J M SMUCKER CO, 10-K filed on 6/18/2024
Annual Report
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Cover Page - USD ($)
 12 Months Ended
Apr. 30, 2024
Jun. 11, 2024
Oct. 31, 2023
Entity Listings [Line Items]      
Document Type 10-K    
Document Annual Report true    
Document Period End Date Apr. 30, 2024    
Document Transition Report false    
Entity File Number 001-5111    
Entity Registrant Name THE J. M. SMUCKER COMPANY    
Entity Incorporation, State or Country Code OH    
Entity Tax Identification Number 34-0538550    
Entity Address, Address Line One One Strawberry Lane    
Entity Address, City or Town Orrville,    
Entity Address, State or Province OH    
Entity Address, Postal Zip Code 44667-0280    
City Area Code (330)    
Local Phone Number 682-3000    
Title of 12(b) Security Common shares, no par value    
Trading Symbol SJM    
Security Exchange Name NYSE    
Entity Well-known Seasoned Issuer Yes    
Entity Voluntary Filers No    
Entity Current Reporting Status Yes    
Entity Interactive Data Current Yes    
Entity Filer Category Large Accelerated Filer    
Entity Small Business false    
Entity Emerging Growth Company false    
ICFR Auditor Attestation Flag true    
Document Financial Statement Error Correction false    
Entity Shell Company false    
Entity Public Float     $ 11,160,620,648
Entity Common Stock, Shares Outstanding   106,195,350  
Entity Central Index Key 0000091419    
Amendment Flag false    
Document Fiscal Year Focus 2024    
Current Fiscal Year End Date --04-30    
Document Fiscal Period Focus FY    
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Audit Information
 12 Months Ended
Apr. 30, 2024
Auditor Information [Abstract]  
Auditor Name Ernst & Young LLP
Auditor Location Akron, Ohio
Auditor Firm ID 42
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Statements of Consolidated Income - USD ($)
$ in Millions
 12 Months Ended
Apr. 30, 2024
Apr. 30, 2023
Apr. 30, 2022
Income Statement [Abstract]      
Net sales $ 8,178.7 $ 8,529.2 $ 7,998.9
Cost of products sold [1] 5,063.3 5,727.4 5,298.2
Gross Profit 3,115.4 2,801.8 2,700.7
Selling, distribution, and administrative expenses 1,446.2 1,455.0 1,360.3
Amortization 191.1 206.9 223.6
Other intangible assets impairment charges 0.0 0.0 150.4
Other special project costs [1],[2] 130.2 4.7 8.0
Loss (gain) on divestitures – net 12.9 1,018.5 (9.6)
Other operating expense (income) – net 29.2 (40.8) (55.8)
Operating Income 1,305.8 157.5 1,023.8
Interest expense – net (264.3) (152.0) (160.9)
Other debt costs [1],[2] (19.5) 0.0 0.0
Other income (expense) – net [2] (25.6) (14.7) (19.1)
Income (Loss) Before Income Taxes 996.4 (9.2) 843.8
Income tax expense 252.4 82.1 212.1
Net Income (Loss) $ 744.0 $ (91.3) $ 631.7
Earnings per common share:      
Net Income (Loss) (in dollars per share) $ 7.14 $ (0.86) $ 5.84
Net Income (Loss) - Assuming Dilution (in dollars per share) $ 7.13 $ (0.86) $ 5.83
[1] Includes special project costs related to certain divestiture, acquisition, integration, and restructuring activities. For more information, see Note 4: Special Project Costs, Note 5: Reportable Segments, and Note 8: Debt and Financing Arrangements.
[2] Includes special project costs related to certain divestiture, acquisition, integration, and restructuring activities. For more information, see Note 4: Special Project Costs and Note 8: Debt and Financing Arrangements.
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Statements of Consolidated Comprehensive Income - USD ($)
$ in Millions
 12 Months Ended
Apr. 30, 2024
Apr. 30, 2023
Apr. 30, 2022
Statement of Comprehensive Income [Abstract]      
Net income (loss) $ 744.0 $ (91.3) $ 631.7
Other comprehensive income (loss):      
Foreign currency translation adjustments (4.9) (13.2) (12.1)
Cash flow hedging derivative activity, net of tax 10.5 10.3 10.9
Pension and other postretirement benefit plans activity, net of tax (0.7) 1.5 43.1
Available-for-sale securities activity, net of tax (0.3) (0.4) (1.9)
Total Other Comprehensive Income (Loss) 4.6 (1.8) 40.0
Comprehensive Income (Loss) $ 748.6 $ (93.1) $ 671.7
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Consolidated Balance Sheets - USD ($)
$ in Millions
Apr. 30, 2024
Apr. 30, 2023
Current Assets    
Cash and cash equivalents $ 62.0 $ 655.8
Trade receivables – net 736.5 597.6
Inventories:    
Finished products 639.4 657.6
Raw materials 399.5 352.2
Total Inventory 1,038.9 1,009.8
Investment in equity securities 0.0 487.8
Other current assets 129.5 107.7
Total Current Assets 1,966.9 2,858.7
Property, Plant, and Equipment    
Land and land improvements 152.4 131.0
Buildings and fixtures 1,174.9 956.1
Machinery and equipment 2,933.7 2,443.5
Construction in progress 911.7 629.4
Gross Property, Plant, and Equipment 5,172.7 4,160.0
Accumulated depreciation (2,100.0) (1,920.5)
Total Property, Plant, and Equipment 3,072.7 2,239.5
Other Noncurrent Assets    
Operating lease right-of-use assets 174.6 103.0
Goodwill 7,649.9 [1] 5,216.9
Other intangible assets – net 7,255.4 4,429.3
Other noncurrent assets 154.2 144.0
Total Other Noncurrent Assets 15,234.1 9,893.2
Total Assets 20,273.7 14,991.4
Current Liabilities    
Accounts payable 1,336.2 1,392.6
Accrued compensation 151.5 112.9
Accrued trade marketing and merchandising 214.3 187.7
Dividends payable 112.8 106.3
Current portion of long-term debt [2] 999.3 0.0
Short-term borrowings 591.0 0.0
Current operating lease liabilities 40.5 33.2
Other current liabilities 315.5 154.0
Total Current Liabilities 3,761.1 1,986.7
Noncurrent Liabilities    
Long-term debt, less current portion [2] 6,773.7 4,314.2
Defined benefit pensions 54.1 62.1
Other postretirement benefits 44.3 49.1
Deferred income taxes 1,737.4 1,138.9
Noncurrent operating lease liabilities 143.5 77.2
Other noncurrent liabilities 65.7 72.4
Total Noncurrent Liabilities 8,818.7 5,713.9
Total Liabilities 12,579.8 7,700.6
Shareholders’ Equity    
Serial preferred shares – no par value: Authorized – 6,000,000 shares; outstanding – none 0.0 0.0
Common shares – no par value: Authorized – 300,000,000 shares; outstanding – 106,194,281 at April 30, 2024, and 104,398,618 at April 30, 2023 (net of 44,293,364 and 42,099,112 treasury shares, respectively), at stated value 26.5 26.1
Additional capital 5,713.9 5,371.8
Retained income 2,188.1 2,132.1
Accumulated other comprehensive income (loss) (234.6) (239.2)
Total Shareholders’ Equity 7,693.9 7,290.8
Total Liabilities and Shareholders’ Equity $ 20,273.7 $ 14,991.4
[1] Included in goodwill as of April 30, 2024, are accumulated goodwill impairment charges of $242.9.
[2] Represents the carrying amount included in the Consolidated Balance Sheets, which includes the impact of capitalized debt issuance costs, offering discounts, and terminated interest rate contracts.
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Consolidated Balance Sheets (Parenthetical) - shares
Apr. 30, 2024
Apr. 30, 2023
Statement of Financial Position [Abstract]    
Serial preferred shares, no par value, shares authorized (in shares) 6,000,000 6,000,000
Serial preferred shares outstanding 0 0
Common shares authorized 300,000,000 300,000,000
Common shares outstanding 106,194,281 104,398,618
Treasury Stock, Common Shares 44,293,364 42,099,112
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Statements of Consolidated Cash Flows - USD ($)
$ in Millions
 12 Months Ended
Apr. 30, 2024
Apr. 30, 2023
Apr. 30, 2022
Operating Activities      
Net income (loss) $ 744.0 $ (91.3) $ 631.7
Adjustments to reconcile net income (loss) to net cash provided by (used for) operations:      
Depreciation 239.7 224.1 235.5
Amortization 191.1 206.9 223.6
Realized loss on investment in equity securities - net 21.5 0.0 0.0
Other intangible assets impairment charges 0.0 0.0 150.4
Pension settlement loss (gain) 3.2 7.4 10.8
Share-based compensation expense 23.9 25.6 22.3
Loss (gain) on divestitures – net 12.9 1,018.5 (9.6)
Deferred income tax expense (benefit) (40.5) (190.8) (38.1)
Loss (gain) on disposal of assets – net 7.8 5.1 4.7
Other noncash adjustments – net 31.9 23.9 14.9
Settlement of interest rate contracts 42.5 0.0 0.0
Make-whole payments included in financing activities 0.0 0.0 7.0
Defined benefit pension contributions (4.1) (74.1) (5.3)
Changes in assets and liabilities, net of effect from acquisition and divestitures:      
Trade receivables 41.5 (74.8) 7.5
Inventories 2.9 (134.6) (178.7)
Other current assets (35.5) 86.8 (52.8)
Accounts payable (81.7) 151.6 149.5
Accrued liabilities 99.4 0.4 (33.0)
Income and other taxes (34.9) 9.5 12.8
Other – net (36.2) 0.2 (16.9)
Net Cash Provided by (Used for) Operating Activities 1,229.4 1,194.4 1,136.3
Investing Activities      
Business acquired, net of cash acquired (3,920.6) 0.0 0.0
Proceeds from sale of equity securities 466.3 0.0 0.0
Proceeds from divestitures – net 56.3 686.3 130.0
Additions to property, plant, and equipment (586.5) (477.4) (417.5)
Other – net 19.9 47.3 (68.0)
Net Cash Provided by (Used for) Investing Activities (3,964.6) 256.2 (355.5)
Financing Activities      
Short-term borrowings (repayments) – net 578.2 (185.9) 97.6
Proceeds from long-term debt 4,285.0 0.0 797.6
Repayments of long-term debt, including make-whole payments (1,791.0) 0.0 (1,157.0)
Capitalized debt issuance costs (32.1) 0.0 (10.4)
Quarterly dividends paid (437.5) (430.2) (418.1)
Purchase of treasury shares (372.8) (367.5) (270.4)
Proceeds from stock option exercises 3.2 21.6 16.3
Payment of assumed tax receivable agreement obligation (86.4) 0.0 0.0
Other – net (5.0) (2.6) (0.1)
Net Cash Provided by (Used for) Financing Activities 2,141.6 (964.6) (944.5)
Effect of exchange rate changes on cash (0.2) (0.1) (0.7)
Net increase (decrease) in cash and cash equivalents (593.8) 485.9 (164.4)
Cash and cash equivalents at beginning of year 655.8 169.9 334.3
Cash and Cash Equivalents at End of Year $ 62.0 $ 655.8 $ 169.9
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Statements of Consolidated Shareholders' Equity - USD ($)
$ in Millions
Total
Common Shares
Additional Capital
Retained Income
Accumulated Other Comprehensive Income (Loss)
Balance at Apr. 30, 2021 $ 8,124.8 $ 27.1 $ 5,527.6 $ 2,847.5 $ (277.4)
Balance, shares at Apr. 30, 2021   108,339,057      
Increase (Decrease) in Stockholders' Equity [Roll Forward]          
Net income (loss) 631.7     631.7  
Other comprehensive income (loss) 40.0       40.0
Comprehensive income (loss) 671.7        
Purchase of treasury shares (270.4) $ (0.5) (109.6) (160.3)  
Purchase of treasury shares, shares   (2,059,083)      
Stock plans 39.9 $ 0.0 39.9    
Stock plans, shares   178,343      
Cash dividends declared (425.9)     (425.9)  
Balance at Apr. 30, 2022 8,140.1 $ 26.6 5,457.9 2,893.0 (237.4)
Balance, shares at Apr. 30, 2022   106,458,317      
Increase (Decrease) in Stockholders' Equity [Roll Forward]          
Net income (loss) (91.3)     (91.3)  
Other comprehensive income (loss) (1.8)       (1.8)
Comprehensive income (loss) (93.1)        
Purchase of treasury shares (371.1) $ (0.6) (132.2) (238.3)  
Purchase of treasury shares, shares   (2,423,196)      
Stock plans 46.1 $ 0.1 46.1 (0.1)  
Stock plans, shares   363,497      
Cash dividends declared (431.2)     (431.2)  
Balance at Apr. 30, 2023 $ 7,290.8 $ 26.1 5,371.8 2,132.1 (239.2)
Balance, shares at Apr. 30, 2023 104,398,618 104,398,618      
Increase (Decrease) in Stockholders' Equity [Roll Forward]          
Net income (loss) $ 744.0     744.0  
Other comprehensive income (loss) 4.6       4.6
Comprehensive income (loss) 748.6        
Purchase of treasury shares (376.4) $ (0.7) (132.8) (242.9)  
Purchase of treasury shares, shares   (2,416,945)      
Issuance of shares for acquisition 450.2 $ 1.0 449.2    
Issuance of shares for acquisition, shares   3,989,915      
Stock plans 24.7 $ 0.1 25.7 (1.1)  
Stock plans, shares   222,693      
Cash dividends declared (444.0)     (444.0)  
Balance at Apr. 30, 2024 $ 7,693.9 $ 26.5 $ 5,713.9 $ 2,188.1 $ (234.6)
Balance, shares at Apr. 30, 2024 106,194,281 106,194,281      
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Statements of Consolidated Shareholders' Equity (Parenthetical) - $ / shares
 12 Months Ended
Apr. 30, 2024
Apr. 30, 2023
Apr. 30, 2022
Statement of Stockholders' Equity [Abstract]      
Cash dividends declared, per common share $ 4.24 $ 4.08 $ 3.96
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Accounting Policies
 12 Months Ended
Apr. 30, 2024
Accounting Policies [Abstract]  
Accounting Policies
Note 1: Accounting Policies
Principles of Consolidation: The consolidated financial statements include the accounts of the Company, its wholly-owned subsidiaries, and its majority-owned investments, if any. Intercompany transactions and accounts are eliminated in consolidation.
Use of Estimates: The preparation of consolidated financial statements in conformity with U.S. GAAP requires that we make certain estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. Estimates in these consolidated financial statements include, among others, estimates of future cash flows associated with assets, potential asset impairments, purchase price allocation, goodwill related to acquisitions and divestitures, useful lives and residual values of long-lived assets used in determining depreciation and amortization, net realizable value of inventories, accruals for trade marketing and merchandising programs, income taxes, and discount rates and other assumptions used in determining defined benefit pension and other postretirement benefit expenses. Actual results could differ from these estimates.

Cash and Cash Equivalents: We consider all short-term, highly-liquid investments with an original maturity of three months or less when purchased to be cash equivalents. Based on the short-term nature of these assets, carrying value approximates fair value. There were no cash equivalents within cash and cash equivalents at April 30, 2024, and $614.0 at April 30, 2023, in the Consolidated Balance Sheets.
Revenue Recognition: Most of our revenue is derived from the sale of food and beverage products to food retailers, online retailers, and foodservice distributors and operators. We recognize revenue when obligations under the terms of a contract with a customer have been satisfied. This occurs when control of our products transfers, which typically takes place upon delivery to or pick up by the customer. Amounts due from our customers are classified as trade receivables in the Consolidated Balance Sheets and require payment on a short-term basis.
Transaction price is based on the list price included in our published price list, which is then reduced by the estimated impact of variable consideration, such as trade marketing and merchandising programs, discounts, unsaleable product allowances, returns, and similar items, in the same period that the revenue is recognized. To estimate the impact of these costs, we consider customer contract provisions, historical data, and our current expectations.
We have trade marketing and merchandising programs that consist of various promotional activities conducted through retailers, distributors, or directly with consumers, including in-store display and product placement programs, price discounts, coupons, and other similar activities. For additional discussion on these programs, refer to “Critical Accounting Estimates and Policies” within Management’s Discussion and Analysis of Financial Condition and Results of Operations.
For revenue disaggregated by reportable segment, geographical region, and product category, see Note 5: Reportable Segments.
Shipping and Handling Costs: Transportation costs included in cost of products sold relate to the costs incurred to ship our products. Distribution costs are included in SD&A expenses and primarily relate to the warehousing costs incurred to store our products. Total costs recorded within SD&A were $267.7, $304.5, and $294.1 in 2024, 2023, and 2022, respectively.
Advertising Expense: Advertising costs are expensed as incurred and are included in SD&A in the Statements of Consolidated Income. Advertising expense was $182.5, $160.3, and $176.5 in 2024, 2023, and 2022, respectively.
Research and Development Costs: Research and development (“R&D”) costs are expensed as incurred and are included in SD&A in the Statements of Consolidated Income. R&D costs include expenditures for new and existing product and manufacturing process innovations, which are comprised primarily of internal salaries and wages, consulting, testing, and other supplies attributable to time spent on R&D activities. Other costs include the depreciation and maintenance of research facilities. Total R&D expense was $49.1, $47.3, and $48.8 in 2024, 2023, and 2022, respectively.
Share-Based Payments: Share-based compensation expense, including stock options, is recognized on a straight-line basis over the requisite service period, and generally vest over a period of 1 to 3 years.
The following table summarizes amounts related to share-based payments.
  Year Ended April 30,
  202420232022
Share-based compensation expense included in SD&A$23.7 $25.6 $23.7 
Share-based compensation expense included in other special project costs0.2 — (1.4)
Total share-based compensation expense$23.9 $25.6 $22.3 
Related income tax benefit $5.6 $6.0 $5.3 
As of April 30, 2024, total unrecognized share-based compensation cost related to nonvested share-based awards, including stock options, was $41.5. The weighted-average period over which this amount is expected to be recognized is 2.0 years.
Realized excess tax benefits and tax deficiencies are presented in the Statements of Consolidated Cash Flows as an operating activity and are recognized within income taxes in the Statements of Consolidated Income. In 2024, 2023 and 2022, the excess tax benefits realized upon exercise or vesting of share-based compensation awards were $2.9, $1.4, and $1.1, respectively. For additional discussion on share-based compensation expense, see Note 13: Share-Based Payments.
Earnings Per Share: Earnings per share is computed in accordance with FASB ASC 260, Earnings Per Share. As required by ASC 260, we computed net income (loss) per common share (“basic earnings per share”) under the two-class method for 2024, 2023, and 2022, due to certain unvested common shares that contained non-forfeitable rights to dividends (i.e., participating securities) during the periods. Further, we compute net income (loss) per common share – assuming dilution (“diluted earnings per share”) under either the two-class method or the treasury method, dependent on which is more dilutive. In 2024 and 2022, the computation of diluted earnings per share was more dilutive under the treasury stock method. In 2023, we recognized a net loss, and as a result, excluded the anti-dilutive effect of stock-based awards from the computation of diluted earnings per share. Therefore, in 2023, diluted earnings per share was computed under the two-class method.
Basic earnings per share is calculated by dividing net income (loss) available to common shareholders by the weighted-average number of common shares outstanding during the period. Under the two-class method, net income (loss) available to common and participating common shareholders is reduced by the net income (loss) allocated to participating securities, which is equal to the amount of dividends declared in the current period, and the contractual amount of dividends that must be paid for the current period related to participating securities. Under the treasury stock method, the diluted earnings per share calculation includes potential common shares assumed to be issued, which reflects the potential dilution that would occur if any outstanding options or warrants were exercised or restricted stock becomes vested, and includes the “if converted” method for participating securities if the effect is dilutive. For additional information on the earnings per share calculations, see Note 6: Earnings Per Share.
Defined Contribution Plans: We offer employee savings plans for domestic and Canadian employees. Our contributions under these plans are based on a specified percentage of employee contributions. Charges to operations for these plans in 2024, 2023, and 2022 were $41.5, $41.0, and $40.9, respectively. For information on our defined benefit plans, see Note 9: Pensions and Other Postretirement Benefits.
Income Taxes: We account for income taxes using the liability method. Accordingly, deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using enacted income tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in the applicable tax rate is recognized in income or expense in the period that the change is enacted. A tax benefit is recognized when it is more likely than not to be sustained. A valuation allowance is established when it is more likely than not that all or a portion of a deferred tax asset will not be realized.
We account for the financial statement recognition and measurement criteria of a tax position taken or expected to be taken in a tax return under FASB ASC 740, Income Taxes. ASC 740 also provides guidance on derecognition, classification, interest and penalties, accounting in interim periods, and disclosure. In accordance with the requirements of ASC 740, uncertain tax positions have been classified in the Consolidated Balance Sheets as noncurrent, except to the extent payment is expected
within one year. We recognize net interest and penalties related to unrecognized tax benefits in income tax expense. For additional information, refer to Note 14: Income Taxes.
Trade Receivables: In the normal course of business, we extend credit to customers. Trade receivables, less credit losses, reflect the net realizable value of receivables and approximates fair value. We account for trade receivables, less credit losses, in accordance with FASB ASC 326, Financial Instruments – Credit Losses. We evaluate our trade receivables and establish a reserve for credit loss based on a combination of factors. When aware that a specific customer has been impacted by circumstances such as bankruptcy filings or deterioration in the customer’s operating results or financial position, potentially making it unable to meet its financial obligations, we record a specific reserve for bad debt to reduce the related receivable to the amount we reasonably believe is collectible. We also record reserves for credit loss for all other customers based on a variety of factors, including the length of time the receivables are past due, historical collection experience, and an evaluation of current and projected economic conditions at the balance sheet date. Trade receivables are charged off against the reserve for credit losses after we determine that the potential for recovery is remote. At April 30, 2024 and 2023, the reserve for credit loss was $8.7 and $2.3, respectively. We believe there is no concentration of risk with any single customer whose failure or nonperformance would materially affect results other than as discussed in Note 5: Reportable Segments.
Inventories: Inventories are stated at the lower of cost or market, with market being defined as net realizable value, less costs to sell. Cost for all inventories is determined using the first-in, first-out method applied on a consistent basis.

The cost of finished products and work-in-process inventory includes materials, direct labor, and overhead. Work-in-process is included in finished products in the Consolidated Balance Sheets and was $81.3 and $82.5 at April 30, 2024 and 2023, respectively.
Derivative Financial Instruments: We account for derivative instruments in accordance with FASB ASC 815, Derivatives and Hedging, which requires all derivative instruments to be recognized at fair value in the financial statements, regardless of the purpose or intent for holding them.
We do not qualify commodity derivatives or instruments used to manage foreign currency exchange exposures for hedge accounting treatment, and, as a result, the derivative gains and losses are immediately recognized in earnings. Although we do not perform the assessments required to achieve hedge accounting for derivative positions, we believe all of our derivatives are economic hedges of our risk exposure. The exposures hedged have a high inverse correlation to price changes of the derivative instrument. Thus, we would expect that over time any gain or loss in the estimated fair value of the derivatives would generally be offset by an increase or decrease in the estimated fair value of the underlying exposures.
From time to time, we utilize derivative instruments to manage interest rate risk associated with anticipated debt transactions, as well as to manage changes in the fair value of our long-term debt. At the inception of an interest rate contract, the instrument is evaluated and documented for qualifying hedge accounting treatment. If the contract is designated as a cash flow hedge, the mark-to-market gains or losses on the contract are deferred and included as a component of accumulated other comprehensive income (loss) and generally reclassified to interest expense in the period during which the hedged transaction affects earnings. If the contract is designated as a fair value hedge, the contract is recognized at fair value on the balance sheet and changes in the fair value are recognized in interest expense. Generally, changes in the fair value of the contract are equal to changes in the fair value of the underlying debt and have no net impact on earnings.
Property, Plant, and Equipment: Property, plant, and equipment is recognized at cost and is depreciated on a straight-line basis over the estimated useful life of the asset (3 to 20 years for machinery and equipment, 1 to 7 years for capitalized software costs related to software that we have purchased or has been licensed to us, and 5 to 40 years for buildings, fixtures, and improvements).
We lease certain land, buildings, and equipment for varying periods of time, with renewal options. Lease expense in 2024, 2023, and 2022 was $121.7, $113.3, and $111.0, respectively.
In accordance with FASB ASC 360, Property, Plant, and Equipment, long-lived assets, other than goodwill and other indefinite-lived intangible assets, are reviewed for impairment whenever events or changes in circumstances indicate that the carrying value of an asset may not be recoverable. Recoverability of assets to be held and used is measured by a comparison of the carrying amount of the assets to future net undiscounted cash flows estimated to be generated by such assets. If such assets are considered to be impaired, the impairment to be recognized is the amount by which the carrying amount exceeds the estimated fair value of the assets. Assets to be disposed of by sale are recognized as held for sale at the lower of carrying
value or fair value less costs to sell. Furthermore, determining fair value is subject to estimates of both cash flows and discount rates, and different estimates could yield different results. There are no events or changes in circumstances of which we are aware of that indicate the carrying value of our long-lived assets may not be recoverable at April 30, 2024.
Goodwill and Other Intangible Assets: Goodwill is the excess of the purchase price paid over the estimated fair value of the net assets of a business acquired. In accordance with FASB ASC 350, Intangibles – Goodwill and Other, goodwill and other indefinite-lived intangible assets are not amortized but are reviewed at least annually for impairment. We conduct our annual test for impairment of goodwill and other indefinite-lived intangible assets as of February 1 of each year. A discounted cash flow valuation technique is utilized to estimate the fair value of our reporting units and indefinite-lived intangible assets. We also use a market-based approach to estimate the fair value of our reporting units. The discount rates utilized in the cash flow analyses are developed using a weighted-average cost of capital methodology. In addition to the annual test, we test for impairment if events or circumstances occur that would more likely than not reduce the fair value of a reporting unit or an indefinite-lived intangible asset below its carrying value. Further, upon disposal of a business, a relative fair value analysis is utilized to determine the amount of goodwill to be disposed of for each impacted reporting unit, using estimates and assumptions consistent with the annual test. Finite-lived intangible assets are amortized on a straight-line basis over their estimated useful lives. For additional information, see Note 7: Goodwill and Other Intangible Assets.
Marketable Securities and Other Investments: We maintain funds for the payment of benefits associated with nonqualified retirement plans. These funds include investments considered to be available-for-sale marketable securities. At April 30, 2024 and 2023, the fair value of these investments was $22.1 and $24.0, respectively, and was included in other noncurrent assets in the Consolidated Balance Sheets. Included in accumulated other comprehensive income (loss) at April 30, 2024 and 2023, were unrealized pre-tax gains of $1.4 and $1.8, respectively.
Investment in Equity Securities: Investments in common stock of entities other than our consolidated subsidiaries in which we own less than 20 percent of an entity’s common stock and do not provide significant influence are accounted for as a financial instrument in accordance with FASB ASC 321, Investments – Equity Securities. As required by ASC 321, the ownership interest in the entity is recognized at fair value based on fixed or determinable prices within current assets in the Consolidated Balance Sheets, and any change in fair value is included in other income (expense) – net in the Statements of Consolidated Income.
The net proceeds received from the divestiture of certain pet food brands included approximately 5.4 million shares of Post common stock, which represented approximately an 8 percent equity interest in Post as of April 30, 2023. The fair value of the investment in Post common stock was $487.8 at April 30, 2023. Upon selling the Post common stock on November 15, 2023, the investment in equity securities was valued at $460.9. We recognized a realized pre-tax loss of $30.7 on the investment, with $26.9 and $3.8 of the loss recognized during the years ended April 30, 2024 and 2023, respectively, which were included in other income (expense) – net in the Statements of Consolidated Income. For additional information, see Note 10: Derivative Financial Instruments and Note 11: Other Financial Instruments and Fair Value Measurements.

Equity Method Investments: Investments in common stock of entities other than our consolidated subsidiaries in which we own between 20 percent and 50 percent of an entity’s common stock and are able to exercise significant influence over them are accounted for under the equity method in accordance with FASB ASC 323, Investments – Equity Method and Joint Ventures. Under the equity method, the initial investment is recorded at cost, and the investment is subsequently adjusted for its proportionate share of earnings or losses, including consideration of basis differences resulting from the difference between the initial carrying amount of the investment and the underlying equity in net assets. The difference between the carrying amount of the investment and the underlying equity in net assets is primarily attributable to goodwill and other intangible assets.
We have a 20 percent equity interest in Mountain Country Foods, LLC and approximately a 42 percent equity interest in Numi, Inc. The carrying amount of these investments is included in other noncurrent assets in the Consolidated Balance Sheets. The investments did not have a material impact on the consolidated financial statements or the respective reportable segment to which they relate for the years ended April 30, 2024 and 2023.
Supplier Financing Program: We have an agreement with a third-party administrator to provide an accounts payable tracking system and facilitate a supplier financing program which allows participating suppliers the ability to monitor and voluntarily elect to sell our payment obligations to a designated third-party financial institution. Participating suppliers can sell one or more of our payment obligations at their sole discretion, and our rights and obligations to our suppliers are not impacted. We have no economic interest in a supplier’s decision to enter into these agreements. Our rights and obligations to our suppliers, including amounts due and scheduled payment terms, are not impacted by our suppliers’ decisions to sell
amounts under these arrangements. However, our right to offset balances due from suppliers against our payment obligations is restricted by the agreement for those payment obligations that have been sold by our suppliers. The payment of these obligations is included in cash provided by operating activities in the Statements of Consolidated Cash Flows. Included in accounts payable in the Consolidated Balance Sheets as of April 30, 2024 and 2023, were $384.9 and $414.2 of our outstanding payment obligations, respectively, that were elected and sold to a financial institution by participating suppliers.
Foreign Currency Translation: Assets and liabilities of foreign subsidiaries are translated using the exchange rates in effect at the balance sheet dates, while income and expenses are translated using average rates throughout the periods. Translation adjustments are reported as a component of accumulated other comprehensive income (loss). Included in accumulated other comprehensive income (loss) at April 30, 2024 and 2023, were foreign currency losses of $39.2 and $34.3, respectively.
Recently Issued Accounting Standards: In March 2024, the SEC adopted the climate-related final rule SEC Release Nos. 33-11275 and 34-99678, The Enhancement and Standardization of Climate-Related Disclosures for Investors, which will require registrants to provide certain climate-related information in their registration statements and annual reports. The rules will require the disclosure of significant effects of severe weather events and other natural conditions, as well as amounts related to carbon offsets and renewable energy credits or certificates, in the audited financial statements in certain circumstances. Disclosure of the actual and potential material impacts of any identified climate-related risks on the registrant’s strategy, business model, and outlook will also be required, along with the process used to identify, assess, and manage these risks. In addition, the rules require disclosure of material climate-related targets or goals, material Scope 1 and Scope 2 greenhouse gas emissions, and the methodology used to calculate those emissions. In April 2024, the SEC stayed implementation of the final rule pending the outcome of a judicial review; however, we do not anticipate any impact to our financial statements upon adoption and continue to evaluate the impacts on our disclosures.
In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740) Improvements to Income Tax Disclosures. ASU 2023-09 will improve the transparency and decision usefulness of income tax disclosures to better assess how operations and related tax risks affect tax rates and future cash flows on an interim and annual basis. It will be effective for us on May 1, 2025, and can be adopted either on a prospective or retrospective basis. We are currently evaluating the impacts of the standard on our financial statements and disclosures.

In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280) Improvements to Reportable Segment Disclosures. ASU 2023-07 will improve reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses on an interim and annual basis. It will be effective for our annual period beginning May 1, 2024, and interim periods beginning May 1, 2025, with the option to early adopt at any time prior to the effective dates and will require adoption on a retrospective basis. We are currently evaluating the impacts of the standard on our financial statements and disclosures.
In July 2023, the SEC adopted the final rule under SEC Release No. 33-11216, Cybersecurity Risk Management, Strategy, Governance, and Incident Disclosure, requiring current reporting about material cybersecurity incidents and annual disclosures on management’s processes for assessing, identifying, and managing material cybersecurity risks, the material impacts of cybersecurity threats and previous cybersecurity incidents, the Board oversight of cybersecurity risks, and management’s role and expertise in assessing and managing material cybersecurity risks. SEC Release No. 33-11216 was effective for us on November 1, 2023, and did not have a material impact on our financial statements and disclosures. The additional disclosures required are presented in Part I, Item 1C in this Annual Report on Form 10-K.
In December 2022, the SEC adopted the final rule under SEC Release No. 33-11138, Insider Trading Arrangements and Related Disclosures, which requires new disclosures regarding insider trading policies and procedures, the use of Rule 10b5-1 plans by directors and officers, and stock option grants issued in close proximity to the release of material nonpublic information. SEC Release No. 33-11138 was effective for us on May 1, 2023, and did not have a material impact on our financial statements and disclosures. The additional disclosures required are presented in Part III, Item 10 in this Annual Report on form 10-K.
Risks and Uncertainties: The raw materials used in each of our segments are primarily commodities, agricultural-based products, and packaging materials. The principal packaging materials we use are plastic, glass, metal cans, caps, carton board, and corrugate. Green coffee, peanuts, oils and fats, flour, sugar, fruit, and other ingredients are obtained from various suppliers. The availability, quality, and costs of many of these commodities have fluctuated, and may continue to fluctuate over time, partially driven by the elevated commodity and supply chain costs we experienced in 2024. We actively monitor changes in commodity and supply chain costs, and to mitigate the rising costs, we may be required to implement material
price increases across our business. Green coffee, along with certain other raw materials, is sourced solely from foreign countries, and its supply and price is subject to high volatility due to factors such as weather, global supply and demand, product scarcity, plant disease, investor speculation, geopolitical conflicts (including the ongoing conflicts between Russia and Ukraine and Israel and Hamas), changes in governmental agricultural and energy policies and regulation, and political and economic conditions in the source countries. Raw materials are generally available from numerous sources, although we have elected to source certain plastic packaging materials for our Folgers coffee products, as well as our Jif peanut butter, and certain finished goods, such as K-Cup® pods, our Pup-Peroni dog snacks, and liquid coffee, from primary or single sources of supply pursuant to long-term contracts. While availability may vary from year-to-year, we believe that we will continue to obtain adequate supplies and that alternatives to primary or single-sourced materials are available. We have not historically encountered significant shortages of key raw materials. We consider our relationships with key raw material suppliers to be in good standing.
We have consolidated production capacity at a single manufacturing site for certain products, including substantially all of our coffee, Milk-Bone dog snacks, Voortman cookies, and fruit spreads. Although steps are taken at all of our manufacturing sites to reduce the likelihood of a production disruption, an interruption at a single manufacturing site would result in a reduction or elimination of the availability of some of our products for a period of time.
Of our full-time employees, 27 percent are covered by union contracts at eleven manufacturing locations, inclusive of Hostess Brands employees. The contracts vary in term depending on location, with six contracts expiring in 2025, representing approximately 10 percent of our total employees.
We insure our business and assets in each country against insurable risks, to the extent that we deem appropriate, based upon an analysis of the relative risks and costs.
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Acquisition
 12 Months Ended
Apr. 30, 2024
Business Combination and Asset Acquisition [Abstract]  
Acquisition
On November 7, 2023, we completed a cash and stock transaction to acquire Hostess Brands. The total purchase consideration in connection with the acquisition was $5.4 billion, which reflects an exchange offer of all outstanding shares of Hostess Brands common stock at a price of $34.25 per share, consisting of $30.00 in cash and 0.03002 shares of our common shares, based on the closing stock price on September 8, 2023, that were exchanged for each share of Hostess Brands common stock as of the transaction date.

The purchase price included the issuance of approximately 4.0 million of our common shares to Hostess Brands’ shareholders, valued at $450.2, as discussed in Note 17: Common Shares. In addition, we paid $3.9 billion in cash, net of cash acquired, and assumed $991.0 of debt from Hostess Brands and $67.8 of an other debt-like item, reflecting consideration transferred for the cash payment of Hostess Brands’ employee equity awards. New debt of $5.0 billion was borrowed, consisting of $3.5 billion in Senior Notes, an $800.0 Term Loan, and $700.0 of short-term borrowings under our commercial paper program to partially fund the transaction and pay off the debt assumed as part of the acquisition. For additional information on the financing associated with this transaction, refer to Note 8: Debt and Financing Arrangements.

Hostess Brands is a manufacturer and marketer of sweet baked goods brands including Hostess Donettes, Twinkies, CupCakes, DingDongs, Zingers, CoffeeCakes, HoHos, Mini Muffins, and Fruit Pies, and the Voortman cookie brand. In addition to its headquarters in Lenexa, Kansas, the transaction included six manufacturing facilities located in Emporia, Kansas; Burlington, Ontario; Chicago, Illinois; Columbus, Georgia; Indianapolis, Indiana; and Arkadelphia, Arkansas, a distribution facility in Edgerton, Kansas, and a commercial center of excellence in Chicago, Illinois. Approximately 3,000 employees transitioned with the business at the close of the transaction.

