SJM JM Smucker Company

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The unaudited interim condensed consolidated financial statements of The J.M. Smucker Company (“Company,” “we,” “us,” or “our”) have been prepared in accordance with United States (“U.S.”) generally accepted accounting principles (“GAAP”) for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all the information and notes required by U.S. GAAP for complete financial statements. In the opinion of management, all adjustments of a normal recurring nature considered necessary for a fair presentation have been included.

Operating results for the six months ended October 31, 2023, are not necessarily indicative of the results that may be expected for the year ending April 30, 2024. For further information, reference is made to the consolidated financial statements and notes included in our Annual Report on Form 10-K for the year ended April 30, 2023.

In November 2023, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2023-07, Segment Reporting (Topic 280) Improvements to Reportable Segment Disclosures. ASU 2023-07 will improve reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses on an interim and annual basis. It will be effective for us on May 1, 2024, with the option to early adopt at any time prior to the effective date and will require adoption on a retrospective basis. We are currently evaluating the impacts of the standard on our financial statements and disclosures.

In July 2023, the U.S. Securities and Exchange Commission (the “SEC”) adopted the final rule under SEC Release No. 33-11216, Cybersecurity Risk Management, Strategy, Governance, and Incident Disclosure, requiring current reporting about material cybersecurity incidents and annual disclosures on management’s processes for assessing, identifying, and managing material cybersecurity risks, the material impacts of cybersecurity threats and previous cybersecurity incidents, the Board of Directors’ (the “Board”) oversight of cybersecurity risks, and management’s role and expertise in assessing and managing material cybersecurity risks. SEC Release No. 33-11216 will be effective for us during the third quarter of 2024. We do not anticipate that the adoption of these amendments will have a material impact on our financial statements and disclosures.

In May 2023, the SEC adopted the final rule under SEC Release No. 34-97424, Share Repurchase Disclosure Modernization, requiring disclosures related to issuers’ share repurchases pursuant to authorizations by the Board, inclusive of 10b5-1 plans established in accordance with Rule 10b5-1 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), that will provide investors with enhanced information to assess the purposes and effects of the repurchases. SEC Release No. 34-97424 would have been effective for us during the third quarter of 2024, but the SEC recently issued an order postponing the effective date. We do not anticipate that the adoption of these amendments will have a material impact on our financial statements and disclosures.

In December 2022, the SEC adopted the final rule under SEC Release No. 33-11138, Insider Trading Arrangements and Related Disclosures, which requires new disclosures regarding insider trading policies and procedures, the use of Rule 10b5-1 plans by directors and officers, and stock option grants issued in close proximity to the release of material nonpublic information. SEC Release No. 33-11138 was effective for us on May 1, 2023, and did not have a material impact on our financial statements and disclosures.

In March 2022, the SEC issued the proposed rule under SEC Release No. 33-11042, The Enhancement and Standardization of Climate-Related Disclosures for Investors, to enhance and standardize the climate-related disclosures provided by public companies. This update will require the disclosure of greenhouse gas emissions, including Scope 1 and Scope 2 emissions, which will be subject to third-party assurance, as well as climate-related targets and goals, and how the Board and management oversee climate-related risks. As of October 31, 2023, these amendments were not adopted by the SEC; however, we anticipate that the adoption of these amendments will have a material impact on our financial statements and disclosures.

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During the second quarter of 2024, we announced a definitive agreement to acquire Hostess Brands, Inc. (“Hostess Brands”). On November 7, 2023, we completed the cash and stock transaction, valued at approximately $5.5 billion. The transaction was funded with new debt, inclusive of $3.5 billion of Senior Notes, a senior unsecured delayed-draw Term Loan Credit Agreement (“Term Loan”) of $800.0, and $700.0 of short-term borrowings under our commercial paper program, as well as the issuance of approximately 4.0 million of our common shares valued at $450.2. For additional information on the financing associated with this transaction, refer to Note 8: Debt and Financing Arrangements and Note 16: Common Shares.

Hostess Brands is a manufacturer and marketer of sweet baked goods brands including Hostess® Donettes®, Twinkies®, CupCakes, DingDongs®, Zingers®, CoffeeCakes, HoHos®, Mini Muffins, and Fruit Pies, and the Voortman® cookie brand. In addition to its headquarters in Lenexa, Kansas, the transaction included six manufacturing facilities located in Emporia, Kansas; Burlington, Ontario; Chicago, Illinois; Columbus, Georgia; Indianapolis, Indiana; and Arkadelphia, Arkansas, a distribution facility in Edgerton, Kansas, and a commercial center of excellence in Chicago, Illinois. Approximately 3,000 employees transitioned with the business at close of the transaction.

The purchase price will be allocated to the underlying assets acquired and liabilities assumed based upon their estimated fair values at the date of acquisition and is subject to change as we complete our analysis of their fair values during the measurement period not to exceed one year as permitted under FASB Accounting Standards Codification (“ASC”) 805, Business Combinations. Due to the transaction closing subsequent to the second quarter of 2024, we will complete and disclose the preliminary purchase price allocation during the third quarter of 2024. However, we anticipate the majority of the purchase price will be allocated to goodwill and other intangible assets – net.

