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Special Project Costs | 6 Months Ended
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Oct. 31, 2025
Restructuring and Related Activities [Abstract] |
Special Project Costs | Special project costs consist primarily of employee-related costs and other transition and termination costs related to certain divestiture, acquisition, integration, and restructuring activities. Employee-related costs include severance, retention bonuses, and relocation costs. Severance costs are generally recognized when deemed probable and reasonably estimable, retention bonuses are recognized over the estimated future service period of the impacted employees, and relocation costs are expensed as incurred. Other transition and termination costs include fixed asset-related charges, contract and lease termination costs, professional fees, and other miscellaneous expenditures associated with divestiture, acquisition, integration, and restructuring activities. With the exception of accelerated depreciation, these costs are expensed as incurred. These special project costs are reported in cost of products sold, other special project costs, and other income (expense) – net in the Condensed Statements of Consolidated Income (Loss) and are not allocated to segment profit. The obligation related to employee separation costs is included in other current liabilities in the Condensed Consolidated Balance Sheets. Divestiture Costs: Total divestiture costs incurred to date related to the Sahale Snacks® and Canada condiment businesses that were divested in 2024 were $6.4, which included $4.3 and $2.1 of employee-related and other transition and termination costs, respectively, all of which were cash charges. We did not incur any divestiture costs during the three and six months ended October 31, 2025, and incurred divestiture costs of $0.1 and $0.4 during the three and six months ended October 31, 2024, respectively, primarily consisting of employee-related costs. We do not anticipate any additional costs to be incurred related to these divestiture activities. The obligation related to severance and retention bonuses was fully satisfied as of April 30, 2025. As a result of our recent divestitures, we identified opportunities to address certain distribution inefficiencies. We anticipate incurring approximately $12.0 of costs related to these efforts, consisting primarily of other transition and termination charges. The majority of these costs are expected to be cash charges and incurred by the end of 2026. We have recognized total cumulative costs of $8.4, of which $1.6 and $1.9 were recognized during the three and six months ended October 31, 2025, respectively, and $0.8 and $0.9 during the three and six months ended October 31, 2024, respectively, primarily consisting of other transition and termination costs. Integration Costs: On November 7, 2023, we completed a cash and stock transaction to acquire Hostess Brands, Inc. (“Hostess Brands”), a manufacturer and marketer of sweet baked goods brands. Total integration costs related to the acquisition are anticipated to be approximately $190.0 and include transaction costs, employee-related costs, and other transition and termination charges. The following table summarizes our integration costs incurred related to the acquisition of Hostess Brands.
| Three Months Ended October 31, |  | Six Months Ended October 31, |  |  |  | Total Costs Incurred to Date at October 31, 2025 |  |
| 2025 |  | 2024 |  | 2025 |  | 2024 |  |  |  |  |
Transaction costs | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  |  |  | $ | 99.0 |  |  |
Employee-related costs | 0.1 |  |  | 4.4 |  |  | 0.4 |  |  | 7.0 |  |  |  |  | 43.4 |  |  |
Other transition and termination costs | 0.6 |  |  | 10.7 |  |  | 0.7 |  |  | 20.1 |  |  |  |  | 43.6 |  |  |
Total integration costs | $ | 0.7 |  |  | $ | 15.1 |  |  | $ | 1.1 |  |  | $ | 27.1 |  |  |  |  | $ | 186.0 |  |  |
Cumulative noncash charges incurred through October 31, 2025, were $15.9 and primarily consisted of accelerated depreciation. We incurred noncash charges of $0.5 during both the three and six months ended October 31, 2025, and incurred $5.9 and $11.5 during the three and six months ended October 31, 2024, respectively. Transaction costs primarily reflect equity compensation payouts, legal fees, and fees related to a 364-day senior unsecured Bridge Term Loan Credit Facility that provided committed financing for the acquisition of Hostess Brands. Other transition and termination costs primarily consist of contract termination charges, accelerated depreciation, and consulting fees. We anticipate the remaining integration costs will be incurred by the end of 2026 and are expected to be split between employee-related and other transition and termination costs. The obligation related to severance and retention bonuses was $2.0 and $6.2 at October 31, 2025, and April 30, 2025, respectively. Restructuring Costs: During the first quarter of 2026, we announced plans to close our Indianapolis, Indiana manufacturing facility, which manufactures Hostess branded products, and consolidate operations into other existing facilities by early calendar year 2026 to further optimize operations for our Sweet Baked Snacks segment. We anticipate incurring approximately $75.0 of costs related to these efforts, consisting of $60.0 in noncash charges for accelerated depreciation and $15.0 in employee-related and other transition and termination costs. The following table summarizes our restructuring costs incurred related to the restructuring program.
| Three Months Ended October 31, |  | Six Months Ended October 31, |  |  |  | Total Costs Incurred to Date at October 31, 2025 |  |
| 2025 |  |  |  | 2025 |  |  |  |  |  |  |
Employee-related costs | $ | 1.6 |  |  |  |  | $ | 5.8 |  |  |  |  |  |  | $ | 5.8 |  |  |
Other transition and termination costs | 25.6 |  |  |  |  | 42.1 |  |  |  |  |  |  | 42.1 |  |  |
Total restructuring costs | $ | 27.2 |  |  |  |  | $ | 47.9 |  |  |  |  |  |  | $ | 47.9 |  |  |
Noncash charges were included in other transition and termination costs and consisted of accelerated depreciation. We incurred noncash charges of $23.5 and $38.9 during the three and six months ended October 31, 2025, respectively. The obligation related to severance and retention bonuses was $4.4 at October 31, 2025.

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- Definition The entire disclosure for restructuring and related activities. Description of restructuring activities such as exit and disposal activities, include facts and circumstances leading to the plan, the expected plan completion date, the major types of costs associated with the plan activities, total expected costs, the accrual balance at the end of the period, and the periods over which the remaining accrual will be settled. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 420 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 2 -Subparagraph (SAB Topic 5.P.4.e) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479823/420-10-S99-2 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 420 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (b)(2) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482017/420-10-50-1 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 420 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482017/420-10-50-1 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 420 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/420/tableOfContent Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 420 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (e) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482017/420-10-50-1 + Details
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