Fair Value of Financial Instruments

12 Months Ended

Apr. 30, 2017

Fair Value of Financial Instruments [Abstract]

FAIR VALUE OF FINANCIAL INSTRUMENTS

FAIR VALUE OF FINANCIAL INSTRUMENTS

The fair values of cash, cash equivalents, and short-term borrowings approximate the carrying amounts due to the short maturities of these instruments. We determine the fair values of currency derivatives and long-term debt as discussed in Note 6.

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

	2016				2017
April 30,	Carrying Amount		Fair Value		Carrying Amount		Fair Value
Assets:
Cash and cash equivalents	$	263	$	263	$	182	$	182
Currency derivatives	19		19		25		25
Liabilities:
Currency derivatives	10		10		10		10
Short-term borrowings	271		271		211		211
Current portion of long-term debt	—		—		249		249
Long-term debt	1,230		1,293		1,689		1,752