Fair Value of Financial Instruments

12 Months Ended

Apr. 30, 2016

Fair Value of Financial Instruments [Abstract]

The fair values of cash, cash equivalents, and short-term borrowings approximate the carrying amounts due to the short maturities of these instruments. We determine the fair values of currency derivatives and long-term debt as discussed in Note 6.

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



	2015				2016
April 30,	Carrying Amount		Fair Value		Carrying Amount		Fair Value
Assets:
Cash and cash equivalents	$	370	$	370	$	263	$	263
Currency derivatives	59		59		19		19
Liabilities:
Currency derivatives	18		18		10		10
Short-term borrowings	190		190		271		271
Current portion of long-term debt	250		253		—		—
Long-term debt	743		735		1,230		1,293