Income Taxes (Tables)

12 Months Ended

Apr. 30, 2022

Income Tax Disclosure [Abstract]

Income (loss) before income taxes

Income before income taxes is as follows:

	Year Ended April 30,
	2022		2021		2020
Domestic	$	806.0	$	1,176.6	$	986.7
Foreign	37.8		(4.7)		40.0
Income before income taxes	$	843.8	$	1,171.9	$	1,026.7

Components of the provision for income taxes

The components of the provision for income taxes are as follows:

	Year Ended April 30,
	2022		2021		2020
Current:
Federal	$	201.8	$	251.3	$	188.7
Foreign	9.2		11.7		8.5
State and local	39.0		46.7		42.4
Deferred:
Federal	(48.1)		(3.3)		7.1
Foreign	0.3		(7.9)		0.6
State and local	9.9		(2.9)		(0.1)
Total income tax expense (benefit)	$	212.1	$	295.6	$	247.2

Reconciliation of the statutory federal income tax rate and the effective income tax rate

A reconciliation of the statutory federal income tax rate and the effective income tax rate is as follows:

	Year Ended April 30,
(Percent of Pre-tax Income)	2022			2021			2020
Statutory federal income tax rate	21.0		%	21.0		%	21.0		%
Sale of the Crisco business	—			4.5			—
Sale of the Natural Balance business	—			(3.0)			—
State and local income taxes	2.6			2.9			3.3
Deferred tax expense from internal restructuring	2.0			—			—
Other items – net	(0.5)			(0.2)			(0.2)
Effective income tax rate	25.1		%	25.2		%	24.1		%
Income taxes paid	$	233.0		$	333.2		$	227.1

Deferred tax assets and liabilities

Significant components of our deferred tax assets and liabilities are as follows:

	April 30,
	2022		2021
Deferred tax liabilities:
Intangible assets	$	1,303.5	$	1,347.4
Property, plant, and equipment	174.7		187.9
Leases	21.8		27.4
Other	19.2		16.2
Total deferred tax liabilities	$	1,519.2	$	1,578.9
Deferred tax assets:
Post-employment and other employee benefits	$	66.2	$	103.6
Tax credit and loss carryforwards	27.8		28.3
Intangible assets	15.9		17.1
Hedging transactions	47.6		43.4
Leases	23.5		29.4
Other	42.3		38.5
Total deferred tax assets	$	223.3	$	260.3
Valuation allowance	(29.9)		(30.7)
Total deferred tax assets, less allowance	$	193.4	$	229.6
Net deferred tax liability	$	1,325.8	$	1,349.3

Reconciliation of unrecognized tax benefits

A reconciliation of our unrecognized tax benefits is as follows:

	2022		2021		2020
Balance at May 1,	$	10.2	$	13.1	$	15.0
Increases:
Current year tax positions	0.1		0.7		1.4
Prior year tax positions	0.2		—		0.2
Decreases:
Expiration of statute of limitations periods	4.0		2.6		3.5
Prior year tax positions	—		1.0		—
Balance at April 30,	$	6.5	$	10.2	$	13.1