v3.24.2.u1
Derivative Financial Instruments (Tables)
 3 Months Ended
Jul. 31, 2024
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Outstanding derivative contracts
The following table presents the gross notional value of outstanding derivative contracts.
July 31, 2024April 30, 2024
Commodity contracts$1,664.1 $787.7 
Foreign currency exchange contracts101.8 98.6 
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.
 July 31, 2024
 Other
Current
Assets		Other
Current
Liabilities		Other
Noncurrent
Assets		Other
Noncurrent
Liabilities
Derivatives not designated as hedging instruments:
Commodity contracts$24.0 $42.5 $— $— 
Foreign currency exchange contracts1.5 — — — 
Total derivative instruments$25.5 $42.5 $— $— 
 April 30, 2024
 Other
Current
Assets		Other
Current
Liabilities		Other
Noncurrent
Assets		Other
Noncurrent
Liabilities
Derivatives not designated as hedging instruments:
Commodity contracts$35.8 $9.3 $— $0.1 
Foreign currency exchange contracts1.9 0.1 — — 
Total derivative instruments$37.7 $9.4 $— $0.1 
Net gains and losses recognized in costs of products sold on derivatives not designated as hedging instruments
The following table presents the net gains and losses recognized in cost of products sold in the Condensed Statements of Consolidated Income on derivatives not designated as hedging instruments.
 Three Months Ended July 31,
 20242023
Derivative gains (losses) on commodity contracts$(30.0)$7.8 
Derivative gains (losses) on foreign currency exchange contracts0.2 (2.2)
Total derivative gains (losses) recognized in cost of products sold$(29.8)$5.6 
Net cumulative unallocated derivative gains (losses) The following table presents the net change in cumulative unallocated derivative gains and losses.
 Three Months Ended July 31,
20242023
Net derivative gains (losses) recognized and classified as unallocated$(29.8)$5.6 
Less: Net derivative gains (losses) reclassified to segment operating profit0.2 (4.8)
Change in net cumulative unallocated derivative gains and losses$(30.0)$10.4 
Pre-tax gains and losses recognized on all contracts previously designated as cash flow hedges
The following table presents information on the pre-tax gains and losses recognized on all contracts previously designated as cash flow hedges.
Three Months Ended July 31,
20242023
Gains (losses) recognized in other comprehensive income (loss)$— $— 
Less: Gains (losses) reclassified from accumulated other comprehensive income (loss) to interest expense – net (A)
(3.4)(3.4)
Change in accumulated other comprehensive income (loss)$3.4 $3.4 
(A)Interest expense – net, as presented in the Condensed Statements of Consolidated Income was $100.4 and $32.1 for the three months ended July 31, 2024 and 2023, respectively. The reclassification includes terminated contracts which were designated as cash flow hedges.