Reportable Segments

12 Months Ended

Apr. 30, 2025

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.

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 Uncrustables, Jif, and Smucker’s 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 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).

Reportable segments have been identified based on financial data utilized to manage our businesses by our CODMs, Mark Smucker, Chief Executive Officer and Chair of the Board, and John Brase, President and Chief Operating Officer. The CODMs use net sales and segment profit to evaluate segment performance and allocate resources, including consideration of plan-to-actual variances and prior year-to-actual variances on a monthly basis. Segment profit represents net sales, less direct and allocable operating expenses, and is consistent with the way in which the CODMs 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, the 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 tables reconcile segment profit to income before income taxes.

	Year Ended April 30, 2025
	U.S. Retail Coffee		U.S. Retail Frozen Handheld and Spreads		U.S. Retail Pet Foods		Sweet Baked Snacks		International and Away From Home		Total
Net sales	$	2,806.6	$	1,877.0	$	1,663.6	$	1,178.8	$	1,200.1	$	8,726.1
Segment cost of products sold (A)	1,709.3		1,167.5		936.0		779.9		797.8
Segment selling and distribution expense (B)	308.4		276.7		281.5		181.8		158.1
Other segment items (C)	(6.2)		7.5		(13.5)		(2.7)		(3.2)
Segment profit	$	795.1	$	425.3	$	459.6	$	219.8	$	247.4	$	2,147.2
Reconciliation of segment profit:
Amortization											(219.3)
Goodwill impairment charges											(1,661.6)
Other intangible assets impairment charges											(320.9)
Gain (loss) on divestitures – net											(310.1)
Interest expense – net											(388.7)
Change in net cumulative unallocated derivative gains and losses											58.2
Cost of products sold – special project costs (D)											(9.1)
Other special project costs (D)											(35.8)
Other debt gains (charges) – net (D)											30.2
Corporate administrative expenses											(322.5)
Other income (expense) – net (D)											(14.4)
Income (loss) before income taxes											$	(1,046.8)

	Year Ended April 30, 2024
	U.S. Retail Coffee		U.S. Retail Frozen Handheld and Spreads		U.S. Retail Pet Foods		Sweet Baked Snacks		International and Away From Home		Total
Net sales	$	2,704.4	$	1,815.6	$	1,822.8	$	637.3	$	1,198.6	$	8,178.7
Segment cost of products sold (A)	1,572.8		1,118.8		1,131.7		410.0		833.8
Segment selling and distribution expense (B)	330.1		261.8		296.7		89.9		158.3
Other segment items (C)	42.3		0.9		(7.7)		(0.8)		(1.6)
Segment profit	$	759.2	$	434.1	$	402.1	$	138.2	$	208.1	$	1,941.7
Reconciliation of segment profit:
Amortization											(191.1)
Gain (loss) on divestitures – net											(12.9)
Interest expense – net											(264.3)
Change in net cumulative unallocated derivative gains and losses											6.7
Cost of products sold – special project costs (D)											(2.9)
Other special project costs (D)											(130.2)
Other debt gains (charges) – net (D)											(19.5)
Corporate administrative expenses											(305.5)
Other income (expense) – net (D)											(25.6)
Income (loss) before income taxes											$	996.4

	Year Ended April 30, 2023
	U.S. Retail Coffee		U.S. Retail Frozen Handheld and Spreads		U.S. Retail Pet Foods (E)		Sweet Baked Snacks		International and Away From Home		Total
Net sales	$	2,735.3	$	1,630.9	$	3,038.1	$	—	$	1,124.9	$	8,529.2
Segment cost of products sold (A)	1,680.4		1,078.1		2,100.8		—		840.3
Segment selling and distribution expense (B)	315.6		217.1		457.1		—		146.9
Other segment items (C)	1.6		(16.9)		(14.7)		—		(5.6)
Segment profit	$	737.7	$	352.6	$	494.9	$	—	$	143.3	$	1,728.5
Reconciliation of segment profit:
Amortization											(206.9)
Gain (loss) on divestitures – net											(1,018.5)
Interest expense – net											(152.0)
Change in net cumulative unallocated derivative gains and losses											(21.4)
Cost of products sold – special project costs (D)											(6.4)
Other special project costs (D)											(4.7)
Corporate administrative expenses											(313.1)
Other income (expense) – net (D)											(14.7)
Income (loss) before income taxes											$	(9.2)

(A)     Segment cost of products sold excludes special project costs related to certain divestiture, acquisition, integration, and restructuring activities and the change in net cumulative unallocated derivative gains and losses. For more information, see Note 4: Special Project Costs and Note 10: Derivative Financial Instruments.

(B)    Segment selling and distribution expense excludes corporate administrative expenses and special project costs that are not allocated to the segments.

(C)    Other segment items primarily reflects the loss (gain) on disposal of assets, plant administrative expenses, equity method investment income, and royalty income. In 2024, the U.S. Retail Coffee segment includes an unfavorable impact related to the termination of a supplier agreement. In 2023, the U.S. Frozen Handheld and Spreads segment includes a favorable impact related to the Jif peanut butter recall.