The transaction was accounted for under the acquisition method of accounting, and accordingly, the results of Hostess Brands operations, including $637.3 in net sales and $73.4 in operating income, are included within the Sweet Baked Snacks segment for 2024. The operating income for the year ended April 30, 2024, includes the recognition of an unfavorable fair value purchase accounting adjustment of $8.3, attributable to the acquired inventory, and excludes special project costs recognized within the segment.

The purchase price was preliminarily allocated to the underlying assets acquired and liabilities assumed based upon their estimated fair values at the date of acquisition on a provisional basis. We determined the estimated fair values based on independent appraisals, discounted cash flow analyses, quoted market prices, and estimates made by management. The
purchase price exceeded the estimated fair value of the net identifiable tangible and intangible assets acquired and, as such, the excess was allocated to goodwill.

The following table summarizes the preliminary fair values of the assets acquired and liabilities assumed at the acquisition date.
Assets acquired:
Cash and cash equivalents$135.0 
Trade receivables – net181.1 
Inventories66.0 
Other current assets5.9 
Property, plant, and equipment – net534.5 
Operating lease right-of-use assets17.2 
Goodwill2,447.2 
Other intangible assets – net3,038.6 
Other noncurrent assets43.2 
Total assets acquired$6,468.7 
Liabilities assumed:
Accounts payable$67.3 
Current operating lease liabilities4.7 
Other current liabilities244.4 
Deferred income taxes639.6 
Noncurrent operating lease liabilities14.5 
Other noncurrent liabilities1.4 
Total liabilities assumed971.9 
Net assets acquired$5,496.8 

Certain estimated fair values for the acquisition, including goodwill, intangible assets, property, plant, and equipment, and income taxes, are not yet finalized. The purchase price was preliminarily allocated based on information available at the acquisition date and is subject to change as we complete our analysis of the fair values at the date of the acquisition during the measurement period not to exceed one year, as permitted under FASB ASC 805, Business Combinations.

As a result of the acquisition, we recognized a total of $2.4 billion of goodwill within the Sweet Baked Snacks segment. Of the total goodwill, $196.6 was deductible for tax purposes at the acquisition date, of which $186.9 remains deductible as of April 30, 2024. Goodwill represents the value we expect to achieve through the implementation of operational synergies and growth opportunities as we integrate Hostess Brands into our Company. We are evaluating the impact of these anticipated operational synergies and growth opportunities across our reporting units and, as a result, have not allocated goodwill to our other reporting units as of April 30, 2024; however, we will complete our evaluation and allocate goodwill, as appropriate, by the end of the measurement period. The goodwill and indefinite-lived trademarks resulting from the acquisition are susceptible to future impairment charges. Any significant change in our near or long-term projections or macroeconomic conditions may result in future impairment charges as the carrying values of goodwill and indefinite-lived trademarks approximate estimated fair values.
The following table summarizes the preliminary purchase price allocated to the identifiable intangible assets acquired.

Intangible assets with finite lives:
Customer and contractual relationships (25-year useful life)
$1,238.5 
Non-competition agreements (varying useful lives)38.0 
Trademarks (5-year useful life)
9.9 
Intangible assets with indefinite lives:
Trademarks$1,752.2 
Total intangible assets$3,038.6 

The estimated annual amortization expense for the finite-lived intangible assets based on the preliminary purchase price allocation is $71.6.
Hostess Brands’ results of operations are included in our consolidated financial statements from the date of the transaction within our Sweet Baked Snacks segment. If the transaction had occurred on May 1, 2022, unaudited pro forma consolidated results for 2024 and 2023, would have been as follows:
Year Ended April 30,
20242023
Net sales$8,912.8 $9,897.2 
Net income (loss)761.9 (55.2)
Net income (loss) per common share – assuming dilution$7.15 $(0.50)
The unaudited pro forma consolidated results are based on our historical financial statements and those of Hostess Brands and do not necessarily indicate the results of operations that would have resulted had the acquisition been completed at the beginning of the applicable period presented. The most significant pro forma adjustments relate to the elimination of interest expense associated with acquisition-related financing, nonrecurring acquisition-related costs incurred prior to the close of the transaction, amortization of acquired intangible assets, and depreciation of acquired property, plant, and equipment. The unaudited pro forma consolidated results do not give effect to the synergies of the acquisition and are not indicative of the results of operations in future periods
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Divestitures
 12 Months Ended
Apr. 30, 2024
Discontinued Operations and Disposal Groups [Abstract]  
Divestitures
Note 3: Divestitures

On January 2, 2024, we sold the Canada condiment business to TreeHouse Foods. The transaction included Bick’s pickles, Habitant pickled beets, Woodman’s horseradish, and McLarens pickled onions brands, inclusive of certain trademarks. Under our ownership, these brands generated net sales of $43.8, $61.6, and $62.7 in 2024, 2023, and 2022, respectively, which were included in the International operating segment. Final net proceeds from the divestiture were $25.3, inclusive of a working capital adjustment and cash transaction costs. We recognized a pre-tax loss of $5.7 during 2024, within other operating expense (income) – net in the Statement of Consolidated Income.

On November 1, 2023, we sold the Sahale Snacks business to Second Nature. The transaction included products sold under the Sahale Snacks brand, inclusive of certain trademarks and licensing agreements, a leased manufacturing facility in Seattle, Washington, and approximately 100 employees who supported the brand. Under our ownership, the Sahale Snacks brand generated net sales of $24.1, $48.4, and $47.4 in 2024, 2023, and 2022, respectively, primarily included in the U.S. Retail Frozen Handheld and Spreads segment. Final net proceeds from the divestiture were $31.6, inclusive of a working capital adjustment and cash transaction costs. We recognized a pre-tax loss of $6.7 during 2024, within other operating expense (income) – net in the Statement of Consolidated Income.
The following table summarizes the net assets and liabilities disposed, which were measured at the lower of carrying amount or fair value less costs to sell.
April 30, 2024
CondimentSahale Snacks
Assets disposed:
Inventories$23.9 $9.9 
Property, plant, and equipment – net— 6.0 
Operating lease right-of-use assets— 1.8 
Goodwill— 11.5 
Other intangible assets – net7.1 14.7 
Other noncurrent assets— 0.3 
Total assets disposed$31.0 $44.2 
Liabilities disposed:
Other current liabilities$— $0.8 
Deferred income taxes— 4.1 
Other noncurrent liabilities— 1.0 
Total liabilities disposed— 5.9 
Net assets disposed$31.0 $38.3 

On April 28, 2023, we sold certain pet food brands to Post. The transaction included the Rachael Ray Nutrish, 9Lives, Kibbles ’n Bits, Nature’s Recipe, and Gravy Train brands, as well as the private label pet food business, inclusive of certain trademarks and licensing agreements, manufacturing and distribution facilities in Bloomsburg, Pennsylvania, manufacturing facilities in Meadville, Pennsylvania and Lawrence, Kansas, and approximately 1,100 employees who supported these pet food brands. Under our ownership, these brands generated net sales of $1.5 billion and $1.4 billion in 2023 and 2022, respectively, primarily included in the U.S. Retail Pet Foods segment. Final net proceeds from the divestiture were $1.2 billion, consisting of $683.9 in cash, net of a working capital adjustment and cash transaction costs, and approximately 5.4 million shares of Post common stock, valued at $491.6 at the close of the transaction. We recognized a pre-tax loss of $1.0 billion upon completion of this transaction during 2023, within other operating expense (income) – net in the Statement of Consolidated Income. During 2024, we finalized the working capital adjustment and transaction costs, which resulted in an immaterial adjustment to the pre-tax loss. Furthermore, during 2024, we entered into equity forward derivative transactions under an agreement with an unrelated third-party to facilitate the forward sale of the Post common stock. All 5.4 million shares of Post common stock were settled for $466.3 under the equity forward contract on November 15, 2023. For additional information, see Note 10: Derivative Financial Instruments.
On January 31, 2022, we sold the natural beverage and grains businesses to Nexus. The transaction included products sold under the R.W. Knudsen and TruRoots brands, inclusive of certain trademarks, a licensing agreement for Santa Cruz Organic beverages, dedicated manufacturing and distribution facilities in Chico, California and Havre de Grace, Maryland, and approximately 150 employees who supported the natural beverage and grains businesses. The transaction did not include Santa Cruz Organic nut butters, fruit spreads, syrups, or applesauce. Under our ownership, the businesses generated net sales of $106.7 in 2022, primarily included in the U.S. Retail Frozen Handheld and Spreads segment. Final net proceeds from the divestiture were $98.7, inclusive of a working capital adjustment and cash transaction costs. We recognized a pre-tax gain of $28.3 related to the natural beverage and grains businesses, of which $26.7 was recognized during 2022, and the remaining $1.6 was recognized upon finalization of the working capital adjustment in 2023, and is included within other operating expense (income) – net in the Statements of Consolidated Income.

On December 1, 2021, we sold the private label dry pet food business to Diamond Pet Foods. The transaction included dry pet food products sold under private label brands, a dedicated manufacturing facility located in Frontenac, Kansas, and approximately 220 employees who supported the private label dry pet food business. The transaction did not include any branded products or our private label wet pet food business. Under our ownership, the business generated net sales of $62.3 in 2022, included in the U.S. Retail Pet Foods segment. Final net proceeds from the divestiture were $32.9, net of cash transaction costs. Upon completion of this transaction during 2022, we recognized a pre-tax loss of $17.1, within other operating expense (income) – net in the Statement of Consolidated Income.
v3.24.1.1.u2
Special Project Costs
 12 Months Ended
Apr. 30, 2024
Restructuring and Related Activities [Abstract]  
Other Special Project Costs
Note 4: Special Project Costs
Special project costs consist primarily of employee-related costs and other transition and termination costs related to certain divestiture, acquisition, integration, and restructuring activities. Employee-related costs include severance, retention bonuses, and relocation costs. Severance costs are generally recognized when deemed probable and estimable, retention bonuses are recognized over the estimated future service period of the impacted employees, and relocation costs are expensed as incurred. Other transition and termination costs include fixed asset-related charges, contract and lease termination costs, professional fees, and other miscellaneous expenditures associated with divestiture, acquisition, integration, and restructuring activities. With the exception of accelerated depreciation, these costs are expensed as incurred. These special project costs are reported in cost of products sold, other special project costs, other debt costs, and other income (expense) - net in the Statements of Consolidated Income and are not allocated to segment profit. The obligation related to employee separation costs is included in other current liabilities in the Consolidated Balance Sheets.

Divestiture Costs: Total divestiture costs related to the divested Sahale Snacks and Canada condiment businesses are anticipated to be approximately $6.0, consisting primarily of employee-related and lease termination costs, all of which are expected to be cash charges with the majority recognized in 2024 and the remainder to be recognized during the first half of 2025. We incurred $3.9 of employee-related costs and $1.6 of other transition and termination costs related to lease termination costs during 2024. The obligation related to severance and retention bonuses was $2.5 at April 30, 2024, and is expected to be settled during the first half of 2025.

Furthermore, we identified opportunities to address certain distribution inefficiencies, as a result of the divestiture of certain pet food brands. We anticipate incurring approximately $11.0 of costs related to these efforts, consisting primarily of other transition and termination charges. The majority of these costs are expected to be cash charges and incurred by the end of 2026, with over half of the costs expected to be recognized in 2025. For additional information, see Note 3: Divestitures.

Integration Costs: Total integration costs related to the acquisition of Hostess Brands are anticipated to be approximately $210.0 and include transaction costs, employee-related costs, and other transition and termination charges. The majority of the integration costs are expected to be cash charges with most recognized during 2024. The remainder are expected to be incurred by the end of 2026 and are expected to be split between employee-related costs and other transition and termination costs.

The following table summarizes our integration costs incurred related to the acquisition of Hostess Brands.
2024
Transaction costs$99.0 
Employee-related costs33.4 
Other transition and termination costs15.0 
Total integration costs$147.4 
Noncash charges of $3.2 were incurred through April 30, 2024, which primarily consisted of accelerated depreciation. Transaction costs primarily reflect equity compensation pay-outs, legal fees, and fees related to the Bridge Loan that provided committed financing for the acquisition of Hostess Brands. Other transition and termination costs primarily consisted of contract termination charges, accelerated depreciation, and consulting fees. The obligation related to severance and retention bonuses was $28.0 at April 30, 2024. For additional information, see Note 2: Acquisition.
Restructuring Costs: A restructuring program was approved by the Board during 2021, associated with opportunities identified to reduce our overall cost structure, optimize our organizational design, and support our portfolio reshape. The program was further expanded in 2022 to include the costs associated with the divestitures of the private label dry pet food and natural beverage and grains businesses, as well as closure of certain production facilities. The restructuring activities were considered complete as of April 30, 2023. The costs incurred associated with these restructuring activities included other transition and termination costs related to our cost reduction and margin management initiatives, inclusive of accelerated depreciation, as well as employee-related costs. For additional information related to the divestitures, see Note 3: Divestitures.
During 2022, we completed the transition of liquid coffee production to JDE Peet’s, and expanded the restructuring program to include certain costs associated with the divestitures of the private label dry pet food and natural beverage and grains businesses, as well as the closure of our Ripon, Wisconsin production facility to further optimize operations for our U.S. Retail Frozen Handheld and Spreads business. We completed the closure of the Ripon facility during 2023.
The following table summarizes our restructuring costs incurred related to the restructuring program.
  20232022Total Costs
Incurred to Date
at April 30, 2023
Employee-related costs$3.5 $6.3 $27.1 
Other transition and termination costs7.6 22.2 36.6 
Total restructuring costs$11.1 $28.5 $63.7 
The obligation related to severance costs and retention bonuses was $1.6 at April 30, 2023, and was fully satisfied during the first quarter of 2024. Cumulative noncash charges incurred through April 30, 2023, to date were $33.2, and included $10.2 and $18.6 incurred during 2023 and 2022 respectively, which primarily consisted of accelerated depreciation.
v3.24.1.1.u2
Reportable Segments
 12 Months Ended
Apr. 30, 2024
Segment Reporting [Abstract]  
Reportable Segments
Note 5: Reportable Segments
We operate in one industry: the manufacturing and marketing of food and beverage products. We have four reportable segments: U.S. Retail Coffee, U.S. Retail Frozen Handheld and Spreads, U.S. Retail Pet Foods, and Sweet Baked Snacks. The presentation of International and Away From Home represents a combination of all other operating segments that are not individually reportable.
As disclosed in Note 2: Acquisition, we acquired Hostess Brands in a cash and stock transaction on November 7, 2023, resulting in the new Sweet Baked Snacks reportable segment for 2024. Further, the historical U.S. Retail Consumer Foods reportable segment has been renamed to U.S. Retail Frozen Handheld and Spreads; however, there is no change to the manner in which the segment was previously presented. We do not anticipate any impact to our other historical reportable segments, as we do not anticipate any changes to the internal manner in which we will manage and report these reportable segments.
The U.S. Retail Coffee segment primarily includes the domestic sales of Folgers, Dunkin’, and Café Bustelo branded coffee; the U.S. Retail Frozen Handheld and Spreads segment primarily includes the domestic sales of Smucker’s and Jif branded products; the U.S. Retail Pet Foods segment primarily includes the domestic sales of Meow Mix, Milk-Bone, Pup-Peroni, and Canine Carry Outs branded products; and the Sweet Baked Snacks segment primarily includes all domestic and foreign sales of Hostess and Voortman branded products in all channels. With the exception of Sweet Baked Snacks products, International and Away From Home includes the sale of all products that are distributed in foreign countries through retail channels, as well as domestically and in foreign countries through foodservice distributors and operators (e.g., healthcare operators, restaurants, educational institutions, offices, lodging and gaming establishments, and convenience stores).
Segment profit represents net sales, less direct and allocable operating expenses, and is consistent with the way in which we manage our segments. However, we do not represent that the segments, if operated independently, would report operating profit equal to the segment profit set forth below, as segment profit excludes certain expenses such as amortization expense and impairment charges related to intangible assets, gains and losses on divestitures, change in net cumulative unallocated derivative gains and losses, special project costs, as well as corporate administrative expenses.

Commodity and foreign currency exchange derivative gains and losses are reported in unallocated derivative gains and losses outside of segment operating results until the related inventory is sold. At that time, we reclassify the hedge gains and losses from unallocated derivative gains and losses to segment profit, allowing our segments to realize the economic effect of the hedge without experiencing any mark-to-market volatility. We would expect that any gain or loss in the estimated fair value of the derivatives would generally be offset by a change in the estimated fair value of the underlying exposures.
The following table reconciles segment profit to income before income taxes and presents total assets; total depreciation, amortization, and impairment charges; and total additions to property, plant, and equipment by segment.
  Year Ended April 30,
  202420232022
Net sales:
U.S. Retail Coffee$2,704.4 $2,735.3 $2,497.3 
U.S. Retail Frozen Handheld and Spreads1,815.6 1,630.9 1,707.2 
U.S. Retail Pet Foods (A)
1,822.8 3,038.1 2,764.3 
Sweet Baked Snacks637.3 — — 
International and Away From Home1,198.6 1,124.9 1,030.1 
Total net sales$8,178.7 $8,529.2 $7,998.9 
Segment profit:
U.S. Retail Coffee$759.2 $737.7 $736.7 
U.S. Retail Frozen Handheld and Spreads434.1 352.6 424.2 
U.S. Retail Pet Foods (A)
402.1 494.9 395.9 
Sweet Baked Snacks138.2 — — 
International and Away From Home208.1 143.3 142.0 
Total segment profit$1,941.7 $1,728.5 $1,698.8 
Amortization(191.1)(206.9)(223.6)
Other intangible assets impairment charges— — (150.4)
Gain (loss) on divestitures – net(12.9)(1,018.5)9.6 
Interest expense – net(264.3)(152.0)(160.9)
Change in net cumulative unallocated derivative gains and losses6.7 (21.4)(23.4)
Cost of products sold – special project costs (B)
(2.9)(6.4)(20.5)
Other special project costs (B)
(130.2)(4.7)(8.0)
Other debt costs (B)
(19.5)— — 
Corporate administrative expenses(305.5)(313.1)(258.7)
Other income (expense) – net (B)
(25.6)(14.7)(19.1)
Income (loss) before income taxes$996.4 $(9.2)$843.8 
Assets:
U.S. Retail Coffee$4,826.3 $4,808.9 $4,891.8 
U.S. Retail Frozen Handheld and Spreads3,257.1 2,972.7 2,692.1 
U.S. Retail Pet Foods (A)
4,784.1 4,994.3 7,167.4 
Sweet Baked Snacks6,267.1 — — 
International and Away From Home989.6 978.3 973.9 
Unallocated (C)
149.5 1,237.2 329.8 
Total assets$20,273.7 $14,991.4 $16,055.0 
Depreciation, amortization, and impairment charges:
U.S. Retail Coffee$101.1 $101.6 $100.2 
U.S. Retail Frozen Handheld and Spreads81.6 76.3 64.6 
U.S. Retail Pet Foods (A)
118.1 178.7 342.8 
Sweet Baked Snacks59.6 — — 
International and Away From Home32.4 31.7 46.2 
Unallocated (D)
38.0 42.7 55.7 
Total depreciation, amortization, and impairment charges$430.8 $431.0 $609.5 
Additions to property, plant, and equipment:
U.S. Retail Coffee$79.7 $49.0 $49.8 
U.S. Retail Frozen Handheld and Spreads334.5 341.6 274.8 
U.S. Retail Pet Foods (A)
83.4 64.3 74.0 
Sweet Baked Snacks41.2 — — 
International and Away From Home47.7 22.5 18.9 
Total additions to property, plant, and equipment$586.5 $477.4 $417.5 
(A)On April 28, 2023, we sold certain pet food brands to Post, and the divested net sales were primarily included in the U.S. Retail Pet Foods segment. For more information, see Note 3: Divestitures.
(B)Includes special project costs related to certain divestiture, acquisition, integration, and restructuring activities. For more information, see Note 4: Special Project Costs and Note 8: Debt and Financing Arrangements.
(C)Primarily represents unallocated cash and cash equivalents and corporate-held investments.
(D)Primarily represents unallocated corporate administrative expenses, mainly consisting of depreciation and software amortization.
The following table presents certain geographical information.
Year Ended April 30,
  202420232022
Net sales:
United States$7,653.0 $8,001.4 $7,469.6 
International:
Canada$429.4 $433.2 $439.6 
All other international96.3 94.6 89.7 
Total international$525.7 $527.8 $529.3 
Total net sales$8,178.7 $8,529.2 $7,998.9 
Assets:
United States$19,483.1 $14,577.5 $15,653.5 
International:
Canada$790.2 $412.5 $399.8 
All other international0.4 1.4 1.7 
Total international$790.6 $413.9 $401.5 
Total assets$20,273.7 $14,991.4 $16,055.0 
Long-lived assets (excluding goodwill and other intangible assets):
United States$3,294.5 $2,421.9 $2,331.2 
International:
Canada$106.9 $64.6 $45.7 
All other international0.1 — — 
Total international$107.0 $64.6 $45.7 
Total long-lived assets (excluding goodwill and other intangible assets)$3,401.5 $2,486.5 $2,376.9 
The following table presents product category information.
Year Ended April 30,
  202420232022
Primary Reportable Segment (A)
Coffee$3,063.0 $3,088.8 $2,804.7 U.S. Retail Coffee
Pet snacks1,024.8 1,052.4 944.9 U.S. Retail Pet Foods
Peanut butter814.1 635.6 801.1 U.S. Retail Frozen Handheld and Spreads
Cat food792.4 1,101.1 969.9 U.S. Retail Pet Foods
Frozen handheld791.1 686.4 510.7 U.S. Retail Frozen Handheld and Spreads
Sweet baked goods572.5 — — Sweet Baked Snacks
Fruit spreads427.2 426.2 386.5 U.S. Retail Frozen Handheld and Spreads
Portion control207.9 163.7 158.2 
Other (B)
Baking mixes and ingredients90.3 94.3 85.5 
Other (B)
Toppings and syrups88.4 88.9 82.5 U.S. Retail Frozen Handheld and Spreads
Dog food76.4 980.0 926.5 U.S. Retail Pet Foods
Cookies64.8 — — Sweet Baked Snacks
Other165.8 211.8 328.4 
Other (B)
Total net sales$8,178.7 $8,529.2 $7,998.9 
(A)The primary reportable segment generally represents at least 75 percent of total net sales for each respective product category.
(B)Represents the combined International and Away From Home operating segments. 
Sales to Walmart Inc. and subsidiaries amounted to 33 percent of net sales in 2024 and 34 percent of net sales in both 2023 and 2022. These sales are primarily included in our U.S. retail market segments. No other customer exceeded 10 percent of net sales for any year. Trade receivables – net at April 30, 2024 and 2023, included amounts due from Walmart Inc. and subsidiaries of $211.7 and $211.5, respectively.
v3.24.1.1.u2
Earnings Per Share
 12 Months Ended
Apr. 30, 2024
Earnings Per Share [Abstract]  
Earnings Per Share
Note 6: Earnings Per Share
The following table sets forth the computation of basic earnings per share and diluted earnings per share under the two-class method.
  Year Ended April 30,
  202420232022
Net income (loss)$744.0 $(91.3)$631.7 
Less: Net income (loss) allocated to participating securities0.2 (0.1)1.8 
Net income (loss) allocated to common stockholders$743.8 $(91.2)$629.9 
Weighted-average common shares outstanding104.1 106.2 107.9 
Add: Dilutive effect of stock options0.1 — — 
Weighted-average common shares outstanding – assuming dilution104.2 106.2 107.9 
Net income (loss) per common share$7.14 $(0.86)$5.84 
Net income (loss) per common share – assuming dilution$7.14 $(0.86)$5.84 
The following table sets forth the computation of diluted earnings per share under the treasury stock method.
Year Ended April 30,
202420232022
Net income (loss)$744.0 $(91.3)$631.7 
Weighted-average common shares outstanding – assuming dilution:
Weighted-average common shares outstanding104.1 106.2 107.9 
Add: Dilutive effect of stock options0.1 — — 
Add: Dilutive effect of restricted shares, restricted stock units, and performance units0.2 — 0.5 
Weighted-average common shares outstanding – assuming dilution104.4 106.2 108.4 
Net income (loss) per common share – assuming dilution$7.13 $(0.86)$5.83
We computed basic earnings per share under the two-class method for 2024, 2023, and 2022, due to certain unvested common shares that contained non-forfeitable rights to dividends (i.e., participating securities) during these periods. Further, we computed diluted earnings per share under the two-class method and treasury stock method to determine the method that was most dilutive, in accordance with FASB ASC 260, Earnings Per Share. In 2024 and 2022, the computation of diluted earnings per share was more dilutive under the treasury stock method, as compared to the two-class method. Therefore, the treasury stock method was used. In 2023, we recognized a net loss, and as a result, excluded the anti-dilutive effect of stock-based awards from the computation of diluted earnings per share. Therefore, in 2023, diluted earnings per share was computed under the two-class method.
v3.24.1.1.u2
Goodwill and Other Intangible Assets
 12 Months Ended
Apr. 30, 2024
Goodwill and Intangible Assets Disclosure [Abstract]  
Goodwill and Other Intangible Assets
Note 7: Goodwill and Other Intangible Assets
The following table summarizes the changes in our goodwill.
U.S. Retail
Coffee		U.S. Retail
Frozen Handheld and Spreads		U.S. Retail
Pet Foods		Sweet Baked SnacksInternational
and Away
From Home		Total
Balance at May 1, 2022$2,090.9 $1,147.5 $2,368.2 $— $409.2 $6,015.8 
Divestiture— — (788.0)— (2.3)(790.3)
Other (A)
— — — — (8.6)(8.6)
Balance at April 30, 2023$2,090.9 $1,147.5 $1,580.2 $— $398.3 $5,216.9 
Acquisition— — — 2,447.2 — 2,447.2 
Divestiture— (7.6)— — (3.9)(11.5)
Other (A)
— — — — (2.7)(2.7)
Balance at April 30, 2024 (B)
$2,090.9 $1,139.9 $1,580.2 $2,447.2 $391.7 $7,649.9 
(A)The amounts classified as other represent foreign currency translation adjustments.
(B)Included in goodwill as of April 30, 2024, are accumulated goodwill impairment charges of $242.9.
The following table summarizes our other intangible assets and related accumulated amortization and impairment charges, including foreign currency translation adjustments.
  April 30, 2024April 30, 2023
  Acquisition
Cost		Accumulated
Amortization/
Impairment
Charges/
Foreign
Currency Translation		NetAcquisition
Cost		Accumulated
Amortization/
Impairment
Charges/
Foreign
Currency
Translation		Net 
Finite-lived intangible assets subject to
  amortization:
Customer and contractual relationships$4,766.7 $1,894.9 $2,871.8 $3,499.0 $1,719.8 $1,779.2 
Patents and technology163.0 160.8 2.2 167.6 161.6 6.0 
Trademarks143.1 110.8 32.3 151.4 111.6 39.8 
Total intangible assets subject to amortization$5,072.8 $2,166.5 $2,906.3 $3,818.0 $1,993.0 $1,825.0 
Indefinite-lived intangible assets not subject to amortization:
Trademarks$4,572.7 $223.6 $4,349.1 $2,830.7 $226.4 $2,604.3 
Total other intangible assets$9,645.5 $2,390.1 $7,255.4 $6,648.7 $2,219.4 $4,429.3 
Amortization expense for finite-lived intangible assets was $190.1, $205.9, and $222.5 in 2024, 2023, and 2022, respectively. The weighted-average useful lives of the customer and contractual relationships, patents and technology, and trademarks are 24 years, 20 years, and 12 years, respectively. The weighted-average useful life of total finite-lived intangible assets is
24 years. Based on the carrying value of intangible assets subject to amortization at April 30, 2024, the estimated amortization expense is $223.3 for 2025, $209.0 for 2026, $200.9 for 2027, $201.9 for 2028, and $172.1 for 2029.

We review goodwill and other indefinite-lived intangible assets for impairment at least annually on February 1 and more often if indicators of impairment exist.

As of February 1, 2024, we completed the annual impairment review, in which goodwill impairment was tested at the reporting unit level for all of our reporting units with goodwill. As part of our annual evaluation, we did not recognize any impairment charges related to our reporting units or indefinite-lived intangible assets. The estimated fair value exceeded the carrying value by greater than 10 percent for all our reporting units and indefinite-lived intangible assets, with the exception of the Sweet Baked Snacks reporting unit, for which its fair value exceeded its carrying value by approximately 3 percent, as the carrying value approximates estimated fair value due to the recent acquisition of Hostess Brands. Any significant adverse change in our near or long-term projections or macroeconomic conditions could result in future impairment charges for the
Sweet Baked Snacks segment. For additional information, see Goodwill and Other Intangible Assets in Note 1: Accounting Policies, Note 2: Acquisition, and Note 3: Divestitures.

In 2022, we recognized an impairment charge of $150.4 related to the divested Rachael Ray Nutrish brand within the U.S. Retail Pet Foods segment, primarily driven by the re-positioning of this brand within the Pet Foods brand portfolio, which led to a decline in the current and long-term net sales expectations and the royalty rate used in the valuation analysis. This charge was included as a noncash charge in our Statement of Consolidated Income.
v3.24.1.1.u2
Debt and Financing Arrangements
 12 Months Ended
Apr. 30, 2024
Debt Disclosure [Abstract]  
Debt and Financing Arrangements
Note 8: Debt and Financing Arrangements
The following table summarizes the components of our long-term debt.
  April 30, 2024April 30, 2023
  Principal
Outstanding
Carrying Amount (A)
Principal
Outstanding
Carrying
 Amount (A)
3.50% Senior Notes due March 15, 2025
$1,000.0 $999.3 $1,000.0 $998.4 
3.38% Senior Notes due December 15, 2027
500.0 498.4 500.0 498.0 
5.90% Senior Notes due November 15, 2028
750.0 744.5 — — 
2.38% Senior Notes due March 15, 2030
500.0 497.2 500.0 496.7 
2.13% Senior Notes due March 15, 2032
500.0 495.2 500.0 494.4 
6.20% Senior Notes due November 15, 2033
1,000.0 991.5 — — 
4.25% Senior Notes due March 15, 2035
650.0 645.5 650.0 645.1 
2.75% Senior Notes due September 15, 2041
300.0 297.4 300.0 297.3 
6.50% Senior Notes due November 15, 2043
750.0 736.5 — — 
4.38% Senior Notes due March 15, 2045
600.0 588.7 600.0 588.2 
3.55% Senior Notes due March 15, 2050
300.0 296.2 300.0 296.1 
6.50% Senior Notes due November 15, 2053
1,000.0 982.6 — — 
Total long-term debt$7,850.0 $7,773.0 $4,350.0 $4,314.2 
Current portion of long-term debt1,000.0 999.3 — — 
Total long-term debt, less current portion$6,850.0 $6,773.7 $4,350.0 $4,314.2 
(A)    Represents the carrying amount included in the Consolidated Balance Sheets, which includes the impact of capitalized debt issuance costs, offering discounts, and terminated interest rate contracts.
In September 2023, we entered into a Term Loan with a group of banks for an unsecured $800.0 term facility. Borrowings under the Term Loan bear interest on the prevailing SOFR. In November 2023, the full amount was drawn on the Term Loan to partially finance the acquisition of Hostess Brands and pay off the debt assumed as part of the acquisition, as discussed in Note 2: Acquisition. As of April 30, 2024, the $800.0 Term Loan was prepaid in full.

In September 2023, we entered into a commitment letter for a $5.2 billion Bridge Loan that provided committed financing for the acquisition of Hostess Brands, as discussed in Note 2: Acquisition. No balances were drawn against this facility, as the commitment letter was terminated after completion of the Senior Notes offering and drawing on the Term Loan. Included in other debt costs in the Statement of Consolidated Income during the year ended April 30, 2024, was $19.5 related to financing fees associated with the Bridge Loan.

In October 2023, we completed an offering of $3.5 billion in Senior Notes due November 15, 2028, November 15, 2033, November 15, 2043, and November 15, 2053. The Senior Notes included $31.8 of capitalized debt issuance costs and $15.0 of offering discounts to be amortized to interest expense – net in the Statements of Consolidated Income over the time period for which the debt is outstanding. The net proceeds from the offering were used to partially finance the acquisition of Hostess Brands and pay off the debt assumed as part of the acquisition.

In 2022, we prepaid $400.0 in principal of the Senior Notes due March 15, 2022, and as a result, we recognized a net loss on extinguishment of $6.9, which primarily consisted of a make-whole payment and was included in other income (expense) – net in the Statement of Consolidated Income.
In 2020, we completed an offering of $800.0 in Senior Notes due March 15, 2030, and March 15, 2050. Concurrent with the pricing of these Senior Notes, we terminated interest rate contracts that were designated as cash flow hedges and were used to manage our exposure to interest rate volatility associated with the anticipated debt financing. The termination resulted in a pre-tax loss of $239.8, which was deferred and included as a component of accumulated other comprehensive income (loss) and is amortized as interest expense over the life of the debt. For additional information, see Note 10: Derivative Financial Instruments.
All of our Senior Notes outstanding at April 30, 2024, are unsecured, and interest is paid semiannually, with no required scheduled principal payments until maturity. We may prepay all or part of the Senior Notes at 100 percent of the principal amount thereof, together with the accrued and unpaid interest, and any applicable make-whole amount.
We have available a $2.0 billion unsecured revolving credit facility with a group of 11 banks that matures in August 2026. Borrowings under the revolving credit facility bear interest on the prevailing U.S. Prime Rate, SOFR, Euro Interbank Offered Rate, or Canadian Dealer Offered Rate, based on our election. Interest is payable either on a quarterly basis or at the end of the borrowing term. We did not have a balance outstanding under the revolving credit facility at April 30, 2024, or 2023.

We participate in a commercial paper program under which we can issue short-term, unsecured commercial paper not to exceed $2.0 billion at any time. The commercial paper program is backed by our revolving credit facility and reduces what we can borrow under the revolving credit facility by the amount of commercial paper outstanding. Commercial paper is used as a continuing source of short-term financing for general corporate purposes. As of April 30, 2024, we had $591.0 of short-term borrowings outstanding, which were issued under our commercial paper program at a weighted-average interest rate of 5.48 percent. As of April 30, 2023, we did not have a balance outstanding under the commercial paper program.
Interest paid totaled $170.7, $153.1, and $155.2 in 2024, 2023, and 2022, respectively. This differs from interest expense due to the timing of interest payments, capitalized interest, the effect of interest rate contracts, amortization of debt issuance costs and discounts, and payment of other debt fees.
Our debt instruments contain certain covenant restrictions, including an interest coverage ratio. As of April 30, 2024, we are in compliance with all covenants.
v3.24.1.1.u2
Pensions and Other Postretirement Benefits
 12 Months Ended
Apr. 30, 2024
Retirement Benefits [Abstract]  
Pensions and Other Postretirement Benefits
Note 9: Pensions and Other Postretirement Benefits

We have defined benefit pension plans covering certain U.S. and Canadian employees. Pension benefits are based on the employee’s years of service and compensation levels. Our plans are funded in conformity with the funding requirements of applicable government regulations.

In addition to providing pension benefits, we sponsor several unfunded postretirement plans that provide health care and life insurance benefits to certain retired U.S. and Canadian employees. These plans are contributory, with retiree contributions adjusted periodically, and contain other cost-sharing features, such as deductibles and coinsurance. Covered employees generally are eligible for these benefits when they reach age 55 and have attained 10 years of credited service.