On October 17, 2023, we entered into a definitive agreement to sell our Canada condiment business to TreeHouse Foods, Inc. (“TreeHouse Foods”). We expect the transaction to close during the third quarter of 2024, subject to customary closing conditions. The transaction includes Bick’s® pickles, Habitant® pickled beets, Woodman’s® horseradish, and McLarens® pickled onions brands, inclusive of certain trademarks. Under our ownership, these brands generated net sales of approximately $60.0 in 2023, which were included in the International operating segment. The transaction is valued at approximately $20.0, subject to a working capital adjustment. In accordance with FASB ASC 805, Business Combinations, the transaction does not meet the definition of a business and will be accounted for as a sale of assets, resulting in no allocation of goodwill. Further, as of October 31, 2023, the disposal group met the criteria to be classified as held for sale, and as a result, a valuation allowance was established to reflect the fair value less costs to sell of the disposal group, which was based on the expected proceeds and the estimated carrying value of the net assets to be disposed. The valuation allowance was included within other current assets in the Condensed Consolidated Balance Sheet and the estimated pre-tax loss on the disposal group was included within other operating expense (income) – net in the Condensed Statement of Consolidated Income and within loss (gain) on divestitures – net in the Condensed Statement of Consolidated Cash Flows.

On September 27, 2023, we entered into a definitive agreement to sell the Sahale Snacks® business to Second Nature Brands (“Second Nature”), which closed on November 1, 2023. The transaction included products sold under our Sahale Snacks brand, inclusive of certain trademarks and licensing agreements, a leased manufacturing facility in Seattle, Washington, and approximately 100 employees who supported the brand. Under our ownership, the Sahale Snacks brand generated net sales of approximately $48.0 in 2023, primarily included in the U.S. Retail Consumer Foods segment. The transaction is valued at approximately $34.0, subject to a working capital adjustment. As of October 31, 2023, the disposal group met the criteria to be classified as held for sale, and as a result, a valuation allowance was established to reflect the fair value less costs to sell of the disposal group, which was based on the expected proceeds and the estimated carrying value of the net assets to be disposed. The valuation allowance was included within other current assets in the Condensed Consolidated Balance Sheet and the estimated pre-tax loss on the disposal group was included within other operating expense (income) – net in the Condensed Statement of Consolidated Income and within loss (gain) on divestitures – net in the Condensed Statement of Consolidated Cash Flows.

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The following table summarizes the net assets held for sale at October 31, 2023, inclusive of a valuation allowance, reflecting fair value less costs to sell.

			October 31, 2023
			Sahale Snacks						Condiments
Assets held for sale:
Inventories			$	9.9					$	27.6
Property, plant, and equipment – net			6.0						—
Operating lease right-of-use assets			1.9						—
Goodwill			11.5						—
Other intangible assets – net			14.7						6.9
Other noncurrent assets			0.3						—
Total assets held for sale			$	44.3					$	34.5
Liabilities held for sale:
Other current liabilities			$	0.8					$	—
Deferred income taxes			4.1						—
Other noncurrent liabilities			1.1						—
Total liabilities held for sale			6.0						—
Valuation allowance			(6.8)						(5.2)
Net assets held for sale			$	31.5					$	29.3

On April 28, 2023, we sold certain pet food brands to Post Holdings, Inc. (“Post”). The transaction included the Rachael Ray® Nutrish®, 9Lives®, Kibbles ’n Bits®, Nature’s Recipe®, and Gravy Train® brands, as well as our private label pet food business, inclusive of certain trademarks and licensing agreements, manufacturing and distribution facilities in Bloomsburg, Pennsylvania, manufacturing facilities in Meadville, Pennsylvania and Lawrence, Kansas, and approximately 1,100 employees who supported these pet food brands. Under our ownership, these brands generated net sales of $1.5 billion in 2023, primarily included in the U.S. Retail Pet Foods segment. Final net proceeds from the divestiture were $1.2 billion, consisting of $683.9 in cash, net of a working capital adjustment and cash transaction costs, and approximately 5.4 million shares of Post common stock, valued at $491.6 at the close of the transaction. We recognized a pre-tax loss of $1.0 billion upon completion of this transaction during the fourth quarter of 2023, within other operating expense (income) – net in the Statement of Consolidated Income, net of a working capital adjustment and cash transaction costs. During 2024, we finalized the working capital adjustment and transaction costs, which resulted in an immaterial adjustment to the pre-tax loss. Furthermore, during the first quarter of 2024, we began entering into equity forward derivative transactions under an agreement with an unrelated third party to facilitate the forward sale of the Post common stock. All 5.4 million shares of Post common stock were hedged as of October 31, 2023, and were subsequently settled for $466.3 on November 15, 2023. For additional information, see Note 10: Derivative Financial Instruments.

On January 31, 2022, we sold the natural beverage and grains businesses to Nexus Capital Management LP (“Nexus”). The transaction included products sold under the R.W. Knudsen® and TruRoots® brands, inclusive of certain trademarks, a licensing agreement for Santa Cruz Organic® beverages, dedicated manufacturing and distribution facilities in Chico, California and Havre de Grace, Maryland, and approximately 150 employees who supported the natural beverage and grains businesses. The transaction did not include Santa Cruz Organic nut butters, fruit spreads, syrups, or applesauce. Final net proceeds from the divestiture were $98.7, net of a working capital adjustment and cash transaction costs. We recognized a pre-tax gain of $28.3 related to the natural beverage and grains businesses, of which $1.6 was recognized during the first quarter of 2023, within other operating expense (income) – net in the Condensed Statement of Consolidated Income, upon finalization of the working capital adjustment.

