Fair Value of Financial Instruments

6 Months Ended

Oct. 31, 2011

Fair Value of Financial Instruments [Abstract]

Fair Value of Financial Instruments

10. 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 9. As of October 31, 2011, the fair values and carrying amounts of these instruments were as follows:

(Dollars in millions)	Carrying Amount		Fair Value
Assets:
Cash and cash equivalents	$	380.1	$	380.1
Commodity derivatives		0.4		0.4
Currency derivatives		0.1		0.1
Interest rate swaps		3.4		3.4
Liabilities:
Currency derivatives		11.9		11.9
Short-term borrowings		2.5		2.5
Current portion of long-term debt		253.5		258.2
Long-term debt		504.2		529.3