To determine the ultimate obligation under our defined benefit pension and other postretirement benefit plans, we must estimate the future cost of benefits and attribute that cost to the time period during which each covered employee works. Various actuarial assumptions must be made in order to predict and measure costs and obligations many years prior to the settlement date, the most significant being the interest rates used to discount the obligations of the plans, the long-term rates of return on the plans’ assets, and mortality assumptions. We, along with third-party actuaries and investment managers, review all of these assumptions on an ongoing basis to ensure that the most reasonable information available is being considered.
The following table summarizes the components of net periodic benefit cost and the change in accumulated other comprehensive income (loss) related to the defined benefit pension and other postretirement plans.
Defined Benefit Pension PlansOther Postretirement Benefits
  Year Ended April 30,Year Ended April 30,
202420232022202420232022
Service cost$0.9 $1.2 $1.7 $0.8 $1.0 $1.2 
Interest cost18.5 17.8 12.4 2.6 2.3 1.3 
Expected return on plan assets(16.1)(15.4)(15.9)— — — 
Amortization of prior service cost (credit)0.1 0.7 0.9 (0.6)(0.6)(0.6)
Amortization of net actuarial loss (gain)3.5 4.0 6.9 (1.5)(1.2)(0.4)
Curtailment loss (gain)(1.2)— — — — — 
Settlement loss (gain) 3.2 7.4 10.8 — — — 
Net periodic benefit cost$8.9 $15.7 $16.8 $1.3 $1.5 $1.5 
Other changes in plan assets and benefit liabilities recognized in
accumulated other comprehensive income (loss) before income taxes:
Prior service credit (cost) arising during the year$— $— $(0.4)$— $— $— 
Net actuarial gain (loss) arising during the year(6.6)(11.5)30.4 5.4 3.8 8.2 
Amortization of prior service cost (credit)0.1 0.7 0.9 (0.6)(0.6)(0.6)
Amortization of net actuarial loss (gain)3.5 4.0 6.9 (1.5)(1.2)(0.4)
Curtailment loss (gain)(1.2)— — — — — 
Settlement loss (gain)— 7.4 10.8 — — — 
Foreign currency translation— — — (0.1)(0.2)(0.1)
Net change for year$(4.2)$0.6 $48.6 $3.2 $1.8 $7.1 
Weighted-average assumptions used in determining net periodic benefit costs:
U.S. plans:
Discount rate used to determine benefit obligation5.19 %4.59 %3.13 %5.15 %4.52 %2.97 %
Discount rate used to determine service cost5.38 4.77 3.53 5.23 4.64 3.20 
Discount rate used to determine interest cost5.08 4.26 2.40 5.06 4.11 2.07 
Expected return on plan assets5.35 4.51 4.59 — — — 
Rate of compensation increase3.66 3.55 3.55 — — — 
Canadian plans:
Discount rate used to determine benefit obligation4.59 %2.41 %2.15 %4.62 %4.50 %3.03 %
Discount rate used to determine service cost— — — 4.73 4.69 3.52 
Discount rate used to determine interest cost4.65 2.33 1.95 4.65 4.18 2.32 
Expected return on plan assets3.30 1.60 1.70 — — — 
We amortize gains and losses for our postretirement plans over the average expected future period of vested service. For plans that consist of less than 5 percent of participants that are active, average life expectancy is used instead of the average expected future service period.

We utilize a spot rate methodology for the estimation of service and interest cost for our plans by applying specific spot rates along the yield curve to the relevant projected cash flows to provide a better estimate of service and interest costs. For 2025 expense recognition, we will use weighted-average discount rates for the U.S. defined benefit pension plans of 5.43 percent to determine benefit obligation, 6.06 percent to determine service cost, and 5.38 percent to determine interest cost. As of April 30, 2024, a 50 basis-point decrease in the discount rate assumption would increase the 2025 net periodic benefit cost by approximately $0.1, and the benefit obligation would increase by approximately $14.1. In addition, we anticipate using an expected rate of return on plan assets of 4.70 percent for the U.S. defined benefit pension plans. A 50 basis-point decrease in the expected rate of return on plan assets assumption would increase the 2025 net periodic benefit cost by approximately $1.3.
We use a measurement date of April 30 to determine defined benefit pension and other postretirement benefit plans’ assets and benefit obligations. The following table sets forth the combined status of the plans as recognized in the Consolidated Balance Sheets.
Defined Benefit Pension PlansOther Postretirement Benefits
  Year Ended April 30,Year Ended April 30,
2024202320242023
Change in benefit obligation:
Benefit obligation at beginning of year$379.7 $429.4 $54.7 $59.7 
Service cost0.9 1.2 0.8 1.0 
Interest cost18.5 17.8 2.6 2.3 
Actuarial loss (gain) (A)
(18.4)(14.9)(5.4)(3.8)
Benefits paid(34.5)(17.7)(3.8)(4.3)
Curtailment(3.4)— — — 
Settlement3.1 (36.1)— — 
Foreign currency translation adjustments— — — (0.2)
Benefit obligation at end of year$345.9 $379.7 $48.9 $54.7 
Change in plan assets:
Fair value of plan assets at beginning of year$325.9 $317.1 $— $— 
Actual return on plan assets(12.3)(11.1)— — 
Company contributions4.1 74.1 3.8 4.3 
Benefits paid(34.5)(17.7)(3.8)(4.3)
Settlement(0.1)(36.1)— — 
Foreign currency translation adjustments(0.1)(0.4)— — 
Fair value of plan assets at end of year$283.0 $325.9 $— $— 
Funded status of the plans$(62.9)$(53.8)$(48.9)$(54.7)
Defined benefit pensions$(54.1)$(62.1)$— $— 
Other noncurrent assets8.8 12.3 — — 
Accrued compensation(17.6)(4.0)(4.6)(5.6)
Other postretirement benefits— — (44.3)(49.1)
Net benefit liability$(62.9)$(53.8)$(48.9)$(54.7)
(A) The actuarial losses and gains for our defined benefit pension plans and other postretirement benefits were primarily due to changes in the discount rates used in determining the plan obligations.
In 2021, we transferred obligations related to our Canadian defined benefit pension plan to an insurance company through the purchase of an irrevocable group annuity contract (the “Canadian Buy-Out Contract”). The group annuity contract was purchased using assets from the pension trust. During 2024, we received corporate approval to proceed with distribution of the surplus that remains within the Canadian defined benefit pension plan. As a result, we recognized a noncash pre-tax settlement charge of $3.2 related to the acceleration of prior service cost for the portion of the plan surplus to be allocated to plan members, which is subject to regulatory approval before a payout can be made. The settlement charge was included within other income (expense) – net in the Statement of Consolidated Income. We did not recognize any charges related to the Canadian Buy-Out Contract during 2023 and 2022.
In October 2023, we approved an amendment to terminate one of our U.S. qualified defined benefit plans, effective as of December 31, 2023. We provided notice to participants of the intent to terminate the plan and applied for a determination letter from the IRS. Pension obligations will be distributed through a combination of lump sum payments to eligible plan participants and through the purchase of a group annuity contract. During the plan year ended December 31, 2023, the asset allocation for the plan’s assets was adjusted in anticipation of the plan termination. Upon settlement of the pension obligations, we will reclassify unrecognized actuarial gains or losses, currently recorded in accumulated other comprehensive income (loss), to the Consolidated Statement of Income as a settlement gain or charge. As of April 30, 2024, we had unrecognized losses related to the plan of $45.6. We anticipate the termination process will be substantially complete by the end of 2025.
The following table summarizes amounts recognized in accumulated other comprehensive income (loss) in the Consolidated Balance Sheets, before income taxes.
  Defined Benefit Pension PlansOther Postretirement Benefits
Year Ended April 30,Year Ended April 30,
2024202320242023
Net actuarial gain (loss) $(96.8)$(92.5)$25.5 $21.7 
Prior service credit (cost) (0.4)(0.5)1.9 2.5 
Total recognized in accumulated other comprehensive income (loss)$(97.2)$(93.0)$27.4 $24.2 

The following table sets forth the weighted-average assumptions used in determining the benefit obligations.
  Defined Benefit Pension PlansOther Postretirement Benefits
Year Ended April 30,Year Ended April 30,
2024202320242023
U.S. plans:
Discount rate5.43 %5.19 %5.86 %5.15 %
Rate of compensation increase3.00 3.66 — — 
Interest crediting rate4.51 5.75 — — 
Canadian plans:
Discount rate5.07 %4.59 %5.12 %4.62 %
For 2025, the assumed health care trend rates are 6.30 percent and 4.50 percent for the U.S. and Canadian plans, respectively. The rate for participants under age 65 is assumed to decrease to 5.00 percent in 2032 for the U.S. plan and remain at 4.50 percent for the Canadian plan. The health care cost trend rate assumption impacts the amount of the other postretirement benefits obligation and periodic other postretirement benefits cost reported.
The following table sets forth additional information related to our defined benefit pension plans.
  April 30,
  20242023
Accumulated benefit obligation for all pension plans$345.2 $374.6 
Plans with an accumulated benefit obligation in excess of plan assets:
Accumulated benefit obligation$276.7 $194.6 
Fair value of plan assets205.3 133.1 
Plans with a projected benefit obligation in excess of plan assets:
Projected benefit obligation$276.7 $198.9 
Fair value of plan assets205.3 133.1 
We employ a total return on investment approach for the defined benefit pension plans’ assets. A mix of equity, fixed-income, and alternative investments is used to maximize the long-term rate of return on assets for the level of risk. In determining the expected long-term rate of return on the defined benefit pension plans’ assets, we consider the historical rates of return, the nature of investments, the asset allocation, and expectations of future investment strategies. The actual rate of return was a loss of 2.90 percent and 2.30 percent for the years ended April 30, 2024 and 2023, respectively, which excludes administrative and investment expenses.
Based on our improved funded status and the anticipated termination of one of our U.S. qualified defined benefit pension plans, our current investment policy includes a mix of investments that consist of approximately 80 percent fixed-income securities, 10 percent equity securities, and 10 percent cash and cash equivalents.
The following tables summarize the major asset classes for the U.S. and Canadian defined benefit pension plans and the levels within the fair value hierarchy for those assets measured at fair value.
Quoted Prices in
Active Markets for
Identical Assets
(Level 1)		Significant 
Observable 
Inputs 
(Level 2)		Significant 
Unobservable 
Inputs 
(Level 3)		Plan Assets at April 30, 2024
Cash and cash equivalents (A)
$28.9 $— $— $28.9 
Equity securities:
U.S. (B)
5.0 — — 5.0 
International (C)
15.7 — — 15.7 
Fixed-income securities:
Bonds (D)
220.1 — — 220.1 
Other types of investments (E)
— 13.3 — 13.3 
Total financial assets measured at fair value$269.7 $13.3 $— $283.0 
Total financial assets measured at net asset value (F)
— 
Total plan assets$283.0 
Quoted Prices in 
Active Markets for
Identical Assets 
(Level 1)		Significant 
Observable 
Inputs 
(Level 2)		Significant 
Unobservable 
Inputs 
(Level 3)		Plan Assets at April 30, 2023
Cash and cash equivalents (A)
$30.1 $— $— $30.1 
Equity securities:
U.S. (B)
2.6 — — 2.6 
International (C)
6.7 — — 6.7 
Fixed-income securities:
Bonds (D)
259.6 — — 259.6 
Other types of investments (E)
— 26.9 — 26.9 
Total financial assets measured at fair value$299.0 $26.9 $— $325.9 
Total financial assets measured at net asset value (F)
— 
Total plan assets$325.9 
 
(A)    This category includes money market holdings with maturities of three months or less and are classified as Level 1 assets. Based on the short-term nature of these assets, carrying value approximates fair value.
(B)    This category is invested in a diversified portfolio of common stocks and index funds that primarily invest in U.S. stocks with broad market capitalization ranges similar to those found in the S&P 500 Index and/or the various Russell Indices, and are traded on active exchanges. The Level 1 assets are valued using quoted market prices for identical securities in active markets.
(C)    This category is invested primarily in common stocks and other equity securities traded on active exchanges of foreign issuers located outside the U.S. The fund invests primarily in developed countries, but may also invest in emerging markets. The Level 1 assets are valued using quoted market prices for identical securities in active markets.
(D)    This category is primarily composed of bond funds, which seek to duplicate the return characteristics of high-quality U.S. and foreign corporate bonds with a duration range of 10 to 13 years, as well as various U.S. Treasury Separate Trading of Registered Interest and Principal holdings, with wide-ranging maturity dates. These assets are valued using quoted market prices for identical securities in active markets and are classified as Level 1 assets.
(E)    This category is composed of a real estate fund whereby the underlying investments are contained in the Canadian market and a common collective trust fund investing in direct commercial property funds. The real estate fund and the collective trust fund investing in direct commercial property are classified as Level 2 assets, whereby the underlying securities are valued utilizing quoted market prices for identical securities in active markets and based on the quoted market prices of the underlying investments in the common collective trust, respectively.
(F)    This category was composed of a private equity fund that consisted primarily of limited partnership interests in corporate finance and venture capital funds, as well as a private limited investment partnership. The fair value estimates of the private equity fund and private limited investment partnership were based on the underlying funds’ net asset values. Furthermore, as a practical expedient equivalent to our defined benefit plan’s ownership interest in the partners’ capital, a proportionate share of the net assets was attributed and further corroborated by our review. The private equity fund and private limited investment partnership were non-redeemable, and the return of principal was based on the liquidation of the underlying assets. In accordance with ASU 2015-07, the private equity fund and private limited investment partnership were removed from the total financial assets measured at fair value and disclosed separately.
In 2025, we do not expect to make any contributions to our U.S. qualified defined benefit pension plans, except as required to fund the U.S. defined benefit plan we plan to terminate, which will be equal to the shortfall following the payment of lump sums and purchase of a group annuity contract. The amount of the contribution necessary will be dependent on several factors including asset performance, economic environment, lump sum election percentage, and insurance premium pricing, among others. In addition, the timing of the annuity purchase will be dependent on the timing of the regulatory reviews by the IRS, as well as other plan termination activities. During 2025, we also expect to make direct benefit payments of approximately $8.8. Furthermore, we expect the following payments to be made from the defined benefit pension and other postretirement benefit plans: $162.1 in 2025, $23.2 in 2026, $22.6 in 2027, $22.3 in 2028, $21.9 in 2029, and $112.0 in 2030 through 2034.
Multi-Employer Pension Plan: We participate in one multi-employer pension plan, the Bakery and Confectionery Union and Industry International Pension Fund (“Bakery and Confectionery Union Fund”) (52-6118572), which provides defined benefits to certain union employees. During 2024 and 2023, a total of $2.9 and $2.0 was contributed to the plan, respectively, and we anticipate contributions of $2.8 in 2025.
The risks of participating in multi-employer pension plans are different from the risks of participating in single-employer pension plans. For instance, the assets contributed to the multi-employer plan by one employer may be used to provide benefits to employees of other participating employers, and if a participating employer stops contributing to the plan, the unfunded obligations of the plan allocable to the withdrawing employer may be the responsibility of the remaining participating employers. Additionally, if we stop participating in the multi-employer pension plan, we may be required to pay the plan an amount based on our allocable share of the underfunded status of the plan, referred to as a withdrawal liability.
The Pension Protection Act of 2006 ranks the funded status of multi-employer pension plans depending upon a plan’s current and projected funding. A plan is in the Red Zone (Critical) if it has a current funded percentage less than 65 percent. A plan is in the Yellow Zone (Endangered) if it has a current funded percentage of less than 80 percent or projects a credit balance deficit within seven years. A plan is in the Green Zone (Healthy) if it has a current funded percentage greater than 80 percent and does not have a projected credit balance deficit within seven years. The zone status is based on the plan’s year-end, not our fiscal year-end. The zone status is based on information that we received from the plan and is certified by the plan’s actuary. During calendar year 2023, the Bakery and Confectionery Union Fund was in Red Zone status, as the current funding status was 48.50 percent. A funding improvement plan, or rehabilitation plan, has been implemented.

The American Rescue Plan Act (the “ARPA”), signed into law on March 11, 2021, established a special financial assistance program for financially troubled multi-employer pension plans. Under the ARPA, eligible multi-employer plans can apply to receive a cash payment in an amount projected by the Pension Benefit Guaranty Corporation (“PBGC”) to pay pension benefits through the plan year ending 2051. On March 1, 2023, the Bakery and Confectionery Union Fund applied for assistance under the ARPA program. After working directly with the PBGC to review and revise assumptions, the Bakery and Confectionary Union Fund submitted a revised application for assistance on February 21, 2024.
v3.24.1.1.u2
Derivative Financial Instruments
 12 Months Ended
Apr. 30, 2024
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Derivative Financial Instruments
Note 10: Derivative Financial Instruments
We are exposed to market risks, such as changes in commodity prices, foreign currency exchange rates, and interest rates. To manage the volatility related to these exposures, we enter into various derivative transactions. We have policies in place that define acceptable instrument types we may enter into and establish controls to limit our market risk exposure. By policy, we do not enter into derivative transactions for speculative purposes.
Commodity Derivatives: We enter into commodity derivatives to manage the price volatility and reduce the variability of future cash flows related to anticipated inventory purchases of key raw materials, notably green coffee, soybean meal, wheat, corn, and edible oils. We also enter into commodity derivatives to manage price risk for energy input costs, including diesel fuel and natural gas. Our derivative instruments generally have maturities of less than one year.
We do not qualify commodity derivatives for hedge accounting treatment, and as a result, the derivative gains and losses are immediately recognized in earnings. Although we do not perform the assessments required to achieve hedge accounting for derivative positions, we believe all of our commodity derivatives are economic hedges of our risk exposure.
The commodities hedged have a high inverse correlation to price changes of the derivative instrument. Thus, we would expect that over time any gain or loss in the estimated fair value of its derivatives would generally be offset by an increase or decrease in the estimated fair value of the underlying exposures.
Foreign Currency Exchange Derivatives: We utilize foreign currency derivatives to manage the effect of foreign currency exchange fluctuations on future cash payments primarily related to purchases of certain raw materials and finished goods. The contracts generally have maturities of less than one year. We do not qualify instruments used to manage foreign currency exchange exposures for hedge accounting treatment.

Interest Rate Derivatives: From time to time, we utilize derivative instruments to manage interest rate risk associated with anticipated debt transactions, as well as to manage changes in the fair value of our long-term debt. At the inception of an interest rate contract, the instrument is evaluated and documented for qualifying hedge accounting treatment. If the contract is designated as a cash flow hedge, the mark-to-market gains or losses on the contract are deferred and included as a component of accumulated other comprehensive income (loss) and generally reclassified to interest expense in the period during which the hedged transaction affects earnings. If the contract is designated as a fair value hedge, the contract is recognized at fair value on the balance sheet, and changes in the fair value are recognized in interest expense. Generally, changes in the fair value of the contract are equal to changes in the fair value of the underlying debt and have no net impact on earnings.
Equity Forward Derivative: During the first quarter of 2024, we began entering into equity forward derivative transactions under an agreement with an unrelated third-party to facilitate the forward sale of the Post common stock. We did not qualify the forward sale derivative contract for hedge accounting treatment, and as a result, derivative gains and losses associated with the economic hedge were immediately recognized in earnings within other income (expense) – net in the Statement of Consolidated Income, netting with the change in fair value of the underlying shares. All 5.4 million shares of Post common stock were hedged and later settled on November 15, 2023, for $466.3, resulting in a pre-tax gain of $5.4 during the year ended April 30, 2024. For additional information, see Note 3: Divestitures.

The following table presents the gross notional value of outstanding derivative contracts.
  Year Ended April 30,
  20242023
Commodity contracts$787.7 $448.1 
Foreign currency exchange contracts98.6 98.1 
The following tables set forth the gross fair value amounts of derivative instruments recognized in the Consolidated Balance     Sheets.
  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 
  April 30, 2023
  Other
Current
Assets		Other
Current
Liabilities		Other
Noncurrent
Assets		Other
Noncurrent
Liabilities
Derivatives not designated as hedging instruments:
Commodity contracts$18.1 $14.7 $— $— 
Foreign currency exchange contracts1.4 0.1 — — 
Total derivative instruments$19.5 $14.8 $— $— 
We have elected to not offset fair value amounts recognized for our exchange-traded derivative instruments and our cash margin accounts executed with the same counterparty that are generally subject to enforceable netting agreements. We are required to maintain cash margin accounts in connection with funding the settlement of our open positions. Our cash margin accounts represented collateral received of $1.9 and collateral pledged of $17.0 at April 30, 2024 and 2023, respectively, and are included in other current assets in the Consolidated Balance Sheets. The change in the cash margin accounts is included in other – net, investing activities in the Statements of Consolidated Cash Flows. In the event of default and immediate net settlement of all of our open positions with individual counterparties, all of our derivative liabilities would be fully offset by either our derivative asset positions or margin accounts based on the net asset or liability position with our individual
counterparties. Cash flows associated with the settlement of derivative instruments are classified in the same line item as the cash flows of the related hedged item, which is within operating activities in the Statements of Consolidated Cash Flows.
Economic Hedges

The following table presents the net gains and losses recognized in cost of products sold on derivatives not designated as hedging instruments.
  Year Ended April 30,
  202420232022
Derivative gains (losses) on commodity contracts$26.1 $(6.1)$74.1 
Derivative gains (losses) on foreign currency exchange contracts1.5 4.4 4.2 
Total derivative gains (losses) recognized in cost of products sold$27.6 $(1.7)$78.3 
Commodity and foreign currency exchange derivative gains and losses are reported in unallocated derivative gains and losses outside of segment operating results until the related inventory is sold. At that time, we reclassify the hedge gains and losses from unallocated derivative gains and losses to segment profit, allowing our segments to realize the economic effect of the hedge without experiencing any mark-to-market volatility. The following table presents the net change in cumulative unallocated derivative gains and losses.
  Year Ended April 30,
  202420232022
Net derivative gains (losses) recognized and classified as unallocated$27.6 $(1.7)$78.3 
Less: Net derivative gains (losses) reclassified to segment operating profit20.9 19.7 101.7 
Change in net cumulative unallocated derivative gains and losses$6.7 $(21.4)$(23.4)
The net cumulative unallocated derivative gains were $22.6 and $15.9 at April 30, 2024 and 2023, respectively.
Cash Flow Hedges
In November 2023, we terminated interest rate contracts for $42.5 concurrent with the payment of the debt assumed with the acquisition of Hostess Brands. The interest rate contracts were designated as cash flow hedges and were used to manage exposure to changes in cash flows associated with variable rate debt.
In 2020, we terminated all outstanding interest rate contracts concurrent with the pricing of the Senior Notes due March 15, 2030, and March 15, 2050. The contracts were designated as cash flow hedges and were used to manage our exposure to interest rate volatility associated with the anticipated debt financing. The termination resulted in a pre-tax loss of $239.8, which was deferred and included as a component of accumulated other comprehensive income (loss) and is being amortized as interest expense over the life of the debt.
The following table presents information on the pre-tax gains and losses recognized on all contracts previously designated as cash flow hedges.
Year Ended April 30,
202420232022
Gains (losses) recognized in other comprehensive income (loss)$— $— $— 
Less: Gains (losses) reclassified from accumulated other comprehensive income (loss) to interest expense – net (A)
(13.6)(13.5)(13.7)
Less: Gains (losses) reclassified from accumulated other comprehensive income to other (expense) – net (B)
— — 0.6 
Change in accumulated other comprehensive income (loss)$13.6 $13.5 $13.1 
(A)Interest expense – net, as presented in the Statements of Consolidated Income, was $264.3, $152.0, and $160.9 in 2024, 2023, and 2022, respectively. The reclassification includes terminated contracts which were designated as cash flow hedges.
(B)Other income (expense) – net, as presented in the Statements of Consolidated Income, was $25.6, $14.7, and $19.1 in 2024, 2023, and 2022, respectively. The reclassification is related to the debt extinguishment during 2022, as discussed in Note 8: Debt and Financing Arrangements.
Included as a component of accumulated other comprehensive income (loss) at April 30, 2024 and 2023, were deferred net pre-tax losses of $187.1 and $200.7, respectively, related to the terminated interest rate contracts. The related net tax benefit recognized in accumulated other comprehensive income (loss) was $44.0 and $47.1 at April 30, 2024 and 2023, respectively. Approximately $13.6 of the net pre-tax loss will be recognized over the next 12 months related to the terminated interest rate contracts.

Fair Value Hedges
In 2015, we terminated the interest rate swap on the Senior Notes due October 15, 2021, which was designated as a fair value hedge and used to hedge against the changes in the fair value of the debt. As a result of the early termination, we received $58.1 in cash, which included $4.6 of accrued and prepaid interest. The gain on termination was recorded as an increase in the long-term debt balance and was recognized over the life of the debt as a reduction of interest expense. As of April 30, 2022, we had fully recognized the gain of $53.5, of which $4.0 was recognized in 2022.
v3.24.1.1.u2
Other Financial Instruments and Fair Value Measurements
 12 Months Ended
Apr. 30, 2024
Fair Value Disclosures [Abstract]  
Other Financial Instruments and Fair Value Measurements
Note 11: 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 Consolidated Balance Sheets.
The following table provides information on the carrying amounts and fair values of our financial instruments.
  April 30, 2024April 30, 2023
  Carrying
Amount
Fair Value		Carrying
Amount
Fair Value
Marketable securities and other investments$22.1 $22.1 $24.0 $24.0 
Derivative financial instruments – net28.2 28.2 4.7 4.7 
Investment in equity securities— — 487.8 487.8 
Total long-term debt(7,773.0)(7,652.9)(4,314.2)(3,879.1)
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 
April 30, 2024
Marketable securities and other investments: (A)
Equity mutual funds$4.5 $— $— $4.5 
Municipal obligations— 17.2 — 17.2 
Money market funds0.4 — — 0.4 
Derivative financial instruments: (B)
Commodity contracts – net26.7 (0.3)— 26.4 
Foreign currency exchange contracts – net0.5 1.3 — 1.8 
Total long-term debt (D)
(7,652.9)— — (7,652.9)
Total financial instruments measured at fair value$(7,620.8)$18.2 $— $(7,602.6)
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, 2023
Marketable securities and other investments: (A)
Equity mutual funds$5.0 $— $— $5.0 
Municipal obligations— 18.6 — 18.6 
Money market funds0.4 — — 0.4 
Derivative financial instruments: (B)
Commodity contracts – net2.7 0.7 — 3.4 
Foreign currency exchange contracts – net0.2 1.1 — 1.3 
Investment in equity securities (C)
487.8 — — 487.8 
Total long-term debt (D)
(3,879.1)— — (3,879.1)
Total financial instruments measured at fair value$(3,383.0)$20.4 $— $(3,362.6)
(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, 2024, our municipal obligations are scheduled to mature as follows: $1.5 in 2025, $0.8 in 2026, $3.8 in 2027, $0.4 in 2028, $3.4 in 2029, and the remaining $7.3 in 2030 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)The market approach is utilized to measure the fair value of equity securities. The investment in equity securities represented our equity interest in Post of approximately 8 percent as of April 30, 2023, which was valued using the trading value of Post common stock. The investment in equity securities was valued at $460.9 on the settlement date. As a result, we recognized a realized pre-tax loss of $30.7 on the investment, of which $26.9 and $3.8 was recognized during 2024 and 2023, respectively, and was included in other income (expense) – net in the Statements of Consolidated Income. For additional information, see Investment in Equity Securities in Note 1: Accounting Policies and Note 3: Divestitures.
(D)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 2024, we recognized a loss on divestiture in our Statement of Consolidated Income related to the divestiture of Sahale Snacks. The pre-tax loss for the divested Sahale Snacks business included the impact of an allocation of $11.5 of goodwill, primarily in the U.S. Retail Frozen Handheld and Spreads segment, which was determined based on a relative fair value analysis. The impact of the goodwill disposed was included in the noncash pre-tax loss on the divestiture in our Statement of Consolidated Income. Furthermore, we acquired Hostess Brands on November 7, 2023, and as a result, the underlying assets acquired and liabilities assumed were adjusted to their estimated fair values at the date of acquisition, which was determined based on independent appraisals, discounted cash flow analyses, quoted market prices, and estimates made by management.
During 2023, we recognized a loss on divestiture in our Statement of Consolidated Income related to the divestiture of certain pet food brands. The loss on divestiture included the impact of an allocation of $790.3 of goodwill, primarily in the U.S. Retail Pet Foods segment, which was determined based on a relative fair value analysis. The impact of the goodwill disposed was included in the noncash pre-tax loss on the divestiture in our Statement of Consolidated Income. We recognized an impairment charge of $150.4 during 2022 related to the divested Rachael Ray Nutrish brand within the U.S. Retail Pet Foods segment.
For additional information, see Note 2: Acquisition, Note 3: Divestitures, and Note 7: Goodwill and Other Intangible Assets.
v3.24.1.1.u2
Leases
 12 Months Ended
Apr. 30, 2024
Leases [Abstract]  
Leases
Note 12: Leases
We lease certain warehouses, manufacturing facilities, office space, equipment, and vehicles, primarily through operating lease agreements. We have elected to not recognize leases with a term of 12 months or less in the Consolidated Balance Sheets. Instead, we recognize the related lease expense on a straight-line basis over the lease term.
Although the majority of our right-of-use asset and lease liability balances consist of leases with renewal options, these optional periods do not typically impact the lease term as we are not reasonably certain to exercise them. Certain leases also include termination provisions or options to purchase the leased property. Since we are not reasonably certain to exercise these types of options, minimum lease payments do not include any amounts related to these termination or purchase options. Our lease agreements generally do not contain residual value guarantees or restrictive covenants that are material.
We determine if an agreement is or contains a lease at inception by evaluating whether an identified asset exists that we control over the term of the arrangement. A lease commences when the lessor makes the identified asset available for our use. We generally account for lease and non-lease components as a single lease component. Minimum lease payments do not include variable lease payments other than those that depend on an index or rate.
Because the interest rate implicit in the lease cannot be readily determined for the majority of our leases, we utilize our incremental borrowing rate to present value lease payments using information available at the lease commencement date. We consider our credit rating and the current economic environment in determining this collateralized rate. As of April 30, 2024, we have entered into a lease commitment related to a Canadian corporate office for which the lease has not yet commenced as of that date. The lease will begin during the third quarter of 2025, and upon commencement, we expect to recognize a right-of-use asset and lease liability of approximately $1.9 in the Condensed Consolidated Balance Sheet.
The following table sets forth the right-of-use assets and lease liabilities recognized in the Consolidated Balance Sheets.
Year Ended April 30,
20242023
Operating lease right-of-use assets$174.6 $103.0 
Operating lease liabilities:
Current operating lease liabilities$40.5 $33.2 
Noncurrent operating lease liabilities
143.5 77.2 
Total operating lease liabilities$184.0 $110.4 
Finance lease right-of-use assets:
Machinery and equipment
$18.7 $7.7 
Accumulated depreciation
(8.0)(4.4)
Total property, plant, and equipment$10.7 $3.3 
Finance lease liabilities:
Other current liabilities
$2.8 $1.2 
Other noncurrent liabilities
8.3 2.2 
Total finance lease liabilities$11.1 $3.4 
The following table summarizes the components of lease expense.
Year Ended April 30,
202420232022
Operating lease cost$49.7 $42.2 $43.8 
Finance lease cost:
Amortization of right-of-use assets 3.4 1.6 2.0 
Interest on lease liabilities
0.6 0.1 0.1 
Variable lease cost23.7 24.9 21.6 
Short-term lease cost44.3 44.5 43.5 
Total lease cost (A)
$121.7 $113.3 $111.0 
(A)Total lease cost does not include sublease income, which is immaterial for all years presented.
The following table sets forth cash flow and noncash information related to leases.
Year Ended April 30,
202420232022
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases
$49.2 $44.3 $45.6 
Operating cash flows from finance leases 0.5 0.1 0.1 
Financing cash flows from finance leases
3.3 1.7 2.1 
Right-of-use assets obtained in exchange for new lease liabilities:
Operating leases98.4 37.9 7.2 
Finance leases
10.9 1.5 1.8 
The following table summarizes the maturity of our lease liabilities by fiscal year.
April 30, 2024
Operating LeasesFinance Leases
2025$47.9 $3.2 
202644.3 2.9 
202725.6 2.5 
202817.6 2.3 
202916.4 0.9 
2030 and beyond60.5 0.5 
Total undiscounted minimum lease payments $212.3 $12.3 
Less: Imputed interest28.3 1.2 
Lease liabilities $184.0 $11.1 
The following table sets forth the weighted average remaining lease term and discount rate.
Year Ended April 30,
20242023
Weighted average remaining lease term (in years):
Operating leases
6.24.8
Finance leases 4.33.1
Weighted average discount rate:
Operating leases4.3 %3.3 %
Finance leases
4.8 %2.4 %
v3.24.1.1.u2
Share-Based Payments
 12 Months Ended
Apr. 30, 2024
Share-Based Payment Arrangement [Abstract]  
Share-Based Payments
Note 13: Share-Based Payments

We provide for equity-based incentives to be awarded to key employees and non-employee directors. Currently, these incentives consist of restricted shares, restricted stock units (which may also be referred to as deferred stock units), performance units, and stock options. During 2024, 2023, and 2022, these awards were administered through the 2020 Equity and Incentive Compensation Plan (the “2020 Plan”), which was approved by our shareholders in August 2020. The previous 2010 Equity and Incentive Compensation Plan (the “2010 Plan”) expired and the 2020 Plan became effective in November 2020, at which time the common shares remaining available for issuance under the 2010 Plan were transferred to the 2020 Plan. During 2021, awards were administered through the 2010 Plan and the 2020 Plan. Awards under these plans may be in the form of stock options, stock appreciation rights, restricted shares, restricted stock units, performance shares, performance units, incentive awards, and other share-based awards, and they may be granted to our non-employee directors, consultants, officers, and other employees. Deferred stock units granted to non-employee directors vest immediately and, along with dividends credited on those deferred stock units, are paid out in the form of common shares upon termination of service as a non-employee director. At April 30, 2024, there were 3,740,981 shares available for future issuance under the 2020 Plan.
Under the 2020 Plan, we have the option to settle share-based awards by issuing common shares from treasury, issuing new Company common shares, or issuing a combination of common shares from treasury and new Company common shares.
Stock Options: Under the 2020 Plan, we granted 84,568, 113,970, and 152,971 stock options during 2024, 2023, and 2022, respectively. Stock options granted in 2024, 2023, and 2022 vest ratably over a period of three years. The exercise price of all stock options granted was equal to the market value of the shares on the date of grant, and all stock options granted and outstanding have a contractual term of 10 years.
The fair value of each stock option is estimated on the date of grant using a Black-Scholes option-pricing model with the following weighted-average assumptions for stock options granted:
202420232022
Expected volatility25.0 %25.0 %24.0 %
Dividend yield2.7 %3.1 %2.7 %
Risk-free interest rate3.9 %3.6 %1.0 %
Expected life of stock options (years)6.06.06.0
Expected volatility was calculated in accordance with the provisions of FASB ASC 718, Compensation – Stock Compensation, based on consideration of both historical and implied volatilities. The expected life of a stock option represents the period from the grant date through the expected exercise date of the option. This was calculated using a simplified method whereby the midpoint between the vesting date and the end of the contractual term is utilized to compute the expected term.
The following table is a summary of our stock option activity.
Number of 
Stock Options		Weighted-Average
Exercise Price
Outstanding at May 1, 2023606,478 $121.33 
Granted84,568 153.26 
Exercised(26,434)120.18 
Cancelled(7,653)140.62 
Outstanding at April 30, 2024
656,959 $125.40 
Exercisable at April 30, 2024
476,110 $119.96 
The intrinsic value of a stock option is the amount by which the market value of the underlying stock exceeds the exercise price of the stock option. The total intrinsic value for both stock options outstanding and exercisable was $1.2 at April 30, 2024, with an average remaining contractual term of 5.7 years and 5.8 years, respectively. The total intrinsic value of stock options exercised during 2024, 2023, and 2022 was $0.1, $8.6, and $3.6, respectively. The closing market price of our common stock on the last trading day of 2024 was $114.85 per share. The stock options granted during 2024 have a weighted-average grant date fair value of $33.94 per option.
Compensation cost related to stock options is recognized ratably over the service period from the grant date through the end of the requisite service period. During 2024, 2023, and 2022, we recognized compensation cost of $2.8, $3.1, and $3.0, respectively. The annual tax benefit related to the stock option expense was $0.7 for 2024, 2023, and 2022. As of April 30, 2024, we had unrecognized compensation cost of $2.9 related to the stock options that were granted in 2024, 2023, and 2022.
Cash received from stock option exercises was $3.2, $21.6, and $16.3 for the years ended April 30, 2024, 2023, and 2022, respectively.
Other Equity Awards: The following table is a summary of our restricted shares, deferred stock units, and performance units.
Restricted Shares
and Deferred
Stock Units		Weighted-Average
Grant Date Fair Value Per Share		Performance
Units		Weighted-Average
Grant Date Fair Value Per Share
Outstanding at May 1, 2023
354,724 $126.45 413,890 $126.78 
Granted155,354 143.60 117,312 153.20 
Vested(218,698)127.36 (74,548)113.71 
Forfeited(34,623)108.58 (103,258)120.31 
Outstanding at April 30, 2024
256,757 $138.46 353,396 $140.20 
The weighted-average grant date fair value of equity awards other than stock options that vested in 2024, 2023, and 2022 was $36.5, $30.6, and $21.7, respectively. The weighted-average grant date fair value of restricted shares, deferred stock units, and performance units is the average of the high and the low share price on the date of grant. The vesting date fair value of equity awards other than stock options that vested in 2024, 2023, and 2022 was $46.9, $36.2, and $24.0, respectively. The following table summarizes the weighted-average fair values of the equity awards granted.
Year Ended April 30,Restricted Shares
and Deferred
Stock Units		Weighted-Average
Grant Date Fair Value Per Share		Performance
Units		Weighted-Average
Grant Date Fair Value Per Share
2024155,354 $143.60 117,312 $153.20 
2023146,290 131.96 130,939 133.01 
202266,514 135.10 171,907 135.53 
The restricted shares and deferred stock units granted in 2024, 2023, and 2022 under our new long-term incentive compensation program vest ratably over three years from the date of grant. The performance units granted in 2024, 2023, and 2022 vest three years from the date of grant and are converted to common shares upon vesting based on the performance achieved during the service period. The performance goal for the performance units is based on adjusted earnings per share and return on invested capital targets. Dividend equivalents are accumulated on the performance units from the date of grant, but participants only receive payment if the awards vest.
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Income Taxes
 12 Months Ended
Apr. 30, 2024
Income Tax Disclosure [Abstract]  
Income Taxes
Note 14: Income Taxes

The following table sets forth our income (loss) before income taxes.
Year Ended April 30,
  202420232022
Domestic$975.8 $(23.6)$806.0 
Foreign20.6 14.4 37.8 
Income (loss) before income taxes$996.4 $(9.2)$843.8 

The following table summarizes the components of the provision for income taxes.
  Year Ended April 30,
  202420232022
Current:
Federal$234.1 $217.9 $201.8 
Foreign10.1 5.4 9.2 
State and local48.7 49.5 39.0 
Deferred:
Federal(35.7)(158.5)(48.1)
Foreign(2.3)(1.0)0.3 
State and local(2.5)(31.2)9.9 
Total income tax expense$252.4 $82.1 $212.1 
The following table sets forth a reconciliation of the statutory federal income tax rate and the effective income tax rate.
  Year Ended April 30,
(Percent of pre-tax income)202420232022
Statutory federal income tax rate21.0 %21.0 %21.0 %
Acquisition of Hostess Brands1.3 — — 
Sale of certain pet food brands— (776.4)— 
State and local income taxes2.9 (157.7)2.6 
Deferred tax expense from internal restructuring— — 2.0 
Other items – net0.1 20.7 (0.5)
Effective income tax rate25.3 %(892.4)%25.1 %
Income taxes paid$316.5 $254.8 $233.0 
The income tax expense of $252.4 for 2024 includes unfavorable permanent and deferred tax impacts associated with the acquisition of Hostess Brands. The income tax expense of $82.1 for 2023 includes unfavorable permanent tax impacts associated with the sale of certain pet food brands. The income tax expense of $212.1 for 2022 includes unfavorable deferred tax impacts of an internal legal entity simplification.

