Income Taxes (Tables)

12 Months Ended

Apr. 30, 2025

Income Tax Disclosure [Abstract]

Income (loss) before income taxes

The following table sets forth our income (loss) before income taxes.

	Year Ended April 30,
	2025		2024		2023
Domestic	$	(1,087.6)	$	975.8	$	(23.6)
Foreign	40.8		20.6		14.4
Income (loss) before income taxes	$	(1,046.8)	$	996.4	$	(9.2)

Components of the provision for income taxes

The following table summarizes the components of the provision for income taxes.

	Year Ended April 30,
	2025		2024		2023
Current:
Federal	$	228.0	$	234.1	$	217.9
Foreign	11.7		10.1		5.4
State and local	52.3		48.7		49.5
Deferred:
Federal	(45.4)		(35.7)		(158.5)
Foreign	(0.5)		(2.3)		(1.0)
State and local	(62.1)		(2.5)		(31.2)
Total income tax expense	$	184.0	$	252.4	$	82.1

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 or loss)	2025			2024			2023
Statutory federal income tax rate	21.0		%	21.0		%	21.0		%
Acquisition of Hostess Brands	—			1.3			—
Deferred tax benefit from Hostess integration	1.8			—			—
Sale of certain pet food brands	—			—			(776.4)
Sale of Voortman business	(6.6)			—			—
State and local income taxes	4.2			2.9			(157.7)
Deferred tax benefit from state legislative changes	1.9			—			—
Goodwill impairment charges	(39.2)			—			—
Other items – net	(0.7)			0.1			20.7
Effective income tax rate	(17.6)		%	25.3		%	(892.4)		%
Income taxes paid	$	332.1		$	316.5		$	254.8

Deferred tax assets and liabilities

The following table summarizes significant components of our deferred tax assets and liabilities.

	April 30,
	2025		2024
Deferred tax liabilities:
Intangible assets	$	1,454.4	$	1,683.9
Property, plant, and equipment	275.5		276.9
Leases	24.3		33.8
Other	25.9		22.6
Total deferred tax liabilities	$	1,780.1	$	2,017.2
Deferred tax assets:
Post-employment and other employee benefits	$	62.1	$	69.1
Tax credit and loss carryforwards	35.5		27.7
Intangible assets	34.4		40.7
Hedging transactions	11.6		49.9
Leases	26.0		36.3
Other	95.5		82.3
Total deferred tax assets	$	265.1	$	306.0
Valuation allowance	(33.6)		(26.2)
Total deferred tax assets, less allowance	$	231.5	$	279.8
Net deferred tax liability	$	1,548.6	$	1,737.4

Schedule of Unrecognized Tax Benefits Roll Forward

The following table sets forth a reconciliation of our unrecognized tax benefits.

	2025		2024		2023
Balance at May 1,	$	4.6	$	5.3	$	6.5
Increases:
Acquired business	—		1.3		—
Decreases:
Expiration of statute of limitations periods	1.3		2.0		1.2
Disposed business	0.8		—		—
Balance at April 30,	$	2.5	$	4.6	$	5.3