Fair Value of Financial Instruments

9 Months Ended

Jan. 31, 2014

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 7. 

Below is a comparison of the fair values and carrying amounts of these instruments:

	April 30, 2013				January 31, 2014
	Carrying		Fair		Carrying		Fair
(Dollars in millions)	Amount		Value		Amount		Value
Assets:
Cash and cash equivalents	$	204	$	204	$	287	$	287
Currency derivatives	5		5		11		11
Liabilities:
Currency derivatives	4		4		2		2
Short-term borrowings	3		3		9		9
Current portion of long-term debt	2		2		—		—
Long-term debt	997		1,011		997		952