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Goodwill and Other Intangible Assets | 12 Months Ended
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Apr. 30, 2025
Goodwill and Intangible Assets Disclosure [Abstract] |
Goodwill and Other Intangible Assets | Note 7: Goodwill and Other Intangible Assets The following table summarizes the changes in our goodwill.
| 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
Balance at May 1, 2023 | $ | 2,090.9 |  |  | $ | 1,147.5 |  |  | $ | 1,580.2 |  |  | $ | — |  |  | $ | 398.3 |  |  | $ | 5,216.9 |
Acquisition | — |  |  | — |  |  | — |  |  | 2,447.2 |  |  | — |  |  | 2,447.2 |
Divestiture | — |  |  | (7.6) |  |  | — |  |  | — |  |  | (3.9) |  |  | (11.5) |
Other (A) | — |  |  | — |  |  | — |  |  | — |  |  | (2.7) |  |  | (2.7) |
Balance at April 30, 2024 | $ | 2,090.9 |  |  | $ | 1,139.9 |  |  | $ | 1,580.2 |  |  | $ | 2,447.2 |  |  | $ | 391.7 |  |  | $ | 7,649.9 |
Impairment charges (B) | — |  |  | — |  |  | — |  |  | (1,661.6) |  |  | — |  |  | (1,661.6) |
Divestitures | — |  |  | — |  |  | — |  |  | (277.7) |  |  | — |  |  | (277.7) |
Other (A) (C) | — |  |  | — |  |  | — |  |  | (0.4) |  |  | (0.2) |  |  | (0.6) |
Balance at April 30, 2025 | $ | 2,090.9 |  |  | $ | 1,139.9 |  |  | $ | 1,580.2 |  |  | $ | 507.5 |  |  | $ | 391.5 |  |  | $ | 5,710.0 |
(A)The amount classified as other in the International and Away From Home segment represents foreign currency translation adjustments. (B)Included in goodwill as of April 30, 2025, are accumulated goodwill impairment charges of $1,904.5. (C)The amount classified as other in the Sweet Baked Snacks segment represents purchase accounting adjustments for the acquisition of Hostess Brands. The following table summarizes our other intangible assets and related accumulated amortization and impairment charges, including foreign currency translation adjustments.
| April 30, 2025 |  |  |  | April 30, 2024 |  |
| Acquisition Cost |  | Accumulated Amortization/ Impairment Charges/ Foreign Currency Translation |  | Net |  | Acquisition Cost |  | Accumulated Amortization/ Impairment Charges/ Foreign Currency Translation |  | Net
Finite-lived intangible assets subject to amortization: |  |  |  |  |  |  |  |  |  |  |
Customer and contractual relationships | $ | 4,596.5 |  |  | $ | 2,099.0 |  |  | $ | 2,497.5 |  |  | $ | 4,766.7 |  |  | $ | 1,894.9 |  |  | $ | 2,871.8 |
Patents and technology | 163.0 |  |  | 161.0 |  |  | 2.0 |  |  | 163.0 |  |  | 160.8 |  |  | 2.2 |
Trademarks | 136.4 |  |  | 116.5 |  |  | 19.9 |  |  | 143.1 |  |  | 110.8 |  |  | 32.3 |
Total intangible assets subject to amortization | $ | 4,895.9 |  |  | $ | 2,376.5 |  |  | $ | 2,519.4 |  |  | $ | 5,072.8 |  |  | $ | 2,166.5 |  |  | $ | 2,906.3 |
Indefinite-lived intangible assets not subject to amortization: |  |  |  |  |  |  |  |  |  |  |
Trademarks | $ | 4,372.0 |  |  | $ | 544.5 |  |  | $ | 3,827.5 |  |  | $ | 4,572.7 |  |  | $ | 223.6 |  |  | $ | 4,349.1 |
Total other intangible assets | $ | 9,267.9 |  |  | $ | 2,921.0 |  |  | $ | 6,346.9 |  |  | $ | 9,645.5 |  |  | $ | 2,390.1 |  |  | $ | 7,255.4 |
Amortization expense for finite-lived intangible assets was $218.3, $190.1, and $205.9 in 2025, 2024, and 2023, respectively. The weighted-average useful lives of the customer and contractual relationships, patents and technology, and trademarks are 24 years, 20 years, and 14 years, respectively. The weighted-average useful life of total finite-lived intangible assets is 24 years. Based on the carrying value of intangible assets subject to amortization at April 30, 2025, the estimated amortization expense is $200.9 for 2026, $192.8 for 2027, $193.1 for 2028, $165.3 for 2029, and $138.2 for 2030. We review goodwill and other indefinite-lived intangible assets for impairment at least annually on February 1 and more often if indicators of impairment exist. During the second quarter of 2025, the disposal group for the Voortman business, inclusive of approximately $251.0 of goodwill within the Sweet Baked Snacks reporting unit that was allocated to the disposal group based on a relative fair value analysis, was classified as held for sale. As a result, a pre-tax loss on the divestiture of $260.8 was recognized and included as a noncash charge in our Statement of Consolidated Income (Loss) and Statement of Consolidated Cash Flows. We evaluated whether it was more likely than not that the remaining goodwill of the Sweet Baked Snacks reporting unit was impaired as of October 31, 2024, and concluded that no impairment existed at this date. On December 2, 2024, we completed the divestiture of the Voortman business. During the third quarter of 2025, we completed the integration of the Hostess Brands business and operations, but continued to face execution challenges from a distribution, merchandising, and competitive standpoint, which resulted in lost market share. Further, the sweet baked goods category continued to face increased inflationary