(D)    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.

(E)     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.

The following table presents total assets; total depreciation, amortization, and impairment charges; and total additions to property, plant, and equipment by segment.

	Year Ended April 30,
	2025		2024		2023
Assets:
U.S. Retail Coffee	$	4,927.8	$	4,826.3	$	4,808.9
U.S. Retail Frozen Handheld and Spreads	3,263.1		3,257.1		2,972.7
U.S. Retail Pet Foods	4,679.3		4,784.1		4,994.3
Sweet Baked Snacks	3,394.9		6,267.1		—
International and Away From Home	1,037.1		989.6		978.3
Unallocated (A)	261.1		149.5		1,237.2
Total assets	$	17,563.3	$	20,273.7	$	14,991.4
Depreciation, amortization, and impairment charges:
U.S. Retail Coffee	$	97.9	$	101.1	$	101.6
U.S. Retail Frozen Handheld and Spreads	90.8		81.6		76.3
U.S. Retail Pet Foods	121.3		118.1		178.7
Sweet Baked Snacks (B)	2,092.0		59.6		—
International and Away From Home	37.4		32.4		31.7
Unallocated (C)	45.6		38.0		42.7
Total depreciation, amortization, and impairment charges	$	2,485.0	$	430.8	$	431.0
Additions to property, plant, and equipment:
U.S. Retail Coffee	$	62.7	$	79.7	$	49.0
U.S. Retail Frozen Handheld and Spreads	157.6		334.5		341.6
U.S. Retail Pet Foods	83.2		83.4		64.3
Sweet Baked Snacks	43.0		41.2		—
International and Away From Home	47.3		47.7		22.5
Total additions to property, plant, and equipment	$	393.8	$	586.5	$	477.4

(A)Primarily represents unallocated cash and cash equivalents and corporate-held investments.

(B)During 2025, we recognized pre-tax impairment charges of $1,661.6 and $320.9 related to the goodwill of the Sweet Baked Snacks reporting unit and Hostess brand indefinite-lived trademark, respectively. For more information, see Note 7: Goodwill and Other Intangible Assets.

(C)Primarily represents unallocated corporate administrative expenses, mainly consisting of depreciation and software amortization.

The following table presents certain geographical information.

	Year Ended April 30,
	2025		2024		2023
Net sales:
United States	$	8,245.7	$	7,653.0	$	8,001.4
International:
Canada	$	352.4	$	429.4	$	433.2
All other international	128.0		96.3		94.6
Total international	$	480.4	$	525.7	$	527.8
Total net sales	$	8,726.1	$	8,178.7	$	8,529.2
Assets:
United States	$	17,190.0	$	19,483.1	$	14,577.5
International:
Canada	$	373.0	$	790.2	$	412.5
All other international	0.3		0.4		1.4
Total international	$	373.3	$	790.6	$	413.9
Total assets	$	17,563.3	$	20,273.7	$	14,991.4
Long-lived assets (excluding goodwill and other intangible assets):
United States	$	3,308.4	$	3,294.5	$	2,421.9
International:
Canada	$	51.3	$	106.9	$	64.6
All other international	0.1		0.1		—
Total international	$	51.4	$	107.0	$	64.6
Total long-lived assets (excluding goodwill and other intangible assets)	$	3,359.8	$	3,401.5	$	2,486.5

The following table presents product category information.

	Year Ended April 30,
	2025		2024		2023		Primary Reportable Segment (A)
Coffee	$	3,173.8	$	3,063.0	$	3,088.8	U.S. Retail Coffee
Sweet Baked Goods	1,093.0		572.5		—		Sweet Baked Snacks
Pet snacks	944.7		1,024.8		1,052.4		U.S. Retail Pet Foods
Frozen handheld	918.2		791.1		686.4		U.S. Retail Frozen Handheld and Spreads
Peanut butter	827.8		814.1		635.6		U.S. Retail Frozen Handheld and Spreads
Cat food	763.5		792.4		1,101.1		U.S. Retail Pet Foods
Fruit spreads	400.8		427.2		426.2		U.S. Retail Frozen Handheld and Spreads
Portion control	211.9		207.9		163.7		Other (B)
Toppings and syrups	96.8		88.4		88.9		U.S. Retail Frozen Handheld and Spreads
Baking mixes and ingredients	88.1		90.3		94.3		Other (B)
Cookies	86.3		64.8		—		Sweet Baked Snacks
Dog food	24.4		76.4		980.0		U.S. Retail Pet Foods
Other	96.8		165.8		211.8		Other (B)
Total net sales	$	8,726.1	$	8,178.7	$	8,529.2

(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 both 2025 and 2024 and 34 percent of net sales in 2023. 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, 2025 and 2024, included amounts due from Walmart Inc. and subsidiaries of $172.3 and $211.7, respectively.