Fair Value of Financial Instruments

6 Months Ended

Oct. 31, 2016

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 currency derivatives 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, 2016				October 31, 2016
	Carrying		Fair		Carrying		Fair
(Dollars in millions)	Amount		Value		Amount		Value
Assets:
Cash and cash equivalents	$	263	$	263	$	211	$	211
Currency derivatives	19		19		50		50
Liabilities:
Currency derivatives	10		10		6		6
Short-term borrowings	271		271		337		337
Long-term debt	1,230		1,293		1,917		2,011