Stock-Based Compensation (Tables)

12 Months Ended

Apr. 30, 2018

Estimated Weighted-Average Fair Value for Options Granted and Significant Weighted-Average Assumptions Used

The following table provides the estimated weighted average fair value for options granted in fiscal year 2016 using the Black-Scholes option-pricing model and the significant weighted average assumptions used in their determination. The expected life represents an estimate of the period of time stock options will be outstanding based on the historical exercise behavior of option recipients. The risk-free interest rate is based on the corresponding U.S. Treasury yield curve in effect at the time of the grant. The expected volatility is based on the historical volatility of our Common Stock price over the estimated life of the option, while the dividend yield is based on the expected dividend payments to be made by us.

	2016
Fair Value of Options on Grant Date	$	14.77

Weighted Average assumptions:
Expected Life of Options (years)		7.2
Risk-Free Interest Rate		2.1	%
Expected Volatility		29.7	%
Expected Dividend Yield		2.1	%
Fair Value of Common Stock on Grant Date	$	55.99

Stock Option Plans

A summary of the activity and status of our stock option plans follows:

	2018									2017					2016
	Number of Options (in 000's)			Weighted Average Exercise Price		Weighted Average Remaining Term (in years)		Aggregate Intrinsic Value (in millions)		Number of Options (in 000's)			Weighted Average Exercise Price		Number of Options (in 000's)			Weighted Average Exercise Price
Outstanding at Beginning of Year		1,429		$	47.39						1,966		$	46.62		1,921		$	45.50
Granted		—		$	—						—		$	—		166		$	55.99
Exercised		(788	)	$	45.97						(469	)	$	43.74		(103	)	$	40.22
Expired or Forfeited		(30	)	$	54.24						(68	)	$	49.91		(18	)	$	51.02
Outstanding at End of Year		611		$	48.88		3.3	$	10.4		1,429		$	47.39		1,966		$	46.62
Exercisable at End of Year		530		$	47.43		4.2	$	9.8		1,064		$	46.04		1,140		$	45.22
Vested and Expected to Vest in the Future at April 30		599		$	48.90		3.3	$	10.2		1,249		$	45.88		1,925		$	46.61

Stock Options Outstanding and Exercisable

The following table summarizes information about stock options outstanding and exercisable at April 30, 2018:

		Options Outstanding						Options Exercisable
Range of Exercise Prices		Number of Options (in 000's)		Weighted Average Remaining Term (in years)		Weighted Average Exercise Price		Number of Options (in 000's)		Weighted Average Exercise Price
$	35.04		11		1.2	$	35.04		11	$	35.04
$	39.53 to $40.02		226		3.1	$	39.62		226	$	39.62
$	47.55 to $49.55		130		3.0	$	48.71		130	$	48.71
$	55.99 to $59.70		244		3.8	$	58.12		163	$	58.05
Total/Average			611		3.3	$	48.88		530	$	47.43

Activity for Performance-Based and Other Restricted Stock Awards

Activity for performance-based and other restricted stock awards during fiscal years 2018, 2017, and 2016 was as follows (shares in thousands):

	2018					2017			2016
	Restricted Shares			Weighted Average Grant Date Value		Restricted Shares			Restricted Shares
Nonvested Shares at Beginning of Year		913		$	51.85		915			752
Granted		525		$	53.59		509			289
Change in Shares Due to Performance		(107	)	$	55.70		(67	)		86
Vested and Issued		(318	)	$	49.47		(267	)		(154	)
Forfeited		(152	)	$	52.40		(177	)		(58	)
Nonvested Shares at End of Year		861		$	53.22		913			915