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Other Financial Instruments and Fair Value Measurements (Tables)
 3 Months Ended
Jul. 31, 2015
Other Financial Instruments and Fair Value Measurements [Abstract]  
Carrying amount and fair value of financial instruments

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

  

July 31, 2015

 

  

April 30, 2015

 

 

  

Carrying
Amount

 

  

Fair Value

 

  

Carrying
Amount

 

  

Fair Value

 

Other investments

  

$

47.9

  

  

$

47.9

  

  

$

48.4

  

  

$

48.4

  

Derivative financial instruments – net

  

 

(14.8)

 

  

 

(14.8)

 

  

 

(17.3)

 

  

 

(17.3)

 

Long-term debt

  

 

(5,694.7)

 

  

 

(5,598.5)

 

  

 

(5,944.9)

 

  

 

(6,011.3)

 

 

  

 

 

 

  

 

 

 

  

 

 

 

  

 

 

 

 
Financial assets (liabilities) measured at fair value on a recurring basis

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

  

Quoted Prices in
Active Markets for
Identical Assets
(Level 1)

 

  

Significant
Observable
Inputs
(Level 2)

 

  

Significant
Unobservable
Inputs
(Level 3)

 

  

Fair Value at
July 31, 2015

 

Other investments: (A)

  

 

 

 

  

 

 

 

  

 

 

 

  

 

 

 

Equity mutual funds

  

$

9.6

  

  

$

—  

  

  

$

—  

  

  

$

9.6

  

Municipal obligations

  

 

—  

  

  

 

37.3

  

  

 

—  

  

  

 

37.3

  

Money market funds

  

 

1.0

  

  

 

—  

  

  

 

—  

  

  

 

1.0

  

Derivative financial instruments: (B)

  

 

 

 

  

 

 

 

  

 

 

 

  

 

 

 

Commodity contracts – net

  

 

(10.9)

 

  

 

(12.0)

 

  

 

—  

  

  

 

(22.9)

 

Foreign currency exchange contracts – net

  

 

1.1

  

  

 

7.0

  

  

 

—  

  

  

 

8.1

  

Long-term debt (C)

  

 

(4,296.4)

 

  

 

(1,302.1)

 

  

 

—  

  

  

 

(5,598.5)

 

 

  

 

 

 

  

 

 

 

  

 

 

 

  

 

 

 

Total financial instruments measured at fair value

  

$

(4,295.6)

 

  

$

(1,269.8)

 

  

$

—  

  

  

$

(5,565.4)

 

 

  

 

 

 

  

 

 

 

  

 

 

 

  

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

  

Quoted Prices in
Active Markets for
Identical Assets
(Level 1)

 

  

Significant
Observable
Inputs
(Level 2)

 

  

Significant
Unobservable
Inputs
(Level 3)

 

  

Fair Value at
April 30, 2015

 

Other investments: (A)

  

 

 

 

  

 

 

 

  

 

 

 

  

 

 

 

Equity mutual funds

  

$

9.7

  

  

$

—  

  

  

$

—  

  

  

$

9.7

  

Municipal obligations

  

 

—  

  

  

 

37.9

  

  

 

—  

  

  

 

37.9

  

Money market funds

  

 

0.8

  

  

 

—  

  

  

 

—  

  

  

 

0.8

  

Derivative financial instruments: (B)

  

 

 

 

  

 

 

 

  

 

 

 

  

 

 

 

Commodity contracts – net

  

 

(12.4)

 

  

 

(8.7)

 

  

 

—  

  

  

 

(21.1)

 

Foreign currency exchange contracts – net

  

 

(0.2)

 

  

 

4.0

  

  

 

—  

  

  

 

3.8

  

Long-term debt (C)

  

 

(4,459.0)

 

  

 

(1,552.3)

 

  

 

—  

  

  

 

(6,011.3)

 

 

  

 

 

 

  

 

 

 

  

 

 

 

  

 

 

 

Total financial instruments measured at fair value

  

$

(4,461.1)

 

  

$

(1,519.1)

 

  

$

—  

  

  

$

(5,980.2)

 

 

  

 

 

 

  

 

 

 

  

 

 

 

  

 

 

 

 

(A)

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 which 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 July 31, 2015, our municipal obligations are scheduled to mature as follows: $0.7 in 2016, $1.3 in 2017, $1.1 in 2018, $2.9 in 2019, and the remaining $31.3 in 2020 and beyond.

 

(B)

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.

 

(C)

Long-term debt is comprised 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 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. For additional information, see Note 6: Debt and Financing Arrangements.