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v3.25.2

Income Taxes (Tables) | 12 Months Ended
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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 |

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- Definition Tabular disclosure of the reconciliation using percentage or dollar amounts of the reported amount of income tax expense attributable to continuing operations for the year to the amount of income tax expense that would result from applying domestic federal statutory tax rates to pretax income from continuing operations. + References Reference 1: http://www.xbrl.org/2003/role/exampleRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 231 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482663/740-10-55-231 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12A -Publisher FASB -URI https://asc.fasb.org/1943274/2147482685/740-10-50-12A Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482685/740-10-50-12 + Details
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