XML 38 R27.htm IDEA: XBRL DOCUMENT v3.3.1.900
Derivative Financial Instruments (Tables)
 9 Months Ended
Jan. 31, 2016
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Fair value of derivative instruments
The following tables set forth the gross fair value amounts of derivative instruments recognized in the Condensed Consolidated Balance Sheets
 
January 31, 2016
 
Other
Current
Assets
 
Other
Current
Liabilities
 
Other
Noncurrent
Assets
 
Other
Noncurrent
Liabilities
Derivatives not designated as hedging instruments:
 
 
 
 
 
 
 
Commodity contracts
$
11.4

 
$
29.5

 
$
1.0

 
$
4.4

Foreign currency exchange contracts
9.5

 
0.1

 
0.6

 
—

Total derivative instruments
$
20.9

 
$
29.6

 
$
1.6

 
$
4.4

 
April 30, 2015
 
Other
Current
Assets
 
Other
Current
Liabilities
 
Other
Noncurrent
Assets
 
Other
Noncurrent
Liabilities
Derivatives not designated as hedging instruments:
 
 
 
 
 
 
 
Commodity contracts
$
6.4

 
$
23.9

 
$
0.2

 
$
3.8

Foreign currency exchange contracts
4.8

 
1.0

 
—

 
—

Total derivative instruments
$
11.2

 
$
24.9

 
$
0.2

 
$
3.8
Schedule of derivative instruments, gains and losses recognized
The following table presents information on pre-tax commodity contract net gains recognized on derivatives designated as cash flow hedges prior to May 1, 2014, and pre-tax losses related to the termination of prior interest rate swaps.
 
Three Months Ended January 31,
 
Nine Months Ended January 31,
 
2016
 
2015
 
2016
 
2015
Gains reclassified from accumulated other comprehensive loss to cost of products sold (effective portion)
$
—

 
$
9.6

 
$
—

 
$
28.4

Losses reclassified from accumulated other comprehensive loss to interest expense (effective portion)
(0.1
)
 
(0.1
)
 
(0.4
)
 
(0.4
)
Change in accumulated other comprehensive loss
$
0.1

 
$
(9.5
)
 
$
0.4

 
$
(28.0
)
Net realized and unrealized gains and losses recognized in cost of products sold on derivatives not designated as qualified hedging instruments
The following table presents the net gains and losses recognized in cost of products sold on derivatives not designated as hedging instruments.
 
Three Months Ended January 31,
 
Nine Months Ended January 31,
 
2016
 
2015
 
2016
 
2015
Losses on commodity contracts
$
(23.3
)
 
$
(13.9
)
 
$
(50.2
)
 
$
(34.3
)
Gains on foreign currency exchange contracts
10.4

 
11.7

 
19.0

 
14.1

Total losses recognized in cost of products sold
$
(12.9
)
 
$
(2.2
)
 
$
(31.2
)
 
$
(20.2
)
Schedule of unallocated derivative (losses) gains
The following table presents the activity in unallocated derivative gains and losses.
 
Three Months Ended January 31,
 
Nine Months Ended January 31,
 
2016
 
2015
 
2016
 
2015
Net losses on mark-to-market valuation of unallocated derivative positions
$
(12.9
)
 
$
(2.2
)
 
$
(31.2
)
 
$
(20.2
)
Net losses on derivative positions reclassified to segment operating profit
19.6

 
15.6

 
33.9

 
19.8

Unallocated derivative gains (losses)
$
6.7

 
$
13.4

 
$
2.7

 
$
(0.4
)
Outstanding derivative contracts
The following table presents the gross contract notional value of outstanding derivative contracts.
 
January 31, 2016
 
April 30, 2015
Commodity contracts
$
712.0

 
$
640.6

Foreign currency exchange contracts
177.8

 
136.4