Fair Value of Financial Instruments

9 Months Ended

Jan. 31, 2012

Fair Value of Financial Instruments [Abstract]

Fair Value of Financial Instruments

11. Fair Value of Financial Instruments

The fair value of cash, cash equivalents, and short-term borrowings approximates the carrying amount due to the short maturities of these instruments. We estimate the fair value of long-term debt based on the prices at which our debt has recently traded in the market and considering the overall market conditions on the date of valuation. We determine the fair value of derivative financial instruments as discussed in Note 10. As of January 31, 2012, the fair values and carrying amounts of these instruments were as follows:

(Dollars in millions)	Carrying Amount		Fair Value
Assets:
Cash and cash equivalents	$	494.9	$	494.9
Currency derivatives		2.0		2.0
Interest rate swaps		3.5		3.5
Liabilities:
Commodity derivatives		0.4		0.4
Currency derivatives		4.3		4.3
Short-term borrowings		5.0		5.0
Current portion of long-term debt		253.0		254.0
Long-term debt		503.5		536.9