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Derivative Financial Instruments (Tables) | 9 Months Ended
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Jan. 31, 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 Condensed Consolidated Balance Sheets.
| January 31, 2020 |  |  |  |  |  |
| Other Current Assets |  | Other Current Liabilities |  | Other Noncurrent Assets |  | Other Noncurrent Liabilities
Derivatives designated as hedging instruments: |  |  |  |  |  |  |
Interest rate contracts | $ | — |  |  | $ | 168.9 |  |  | $ | — |  |  | $ | — |
Total derivatives designated as hedging instruments | $ | — |  |  | $ | 168.9 |  |  | $ | — |  |  | $ | — |
Derivatives not designated as hedging instruments: |  |  |  |  |  |  |
Commodity contracts | $ | 8.6 |  |  | $ | 16.4 |  |  | $ | — |  |  | $ | — |
Foreign currency exchange contracts | 0.4 |  |  | 0.1 |  |  | — |  |  | — |
Total derivatives not designated as hedging instruments | $ | 9.0 |  |  | $ | 16.5 |  |  | $ | — |  |  | $ | — |
Total derivative instruments | $ | 9.0 |  |  | $ | 185.4 |  |  | $ | — |  |  | $ | — |
| 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 derivatives 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.
| Three Months Ended January 31, |  |  |  | Nine Months Ended January 31, |  |
| 2020 |  | 2019 |  | 2020 |  | 2019
Gains (losses) recognized in other comprehensive income (loss) | $ | (22.7) |  |  | $ | (48.1) |  |  | $ | (119.8) |  |  | $ | (37.6) |
Less: Gains (losses) reclassified from accumulated other comprehensive income (loss) to interest expense | (0.1) |  |  | (0.1) |  |  | (0.3) |  |  | (0.3) |
Change in accumulated other comprehensive income (loss) | $ | (22.6) |  |  | $ | (48.0) |  |  | $ | (119.5) |  |  | $ | (37.3) |
Net realized and unrealized gains and losses recognized in cost of products 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.
| Three Months Ended January 31, |  |  |  | Nine Months Ended January 31, |  |
| 2020 |  | 2019 |  | 2020 |  | 2019
Gains (losses) on commodity contracts | $ | (7.3) |  |  | $ | (25.8) |  |  | $ | (4.8) |  |  | $ | (55.9) |
Gains (losses) on foreign currency exchange contracts | 0.3 |  |  | 0.2 |  |  | (0.8) |  |  | 1.7 |
Total gains (losses) recognized in cost of products sold | $ | (7.0) |  |  | $ | (25.6) |  |  | $ | (5.6) |  |  | $ | (54.2) |
Schedule of unallocated derivative gains (losses) | The following table presents the activity in unallocated derivative gains and losses.
| Three Months Ended January 31, |  |  |  | Nine Months Ended January 31, |  |
| 2020 |  | 2019 |  | 2020 |  | 2019
Net gains (losses) on mark-to-market valuation of unallocated derivative positions | $ | (7.0) |  |  | $ | (25.6) |  |  | $ | (5.6) |  |  | $ | (54.2) |
Less: Net gains (losses) on derivative positions reclassified to segment operating profit | (14.7) |  |  | (22.7) |  |  | (43.2) |  |  | (29.2) |
Unallocated derivative gains (losses) | $ | 7.7 |  |  | $ | (2.9) |  |  | $ | 37.6 |  |  | $ | (25.0) |
Outstanding derivative contracts | The following table presents the gross notional value of outstanding derivative contracts.
| January 31, 2020 |  | April 30, 2019
Commodity contracts | $ | 808.9 |  |  | $ | 544.8 |
Foreign currency exchange contracts | 88.1 |  |  | 144.9 |
Interest rate contracts | 800.0 |  |  | 800.0 |

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- Definition Tabular disclosure of the location and amount of derivative instruments and nonderivative instruments designated as hedging instruments reported before netting adjustments, and the amount of gain (loss) on derivative instruments and nonderivative instruments designated and qualified as hedging instruments. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4E -URI http://asc.fasb.org/extlink&oid=109980867&loc=SL5624181-113959 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4A -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=109980867&loc=SL5618551-113959 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4C -URI http://asc.fasb.org/extlink&oid=109980867&loc=SL5624171-113959 + Details
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