Fair Value of Financial Instruments

9 Months Ended

Jan. 31, 2017

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				January 31, 2017
	Carrying		Fair		Carrying		Fair
(Dollars in millions)	Amount		Value		Amount		Value
Assets:
Cash and cash equivalents	$	263	$	263	$	197	$	197
Currency derivatives	19		19		42		42
Liabilities:
Currency derivatives	10		10		11		11
Short-term borrowings	271		271		308		308
Current portion of long-term debt	—		—		249		249
Long-term debt	1,230		1,293		1,669		1,686