concentration Risk [Line Items]
Guaranty exposure, maximum	19
Guaranty exposure, current	8
Accounts receivable	$ 19

Debt (Details)

Debt (Details) - USD ($) $ in Millions	Jan. 15, 2016	Jan. 31, 2016	Jun. 30, 2015	Apr. 30, 2015
Debt Instrument [Line Items]
Long-term debt, including current portion		$ 1,229		$ 993
Current portion of long-term debt		0		250
Long-term debt		$ 1,229		$ 743
Two Point Five Percent Notes Due In Fiscal Two Thousand Sixteen [Member]
Debt Instrument [Line Items]
Debt Instrument, Interest Rate, Stated Percentage		2.50%		2.50%
Long-term debt, including current portion		$ 0		$ 250
Repayments of Debt	$ 250
One Point Zero Percent Notes Due in Fiscal Two Thousand Eighteen [Member]
Debt Instrument [Line Items]
Debt Instrument, Interest Rate, Stated Percentage		1.00%		1.00%
Long-term debt, including current portion		$ 249		$ 248
Two Point Two Five Percent Notes Due in Fiscal Two Thousand Twenty Three [Member]
Debt Instrument [Line Items]
Debt Instrument, Interest Rate, Stated Percentage		2.25%		2.25%
Long-term debt, including current portion		$ 247		$ 247
Three Point Seven Five Percent Notes Due in Fiscal Two Thousand Forty Three [Member]
Debt Instrument [Line Items]
Debt Instrument, Interest Rate, Stated Percentage		3.75%		3.75%
Long-term debt, including current portion		$ 248		$ 248
Four Point Five Percent Notes Due in Fiscal Two Thousand Forty Six [Member] [Member]
Debt Instrument [Line Items]
Debt Instrument, Face Amount		$ 500	$ 500
Debt Instrument, Interest Rate, Stated Percentage		4.50%	4.50%	4.50%
Long-term debt, including current portion		$ 485		$ 0
Debt Instrument, Unamortized Discount		10
Unamortized Debt Issuance Expense		$ 5

Debt Short-term borrowings (Det

Debt Short-term borrowings (Details) - USD ($) $ in Millions	9 Months Ended	12 Months Ended
	Jan. 31, 2016	Apr. 30, 2015
Short-term Debt [Abstract]
Short-term borrowings	$ 509	$ 190
Commercial Paper	$ 506	$ 183
Commercial Paper Borrowings, Weighted Average Interest Rate	0.61%	0.17%
Commercial Paper Borrowings, Average Remaining Maturity	37 days	13 days

Pension and Other Postretirem37

Pension and Other Postretirement Benefits (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Jan. 31, 2016	Jan. 31, 2015	Jan. 31, 2016	Jan. 31, 2015
Pension Benefits [Member]
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Service cost	$ 6	$ 5	$ 19	$ 16
Interest cost	9	8	26	25
Expected return on plan assets	(10)	(10)	(30)	(31)
Amortization of:
Prior service cost	0	0	1	1
Net actuarial loss	7	6	21	17
Net cost	12	9	37	28
Other Postretirement Benefits [Member]
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Service cost	0	0	1	1
Interest cost	1	1	2	2
Amortization of:
Prior service cost	(1)	(1)	(2)	(1)
Net actuarial loss	0	0	1	1
Net cost	$ 0	$ 0	$ 2	$ 3

Fair Value Measurements (Detail

Fair Value Measurements (Details) - USD ($) $ in Millions	Jan. 31, 2016	Apr. 30, 2015
Financial Instruments, Financial Liabilities, Balance Sheet Groupings [Abstract]
Short-term borrowings	$ 509	$ 190
Long-term debt	1,256	735
Currency derivatives [Member]
Financial Instruments, Financial Liabilities, Balance Sheet Groupings [Abstract]
Currency derivatives	1	18
Fair Value, Measurements, Recurring [Member]
Financial Instruments, Financial Liabilities, Balance Sheet Groupings [Abstract]
Short-term borrowings	509	190
Current portion of long-term debt		253
Long-term debt	1,256	735
Fair Value, Measurements, Recurring [Member] | Currency derivatives [Member]
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract]
Currency derivatives	77	59
Financial Instruments, Financial Liabilities, Balance Sheet Groupings [Abstract]
Currency derivatives	1	18
Fair Value, Measurements, Recurring [Member] | Level 1 [Member]
Financial Instruments, Financial Liabilities, Balance Sheet Groupings [Abstract]
Short-term borrowings	0	0
Current portion of long-term debt		0
Long-term debt	0	0
Fair Value, Measurements, Recurring [Member] | Level 1 [Member] | Currency derivatives [Member]
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract]
Currency derivatives	0	0
Financial Instruments, Financial Liabilities, Balance Sheet Groupings [Abstract]
Currency derivatives	0	0
Fair Value, Measurements, Recurring [Member] | Level 2 [Member]
Financial Instruments, Financial Liabilities, Balance Sheet Groupings [Abstract]
Short-term borrowings	509	190
Current portion of long-term debt		253
Long-term debt	1,256	735
Fair Value, Measurements, Recurring [Member] | Level 2 [Member] | Currency derivatives [Member]
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract]
Currency derivatives	77	59
Financial Instruments, Financial Liabilities, Balance Sheet Groupings [Abstract]
Currency derivatives	1	18
Fair Value, Measurements, Recurring [Member] | Level 3 [Member]
Financial Instruments, Financial Liabilities, Balance Sheet Groupings [Abstract]
Short-term borrowings	0	0
Current portion of long-term debt		0
Long-term debt	0	0
Fair Value, Measurements, Recurring [Member] | Level 3 [Member] | Currency derivatives [Member]
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract]
Currency derivatives	0	0
Financial Instruments, Financial Liabilities, Balance Sheet Groupings [Abstract]
Currency derivatives	$ 0	$ 0

