Fair Value of Financial Instruments

3 Months Ended

Jul. 31, 2011

Fair Value of Financial Instruments [Abstract]

11. Fair Value of Financial Instruments

The fair value of cash, cash equivalents, and short-term borrowings approximates the carrying amount due to the short maturities of these instruments. We estimate the fair value of long-term debt based on the prices at which our debt has recently traded in the market and considering the overall market conditions on the date of valuation. We determine the fair value of derivative financial instruments as discussed in Note 10. As of July 31, 2011, the fair values and carrying amounts of these instruments were as follows:


	Carrying		Fair
(Dollars in millions)	Amount		Value
Assets:
Cash and cash equivalents	$	552.5	$	552.5
Commodity derivatives		2.6		2.6
Interest rate swaps		4.7		4.7

Liabilities:
Currency derivatives		18.9		18.9
Short-term borrowings		1.9		1.9
Current portion of long-term debt		254.4		262.3
Long-term debt		505.1		535.7