XML 38 R29.htm IDEA: XBRL DOCUMENT v3.22.2.2
Derivative Financial Instruments (Tables)
 6 Months Ended
Oct. 31, 2022
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Outstanding derivative contracts The following table presents the gross notional value of outstanding derivative contracts.
October 31, 2022April 30, 2022
Commodity contracts$1,236.6 $2,086.2 
Foreign currency exchange contracts93.3 91.3 
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.
 October 31, 2022
 Other
Current
Assets		Other
Current
Liabilities		Other
Noncurrent
Assets		Other
Noncurrent
Liabilities
Derivatives not designated as hedging instruments:
Commodity contracts$20.2 $47.0 $— $— 
Foreign currency exchange contracts4.2 0.1 — — 
Total derivative instruments$24.4 $47.1 $— $— 
 April 30, 2022
 Other
Current
Assets		Other
Current
Liabilities		Other
Noncurrent
Assets		Other
Noncurrent
Liabilities
Derivatives not designated as hedging instruments:
Commodity contracts$45.4 $22.3 $— $— 
Foreign currency exchange contracts1.7 — — — 
Total derivative instruments$47.1 $22.3 $— $— 
Net gains and losses recognized in costs of products sold on derivatives not designated as hedging instruments The following table presents the net gains and losses recognized in cost of products sold on derivatives not designated as hedging instruments.
 Three Months Ended October 31,Six Months Ended October 31,
 2022202120222021
Derivative gains (losses) on commodity contracts$(19.3)$10.9 $(28.2)$26.7 
Derivative gains (losses) on foreign currency exchange contracts4.8 (0.2)4.6 1.3 
Total derivative gains (losses) recognized in cost of products sold$(14.5)$10.7 $(23.6)$28.0 
Net cumulative unallocated derivative gains (losses) The following table presents the net change in cumulative unallocated derivative gains and losses.
 Three Months Ended October 31,Six Months Ended October 31,
2022202120222021
Net derivative gains (losses) recognized and classified as unallocated$(14.5)$10.7 $(23.6)$28.0 
Less: Net derivative gains (losses) reclassified to segment
operating profit		12.6 24.0 37.3 43.5 
Change in net cumulative unallocated derivative gains and losses$(27.1)$(13.3)$(60.9)$(15.5)
Pre-tax gains and losses recognized on all contracts previously designated as cash flow hedges
The following table presents information on the pre-tax gains and losses recognized on all terminated interest rate contracts which were previously designated as cash flow hedges.
Three Months Ended October 31,Six Months Ended October 31,
2022202120222021
Gains (losses) recognized in other comprehensive income (loss)$— $— $— $— 
Less: Gains (losses) reclassified from accumulated other comprehensive income (loss) to interest expense – net (A)
(3.5)(3.5)(6.8)(7.0)
Less: Gains (losses) reclassified from accumulated other comprehensive income (loss) to other income (expense) – net (B)
— — — 0.6 
Change in accumulated other comprehensive income (loss)$3.5 $3.5 $6.8 $6.4 
(A)Interest expense – net, as presented in the Condensed Statements of Consolidated Income was $39.7 and $40.3 for the three months ended October 31, 2022 and 2021, respectively, and $78.8 and $83.4 for the six months ended October 31, 2022 and 2021, respectively.
(B)Other income (expense) – net, as presented in the Condensed Statements of Consolidated Income was expense of $0.8 and $2.7 for the three months ended October 31, 2022 and 2021, respectively, and expense of $0.3 and $13.8 for the six months ended October 31, 2022 and 2021, respectively. The reclassification during the first quarter of 2022 is related to the debt extinguishment of the $400.0 Senior Notes due March 15, 2022.