Derivative Financial Instruments (Tables)

3 Months Ended

12 Months Ended

Jul. 31, 2011

Apr. 30, 2011

Derivative Financial Instruments (Tables) [Abstract]

Fair value of derivative instruments

	July 31, 2011						April 30, 2011
	Other		Other		Other		Other		Other		Other
	Current		Noncurrent		Current		Current		Current		Noncurrent
	Assets		Assets		Liabilities		Assets		Liabilities		Liabilities
Derivatives designated as hedging
instruments:
Commodity contracts	$	914	$	0	$	598	$	3,408	$	0	$	0
Interest rate contract		7,919		10,569		0		5,423		0		1,384
Total derivatives designated as hedging instruments	$	8,833	$	10,569	$	598	$	8,831	$	0	$	1,384
Derivatives not designated as hedging
instruments:
Commodity contracts	$	13,092	$	0	$	4,181	$	9,887	$	5,432	$	0
Foreign currency exchange contracts		186		29		1,963		317		3,204		0
Total derivatives not designated as hedging instruments	$	13,278	$	29	$	6,144	$	10,204	$	8,636	$	0
Total derivatives instruments	$	22,111	$	10,598	$	6,742	$	19,035	$	8,636	$	1,384

The following table sets forth the fair value of derivative instruments as recognized in the Consolidated Balance Sheets at April 30, 2011 and 2010.

	April 30, 2011						April 30, 2010
	Other		Other		Other		Other		Other
	Current		Current		Noncurrent		Current		Current
	Assets		Liabilities		Liabilities		Assets		Liabilities
Derivatives designated as hedging instruments:
Commodity contracts	$	3,408	$	0	$	0	$	1,874	$	9
Interest rate contract		5,423		0		1,384		0		0
Total derivatives designated as hedging instruments	$	8,831	$	0	$	1,384	$	1,874	$	9
Derivatives not designated as hedging instruments:
Commodity contracts	$	9,887	$	5,432	$	0	$	2,414	$	599
Foreign currency exchange contracts		317		3,204		0		0		830
Total derivatives not designated as hedging instruments	$	10,204	$	8,636	$	0	$	2,414	$	1,429
Total derivative instruments	$	19,035	$	8,636	$	1,384	$	4,288	$	1,438

The Company has elected to not offset fair value amounts recognized for commodity derivative instruments and its cash margin accounts executed with the same counterparty. The Company maintained cash margin accounts of $12,292 and $5,714 at April 30, 2011 and 2010, respectively, that are included in other current assets in the Consolidated Balance Sheets.

Gains and losses recognized on derivatives designated as cash flow hedges

	Three Months Ended July 31,
	2011			2010
(Losses) gains recognized in other comprehensive (loss) income (effective portion)	$	(6,014	)	$	8,931
Gains (losses) reclassified from accumulated other comprehensive (loss) income to cost of products sold (effective portion)		6,108			(37	)
Change in accumulated other comprehensive (loss) income	$	(12,122	)	$	8,968
(Losses) gains recognized in cost of products sold (ineffective portion)	$	(121	)	$	171

The following table presents information on gains recognized on derivatives designated as cash flow hedges, all of which hedge commodity price risk.

	Year Ended April 30,
	2011		2010
Gains recognized in other comprehensive income (effective portion)	$	21,082	$	6,029
Gains reclassified from accumulated other comprehensive income (loss) to cost of products sold (effective portion)		14,780		5,395
Change in accumulated other comprehensive income (loss)	$	6,302	$	634
Gains recognized in cost of products sold (ineffective portion)	$	611	$	200

Included as a component of accumulated other comprehensive income (loss) at April 30, 2011 and 2010, were deferred pre-tax gains of $9,430 and $3,128, respectively. The related tax impact recognized in accumulated other comprehensive income (loss) was $3,430 and $1,134 at April 30, 2011 and 2010, respectively. The entire amount of the deferred gain included in accumulated other comprehensive income (loss) at April 30, 2011, is expected to be recognized in earnings within one year as the related inventory is sold.

Gains and losses recognized in cost of products sold on derivatives not designated as qualified hedging instruments

	Three Months Ended
	July 31,
	2011		2010
Gains on commodity contracts	$	13,697	$	4,393
Gains on foreign currency exchange contracts		85		477
Gains recognized in cost of products sold (derivatives not designated as hedging instruments)	$	13,782	$	4,870

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

	Year Ended April 30,
	2011		2010
Losses on commodity contracts	$	3,994	$	2,384
Losses on foreign currency exchange contracts		3,290		7,234
Losses recognized in cost of products sold (derivatives not designated as hedging instruments)	$	7,284	$	9,618

Outstanding derivative contracts

	July 31, 2011		April 30, 2011
Commodity contracts	$	965,726	$	869,107
Foreign currency exchange contracts		100,602		73,158
Interest rate contract		376,000		376,000

The following table presents the gross contract notional value of outstanding derivative contracts at April 30, 2011 and 2010.

	April 30,
	2011		2010
Commodity contracts	$	869,107	$	323,351
Foreign currency exchange contracts		73,158		45,295
Interest rate contract		376,000		0