Fair Value of Financial Instruments

6 Months Ended

Oct. 31, 2015

Fair Value of Financial Instruments [Abstract]

Fair Value of Financial Instruments

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. 

Below is a comparison of the fair values and carrying amounts of these instruments:

	April 30, 2015				October 31, 2015
	Carrying		Fair		Carrying		Fair
(Dollars in millions)	Amount		Value		Amount		Value
Assets:
Cash and cash equivalents	$	370	$	370	$	195	$	195
Currency derivatives	59		59		68		68
Liabilities:
Currency derivatives	18		18		4		4
Short-term borrowings	190		190		303		303
Current portion of long-term debt	250		253		250		251
Long-term debt	743		735		1,229		1,232