We are a voluntary participant in the Compliance Assurance Process (“CAP”) program offered by the IRS and are currently under a CAP examination for the tax years ended April 30, 2023, April 30, 2024, and April 30, 2025. During 2024, the IRS concluded the CAP examinations for the 2019 through 2022 tax years. The tax years prior to 2020 are no longer subject to U.S. federal tax examination under the statute of limitations. With limited exceptions, we are no longer subject to examination for state, local, and foreign jurisdictions for the tax years prior to 2020.
As part of the acquisition of Hostess Brands, we assumed a tax receivable agreement payable to C. Dean Metropoulos and entities under his control. Subsequent to the acquisition, we terminated all future payments under the tax receivable agreement in exchange for a cash payment of $86.4, which was included within financing activities in the Statement of Consolidated Cash Flows for the year ended April 30, 2024.
Deferred income taxes reflect the tax effects of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax reporting. The following table summarizes significant components of our deferred tax assets and liabilities.
  April 30,
  20242023
Deferred tax liabilities:
Intangible assets$1,683.9 $1,119.9 
Property, plant, and equipment276.9 192.0 
Leases33.8 15.6 
Other22.6 8.2 
Total deferred tax liabilities$2,017.2 $1,335.7 
Deferred tax assets:
Post-employment and other employee benefits$69.1 $75.1 
Tax credit and loss carryforwards27.7 26.1 
Intangible assets40.7 19.0 
Hedging transactions49.9 46.9 
Leases36.3 17.5 
Other82.3 38.2 
Total deferred tax assets$306.0 $222.8 
Valuation allowance(26.2)(26.0)
Total deferred tax assets, less allowance$279.8 $196.8 
Net deferred tax liability$1,737.4 $1,138.9 
We evaluate the realizability of deferred tax assets for each of the jurisdictions in which we operate. The total valuation allowance increased by an immaterial amount during the year.
As of April 30, 2024, we have determined that a portion of our undistributed earnings, in Canada, is not permanently reinvested, resulting in the recognition of an immaterial deferred tax liability. Deferred income taxes have not been provided on approximately $31.9 of the unremitted earnings of our foreign subsidiaries, primarily Canada, that are determined to be permanently reinvested, the tax effects of which are immaterial.
Our unrecognized tax benefits were $4.6, $5.3, and $6.5, of which $3.7, $4.2, and $5.1 would affect the effective income tax rate, if recognized, as of April 30, 2024, 2023, and 2022, respectively.
Within the next 12 months, it is reasonably possible that we could decrease our unrecognized tax benefits by an estimated $1.6, primarily as a result of the expiration of statute of limitation periods.
The following table sets forth a reconciliation of our unrecognized tax benefits.
202420232022
Balance at May 1, $5.3 $6.5 $10.2 
Increases:
Current year tax positions— — 0.1 
Prior year tax positions— — 0.2 
Acquired business1.3 — — 
Decreases:
Expiration of statute of limitations periods2.0 1.2 4.0 
Prior year tax positions— — — 
Balance at April 30,$4.6 $5.3 $6.5 
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Accumulated Other Comprehensive Income (Loss)
 12 Months Ended
Apr. 30, 2024
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract]  
Accumulated Other Comprehensive Income (Loss)
Note 15: Accumulated Other Comprehensive Income (Loss)
The components of accumulated other comprehensive income (loss), including the reclassification adjustments for items that are reclassified from accumulated other comprehensive income (loss) to net income (loss), are shown below.
Foreign
Currency
Translation
Adjustment
Net Gains (Losses)
 on Cash Flow 
Hedging
Derivatives (A)
Pension
and Other
Postretirement
Liabilities (B)
Unrealized
Gain (Loss) on
Available-for-Sale
Securities		Accumulated Other Comprehensive Income (Loss)
Balance at May 1, 2021$(9.0)$(174.8)$(97.3)$3.7 $(277.4)
Reclassification adjustments— 13.1 17.6 — 30.7 
Current period credit (charge)(12.1)— 38.1 (2.5)23.5 
Income tax benefit (expense)— (2.2)(12.6)0.6 (14.2)
Balance at April 30, 2022$(21.1)$(163.9)$(54.2)$1.8 $(237.4)
Reclassification adjustments— 13.5 10.3 — 23.8 
Current period credit (charge)(13.2)— (7.9)(0.6)(21.7)
Income tax benefit (expense)— (3.2)(0.9)0.2 (3.9)
Balance at April 30, 2023$(34.3)$(153.6)$(52.7)$1.4 $(239.2)
Reclassification adjustments— 13.6 0.3 — 13.9 
Current period credit (charge)(4.9)— (1.3)(0.4)(6.6)
Income tax benefit (expense)— (3.1)0.3 0.1 (2.7)
Balance at April 30, 2024
$(39.2)$(143.1)$(53.4)$1.1 $(234.6)
(A)The reclassification from accumulated other comprehensive income (loss) is primarily composed of deferred gains (losses) related to terminated interest rate contracts which were reclassified to interest expense – net. For additional information, see Note 10: Derivative Financial Instruments.
(B)The reclassification from accumulated other comprehensive income (loss) to other income (expense) – net is composed of settlement and curtailment activity and amortization of net losses and prior service costs. For additional information, see Note 9: Pensions and Other Postretirement Benefits.
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Contingencies
 12 Months Ended
Apr. 30, 2024
Commitments and Contingencies Disclosure [Abstract]  
Contingencies
Note 16: Contingencies

We, like other food manufacturers, are from time to time subject to various administrative, regulatory, and other legal proceedings arising in the ordinary course of business. We are currently a defendant in a variety of such legal proceedings, and while we cannot predict with certainty the ultimate results of these proceedings or potential settlements associated with these or other matters, we have accrued losses for certain contingent liabilities that we have determined are probable and reasonably estimable at April 30, 2024. Based on the information known to date, with the exception of the matters discussed below, we do not believe the final outcome of these proceedings will have a material adverse effect on our financial position, results of operations, or cash flows.

Class Action Lawsuits: We are defendants in a series of putative class action lawsuits that were transferred to the United States District Court for the Western District of Missouri for coordinated pre-trial proceedings. The plaintiffs assert claims arising under various state laws for false advertising, consumer protection, deceptive and unfair trade practices, and similar statutes. Their claims are premised on allegations that we have misrepresented the number of servings that can be made from various canisters of Folgers coffee on the packaging for those products. The outcome and the financial impact of these cases, if any, cannot be predicted at this time. Accordingly, no loss contingency has been recorded for these matters as of April 30, 2024, and the likelihood of loss is not considered probable or reasonably estimable. However, if we are required to pay significant damages, our business and financial results could be adversely impacted, and sales of those products could suffer not only in these locations but elsewhere.

Product Recall: In May 2022, we initiated a voluntary recall of select Jif peanut butter products produced at our Lexington, Kentucky facility and sold primarily in the U.S., due to potential salmonella contamination. At that time, we also suspended the manufacturing of Jif peanut butter products at the Lexington facility. We partnered with retailers to restock Jif peanut butter products and returned to normal levels by the end of 2023. During 2023 and 2022, we recognized total direct costs associated with the recall of approximately $120.0, net of insurance recoveries, related to customer returns, fees, unsaleable inventory, and other product recall-related costs, primarily within our U.S. Retail Frozen Handheld and Spreads segment. There were no significant direct costs recognized during 2024.

Further, the FDA issued a Warning Letter on January 24, 2023, following an inspection of our Lexington facility completed in June 2022 in connection with the Jif voluntary recall, identifying concerns regarding certain practices and controls at the facility. We responded to the Warning Letter with a detailed explanation of our food safety plan and extensive verification activities to prevent contamination in Jif peanut butter products. In addition, we strengthened our already stringent quality processes. The FDA delivered its Establishment Inspection Report concluding the June 2022 inspection in March 2024. Although the FDA has concluded its inspection, other agencies may nonetheless conclude that certain practices or controls were not in compliance with the FDCA or other laws. Any potential regulatory action based on such an agency conclusion could result in the imposition of injunctive terms and monetary payments that could have a material adverse effect on our business, reputation, brand, results of operations, and financial performance, as well as affect ongoing consumer litigation associated with the voluntary recall of Jif peanut butter products. The outcome and financial impact of the ongoing consumer litigation or any potential regulatory action associated with the Jif voluntary recall cannot be predicted at this time. Accordingly, no loss contingency has been recorded for these matters as of April 30, 2024, and the likelihood of loss is not considered probable or reasonably estimable.

Voortman Contingency: In December 2020, Hostess Brands asserted claims for indemnification against the Sellers under the terms of the Purchase Agreement pursuant to which Hostess Brands acquired Voortman. The claims were for damages arising out of alleged breaches by the Sellers of certain representations, warranties, and covenants contained in the Purchase Agreement relating to periods prior to the closing of the acquisition. Hostess Brands also submitted claims relating to these alleged breaches under the RWI that was purchased in connection with the acquisition. In the third quarter of calendar 2022, the RWI insurers paid Hostess Brands $42.5 CAD (the RWI coverage limit) related to these breaches. Per agreement with the RWI insurers, we will not be required to return the Proceeds under any circumstances.

On November 3, 2022, pursuant to the agreement with the RWI insurers, Voortman brought the Claim, related to the breaches against certain of the Sellers. The Claim alleges the seller defendants made certain non-disclosures and misrepresentations to induce Hostess Brands to overpay for Voortman. We are seeking damages of $109.0 CAD representing the amount of the aggregate liability of the Sellers for indemnification under the Purchase Agreement, $5.0 CAD in punitive
or aggravated damages, interest, proceedings fees, and any other relief the presiding court deems appropriate. A portion of any recovery will be shared with the RWI insurers. Although we believe that the Claim is meritorious, no assurance can be given as to whether we will recover all, or any part, of the amounts being pursued.
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Common Shares
 12 Months Ended
Apr. 30, 2024
Stockholders' Equity Note [Abstract]  
Common Shares
Note 17: Common Shares
Voting: The Amended Articles of Incorporation provide that each holder of a common share outstanding is entitled to one vote on each matter submitted to a vote of the shareholders.

Repurchase Program: On March 2, 2023, we entered into the 10b5-1 Plan established in accordance with Rule 10b5-1 of the Exchange Act in connection with the remaining common shares authorized for repurchase by the Board, which was approximately 3.5 million common shares as of April 30, 2023. In accordance with the 10b5-1 Plan, our designated broker had the authority to repurchase approximately 2.4 million common shares, which commenced upon the sale of certain pet food brands on April 28, 2023, and expired 45 calendar days after the closure of the transaction. In 2024, we repurchased approximately 2.4 million common shares for $362.8 under the 10b5-1 Plan, and approximately 1.1 million common shares remain available for repurchase as of April 30, 2024. In accordance with the Inflation Reduction Act, a one percent excise tax was applied to share repurchases after December 31, 2022. As a result, an excise tax of $3.6 was accrued on the repurchased shares during the first quarter of 2024, and included within additional capital in our Consolidated Balance Sheet.

In 2023, we repurchased approximately 2.4 million common shares for $358.0 pursuant to the authorizations of the Board and an excise tax of $3.6 was accrued on the repurchased shares. All other share repurchases during 2024 and 2023 consisted of shares repurchased from stock plan recipients in lieu of cash payments.

Shares Issued: On November 7, 2023, we acquired Hostess Brands, and as a result, we issued approximately 4.0 million common shares valued at $450.2 in exchange for the outstanding shares of Hostess Brands common stock to partially fund the acquisition of Hostess Brands. The shares issued were based on each outstanding share of Hostess Brands common stock receiving $30.00 per share in cash and 0.03002 shares of our common shares, which represented a value of $4.25 based on the closing stock price of our common shares on September 8, 2023, the last trading day preceding September 11, 2023, the date on which the execution of the Hostess Brands merger agreement was publicly announced. For additional information on the acquisition of Hostess Brands, see Note 2: Acquisition.
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Pay vs Performance Disclosure - USD ($)
$ in Millions
 12 Months Ended
Apr. 30, 2024
Apr. 30, 2023
Apr. 30, 2022
Pay vs Performance Disclosure      
Net income (loss) $ 744.0 $ (91.3) $ 631.7
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Insider Trading Arrangements
 12 Months Ended
Apr. 30, 2024
Trading Arrangements, by Individual  
Rule 10b5-1 Arrangement Adopted false
Non-Rule 10b5-1 Arrangement Adopted false
Rule 10b5-1 Arrangement Terminated false
Non-Rule 10b5-1 Arrangement Terminated false
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Accounting Policies (Policies)
 12 Months Ended
Apr. 30, 2024
Accounting Policies [Abstract]  
Principles of Consolidation
Principles of Consolidation: The consolidated financial statements include the accounts of the Company, its wholly-owned subsidiaries, and its majority-owned investments, if any. Intercompany transactions and accounts are eliminated in consolidation.
Use of Estimates
Use of Estimates: The preparation of consolidated financial statements in conformity with U.S. GAAP requires that we make certain estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. Estimates in these consolidated financial statements include, among others, estimates of future cash flows associated with assets, potential asset impairments, purchase price allocation, goodwill related to acquisitions and divestitures, useful lives and residual values of long-lived assets used in determining depreciation and amortization, net realizable value of inventories, accruals for trade marketing and merchandising programs, income taxes, and discount rates and other assumptions used in determining defined benefit pension and other postretirement benefit expenses. Actual results could differ from these estimates.
Cash and Cash Equivalents
Cash and Cash Equivalents: We consider all short-term, highly-liquid investments with an original maturity of three months or less when purchased to be cash equivalents. Based on the short-term nature of these assets, carrying value approximates fair value. There were no cash equivalents within cash and cash equivalents at April 30, 2024, and $614.0 at April 30, 2023, in the Consolidated Balance Sheets.
Revenue Recognition
Revenue Recognition: Most of our revenue is derived from the sale of food and beverage products to food retailers, online retailers, and foodservice distributors and operators. We recognize revenue when obligations under the terms of a contract with a customer have been satisfied. This occurs when control of our products transfers, which typically takes place upon delivery to or pick up by the customer. Amounts due from our customers are classified as trade receivables in the Consolidated Balance Sheets and require payment on a short-term basis.
Transaction price is based on the list price included in our published price list, which is then reduced by the estimated impact of variable consideration, such as trade marketing and merchandising programs, discounts, unsaleable product allowances, returns, and similar items, in the same period that the revenue is recognized. To estimate the impact of these costs, we consider customer contract provisions, historical data, and our current expectations.
We have trade marketing and merchandising programs that consist of various promotional activities conducted through retailers, distributors, or directly with consumers, including in-store display and product placement programs, price discounts, coupons, and other similar activities. For additional discussion on these programs, refer to “Critical Accounting Estimates and Policies” within Management’s Discussion and Analysis of Financial Condition and Results of Operations.
For revenue disaggregated by reportable segment, geographical region, and product category, see Note 5: Reportable Segments.
Shipping and Handling Costs
Shipping and Handling Costs: Transportation costs included in cost of products sold relate to the costs incurred to ship our products. Distribution costs are included in SD&A expenses and primarily relate to the warehousing costs incurred to store our products. Total costs recorded within SD&A were $267.7, $304.5, and $294.1 in 2024, 2023, and 2022, respectively.
Advertising Expense
Advertising Expense: Advertising costs are expensed as incurred and are included in SD&A in the Statements of Consolidated Income. Advertising expense was $182.5, $160.3, and $176.5 in 2024, 2023, and 2022, respectively.
Research and Development Costs
Research and Development Costs: Research and development (“R&D”) costs are expensed as incurred and are included in SD&A in the Statements of Consolidated Income. R&D costs include expenditures for new and existing product and manufacturing process innovations, which are comprised primarily of internal salaries and wages, consulting, testing, and other supplies attributable to time spent on R&D activities. Other costs include the depreciation and maintenance of research facilities. Total R&D expense was $49.1, $47.3, and $48.8 in 2024, 2023, and 2022, respectively.
Share-Based Payments
Share-Based Payments: Share-based compensation expense, including stock options, is recognized on a straight-line basis over the requisite service period, and generally vest over a period of 1 to 3 years.
The following table summarizes amounts related to share-based payments.
  Year Ended April 30,
  202420232022
Share-based compensation expense included in SD&A$23.7 $25.6 $23.7 
Share-based compensation expense included in other special project costs0.2 — (1.4)
Total share-based compensation expense$23.9 $25.6 $22.3 
Related income tax benefit $5.6 $6.0 $5.3 
As of April 30, 2024, total unrecognized share-based compensation cost related to nonvested share-based awards, including stock options, was $41.5. The weighted-average period over which this amount is expected to be recognized is 2.0 years.
Realized excess tax benefits and tax deficiencies are presented in the Statements of Consolidated Cash Flows as an operating activity and are recognized within income taxes in the Statements of Consolidated Income. In 2024, 2023 and 2022, the excess tax benefits realized upon exercise or vesting of share-based compensation awards were $2.9, $1.4, and $1.1, respectively. For additional discussion on share-based compensation expense, see Note 13: Share-Based Payments.
Earnings Per Share
Earnings Per Share: Earnings per share is computed in accordance with FASB ASC 260, Earnings Per Share. As required by ASC 260, we computed net income (loss) per common share (“basic earnings per share”) under the two-class method for 2024, 2023, and 2022, due to certain unvested common shares that contained non-forfeitable rights to dividends (i.e., participating securities) during the periods. Further, we compute net income (loss) per common share – assuming dilution (“diluted earnings per share”) under either the two-class method or the treasury method, dependent on which is more dilutive. In 2024 and 2022, the computation of diluted earnings per share was more dilutive under the treasury stock method. In 2023, we recognized a net loss, and as a result, excluded the anti-dilutive effect of stock-based awards from the computation of diluted earnings per share. Therefore, in 2023, diluted earnings per share was computed under the two-class method.
Basic earnings per share is calculated by dividing net income (loss) available to common shareholders by the weighted-average number of common shares outstanding during the period. Under the two-class method, net income (loss) available to common and participating common shareholders is reduced by the net income (loss) allocated to participating securities, which is equal to the amount of dividends declared in the current period, and the contractual amount of dividends that must be paid for the current period related to participating securities. Under the treasury stock method, the diluted earnings per share calculation includes potential common shares assumed to be issued, which reflects the potential dilution that would occur if any outstanding options or warrants were exercised or restricted stock becomes vested, and includes the “if converted” method for participating securities if the effect is dilutive. For additional information on the earnings per share calculations, see Note 6: Earnings Per Share.
Defined Contribution Plans
Defined Contribution Plans: We offer employee savings plans for domestic and Canadian employees. Our contributions under these plans are based on a specified percentage of employee contributions. Charges to operations for these plans in 2024, 2023, and 2022 were $41.5, $41.0, and $40.9, respectively. For information on our defined benefit plans, see Note 9: Pensions and Other Postretirement Benefits.
Income Taxes
Income Taxes: We account for income taxes using the liability method. Accordingly, deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using enacted income tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in the applicable tax rate is recognized in income or expense in the period that the change is enacted. A tax benefit is recognized when it is more likely than not to be sustained. A valuation allowance is established when it is more likely than not that all or a portion of a deferred tax asset will not be realized.
We account for the financial statement recognition and measurement criteria of a tax position taken or expected to be taken in a tax return under FASB ASC 740, Income Taxes. ASC 740 also provides guidance on derecognition, classification, interest and penalties, accounting in interim periods, and disclosure. In accordance with the requirements of ASC 740, uncertain tax positions have been classified in the Consolidated Balance Sheets as noncurrent, except to the extent payment is expected
within one year. We recognize net interest and penalties related to unrecognized tax benefits in income tax expense. For additional information, refer to Note 14: Income Taxes.
Trade Receivables Trade Receivables: In the normal course of business, we extend credit to customers. Trade receivables, less credit losses, reflect the net realizable value of receivables and approximates fair value. We account for trade receivables, less credit losses, in accordance with FASB ASC 326, Financial Instruments – Credit Losses. We evaluate our trade receivables and establish a reserve for credit loss based on a combination of factors. When aware that a specific customer has been impacted by circumstances such as bankruptcy filings or deterioration in the customer’s operating results or financial position, potentially making it unable to meet its financial obligations, we record a specific reserve for bad debt to reduce the related receivable to the amount we reasonably believe is collectible. We also record reserves for credit loss for all other customers based on a variety of factors, including the length of time the receivables are past due, historical collection experience, and an evaluation of current and projected economic conditions at the balance sheet date. Trade receivables are charged off against the reserve for credit losses after we determine that the potential for recovery is remote. At April 30, 2024 and 2023, the reserve for credit loss was $8.7 and $2.3, respectively. We believe there is no concentration of risk with any single customer whose failure or nonperformance would materially affect results other than as discussed in Note 5: Reportable Segments.
Inventories
Inventories: Inventories are stated at the lower of cost or market, with market being defined as net realizable value, less costs to sell. Cost for all inventories is determined using the first-in, first-out method applied on a consistent basis.

The cost of finished products and work-in-process inventory includes materials, direct labor, and overhead. Work-in-process is included in finished products in the Consolidated Balance Sheets and was $81.3 and $82.5 at April 30, 2024 and 2023, respectively.
Derivative Financial Instruments
Derivative Financial Instruments: We account for derivative instruments in accordance with FASB ASC 815, Derivatives and Hedging, which requires all derivative instruments to be recognized at fair value in the financial statements, regardless of the purpose or intent for holding them.
We do not qualify commodity derivatives or instruments used to manage foreign currency exchange exposures for hedge accounting treatment, and, as a result, the derivative gains and losses are immediately recognized in earnings. Although we do not perform the assessments required to achieve hedge accounting for derivative positions, we believe all of our derivatives are economic hedges of our risk exposure. The exposures hedged have a high inverse correlation to price changes of the derivative instrument. Thus, we would expect that over time any gain or loss in the estimated fair value of the derivatives would generally be offset by an increase or decrease in the estimated fair value of the underlying exposures.
From time to time, we utilize derivative instruments to manage interest rate risk associated with anticipated debt transactions, as well as to manage changes in the fair value of our long-term debt. At the inception of an interest rate contract, the instrument is evaluated and documented for qualifying hedge accounting treatment. If the contract is designated as a cash flow hedge, the mark-to-market gains or losses on the contract are deferred and included as a component of accumulated other comprehensive income (loss) and generally reclassified to interest expense in the period during which the hedged transaction affects earnings. If the contract is designated as a fair value hedge, the contract is recognized at fair value on the balance sheet and changes in the fair value are recognized in interest expense. Generally, changes in the fair value of the contract are equal to changes in the fair value of the underlying debt and have no net impact on earnings.
Property, Plant, and Equipment
Property, Plant, and Equipment: Property, plant, and equipment is recognized at cost and is depreciated on a straight-line basis over the estimated useful life of the asset (3 to 20 years for machinery and equipment, 1 to 7 years for capitalized software costs related to software that we have purchased or has been licensed to us, and 5 to 40 years for buildings, fixtures, and improvements).
We lease certain land, buildings, and equipment for varying periods of time, with renewal options. Lease expense in 2024, 2023, and 2022 was $121.7, $113.3, and $111.0, respectively.
In accordance with FASB ASC 360, Property, Plant, and Equipment, long-lived assets, other than goodwill and other indefinite-lived intangible assets, are reviewed for impairment whenever events or changes in circumstances indicate that the carrying value of an asset may not be recoverable. Recoverability of assets to be held and used is measured by a comparison of the carrying amount of the assets to future net undiscounted cash flows estimated to be generated by such assets. If such assets are considered to be impaired, the impairment to be recognized is the amount by which the carrying amount exceeds the estimated fair value of the assets. Assets to be disposed of by sale are recognized as held for sale at the lower of carrying
value or fair value less costs to sell. Furthermore, determining fair value is subject to estimates of both cash flows and discount rates, and different estimates could yield different results. There are no events or changes in circumstances of which we are aware of that indicate the carrying value of our long-lived assets may not be recoverable at April 30, 2024.
Goodwill and Other Intangible Assets
Goodwill and Other Intangible Assets: Goodwill is the excess of the purchase price paid over the estimated fair value of the net assets of a business acquired. In accordance with FASB ASC 350, Intangibles – Goodwill and Other, goodwill and other indefinite-lived intangible assets are not amortized but are reviewed at least annually for impairment. We conduct our annual test for impairment of goodwill and other indefinite-lived intangible assets as of February 1 of each year. A discounted cash flow valuation technique is utilized to estimate the fair value of our reporting units and indefinite-lived intangible assets. We also use a market-based approach to estimate the fair value of our reporting units. The discount rates utilized in the cash flow analyses are developed using a weighted-average cost of capital methodology. In addition to the annual test, we test for impairment if events or circumstances occur that would more likely than not reduce the fair value of a reporting unit or an indefinite-lived intangible asset below its carrying value. Further, upon disposal of a business, a relative fair value analysis is utilized to determine the amount of goodwill to be disposed of for each impacted reporting unit, using estimates and assumptions consistent with the annual test. Finite-lived intangible assets are amortized on a straight-line basis over their estimated useful lives. For additional information, see Note 7: Goodwill and Other Intangible Assets.
Marketable Securities and Other Investments
Marketable Securities and Other Investments: We maintain funds for the payment of benefits associated with nonqualified retirement plans. These funds include investments considered to be available-for-sale marketable securities. At April 30, 2024 and 2023, the fair value of these investments was $22.1 and $24.0, respectively, and was included in other noncurrent assets in the Consolidated Balance Sheets. Included in accumulated other comprehensive income (loss) at April 30, 2024 and 2023, were unrealized pre-tax gains of $1.4 and $1.8, respectively.
Investment in Equity Securities
Investment in Equity Securities: Investments in common stock of entities other than our consolidated subsidiaries in which we own less than 20 percent of an entity’s common stock and do not provide significant influence are accounted for as a financial instrument in accordance with FASB ASC 321, Investments – Equity Securities. As required by ASC 321, the ownership interest in the entity is recognized at fair value based on fixed or determinable prices within current assets in the Consolidated Balance Sheets, and any change in fair value is included in other income (expense) – net in the Statements of Consolidated Income.
The net proceeds received from the divestiture of certain pet food brands included approximately 5.4 million shares of Post common stock, which represented approximately an 8 percent equity interest in Post as of April 30, 2023. The fair value of the investment in Post common stock was $487.8 at April 30, 2023. Upon selling the Post common stock on November 15, 2023, the investment in equity securities was valued at $460.9. We recognized a realized pre-tax loss of $30.7 on the investment, with $26.9 and $3.8 of the loss recognized during the years ended April 30, 2024 and 2023, respectively, which were included in other income (expense) – net in the Statements of Consolidated Income. For additional information, see Note 10: Derivative Financial Instruments and Note 11: Other Financial Instruments and Fair Value Measurements.
Equity Method Investments
Equity Method Investments: Investments in common stock of entities other than our consolidated subsidiaries in which we own between 20 percent and 50 percent of an entity’s common stock and are able to exercise significant influence over them are accounted for under the equity method in accordance with FASB ASC 323, Investments – Equity Method and Joint Ventures. Under the equity method, the initial investment is recorded at cost, and the investment is subsequently adjusted for its proportionate share of earnings or losses, including consideration of basis differences resulting from the difference between the initial carrying amount of the investment and the underlying equity in net assets. The difference between the carrying amount of the investment and the underlying equity in net assets is primarily attributable to goodwill and other intangible assets.
We have a 20 percent equity interest in Mountain Country Foods, LLC and approximately a 42 percent equity interest in Numi, Inc. The carrying amount of these investments is included in other noncurrent assets in the Consolidated Balance Sheets. The investments did not have a material impact on the consolidated financial statements or the respective reportable segment to which they relate for the years ended April 30, 2024 and 2023.
Supplier Financing Program
Supplier Financing Program: We have an agreement with a third-party administrator to provide an accounts payable tracking system and facilitate a supplier financing program which allows participating suppliers the ability to monitor and voluntarily elect to sell our payment obligations to a designated third-party financial institution. Participating suppliers can sell one or more of our payment obligations at their sole discretion, and our rights and obligations to our suppliers are not impacted. We have no economic interest in a supplier’s decision to enter into these agreements. Our rights and obligations to our suppliers, including amounts due and scheduled payment terms, are not impacted by our suppliers’ decisions to sell
amounts under these arrangements. However, our right to offset balances due from suppliers against our payment obligations is restricted by the agreement for those payment obligations that have been sold by our suppliers. The payment of these obligations is included in cash provided by operating activities in the Statements of Consolidated Cash Flows. Included in accounts payable in the Consolidated Balance Sheets as of April 30, 2024 and 2023, were $384.9 and $414.2 of our outstanding payment obligations, respectively, that were elected and sold to a financial institution by participating suppliers.
Foreign Currency Translation
Foreign Currency Translation: Assets and liabilities of foreign subsidiaries are translated using the exchange rates in effect at the balance sheet dates, while income and expenses are translated using average rates throughout the periods. Translation adjustments are reported as a component of accumulated other comprehensive income (loss). Included in accumulated other comprehensive income (loss) at April 30, 2024 and 2023, were foreign currency losses of $39.2 and $34.3, respectively.
Recently Issued Accounting Standards
Recently Issued Accounting Standards: In March 2024, the SEC adopted the climate-related final rule SEC Release Nos. 33-11275 and 34-99678, The Enhancement and Standardization of Climate-Related Disclosures for Investors, which will require registrants to provide certain climate-related information in their registration statements and annual reports. The rules will require the disclosure of significant effects of severe weather events and other natural conditions, as well as amounts related to carbon offsets and renewable energy credits or certificates, in the audited financial statements in certain circumstances. Disclosure of the actual and potential material impacts of any identified climate-related risks on the registrant’s strategy, business model, and outlook will also be required, along with the process used to identify, assess, and manage these risks. In addition, the rules require disclosure of material climate-related targets or goals, material Scope 1 and Scope 2 greenhouse gas emissions, and the methodology used to calculate those emissions. In April 2024, the SEC stayed implementation of the final rule pending the outcome of a judicial review; however, we do not anticipate any impact to our financial statements upon adoption and continue to evaluate the impacts on our disclosures.
In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740) Improvements to Income Tax Disclosures. ASU 2023-09 will improve the transparency and decision usefulness of income tax disclosures to better assess how operations and related tax risks affect tax rates and future cash flows on an interim and annual basis. It will be effective for us on May 1, 2025, and can be adopted either on a prospective or retrospective basis. We are currently evaluating the impacts of the standard on our financial statements and disclosures.

In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280) Improvements to Reportable Segment Disclosures. ASU 2023-07 will improve reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses on an interim and annual basis. It will be effective for our annual period beginning May 1, 2024, and interim periods beginning May 1, 2025, with the option to early adopt at any time prior to the effective dates and will require adoption on a retrospective basis. We are currently evaluating the impacts of the standard on our financial statements and disclosures.
In July 2023, the SEC adopted the final rule under SEC Release No. 33-11216, Cybersecurity Risk Management, Strategy, Governance, and Incident Disclosure, requiring current reporting about material cybersecurity incidents and annual disclosures on management’s processes for assessing, identifying, and managing material cybersecurity risks, the material impacts of cybersecurity threats and previous cybersecurity incidents, the Board oversight of cybersecurity risks, and management’s role and expertise in assessing and managing material cybersecurity risks. SEC Release No. 33-11216 was effective for us on November 1, 2023, and did not have a material impact on our financial statements and disclosures. The additional disclosures required are presented in Part I, Item 1C in this Annual Report on Form 10-K.
In December 2022, the SEC adopted the final rule under SEC Release No. 33-11138, Insider Trading Arrangements and Related Disclosures, which requires new disclosures regarding insider trading policies and procedures, the use of Rule 10b5-1 plans by directors and officers, and stock option grants issued in close proximity to the release of material nonpublic information. SEC Release No. 33-11138 was effective for us on May 1, 2023, and did not have a material impact on our financial statements and disclosures. The additional disclosures required are presented in Part III, Item 10 in this Annual Report on form 10-K.
Risks and Uncertainties
Risks and Uncertainties: The raw materials used in each of our segments are primarily commodities, agricultural-based products, and packaging materials. The principal packaging materials we use are plastic, glass, metal cans, caps, carton board, and corrugate. Green coffee, peanuts, oils and fats, flour, sugar, fruit, and other ingredients are obtained from various suppliers. The availability, quality, and costs of many of these commodities have fluctuated, and may continue to fluctuate over time, partially driven by the elevated commodity and supply chain costs we experienced in 2024. We actively monitor changes in commodity and supply chain costs, and to mitigate the rising costs, we may be required to implement material
price increases across our business. Green coffee, along with certain other raw materials, is sourced solely from foreign countries, and its supply and price is subject to high volatility due to factors such as weather, global supply and demand, product scarcity, plant disease, investor speculation, geopolitical conflicts (including the ongoing conflicts between Russia and Ukraine and Israel and Hamas), changes in governmental agricultural and energy policies and regulation, and political and economic conditions in the source countries. Raw materials are generally available from numerous sources, although we have elected to source certain plastic packaging materials for our Folgers coffee products, as well as our Jif peanut butter, and certain finished goods, such as K-Cup® pods, our Pup-Peroni dog snacks, and liquid coffee, from primary or single sources of supply pursuant to long-term contracts. While availability may vary from year-to-year, we believe that we will continue to obtain adequate supplies and that alternatives to primary or single-sourced materials are available. We have not historically encountered significant shortages of key raw materials. We consider our relationships with key raw material suppliers to be in good standing.
We have consolidated production capacity at a single manufacturing site for certain products, including substantially all of our coffee, Milk-Bone dog snacks, Voortman cookies, and fruit spreads. Although steps are taken at all of our manufacturing sites to reduce the likelihood of a production disruption, an interruption at a single manufacturing site would result in a reduction or elimination of the availability of some of our products for a period of time.
Of our full-time employees, 27 percent are covered by union contracts at eleven manufacturing locations, inclusive of Hostess Brands employees. The contracts vary in term depending on location, with six contracts expiring in 2025, representing approximately 10 percent of our total employees.
We insure our business and assets in each country against insurable risks, to the extent that we deem appropriate, based upon an analysis of the relative risks and costs.
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Accounting Policies (Tables)
 12 Months Ended
Apr. 30, 2024
Accounting Policies [Abstract]  
Schedule of share-based payments
The following table summarizes amounts related to share-based payments.
  Year Ended April 30,
  202420232022
Share-based compensation expense included in SD&A$23.7 $25.6 $23.7 
Share-based compensation expense included in other special project costs0.2 — (1.4)
Total share-based compensation expense$23.9 $25.6 $22.3 
Related income tax benefit $5.6 $6.0 $5.3 
v3.24.1.1.u2
Acquisition (Tables)
 12 Months Ended
Apr. 30, 2024
Business Combination and Asset Acquisition [Abstract]  
Preliminary fair values of the assets acquired and liabilities assumed
The following table summarizes the preliminary fair values of the assets acquired and liabilities assumed at the acquisition date.
Assets acquired:
Cash and cash equivalents$135.0 
Trade receivables – net181.1 
Inventories66.0 
Other current assets5.9 
Property, plant, and equipment – net534.5 
Operating lease right-of-use assets17.2 
Goodwill2,447.2 
Other intangible assets – net3,038.6 
Other noncurrent assets43.2 
Total assets acquired$6,468.7 
Liabilities assumed:
Accounts payable$67.3 
Current operating lease liabilities4.7 
Other current liabilities244.4 
Deferred income taxes639.6 
Noncurrent operating lease liabilities14.5 
Other noncurrent liabilities1.4 
Total liabilities assumed971.9 
Net assets acquired$5,496.8 
Finite-Lived and Indefinite-Lived Intangible Assets Acquired as part of Business Combination
The following table summarizes the preliminary purchase price allocated to the identifiable intangible assets acquired.