Special project costs primarily consist 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 and 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, other debt

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costs, and other income (expense) – net in the Condensed Statements of Consolidated Income 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: We incurred $0.5 of employee-related costs during the three months ended October 31, 2023, related to the recently announced divestitures of our Sahale Snacks and Canada condiment businesses. We expect to incur approximately $4.6 primarily in employee-related costs associated with these divestitures, all of which are expected to be cash charges and will be primarily recognized in 2024. The obligation related to severance and retention bonuses was $0.5 at October 31, 2023. For additional information, see Note 4: Divestitures.

Integration Costs: Total integration costs related to the acquisition of Hostess Brands are anticipated to be approximately $210.0 and include transaction costs, employee-related costs, and other transition and termination charges. Of the total anticipated integration costs, approximately half reflect transaction costs, with the remainder split between employee-related costs and other transition and termination charges, the majority of which are expected to be cash charges. All integration costs are expected to be incurred by the end of 2026, with over half of the costs expected to be recognized in 2024. We have incurred $26.2 of total integration costs during the three months ended October 31, 2023, all of which were cash charges and primarily related to transaction costs incurred related to a 364-day senior unsecured Bridge Term Loan Credit Facility (“Bridge Loan”) that provided committed financing for the acquisition. For additional information, see Note 3: Acquisition.

Restructuring Costs: A restructuring program was approved by the Board during 2021, associated with opportunities identified to reduce our overall cost structure, optimize our organizational design, and support our portfolio reshape and was further expanded in 2022 to include the costs associated with the divestitures of the private label dry pet food and natural beverage and grains businesses as well as the closure of certain production facilities. The restructuring activities were considered complete as of April 30, 2023. The costs incurred associated with these restructuring activities included other transition and termination costs related to our cost reduction and margin management initiatives, inclusive of accelerated depreciation, as well as employee-related costs.

The following table summarizes our restructuring costs incurred related to the restructuring program.

									Three Months Ended October 31, 2022												Six Months Ended October 31, 2022						Total Costs Incurred to Date at April 30, 2023
Employee-related costs									$	0.7											$	1.8					$	27.1
Other transition and termination costs									2.8												4.2						36.6
Total restructuring costs									$	3.5											$	6.0					$	63.7

The obligation related to severance costs and retention bonuses was $1.6 at April 30, 2023, and was fully satisfied during the first quarter of 2024. Cumulative noncash charges incurred through April 30, 2023, were $33.2, and included $2.2 and $7.0 incurred during the three and six months ended October 31, 2022, respectively, which primarily consisted of accelerated depreciation.

We operate in one industry: the manufacturing and marketing of food and beverage products. We have three reportable segments: U.S. Retail Coffee, U.S. Retail Consumer Foods, and U.S. Retail Pet Foods. The presentation of International and Away From Home represents a combination of all other operating segments that are not individually reportable.

The U.S. Retail Coffee segment primarily includes the domestic sales of Folgers®, Dunkin’®, and Café Bustelo® branded coffee; the U.S. Retail Consumer Foods segment primarily includes the domestic sales of Smucker’s® and Jif® branded products; and the U.S. Retail Pet Foods segment primarily includes the domestic sales of Meow Mix®, Milk-Bone®, Pup-Peroni®, and Canine Carry Outs® branded products. International and Away From Home includes the sale of products distributed domestically and in foreign countries through retail channels and foodservice distributors and operators (e.g., health care operators, restaurants, lodging, hospitality, offices, K-12, colleges and universities, and convenience stores).

Segment profit represents net sales, less direct and allocable operating expenses, and is consistent with the way in which we manage our segments. However, we do not represent that the segments, if operated independently, would report operating profit equal to the segment profit set forth below, as segment profit excludes certain expenses such as amortization expense and impairment charges related to intangible assets, gains and losses on divestitures, the net change in cumulative unallocated gains

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and losses on commodity and foreign currency exchange derivative activities (“change in net cumulative unallocated derivative gains and losses”), special project costs, as well as corporate administrative expenses.

Commodity and foreign currency exchange derivative gains and losses are reported in unallocated derivative gains and losses outside of segment operating results until the related inventory is sold. At that time, we reclassify the hedge gains and losses from unallocated derivative gains and losses to segment profit, allowing our segments to realize the economic effect of the hedge without experiencing any mark-to-market volatility. We would expect that any gain or loss in the estimated fair value of the derivatives would generally be offset by a change in the estimated fair value of the underlying exposures.

Subsequent to the second quarter of 2024, we acquired Hostess Brands in a cash and stock transaction on November 7, 2023, as discussed in Note 3: Acquisition. As a result, beginning with the third quarter of 2024, we will present a new reportable segment, Sweet Baked Snacks, and the U.S. Retail Consumer Foods reportable segment will be renamed U.S. Retail Frozen Handheld and Spreads. With the exception of renaming the current U.S. Retail Consumer Foods reportable segment, we do not anticipate any other changes to the internal or external reporting of our reportable segments.

