XML 18 R8.htm IDEA: XBRL DOCUMENT v3.21.2
Inventories
3 Months Ended
Jul. 31, 2021
Inventory Disclosure [Abstract]  
Inventories InventoriesInventories are valued at the lower of cost or net realizable value. Some of our consolidated inventories are valued using the last-in, first-out (LIFO) method, which we use for the majority of our U.S. inventories. If the LIFO method had not been used, inventories at current cost would have been $353 million higher than reported as of April 30, 2021, and $361 million higher than reported as of July 31, 2021. Changes in the LIFO valuation reserve for interim periods are based on an allocation of the projected change for the entire fiscal year, recognized proportionately over the remainder of the fiscal year.