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Derivative Financial Instruments (Tables)

9 Months Ended

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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Schedule of activity related to the net mark-to-market valuation of commodity and foreign exchange derivatives recognized in unallocated derivative losses and gains.

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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.

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-Publisher FASB
-Name Accounting Standards Codification
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-SubTopic 10
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Tabular disclosure of the location and fair value amounts of derivative instruments (and nonderivative instruments that are designated and qualify as hedging instruments) reported in the statement of financial position.

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Tabular disclosure of the notional amounts of outstanding derivative positions.

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