The following table reconciles segment profit to income before income taxes.

			Three Months Ended October 31,												Six Months Ended October 31,
			2023						2022						2023						2022
Net sales:
U.S. Retail Coffee			$	685.7					$	709.8					$	1,310.8					$	1,307.7
U.S. Retail Consumer Foods			464.3						432.2						928.3						743.3
U.S. Retail Pet Foods (A)			464.0						765.2						905.0						1,494.2
International and Away From Home			324.6						297.9						599.7						532.9
Total net sales			$	1,938.6					$	2,205.1					$	3,743.8					$	4,078.1
Segment profit:
U.S. Retail Coffee			$	171.0					$	187.7					$	341.1					$	333.6
U.S. Retail Consumer Foods			128.5						100.3						234.2						155.1
U.S. Retail Pet Foods (A)			97.2						120.1						178.5						240.4
International and Away From Home			60.2						41.5						96.6						58.1
Total segment profit			$	456.9					$	449.6					$	850.4					$	787.2
Amortization			(39.6)						(55.6)						(79.4)						(111.2)
Gain (loss) on divestitures – net			(13.8)						—						(12.6)						1.6
Interest expense – net			(35.1)						(39.7)						(67.2)						(78.8)
Change in net cumulative unallocated derivative gains and losses			(26.3)						(27.1)						(15.9)						(60.9)
Cost of products sold – special project costs (B)			—						(2.8)						—						(3.9)
Other special project costs (B)			(6.8)						(0.7)						(6.8)						(2.1)
Other debt costs (B)			(19.5)						—						(19.5)						—
Corporate administrative expenses			(71.5)						(70.0)						(133.3)						(137.6)
Other income (expense) – net (B)			5.1						(0.8)						(27.9)						(0.3)
Income before income taxes			$	249.4					$	252.9					$	487.8					$	394.0

(A)On April 28, 2023, we sold certain pet food brands to Post, and the divested net sales were primarily included in the U.S. Retail Pet Foods segment. For more information, see Note 4: Divestitures.

(B)Includes certain divestiture, acquisition, integration, and restructuring costs. For more information, see Note 5: Special Project Costs and Note 8: Debt and Financing Arrangements.

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The following table presents certain geographical information.

			Three Months Ended October 31,												Six Months Ended October 31,
			2023						2022						2023						2022
Net sales:
United States			$	1,796.3					$	2,062.1					$	3,472.7					$	3,822.0
International:
Canada			$	118.9					$	119.2					$	221.2					$	213.0
All other international			23.4						23.8						49.9						43.1
Total international			$	142.3					$	143.0					$	271.1					$	256.1
Total net sales			$	1,938.6					$	2,205.1					$	3,743.8					$	4,078.1

The following table presents product category information.

			Three Months Ended October 31,												Six Months Ended October 31,
			2023						2022						2023						2022						Primary Reportable Segment (A)
Coffee			$	778.4					$	799.6					$	1,487.5					$	1,479.5					U.S. Retail Coffee
Pet snacks			255.9						260.2						499.3						504.4						U.S. Retail Pet Foods (C)
Peanut butter			200.6						192.9						412.6						253.5						U.S. Retail Consumer Foods
Cat food			204.6						284.7						395.7						550.1						U.S. Retail Pet Foods (C)
Frozen handheld			211.8						168.3						391.2						328.8						U.S. Retail Consumer Foods
Fruit spreads			106.9						103.7						213.5						203.8						U.S. Retail Consumer Foods
Portion control			53.0						43.5						101.6						71.3						Other (D)
Dog food			20.3						246.3						47.1						488.0						U.S. Retail Pet Foods (B) (C)
Toppings and syrups			21.9						21.7						46.7						46.1						U.S. Retail Consumer Foods
Baking mixes and ingredients			30.1						28.8						44.9						45.1						Other (D)
Other			55.1						55.4						103.7						107.5						Other (D)
Total net sales			$	1,938.6					$	2,205.1					$	3,743.8					$	4,078.1

(A)The primary reportable segment generally represents at least 75 percent of total net sales for each respective product category.

(B)During the three and six months ended October 31, 2022, the net sales within this product category were primarily related to the divested pet food brands, primarily included in the U.S. Retail Pet Foods segment. For more information, see Note 4: Divestitures.

(C)During the three and six months ended October 31, 2023, a portion of the net sales within this product category relates to sales associated with a contract manufacturing agreement resulting from the divestiture of certain pet food brands, primarily included in the U.S. Retail Pet Foods segment. This agreement will continue through the remainder of 2024 and into 2025.

(D)Primarily represents the International and Away From Home operating segments, which are combined for segment reporting purposes.

We computed net income per common share (“basic earnings per share”) under the two-class method for the three and six months ended October 31, 2023 and 2022, due to certain unvested common shares that contained non-forfeitable rights to dividends (i.e., participating securities) during these periods. For the three and six months ended October 31, 2023 and 2022, the computation of net income per common share – assuming dilution (“diluted earnings per share”) was more dilutive under the treasury stock method, as compared to the two-class method. Therefore, the treasury stock method was used in accordance with FASB ASC 260, Earnings Per Share.

