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Other Financial Instruments and Fair Value Measurements
 9 Months Ended
Jan. 31, 2022
Fair Value Disclosures [Abstract]  
Other Financial Instruments and Fair Value Measurements
Financial instruments, other than derivatives, that potentially subject us to significant concentrations of credit risk consist principally of cash investments, short-term borrowings, and trade receivables. The carrying value of these financial instruments approximates fair value. Our remaining financial instruments, with the exception of long-term debt, are recognized at estimated fair value in the Condensed Consolidated Balance Sheets.
The following table provides information on the carrying amounts and fair values of our financial instruments.
 January 31, 2022April 30, 2021
 Carrying
Amount		Fair ValueCarrying
Amount		Fair Value
Marketable securities and other investments$30.0 $30.0 $31.0 $31.0 
Derivative financial instruments – net19.1 19.1 35.8 35.8 
Total long-term debt(4,309.7)(4,524.9)(4,669.7)(5,034.5)
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 our market assumptions.
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 $— $— $7.0 
Municipal obligations— 22.8 — 22.8 
Money market funds0.2 — — 0.2 
Derivative financial instruments: (B)
Commodity contracts – net20.1 (2.2)— 17.9 
Foreign currency exchange contracts – net— 1.2 — 1.2 
Total long-term debt (C)
(4,524.9)— — (4,524.9)
Total financial instruments measured at fair value$(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 $— $— $6.3 
Municipal obligations— 24.4 — 24.4 
Money market funds0.3 — — 0.3 
Derivative financial instruments: (B)
Commodity contracts – net39.4 — — 39.4 
Foreign currency exchange contracts – net(0.4)(3.2)— (3.6)
Total long-term debt (C)
(5,034.5)— — (5,034.5)
Total financial instruments measured at fair value$(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.
During the third quarter of 2022, we recognized an impairment charge of $150.4 related to the Rachael Ray Nutrish brand within the U.S. Retail Pet Foods segment, which was included as a noncash charge in our Condensed Statement of Consolidated Income. We utilized Level 3 inputs based on management's best estimates and assumptions to estimate the fair value of the indefinite-lived trademark. For additional information, see Note 7: Goodwill and Other Intangible Assets.