Fair Value of Financial Instruments (Tables)

3 Months Ended

Jul. 31, 2017

Fair Value of Financial Instruments [Abstract]

Comparison of the fair values and carrying amounts of financial instrument

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, 2017				July 31, 2017
	Carrying		Fair		Carrying		Fair
(Dollars in millions)	Amount		Value		Amount		Value
Assets:
Cash and cash equivalents	$	182	$	182	$	238	$	238
Currency derivatives	25		25		9		9
Liabilities:
Currency derivatives	10		10		28		28
Short-term borrowings	211		211		258		258
Current portion of long-term debt	249		249		250		250
Long-term debt	1,689		1,752		1,720		1,792