XML 65 R55.htm IDEA: XBRL DOCUMENT v3.10.0.1
Other Financial Instruments and Fair Value Measurements (Details 1) - Fair value measurements recurring [Member] - USD ($)
$ in Millions
Oct. 31, 2018
Apr. 30, 2018
Financial assets (liabilities) measured at fair value on a recurring basis    
Long-term debt [1] $ (5,793.5) $ (4,579.8)
Total financial instruments measured at fair value (5,727.5) (4,524.3)
Equity mutual funds    
Financial assets (liabilities) measured at fair value on a recurring basis    
Other investments [2] 10.4 9.3
Municipal obligations    
Financial assets (liabilities) measured at fair value on a recurring basis    
Other investments [2] 35.8 36.1
Money market funds    
Financial assets (liabilities) measured at fair value on a recurring basis    
Other investments [2] 0.2 0.4
Commodity contracts    
Financial assets (liabilities) measured at fair value on a recurring basis    
Derivative financial instruments [3] 7.1 8.2
Foreign currency exchange contracts - net    
Financial assets (liabilities) measured at fair value on a recurring basis    
Derivative financial instruments [3] 2.0 1.5
Interest rate contract    
Financial assets (liabilities) measured at fair value on a recurring basis    
Derivative financial instruments [3] 10.5  
Fair Value, Inputs, Level 1 [Member]    
Financial assets (liabilities) measured at fair value on a recurring basis    
Long-term debt [1] (4,466.2) (4,579.8)
Total financial instruments measured at fair value (4,448.8) (4,562.8)
Fair Value, Inputs, Level 1 [Member] | Equity mutual funds    
Financial assets (liabilities) measured at fair value on a recurring basis    
Other investments [2] 10.4 9.3
Fair Value, Inputs, Level 1 [Member] | Municipal obligations    
Financial assets (liabilities) measured at fair value on a recurring basis    
Other investments [2] 0.0 0.0
Fair Value, Inputs, Level 1 [Member] | Money market funds    
Financial assets (liabilities) measured at fair value on a recurring basis    
Other investments [2] 0.2 0.4
Fair Value, Inputs, Level 1 [Member] | Commodity contracts    
Financial assets (liabilities) measured at fair value on a recurring basis    
Derivative financial instruments [3] 6.7 7.2
Fair Value, Inputs, Level 1 [Member] | Foreign currency exchange contracts - net    
Financial assets (liabilities) measured at fair value on a recurring basis    
Derivative financial instruments [3] 0.1 0.1
Fair Value, Inputs, Level 1 [Member] | Interest rate contract    
Financial assets (liabilities) measured at fair value on a recurring basis    
Derivative financial instruments [3] 0.0  
Fair Value, Inputs, Level 2 [Member]    
Financial assets (liabilities) measured at fair value on a recurring basis    
Long-term debt [1] (1,327.3) 0.0
Total financial instruments measured at fair value (1,278.7) 38.5
Fair Value, Inputs, Level 2 [Member] | Equity mutual funds    
Financial assets (liabilities) measured at fair value on a recurring basis    
Other investments [2] 0.0 0.0
Fair Value, Inputs, Level 2 [Member] | Municipal obligations    
Financial assets (liabilities) measured at fair value on a recurring basis    
Other investments [2] 35.8 36.1
Fair Value, Inputs, Level 2 [Member] | Money market funds    
Financial assets (liabilities) measured at fair value on a recurring basis    
Other investments [2] 0.0 0.0
Fair Value, Inputs, Level 2 [Member] | Commodity contracts    
Financial assets (liabilities) measured at fair value on a recurring basis    
Derivative financial instruments [3] 0.4 1.0
Fair Value, Inputs, Level 2 [Member] | Foreign currency exchange contracts - net    
Financial assets (liabilities) measured at fair value on a recurring basis    
Derivative financial instruments [3] 1.9 1.4
Fair Value, Inputs, Level 2 [Member] | Interest rate contract    
Financial assets (liabilities) measured at fair value on a recurring basis    
Derivative financial instruments [3] 10.5  
Fair Value, Inputs, Level 3 [Member]    
Financial assets (liabilities) measured at fair value on a recurring basis    
Long-term debt [1] 0.0 0.0
Total financial instruments measured at fair value 0.0 0.0
Fair Value, Inputs, Level 3 [Member] | Equity mutual funds    
Financial assets (liabilities) measured at fair value on a recurring basis    
Other investments [2] 0.0 0.0
Fair Value, Inputs, Level 3 [Member] | Municipal obligations    
Financial assets (liabilities) measured at fair value on a recurring basis    
Other investments [2] 0.0 0.0
Fair Value, Inputs, Level 3 [Member] | Money market funds    
Financial assets (liabilities) measured at fair value on a recurring basis    
Other investments [2] 0.0 0.0
Fair Value, Inputs, Level 3 [Member] | Commodity contracts    
Financial assets (liabilities) measured at fair value on a recurring basis    
Derivative financial instruments [3] 0.0 0.0
Fair Value, Inputs, Level 3 [Member] | Foreign currency exchange contracts - net    
Financial assets (liabilities) measured at fair value on a recurring basis    
Derivative financial instruments [3] 0.0 $ 0.0
Fair Value, Inputs, Level 3 [Member] | Interest rate contract    
Financial assets (liabilities) measured at fair value on a recurring basis    
Derivative financial instruments [3] $ 0.0  
[1] Long-term debt is composed of public Senior Notes classified as Level 1 and the Term Loan classified as Level 2. The public Senior Notes are traded in an active secondary market and valued using quoted prices. The fair value of the Term Loan is based on the net present value of each interest and principal payment calculated utilizing an interest rate derived from an estimated yield curve obtained from independent pricing sources for similar types of term loan borrowing arrangements.
[2] Marketable securities and other investments consist of funds maintained for the payment of benefits associated with nonqualified retirement plans. The funds include equity securities listed in active markets, municipal obligations valued by a third party using valuation techniques that utilize inputs that are derived principally from or corroborated by observable market data, and money market funds with maturities of three months or less. Based on the short-term nature of these money market funds, carrying value approximates fair value. As of October 31, 2018, our municipal obligations are scheduled to mature as follows: $1.4 in 2019, $0.9 in 2020, $1.0 in 2021, $1.0 in 2022, and the remaining $31.5 in 2023 and beyond.
[3] Level 1 commodity and foreign currency exchange derivatives are valued using quoted market prices for identical instruments in active markets. Level 2 commodity and foreign currency exchange derivatives are valued using quoted prices for similar assets or liabilities in active markets. The Level 2 interest rate contract is valued using standard valuation techniques, the income approach, and observable Level 2 market expectations at the measurement date to convert future amounts to a single discounted present value. Level 2 inputs for the interest rate contract valuation are limited to prices that are observable for the asset or liability. For additional information, see Note 11: Derivative Financial Instruments.