pressures and diminished discretionary income for consumers. These factors were key inputs into our long-range planning process, which was also completed during the third quarter of 2025, and indicated a decline in forecasted net sales and segment profit for the Sweet Baked Snacks reporting unit. As a result, we performed an interim impairment assessment of the Sweet Baked Snacks reporting unit that indicated an estimated fair value significantly below the carrying value of the reporting unit. We also performed an interim impairment assessment of the Hostess brand indefinite-lived trademark. As a result of these assessments, we recognized total pre-tax impairment charges of $1.0 billion during the third quarter of 2025, of which $794.3 and $208.2 related to the goodwill of the Sweet Baked Snacks reporting unit and the Hostess brand indefinite-lived trademark, respectively. These charges were included as noncash charges in our Statement of Consolidated Income (Loss) and Statement of Consolidated Cash Flows. We completed the annual impairment assessment, in which goodwill was tested for impairment at the reporting unit level for each reporting unit with goodwill as of the annual assessment date. As part of our annual evaluation, we did not recognize any impairment charges related to our reporting units or indefinite-lived intangible assets. The estimated fair value exceeded the carrying value by greater than 10 percent for all of our reporting units and indefinite-lived intangible assets, with the exception of the Sweet Baked Snacks reporting unit and Hostess brand indefinite-lived trademark, as the carrying values approximated estimated fair values due to the impairment charges recognized during the third quarter of 2025. During the fourth quarter of 2025, we continued to underperform as compared to plan in both net sales and segment profit for the Sweet Baked Snacks segment as a result of ongoing performance challenges from a distribution, merchandising, and competitive standpoint and sustained challenges in the sweet baked goods category. Performance during the fourth quarter of 2025 reflected the impact of a dynamic macroeconomic environment, inclusive of a reduction in discretionary consumer spending and the changing regulatory environment. Furthermore, in conjunction with the recently announced leadership transition, we re-evaluated the strategic priorities for the Sweet Baked Snacks segment to drive growth for the Hostess brand, with a focus on strengthening our portfolio, elevating our execution, and refocusing our strategy to reignite sustainable growth. Following the leadership transition, we revised our financial plan for 2026 as compared to prior expectations, reflecting near-term underperformance, an evolving macroeconomic environment, and updated Sweet Baked Snacks strategic priorities, inclusive of the recently announced closure of the Indianapolis, Indiana manufacturing facility in 2026. The updated financial plan reflects decreased net sales and segment profit, as compared to the projections used in the annual impairment review. The overall reduction in net sales and segment profit, in conjunction with the sustained underperformance of the sweet baked goods category since acquisition, led to a reduction of the forecasted long-term growth rate for the Sweet Baked Snacks reporting unit. As a result of these declines and the narrow differences between estimated fair values and carrying values as of the annual assessment date, we performed an interim impairment assessment of the Sweet Baked Snacks reporting unit that indicated an estimated fair value significantly below the carrying value of the reporting unit. We also performed an interim impairment assessment of the Hostess brand indefinite-lived trademark. As a result of these assessments, we recognized total pre-tax impairment charges of $980.0 during the fourth quarter of 2025, of which $867.3 and $112.7 related to the goodwill of the Sweet Baked Snacks reporting unit and the Hostess brand indefinite-lived trademark, respectively. These charges were included as noncash charges in our Statement of Consolidated Income (Loss) and Statement of Consolidated Cash Flows. The goodwill and indefinite-lived trademark within the Sweet Baked Snacks segment remain susceptible to future impairment charges. Any significant adverse change in our near- or long-term projections or macroeconomic conditions would result in future impairment charges for the Sweet Baked Snacks reporting unit. There were no other indicators of impairment during the fourth quarter of 2025, and as a result, we do not believe that any of our remaining reporting units or material indefinite-lived intangible assets are more likely than not impaired as of April 30, 2025. For additional information, see Goodwill and Other Intangible Assets in Note 1: Accounting Policies, Note 2: Acquisition, and Note 3: Divestitures.

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