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The following table sets forth the computation of basic and diluted earnings per share under the two-class method.

			Three Months Ended October 31,												Six Months Ended October 31,
			2023						2022						2023						2022
Net income			$	194.9					$	191.1					$	378.5					$	300.9
Less: Net income allocated to participating securities			0.1						0.3						0.2						0.5
Net income allocated to common stockholders			$	194.8					$	190.8					$	378.3					$	300.4
Weighted-average common shares outstanding			102.1						106.5						102.3						106.4
Add: Dilutive effect of stock options			0.1						—						0.1						0.1
Weighted-average common shares outstanding – assuming dilution			102.2						106.5						102.4						106.5
Net income per common share			$	1.91					$	1.79					$	3.70					$	2.82
Net income per common share – assuming dilution			$	1.91					$	1.79					$	3.70					$	2.82

The following table sets forth the computation of diluted earnings per share under the treasury stock method.

			Three Months Ended October 31,												Six Months Ended October 31,
			2023						2022						2023						2022
Net income			$	194.9					$	191.1					$	378.5					$	300.9
Weighted-average common shares outstanding – assuming dilution:
Weighted-average common shares outstanding			102.1						106.5						102.3						106.4
Add: Dilutive effect of stock options			0.1						—						0.1						0.1
Add: Dilutive effect of restricted shares, restricted stock units, and performance units			0.2						0.4						0.2						0.3
Weighted-average common shares outstanding – assuming dilution			102.4						106.9						102.6						106.8
Net income per common share – assuming dilution			$	1.90					$	1.79					$	3.69					$	2.82

The following table summarizes the components of our long-term debt.

			October 31, 2023												April 30, 2023
			Principal Outstanding						Carrying Amount (A)						Principal Outstanding						Carrying Amount (A)
3.50% Senior Notes due March 15, 2025			$	1,000.0					$	998.8					$	1,000.0					$	998.4
3.38% Senior Notes due December 15, 2027			500.0						498.2						500.0						498.0
5.90% Senior Notes due November 15, 2028			750.0						744.4						—						—
2.38% Senior Notes due March 15, 2030			500.0						496.9						500.0						496.7
2.13% Senior Notes due March 15, 2032			500.0						494.8						500.0						494.4
6.20% Senior Notes due November 15, 2033			1,000.0						991.7						—						—
4.25% Senior Notes due March 15, 2035			650.0						645.3						650.0						645.1
2.75% Senior Notes due September 15, 2041			300.0						297.4						300.0						297.3
6.50% Senior Notes due November 15, 2043			750.0						736.6						—						—
4.38% Senior Notes due March 15, 2045			600.0						588.4						600.0						588.2
3.55% Senior Notes due March 15, 2050			300.0						296.2						300.0						296.1
6.50% Senior Notes due November 15, 2053			1,000.0						983.0						—						—
Total long-term debt			$	7,850.0					$	7,771.7					$	4,350.0					$	4,314.2

(A) Represents the carrying amount included in the Condensed Consolidated Balance Sheets, which includes the impact of capitalized debt issuance costs, offering discounts, and terminated interest rate contracts.

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In September 2023, we entered into a Term Loan with a group of banks for an unsecured $800.0 term facility. Borrowings under the Term Loan bear interest on the prevailing Secured Overnight Financing Rate (“SOFR”) and are payable at the end of the borrowing term. The Term Loan matures on November 7, 2026, and does not require scheduled amortization payments. Voluntary prepayments are permitted without premium or penalty. As of October 31, 2023, no balance was drawn on the Term Loan. On November 7, 2023, the full amount was drawn on the Term Loan at an interest rate of 6.67 percent, to partially finance the acquisition of Hostess Brands, as discussed in Note 3: Acquisition. Capitalized debt issuance costs associated with the Term Loan will be amortized to interest expense – net on the Condensed Statements of Consolidated Income over the time period for which the debt is outstanding.

In September 2023, we entered into a commitment letter for a $5.2 billion Bridge Loan that provided committed financing for the acquisition of Hostess Brands, as disclosed in Note 3: Acquisition. No balances were drawn against this facility, as the commitment letter was terminated after completion of the Senior Notes offering and drawing on the Term Loan. Included in other debt costs on the Condensed Statement of Consolidated Income at October 31, 2023, was $19.5 related to financing fees associated with the Bridge Loan.

In October 2023, we completed an offering of $3.5 billion in Senior Notes due November 15, 2028, November 15, 2033, November 15, 2043, and November 15, 2053. The Senior Notes included $29.5 of capitalized debt issuance costs and $15.0 of offering discounts to be amortized to interest expense – net on the Condensed Statements of Consolidated Income over the time period for which the debt is outstanding. The net proceeds from the offering were used to partially finance the acquisition of Hostess Brands.

All of our Senior Notes outstanding at October 31, 2023, are unsecured and interest is paid semiannually, with no required scheduled principal payments until maturity. We may prepay all or part of the Senior Notes at 100 percent of the principal amount thereof, together with the accrued and unpaid interest, and any applicable make-whole amount.

