Other Financial Instruments and Fair Value Measurements (Tables)

3 Months Ended

12 Months Ended

Jul. 31, 2011

Apr. 30, 2011

Other Financial Instruments and Fair Value Measurements (Tables) [Abstract]

Carrying amount and fair value of financial instruments


	July 31, 2011				April 30, 2011
	Carrying				Carrying
	Amount		Fair Value		Amount		Fair Value

Marketable securities	$	—	$	—	$	18,600	$	18,600
Other investments		41,779		41,779		41,560		41,560
Derivatives financial instruments, net		25,967		25,967		9,015		9,015
Long-term debt		1,318,489		1,661,566		1,304,039		1,648,614

The following table provides information on the carrying amount and fair value of the Company’s financial instruments.

April 30, 2011

April 30, 2010

Carrying

Carrying

Amount

Fair Value

Amount

Fair Value

Marketable securities

18,600

Other investments

41,560

34,895

Derivative financial instruments, net

9,015

2,850

Long-term debt

1,304,039

1,648,614

910,000

1,172,467

Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Valuation techniques are based on observable and unobservable inputs. Observable inputs reflect readily obtainable data from independent sources, while unobservable inputs reflect the Company’s market assumptions.

Financial assets (liabilities) measured at fair value on a recurring basis


	Quoted Prices in			Significant		Significant
	Active Markets for			Observable		Unobservable
	Identical Assets			Inputs		Inputs		Fair Value at			Fair Value at
	(Level 1)			(Level 2)		(Level 3)		July 31, 2011			April 30, 2011

Marketable securities: ^(A)	$	0		$	0	$	0	$	0		$	18,600
Other investments: ^(B)
Equity mutual funds		13,861			0		0		13,861			14,011
Municipal obligations		0			20,473		0		20,473			20,042
Other investments		402			7,043		0		7,445			7,507
Derivatives: ^(C)
Commodity contracts, net		9,227			0		0		9,227			7,863
Foreign currency exchange contracts, net		(1,748	)		0		0		(1,748	)		(2,887	)
Interest rate contract, net		0			18,488		0		18,488			4,039

Total financial assets measured at fair value	$	21,742		$	46,004	$	0	$	67,746		$	69,175


^(A)		The Company’s marketable securities consisted entirely of commercial paper. One security of $10.0 million was sold and one security of $8.6 million matured in the three months ended July 31, 2011. They were broker-priced and valued by a third party using an evaluated pricing methodology. An evaluated pricing methodology is a valuation technique which uses inputs that are derived principally from or corroborated by observable market data.

^(B)		The Company’s other investments consist of funds maintained for the payment of benefits associated with nonqualified retirement plans. The funds include equity securities listed in active markets and municipal obligations valued by a third party using an evaluated pricing methodology. As of July 31, 2011, the Company’s municipal obligations are scheduled to mature as follows: $1,463 in 2012, $3,392 in 2013, $741 in 2014, $2,764 in 2015, and $12,113 in 2016 and beyond.

^(C)		The Company’s commodity contract and foreign currency exchange contract derivatives are valued using quoted market prices. The Company’s interest rate contract derivative is valued using the income approach, observable Level 2 market expectations at the measurement date, and standard valuation techniques to convert future amounts to a single discounted present value. Level 2 inputs for the interest rate contract are limited to quoted prices for similar assets or liabilities in active markets and inputs other than quoted prices that are observable for the asset or liability. For additional information, see Note M — Derivative Financial Instruments.

The following table summarizes the fair values and the levels within the fair value hierarchy in which the fair value measurements fall for the Company’s financial assets (liabilities).


	Quoted Prices in			Significant		Significant
	Active Markets			Observable		Unobservable
	for Identical			Inputs		Inputs		Fair Value at			Fair Value at
	Assets (Level 1)			(Level 2)		(Level 3)		April 30, 2011			April 30, 2010

Marketable securities: ^(A)
Mortgage-backed securities	$	0		$	18,600	$	0	$	18,600		$	0
Other investments: ^(B)
Equity mutual funds		14,011			0		0		14,011			11,626
Municipal obligations		0			20,042		0		20,042			16,753
Other investments		464			7,043		0		7,507			6,516
Derivatives: ^(C)
Commodity contracts, net		7,863			0		0		7,863			3,680
Foreign currency exchange contracts, net		(2,887	)		0		0		(2,887	)		(830	)
Interest rate contract, net		0			4,039		0		4,039			0

Total financial assets measured at fair value	$	19,451		$	49,724	$	0	$	69,175		$	37,745


^(A)		The Company’s marketable securities, consisting entirely of mortgage-backed securities, are broker-priced and valued by a third party using an evaluated pricing methodology. An evaluated pricing methodology is a valuation technique which uses inputs that are derived principally from or corroborated by observable market data. For additional information, see Marketable Securities and Other Investments of Note A: Accounting Policies.


