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Other Financial Instruments and Fair Value Measurements (Tables) | 12 Months Ended
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Apr. 30, 2025
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.
| April 30, 2025 |  | April 30, 2024
| Carrying Amount |  | Fair Value |  | Carrying Amount |  | Fair Value
Marketable securities and other investments | $ | 20.0 |  |  | $ | 20.0 |  |  | $ | 22.1 |  |  | $ | 22.1 |
Derivative financial instruments – net | 62.1 |  |  | 62.1 |  |  | 28.2 |  |  | 28.2 |
Total long-term debt | (7,036.8) |  |  | (7,242.0) |  |  | (7,773.0) |  |  | (7,652.9) |
Financial assets 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 April 30, 2025
Marketable securities and other investments: (A) |  |  |  |  |  |  |
Equity mutual funds | $ | 4.0 |  |  | $ | — |  |  | $ | — |  |  | $ | 4.0 |
Municipal obligations | — |  |  | 15.8 |  |  | — |  |  | 15.8 |
Money market funds | 0.2 |  |  | — |  |  | — |  |  | 0.2 |
Derivative financial instruments: (B) |  |  |  |  |  |  |
Commodity contracts – net | 62.8 |  |  | — |  |  | — |  |  | 62.8 |
Foreign currency exchange contracts – net | — |  |  | (0.7) |  |  | — |  |  | (0.7) |
Total long-term debt (C) | (6,532.5) |  |  | (709.5) |  |  | — |  |  | (7,242.0) |
Total financial instruments measured at fair value | $ | (6,465.5) |  |  | $ | (694.4) |  |  | $ | — |  |  | $ | (7,159.9) |
| 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, 2024
Marketable securities and other investments: (A) |  |  |  |  |  |  |
Equity mutual funds | $ | 4.5 |  |  | $ | — |  |  | $ | — |  |  | $ | 4.5 |
Municipal obligations | — |  |  | 17.2 |  |  | — |  |  | 17.2 |
Money market funds | 0.4 |  |  | — |  |  | — |  |  | 0.4 |
Derivative financial instruments: (B) |  |  |  |  |  |  |
Commodity contracts – net | 26.7 |  |  | (0.3) |  |  | — |  |  | 26.4 |
Foreign currency exchange contracts – net | 0.5 |  |  | 1.3 |  |  | — |  |  | 1.8 |
Total long-term debt (C) | (7,652.9) |  |  | — |  |  | — |  |  | (7,652.9) |
Total financial instruments measured at fair value | $ | (7,620.8) |  |  | $ | 18.2 |  |  | $ | — |  |  | $ | (7,602.6) |
(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 April 30, 2025, our municipal obligations are scheduled to mature as follows: $0.9 in 2026, $3.9 in 2027, $0.4 in 2028, $3.3 in 2029, $0.9 in 2030, and the remaining $6.4 in 2031 and beyond. For additional information, see Marketable Securities and Other Investments in Note 1: Accounting Policies. (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 classified as Level 1 and the Term Loan classified as Level 2. The public Senior Notes are traded in an active secondary market and valued using quoted prices. The fair value of the Term Loan is based on the net present value of each interest and principal payment calculated utilizing an interest rate derived from an estimated yield curve obtained from independent pricing sources for similar types of term loan borrowing arrangements. For additional information, see Note 8: Debt and Financing Arrangements.

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- Definition Tabular disclosure of assets, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, by class that are measured at fair value on a recurring basis. The disclosures contemplated herein include the fair value measurements at the reporting date by the level within the fair value hierarchy in which the fair value measurements in their entirety fall, segregating fair value measurements using quoted prices in active markets for identical assets (Level 1), significant other observable inputs (Level 2), and significant unobservable inputs (Level 3). + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 + Details
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- Definition Tabular disclosure of the fair value of financial instruments, including financial assets and financial liabilities, and the measurements of those instruments, assets, and liabilities. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 825 -SubTopic 10 -Section 50 -Paragraph 11 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482907/825-10-50-11 + Details
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