We have available a $2.0 billion unsecured revolving credit facility with a group of 11 banks that matures in August 2026. Borrowings under the revolving credit facility bear interest on the prevailing U.S. Prime Rate, SOFR, Euro Interbank Offered Rate, or Canadian Dealer Offered Rate, based on our election. Interest is payable either on a quarterly basis or at the end of the borrowing term. We did not have a balance outstanding under the revolving credit facility at October 31, 2023, or April 30, 2023.

We participate in a commercial paper program under which we can issue short-term, unsecured commercial paper not to exceed $2.0 billion at any time. The commercial paper program is backed by our revolving credit facility and reduces what we can borrow under the revolving credit facility by the amount of commercial paper outstanding. Commercial paper is used as a continuing source of short-term financing for general corporate purposes. As of October 31, 2023 and April 30, 2023, we did not have a balance outstanding under the commercial paper program. However, on November 7, 2023, we issued $700.0 of short-term borrowings under our commercial paper program at a weighted-average interest rate of 5.47 percent, to partially finance the acquisition of Hostess Brands. Further, we sold all 5.4 million shares of our investment in Post common stock on November 15, 2023 for $466.3, and as a result, these funds were used to partially pay down the commercial paper balance outstanding.

Interest paid totaled $65.2 and $67.9 for the three months ended October 31, 2023 and 2022, respectively, and $73.6 and $77.3 for the six months ended October 31, 2023 and 2022, respectively. This differs from interest expense due to capitalized interest, the effect of interest rate contracts, the timing of interest payments, amortization of debt issuance costs and discounts, and the payment of other debt fees.

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The components of our net periodic benefit cost for defined benefit pension and other postretirement benefit plans are shown below.

			Three Months Ended October 31,
			Defined Benefit Pension Plans												Other Postretirement Benefits
			2023						2022						2023						2022
Service cost			$	0.3					$	0.3					$	0.2					$	0.3
Interest cost			4.7						4.4						0.7						0.6
Expected return on plan assets			(4.1)						(4.1)						—						—
Amortization of net actuarial loss (gain)			0.8						1.0						(0.4)						(0.3)
Amortization of prior service cost (credit)			—						0.3						(0.2)						(0.3)
Settlement loss (gain)			—						1.7						—						—
Net periodic benefit cost			$	1.7					$	3.6					$	0.3					$	0.3

			Six Months Ended October 31,
			Defined Benefit Pension Plans												Other Postretirement Benefits
			2023						2022						2023						2022
Service cost			$	0.5					$	0.6					$	0.4					$	0.5
Interest cost			9.3						8.8						1.3						1.2
Expected return on plan assets			(8.2)						(8.1)						—						—
Amortization of net actuarial loss (gain)			1.7						2.0						(0.8)						(0.6)
Amortization of prior service cost (credit)			0.1						0.4						(0.3)						(0.4)
Settlement loss (gain)			3.2						1.7						—						—
Net periodic benefit cost			$	6.6					$	5.4					$	0.6					$	0.7

In 2021, we transferred obligations of our Canadian defined benefit pension plan to an insurance company through the purchase of an irrevocable group annuity contract (the “Canadian buy-out contract”). The group annuity contract was purchased using assets from the pension trust. During the first quarter of 2024, we received Board Resolution to proceed with distribution of the surplus that remains within the Canadian defined benefit pension plan. As a result, we recognized a noncash pre-tax settlement charge of $3.2 related to the acceleration of prior service cost for the portion of the plan surplus to be allocated to plan members, which is subject to regulatory approval before a payout can be made. The settlement charge was included within other income (expense) – net in the Condensed Statement of Consolidated Income. We did not recognize any charges related to the Canadian buy-out contract during the six months ended October 31, 2022.

During the first six months of 2023, we made contributions of $70.0 to increase funding for our U.S. qualified defined benefit pension plans. Additionally, we made direct benefit payments of $1.8 for both the six months ended October 31, 2023 and 2022.

We are exposed to market risks, such as changes in commodity prices, foreign currency exchange rates, and interest rates. To manage the volatility related to these exposures, we enter into various derivative transactions. We have policies in place that define acceptable instrument types we may enter into and establish controls to limit our market risk exposure.

Commodity Derivatives: We enter into commodity derivatives to manage the price volatility and reduce the variability of future cash flows related to anticipated inventory purchases of key raw materials, notably green coffee, soybean meal, corn, edible oils, and wheat. We also enter into commodity derivatives to manage price risk for energy input costs, including diesel fuel and natural gas. Our derivative instruments generally have maturities of less than one year.

We do not qualify commodity derivatives for hedge accounting treatment, and as a result, the derivative gains and losses are immediately recognized in earnings. Although we do not perform the assessments required to achieve hedge accounting for derivative positions, we believe all of our commodity derivatives are economic hedges of our risk exposure.

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The commodities hedged have a high inverse correlation to price changes of the derivative instrument. Thus, we would expect that over time any gain or loss in the estimated fair value of its derivatives would generally be offset by an increase or decrease in the estimated fair value of the underlying exposures.

Foreign Currency Exchange Derivatives: We utilize foreign currency derivatives to manage the effect of foreign currency exchange fluctuations on future cash payments primarily related to purchases of certain raw materials and finished goods. The contracts generally have maturities of less than one year. We do not qualify instruments used to manage foreign currency exchange exposures for hedge accounting treatment.

