Reportable Segments (Tables)

3 Months Ended

Jul. 31, 2025

The following tables reconcile segment profit to income (loss) before income taxes.


	Three Months Ended July 31, 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	$	717.2	$	484.7	$	368.0	$	253.2	$	290.2	$	2,113.3
Segment cost of products sold (A)	498.9		299.3		204.8		176.8		190.3
Segment selling and distribution expenses (B)	84.0		70.8		66.8		41.2		35.4
Other segment items (C)	0.1		0.3		(4.9)		1.0		(1.0)
Segment profit	$	134.2	$	114.3	$	101.3	$	34.2	$	65.5	$	449.5
Reconciliation of segment profit:
Amortization											(50.2)



Interest expense – net											(100.2)
Change in net cumulative unallocated derivative gains and losses											(253.1)
Cost of products sold – special project costs (D)											(15.4)
Other special project costs (D)											(6.0)

Corporate administrative expenses											(79.2)
Other income (expense) – net											(1.9)
Income (loss) before income taxes											$	(56.5)


	Three Months Ended July 31, 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	$	623.4	$	496.8	$	399.7	$	333.7	$	271.5	$	2,125.1
Segment cost of products sold (A)	372.9		307.2		218.7		210.4		183.4
Segment selling and distribution expenses (B)	77.8		70.6		69.9		49.6		40.3
Other segment items (C)	0.1		—		(4.2)		(0.7)		(0.8)
Segment profit	$	172.6	$	119.0	$	115.3	$	74.4	$	48.6	$	529.9
Reconciliation of segment profit:
Amortization											(56.0)



Interest expense – net											(100.4)
Change in net cumulative unallocated derivative gains and losses											(30.0)
Cost of products sold – special project costs (D)											(5.3)
Other special project costs (D)											(7.1)

Corporate administrative expenses											(82.0)
Other income (expense) – net											(3.1)
Income (loss) before income taxes											$	246.0

(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 9: Derivative Financial Instruments.

(B) Segment selling and distribution expenses 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.

(D) Includes special project costs related to certain divestiture, acquisition, integration, and restructuring activities. For more information, see Note 4: Special Project Costs.

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


	July 31, 2025		April 30, 2025
Assets:
U.S. Retail Coffee	$	4,845.2	$	4,927.8
U.S. Retail Frozen Handheld and Spreads	3,322.9		3,263.1
U.S. Retail Pet Foods	4,675.8		4,679.3
Sweet Baked Snacks	3,384.6		3,394.9
International and Away From Home	1,236.5		1,037.1
Unallocated (A)	276.9		261.1
Total assets	$	17,741.9	$	17,563.3

	Three Months Ended July 31,
	2025		2024
Depreciation, amortization, and impairment charges:
U.S. Retail Coffee	$	24.4	$	24.4
U.S. Retail Frozen Handheld and Spreads	25.1		20.6
U.S. Retail Pet Foods	30.3		30.0
Sweet Baked Snacks	21.9		29.9
International and Away From Home	10.2		9.0
Unallocated (B)	23.3		15.1
Total depreciation, amortization, and impairment charges	$	135.2	$	129.0
Additions to property, plant, and equipment:
U.S. Retail Coffee	$	11.5	$	23.4
U.S. Retail Frozen Handheld and Spreads	40.1		48.8
U.S. Retail Pet Foods	11.4		24.2
Sweet Baked Snacks	10.2		13.2
International and Away From Home	11.1		14.1
Total additions to property, plant, and equipment	$	84.3	$	123.7

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

(B)Primarily represents unallocated accelerated depreciation related to restructuring activities and corporate administrative expenses, mainly consisting of depreciation and software amortization.

Geographical information

The following table presents certain geographical information.


	Three Months Ended July 31,
		2025		2024
Net sales:
United States		$	2,009.4	$	2,015.4
International:
Canada		$	70.7	$	81.4
All other international		33.2		28.3
Total international		$	103.9	$	109.7
Total net sales		$	2,113.3	$	2,125.1

Product category information

The following table presents product category information.


	Three Months Ended July 31,
		2025		2024		Primary Reportable Segment (A)
Coffee		$	816.1	$	711.9	U.S. Retail Coffee
Sweet baked goods		253.2		296.6		Sweet Baked Snacks
Frozen handheld		244.1		222.6		U.S. Retail Frozen Handheld and Spreads
Peanut butter		207.0		218.6		U.S. Retail Frozen Handheld and Spreads
Pet snacks		203.4		226.8		U.S. Retail Pet Foods
Cat food		179.3		183.1		U.S. Retail Pet Foods
Fruit spreads		95.3		106.5		U.S. Retail Frozen Handheld and Spreads
Portion control		50.4		54.1		Other (B)
Toppings and syrups		29.7		28.3		U.S. Retail Frozen Handheld and Spreads
Baking mixes and ingredients		14.5		14.2		Other (B)

Cookies		—		37.1		Sweet Baked Snacks
Other		20.3		25.3		Other (B)
Total net sales		$	2,113.3	$	2,125.1

(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.