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Other Financial Instruments and Fair Value Measurements (Tables) | 9 Months Ended
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Jan. 31, 2022
Fair Value Disclosures [Abstract] |
Carrying amount and fair value of financial instruments | The following table provides information on the carrying amounts and fair values of our financial instruments.
| January 31, 2022 |  | April 30, 2021
| Carrying Amount |  | Fair Value |  | Carrying Amount |  | Fair Value
Marketable securities and other investments | $ | 30.0 |  |  | $ | 30.0 |  |  | $ | 31.0 |  |  | $ | 31.0 |
Derivative financial instruments – net | 19.1 |  |  | 19.1 |  |  | 35.8 |  |  | 35.8 |
Total long-term debt | (4,309.7) |  |  | (4,524.9) |  |  | (4,669.7) |  |  | (5,034.5) |
Financial assets (liabilities) measured at fair value on a recurring basis | The following tables summarize the fair values and the levels within the fair value hierarchy in which the fair value measurements fall for our financial instruments.
| Quoted Prices in Active Markets for Identical Assets (Level 1) |  | Significant Observable Inputs (Level 2) |  | Significant Unobservable Inputs (Level 3) |  | Fair Value at January 31, 2022
Marketable securities and other investments: (A) |  |  |  |  |  |  |
Equity mutual funds | $ | 7.0 |  |  | $ | — |  |  | $ | — |  |  | $ | 7.0 |
Municipal obligations | — |  |  | 22.8 |  |  | — |  |  | 22.8 |
Money market funds | 0.2 |  |  | — |  |  | — |  |  | 0.2 |
Derivative financial instruments: (B) |  |  |  |  |  |  |
Commodity contracts – net | 20.1 |  |  | (2.2) |  |  | — |  |  | 17.9 |
Foreign currency exchange contracts – net | — |  |  | 1.2 |  |  | — |  |  | 1.2 |
Total long-term debt (C) | (4,524.9) |  |  | — |  |  | — |  |  | (4,524.9) |
Total financial instruments measured at fair value | $ | (4,497.6) |  |  | $ | 21.8 |  |  | $ | — |  |  | $ | (4,475.8) |
| 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, 2021
Marketable securities and other investments: (A) |  |  |  |  |  |  |
Equity mutual funds | $ | 6.3 |  |  | $ | — |  |  | $ | — |  |  | $ | 6.3 |
Municipal obligations | — |  |  | 24.4 |  |  | — |  |  | 24.4 |
Money market funds | 0.3 |  |  | — |  |  | — |  |  | 0.3 |
Derivative financial instruments: (B) |  |  |  |  |  |  |
Commodity contracts – net | 39.4 |  |  | — |  |  | — |  |  | 39.4 |
Foreign currency exchange contracts – net | (0.4) |  |  | (3.2) |  |  | — |  |  | (3.6) |
Total long-term debt (C) | (5,034.5) |  |  | — |  |  | — |  |  | (5,034.5) |
Total financial instruments measured at fair value | $ | (4,988.9) |  |  | $ | 21.2 |  |  | $ | — |  |  | $ | (4,967.7) |
(A)Marketable securities and 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, municipal obligations valued by a third party using valuation techniques that utilize inputs that are derived principally from or corroborated by observable market data, and money market funds with maturities of three months or less. Based on the short-term nature of these money market funds, carrying value approximates fair value. As of January 31, 2022, our municipal obligations are scheduled to mature as follows: $1.2 in 2022, $2.0 in 2024, $2.9 in 2025, $1.6 in 2026, and the remaining $15.1 in 2027 and beyond. We do not have any municipal obligations scheduled to mature in 2023. (B)Level 1 commodity and foreign currency exchange derivatives are valued using quoted market prices for identical instruments in active markets. Level 2 commodity and foreign currency exchange 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 composed of public Senior Notes, which are traded in an active secondary market and valued using quoted prices. For additional information, see Note 8: Debt and Financing Arrangements.

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- Definition Tabular disclosure of financial instruments measured at fair value, including those classified in shareholders' equity measured on a recurring or nonrecurring basis. Disclosures include, but are not limited to, fair value measurements recorded and the reasons for the measurements, level within the fair value hierarchy in which the fair value measurements are categorized and transfers between levels 1 and 2. Nonrecurring fair value measurements are those that are required or permitted in the statement of financial position in particular circumstances. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=117815213&loc=d3e19207-110258 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=117815213&loc=d3e19279-110258 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2C -URI http://asc.fasb.org/extlink&oid=117815213&loc=SL7498348-110258 Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=117815213&loc=d3e19207-110258 Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (bb) -URI http://asc.fasb.org/extlink&oid=117815213&loc=d3e19207-110258 + Details
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