Interest Rate Derivatives: From time to time, we utilize derivative instruments to manage interest rate risk associated with anticipated debt transactions, as well as to manage changes in the fair value of our long-term debt. At the inception of an interest rate contract, the instrument is evaluated and documented for qualifying hedge accounting treatment. If the contract is designated as a cash flow hedge, the mark-to-market gains or losses on the contract are deferred and included as a component of accumulated other comprehensive income (loss) and generally reclassified to interest expense in the period during which the hedged transaction affects earnings. If the contract is designated as a fair value hedge, the contract is recognized at fair value on the balance sheet and changes in the fair value are recognized in interest expense. Generally, changes in the fair value of the contract are equal to changes in the fair value of the underlying debt and have no net impact on earnings.

Equity Forward Derivative: During the first quarter of 2024, we began entering into equity forward derivative transactions under an agreement with an unrelated third party to facilitate the forward sale of the Post common stock. We do not qualify the forward sale derivative contract for hedge accounting treatment, and as a result, derivative gains and losses associated with the economic hedge are immediately recognized in earnings within other income (expense) – net in the Condensed Statement of Consolidated Income, netting with the change in fair value of the underlying shares. All 5.4 million shares of Post common stock were hedged as of October 31, 2023. During the three and six months ended October 31, 2023, we recognized an unrealized gain on the transaction of $33.0 and $33.6, respectively. On November 15, 2023, we settled the equity forward contract for $466.3. For additional information, see Note 4: Divestitures.

The following table presents the gross notional value of outstanding derivative contracts.

			October 31, 2023						April 30, 2023
Commodity contracts			$	328.8					$	448.1
Foreign currency exchange contracts			107.6						98.1
Equity forward contract			432.7						—

The following tables set forth the gross fair value amounts of derivative instruments recognized in the Condensed Consolidated Balance Sheets.

			October 31, 2023
			Other Current Assets						Other Current Liabilities						Other Noncurrent Assets						Other Noncurrent Liabilities
Derivatives not designated as hedging instruments:
Commodity contracts			$	7.5					$	8.4					$	—					$	—
Foreign currency exchange contracts			3.2						—						—						—
Equity forward contract			33.6						—						—						—
Total derivative instruments			$	44.3					$	8.4					$	—					$	—

			April 30, 2023
			Other Current Assets						Other Current Liabilities						Other Noncurrent Assets						Other Noncurrent Liabilities
Derivatives not designated as hedging instruments:
Commodity contracts			$	18.1					$	14.7					$	—					$	—
Foreign currency exchange contracts			1.4						0.1						—						—
Total derivative instruments			$	19.5					$	14.8					$	—					$	—

We have elected to not offset fair value amounts recognized for our exchange-traded derivative instruments and our cash margin accounts executed with the same counterparty that are generally subject to enforceable netting agreements. We are

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required to maintain cash margin accounts in connection with funding the settlement of our open positions. Our cash margin accounts represented collateral pledged of $11.5 and $17.0 at October 31, 2023, and April 30, 2023, respectively, and are included in other current assets in the Condensed Consolidated Balance Sheets. The change in the cash margin accounts is included in other – net, investing activities in the Condensed Statements of Consolidated Cash Flows. In the event of default and immediate net settlement of all of our open positions with individual counterparties, all of our derivative liabilities would be fully offset by either our derivative asset positions or margin accounts based on the net asset or liability position with our individual counterparties. Cash flows associated with the settlement of derivative instruments are classified in the same line item as the cash flows of the related hedged item, which is within operating activities in the Condensed Statements of Consolidated Cash Flows.

Economic Hedges

The following table presents the net gains and losses recognized in cost of products sold in the Condensed Statements of Consolidated Income on derivatives not designated as hedging instruments.

			Three Months Ended October 31,												Six Months Ended October 31,
			2023						2022						2023						2022
Derivative gains (losses) on commodity contracts			$	(5.0)					$	(19.3)					$	2.8					$	(28.2)
Derivative gains (losses) on foreign currency exchange contracts			4.8						4.8						2.6						4.6
Total derivative gains (losses) recognized in cost of products sold			$	(0.2)					$	(14.5)					$	5.4					$	(23.6)

Commodity and foreign currency exchange derivative gains and losses are reported in unallocated derivative gains and losses outside of segment operating results until the related inventory is sold. At that time, we reclassify the hedge gains and losses from unallocated derivative gains and losses to segment profit, allowing our segments to realize the economic effect of the hedge without experiencing any mark-to-market volatility. The following table presents the net change in cumulative unallocated derivative gains and losses.

			Three Months Ended October 31,												Six Months Ended October 31,
			2023						2022						2023						2022
Net derivative gains (losses) recognized and classified as unallocated			$	(0.2)					$	(14.5)					$	5.4					$	(23.6)
Less: Net derivative gains (losses) reclassified to segment operating profit			26.1						12.6						21.3						37.3
Change in net cumulative unallocated derivative gains and losses			$	(26.3)					$	(27.1)					$	(15.9)					$	(60.9)

Net cumulative unallocated derivative gains and losses net to zero at October 31, 2023 and were $15.9 at April 30, 2023.