Intangible assets with finite lives:
Customer and contractual relationships (25-year useful life)
$1,238.5 
Non-competition agreements (varying useful lives)38.0 
Trademarks (5-year useful life)
9.9 
Intangible assets with indefinite lives:
Trademarks$1,752.2 
Total intangible assets$3,038.6 
Business acquisition pro forma information If the transaction had occurred on May 1, 2022, unaudited pro forma consolidated results for 2024 and 2023, would have been as follows:
Year Ended April 30,
20242023
Net sales$8,912.8 $9,897.2 
Net income (loss)761.9 (55.2)
Net income (loss) per common share – assuming dilution$7.15 $(0.50)
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Divestitures (Tables)
 12 Months Ended
Apr. 30, 2024
Discontinued Operations and Disposal Groups [Abstract]  
Net assets and liabilities disposed
The following table summarizes the net assets and liabilities disposed, which were measured at the lower of carrying amount or fair value less costs to sell.
April 30, 2024
CondimentSahale Snacks
Assets disposed:
Inventories$23.9 $9.9 
Property, plant, and equipment – net— 6.0 
Operating lease right-of-use assets— 1.8 
Goodwill— 11.5 
Other intangible assets – net7.1 14.7 
Other noncurrent assets— 0.3 
Total assets disposed$31.0 $44.2 
Liabilities disposed:
Other current liabilities$— $0.8 
Deferred income taxes— 4.1 
Other noncurrent liabilities— 1.0 
Total liabilities disposed— 5.9 
Net assets disposed$31.0 $38.3 
v3.24.1.1.u2
Special Project Costs (Tables)
 12 Months Ended
Apr. 30, 2024
Restructuring and Related Activities [Abstract]  
Integration Costs
The following table summarizes our integration costs incurred related to the acquisition of Hostess Brands.
2024
Transaction costs$99.0 
Employee-related costs33.4 
Other transition and termination costs15.0 
Total integration costs$147.4 
Restructuring Costs
The following table summarizes our restructuring costs incurred related to the restructuring program.
  20232022Total Costs
Incurred to Date
at April 30, 2023
Employee-related costs$3.5 $6.3 $27.1 
Other transition and termination costs7.6 22.2 36.6 
Total restructuring costs$11.1 $28.5 $63.7 
v3.24.1.1.u2
Reportable Segments (Tables)
 12 Months Ended
Apr. 30, 2024
Segment Reporting [Abstract]  
Income, total assets, depreciation, amortization, impairment, and total additions to property plant and equipment by segment
The following table reconciles segment profit to income before income taxes and presents total assets; total depreciation, amortization, and impairment charges; and total additions to property, plant, and equipment by segment.
  Year Ended April 30,
  202420232022
Net sales:
U.S. Retail Coffee$2,704.4 $2,735.3 $2,497.3 
U.S. Retail Frozen Handheld and Spreads1,815.6 1,630.9 1,707.2 
U.S. Retail Pet Foods (A)
1,822.8 3,038.1 2,764.3 
Sweet Baked Snacks637.3 — — 
International and Away From Home1,198.6 1,124.9 1,030.1 
Total net sales$8,178.7 $8,529.2 $7,998.9 
Segment profit:
U.S. Retail Coffee$759.2 $737.7 $736.7 
U.S. Retail Frozen Handheld and Spreads434.1 352.6 424.2 
U.S. Retail Pet Foods (A)
402.1 494.9 395.9 
Sweet Baked Snacks138.2 — — 
International and Away From Home208.1 143.3 142.0 
Total segment profit$1,941.7 $1,728.5 $1,698.8 
Amortization(191.1)(206.9)(223.6)
Other intangible assets impairment charges— — (150.4)
Gain (loss) on divestitures – net(12.9)(1,018.5)9.6 
Interest expense – net(264.3)(152.0)(160.9)
Change in net cumulative unallocated derivative gains and losses6.7 (21.4)(23.4)
Cost of products sold – special project costs (B)
(2.9)(6.4)(20.5)
Other special project costs (B)
(130.2)(4.7)(8.0)
Other debt costs (B)
(19.5)— — 
Corporate administrative expenses(305.5)(313.1)(258.7)
Other income (expense) – net (B)
(25.6)(14.7)(19.1)
Income (loss) before income taxes$996.4 $(9.2)$843.8 
Assets:
U.S. Retail Coffee$4,826.3 $4,808.9 $4,891.8 
U.S. Retail Frozen Handheld and Spreads3,257.1 2,972.7 2,692.1 
U.S. Retail Pet Foods (A)
4,784.1 4,994.3 7,167.4 
Sweet Baked Snacks6,267.1 — — 
International and Away From Home989.6 978.3 973.9 
Unallocated (C)
149.5 1,237.2 329.8 
Total assets$20,273.7 $14,991.4 $16,055.0 
Depreciation, amortization, and impairment charges:
U.S. Retail Coffee$101.1 $101.6 $100.2 
U.S. Retail Frozen Handheld and Spreads81.6 76.3 64.6 
U.S. Retail Pet Foods (A)
118.1 178.7 342.8 
Sweet Baked Snacks59.6 — — 
International and Away From Home32.4 31.7 46.2 
Unallocated (D)
38.0 42.7 55.7 
Total depreciation, amortization, and impairment charges$430.8 $431.0 $609.5 
Additions to property, plant, and equipment:
U.S. Retail Coffee$79.7 $49.0 $49.8 
U.S. Retail Frozen Handheld and Spreads334.5 341.6 274.8 
U.S. Retail Pet Foods (A)
83.4 64.3 74.0 
Sweet Baked Snacks41.2 — — 
International and Away From Home47.7 22.5 18.9 
Total additions to property, plant, and equipment$586.5 $477.4 $417.5 
(A)On April 28, 2023, we sold certain pet food brands to Post, and the divested net sales were primarily included in the U.S. Retail Pet Foods segment. For more information, see Note 3: Divestitures.
(B)Includes special project costs related to certain divestiture, acquisition, integration, and restructuring activities. For more information, see Note 4: Special Project Costs and Note 8: Debt and Financing Arrangements.
(C)Primarily represents unallocated cash and cash equivalents and corporate-held investments.
(D)Primarily represents unallocated corporate administrative expenses, mainly consisting of depreciation and software amortization.
 [1]
Geographical information
The following table presents certain geographical information.
Year Ended April 30,
  202420232022
Net sales:
United States$7,653.0 $8,001.4 $7,469.6 
International:
Canada$429.4 $433.2 $439.6 
All other international96.3 94.6 89.7 
Total international$525.7 $527.8 $529.3 
Total net sales$8,178.7 $8,529.2 $7,998.9 
Assets:
United States$19,483.1 $14,577.5 $15,653.5 
International:
Canada$790.2 $412.5 $399.8 
All other international0.4 1.4 1.7 
Total international$790.6 $413.9 $401.5 
Total assets$20,273.7 $14,991.4 $16,055.0 
Long-lived assets (excluding goodwill and other intangible assets):
United States$3,294.5 $2,421.9 $2,331.2 
International:
Canada$106.9 $64.6 $45.7 
All other international0.1 — — 
Total international$107.0 $64.6 $45.7 
Total long-lived assets (excluding goodwill and other intangible assets)$3,401.5 $2,486.5 $2,376.9 
Product category information
The following table presents product category information.
Year Ended April 30,
  202420232022
Primary Reportable Segment (A)
Coffee$3,063.0 $3,088.8 $2,804.7 U.S. Retail Coffee
Pet snacks1,024.8 1,052.4 944.9 U.S. Retail Pet Foods
Peanut butter814.1 635.6 801.1 U.S. Retail Frozen Handheld and Spreads
Cat food792.4 1,101.1 969.9 U.S. Retail Pet Foods
Frozen handheld791.1 686.4 510.7 U.S. Retail Frozen Handheld and Spreads
Sweet baked goods572.5 — — Sweet Baked Snacks
Fruit spreads427.2 426.2 386.5 U.S. Retail Frozen Handheld and Spreads
Portion control207.9 163.7 158.2 
Other (B)
Baking mixes and ingredients90.3 94.3 85.5 
Other (B)
Toppings and syrups88.4 88.9 82.5 U.S. Retail Frozen Handheld and Spreads
Dog food76.4 980.0 926.5 U.S. Retail Pet Foods
Cookies64.8 — — Sweet Baked Snacks
Other165.8 211.8 328.4 
Other (B)
Total net sales$8,178.7 $8,529.2 $7,998.9 
(A)The primary reportable segment generally represents at least 75 percent of total net sales for each respective product category.
(B)Represents the combined International and Away From Home operating segments.
[1] Primarily represents unallocated cash and cash equivalents and corporate-held investments.
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Earnings Per Share (Tables)
 12 Months Ended
Apr. 30, 2024
Earnings Per Share [Abstract]  
Computation of basic earnings per common share under two-class method
The following table sets forth the computation of basic earnings per share and diluted earnings per share under the two-class method.
  Year Ended April 30,
  202420232022
Net income (loss)$744.0 $(91.3)$631.7 
Less: Net income (loss) allocated to participating securities0.2 (0.1)1.8 
Net income (loss) allocated to common stockholders$743.8 $(91.2)$629.9 
Weighted-average common shares outstanding104.1 106.2 107.9 
Add: Dilutive effect of stock options0.1 — — 
Weighted-average common shares outstanding – assuming dilution104.2 106.2 107.9 
Net income (loss) per common share$7.14 $(0.86)$5.84 
Net income (loss) per common share – assuming dilution$7.14 $(0.86)$5.84 
Computation of diluted earnings per common share under two-class method
The following table sets forth the computation of basic earnings per share and diluted earnings per share under the two-class method.
  Year Ended April 30,
  202420232022
Net income (loss)$744.0 $(91.3)$631.7 
Less: Net income (loss) allocated to participating securities0.2 (0.1)1.8 
Net income (loss) allocated to common stockholders$743.8 $(91.2)$629.9 
Weighted-average common shares outstanding104.1 106.2 107.9 
Add: Dilutive effect of stock options0.1 — — 
Weighted-average common shares outstanding – assuming dilution104.2 106.2 107.9 
Net income (loss) per common share$7.14 $(0.86)$5.84 
Net income (loss) per common share – assuming dilution$7.14 $(0.86)$5.84 
Computation of earnings per common share, basic and diluted
The following table sets forth the computation of diluted earnings per share under the treasury stock method.
Year Ended April 30,
202420232022
Net income (loss)$744.0 $(91.3)$631.7 
Weighted-average common shares outstanding – assuming dilution:
Weighted-average common shares outstanding104.1 106.2 107.9 
Add: Dilutive effect of stock options0.1 — — 
Add: Dilutive effect of restricted shares, restricted stock units, and performance units0.2 — 0.5 
Weighted-average common shares outstanding – assuming dilution104.4 106.2 108.4 
Net income (loss) per common share – assuming dilution$7.13 $(0.86)$5.83
v3.24.1.1.u2
Goodwill and Other Intangible Assets (Tables)
 12 Months Ended
Apr. 30, 2024
Goodwill and Intangible Assets Disclosure [Abstract]  
Summary of changes in the Company's goodwill
The following table summarizes the changes in our goodwill.
U.S. Retail
Coffee		U.S. Retail
Frozen Handheld and Spreads		U.S. Retail
Pet Foods		Sweet Baked SnacksInternational
and Away
From Home		Total
Balance at May 1, 2022$2,090.9 $1,147.5 $2,368.2 $— $409.2 $6,015.8 
Divestiture— — (788.0)— (2.3)(790.3)
Other (A)
— — — — (8.6)(8.6)
Balance at April 30, 2023$2,090.9 $1,147.5 $1,580.2 $— $398.3 $5,216.9 
Acquisition— — — 2,447.2 — 2,447.2 
Divestiture— (7.6)— — (3.9)(11.5)
Other (A)
— — — — (2.7)(2.7)
Balance at April 30, 2024 (B)
$2,090.9 $1,139.9 $1,580.2 $2,447.2 $391.7 $7,649.9 
(A)The amounts classified as other represent foreign currency translation adjustments.
(B)Included in goodwill as of April 30, 2024, are accumulated goodwill impairment charges of $242.9.
Schedule of Indefinite-Lived Intangible Assets
The following table summarizes our other intangible assets and related accumulated amortization and impairment charges, including foreign currency translation adjustments.
  April 30, 2024April 30, 2023
  Acquisition
Cost		Accumulated
Amortization/
Impairment
Charges/
Foreign
Currency Translation		NetAcquisition
Cost		Accumulated
Amortization/
Impairment
Charges/
Foreign
Currency
Translation		Net 
Finite-lived intangible assets subject to
  amortization:
Customer and contractual relationships$4,766.7 $1,894.9 $2,871.8 $3,499.0 $1,719.8 $1,779.2 
Patents and technology163.0 160.8 2.2 167.6 161.6 6.0 
Trademarks143.1 110.8 32.3 151.4 111.6 39.8 
Total intangible assets subject to amortization$5,072.8 $2,166.5 $2,906.3 $3,818.0 $1,993.0 $1,825.0 
Indefinite-lived intangible assets not subject to amortization:
Trademarks$4,572.7 $223.6 $4,349.1 $2,830.7 $226.4 $2,604.3 
Total other intangible assets$9,645.5 $2,390.1 $7,255.4 $6,648.7 $2,219.4 $4,429.3 
Schedule of Finite-Lived Intangible Assets
The following table summarizes our other intangible assets and related accumulated amortization and impairment charges, including foreign currency translation adjustments.
  April 30, 2024April 30, 2023
  Acquisition
Cost		Accumulated
Amortization/
Impairment
Charges/
Foreign
Currency Translation		NetAcquisition
Cost		Accumulated
Amortization/
Impairment
Charges/
Foreign
Currency
Translation		Net 
Finite-lived intangible assets subject to
  amortization:
Customer and contractual relationships$4,766.7 $1,894.9 $2,871.8 $3,499.0 $1,719.8 $1,779.2 
Patents and technology163.0 160.8 2.2 167.6 161.6 6.0 
Trademarks143.1 110.8 32.3 151.4 111.6 39.8 
Total intangible assets subject to amortization$5,072.8 $2,166.5 $2,906.3 $3,818.0 $1,993.0 $1,825.0 
Indefinite-lived intangible assets not subject to amortization:
Trademarks$4,572.7 $223.6 $4,349.1 $2,830.7 $226.4 $2,604.3 
Total other intangible assets$9,645.5 $2,390.1 $7,255.4 $6,648.7 $2,219.4 $4,429.3 
v3.24.1.1.u2
Debt and Financing Arrangements (Tables)
 12 Months Ended
Apr. 30, 2024
Debt Disclosure [Abstract]  
Schedule of long-term debt
The following table summarizes the components of our long-term debt.
  April 30, 2024April 30, 2023
  Principal
Outstanding
Carrying Amount (A)
Principal
Outstanding
Carrying
 Amount (A)
3.50% Senior Notes due March 15, 2025
$1,000.0 $999.3 $1,000.0 $998.4 
3.38% Senior Notes due December 15, 2027
500.0 498.4 500.0 498.0 
5.90% Senior Notes due November 15, 2028
750.0 744.5 — — 
2.38% Senior Notes due March 15, 2030
500.0 497.2 500.0 496.7 
2.13% Senior Notes due March 15, 2032
500.0 495.2 500.0 494.4 
6.20% Senior Notes due November 15, 2033
1,000.0 991.5 — — 
4.25% Senior Notes due March 15, 2035
650.0 645.5 650.0 645.1 
2.75% Senior Notes due September 15, 2041
300.0 297.4 300.0 297.3 
6.50% Senior Notes due November 15, 2043
750.0 736.5 — — 
4.38% Senior Notes due March 15, 2045
600.0 588.7 600.0 588.2 
3.55% Senior Notes due March 15, 2050
300.0 296.2 300.0 296.1 
6.50% Senior Notes due November 15, 2053
1,000.0 982.6 — — 
Total long-term debt$7,850.0 $7,773.0 $4,350.0 $4,314.2 
Current portion of long-term debt1,000.0 999.3 — — 
Total long-term debt, less current portion$6,850.0 $6,773.7 $4,350.0 $4,314.2 
(A)    Represents the carrying amount included in the Consolidated Balance Sheets, which includes the impact of capitalized debt issuance costs, offering discounts, and terminated interest rate contracts.
v3.24.1.1.u2
Pensions and Other Postretirement Benefits (Tables)
 12 Months Ended
Apr. 30, 2024
Retirement Benefits [Abstract]  
Net periodic benefit cost
The following table summarizes the components of net periodic benefit cost and the change in accumulated other comprehensive income (loss) related to the defined benefit pension and other postretirement plans.
Defined Benefit Pension PlansOther Postretirement Benefits
  Year Ended April 30,Year Ended April 30,
202420232022202420232022
Service cost$0.9 $1.2 $1.7 $0.8 $1.0 $1.2 
Interest cost18.5 17.8 12.4 2.6 2.3 1.3 
Expected return on plan assets(16.1)(15.4)(15.9)— — — 
Amortization of prior service cost (credit)0.1 0.7 0.9 (0.6)(0.6)(0.6)
Amortization of net actuarial loss (gain)3.5 4.0 6.9 (1.5)(1.2)(0.4)
Curtailment loss (gain)(1.2)— — — — — 
Settlement loss (gain) 3.2 7.4 10.8 — — — 
Net periodic benefit cost$8.9 $15.7 $16.8 $1.3 $1.5 $1.5 
Net change for the year in accumulated OCI before taxes
Other changes in plan assets and benefit liabilities recognized in
accumulated other comprehensive income (loss) before income taxes:
Prior service credit (cost) arising during the year$— $— $(0.4)$— $— $— 
Net actuarial gain (loss) arising during the year(6.6)(11.5)30.4 5.4 3.8 8.2 
Amortization of prior service cost (credit)0.1 0.7 0.9 (0.6)(0.6)(0.6)
Amortization of net actuarial loss (gain)3.5 4.0 6.9 (1.5)(1.2)(0.4)
Curtailment loss (gain)(1.2)— — — — — 
Settlement loss (gain)— 7.4 10.8 — — — 
Foreign currency translation— — — (0.1)(0.2)(0.1)
Net change for year$(4.2)$0.6 $48.6 $3.2 $1.8 $7.1 
Weighted-average assumptions used in determining net periodic benefit costs
Weighted-average assumptions used in determining net periodic benefit costs:
U.S. plans:
Discount rate used to determine benefit obligation5.19 %4.59 %3.13 %5.15 %4.52 %2.97 %
Discount rate used to determine service cost5.38 4.77 3.53 5.23 4.64 3.20 
Discount rate used to determine interest cost5.08 4.26 2.40 5.06 4.11 2.07 
Expected return on plan assets5.35 4.51 4.59 — — — 
Rate of compensation increase3.66 3.55 3.55 — — — 
Canadian plans:
Discount rate used to determine benefit obligation4.59 %2.41 %2.15 %4.62 %4.50 %3.03 %
Discount rate used to determine service cost— — — 4.73 4.69 3.52 
Discount rate used to determine interest cost4.65 2.33 1.95 4.65 4.18 2.32 
Expected return on plan assets3.30 1.60 1.70 — — — 
Combined status of the plans The following table sets forth the combined status of the plans as recognized in the Consolidated Balance Sheets.
Defined Benefit Pension PlansOther Postretirement Benefits
  Year Ended April 30,Year Ended April 30,
2024202320242023
Change in benefit obligation:
Benefit obligation at beginning of year$379.7 $429.4 $54.7 $59.7 
Service cost0.9 1.2 0.8 1.0 
Interest cost18.5 17.8 2.6 2.3 
Actuarial loss (gain) (A)
(18.4)(14.9)(5.4)(3.8)
Benefits paid(34.5)(17.7)(3.8)(4.3)
Curtailment(3.4)— — — 
Settlement3.1 (36.1)— — 
Foreign currency translation adjustments— — — (0.2)
Benefit obligation at end of year$345.9 $379.7 $48.9 $54.7 
Change in plan assets:
Fair value of plan assets at beginning of year$325.9 $317.1 $— $— 
Actual return on plan assets(12.3)(11.1)— — 
Company contributions4.1 74.1 3.8 4.3 
Benefits paid(34.5)(17.7)(3.8)(4.3)
Settlement(0.1)(36.1)— — 
Foreign currency translation adjustments(0.1)(0.4)— — 
Fair value of plan assets at end of year$283.0 $325.9 $— $— 
Funded status of the plans$(62.9)$(53.8)$(48.9)$(54.7)
Defined benefit pensions$(54.1)$(62.1)$— $— 
Other noncurrent assets8.8 12.3 — — 
Accrued compensation(17.6)(4.0)(4.6)(5.6)
Other postretirement benefits— — (44.3)(49.1)
Net benefit liability$(62.9)$(53.8)$(48.9)$(54.7)
(A) The actuarial losses and gains for our defined benefit pension plans and other postretirement benefits were primarily due to changes in the discount rates used in determining the plan obligations.
Amounts recognized in accumulated other comprehensive income (loss) before taxes
The following table summarizes amounts recognized in accumulated other comprehensive income (loss) in the Consolidated Balance Sheets, before income taxes.
  Defined Benefit Pension PlansOther Postretirement Benefits
Year Ended April 30,Year Ended April 30,
2024202320242023
Net actuarial gain (loss) $(96.8)$(92.5)$25.5 $21.7 
Prior service credit (cost) (0.4)(0.5)1.9 2.5 
Total recognized in accumulated other comprehensive income (loss)$(97.2)$(93.0)$27.4 $24.2 
Assumptions used in determining the benefit obligations
The following table sets forth the weighted-average assumptions used in determining the benefit obligations.
  Defined Benefit Pension PlansOther Postretirement Benefits
Year Ended April 30,Year Ended April 30,
2024202320242023
U.S. plans:
Discount rate5.43 %5.19 %5.86 %5.15 %
Rate of compensation increase3.00 3.66 — — 
Interest crediting rate4.51 5.75 — — 
Canadian plans:
Discount rate5.07 %4.59 %5.12 %4.62 %
Benefit obligations in excess of fair value of plan assets
The following table sets forth additional information related to our defined benefit pension plans.
  April 30,
  20242023
Accumulated benefit obligation for all pension plans$345.2 $374.6 
Plans with an accumulated benefit obligation in excess of plan assets:
Accumulated benefit obligation$276.7 $194.6 
Fair value of plan assets205.3 133.1 
Plans with a projected benefit obligation in excess of plan assets:
Projected benefit obligation$276.7 $198.9 
Fair value of plan assets205.3 133.1 
Major asset classes for the U.S. and Canadian defined benefit pension plans and fair value hierarchy levels
The following tables summarize the major asset classes for the U.S. and Canadian defined benefit pension plans and the levels within the fair value hierarchy for those assets measured at fair value.
Quoted Prices in
Active Markets for
Identical Assets
(Level 1)		Significant 
Observable 
Inputs 
(Level 2)		Significant 
Unobservable 
Inputs 
(Level 3)		Plan Assets at April 30, 2024
Cash and cash equivalents (A)
$28.9 $— $— $28.9 
Equity securities:
U.S. (B)
5.0 — — 5.0 
International (C)
15.7 — — 15.7 
Fixed-income securities:
Bonds (D)
220.1 — — 220.1 
Other types of investments (E)
— 13.3 — 13.3 
Total financial assets measured at fair value$269.7 $13.3 $— $283.0 
Total financial assets measured at net asset value (F)
— 
Total plan assets$283.0 
Quoted Prices in 
Active Markets for
Identical Assets 
(Level 1)		Significant 
Observable 
Inputs 
(Level 2)		Significant 
Unobservable 
Inputs 
(Level 3)		Plan Assets at April 30, 2023
Cash and cash equivalents (A)
$30.1 $— $— $30.1 
Equity securities:
U.S. (B)
2.6 — — 2.6 
International (C)
6.7 — — 6.7 
Fixed-income securities:
Bonds (D)
259.6 — — 259.6 
Other types of investments (E)
— 26.9 — 26.9 
Total financial assets measured at fair value$299.0 $26.9 $— $325.9 
Total financial assets measured at net asset value (F)
— 
Total plan assets$325.9 
 
