Fair Value of Financial Instruments

3 Months Ended

Jul. 31, 2012

Fair Value of Financial Instruments [Abstract]

FAIR VALUE OF FINANCIAL INSTRUMENTS

9. Fair Value of Financial Instruments

The fair value of cash, cash equivalents, and short-term borrowings approximate the carrying amounts due to the short maturities of these instruments. We determine the fair value of derivative financial instruments and long-term debt as discussed in Note 8. As of July 31, 2012, the fair values and carrying amounts of these instruments were as follows:

(Dollars in millions)	Carrying Amount		Fair Value
Assets:
Cash and cash equivalents	$	361.5	$	361.5
Currency derivatives		8.0		8.0
Interest rate swaps		2.2		2.2
Liabilities:
Currency derivatives		4.7		4.7
Short-term borrowings		6.5		6.5
Current portion of long-term debt		2.7		2.7
Long-term debt		502.1		529.6