Fair Value of Financial Instruments

6 Months Ended

Oct. 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, 2014				October 31, 2014
	Carrying		Fair		Carrying		Fair
(Dollars in millions)	Amount		Value		Amount		Value
Assets:
Cash and cash equivalents	$	437	$	437	$	235	$	235
Currency derivatives	7		7		51		51
Liabilities:
Currency derivatives	7		7		—		—
Short-term borrowings	8		8		124		124
Long-term debt	997		963		998		975