^(B)		The Company’s other investments consist of funds maintained for the payment of benefits associated with nonqualified retirement plans. The funds include equity securities listed in active markets and municipal bonds valued by a third party using an evaluated pricing methodology. For additional information, see Marketable Securities and Other Investments of Note A: Accounting Policies.

^(C)		The Company’s commodity contract and foreign currency exchange contract derivatives are valued using quoted market prices. The Company’s interest rate contract derivative is valued using the income approach, observable Level 2 market expectations at the measurement date, and standard valuation techniques to convert future amounts to a single discounted present value. Level 2 inputs for the interest rate contract are limited to quoted prices for similar assets or liabilities in active markets and inputs other than quoted prices that are observable for the asset or liability. For additional information, see Note M: Derivative Financial Instruments.

Nonfinancial assets adjusted to fair value

The following tables present the Company’s nonfinancial assets adjusted to fair value during the years ended April 30, 2011 and 2010, respectively.


	Carrying								Carrying
	Amount at		Fair Value			Other			Amount at
	May 1, 2010		Adjustment			Adjustments			April 30, 2011

Indefinite-lived trademarks ^(D)	$	11,896	$	(4,065	)	$	510		$	8,341
Finite-lived customer relationship ^(D)		18,964		(13,534	)		(222	)		5,208

Total nonfinancial assets adjusted to fair value	$	30,860	$	(17,599	)	$	288		$	13,549


	Carrying								Carrying
	Amount at		Fair Value			Other			Amount at
	May 1, 2009		Adjustment			Adjustments			April 30, 2010

Indefinite-lived trademarks ^(D)	$	21,370	$	(9,133	)	$	2,315		$	14,552
Finite-lived trademarks ^(D)		3,012		(2,525	)		(487	)		0

Total nonfinancial assets adjusted to fair value	$	24,382	$	(11,658	)	$	1,828		$	14,552


^(D)		The Company utilized Level 3 inputs to estimate the fair value of the nonfinancial assets. For additional information, see Note G: Goodwill and Other Intangible Assets.

During 2011 and 2010, the Company recognized fair value adjustments related to the impairment of certain indefinite-lived and finite-lived intangible assets. Other adjustments related to foreign currency exchange and amortization were recognized during the years ended April 30, 2011 and 2010.

- Definition

This element represents the disclosure related to the fair value measurement of assets and liabilities which includes [financial] instruments measured at fair value that are classified in stockholders' equity. Such assets and liabilities may be measured on a recurring or nonrecurring basis. The disclosures which may be required or desired include: (1) for assets and liabilities measured on a recurring basis, disclosure may include: (a) the fair value measurements at the reporting date; (b) the level within the fair value hierarchy in which the fair value measurements in their entirety fall, segregating fair value measurements using quoted prices in active markets for identical assets or liabilities (Level 1), significant other observable inputs (Level 2), and significant unobservable inputs (Level 3); (c) for fair value measurements using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances, separately presenting changes during the period attributable to the following: (i) total gains or losses for the period (realized and unrealized), segregating those gains or losses included in earnings (or changes in net assets), and a description of where those gains or losses included in earnings (or changes in net assets) are reported in the statement of income (or activities); (ii) purchases, sales, issuances, and settlements (net); (iii) transfers in and transfers out of Level 3 (for example, transfers due to changes in the observability of significant inputs); (d) the amount of the total gains or losses for the period in subparagraph (c) (i) above included in earnings (or changes in net assets) that are attributable to the change in unrealized gains or losses relating to those assets and liabilities still held at the reporting date and a description of where those unrealized gains or losses are reported in the statement of income (or activities); (e) the valuation technique(s) used to measure fair value and a discussion of changes in valuation techniques, if any, during the period and (2) for assets and liabilities that are measured at fair value on a nonrecurring basis (for example, impaired assets) disclosure may include, in addition to (a) above: (a) the reasons for the fair value measurements recorded; (b) the same as (b) above; (c) for fair value measurements using significant unobservable inputs (Level 3), a description of the inputs and the information used to develop the inputs; and (d) the valuation technique(s) used to measure fair value and a discussion of changes, if any, in the valuation technique(s) used to measure similar assets and/or liabilities in prior periods.

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