Fair Value of Financial Instr39

Fair Value of Financial Instruments (Details) - USD ($) $ in Millions	Jan. 31, 2016	Apr. 30, 2015	Jan. 31, 2015	Apr. 30, 2014
Assets:
Cash and cash equivalents, Carrying Amount	$ 317	$ 370	$ 250	$ 437
Cash and cash equivalents, Fair Value	317	370
Liabilities:
Short-term borrowings, Carrying Amount	509	190
Short-term borrowings, Fair Value	509	190
Current portion of long-term debt, Carrying Amount	0	250
Current portion of long-term debt, Fair Value	0	253
Long-term debt, Carrying Amount	1,229	743
Long-term debt, Fair Value	1,256	735
Currency derivatives [Member]
Assets:
Currency derivatives, Fair Value	77	59
Liabilities:
Currency derivatives, Fair Value	1	18
Reported Value Measurement [Member]
Assets:
Cash and cash equivalents, Carrying Amount	317	370
Liabilities:
Short-term borrowings, Carrying Amount	509	190
Current portion of long-term debt, Carrying Amount	0	250
Long-term debt, Carrying Amount	1,229	743
Reported Value Measurement [Member] | Currency derivatives [Member]
Assets:
Currency derivatives, Carrying Amount	77	59
Liabilities:
Currency derivatives, Carrying Amount	$ 1	$ 18

Derivative Financial Instrume40

Derivative Financial Instruments (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Jan. 31, 2016	Jan. 31, 2015	Jan. 31, 2016	Jan. 31, 2015
Cash Flow Hedging [Member] | Currency derivatives [Member]
Derivative instrument gains and losses affecting statements of operations
Net gain (loss) recognized in AOCI	$ 29	$ 71	$ 66	$ 118
Cash Flow Hedging [Member] | Treasury Lock [Member]
Derivative instrument gains and losses affecting statements of operations
Net gain (loss) recognized in AOCI			8	0
Net Sales [Member] | Cash Flow Hedging [Member] | Currency derivatives [Member]
Derivative instrument gains and losses affecting statements of operations
Net gain (loss) reclassified from AOCI into income	17	16	46	20
Net Sales [Member] | Not Designated as Hedging Instrument [Member] | Currency derivatives [Member]
Derivative instrument gains and losses affecting statements of operations
Gain (loss) on derivative instruments recognized in income	5	19	9	31
Other Income [Member] | Not Designated as Hedging Instrument [Member] | Currency derivatives [Member]
Derivative instrument gains and losses affecting statements of operations
Gain (loss) on derivative instruments recognized in income	$ (2)	$ 11	$ 2	$ 5

