Other Financial Instruments and Fair Value Measurements (Tables)

3 Months Ended

Jul. 31, 2013

Other Financial Instruments and Fair Value Measurements [Abstract]

Carrying amount and fair value of financial instruments

	July 31, 2013				April 30, 2013
	Carrying Amount		Fair Value		Carrying Amount		Fair Value
Other investments	$	51.1	$	51.1	$	48.8	$	48.8
Derivative financial instruments—net		1.8		1.8		1.9		1.9
Long-term debt		(2,017.1)		(2,292.0)		(2,017.8)		(2,388.1)

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

	Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Observable Inputs (Level 2)		Significant Unobservable Inputs(Level 3)		Fair Value at July 31, 2013
Other investments: (A)
Equity mutual funds	$	21.7	$	—	$	—	$	21.7
Municipal obligations		—		28.8		—		28.8
Other investments		0.6		—		—		0.6
Derivatives: (B)
Commodity contracts—net		1.4		(0.1)		—		1.3
Foreign currency exchange contracts—net		—		0.5		—		0.5
Long-term debt (C)		(756.5)		(1,535.5)		—		(2,292.0)
Total financial instruments measured at fair value	$	(732.8)	$	(1,506.3)	$	—	$	(2,239.1)

	Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Observable Inputs (Level 2)		Significant Unobservable Inputs(Level 3)		Fair Value at April 30, 2013
Other investments: (A)
Equity mutual funds	$	21.6	$	—	$	—	$	21.6
Municipal obligations		—		26.6		—		26.6
Other investments		0.6		—		—		0.6
Derivatives: (B)
Commodity contracts—net		0.7		0.7		—		1.4
Foreign currency exchange contracts—net		—		0.5		—		0.5
Long-term debt (C)		(803.6)		(1,584.5)		—		(2,388.1)
Total financial instruments measured at fair value	$	(780.7)	$	(1,556.7)	$	—	$	(2,337.4)

(A) 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 valuation techniques that utilize inputs which are derived principally from or corroborated by observable market data. As of July 31, 2013, our municipal obligations are scheduled to mature as follows: $1.0 in 2014, $2.2 in 2015, $0.5 in 2016, $1.8 in 2017, and $23.3 in 2018 and beyond.

(B) Level 1 derivatives are valued using quoted market prices for identical instruments in active markets. The Level 2 derivatives are valued using quoted prices for similar assets or liabilities in active markets. For additional information, see Note 10: Derivative Financial Instruments.

(C) Long-term debt is comprised of public Senior Notes classified as Level 1 and private Senior Notes classified as Level 2. The public Senior Notes are traded in an active secondary market and valued using quoted prices. The value of the private Senior Notes is based on the net present value of each interest and principal payment calculated utilizing an interest rate derived from a fair market yield curve.