(A)    This category includes money market holdings with maturities of three months or less and are classified as Level 1 assets. Based on the short-term nature of these assets, carrying value approximates fair value.
(B)    This category is invested in a diversified portfolio of common stocks and index funds that primarily invest in U.S. stocks with broad market capitalization ranges similar to those found in the S&P 500 Index and/or the various Russell Indices, and are traded on active exchanges. The Level 1 assets are valued using quoted market prices for identical securities in active markets.
(C)    This category is invested primarily in common stocks and other equity securities traded on active exchanges of foreign issuers located outside the U.S. The fund invests primarily in developed countries, but may also invest in emerging markets. The Level 1 assets are valued using quoted market prices for identical securities in active markets.
(D)    This category is primarily composed of bond funds, which seek to duplicate the return characteristics of high-quality U.S. and foreign corporate bonds with a duration range of 10 to 13 years, as well as various U.S. Treasury Separate Trading of Registered Interest and Principal holdings, with wide-ranging maturity dates. These assets are valued using quoted market prices for identical securities in active markets and are classified as Level 1 assets.
(E)    This category is composed of a real estate fund whereby the underlying investments are contained in the Canadian market and a common collective trust fund investing in direct commercial property funds. The real estate fund and the collective trust fund investing in direct commercial property are classified as Level 2 assets, whereby the underlying securities are valued utilizing quoted market prices for identical securities in active markets and based on the quoted market prices of the underlying investments in the common collective trust, respectively.
(F)    This category was composed of a private equity fund that consisted primarily of limited partnership interests in corporate finance and venture capital funds, as well as a private limited investment partnership. The fair value estimates of the private equity fund and private limited investment partnership were based on the underlying funds’ net asset values. Furthermore, as a practical expedient equivalent to our defined benefit plan’s ownership interest in the partners’ capital, a proportionate share of the net assets was attributed and further corroborated by our review. The private equity fund and private limited investment partnership were non-redeemable, and the return of principal was based on the liquidation of the underlying assets. In accordance with ASU 2015-07, the private equity fund and private limited investment partnership were removed from the total financial assets measured at fair value and disclosed separately.
v3.24.1.1.u2
Derivative Financial Instruments (Tables)
 12 Months Ended
Apr. 30, 2024
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Outstanding derivative contracts
The following table presents the gross notional value of outstanding derivative contracts.
  Year Ended April 30,
  20242023
Commodity contracts$787.7 $448.1 
Foreign currency exchange contracts98.6 98.1 
Fair value of derivative instruments
The following tables set forth the gross fair value amounts of derivative instruments recognized in the Consolidated Balance     Sheets.
  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 
  April 30, 2023
  Other
Current
Assets		Other
Current
Liabilities		Other
Noncurrent
Assets		Other
Noncurrent
Liabilities
Derivatives not designated as hedging instruments:
Commodity contracts$18.1 $14.7 $— $— 
Foreign currency exchange contracts1.4 0.1 — — 
Total derivative instruments$19.5 $14.8 $— $— 
Net 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.
  Year Ended April 30,
  202420232022
Derivative gains (losses) on commodity contracts$26.1 $(6.1)$74.1 
Derivative gains (losses) on foreign currency exchange contracts1.5 4.4 4.2 
Total derivative gains (losses) recognized in cost of products sold$27.6 $(1.7)$78.3 
Schedule of unallocated derivative (losses) gains The following table presents the net change in cumulative unallocated derivative gains and losses.
  Year Ended April 30,
  202420232022
Net derivative gains (losses) recognized and classified as unallocated$27.6 $(1.7)$78.3 
Less: Net derivative gains (losses) reclassified to segment operating profit20.9 19.7 101.7 
Change in net cumulative unallocated derivative gains and losses$6.7 $(21.4)$(23.4)
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 all contracts previously designated as cash flow hedges.
Year Ended April 30,
202420232022
Gains (losses) recognized in other comprehensive income (loss)$— $— $— 
Less: Gains (losses) reclassified from accumulated other comprehensive income (loss) to interest expense – net (A)
(13.6)(13.5)(13.7)
Less: Gains (losses) reclassified from accumulated other comprehensive income to other (expense) – net (B)
— — 0.6 
Change in accumulated other comprehensive income (loss)$13.6 $13.5 $13.1 
(A)Interest expense – net, as presented in the Statements of Consolidated Income, was $264.3, $152.0, and $160.9 in 2024, 2023, and 2022, respectively. The reclassification includes terminated contracts which were designated as cash flow hedges.
(B)Other income (expense) – net, as presented in the Statements of Consolidated Income, was $25.6, $14.7, and $19.1 in 2024, 2023, and 2022, respectively. The reclassification is related to the debt extinguishment during 2022, as discussed in Note 8: Debt and Financing Arrangements.
v3.24.1.1.u2
Other Financial Instruments and Fair Value Measurements (Tables)
 12 Months Ended
Apr. 30, 2024
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, 2024April 30, 2023
  Carrying
Amount
Fair Value		Carrying
Amount
Fair Value
Marketable securities and other investments$22.1 $22.1 $24.0 $24.0 
Derivative financial instruments – net28.2 28.2 4.7 4.7 
Investment in equity securities— — 487.8 487.8 
Total long-term debt(7,773.0)(7,652.9)(4,314.2)(3,879.1)
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, 2024
Marketable securities and other investments: (A)
Equity mutual funds$4.5 $— $— $4.5 
Municipal obligations— 17.2 — 17.2 
Money market funds0.4 — — 0.4 
Derivative financial instruments: (B)
Commodity contracts – net26.7 (0.3)— 26.4 
Foreign currency exchange contracts – net0.5 1.3 — 1.8 
Total long-term debt (D)
(7,652.9)— — (7,652.9)
Total financial instruments measured at fair value$(7,620.8)$18.2 $— $(7,602.6)
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, 2023
Marketable securities and other investments: (A)
Equity mutual funds$5.0 $— $— $5.0 
Municipal obligations— 18.6 — 18.6 
Money market funds0.4 — — 0.4 
Derivative financial instruments: (B)
Commodity contracts – net2.7 0.7 — 3.4 
Foreign currency exchange contracts – net0.2 1.1 — 1.3 
Investment in equity securities (C)
487.8 — — 487.8 
Total long-term debt (D)
(3,879.1)— — (3,879.1)
Total financial instruments measured at fair value$(3,383.0)$20.4 $— $(3,362.6)
(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, 2024, our municipal obligations are scheduled to mature as follows: $1.5 in 2025, $0.8 in 2026, $3.8 in 2027, $0.4 in 2028, $3.4 in 2029, and the remaining $7.3 in 2030 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)The market approach is utilized to measure the fair value of equity securities. The investment in equity securities represented our equity interest in Post of approximately 8 percent as of April 30, 2023, which was valued using the trading value of Post common stock. The investment in equity securities was valued at $460.9 on the settlement date. As a result, we recognized a realized pre-tax loss of $30.7 on the investment, of which $26.9 and $3.8 was recognized during 2024 and 2023, respectively, and was included in other income (expense) – net in the Statements of Consolidated Income. For additional information, see Investment in Equity Securities in Note 1: Accounting Policies and Note 3: Divestitures.
(D)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.
v3.24.1.1.u2
Leases (Tables)
 12 Months Ended
Apr. 30, 2024
Leases [Abstract]  
Right-of-use assets and lease liabilities recognized in the Consolidated Balance Sheet
The following table sets forth the right-of-use assets and lease liabilities recognized in the Consolidated Balance Sheets.
Year Ended April 30,
20242023
Operating lease right-of-use assets$174.6 $103.0 
Operating lease liabilities:
Current operating lease liabilities$40.5 $33.2 
Noncurrent operating lease liabilities
143.5 77.2 
Total operating lease liabilities$184.0 $110.4 
Finance lease right-of-use assets:
Machinery and equipment
$18.7 $7.7 
Accumulated depreciation
(8.0)(4.4)
Total property, plant, and equipment$10.7 $3.3 
Finance lease liabilities:
Other current liabilities
$2.8 $1.2 
Other noncurrent liabilities
8.3 2.2 
Total finance lease liabilities$11.1 $3.4 
Components of lease expense
The following table summarizes the components of lease expense.
Year Ended April 30,
202420232022
Operating lease cost$49.7 $42.2 $43.8 
Finance lease cost:
Amortization of right-of-use assets 3.4 1.6 2.0 
Interest on lease liabilities
0.6 0.1 0.1 
Variable lease cost23.7 24.9 21.6 
Short-term lease cost44.3 44.5 43.5 
Total lease cost (A)
$121.7 $113.3 $111.0 
(A)Total lease cost does not include sublease income, which is immaterial for all years presented.
Cash flow and noncash information related to leases
The following table sets forth cash flow and noncash information related to leases.
Year Ended April 30,
202420232022
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases
$49.2 $44.3 $45.6 
Operating cash flows from finance leases 0.5 0.1 0.1 
Financing cash flows from finance leases
3.3 1.7 2.1 
Right-of-use assets obtained in exchange for new lease liabilities:
Operating leases98.4 37.9 7.2 
Finance leases
10.9 1.5 1.8 
Maturity of operating lease liabilities by fiscal year
The following table summarizes the maturity of our lease liabilities by fiscal year.
April 30, 2024
Operating LeasesFinance Leases
2025$47.9 $3.2 
202644.3 2.9 
202725.6 2.5 
202817.6 2.3 
202916.4 0.9 
2030 and beyond60.5 0.5 
Total undiscounted minimum lease payments $212.3 $12.3 
Less: Imputed interest28.3 1.2 
Lease liabilities $184.0 $11.1 
Maturity of finance lease liabilities by fiscal year
The following table summarizes the maturity of our lease liabilities by fiscal year.
April 30, 2024
Operating LeasesFinance Leases
2025$47.9 $3.2 
202644.3 2.9 
202725.6 2.5 
202817.6 2.3 
202916.4 0.9 
2030 and beyond60.5 0.5 
Total undiscounted minimum lease payments $212.3 $12.3 
Less: Imputed interest28.3 1.2 
Lease liabilities $184.0 $11.1 
Weighted average remaining lease tern and discount rate
The following table sets forth the weighted average remaining lease term and discount rate.
Year Ended April 30,
20242023
Weighted average remaining lease term (in years):
Operating leases
6.24.8
Finance leases 4.33.1
Weighted average discount rate:
Operating leases4.3 %3.3 %
Finance leases
4.8 %2.4 %
v3.24.1.1.u2
Share-Based Payments (Tables)
 12 Months Ended
Apr. 30, 2024
Share-Based Payment Arrangement [Abstract]  
Weighted-average Black-Scholes assumptions for stock options granted
The fair value of each stock option is estimated on the date of grant using a Black-Scholes option-pricing model with the following weighted-average assumptions for stock options granted:
202420232022
Expected volatility25.0 %25.0 %24.0 %
Dividend yield2.7 %3.1 %2.7 %
Risk-free interest rate3.9 %3.6 %1.0 %
Expected life of stock options (years)6.06.06.0
Summary of the Company's stock option activity and related information
The following table is a summary of our stock option activity.
Number of 
Stock Options		Weighted-Average
Exercise Price
Outstanding at May 1, 2023606,478 $121.33 
Granted84,568 153.26 
Exercised(26,434)120.18 
Cancelled(7,653)140.62 
Outstanding at April 30, 2024
656,959 $125.40 
Exercisable at April 30, 2024
476,110 $119.96 
Summary of restricted shares, deferred shares, deferred stock units, and performance units The following table is a summary of our restricted shares, deferred stock units, and performance units.
Restricted Shares
and Deferred
Stock Units		Weighted-Average
Grant Date Fair Value Per Share		Performance
Units		Weighted-Average
Grant Date Fair Value Per Share
Outstanding at May 1, 2023
354,724 $126.45 413,890 $126.78 
Granted155,354 143.60 117,312 153.20 
Vested(218,698)127.36 (74,548)113.71 
Forfeited(34,623)108.58 (103,258)120.31 
Outstanding at April 30, 2024
256,757 $138.46 353,396 $140.20 
Weighted-average grant date fair values of the equity awards The following table summarizes the weighted-average fair values of the equity awards granted.
Year Ended April 30,Restricted Shares
and Deferred
Stock Units		Weighted-Average
Grant Date Fair Value Per Share		Performance
Units		Weighted-Average
Grant Date Fair Value Per Share
2024155,354 $143.60 117,312 $153.20 
2023146,290 131.96 130,939 133.01 
202266,514 135.10 171,907 135.53 
v3.24.1.1.u2
Income Taxes (Tables)
 12 Months Ended
Apr. 30, 2024
Income Tax Disclosure [Abstract]  
Income (loss) before income taxes
The following table sets forth our income (loss) before income taxes.
Year Ended April 30,
  202420232022
Domestic$975.8 $(23.6)$806.0 
Foreign20.6 14.4 37.8 
Income (loss) before income taxes$996.4 $(9.2)$843.8 
Components of the provision for income taxes
The following table summarizes the components of the provision for income taxes.
  Year Ended April 30,
  202420232022
Current:
Federal$234.1 $217.9 $201.8 
Foreign10.1 5.4 9.2 
State and local48.7 49.5 39.0 
Deferred:
Federal(35.7)(158.5)(48.1)
Foreign(2.3)(1.0)0.3 
State and local(2.5)(31.2)9.9 
Total income tax expense$252.4 $82.1 $212.1 
Reconciliation of the statutory federal income tax rate and the effective income tax rate
The following table sets forth a reconciliation of the statutory federal income tax rate and the effective income tax rate.
  Year Ended April 30,
(Percent of pre-tax income)202420232022
Statutory federal income tax rate21.0 %21.0 %21.0 %
Acquisition of Hostess Brands1.3 — — 
Sale of certain pet food brands— (776.4)— 
State and local income taxes2.9 (157.7)2.6 
Deferred tax expense from internal restructuring— — 2.0 
Other items – net0.1 20.7 (0.5)
Effective income tax rate25.3 %(892.4)%25.1 %
Income taxes paid$316.5 $254.8 $233.0 
Deferred tax assets and liabilities The following table summarizes significant components of our deferred tax assets and liabilities.
  April 30,
  20242023
Deferred tax liabilities:
Intangible assets$1,683.9 $1,119.9 
Property, plant, and equipment276.9 192.0 
Leases33.8 15.6 
Other22.6 8.2 
Total deferred tax liabilities$2,017.2 $1,335.7 
Deferred tax assets:
Post-employment and other employee benefits$69.1 $75.1 
Tax credit and loss carryforwards27.7 26.1 
Intangible assets40.7 19.0 
Hedging transactions49.9 46.9 
Leases36.3 17.5 
Other82.3 38.2 
Total deferred tax assets$306.0 $222.8 
Valuation allowance(26.2)(26.0)
Total deferred tax assets, less allowance$279.8 $196.8 
Net deferred tax liability$1,737.4 $1,138.9 
Schedule of Unrecognized Tax Benefits Roll Forward
The following table sets forth a reconciliation of our unrecognized tax benefits.
202420232022
Balance at May 1, $5.3 $6.5 $10.2 
Increases:
Current year tax positions— — 0.1 
Prior year tax positions— — 0.2 
Acquired business1.3 — — 
Decreases:
Expiration of statute of limitations periods2.0 1.2 4.0 
Prior year tax positions— — — 
Balance at April 30,$4.6 $5.3 $6.5 
v3.24.1.1.u2
Accumulated Other Comprehensive Income (Loss) (Tables)
 12 Months Ended
Apr. 30, 2024
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract]  
Components of accumulated other comprehensive (loss) income
The components of accumulated other comprehensive income (loss), including the reclassification adjustments for items that are reclassified from accumulated other comprehensive income (loss) to net income (loss), are shown below.
Foreign
Currency
Translation
Adjustment
Net Gains (Losses)
 on Cash Flow 
Hedging
Derivatives (A)
Pension
and Other
Postretirement
Liabilities (B)
Unrealized
Gain (Loss) on
Available-for-Sale
Securities		Accumulated Other Comprehensive Income (Loss)
Balance at May 1, 2021$(9.0)$(174.8)$(97.3)$3.7 $(277.4)
Reclassification adjustments— 13.1 17.6 — 30.7 
Current period credit (charge)(12.1)— 38.1 (2.5)23.5 
Income tax benefit (expense)— (2.2)(12.6)0.6 (14.2)
Balance at April 30, 2022$(21.1)$(163.9)$(54.2)$1.8 $(237.4)
Reclassification adjustments— 13.5 10.3 — 23.8 
Current period credit (charge)(13.2)— (7.9)(0.6)(21.7)
Income tax benefit (expense)— (3.2)(0.9)0.2 (3.9)
Balance at April 30, 2023$(34.3)$(153.6)$(52.7)$1.4 $(239.2)
Reclassification adjustments— 13.6 0.3 — 13.9 
Current period credit (charge)(4.9)— (1.3)(0.4)(6.6)
Income tax benefit (expense)— (3.1)0.3 0.1 (2.7)
Balance at April 30, 2024
$(39.2)$(143.1)$(53.4)$1.1 $(234.6)
(A)The reclassification from accumulated other comprehensive income (loss) is primarily composed of deferred gains (losses) related to terminated interest rate contracts which were reclassified to interest expense – net. For additional information, see Note 10: Derivative Financial Instruments.
(B)The reclassification from accumulated other comprehensive income (loss) to other income (expense) – net is composed of settlement and curtailment activity and amortization of net losses and prior service costs. For additional information, see Note 9: Pensions and Other Postretirement Benefits.
v3.24.1.1.u2
Accounting Policies (Details) - USD ($)
$ in Millions
 12 Months Ended
Apr. 30, 2024
Apr. 30, 2023
Apr. 30, 2022
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Share-based compensation expense $ 23.9 $ 25.6 $ 22.3
Related income tax benefit 5.6 6.0 5.3
Selling, Distribution And Administrative Expense      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Share-based compensation expense 23.7 25.6 23.7
Other special project costs      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Share-based compensation expense $ 0.2 $ 0.0 $ (1.4)
v3.24.1.1.u2
Accounting Policies - Narrative (Details)
shares in Millions, $ in Millions
 12 Months Ended
Nov. 15, 2023
USD ($)
shares
Apr. 28, 2023
USD ($)
shares
Apr. 30, 2024
USD ($)
Facility
Contract
Apr. 30, 2023
USD ($)
Apr. 30, 2022
USD ($)
Apr. 30, 2021
USD ($)
Condensed Financial Statements, Captions [Line Items]            
Cash and cash equivalents     $ 62.0 $ 655.8 $ 169.9 $ 334.3
Advertising expense     182.5 160.3 176.5  
Reserve for credit loss     8.7 2.3    
Unrealized pre-tax gains included in accumulated other comprehensive income (loss) on available-for-sale securities     1.4 1.8    
Accumulated other comprehensive income (loss)     $ (234.6) (239.2)    
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]            
Vesting period for share-based payments     3 years      
Compensation cost related to nonvested share-based awards not yet recognized     $ 41.5      
Weighted-average period of recognition     2 years      
Excess tax benefit from share-based compensation     $ 2.9 1.4 1.1  
Accounting Policies (Additional Textual) [Abstract]            
Charges for defined contribution plans     41.5 41.0 40.9  
Property, Plant and Equipment [Line Items]            
Operating Lease, Expense     121.7 113.3 111.0  
Schedule of Investments [Line Items]            
Investment in equity securities     0.0 487.8    
Realized loss on investment in equity securities – net     $ (21.5) 0.0 0.0  
Concentration Risk [Line Items]            
Facilities covered by union contracts | Facility     11      
Number of union contracts expiring in 2025 | Contract     6      
Accumulated Foreign Currency Adjustment Attributable to Parent [Member]            
Condensed Financial Statements, Captions [Line Items]            
Accumulated other comprehensive income (loss)     $ (39.2) (34.3) (21.1) $ (9.0)
Selling, Distribution And Administrative Expense            
Condensed Financial Statements, Captions [Line Items]            
Distribution costs     267.7 304.5 294.1  
Research and development costs     $ 49.1 $ 47.3 $ 48.8  
Minimum            
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]            
Vesting period for share-based payments     1 year      
Maximum            
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]            
Vesting period for share-based payments     3 years      
Machinery and equipment [Member] | Minimum            
Property, Plant and Equipment [Line Items]            
Estimated useful life of assets     3 years      
Machinery and equipment [Member] | Maximum            
Property, Plant and Equipment [Line Items]            
Estimated useful life of assets     20 years      
Capitalized software costs [Member] | Minimum            
Property, Plant and Equipment [Line Items]            
Estimated useful life of assets     1 year      
Capitalized software costs [Member] | Maximum            
Property, Plant and Equipment [Line Items]            
Estimated useful life of assets     7 years      
Buildings, fixtures, and improvements [Member] | Minimum            
Property, Plant and Equipment [Line Items]            
Estimated useful life of assets     5 years      
Buildings, fixtures, and improvements [Member] | Maximum            
Property, Plant and Equipment [Line Items]            
Estimated useful life of assets     40 years      
Post Holdings Inc.            
Schedule of Investments [Line Items]            
Investment in equity securities, current, ownership percentage       8.00%    
Cumulative realized loss on investment in equity securities - net     $ 30.7      
Realized loss on investment in equity securities – net     $ 26.9 $ 3.8    
Post Holdings Inc. | Pet Food Brands            
Schedule of Investments [Line Items]            
Proceeds from Divestiture of Business, Equity | shares 5.4 5.4        
Investment in equity securities $ 460.9 $ 491.6   487.8    
Mountain Country Foods [Member]            
Schedule of Equity Method Investments [Line Items]            
Percentage of equity interest acquired     20.00%      
Numi, Inc. [Member]            
Schedule of Equity Method Investments [Line Items]            
Percentage of equity interest acquired     42.00%      
Unionized Employees [Member] | Number of Employees, Total [Member]            
Concentration Risk [Line Items]            
Percentage of concentration risk     27.00%      
Unionized Employees Subject to Union Contracts Expiring within One Year | Number of Employees, Total [Member]            
Concentration Risk [Line Items]            
Percentage of concentration risk     10.00%      
Cash Equivalents [Member]            
Condensed Financial Statements, Captions [Line Items]            
Cash and cash equivalents     $ 0.0 614.0    
Work In Process Inventory            
Condensed Financial Statements, Captions [Line Items]            
Work-in-process inventory     81.3 82.5    
Other Noncurrent Assets            
Condensed Financial Statements, Captions [Line Items]            
Marketable securities and other investments     22.1 24.0    
Accounts Payable [Member]            
Condensed Financial Statements, Captions [Line Items]            
Supplier Financing, Outstanding Payment Obligations     $ 384.9 $ 414.2    
v3.24.1.1.u2
Acquisition (Details) - USD ($)
$ in Millions
Apr. 30, 2024
 [1]
Nov. 07, 2023
Apr. 30, 2023
Apr. 30, 2022
Asset Acquisition [Line Items]        
Goodwill, ending balance $ 7,649.9   $ 5,216.9 $ 6,015.8
Hostess Brands        
Asset Acquisition [Line Items]        
Cash and cash equivalents   $ 135.0    
Trade receivables – net   181.1    
Inventories   66.0    
Other current assets   5.9    
Property, plant, and equipment – net   534.5    
Operating lease right-of-use assets   17.2    
Goodwill, ending balance   2,447.2    
Other intangible assets – net   3,038.6    
Other noncurrent assets   43.2    
Total assets acquired   6,468.7    
Accounts payable   67.3    
Current operating lease liabilities   4.7    
Other current liabilities   244.4    
Deferred income taxes   639.6    
Noncurrent operating lease liabilities   14.5    
Other noncurrent liabilities   1.4    
Total liabilities assumed   971.9    
Net assets acquired   $ 5,496.8    
[1] Included in goodwill as of April 30, 2024, are accumulated goodwill impairment charges of $242.9.
v3.24.1.1.u2
Acquisition (Details 1) - USD ($)
$ in Millions
Apr. 30, 2024
Nov. 07, 2023
Asset Acquisition [Line Items]    
Useful life 24 years  
Customer and contractual relationships    
Asset Acquisition [Line Items]    
Useful life 24 years  
Trademarks    
Asset Acquisition [Line Items]    
Useful life 12 years  
Hostess Brands    
Asset Acquisition [Line Items]    
Total intangible assets   $ 3,038.6
Hostess Brands | Customer and contractual relationships    
Asset Acquisition [Line Items]    
Intangible assets with finite lives   $ 1,238.5
Useful life   25 years
Hostess Brands | Noncompete Agreements    
Asset Acquisition [Line Items]    
Intangible assets with finite lives   $ 38.0
Hostess Brands | Trademarks    
Asset Acquisition [Line Items]    
Intangible assets with finite lives   9.9
Intangible assets with indefinite lives   $ 1,752.2
Useful life   5 years
v3.24.1.1.u2
Acquisition (Details 2) - Pro Forma - USD ($)
$ / shares in Units, $ in Millions
 12 Months Ended
Apr. 30, 2024
Apr. 30, 2023
Acquisition, Pro Forma [Line Items]    
Net sales $ 8,912.8 $ 9,897.2
Net income (loss) $ 761.9 $ (55.2)
Net income (loss) per common share - assuming dilution $ 7.15 $ (0.50)
v3.24.1.1.u2
Acquisition (Details Textual)
$ / shares in Units, $ in Millions
 12 Months Ended
Nov. 07, 2023
USD ($)
numberOfEmployees
$ / shares
shares
Apr. 30, 2024
USD ($)
Apr. 30, 2023
USD ($)
Apr. 30, 2022
USD ($)
Sep. 08, 2023
$ / shares
shares
Apr. 30, 2020
USD ($)
Asset Acquisition [Line Items]            
Business acquired, net of cash acquired   $ 3,920.6 $ 0.0 $ 0.0    
Debt instrument face amount   7,850.0 4,350.0      
Short-term borrowings   591.0 0.0      
Net sales   8,178.7 8,529.2 7,998.9    
Operating Income   1,305.8 157.5 1,023.8    
Goodwill, ending balance   7,649.9 [1] 5,216.9 6,015.8    
Sweet Baked Snacks            
Asset Acquisition [Line Items]            
Operating Income   73.4        
Goodwill, ending balance   2,447.2 [1] 0.0 0.0    
Operating Segments | Sweet Baked Snacks            
Asset Acquisition [Line Items]            
Net sales   637.3 0.0 $ 0.0    
Commercial Paper [Member]            
Asset Acquisition [Line Items]            
Short-term borrowings   591.0 $ 0.0      
Senior Notes [Member]            
Asset Acquisition [Line Items]            
Debt instrument face amount           $ 800.0
Hostess Brands            
Asset Acquisition [Line Items]            
Business Combination, Consideration Transferred $ 5,400.0          
Business Acquisition, Share Price | $ / shares $ 34.25          
Business Acquisition, Price Paid Per Share in Cash | $ / shares         $ 30.00  
Business Acquisition, Equity Interest Issued or Issuable, Fraction of Common Shares Issued | shares         0.03002  
Business Acquisition, Equity Interest Issued or Issuable, Number of Shares | shares 4,000,000          
Business Acquisition, Equity Interest Issued or Issuable, Value Assigned $ 450.2          
Business acquired, net of cash acquired 3,900.0          
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Noncurrent Liabilities, Long-Term Debt 991.0          
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Liabilities, Other Debt-Like Item $ 67.8          
Acquisition, Number of Employees Acquired | numberOfEmployees 3,000          
Business Combination, Provisional Information, Initial Accounting Incomplete, Adjustment, Inventory   8.3        
Goodwill, ending balance $ 2,447.2          
Goodwill deductible for tax purposes 196.6 186.9        
Finite Lived Intangible Assets Expected Annual Amortization Expense 71.6          
Hostess Brands | Sweet Baked Snacks            
Asset Acquisition [Line Items]            
Goodwill, ending balance 2,400.0          
Hostess Brands | Commercial Paper [Member]            
Asset Acquisition [Line Items]            
Short-term borrowings $ 700.0          
Hostess Brands | Senior Notes [Member]            
Asset Acquisition [Line Items]            
Proceeds from Issuance of Debt   5,000.0        
Debt instrument face amount   3,500.0        
Hostess Brands | Term Loan Credit Agreement            
Asset Acquisition [Line Items]            
Maximum borrowing capacity   $ 800.0        
[1] Included in goodwill as of April 30, 2024, are accumulated goodwill impairment charges of $242.9.
v3.24.1.1.u2
Divestitures (Details)
$ in Millions
Apr. 30, 2024
USD ($)
Canada Condiment Business  
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]  
Inventories $ 23.9
Property, plant, and equipment – net 0.0
Operating lease right-of-use assets 0.0
Goodwill 0.0
Other intangible assets – net 7.1
Other noncurrent assets 0.0
Total assets disposed 31.0
Other current liabilities 0.0
Deferred income taxes 0.0
Other noncurrent liabilities 0.0
Total liabilities disposed 0.0
Net assets disposed 31.0
Sahale Snacks  
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]  
Inventories 9.9
Property, plant, and equipment – net 6.0
Operating lease right-of-use assets 1.8
Goodwill 11.5
Other intangible assets – net 14.7
Other noncurrent assets 0.3
Total assets disposed 44.2
Other current liabilities 0.8
Deferred income taxes 4.1
Other noncurrent liabilities 1.0
Total liabilities disposed 5.9
Net assets disposed $ 38.3
v3.24.1.1.u2
Divestitures - (Details Textual)
shares in Millions, $ in Millions
 12 Months Ended 15 Months Ended
Nov. 15, 2023
USD ($)
shares
Apr. 28, 2023
USD ($)
numberOfEmployees
shares
Apr. 30, 2024
USD ($)
Apr. 30, 2023
USD ($)
Apr. 30, 2022
USD ($)
Jul. 31, 2022
USD ($)
Nov. 01, 2023
numberOfEmployees
Jan. 31, 2022
numberOfEmployees
Dec. 01, 2021
numberOfEmployees
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]                  
Proceeds from divestitures – net     $ 56.3 $ 686.3 $ 130.0        
Gain (loss) on divestitures - net     (12.9) (1,018.5) 9.6        
Investment in equity securities     0.0 487.8          
Canada Condiment Business                  
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]                  
Proceeds from divestitures – net     25.3            
Gain (loss) on divestitures - net     (5.7)            
Canada Condiment Business | Other                  
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]                  
Annual net sales     43.8 61.6 62.7        
Sahale Snacks                  
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]                  
Proceeds from divestitures – net     31.6            
Gain (loss) on divestitures - net     (6.7)            
Disposal Group, Not Discontinued Operation, Number of Employees | numberOfEmployees             100    
Sahale Snacks | U.S. Retail Frozen Handheld and Spreads                  
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]                  
Annual net sales     24.1 48.4 47.4        
Pet Food Brands                  
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]                  
Proceeds from divestitures – net     683.9            
Gain (loss) on divestitures - net       (1,000.0)          
Disposal Group, Not Discontinued Operation, Number of Employees | numberOfEmployees   1,100              
Total proceeds from divestitures - cash and equity     $ 1,200.0            
Pet Food Brands | Post Holdings Inc.                  
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]                  
Proceeds from divestitures - equity | shares 5.4 5.4              
Investment in equity securities $ 460.9 $ 491.6   487.8          
Proceeds from investment in equity securities $ 466.3                
Pet Food Brands | U.S. Retail Pet Foods                  
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]                  
Annual net sales       1,500.0 1,400.0        
Natural Beverage and Grains Businesses                  
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]                  
Proceeds from divestitures – net           $ 98.7      
Gain (loss) on divestitures - net       $ 1.6 26.7 $ 28.3      
Disposal Group, Not Discontinued Operation, Number of Employees | numberOfEmployees               150  
Natural Beverage and Grains Businesses | U.S. Retail Frozen Handheld and Spreads                  
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]                  
Annual net sales         106.7        
Private Label Dry Pet Food Business                  
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]                  
Proceeds from divestitures – net         32.9        
Gain (loss) on divestitures - net         (17.1)        
Disposal Group, Not Discontinued Operation, Number of Employees | numberOfEmployees                 220
Private Label Dry Pet Food Business | U.S. Retail Pet Foods                  
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]                  
Annual net sales         $ 62.3        
v3.24.1.1.u2
Special Project Costs (Details) - Hostess Brands
$ in Millions
 12 Months Ended
Apr. 30, 2024
USD ($)
Restructuring Cost and Reserve [Line Items]  
Restructuring and related cost, incurred cost $ 147.4
Transaction Costs  
Restructuring Cost and Reserve [Line Items]  
Restructuring and related cost, incurred cost 99.0
Employee-related costs  
Restructuring Cost and Reserve [Line Items]  
Restructuring and related cost, incurred cost 33.4
Other transition and termination costs  
Restructuring Cost and Reserve [Line Items]  
Restructuring and related cost, incurred cost $ 15.0
v3.24.1.1.u2
Special Project Costs (Details 1) - USD ($)
$ in Millions
 12 Months Ended
Apr. 30, 2023
Apr. 30, 2022
Restructuring Cost and Reserve [Line Items]    
Other special project costs Cost of products sold, Other special project costs Cost of products sold, Other special project costs
2021 Restructuring Program    
Restructuring Cost and Reserve [Line Items]    
Restructuring and related cost, incurred cost $ 11.1 $ 28.5
Total costs incurred to date 63.7  
2021 Restructuring Program | Employee-related costs    
Restructuring Cost and Reserve [Line Items]    
Restructuring and related cost, incurred cost 3.5 6.3
Total costs incurred to date 27.1  
2021 Restructuring Program | Other transition and termination costs    
Restructuring Cost and Reserve [Line Items]    
Restructuring and related cost, incurred cost 7.6 $ 22.2
Total costs incurred to date $ 36.6  
v3.24.1.1.u2
Special Project Costs - Narrative (Details) - USD ($)
$ in Millions
 12 Months Ended
Apr. 30, 2024
Apr. 30, 2023
Apr. 30, 2022
Hostess Brands      
Restructuring Cost and Reserve [Line Items]      
Restructuring and related cost, expected cost $ 210.0    
Restructuring and related cost, incurred cost 147.4    
Restructuring and related cost, incurred noncash charge 3.2    
Sahale Snacks and Condiment Divestitures      
Restructuring Cost and Reserve [Line Items]      
Restructuring and related cost, expected cost 6.0    
2021 Restructuring Program      
Restructuring Cost and Reserve [Line Items]      
Restructuring and related cost, incurred cost   $ 11.1 $ 28.5
Restructuring and related cost, incurred noncash charge   10.2 18.6
Restructuring and related cost, noncash charge incurred to date   33.2  
Employee-related costs | Hostess Brands      
Restructuring Cost and Reserve [Line Items]      
Restructuring and related cost, incurred cost 33.4    
Restructuring Reserve 28.0    
Employee-related costs | Sahale Snacks and Condiment Divestitures      
Restructuring Cost and Reserve [Line Items]      
Restructuring and related cost, incurred cost 3.9    
Restructuring Reserve 2.5    
Employee-related costs | 2021 Restructuring Program      
Restructuring Cost and Reserve [Line Items]      
Restructuring and related cost, incurred cost   3.5 6.3
Restructuring Reserve   1.6  
Other transition and termination costs | Hostess Brands      
Restructuring Cost and Reserve [Line Items]      
Restructuring and related cost, incurred cost 15.0    
Other transition and termination costs | Sahale Snacks and Condiment Divestitures      
Restructuring Cost and Reserve [Line Items]      
Restructuring and related cost, incurred cost 1.6    
Other transition and termination costs | Pet Food Brands      
Restructuring Cost and Reserve [Line Items]      
Restructuring and related cost, expected cost $ 11.0    
Other transition and termination costs | 2021 Restructuring Program      
Restructuring Cost and Reserve [Line Items]      
Restructuring and related cost, incurred cost   $ 7.6 $ 22.2
v3.24.1.1.u2
Reportable Segments (Details) - USD ($)
$ in Millions
 12 Months Ended
Apr. 30, 2024
Apr. 30, 2023
Apr. 30, 2022
Segment Reporting Information [Line Items]      
Net sales $ 8,178.7 $ 8,529.2 $ 7,998.9
Segment profit 1,941.7 1,728.5 1,698.8
Amortization (191.1) (206.9) (223.6)
Other intangible assets impairment charges 0.0 0.0 (150.4)
Gain (loss) on divestitures - net (12.9) (1,018.5) 9.6
Interest expense – net (264.3) (152.0) (160.9)
Change in net cumulative unallocated derivative gains and losses 6.7 (21.4) (23.4)
Cost of products sold – special project costs (B) [1] (2.9) (6.4) (20.5)
Other special project costs (A) [1],[2] (130.2) (4.7) (8.0)
Other debt costs [1],[2] (19.5) 0.0 0.0
Corporate administrative expenses (305.5) (313.1) (258.7)
Other income (expense) – net [1] (25.6) (14.7) (19.1)
Income (Loss) Before Income Taxes 996.4 (9.2) 843.8
Assets 20,273.7 14,991.4 16,055.0
Depreciation, amortization, and impairment charges 430.8 431.0 609.5
Additions to property, plant, and equipment 586.5 477.4 417.5
Unallocated      
Segment Reporting Information [Line Items]      
Assets [3] 149.5 1,237.2 329.8
Depreciation, amortization, and impairment charges [4] 38.0 42.7 55.7
U.S. Retail Coffee | Operating Segments      
Segment Reporting Information [Line Items]      
Net sales 2,704.4 2,735.3 2,497.3
Segment profit 759.2 737.7 736.7
Assets 4,826.3 4,808.9 4,891.8
Depreciation, amortization, and impairment charges 101.1 101.6 100.2
Additions to property, plant, and equipment by segment 79.7 49.0 49.8
U.S. Retail Frozen Handheld and Spreads | Operating Segments      
Segment Reporting Information [Line Items]      
Net sales 1,815.6 1,630.9 1,707.2
Segment profit 434.1 352.6 424.2
Assets 3,257.1 2,972.7 2,692.1
Depreciation, amortization, and impairment charges 81.6 76.3 64.6
Additions to property, plant, and equipment by segment 334.5 341.6 274.8
U.S. Retail Pet Foods | Operating Segments      
Segment Reporting Information [Line Items]      
Net sales [5] 1,822.8 3,038.1 2,764.3
Segment profit [5] 402.1 494.9 395.9
Assets [5] 4,784.1 4,994.3 7,167.4
Depreciation, amortization, and impairment charges [5] 118.1 178.7 342.8
Additions to property, plant, and equipment by segment [5] 83.4 64.3 74.0
Sweet Baked Snacks | Operating Segments      
Segment Reporting Information [Line Items]      
Net sales 637.3 0.0 0.0
Segment profit 138.2 0.0 0.0
Assets 6,267.1 0.0 0.0
Depreciation, amortization, and impairment charges 59.6 0.0 0.0
Additions to property, plant, and equipment by segment 41.2 0.0 0.0
International and Away From Home | Operating Segments      
Segment Reporting Information [Line Items]      
Net sales 1,198.6 1,124.9 1,030.1
Segment profit 208.1 143.3 142.0
Assets 989.6 978.3 973.9
Depreciation, amortization, and impairment charges 32.4 31.7 46.2
Additions to property, plant, and equipment by segment $ 47.7 $ 22.5 $ 18.9
[1] Includes special project costs related to certain divestiture, acquisition, integration, and restructuring activities. For more information, see Note 4: Special Project Costs and Note 8: Debt and Financing Arrangements.