Derivative Financial Instrume41

Derivative Financial Instruments (Details 1) - Currency derivatives [Member] - USD ($) $ in Millions	Jan. 31, 2016	Apr. 30, 2015
Fair value of derivatives in a gain position [Member] | Not designated as hedges [Member] | Other Current Assets [Member]
Fair values of derivative instruments
Fair value of derivatives in a gain (loss) position	$ 5	$ 3
Fair value of derivatives in a gain position [Member] | Not designated as hedges [Member] | Accrued Expenses [Member]
Fair values of derivative instruments
Fair value of derivatives in a gain (loss) position		1
Fair value of derivatives in a gain position [Member] | Designated as Hedging Instrument [Member] | Cash Flow Hedging [Member] | Other Current Assets [Member]
Fair values of derivative instruments
Fair value of derivatives in a gain (loss) position	52	42
Fair value of derivatives in a gain position [Member] | Designated as Hedging Instrument [Member] | Cash Flow Hedging [Member] | Other Assets [Member]
Fair values of derivative instruments
Fair value of derivatives in a gain (loss) position	24	20
Fair value of derivatives in a gain position [Member] | Designated as Hedging Instrument [Member] | Cash Flow Hedging [Member] | Accrued Expenses [Member]
Fair values of derivative instruments
Fair value of derivatives in a gain (loss) position	0	0
Fair value of derivatives in a gain position [Member] | Designated as Hedging Instrument [Member] | Cash Flow Hedging [Member] | Other Liabilities [Member]
Fair values of derivative instruments
Fair value of derivatives in a gain (loss) position		0
Fair value of derivatives in a loss position [Member] | Not designated as hedges [Member] | Other Current Assets [Member]
Fair values of derivative instruments
Fair value of derivatives in a gain (loss) position	(3)	(1)
Fair value of derivatives in a loss position [Member] | Not designated as hedges [Member] | Accrued Expenses [Member]
Fair values of derivative instruments
Fair value of derivatives in a gain (loss) position		(7)
Fair value of derivatives in a loss position [Member] | Designated as Hedging Instrument [Member] | Cash Flow Hedging [Member] | Other Current Assets [Member]
Fair values of derivative instruments
Fair value of derivatives in a gain (loss) position	0	(2)
Fair value of derivatives in a loss position [Member] | Designated as Hedging Instrument [Member] | Cash Flow Hedging [Member] | Other Assets [Member]
Fair values of derivative instruments
Fair value of derivatives in a gain (loss) position	(1)	(3)
Fair value of derivatives in a loss position [Member] | Designated as Hedging Instrument [Member] | Cash Flow Hedging [Member] | Accrued Expenses [Member]
Fair values of derivative instruments
Fair value of derivatives in a gain (loss) position	$ (1)	(6)
Fair value of derivatives in a loss position [Member] | Designated as Hedging Instrument [Member] | Cash Flow Hedging [Member] | Other Liabilities [Member]
Fair values of derivative instruments
Fair value of derivatives in a gain (loss) position		$ (6)

Derivative Financial Instrume42

Derivative Financial Instruments (Details Textual) - USD ($) $ in Millions	9 Months Ended
	Jan. 31, 2016	Jan. 31, 2015	Apr. 30, 2015
Derivative Instruments, Gain (Loss) [Line Items]
Derivative, Notional Amount	$ 1,274		$ 1,212
Derivative Financial Instruments (Textual) [Abstract]
Foreign Currency Cash Flow Hedge Gain (Loss) to be Reclassified During Next 12 Months	$ 45
Maximum term of outstanding derivative contracts	36 months
Aggregate fair value of derivatives with creditworthiness requirements that were in a net liability position	$ 0		$ 18
Treasury Lock [Member] | Cash Flow Hedging [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Derivative Instruments, Gain (Loss) Recognized in Other Comprehensive Income (Loss), Effective Portion, Net	$ 8	$ 0

Derivative Financial Instrume43

Derivative Financial Instruments Offsetting Derivative Assets and Liabilities (Details) - USD ($) $ in Millions	Jan. 31, 2016	Apr. 30, 2015
Offsetting Assets and Liabilities [Line Items]
Gross Amount of Derivative Assets	$ 81	$ 65
Gross Amount of Derivative Liabilities Offset Against Derivative Assets in Balance Sheet	(4)	(6)
Net Amount of Derivative Assets Presented in Balance Sheet	77	59
Gross Amount of Derivative Liabilities Not Offset Against Derivative Assets in Balance Sheet	(1)	0
Net Amount of Derivative Assets	76	59
Gross Amount of Derivative Liabilities	(5)	(24)
Gross Amount of Derivative Assets Offset Against Derivative Liabilities in Balance Sheet	4	6
Net Amount of Derivative Liabilities Presented in Balance Sheet	1	18
Gross Amount of Derivative Assets Not Offset Against Derivative Liabilities in Balance Sheet	1	0
Net Amount of Derivative Liabilities	$ 0	$ 18

Changes in Accumulated Other Co

Changes in Accumulated Other Comprehensive Income (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Jan. 31, 2016	Jan. 31, 2015	Jan. 31, 2016	Jan. 31, 2015
Accumulated Other Comprehensive Income (Loss) [Line Items]
Beginning balance	$ (306)	$ (191)	$ (300)	$ (188)
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Adjustment, Net of Tax	(30)	(62)	(58)	(108)
Other Comprehensive Income (Loss), Derivatives Qualifying as Hedges, Net of Tax, Portion Attributable to Parent	8	34	20	61
Other Comprehensive (Income) Loss, Pension and Other Postretirement Benefit Plans, Adjustment, Net of Tax, Portion Attributable to Parent	5	4	15	20
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent	(17)	(24)	(23)	(27)
Ending balance	(323)	(215)	(323)	(215)
Accumulated Net Gain (Loss) from Designated or Qualifying Cash Flow Hedges [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Beginning balance	40	23	28	(4)
Ending balance	48	57	48	57
Accumulated Translation Adjustment [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Beginning balance	(136)	(40)	(108)	6
Ending balance	(166)	(102)	(166)	(102)
Accumulated Defined Benefit Plans Adjustment [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Beginning balance	(210)	(174)	(220)	(190)
Ending balance	$ (205)	$ (170)	$ (205)	$ (170)

