Derivative Financial Instruments (Tables)

12 Months Ended

Apr. 30, 2020

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Fair value of derivative instruments

The following tables set forth the gross fair value amounts of derivative instruments recognized in the Consolidated Balance  Sheets.

	April 30, 2020
	Other Current Assets		Other Current Liabilities		Other Noncurrent Assets		Other Noncurrent Liabilities
Derivatives not designated as hedging instruments:
Commodity contracts	$	14.7	$	33.2	$	—	$	—
Foreign currency exchange contracts	2.4		0.1		—		—
Total derivative instruments	$	17.1	$	33.3	$	—	$	—
	April 30, 2019
	Other Current Assets		Other Current Liabilities		Other Noncurrent Assets		Other Noncurrent Liabilities
Derivatives designated as hedging instruments:
Interest rate contracts	$	—	$	49.1	$	—	$	—
Total derivatives designated as hedging instruments	$	—	$	49.1	$	—	$	—
Derivatives not designated as hedging instruments:
Commodity contracts	$	4.8	$	25.8	$	—	$	—
Foreign currency exchange contracts	1.4		0.2		—		—
Total derivative not designated as hedging instruments	$	6.2	$	26.0	$	—	$	—
Total derivative instruments	$	6.2	$	75.1	$	—	$	—

Pre-tax gains and losses recognized on interest rate contracts designated as cash flow hedges

The following table presents information on the pre-tax gains and losses recognized on interest rate contracts designated as cash flow hedges.

	Year Ended April 30,
	2020		2019		2018
Gains (losses) recognized in other comprehensive income (loss)	$	(190.7)	$	(49.1)	$	2.7
Less: Gains (losses) reclassified from accumulated other comprehensive income (loss) to interest expense	(2.1)		(0.4)		(0.5)
Change in accumulated other comprehensive income (loss)	$	(188.6)	$	(48.7)	$	3.2

Net realized and unrealized gains and losses recognized in cost of products of sold on derivatives not designated as qualified hedging instruments

The following table presents the net gains and losses recognized in cost of products sold on derivatives not designated as hedging instruments.

	Year Ended April 30,
	2020		2019		2018
Gains (losses) on commodity contracts	$	(31.4)	$	(98.6)	$	6.5
Gains (losses) on foreign currency exchange contracts	2.3		3.0		(5.9)
Total gains (losses) recognized in costs of products sold	$	(29.1)	$	(95.6)	$	0.6

Schedule of unallocated derivative (losses) gains

The following table presents the activity in unallocated derivative gains and losses.

	Year Ended April 30,
	2020		2019		2018
Net gains (losses) on mark-to-market valuation of unallocated derivative positions	$	(29.1)	$	(95.6)	$	0.6
Less: Net gains (losses) on derivative positions reclassified to segment operating profit	(48.7)		(41.4)		(36.7)
Unallocated derivative gains (losses)	$	19.6	$	(54.2)	$	37.3

Outstanding derivative contracts

The following table presents the gross notional value of outstanding derivative contracts.

	Year Ended April 30,
	2020		2019
Commodity contracts	$	890.1	$	544.8
Foreign currency exchange contracts	65.6		144.9
Interest rate contracts	—		800.0