[2] Includes special project costs related to certain divestiture, acquisition, integration, and restructuring activities. For more information, see Note 4: Special Project Costs, Note 5: Reportable Segments, and Note 8: Debt and Financing Arrangements.
[3] Primarily represents unallocated cash and cash equivalents and corporate-held investments.
[4] Primarily represents unallocated corporate administrative expenses, mainly consisting of depreciation and software amortization.
[5] On April 28, 2023, we sold certain pet food brands to Post, and the divested net sales were primarily included in the U.S. Retail Pet Foods segment. For more information, see Note 3: Divestitures.
v3.24.1.1.u2
Reportable Segments (Details 1) - USD ($)
$ in Millions
 12 Months Ended
Apr. 30, 2024
Apr. 30, 2023
Apr. 30, 2022
Revenues, Assets, and Long-Lived Assets [Line Items]      
Net sales $ 8,178.7 $ 8,529.2 $ 7,998.9
Assets 20,273.7 14,991.4 16,055.0
Total long-lived assets (excluding goodwill and other intangible assets) 3,401.5 2,486.5 2,376.9
United States [Member]      
Revenues, Assets, and Long-Lived Assets [Line Items]      
Net sales 7,653.0 8,001.4 7,469.6
Assets 19,483.1 14,577.5 15,653.5
Long-lived assets 3,294.5 2,421.9 2,331.2
Total international [Member]      
Revenues, Assets, and Long-Lived Assets [Line Items]      
Net sales 525.7 527.8 529.3
Assets 790.6 413.9 401.5
Long-lived assets 107.0 64.6 45.7
Canada [Member]      
Revenues, Assets, and Long-Lived Assets [Line Items]      
Net sales 429.4 433.2 439.6
Assets 790.2 412.5 399.8
Long-lived assets 106.9 64.6 45.7
All other international [Member]      
Revenues, Assets, and Long-Lived Assets [Line Items]      
Net sales 96.3 94.6 89.7
Assets 0.4 1.4 1.7
Long-lived assets $ 0.1 $ 0.0 $ 0.0
v3.24.1.1.u2
Reportable Segments (Details 2) - USD ($)
$ in Millions
 12 Months Ended
Apr. 30, 2024
Apr. 30, 2023
Apr. 30, 2022
Revenue from External Customer [Line Items]      
Net sales $ 8,178.7 $ 8,529.2 $ 7,998.9
Percent of product sales attributable to primary reportable segment 75.00%    
Operating Segments | U.S. Retail Coffee      
Revenue from External Customer [Line Items]      
Net sales $ 2,704.4 2,735.3 2,497.3
Operating Segments | U.S. Retail Coffee | Coffee [Member]      
Revenue from External Customer [Line Items]      
Net sales [1] 3,063.0 3,088.8 2,804.7
Operating Segments | U.S. Retail Frozen Handheld and Spreads      
Revenue from External Customer [Line Items]      
Net sales 1,815.6 1,630.9 1,707.2
Operating Segments | U.S. Retail Frozen Handheld and Spreads | Peanut butter [Member]      
Revenue from External Customer [Line Items]      
Net sales [1] 814.1 635.6 801.1
Operating Segments | U.S. Retail Frozen Handheld and Spreads | Frozen handheld [Member]      
Revenue from External Customer [Line Items]      
Net sales [1] 791.1 686.4 510.7
Operating Segments | U.S. Retail Frozen Handheld and Spreads | Fruit spreads [Member]      
Revenue from External Customer [Line Items]      
Net sales [1] 427.2 426.2 386.5
Operating Segments | U.S. Retail Frozen Handheld and Spreads | Topping and syrups [Member]      
Revenue from External Customer [Line Items]      
Net sales [1] 88.4 88.9 82.5
Operating Segments | U.S. Retail Pet Foods      
Revenue from External Customer [Line Items]      
Net sales [2] 1,822.8 3,038.1 2,764.3
Operating Segments | U.S. Retail Pet Foods | Pet snacks [Member]      
Revenue from External Customer [Line Items]      
Net sales [1] 1,024.8 1,052.4 944.9
Operating Segments | U.S. Retail Pet Foods | Cat food [Member]      
Revenue from External Customer [Line Items]      
Net sales [1] 792.4 1,101.1 969.9
Operating Segments | U.S. Retail Pet Foods | Dog food [Member]      
Revenue from External Customer [Line Items]      
Net sales [1] 76.4 980.0 926.5
Operating Segments | Sweet Baked Snacks      
Revenue from External Customer [Line Items]      
Net sales 637.3 0.0 0.0
Operating Segments | Sweet Baked Snacks | Sweet baked goods [Member]      
Revenue from External Customer [Line Items]      
Net sales [1] 572.5 0.0 0.0
Operating Segments | Sweet Baked Snacks | Cookies [Member]      
Revenue from External Customer [Line Items]      
Net sales [1] 64.8 0.0 0.0
Operating Segments | Other      
Revenue from External Customer [Line Items]      
Net sales 1,198.6 1,124.9 1,030.1
Operating Segments | Other | Portion control [Member]      
Revenue from External Customer [Line Items]      
Net sales [1],[3] 207.9 163.7 158.2
Operating Segments | Other | Baking mixes and ingredients [Member]      
Revenue from External Customer [Line Items]      
Net sales [1],[3] 90.3 94.3 85.5
Operating Segments | Other | Other [Member]      
Revenue from External Customer [Line Items]      
Net sales [1],[3] $ 165.8 $ 211.8 $ 328.4
[1] The primary reportable segment generally represents at least 75 percent of total net sales for each respective product category.
[2] On April 28, 2023, we sold certain pet food brands to Post, and the divested net sales were primarily included in the U.S. Retail Pet Foods segment. For more information, see Note 3: Divestitures.
[3] Represents the combined International and Away From Home operating segments.
v3.24.1.1.u2
Reportable Segments - Narrative (Details)
$ in Millions
 12 Months Ended
Apr. 30, 2024
USD ($)
Industry
Segment
Apr. 30, 2023
USD ($)
Apr. 30, 2022
Concentration Risk [Line Items]      
Number of industries in which Company operates | Industry 1    
Number of reportable segments | Segment 4    
Trade receivables – net $ 736.5 $ 597.6  
Wal-Mart Stores, Inc. [Member] | Major Customer [Member]      
Concentration Risk [Line Items]      
Trade receivables – net $ 211.7 $ 211.5  
Wal-Mart Stores, Inc. [Member] | Major Customer [Member] | Revenue from Contract with Customer [Member]      
Concentration Risk [Line Items]      
Percentage of concentration risk 33.00% 34.00% 34.00%
v3.24.1.1.u2
Earnings Per Share (Details) - USD ($)
$ / shares in Units, shares in Millions, $ in Millions
 12 Months Ended
Apr. 30, 2024
Apr. 30, 2023
Apr. 30, 2022
Schedule of Earnings Per Share, Two Class Method [Line Items]      
Net income (loss) $ 744.0 $ (91.3) $ 631.7
Net income (loss) per common share (in dollars per share) $ 7.14 $ (0.86) $ 5.84
Net income (loss) per common share - assuming dilution (in dollars per share) $ 7.13 $ (0.86) $ 5.83
Two-class method [Member]      
Schedule of Earnings Per Share, Two Class Method [Line Items]      
Net income (loss) $ 744.0 $ (91.3) $ 631.7
Less: Net income (loss) allocated to participating securities 0.2 (0.1) 1.8
Net income (loss) allocated to common stockholders $ 743.8 $ (91.2) $ 629.9
Weighted-average common shares outstanding (in shares) 104.1 106.2 107.9
Add: Dilutive effect of stock options (in shares) 0.1 0.0 0.0
Weighted-average common shares outstanding – assuming dilution (in shares) 104.2 106.2 107.9
Net income (loss) per common share (in dollars per share) $ 7.14 $ (0.86) $ 5.84
Net income (loss) per common share - assuming dilution (in dollars per share) $ 7.14 $ (0.86) $ 5.84
v3.24.1.1.u2
Earnings Per Share (Details 1) - USD ($)
$ / shares in Units, shares in Millions, $ in Millions
 12 Months Ended
Apr. 30, 2024
Apr. 30, 2023
Apr. 30, 2022
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Net income (loss) $ 744.0 $ (91.3) $ 631.7
Net income (loss) per common share - assuming dilution (in dollars per share) $ 7.13 $ (0.86) $ 5.83
Treasury Stock Method      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Net income (loss) $ 744.0 $ (91.3) $ 631.7
Weighted-average common shares outstanding (in shares) 104.1 106.2 107.9
Weighted-average common shares outstanding – assuming dilution (in shares) 104.4 106.2 108.4
Net income (loss) per common share - assuming dilution (in dollars per share) $ 7.13 $ (0.86) $ 5.83
Employee Stock Option [Member] | Treasury Stock Method      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Add: Dilutive effect (in shares) 0.1 0.0 0.0
Restricted shares, restricted stock units, and performance units | Treasury Stock Method      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Add: Dilutive effect (in shares) 0.2 0.0 0.5
v3.24.1.1.u2
Goodwill and Other Intangible Assets (Details) - USD ($)
$ in Millions
 12 Months Ended
Apr. 30, 2024
Apr. 30, 2023
Summary of changes in the company's goodwill    
Goodwill, Beginning Balance $ 5,216.9 $ 6,015.8
Acquisition 2,447.2  
Divestitures (11.5) (790.3)
Other [1] (2.7) (8.6)
Goodwill, Ending Balance 7,649.9 [2] 5,216.9
Goodwill, Impaired, Accumulated Impairment Loss 242.9  
U.S. Retail Coffee    
Summary of changes in the company's goodwill    
Goodwill, Beginning Balance 2,090.9 2,090.9
Acquisition 0.0  
Divestitures 0.0 0.0
Other [1] 0.0 0.0
Goodwill, Ending Balance 2,090.9 [2] 2,090.9
U.S. Retail Frozen Handheld and Spreads    
Summary of changes in the company's goodwill    
Goodwill, Beginning Balance 1,147.5 1,147.5
Acquisition 0.0  
Divestitures (7.6) 0.0
Other [1] 0.0 0.0
Goodwill, Ending Balance 1,139.9 [2] 1,147.5
U.S. Retail Pet Foods    
Summary of changes in the company's goodwill    
Goodwill, Beginning Balance 1,580.2 2,368.2
Acquisition 0.0  
Divestitures 0.0 (788.0)
Other [1] 0.0 0.0
Goodwill, Ending Balance 1,580.2 [2] 1,580.2
Sweet Baked Snacks    
Summary of changes in the company's goodwill    
Goodwill, Beginning Balance 0.0 0.0
Acquisition 2,447.2  
Divestitures 0.0 0.0
Other [1] 0.0 0.0
Goodwill, Ending Balance 2,447.2 [2] 0.0
International and Away From Home    
Summary of changes in the company's goodwill    
Goodwill, Beginning Balance 398.3 409.2
Acquisition 0.0  
Divestitures (3.9) (2.3)
Other [1] (2.7) (8.6)
Goodwill, Ending Balance $ 391.7 [2] $ 398.3
[1] The amounts classified as other represent foreign currency translation adjustments.
[2] Included in goodwill as of April 30, 2024, are accumulated goodwill impairment charges of $242.9.
v3.24.1.1.u2
Goodwill and Other Intangible Assets (Details 1) - USD ($)
$ in Millions
Apr. 30, 2024
Apr. 30, 2023
Finite-lived intangible assets subject to amortization:    
Finite-lived intangible assets, Acquisition Cost $ 5,072.8 $ 3,818.0
Accumulated Amortization, Impairment Charges And Foreign Currency Exchange Expense For Finite Lived Assets 2,166.5 1,993.0
Finite-lived intangible assets, Net 2,906.3 1,825.0
Intangible Assets, Net (Excluding Goodwill) [Abstract]    
Intangible Assets, Acquisition Cost 9,645.5 6,648.7
Total Other Intangible Assets Accumulated Amortization Impairment Charges Foreign Currency Exchange 2,390.1 2,219.4
Total other intangible assets 7,255.4 4,429.3
Trademarks    
Indefinite-lived intangible assets not subject to amortization:    
Indefinite-lived intangible assets, Acquisition Costs 4,572.7 2,830.7
Accumulated Amortization, Impairment Charges And Foreign Currency Exchange Expense For Indefinite Lived Assets 223.6 226.4
Indefinite-lived intangible assets, Net 4,349.1 2,604.3
Customer and contractual relationships    
Finite-lived intangible assets subject to amortization:    
Finite-lived intangible assets, Acquisition Cost 4,766.7 3,499.0
Accumulated Amortization, Impairment Charges And Foreign Currency Exchange Expense For Finite Lived Assets 1,894.9 1,719.8
Finite-lived intangible assets, Net 2,871.8 1,779.2
Patents and technology    
Finite-lived intangible assets subject to amortization:    
Finite-lived intangible assets, Acquisition Cost 163.0 167.6
Accumulated Amortization, Impairment Charges And Foreign Currency Exchange Expense For Finite Lived Assets 160.8 161.6
Finite-lived intangible assets, Net 2.2 6.0
Trademarks    
Finite-lived intangible assets subject to amortization:    
Finite-lived intangible assets, Acquisition Cost 143.1 151.4
Accumulated Amortization, Impairment Charges And Foreign Currency Exchange Expense For Finite Lived Assets 110.8 111.6
Finite-lived intangible assets, Net $ 32.3 $ 39.8
v3.24.1.1.u2
Goodwill and Other Intangible Assets - Narrative (Details) - USD ($)
$ in Millions
 12 Months Ended
Apr. 30, 2024
Apr. 30, 2023
Apr. 30, 2022
Feb. 01, 2024
Goodwill and Intangible Assets [Line Items]        
Amortization expense for finite-lived intangible assets $ 190.1 $ 205.9 $ 222.5  
Weighted-average useful life of the finite-lived intangible assets 24 years      
Estimated amortization expense for 2025 $ 223.3      
Estimated amortization expense for 2026 209.0      
Estimated amortization expense for 2027 200.9      
Estimated amortization expense for 2028 201.9      
Estimated amortization expense for 2029 172.1      
Other intangible assets impairment charges $ 0.0 $ 0.0 150.4  
Percentage of fair value in excess of carrying amount, reporting unit       10.00%
Customer and contractual relationships        
Goodwill and Intangible Assets [Line Items]        
Weighted-average useful life of the finite-lived intangible assets 24 years      
Patents and technology        
Goodwill and Intangible Assets [Line Items]        
Weighted-average useful life of the finite-lived intangible assets 20 years      
Trademarks        
Goodwill and Intangible Assets [Line Items]        
Weighted-average useful life of the finite-lived intangible assets 12 years      
U.S. Retail Pet Foods | Trademarks        
Goodwill and Intangible Assets [Line Items]        
Other intangible assets impairment charges     $ 150.4  
Sweet Baked Snacks        
Goodwill and Intangible Assets [Line Items]        
Percentage of fair value in excess of carrying amount, reporting unit       3.00%
v3.24.1.1.u2
Debt and Financing Arrangements (Details) - USD ($)
$ in Millions
Apr. 30, 2024
Apr. 30, 2023
Long-term debt    
Debt instrument face amount $ 7,850.0 $ 4,350.0
Total long-term debt [1] 7,773.0 4,314.2
Current portion of long-term debt [1] 999.3 0.0
Long-term debt, less current portion [1] $ 6,773.7 $ 4,314.2
3.50% Senior Notes due March 15, 2025    
Long-term debt    
Interest rate on notes 3.50% 3.50%
Debt instrument face amount $ 1,000.0 $ 1,000.0
Senior Notes [1] $ 999.3 $ 998.4
3.38% Senior Notes due December 15, 2027    
Long-term debt    
Interest rate on notes 3.38% 3.38%
Debt instrument face amount $ 500.0 $ 500.0
Senior Notes [1] $ 498.4 $ 498.0
5.90% Senior Notes due November 15, 2028    
Long-term debt    
Interest rate on notes 5.90% 5.90%
Debt instrument face amount $ 750.0 $ 0.0
Senior Notes [1] $ 744.5 $ 0.0
2.38% Senior Notes due March 15, 2030    
Long-term debt    
Interest rate on notes 2.38% 2.38%
Debt instrument face amount $ 500.0 $ 500.0
Senior Notes [1] $ 497.2 $ 496.7
2.13% Senior Notes due March 15, 2032    
Long-term debt    
Interest rate on notes 2.13% 2.13%
Debt instrument face amount $ 500.0 $ 500.0
Senior Notes [1] $ 495.2 $ 494.4
6.20% Senior Notes due November 15, 2033    
Long-term debt    
Interest rate on notes 6.20% 6.20%
Debt instrument face amount $ 1,000.0 $ 0.0
Senior Notes [1] $ 991.5 $ 0.0
4.25% Senior Notes due March 15, 2035    
Long-term debt    
Interest rate on notes 4.25% 4.25%
Debt instrument face amount $ 650.0 $ 650.0
Senior Notes [1] $ 645.5 $ 645.1
2.75% Senior Notes due September 15, 2041    
Long-term debt    
Interest rate on notes 2.75% 2.75%
Debt instrument face amount $ 300.0 $ 300.0
Senior Notes [1] $ 297.4 $ 297.3
6.50% Senior Notes due November 15, 2043    
Long-term debt    
Interest rate on notes 6.50% 6.50%
Debt instrument face amount $ 750.0 $ 0.0
Senior Notes [1] $ 736.5 $ 0.0
4.38% Senior Notes due March 15, 2045    
Long-term debt    
Interest rate on notes 4.38% 4.38%
Debt instrument face amount $ 600.0 $ 600.0
Senior Notes [1] $ 588.7 $ 588.2
3.55% Senior Notes due March 15, 2050    
Long-term debt    
Interest rate on notes 3.55% 3.55%
Debt instrument face amount $ 300.0 $ 300.0
Senior Notes [1] $ 296.2 $ 296.1
6.50% Senior Notes due November 15, 2053    
Long-term debt    
Interest rate on notes 6.50% 6.50%
Debt instrument face amount $ 1,000.0 $ 0.0
Senior Notes [1] 982.6 0.0
Current portion of long-term debt    
Long-term debt    
Debt instrument face amount 1,000.0 0.0
Total long-term debt, less current portion    
Long-term debt    
Debt instrument face amount $ 6,850.0 $ 4,350.0
[1] Represents the carrying amount included in the Consolidated Balance Sheets, which includes the impact of capitalized debt issuance costs, offering discounts, and terminated interest rate contracts.
v3.24.1.1.u2
Debt and Financing Arrangements - Narrative (Details)
$ in Millions
 12 Months Ended
Apr. 30, 2024
USD ($)
Bank
Apr. 30, 2023
USD ($)
Apr. 30, 2022
USD ($)
Apr. 30, 2020
USD ($)
Nov. 07, 2023
USD ($)
Debt and Financing Arrangements (Textual) [Abstract]          
Repayment of long-term debt $ 1,791.0 $ 0.0 $ 1,157.0    
Other debt costs [1],[2] (19.5) 0.0 0.0    
Debt instrument face amount 7,850.0 4,350.0      
Capitalized debt issuance costs $ 32.1 0.0 10.4    
Percentage of the principal amount thereof which company can prepay 100.00%        
Short-term borrowings $ 591.0 0.0      
Interest paid 170.7 153.1 155.2    
Commercial Paper [Member]          
Debt and Financing Arrangements (Textual) [Abstract]          
Commercial paper, borrowing capacity 2,000.0        
Short-term borrowings $ 591.0 0.0      
Commercial paper weighted-average interest rate 5.48%        
Commercial Paper [Member] | Hostess Brands          
Debt and Financing Arrangements (Textual) [Abstract]          
Short-term borrowings         $ 700.0
Term Loan Credit Agreement | Hostess Brands          
Debt and Financing Arrangements (Textual) [Abstract]          
Maximum borrowing capacity $ 800.0        
Repayment of long-term debt 800.0        
Bridge Loan | Hostess Brands          
Debt and Financing Arrangements (Textual) [Abstract]          
Maximum borrowing capacity 5,200.0        
Bridge Loan 0.0       $ 0.0
Senior Notes [Member]          
Debt and Financing Arrangements (Textual) [Abstract]          
Debt instrument face amount       $ 800.0  
Capitalized debt issuance costs 31.8        
Debt Instrument, Unamortized Discount 15.0        
Senior Notes [Member] | Hostess Brands          
Debt and Financing Arrangements (Textual) [Abstract]          
Debt instrument face amount 3,500.0        
3.00% Senior Notes due March 15, 2022          
Debt and Financing Arrangements (Textual) [Abstract]          
Repayment of long-term debt     400.0    
3.00% Senior Notes due March 15, 2022 | Other Nonoperating Income (Expense)          
Debt and Financing Arrangements (Textual) [Abstract]          
Gain (Loss) on Extinguishment of Debt     $ (6.9)    
Revolving Credit Facility [Member]          
Debt and Financing Arrangements (Textual) [Abstract]          
Revolving credit facility maximum borrowing capacity $ 2,000.0 2,000.0      
Number of banks | Bank 11        
Outstanding balance under revolving credit facility $ 0.0 $ 0.0      
Interest Rate Contracts          
Derivative Instruments, Gain (Loss) [Line Items]          
Deferred pre-tax net gain (loss) included in accumulated other comprehensive loss       $ (239.8)  
[1] Includes special project costs related to certain divestiture, acquisition, integration, and restructuring activities. For more information, see Note 4: Special Project Costs, Note 5: Reportable Segments, and Note 8: Debt and Financing Arrangements.
[2] Includes special project costs related to certain divestiture, acquisition, integration, and restructuring activities. For more information, see Note 4: Special Project Costs and Note 8: Debt and Financing Arrangements.
v3.24.1.1.u2
Pensions and Other Postretirement Benefits (Details) - USD ($)
$ in Millions
 12 Months Ended
Apr. 30, 2024
Apr. 30, 2023
Apr. 30, 2022
Components of net periodic benefit cost:      
Settlement loss (gain) $ 3.2 $ 7.4 $ 10.8
Defined Benefit Pension Plans      
Components of net periodic benefit cost:      
Service cost 0.9 1.2 1.7
Interest cost 18.5 17.8 12.4
Expected return on plan assets (16.1) (15.4) (15.9)
Amortization of prior service cost (credit) 0.1 0.7 0.9
Amortization of net actuarial loss (gain) 3.5 4.0 6.9
Curtailment loss (gain) (1.2) 0.0 0.0
Settlement loss (gain) 3.2 7.4 10.8
Net periodic benefit cost 8.9 15.7 16.8
Other Postretirement Benefits      
Components of net periodic benefit cost:      
Service cost 0.8 1.0 1.2
Interest cost 2.6 2.3 1.3
Expected return on plan assets 0.0 0.0 0.0
Amortization of prior service cost (credit) (0.6) (0.6) (0.6)
Amortization of net actuarial loss (gain) (1.5) (1.2) (0.4)
Curtailment loss (gain) 0.0 0.0 0.0
Settlement loss (gain) 0.0 0.0 0.0
Net periodic benefit cost $ 1.3 $ 1.5 $ 1.5
v3.24.1.1.u2
Pensions and Other Postretirement Benefits (Details 1) - USD ($)
$ in Millions
 12 Months Ended
Apr. 30, 2024
Apr. 30, 2023
Apr. 30, 2022
Defined Benefit Pension Plans      
Other changes in plan assets and benefit liabilities recognized in accumulated other comprehensive loss before income taxes:      
Prior service credit (cost) arising during the year $ 0.0 $ 0.0 $ (0.4)
Net actuarial gain (loss) arising during the year (6.6) (11.5) 30.4
Amortization of prior service cost (credit) 0.1 0.7 0.9
Amortization of net actuarial loss (gain) 3.5 4.0 6.9
Curtailment loss (gain) (1.2) 0.0 0.0
Settlement loss (gain) 0.0 7.4 10.8
Foreign currency translation 0.0 0.0 0.0
Net change for year (4.2) 0.6 48.6
Other Postretirement Benefits      
Other changes in plan assets and benefit liabilities recognized in accumulated other comprehensive loss before income taxes:      
Prior service credit (cost) arising during the year 0.0 0.0 0.0
Net actuarial gain (loss) arising during the year 5.4 3.8 8.2
Amortization of prior service cost (credit) (0.6) (0.6) (0.6)
Amortization of net actuarial loss (gain) (1.5) (1.2) (0.4)
Curtailment loss (gain) 0.0 0.0 0.0
Settlement loss (gain) 0.0 0.0 0.0
Foreign currency translation (0.1) (0.2) (0.1)
Net change for year $ 3.2 $ 1.8 $ 7.1
v3.24.1.1.u2
Pensions and Other Postretirement Benefits (Details 2) - USD ($)
$ in Millions
 12 Months Ended
Apr. 30, 2024
Apr. 30, 2023
Apr. 30, 2022
Defined Benefit Pension Plans | United States [Member]      
Weighted-average assumptions used in determining net periodic benefit costs:      
Discount rate used to determine benefit obligation 5.19% 4.59% 3.13%
Discount rate used to determine service cost 5.38% 4.77% 3.53%
Discount rate used to determine interest cost 5.08% 4.26% 2.40%
Expected return on plan assets 5.35% 4.51% 4.59%
Rate of compensation increase 3.66% 3.55% 3.55%
Defined Benefit Pension Plans | CANADA      
Weighted-average assumptions used in determining net periodic benefit costs:      
Discount rate used to determine benefit obligation 4.59% 2.41% 2.15%
Discount rate used to determine service cost 0.00% 0.00% 0.00%
Discount rate used to determine interest cost 4.65% 2.33% 1.95%
Expected return on plan assets 3.30% 1.60% 1.70%
Defined Benefit Plan, Gain (Loss) Due to Settlement, 2021 Canada Buy-Out Contract $ 3.2 $ 0.0 $ 0.0
Other Postretirement Benefits Plan | United States [Member]      
Weighted-average assumptions used in determining net periodic benefit costs:      
Discount rate used to determine benefit obligation 5.15% 4.52% 2.97%
Discount rate used to determine service cost 5.23% 4.64% 3.20%
Discount rate used to determine interest cost 5.06% 4.11% 2.07%
Expected return on plan assets 0.00% 0.00% 0.00%
Rate of compensation increase 0.00% 0.00% 0.00%
Other Postretirement Benefits Plan | CANADA      
Weighted-average assumptions used in determining net periodic benefit costs:      
Discount rate used to determine benefit obligation 4.62% 4.50% 3.03%
Discount rate used to determine service cost 4.73% 4.69% 3.52%
Discount rate used to determine interest cost 4.65% 4.18% 2.32%
Expected return on plan assets 0.00% 0.00% 0.00%
v3.24.1.1.u2
Pensions and Other Postretirement Benefits (Details 3) - USD ($)
$ in Millions
 12 Months Ended
Apr. 30, 2024
Apr. 30, 2023
Apr. 30, 2022
Change in plan assets:      
Company contributions $ 4.1 $ 74.1 $ 5.3
Defined benefit pensions (54.1) (62.1)  
Other postretirement benefits (44.3) (49.1)  
Defined Benefit Pension Plans      
Change in benefit obligation:      
Benefit obligation at beginning of year 379.7 429.4  
Service cost 0.9 1.2 1.7
Interest cost 18.5 17.8 12.4
Actuarial loss (gain) (A) [1] (18.4) (14.9)  
Benefits paid (34.5) (17.7)  
Curtailment (3.4) 0.0  
Settlement 3.1 (36.1)  
Foreign currency translation adjustments 0.0 0.0  
Benefit obligation at end of year 345.9 379.7 429.4
Change in plan assets:      
Fair value of plan assets at beginning of year 325.9 317.1  
Actual return on plan assets (12.3) (11.1)  
Company contributions 4.1 74.1  
Benefits paid (34.5) (17.7)  
Settlement (0.1) (36.1)  
Foreign currency translation adjustments (0.1) (0.4)  
Fair value of plan assets at end of year 283.0 325.9 317.1
Funded status of the plans (62.9) (53.8)  
Defined benefit pensions (54.1) (62.1)  
Other noncurrent assets 8.8 12.3  
Accrued compensation (17.6) (4.0)  
Other postretirement benefits 0.0 0.0  
Net benefit liability (62.9) (53.8)  
Other Postretirement Benefits      
Change in benefit obligation:      
Benefit obligation at beginning of year 54.7 59.7  
Service cost 0.8 1.0 1.2
Interest cost 2.6 2.3 1.3
Actuarial loss (gain) (A) [1] (5.4) (3.8)  
Benefits paid (3.8) (4.3)  
Curtailment 0.0 0.0  
Settlement 0.0 0.0  
Foreign currency translation adjustments 0.0 (0.2)  
Benefit obligation at end of year 48.9 54.7 59.7
Change in plan assets:      
Fair value of plan assets at beginning of year 0.0 0.0  
Actual return on plan assets 0.0 0.0  
Company contributions 3.8 4.3  
Benefits paid (3.8) (4.3)  
Settlement 0.0 0.0  
Foreign currency translation adjustments 0.0 0.0  
Fair value of plan assets at end of year 0.0 0.0 $ 0.0
Funded status of the plans (48.9) (54.7)  
Defined benefit pensions 0.0 0.0  
Other noncurrent assets 0.0 0.0  
Accrued compensation (4.6) (5.6)  
Other postretirement benefits (44.3) (49.1)  
Net benefit liability $ (48.9) $ (54.7)  
[1] The actuarial losses and gains for our defined benefit pension plans and other postretirement benefits were primarily due to changes in the discount rates used in determining the plan obligations.
v3.24.1.1.u2
Pensions and Other Postretirement Benefits (Details 4) - USD ($)
$ in Millions
Apr. 30, 2024
Apr. 30, 2023
Defined Benefit Pension Plans    
Accumulated other comprehensive income (loss)    
Net actuarial gain (loss) $ (96.8) $ (92.5)
Prior service credit (cost) (0.4) (0.5)
Total recognized in accumulated other comprehensive income (loss) (97.2) (93.0)
Other Postretirement Benefits    
Accumulated other comprehensive income (loss)    
Net actuarial gain (loss) 25.5 21.7
Prior service credit (cost) 1.9 2.5
Total recognized in accumulated other comprehensive income (loss) $ 27.4 $ 24.2
v3.24.1.1.u2
Pensions and Other Postretirement Benefits (Details 5)
Apr. 30, 2024
Apr. 30, 2023
Pension Plan | United States [Member]    
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]    
Defined Benefit Plan, Assumptions Used Calculating Benefit Obligation, Discount Rate 5.43% 5.19%
Defined Benefit Plan, Assumptions Used Calculating Benefit Obligation, Rate of Compensation Increase 3.00% 3.66%
Interest crediting Rate 4.51% 5.75%
Pension Plan | CANADA    
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]    
Defined Benefit Plan, Assumptions Used Calculating Benefit Obligation, Discount Rate 5.07% 4.59%
Other Postretirement Benefits Plan | United States [Member]    
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]    
Defined Benefit Plan, Assumptions Used Calculating Benefit Obligation, Discount Rate 5.86% 5.15%
Defined Benefit Plan, Assumptions Used Calculating Benefit Obligation, Rate of Compensation Increase 0.00% 0.00%
Interest crediting Rate 0.00% 0.00%
Other Postretirement Benefits Plan | CANADA    
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]    
Defined Benefit Plan, Assumptions Used Calculating Benefit Obligation, Discount Rate 5.12% 4.62%
v3.24.1.1.u2
Pensions and Other Postretirement Benefits (Details 6) - Defined Benefit Pension Plans - USD ($)
$ in Millions
Apr. 30, 2024
Apr. 30, 2023
Additional information related to the Company's defined benefit pension plans    
Accumulated benefit obligation for all pension plans $ 345.2 $ 374.6
Plans with an accumulated benefit obligation in excess of plan assets:    
Accumulated benefit obligation 276.7 194.6
Fair value of plan assets 205.3 133.1
Plans with a projected benefit obligation in excess of plan assets:    
Projected benefit obligation 276.7 198.9
Fair value of plan assets $ 205.3 $ 133.1
v3.24.1.1.u2
Pensions and Other Postretirement Benefits (Details 7) - USD ($)
$ in Millions
Apr. 30, 2024
Apr. 30, 2023
Apr. 30, 2022
Defined Benefit Plan Disclosure [Line Items]      
Total financial assets measured at net asset value (G) [1] $ 0.0 $ 0.0  
Defined Benefit Pension Plans      
Defined Benefit Plan Disclosure [Line Items]      
Total financial assets measured at fair value 283.0 325.9 $ 317.1
Defined Benefit Pension Plans | Estimate of Fair Value Measurement      
Defined Benefit Plan Disclosure [Line Items]      
Total financial assets measured at fair value 283.0 325.9  
Defined Benefit Pension Plans | Quoted Prices in Active Markets for Identical Assets (Level 1) | Estimate of Fair Value Measurement      
Defined Benefit Plan Disclosure [Line Items]      
Total financial assets measured at fair value 269.7 299.0  
Defined Benefit Pension Plans | Significant Observable Inputs (Level 2) | Estimate of Fair Value Measurement      
Defined Benefit Plan Disclosure [Line Items]      
Total financial assets measured at fair value 13.3 26.9  
Defined Benefit Pension Plans | Significant Unobservable Inputs (Level 3) | Estimate of Fair Value Measurement      
Defined Benefit Plan Disclosure [Line Items]      
Total financial assets measured at fair value 0.0 0.0  
Defined Benefit Pension Plans | Cash and cash equivalents (A) | Estimate of Fair Value Measurement      
Defined Benefit Plan Disclosure [Line Items]      
Total financial assets measured at fair value [2] 28.9 30.1  
Defined Benefit Pension Plans | Cash and cash equivalents (A) | Quoted Prices in Active Markets for Identical Assets (Level 1) | Estimate of Fair Value Measurement      
Defined Benefit Plan Disclosure [Line Items]      
Total financial assets measured at fair value [2] 28.9 30.1  
Defined Benefit Pension Plans | Cash and cash equivalents (A) | Significant Observable Inputs (Level 2) | Estimate of Fair Value Measurement      
Defined Benefit Plan Disclosure [Line Items]      
Total financial assets measured at fair value [2] 0.0 0.0  
Defined Benefit Pension Plans | Cash and cash equivalents (A) | Significant Unobservable Inputs (Level 3) | Estimate of Fair Value Measurement      
Defined Benefit Plan Disclosure [Line Items]      
Total financial assets measured at fair value [2] 0.0 0.0  
Defined Benefit Pension Plans | U.S. (B) | Estimate of Fair Value Measurement      
Defined Benefit Plan Disclosure [Line Items]      
Total financial assets measured at fair value [3] 5.0 2.6  
Defined Benefit Pension Plans | U.S. (B) | Quoted Prices in Active Markets for Identical Assets (Level 1) | Estimate of Fair Value Measurement      
Defined Benefit Plan Disclosure [Line Items]      
Total financial assets measured at fair value [3] 5.0 2.6  
Defined Benefit Pension Plans | U.S. (B) | Significant Observable Inputs (Level 2) | Estimate of Fair Value Measurement      
Defined Benefit Plan Disclosure [Line Items]      
Total financial assets measured at fair value [3] 0.0 0.0  
Defined Benefit Pension Plans | U.S. (B) | Significant Unobservable Inputs (Level 3) | Estimate of Fair Value Measurement      
Defined Benefit Plan Disclosure [Line Items]      
Total financial assets measured at fair value [3] 0.0 0.0  
Defined Benefit Pension Plans | International (C) | Estimate of Fair Value Measurement      
Defined Benefit Plan Disclosure [Line Items]      
Total financial assets measured at fair value [4] 15.7 6.7  
Defined Benefit Pension Plans | International (C) | Quoted Prices in Active Markets for Identical Assets (Level 1) | Estimate of Fair Value Measurement      
Defined Benefit Plan Disclosure [Line Items]      
Total financial assets measured at fair value [4] 15.7 6.7  
Defined Benefit Pension Plans | International (C) | Significant Observable Inputs (Level 2) | Estimate of Fair Value Measurement      
Defined Benefit Plan Disclosure [Line Items]      
Total financial assets measured at fair value [4] 0.0 0.0  
Defined Benefit Pension Plans | International (C) | Significant Unobservable Inputs (Level 3) | Estimate of Fair Value Measurement      
Defined Benefit Plan Disclosure [Line Items]      
Total financial assets measured at fair value [4] 0.0 0.0  
Defined Benefit Pension Plans | Bonds (D) | Estimate of Fair Value Measurement      
Defined Benefit Plan Disclosure [Line Items]      
Total financial assets measured at fair value [5] 220.1 259.6  
Defined Benefit Pension Plans | Bonds (D) | Quoted Prices in Active Markets for Identical Assets (Level 1) | Estimate of Fair Value Measurement      
Defined Benefit Plan Disclosure [Line Items]      
Total financial assets measured at fair value [5] 220.1 259.6  
Defined Benefit Pension Plans | Bonds (D) | Significant Observable Inputs (Level 2) | Estimate of Fair Value Measurement      
Defined Benefit Plan Disclosure [Line Items]      
Total financial assets measured at fair value [5] 0.0 0.0  
Defined Benefit Pension Plans | Bonds (D) | Significant Unobservable Inputs (Level 3) | Estimate of Fair Value Measurement      
Defined Benefit Plan Disclosure [Line Items]      
Total financial assets measured at fair value [5] 0.0 0.0  
Defined Benefit Pension Plans | Other types of investments (F) | Estimate of Fair Value Measurement      
Defined Benefit Plan Disclosure [Line Items]      
Total financial assets measured at fair value [6] 13.3 26.9  
Defined Benefit Pension Plans | Other types of investments (F) | Quoted Prices in Active Markets for Identical Assets (Level 1) | Estimate of Fair Value Measurement      
Defined Benefit Plan Disclosure [Line Items]      
Total financial assets measured at fair value [6] 0.0 0.0  
Defined Benefit Pension Plans | Other types of investments (F) | Significant Observable Inputs (Level 2) | Estimate of Fair Value Measurement      
Defined Benefit Plan Disclosure [Line Items]      
Total financial assets measured at fair value [6] 13.3 26.9  
Defined Benefit Pension Plans | Other types of investments (F) | Significant Unobservable Inputs (Level 3) | Estimate of Fair Value Measurement      
Defined Benefit Plan Disclosure [Line Items]      
Total financial assets measured at fair value [6] $ 0.0 $ 0.0  
[1] This category was composed of a private equity fund that consisted primarily of limited partnership interests in corporate finance and venture capital funds, as well as a private limited investment partnership. The fair value estimates of the private equity fund and private limited investment partnership were based on the underlying funds’ net asset values. Furthermore, as a practical expedient equivalent to our defined benefit plan’s ownership interest in the partners’ capital, a proportionate share of the net assets was attributed and further corroborated by our review. The private equity fund and private limited investment partnership were non-redeemable, and the return of principal was based on the liquidation of the underlying assets. In accordance with ASU 2015-07, the private equity fund and private limited investment partnership were removed from the total financial assets measured at fair value and disclosed separately.
[2] This category includes money market holdings with maturities of three months or less and are classified as Level 1 assets. Based on the short-term nature of these assets, carrying value approximates fair value.
[3] This category is invested in a diversified portfolio of common stocks and index funds that primarily invest in U.S. stocks with broad market capitalization ranges similar to those found in the S&P 500 Index and/or the various Russell Indices, and are traded on active exchanges. The Level 1 assets are valued using quoted market prices for identical securities in active markets.
[4] This category is invested primarily in common stocks and other equity securities traded on active exchanges of foreign issuers located outside the U.S. The fund invests primarily in developed countries, but may also invest in emerging markets. The Level 1 assets are valued using quoted market prices for identical securities in active markets.
[5] This category is primarily composed of bond funds, which seek to duplicate the return characteristics of high-quality U.S. and foreign corporate bonds with a duration range of 10 to 13 years, as well as various U.S. Treasury Separate Trading of Registered Interest and Principal holdings, with wide-ranging maturity dates. These assets are valued using quoted market prices for identical securities in active markets and are classified as Level 1 assets.
[6] This category is composed of a real estate fund whereby the underlying investments are contained in the Canadian market and a common collective trust fund investing in direct commercial property funds. The real estate fund and the collective trust fund investing in direct commercial property are classified as Level 2 assets, whereby the underlying securities are valued utilizing quoted market prices for identical securities in active markets and based on the quoted market prices of the underlying investments in the common collective trust, respectively.
v3.24.1.1.u2
Pensions and Other Postretirement Benefits - Narrative (Details)
$ in Millions
 12 Months Ended
Apr. 30, 2024
USD ($)
plan
Apr. 30, 2023
USD ($)
Apr. 30, 2022
USD ($)
Dec. 31, 2023
Pensions and Other Postretirement Benefits (Additional Textual) [Abstract]        
Eligibility condition for covered employees to avail the benefits of unfunded, defined postretirement plans that provide health care and life insurance benefits when they reach age 55 and have attained 10 years of credited service      
Settlement loss (gain) $ 3.2 $ 7.4 $ 10.8  
Expected benefit payments for the defined benefit pension and other postretirement in 2025 162.1      
Expected benefit payments for the defined benefit pension and other postretirement in 2026 23.2      
Expected benefit payments for the defined benefit pension and other postretirement in 2027 22.6      
Expected benefit payments for the defined benefit pension and other postretirement in 2028 22.3      
Expected benefit payments for the defined benefit pension and other postretirement in 2029 21.9      
Expected benefit payments for the defined benefit pension and other postretirement in 2030 through 2034 $ 112.0      
Number of multiemployer pension plans | plan 1      
Multiemployer Plan, Pension, Significant, Employer Contribution, Cost $ 2.9 $ 2.0    
Multiemployer plan actual funded status       48.50%
USPensionPlanActualRateOfReturnOnAssets 2.90% 2.30%    
Fiscal Year Two Thousand Twenty Five        
Pensions and Other Postretirement Benefits (Additional Textual) [Abstract]        
Multiemployer Plan, Pension, Significant, Future Employer Contribution, Amount $ 2.8      
Fixed income        
Pensions and Other Postretirement Benefits (Additional Textual) [Abstract]        
Approximate percentage of assets to be invested in company's current investment policy 80.00%      
Equity Securities        
Pensions and Other Postretirement Benefits (Additional Textual) [Abstract]        
Approximate percentage of assets to be invested in company's current investment policy 10.00%      
Cash and Cash Equivalents [Member]        
Pensions and Other Postretirement Benefits (Additional Textual) [Abstract]        
Approximate percentage of assets to be invested in company's current investment policy 10.00%      
Other Postretirement Benefits Plan        