Accumulated Other Comprehensi45

Accumulated Other Comprehensive Income Schedule of Other Comprehensive Income (Details) - USD ($) $ in Millions		3 Months Ended		9 Months Ended
		Jan. 31, 2016	Jan. 31, 2015	Jan. 31, 2016	Jan. 31, 2015
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Gain (Loss) Arising During Period, Net of Tax		$ (30)	$ (65)	$ (57)	$ (113)
Other Comprehensive Income (Loss), Foreign Currency Translation Adjustment, Tax		0	3	(1)	5
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Adjustment, Net of Tax		(30)	(62)	(58)	(108)
Other Comprehensive Income (Loss), Unrealized Gain (Loss) on Derivatives Arising During Period, before Tax		29	71	74	118
Other Comprehensive Income (Loss), Unrealized Gain (Loss) on Derivatives Arising During Period, Tax		(11)	(28)	(26)	(45)
Other Comprehensive Income (Loss), Unrealized Gain (Loss) on Derivatives Arising During Period, Net of Tax		18	43	48	73
Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI on Derivatives, before Tax	[1]	(17)	(16)	(46)	(20)
Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI on Derivatives, Tax	[1]	7	7	18	8
Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI on Derivatives, Net of Tax	[1]	(10)	(9)	(28)	(12)
Other Comprehensive Income (Loss), Pension and Other Postretirement Benefit Plans, Net Unamortized Gain (Loss) and Net Prior Service Credit (Cost) Arising During Period, before Tax		0	0	0	14
Other Comprehensive Income (Loss), Pension and Other Postretirement Benefit Plans, Net Unamortized Gain (Loss) and Net Prior Service Credit (Cost) Arising During Period, Tax		0	0	0	(5)
Other Comprehensive Income Defined Benefit Plan Actuarial Gain Loss And Net Prior Service Costs Credit Arising During Period Net Of Tax		0	0	0	9
Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI, Pension and Other Postretirement Benefit Plans, for Net Gain (Loss) and Net Prior Service Credit (Cost), before Tax	[2]	7	6	23	18
Other Comprehensive (Income) Loss, Reclassification Adjustment from AOCI, Pension and Other Postretirement Benefit Plans, for Net (Gain) Loss and Prior Service (Credit) Cost, Tax	[2]	(2)	(2)	(8)	(7)
Other Comprehensive Income Reclassification Of Actuarial Gain Loss And Prior Service Cost Net Of Tax	[2]	5	4	15	11
Other Comprehensive Income (Loss), before Tax, Portion Attributable to Parent		(11)	(4)	(6)	17
Other Comprehensive Income (Loss), Tax, Portion Attributable to Parent		(6)	(20)	(17)	(44)
Other Comprehensive Income (Loss), Net of Tax		$ (17)	$ (24)	$ (23)	$ (27)
[1]	1Pre-tax amount is classified as net sales in the accompanying consolidated statements of operations.
[2]	2Pre-tax amount is a component of pension and other postretirement benefit expense (as shown in Note 7, except for amounts related to non-U.S. benefit plans about which information is not presented in Note 7 due to immateriality).

Dividends Payable (Details Text

Dividends Payable (Details Textual)	Jan. 28, 2016$ / shares
Dividends Payable (Textual) [Abstract]
Cash dividend	$ 0.34

Assets Held for Sale (Details)

Assets Held for Sale (Details) - USD ($) $ in Millions	3 Months Ended
	Apr. 30, 2016	Mar. 01, 2016	Jan. 31, 2016	Apr. 30, 2015
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Assets Held for Sale, Assets, Current			$ 48	$ 0
Disposal Group, Held-for-sale or Disposed of by Sale, Not Discontinued Operations [Member]
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Assets Held for Sale, Inventory, Current			10
Assets Held for Sale, Goodwill, Current			16
Assets Held for Sale, Intangible Assets, Current			22
Assets Held for Sale, Assets, Current			$ 48
Subsequent Event [Member]
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Disposal Group, Not Discontinued Operation, Gain (Loss) on Disposal	$ 483
Subsequent Event [Member] | Disposal Group, Held-for-sale or Disposed of by Sale, Not Discontinued Operations [Member]
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Disposal Group, Consideration		$ 542