Pensions and Other Postretirement Benefits (Additional Textual) [Abstract]        
Defined Benefit Plan, Year Health Care Cost Trend Rate Reaches Ultimate Trend Rate 2032      
Settlement loss (gain) $ 0.0 $ 0.0 0.0  
Defined Benefit Plan, Expected Return (Loss) on Plan Assets 0.0 0.0 0.0  
Net periodic benefit cost (credit) 1.3 1.5 1.5  
Defined Benefit Plan, Benefit Obligation $ 48.9 $ 54.7 $ 59.7  
Other Postretirement Benefits Plan | United States [Member]        
Pensions and Other Postretirement Benefits (Additional Textual) [Abstract]        
Assumed health care trend rate for next fiscal year 6.30%      
Assumed health care trend rate for participants under age 65 5.00%      
Defined Benefit Plan, Assumptions Used Calculating Net Periodic Benefit Cost, Discount Rate 5.15% 4.52% 2.97%  
Discount rate used to determine service cost 5.23% 4.64% 3.20%  
Discount rate used to determine interest cost 5.06% 4.11% 2.07%  
Defined Benefit Plan, Assumptions Used Calculating Net Periodic Benefit Cost, Expected Long-term Rate of Return on Plan Assets 0.00% 0.00% 0.00%  
Other Postretirement Benefits Plan | CANADA        
Pensions and Other Postretirement Benefits (Additional Textual) [Abstract]        
Assumed health care trend rate for next fiscal year 4.50%      
Assumed health care trend rate for participants under age 65 4.50%      
Defined Benefit Plan, Assumptions Used Calculating Net Periodic Benefit Cost, Discount Rate 4.62% 4.50% 3.03%  
Discount rate used to determine service cost 4.73% 4.69% 3.52%  
Discount rate used to determine interest cost 4.65% 4.18% 2.32%  
Defined Benefit Plan, Assumptions Used Calculating Net Periodic Benefit Cost, Expected Long-term Rate of Return on Plan Assets 0.00% 0.00% 0.00%  
Defined Benefit Pension Plans        
Pensions and Other Postretirement Benefits (Additional Textual) [Abstract]        
Settlement loss (gain) $ 3.2 $ 7.4 $ 10.8  
Expected amount to be contributed by the Company to the defined benefit pension plans in 2025 0.0      
Expected direct benefit payments to be made by the Company in 2025 8.8      
Defined Benefit Plan, Expected Return (Loss) on Plan Assets 16.1 15.4 15.9  
Net periodic benefit cost (credit) 8.9 15.7 16.8  
Defined Benefit Plan, Benefit Obligation $ 345.9 $ 379.7 $ 429.4  
Defined Benefit Plan, Assumptions Used Calculating Net Periodic Benefit Cost, Discount Rate Used to Determine Interest Cost, Next Year 5.38%      
Defined Benefit Plan Assumptions Used Calculating Net Periodic Benefit Cost Discount Rate, Next Year 5.43%      
Defined Benefit Plan, Assumptions Used Calculating Net Periodic Benefit Cost, Discount Rate Used to Determine Service Cost, Next Year 6.06%      
Defined Benefit Plan Assumptions Used Calculating Net Periodic Benefit Cost Expected Long Term Return On Asset, Next Years 4.70%      
Defined Benefit Plan, Net Periodic Benefit Cost Increase Due to 50 Basis-Point Decrease In Expected Return $ 1.3      
Defined Benefit Plan, Net Periodic Benefit Cost Increase Due to 50 Basis-Point Decrease In Discount Rate 0.1      
Defined Benefit Plan, Benefit Obligation Increase Due to 50 Basis-Point Decrease In Discount Rate $ 14.1      
Defined Benefit Pension Plans | United States [Member]        
Pensions and Other Postretirement Benefits (Additional Textual) [Abstract]        
Defined Benefit Plan, Assumptions Used Calculating Net Periodic Benefit Cost, Discount Rate 5.19% 4.59% 3.13%  
Discount rate used to determine service cost 5.38% 4.77% 3.53%  
Discount rate used to determine interest cost 5.08% 4.26% 2.40%  
Defined Benefit Plan, Assumptions Used Calculating Net Periodic Benefit Cost, Expected Long-term Rate of Return on Plan Assets 5.35% 4.51% 4.59%  
Expected amount to be recognized during 2025 of amortization of net actuarial losses in net periodic benefit cost $ 45.6      
Defined Benefit Pension Plans | CANADA        
Pensions and Other Postretirement Benefits (Additional Textual) [Abstract]        
Defined Benefit Plan, Gain (Loss) Due to Settlement, 2021 Canada Buy-Out Contract $ 3.2 $ 0.0 $ 0.0  
Defined Benefit Plan, Assumptions Used Calculating Net Periodic Benefit Cost, Discount Rate 4.59% 2.41% 2.15%  
Discount rate used to determine service cost 0.00% 0.00% 0.00%  
Discount rate used to determine interest cost 4.65% 2.33% 1.95%  
Defined Benefit Plan, Assumptions Used Calculating Net Periodic Benefit Cost, Expected Long-term Rate of Return on Plan Assets 3.30% 1.60% 1.70%  
Minimum        
Pensions and Other Postretirement Benefits (Additional Textual) [Abstract]        
High Quality Corporate Bonds with Duration Range 10 years      
Maximum        
Pensions and Other Postretirement Benefits (Additional Textual) [Abstract]        
High Quality Corporate Bonds with Duration Range 13 years      
v3.24.1.1.u2
Derivative Financial Instruments (Details) - USD ($)
$ in Millions
Apr. 30, 2024
Apr. 30, 2023
Commodity contracts    
Outstanding derivative contracts    
Derivative, Nonmonetary Notional Amount 787.7 448.1
Foreign currency exchange contracts    
Outstanding derivative contracts    
Derivative, Nonmonetary Notional Amount 98.6 98.1
v3.24.1.1.u2
Derivative Financial Instruments (Details 1) - USD ($)
$ in Millions
Apr. 30, 2024
Apr. 30, 2023
Other Current Assets    
Fair value of derivative instruments [Line Items]    
Derivatives Instruments, Assets $ 37.7 $ 19.5
Other Current Liabilities    
Fair value of derivative instruments [Line Items]    
Derivatives Instruments, Liabilities 9.4 14.8
Other Noncurrent Assets    
Fair value of derivative instruments [Line Items]    
Derivatives Instruments, Assets 0.0 0.0
Other Noncurrent Liabilities    
Fair value of derivative instruments [Line Items]    
Derivatives Instruments, Liabilities 0.1 0.0
Commodity contracts | Other Current Assets | Not designated as hedging instruments    
Fair value of derivative instruments [Line Items]    
Derivatives Instruments, Assets 35.8 18.1
Commodity contracts | Other Current Liabilities | Not designated as hedging instruments    
Fair value of derivative instruments [Line Items]    
Derivatives Instruments, Liabilities 9.3 14.7
Commodity contracts | Other Noncurrent Assets | Not designated as hedging instruments    
Fair value of derivative instruments [Line Items]    
Derivatives Instruments, Assets 0.0 0.0
Commodity contracts | Other Noncurrent Liabilities | Not designated as hedging instruments    
Fair value of derivative instruments [Line Items]    
Derivatives Instruments, Liabilities 0.1 0.0
Foreign currency exchange contracts | Other Current Assets | Not designated as hedging instruments    
Fair value of derivative instruments [Line Items]    
Derivatives Instruments, Assets 1.9 1.4
Foreign currency exchange contracts | Other Current Liabilities | Not designated as hedging instruments    
Fair value of derivative instruments [Line Items]    
Derivatives Instruments, Liabilities 0.1 0.1
Foreign currency exchange contracts | Other Noncurrent Assets | Not designated as hedging instruments    
Fair value of derivative instruments [Line Items]    
Derivatives Instruments, Assets 0.0 0.0
Foreign currency exchange contracts | Other Noncurrent Liabilities | Not designated as hedging instruments    
Fair value of derivative instruments [Line Items]    
Derivatives Instruments, Liabilities $ 0.0 $ 0.0
v3.24.1.1.u2
Derivative Financial Instruments (Details 2) - USD ($)
$ in Millions
 12 Months Ended
Apr. 30, 2024
Apr. 30, 2023
Apr. 30, 2022
Gains and losses recognized in cost of products sold on derivatives not designated as qualified hedging instruments      
Total derivative gains (losses) recognized in costs of products sold $ 27.6 $ (1.7) $ 78.3
Commodity contracts      
Gains and losses recognized in cost of products sold on derivatives not designated as qualified hedging instruments      
Total derivative gains (losses) recognized in costs of products sold 26.1 (6.1) 74.1
Foreign currency exchange contracts      
Gains and losses recognized in cost of products sold on derivatives not designated as qualified hedging instruments      
Total derivative gains (losses) recognized in costs of products sold $ 1.5 $ 4.4 $ 4.2
v3.24.1.1.u2
Derivative Financial Instruments (Details 3) - USD ($)
$ in Millions
 12 Months Ended
Apr. 30, 2024
Apr. 30, 2023
Apr. 30, 2022
Price Risk Derivatives [Abstract]      
Net derivative gains (losses) recognized and classified as unallocated $ 27.6 $ (1.7) $ 78.3
Less: Net derivative gains (losses) reclassified to segment operating profit 20.9 19.7 101.7
Change in net cumulative unallocated derivative gains and losses $ 6.7 $ (21.4) $ (23.4)
v3.24.1.1.u2
Derivative Financial Instruments (Details 4) - Cash Flow Hedges - USD ($)
$ in Millions
 12 Months Ended
Apr. 30, 2024
Apr. 30, 2023
Apr. 30, 2022
Derivative Instruments, Gain (Loss) [Line Items]      
Gains (losses) recognized in other comprehensive income (loss) $ 0.0 $ 0.0 $ 0.0
Change in accumulated other comprehensive income (loss) 13.6 13.5 13.1
Interest Expense      
Derivative Instruments, Gain (Loss) [Line Items]      
Gains (losses) reclassified from accumulated other comprehensive [1] (13.6) (13.5) (13.7)
Other Nonoperating Income (Expense)      
Derivative Instruments, Gain (Loss) [Line Items]      
Gains (losses) reclassified from accumulated other comprehensive [2] $ 0.0 $ 0.0 $ 0.6
[1] Interest expense – net, as presented in the Statements of Consolidated Income, was $264.3, $152.0, and $160.9 in 2024, 2023, and 2022, respectively. The reclassification includes terminated contracts which were designated as cash flow hedges.
[2] Other income (expense) – net, as presented in the Statements of Consolidated Income, was $25.6, $14.7, and $19.1 in 2024, 2023, and 2022, respectively. The reclassification is related to the debt extinguishment during 2022, as discussed in Note 8: Debt and Financing Arrangements.
v3.24.1.1.u2
Derivative Financial Instruments - Narrative (Details) - USD ($)
shares in Millions, $ in Millions
 12 Months Ended 70 Months Ended
Nov. 15, 2023
Apr. 28, 2023
Apr. 30, 2024
Apr. 30, 2023
Apr. 30, 2022
Apr. 30, 2020
Apr. 30, 2015
Oct. 31, 2021
Derivative Financial Instruments (Textual) [Abstract]                
Collateral received     $ 1.9          
Collateral pledged       $ 17.0        
Cumulative net mark-to-market valuation of certain derivative positions recognized in unallocated derivative gains (losses)     22.6 15.9        
Settlement of interest rate contracts     42.5 0.0 $ 0.0      
Interest expense – net     (264.3) (152.0) (160.9)      
Other income (expense) – net [1]     $ (25.6) (14.7) (19.1)      
Amortization of deferred gain on early termination agreement         $ 4.0      
Post Holdings Inc. | Pet Food Brands                
Derivative Financial Instruments (Textual) [Abstract]                
Proceeds from Divestiture of Business, Equity 5.4 5.4            
Proceeds from investment in equity securities $ 466.3              
Commodity contracts                
Derivative Financial Instruments (Textual) [Abstract]                
Derivative instrument maturity     1 year          
Foreign currency exchange contracts                
Derivative Financial Instruments (Textual) [Abstract]                
Derivative instrument maturity     1 year          
Forward Contracts | Post Holdings Inc. | Pet Food Brands                
Derivative Financial Instruments (Textual) [Abstract]                
Gain (loss) on derivative - net     $ 5.4          
Interest rate contract                
Derivative Financial Instruments (Textual) [Abstract]                
Settlement of interest rate contracts     42.5          
Deferred pre-tax net gain (loss) included in accumulated other comprehensive loss           $ (239.8)    
Deferred Gain (Loss) on Cash Flow Hedges Included in Accumulated Other Comprehensive Income or Loss     (187.1) (200.7)        
Tax impact related to deferred losses and gains on cash flow hedges included in accumulated other comprehensive loss     44.0 $ 47.1        
Effective portion of the hedge loss reclassified to interest expense over the next twelve months     $ (13.6)          
Interest rate swap | Fair Value Hedging                
Derivative Financial Instruments (Textual) [Abstract]                
Amortization of deferred gain on early termination agreement               $ 53.5
Cash [Member] | Interest rate swap | Fair Value Hedging                
Derivative Financial Instruments (Textual) [Abstract]                
Gain (loss) on early termination agreement             $ 58.1  
Accrued and Prepaid Interest Net | Interest rate swap | Fair Value Hedging                
Derivative Financial Instruments (Textual) [Abstract]                
Gain (loss) on early termination agreement             $ 4.6  
[1] Includes special project costs related to certain divestiture, acquisition, integration, and restructuring activities. For more information, see Note 4: Special Project Costs and Note 8: Debt and Financing Arrangements.
v3.24.1.1.u2
Other Financial Instruments and Fair Value Measurements (Details) - USD ($)
$ in Millions
Apr. 30, 2024
Apr. 30, 2023
Carrying Amount and Fair Value of Financial Instruments [Abstract]    
Investment in equity securities $ 0.0 $ 487.8
Total long-term debt [1] (7,773.0) (4,314.2)
Carrying Amount [Member]    
Carrying Amount and Fair Value of Financial Instruments [Abstract]    
Marketable securities and other investments 22.1 24.0
Derivative financial instruments – net 28.2 4.7
Investment in equity securities 0.0 487.8
Total long-term debt (7,773.0) (4,314.2)
Fair Value [Member]    
Carrying Amount and Fair Value of Financial Instruments [Abstract]    
Marketable securities and other investments 22.1 24.0
Derivative financial instruments – net 28.2 4.7
Investment in equity securities 0.0 487.8
Total long-term debt $ (7,652.9) $ (3,879.1)
[1] Represents the carrying amount included in the Consolidated Balance Sheets, which includes the impact of capitalized debt issuance costs, offering discounts, and terminated interest rate contracts.
v3.24.1.1.u2
Other Financial Instruments and Fair Value Measurements (Details 1) - Fair value measurements recurring [Member] - USD ($)
$ in Millions
Apr. 30, 2024
Apr. 30, 2023
Financial assets (liabilities) measured at fair value on a recurring basis    
Investment in equity securities [1]   $ 487.8
Total long-term debt [2] $ (7,652.9) (3,879.1)
Total financial instruments measured at fair value (7,602.6) (3,362.6)
Equity mutual funds [Member]    
Financial assets (liabilities) measured at fair value on a recurring basis    
Marketable securities and other investments [3] 4.5 5.0
Municipal obligations [Member]    
Financial assets (liabilities) measured at fair value on a recurring basis    
Marketable securities and other investments [3] 17.2 18.6
Money Market Funds [Member]    
Financial assets (liabilities) measured at fair value on a recurring basis    
Marketable securities and other investments [3] 0.4 0.4
Commodity contracts - net    
Financial assets (liabilities) measured at fair value on a recurring basis    
Derivative financial instruments [4] 26.4 3.4
Foreign currency exchange contracts - net    
Financial assets (liabilities) measured at fair value on a recurring basis    
Derivative financial instruments [4] 1.8 1.3
Fair Value, Inputs, Level 1 [Member]    
Financial assets (liabilities) measured at fair value on a recurring basis    
Investment in equity securities [1]   487.8
Total long-term debt [2] (7,652.9) (3,879.1)
Total financial instruments measured at fair value (7,620.8) (3,383.0)
Fair Value, Inputs, Level 1 [Member] | Equity mutual funds [Member]    
Financial assets (liabilities) measured at fair value on a recurring basis    
Marketable securities and other investments [3] 4.5 5.0
Fair Value, Inputs, Level 1 [Member] | Municipal obligations [Member]    
Financial assets (liabilities) measured at fair value on a recurring basis    
Marketable securities and other investments [3] 0.0 0.0
Fair Value, Inputs, Level 1 [Member] | Money Market Funds [Member]    
Financial assets (liabilities) measured at fair value on a recurring basis    
Marketable securities and other investments [3] 0.4 0.4
Fair Value, Inputs, Level 1 [Member] | Commodity contracts - net    
Financial assets (liabilities) measured at fair value on a recurring basis    
Derivative financial instruments [4] 26.7 2.7
Fair Value, Inputs, Level 1 [Member] | Foreign currency exchange contracts - net    
Financial assets (liabilities) measured at fair value on a recurring basis    
Derivative financial instruments [4] 0.5 0.2
Fair Value, Inputs, Level 2 [Member]    
Financial assets (liabilities) measured at fair value on a recurring basis    
Investment in equity securities [1]   0.0
Total long-term debt [2] 0.0 0.0
Total financial instruments measured at fair value 18.2 20.4
Fair Value, Inputs, Level 2 [Member] | Equity mutual funds [Member]    
Financial assets (liabilities) measured at fair value on a recurring basis    
Marketable securities and other investments [3] 0.0 0.0
Fair Value, Inputs, Level 2 [Member] | Municipal obligations [Member]    
Financial assets (liabilities) measured at fair value on a recurring basis    
Marketable securities and other investments [3] 17.2 18.6
Fair Value, Inputs, Level 2 [Member] | Money Market Funds [Member]    
Financial assets (liabilities) measured at fair value on a recurring basis    
Marketable securities and other investments [3] 0.0 0.0
Fair Value, Inputs, Level 2 [Member] | Commodity contracts - net    
Financial assets (liabilities) measured at fair value on a recurring basis    
Derivative financial instruments [4] (0.3) 0.7
Fair Value, Inputs, Level 2 [Member] | Foreign currency exchange contracts - net    
Financial assets (liabilities) measured at fair value on a recurring basis    
Derivative financial instruments [4] 1.3 1.1
Fair Value, Inputs, Level 3 [Member]    
Financial assets (liabilities) measured at fair value on a recurring basis    
Investment in equity securities [1]   0.0
Total long-term debt [2] 0.0 0.0
Total financial instruments measured at fair value 0.0 0.0
Fair Value, Inputs, Level 3 [Member] | Equity mutual funds [Member]    
Financial assets (liabilities) measured at fair value on a recurring basis    
Marketable securities and other investments [3] 0.0 0.0
Fair Value, Inputs, Level 3 [Member] | Municipal obligations [Member]    
Financial assets (liabilities) measured at fair value on a recurring basis    
Marketable securities and other investments [3] 0.0 0.0
Fair Value, Inputs, Level 3 [Member] | Money Market Funds [Member]    
Financial assets (liabilities) measured at fair value on a recurring basis    
Marketable securities and other investments [3] 0.0 0.0
Fair Value, Inputs, Level 3 [Member] | Commodity contracts - net    
Financial assets (liabilities) measured at fair value on a recurring basis    
Derivative financial instruments [4] 0.0 0.0
Fair Value, Inputs, Level 3 [Member] | Foreign currency exchange contracts - net    
Financial assets (liabilities) measured at fair value on a recurring basis    
Derivative financial instruments [4] $ 0.0 $ 0.0
[1] The market approach is utilized to measure the fair value of equity securities. The investment in equity securities represented our equity interest in Post of approximately 8 percent as of April 30, 2023, which was valued using the trading value of Post common stock. The investment in equity securities was valued at $460.9 on the settlement date. As a result, we recognized a realized pre-tax loss of $30.7 on the investment, of which $26.9 and $3.8 was recognized during 2024 and 2023, respectively, and was included in other income (expense) – net in the Statements of Consolidated Income. For additional information, see Investment in Equity Securities in Note 1: Accounting Policies and Note 3: Divestitures.
[2] 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.
[3] 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, 2024, our municipal obligations are scheduled to mature as follows: $1.5 in 2025, $0.8 in 2026, $3.8 in 2027, $0.4 in 2028, $3.4 in 2029, and the remaining $7.3 in 2030 and beyond. For additional information, see Marketable Securities and Other Investments in Note 1: Accounting Policies.
[4] Level 1 commodity and foreign currency exchange derivatives are valued using quoted market prices for identical instruments in active markets. Level 2 commodity and foreign currency exchange derivatives are valued using quoted prices for similar assets or liabilities in active markets. For additional information, see Note 10: Derivative Financial Instruments.
v3.24.1.1.u2
Other Financial Instruments and Fair Value Measurements - Narrative (Details) - USD ($)
$ in Millions
 12 Months Ended
Apr. 30, 2024
Apr. 30, 2023
Apr. 30, 2022
Nov. 15, 2023
Apr. 28, 2023
Fair Value Disclosures [Abstract]          
Company's Municipal bond mature in 2025 $ 1.5        
Company's Municipal bond mature in 2026 0.8        
Company's Municipal bond mature in 2027 3.8        
Company's Municipal bond mature in 2028 0.4        
Company's Municipal bond mature in 2029 3.4        
Company's Municipal bond mature in 2030 and beyond 7.3        
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]          
Investment in equity securities 0.0 $ 487.8      
Realized loss on investment in equity securities – net (21.5) 0.0 $ 0.0    
Other intangible assets impairment charges 0.0 $ 0.0 150.4    
Sahale Snacks          
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]          
Goodwill 11.5        
Post Holdings Inc.          
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]          
Investment in equity securities, current, ownership percentage   8.00%      
Cumulative realized loss on investment in equity securities - net 30.7        
Realized loss on investment in equity securities – net 26.9 $ 3.8      
Post Holdings Inc. | Pet Food Brands          
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]          
Investment in equity securities   487.8   $ 460.9 $ 491.6
U.S. Retail Frozen Handheld and Spreads | Sahale Snacks          
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]          
Goodwill $ 11.5        
U.S. Retail Pet Foods | Pet Food Brands          
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]          
Goodwill   $ 790.3      
U.S. Retail Pet Foods | Trademarks          
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]          
Other intangible assets impairment charges     $ 150.4    
v3.24.1.1.u2
Leases (Details) - USD ($)
$ in Millions
Apr. 30, 2024
Apr. 30, 2023
Leases [Abstract]    
Operating lease right-of-use assets $ 174.6 $ 103.0
Current operating lease liabilities 40.5 33.2
Noncurrent operating lease liabilities 143.5 77.2
Total operating lease liabilities 184.0 110.4
Machinery and equipment 18.7 7.7
Accumulated depreciation $ (8.0) $ (4.4)
Finance Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration] Accumulated Depreciation, Depletion and Amortization, Property, Plant, and Equipment, Machinery and Equipment, Gross, Property, Plant and Equipment, Net Accumulated Depreciation, Depletion and Amortization, Property, Plant, and Equipment, Machinery and Equipment, Gross, Property, Plant and Equipment, Net
Total property, plant, and equipment $ 10.7 $ 3.3
Other current liabilities $ 2.8 $ 1.2
Finance Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration] Other Liabilities, Current Other Liabilities, Current
Other noncurrent liabilities $ 8.3 $ 2.2
Operating Lease, Liability, Noncurrent, Statement of Financial Position [Extensible Enumeration] Other Liabilities, Noncurrent Other Liabilities, Noncurrent
Total finance lease liabilities $ 11.1 $ 3.4
Total finance lease liabilities Liabilities Liabilities
v3.24.1.1.u2
Leases (Details 1) - USD ($)
$ in Millions
 12 Months Ended
Apr. 30, 2024
Apr. 30, 2023
Apr. 30, 2022
Leases [Abstract]      
Operating lease cost $ 49.7 $ 42.2 $ 43.8
Finance lease cost:      
Amortization of right-of-use assets 3.4 1.6 2.0
Interest on lease liabilities 0.6 0.1 0.1
Variable lease cost 23.7 24.9 21.6
Short-term lease cost 44.3 44.5 43.5
Total lease cost [1] $ 121.7 $ 113.3 $ 111.0
[1] Total lease cost does not include sublease income, which is immaterial for all years presented.
v3.24.1.1.u2
Leases (Details 2) - USD ($)
$ in Millions
 12 Months Ended
Apr. 30, 2024
Apr. 30, 2023
Apr. 30, 2022
Leases [Abstract]      
Operating cash flows from operating leases $ 49.2 $ 44.3 $ 45.6
Operating cash flows from finance leases 0.5 0.1 0.1
Financing cash flows from finance leases 3.3 1.7 2.1
Right-of-use assets obtained in exchange for operating lease liabilities 98.4 37.9 7.2
Right-of-use assets obtained in exchange for finance lease liabilities $ 10.9 $ 1.5 $ 1.8
v3.24.1.1.u2
Leases (Details 3) - USD ($)
$ in Millions
Apr. 30, 2024
Apr. 30, 2023
Lessee, Operating Lease, Liability, Payment, Due [Abstract]    
2025 $ 47.9  
2026 44.3  
2027 25.6  
2028 17.6  
2029 16.4  
2030 and beyond 60.5  
Total undiscounted minimum lease payments 212.3  
Less: Imputed interest 28.3  
Lease liabilities 184.0 $ 110.4
Finance Lease, Liability, Payment, Due [Abstract]    
2025 3.2  
2026 2.9  
2027 2.5  
2028 2.3  
2029 0.9  
2030 and beyond 0.5  
Total undiscounted minimum lease payments 12.3  
Less: Imputed interest 1.2  
Total finance lease liabilities $ 11.1 $ 3.4
v3.24.1.1.u2
Leases (Details 4)
Apr. 30, 2024
Apr. 30, 2023
Leases [Abstract]    
Operating leases, Weighted average remaining lease term 6 years 2 months 12 days 4 years 9 months 18 days
Finance leases, Weighted average remaining lease term 4 years 3 months 18 days 3 years 1 month 6 days
Operating leases, Weighted average discount rate 4.30% 3.30%
Finance leases, Weighted average discount rate 4.80% 2.40%
v3.24.1.1.u2
Leases - Narrative (Details)
$ in Millions
Apr. 30, 2024
USD ($)
Leases [Abstract]  
Lessee, Operating Lease, Impact of Leases Not Yet Commenced $ 1.9
v3.24.1.1.u2
Share-Based Payments (Details) - Employee Stock Option [Member]
 12 Months Ended
Apr. 30, 2024
Apr. 30, 2023
Apr. 30, 2022
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Expected volatility (%) 25.00% 25.00% 24.00%
Dividend yield (%) 2.70% 3.10% 2.70%
Risk-free interest rate (%) 3.90% 3.60% 1.00%
Expected life of stock options (years) 6 years 6 years 6 years
v3.24.1.1.u2
Share-Based Payments (Details 1)
 12 Months Ended
Apr. 30, 2024
$ / shares
shares
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward]  
Outstanding at May 1, 2023, number of options | shares 606,478
Granted, number of options | shares 84,568
Exercised, number of options | shares (26,434)
Cancelled, number of options | shares (7,653)
Outstanding at April 30, 2024, number of options | shares 656,959
Exercisable at April 30, 2024, number of options | shares 476,110
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price [Abstract]  
Outstanding at May 1, 2023, weighted average exercise price (in dollars per share) | $ / shares $ 121.33
Granted, weighted average exercise price (in dollars per share) | $ / shares 153.26
Exercised, weighted average exercise price (in dollars per share) | $ / shares 120.18
Cancelled, weighted average exercise price (in dollars per share) | $ / shares 140.62
Outstanding at April 30, 2024, weighted average exercise price (in dollars per share) | $ / shares 125.40
Exercisable at April 30, 2024, weighted average exercise price (in dollars per share) | $ / shares $ 119.96
v3.24.1.1.u2
Share-Based Payments (Details 2) - $ / shares
 12 Months Ended
Apr. 30, 2024
Apr. 30, 2023
Apr. 30, 2022
Restricted Shares and Deferred Stock Units [Member]      
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]      
Beginning Balance, Restricted Shares and Deferred Stock Units and Performance Units 354,724    
Granted 155,354 146,290 66,514
Vested (218,698)    
Forfeited (34,623)    
Ending Balance, Restricted Shares and Deferred Stock Units and Performance Units 256,757 354,724  
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract]      
Beginning Balance, Weighted Average Grant Date Fair Value (in dollars per share) $ 126.45    
Granted 143.60 $ 131.96 $ 135.10
Vested 127.36    
Forfeited 108.58    
Ending Balance, Weighted Average Grant Date Fair Value (in dollars per share) $ 138.46 $ 126.45  
Performance Units [Member]      
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]      
Beginning Balance, Restricted Shares and Deferred Stock Units and Performance Units 413,890    
Granted 117,312 130,939 171,907
Vested (74,548)    
Forfeited (103,258)    
Ending Balance, Restricted Shares and Deferred Stock Units and Performance Units 353,396 413,890  
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract]      
Beginning Balance, Weighted Average Grant Date Fair Value (in dollars per share) $ 126.78    
Granted 153.20 $ 133.01 $ 135.53
Vested 113.71    
Forfeited 120.31    
Ending Balance, Weighted Average Grant Date Fair Value (in dollars per share) $ 140.20 $ 126.78  
v3.24.1.1.u2
Share-Based Payments (Details 3) - $ / shares
 12 Months Ended
Apr. 30, 2024
Apr. 30, 2023
Apr. 30, 2022
Restricted Shares And Deferred Stock Units [Member]      
Weighted-average grant date fair values of the equity awards      
Restricted Shares and Deferred Stock Units and Performance Units 155,354 146,290 66,514
Weighted-Average Grant Date Fair Value Per Share $ 143.60 $ 131.96 $ 135.10
Performance Units [Member]      
Weighted-average grant date fair values of the equity awards      
Restricted Shares and Deferred Stock Units and Performance Units 117,312 130,939 171,907
Weighted-Average Grant Date Fair Value Per Share $ 153.20 $ 133.01 $ 135.53
v3.24.1.1.u2
Share-Based Payments - Narrative (Details) - USD ($)
$ / shares in Units, $ in Millions
 12 Months Ended
Apr. 30, 2024
Apr. 30, 2023
Apr. 30, 2022
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Shares available for future issuance 3,740,981    
Options granted in period gross 84,568    
Vesting period for share-based payments 3 years    
Closing market price (in dollars per share) $ 114.85    
Share-based compensation expense $ 23.9 $ 25.6 $ 22.3
Related income tax benefit 5.6 6.0 5.3
Cash received from option exercises 3.2 21.6 16.3
Equity instruments other than options vested in period weighted average grant date fair value total value 36.5 30.6 21.7
Fair value of equity awards other than stock options vesting $ 46.9 $ 36.2 $ 24.0
Employee Stock Option [Member]      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Options granted in period gross 84,568 113,970 152,971
Forfeiture period for share-based payments 10 years    
Aggregate intrinsic value - outstanding $ 1.2    
Aggregate intrinsic value - exercisable $ 1.2    
Average remaining contractual term - outstanding 5 years 8 months 12 days    
Average remaining contractual term - exercisable 5 years 9 months 18 days    
Intrinsic value of options exercised $ 0.1 $ 8.6 $ 3.6
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Weighted Average Grant Date Fair Value $ 33.94    
Share-based compensation expense $ 2.8 3.1 3.0
Related income tax benefit 0.7 0.7 0.7
Unrecognized compensation expense $ 2.9 $ 2.9 $ 2.9
Performance Shares [Member]      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Requisite service period for share-based payments 3 years    
Restricted Shares And Deferred Stock Units 2024, 2023, and 2022      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Requisite service period for share-based payments 3 years    
v3.24.1.1.u2
Income Taxes (Details) - USD ($)
$ in Millions
 12 Months Ended
Apr. 30, 2024
Apr. 30, 2023
Apr. 30, 2022
Income (loss) before income taxes      
Domestic $ 975.8 $ (23.6) $ 806.0
Foreign 20.6 14.4 37.8
Income (Loss) Before Income Taxes $ 996.4 $ (9.2) $ 843.8
v3.24.1.1.u2
Income Taxes (Details 1) - USD ($)
$ in Millions
 12 Months Ended
Apr. 30, 2024
Apr. 30, 2023
Apr. 30, 2022
Current:      
Federal $ 234.1 $ 217.9 $ 201.8
Foreign 10.1 5.4 9.2
State and local 48.7 49.5 39.0
Deferred:      
Federal (35.7) (158.5) (48.1)
Foreign (2.3) (1.0) 0.3
State and local (2.5) (31.2) 9.9
Total income tax expense $ 252.4 $ 82.1 $ 212.1
v3.24.1.1.u2
Income Taxes (Details 2) - USD ($)
$ in Millions
 12 Months Ended
Apr. 30, 2024
Apr. 30, 2023
Apr. 30, 2022
(Percent of pre-tax income)      
Statutory federal income tax rate 21.00% 21.00% 21.00%
Acquisition of Hostess Brands 1.30% 0.00% 0.00%
Sale of certain pet food brands 0.00% (776.40%) 0.00%
State and local income taxes 2.90% (157.70%) 2.60%
Deferred tax expense from internal restructuring 0.00% 0.00% 2.00%
Other items – net 0.10% 20.70% (0.50%)
Effective income tax rate 25.30% (892.40%) 25.10%
Income taxes paid $ 316.5 $ 254.8 $ 233.0
v3.24.1.1.u2
Income Taxes (Details 3) - USD ($)
$ in Millions
Apr. 30, 2024
Apr. 30, 2023
Deferred tax liabilities:    
Intangible assets $ 1,683.9 $ 1,119.9
Property, plant, and equipment 276.9 192.0
Leases 33.8 15.6
Other 22.6 8.2
Total deferred tax liabilities 2,017.2 1,335.7
Deferred tax assets:    
Post-employment and other employee benefits 69.1 75.1
Tax credit and loss carryforwards 27.7 26.1
Intangible assets 40.7 19.0
Hedging transactions 49.9 46.9
Leases 36.3 17.5
Other 82.3 38.2
Total deferred tax assets 306.0 222.8
Valuation allowance (26.2) (26.0)
Total deferred tax assets, less allowance 279.8 196.8
Net deferred tax liability $ 1,737.4 $ 1,138.9
v3.24.1.1.u2
Income Taxes (Details 4) - USD ($)
$ in Millions
 12 Months Ended
Apr. 30, 2024
Apr. 30, 2023
Apr. 30, 2022
Reconciliation of unrecognized tax benefits      
Balance at May 1, $ 5.3 $ 6.5 $ 10.2
Increases:      
Current year tax positions 0.0 0.0 0.1
Prior year tax positions 0.0 0.0 0.2
Acquired business 1.3 0.0 0.0
Decreases:      
Expiration of statute of limitations periods 2.0 1.2 4.0
Prior year tax positions 0.0 0.0 0.0
Balance at April 30, $ 4.6 $ 5.3 $ 6.5
v3.24.1.1.u2
Income Taxes - Narrative (Details) - USD ($)
$ in Millions
 12 Months Ended
Apr. 30, 2024
Apr. 30, 2023
Apr. 30, 2022
Apr. 30, 2021
Tax Credit Carryforward [Line Items]        
Income tax expense (benefit) $ 252.4 $ 82.1 $ 212.1  
Payment of assumed tax receivable agreement obligation 86.4 0.0 0.0  
Undistributed earnings of foreign subsidiaries on which deferred income taxes not provided 31.9      
Company's unrecognized tax benefits 4.6 5.3 6.5 $ 10.2
Unrecognized tax benefits that would affect the effective tax rate $ 3.7 $ 4.2 $ 5.1  
Time period over which it is reasonably possible that the Company could decrease its unrecognized tax benefits 12 months      
Amount unrecognized tax benefit could decrease in next 12 months $ 1.6      
v3.24.1.1.u2
Accumulated Other Comprehensive Income (Loss) (Details) - USD ($)
$ in Millions
 12 Months Ended
Apr. 30, 2024
Apr. 30, 2023
Apr. 30, 2022
AOCI Attributable to Parent, Net of Tax [Roll Forward]      
Accumulated Other Comprehensive Income (Loss), Beginning Balance $ (239.2)    
Accumulated Other Comprehensive Income (Loss), Ending Balance (234.6) $ (239.2)  
Foreign Currency Translation Adjustment [Member]      
AOCI Attributable to Parent, Net of Tax [Roll Forward]      
Accumulated Other Comprehensive Income (Loss), Beginning Balance (34.3) (21.1) $ (9.0)
Reclassification adjustments 0.0 0.0 0.0
Current period credit (charge) (4.9) (13.2) (12.1)
Income tax benefit (expense) 0.0 0.0 0.0
Accumulated Other Comprehensive Income (Loss), Ending Balance (39.2) (34.3) (21.1)
Net Gains (Losses) on Cash Flow Hedging Derivatives [Member]      
AOCI Attributable to Parent, Net of Tax [Roll Forward]      
Accumulated Other Comprehensive Income (Loss), Beginning Balance [1] (153.6) (163.9) (174.8)
Reclassification adjustments [1] 13.6 13.5 13.1
Current period credit (charge) [1] 0.0 0.0 0.0
Income tax benefit (expense) [1] (3.1) (3.2) (2.2)
Accumulated Other Comprehensive Income (Loss), Ending Balance [1] (143.1) (153.6) (163.9)
Pension and Other Postretirement Liabilities [Member]      
AOCI Attributable to Parent, Net of Tax [Roll Forward]      
Accumulated Other Comprehensive Income (Loss), Beginning Balance [2] (52.7) (54.2) (97.3)
Reclassification adjustments [2] 0.3 10.3 17.6
Current period credit (charge) [2] (1.3) (7.9) 38.1
Income tax benefit (expense) [2] 0.3 (0.9) (12.6)
Accumulated Other Comprehensive Income (Loss), Ending Balance [2] (53.4) (52.7) (54.2)
Unrealized Gain (Loss) on Available-for-Sale Securities [Member]      
AOCI Attributable to Parent, Net of Tax [Roll Forward]      
Accumulated Other Comprehensive Income (Loss), Beginning Balance 1.4 1.8 3.7
Reclassification adjustments 0.0 0.0 0.0
Current period credit (charge) (0.4) (0.6) (2.5)
Income tax benefit (expense) 0.1 0.2 0.6
Accumulated Other Comprehensive Income (Loss), Ending Balance 1.1 1.4 1.8
AOCI Attributable to Parent [Member]      
AOCI Attributable to Parent, Net of Tax [Roll Forward]      
Accumulated Other Comprehensive Income (Loss), Beginning Balance (239.2) (237.4) (277.4)
Reclassification adjustments 13.9 23.8 30.7
Current period credit (charge) (6.6) (21.7) 23.5
Income tax benefit (expense) (2.7) (3.9) (14.2)
Accumulated Other Comprehensive Income (Loss), Ending Balance $ (234.6) $ (239.2) $ (237.4)
[1] The reclassification from accumulated other comprehensive income (loss) is primarily composed of deferred gains (losses) related to terminated interest rate contracts which were reclassified to interest expense – net. For additional information, see Note 10: Derivative Financial Instruments.
[2] The reclassification from accumulated other comprehensive income (loss) to other income (expense) – net is composed of settlement and curtailment activity and amortization of net losses and prior service costs. For additional information, see Note 9: Pensions and Other Postretirement Benefits.
v3.24.1.1.u2
Contingencies - Narrative (Details)
$ in Millions, $ in Millions
 3 Months Ended 12 Months Ended 15 Months Ended
Nov. 03, 2022
CAD ($)
Sep. 30, 2022
CAD ($)
Apr. 30, 2024
USD ($)
Apr. 30, 2023
USD ($)
Jif Peanut Butter Recall        
Loss Contingencies [Line Items]        
Loss Contingency, Loss in Period     $ 0.0 $ 120.0
Voortman Contingency        
Gain Contingencies [Line Items]        
Proceeds from Legal Settlements   $ 42.5    
Gain Continency, Damages Sought, Value $ 109.0      
Gain Contingency, Punitive Or Aggravated Damages, Interest, Proceedings Fees And Any Other Relief Sought, Value $ 5.0      
v3.24.1.1.u2
Common Shares (Details 1)
$ / shares in Units, $ in Millions
 12 Months Ended
Nov. 07, 2023
USD ($)
shares
Apr. 30, 2024
USD ($)
votes_per_share
shares
Apr. 30, 2023
USD ($)
shares
Apr. 30, 2022
USD ($)
Sep. 08, 2023
$ / shares
shares
Mar. 02, 2023
shares
Stockholders' Equity Note [Abstract]            
Number of votes each holder of a common share outstanding is entitled | votes_per_share   1        
Equity, Class of Treasury Stock [Line Items]            
Payments for shares repurchased | $   $ 372.8 $ 367.5 $ 270.4    
Sales and Excise Tax Payable | $   $ 3.6 $ 3.6      
Hostess Brands            
Equity, Class of Treasury Stock [Line Items]            
Business Acquisition, Equity Interest Issued or Issuable, Number of Shares 4,000,000          
Business Acquisition, Equity Interest Issued or Issuable, Value Assigned | $ $ 450.2          
Business Acquisition, Price Paid Per Share in Cash | $ / shares         $ 30.00  
Business Acquisition, Equity Interest Issued or Issuable, Fraction of Common Shares Issued         0.03002  
Business Acquisition, Equity Interest Issued or Issuable, Value of Price Per Share Paid | $ / shares         $ 4.25  
Board Authorized Repurchased Plan            
Equity, Class of Treasury Stock [Line Items]            
Shares remaining for repurchase, shares   1,100,000 3,500,000      
Shares authorized to be repurchased, shares           2,400,000
Shares repurchased during period, shares   2,400,000 2,400,000      
Payments for shares repurchased | $   $ 362.8 $ 358.0