Cash Flow Hedges

In 2020, we terminated all outstanding interest rate contracts concurrent with the pricing of the Senior Notes due March 15, 2030, and March 15, 2050. The contracts were designated as cash flow hedges and were used to manage our exposure to interest rate volatility associated with the anticipated debt financing. The termination resulted in a pre-tax loss of $239.8, which was deferred and included as a component of accumulated other comprehensive income (loss) and is being amortized as interest expense over the life of the debt.

The following table presents information on the pre-tax gains and losses recognized on all contracts previously designated as cash flow hedges.

			Three Months Ended October 31,												Six Months Ended October 31,
			2023						2022						2023						2022
Gains (losses) recognized in other comprehensive income (loss)			$	—					$	—					$	—					$	—
Less: Gains (losses) reclassified from accumulated other comprehensive income (loss) to interest expense – net (A)			(3.4)						(3.5)						(6.8)						(6.8)
Change in accumulated other comprehensive income (loss)			$	3.4					$	3.5					$	6.8					$	6.8

(A)Interest expense – net, as presented in the Condensed Statements of Consolidated Income was $35.1 and $39.7 for the three months ended October 31, 2023 and 2022, respectively, and $67.2 and $78.8 for the six months ended October 31, 2023 and 2022, respectively. The reclassification includes terminated contracts which were designated as cash flow hedges.

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Included as a component of accumulated other comprehensive income (loss) at October 31, 2023, and April 30, 2023, were deferred net pre-tax losses of $193.9 and $200.7, respectively, related to the terminated interest rate contracts. The related net tax benefit recognized in accumulated other comprehensive income (loss) at October 31, 2023, and April 30, 2023, was $45.5 and $47.1, respectively. Approximately $13.6 of the net pre-tax loss will be recognized over the next 12 months related to the terminated interest rate contracts.

Financial instruments, other than derivatives, that potentially subject us to significant concentrations of credit risk consist principally of cash investments and trade receivables. The carrying value of these financial instruments approximates fair value. Our remaining financial instruments, with the exception of long-term debt, are recognized at estimated fair value in the Condensed Consolidated Balance Sheets.

The following table provides information on the carrying amounts and fair values of our financial instruments.

			October 31, 2023												April 30, 2023
			Carrying Amount						Fair Value						Carrying Amount						Fair Value
Marketable securities and other investments			$	22.4					$	22.4					$	24.0					$	24.0
Derivative financial instruments – net			35.9						35.9						4.7						4.7
Investment in equity securities			432.7						432.7						487.8						487.8
Total long-term debt			(7,771.7)						(7,156.5)						(4,314.2)						(3,879.1)

Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Valuation techniques are based on observable and unobservable inputs. Observable inputs reflect readily obtainable data from independent sources, while unobservable inputs reflect our market assumptions.

The following tables summarize the fair values and the levels within the fair value hierarchy in which the fair value measurements fall for our financial instruments.

			Quoted Prices in Active Markets for Identical Assets (Level 1)						Significant Observable Inputs (Level 2)						Significant Unobservable Inputs (Level 3)						Fair Value at October 31, 2023
Marketable securities and other investments: (A)
Equity mutual funds			$	5.0					$	—					$	—					$	5.0
Municipal obligations			—						17.1						—						17.1
Money market funds			0.3						—						—						0.3
Derivative financial instruments: (B)
Commodity contracts – net			(1.4)						0.5						—						(0.9)
Foreign currency exchange contracts – net			0.9						2.3						—						3.2
Equity forward contract – net			—						33.6						—						33.6
Investment in equity securities (C)			432.7						—						—						432.7
Total long-term debt (D)			(7,156.5)						—						—						(7,156.5)
Total financial instruments measured at fair value			$	(6,719.0)					$	53.5					$	—					$	(6,665.5)

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			Quoted Prices in Active Markets for Identical Assets (Level 1)						Significant Observable Inputs (Level 2)						Significant Unobservable Inputs (Level 3)						Fair Value at April 30, 2023
Marketable securities and other investments: (A)
Equity mutual funds			$	5.0					$	—					$	—					$	5.0
Municipal obligations			—						18.6						—						18.6
Money market funds			0.4						—						—						0.4
Derivative financial instruments: (B)
Commodity contracts – net			2.7						0.7						—						3.4
Foreign currency exchange contracts – net			0.2						1.1						—						1.3
Investment in equity securities (C)			487.8						—						—						487.8
Total long-term debt (D)			(3,879.1)						—						—						(3,879.1)
Total financial instruments measured at fair value			$	(3,383.0)					$	20.4					$	—					$	(3,362.6)

(A)Marketable securities and other investments consists of funds maintained for the payment of benefits associated with nonqualified retirement plans. The funds include equity securities listed in active markets, municipal obligations valued by a third-party using valuation techniques that utilize inputs that are derived principally from or corroborated by observable market data, and money market funds with maturities of three months or less. Based on the short-term nature of these money market funds, carrying value approximates fair value. As of October 31, 2023, our municipal obligations are scheduled to mature as follows: $0.7 in 2024, $1.3 in 2025, $0.8 in 2026, $4.4 in 2027, $0.4 in 2028, and the remaining $9.5 in 2029 and beyond.

(B)Level 1 commodity and foreign currency exchange derivatives are valued using quoted market prices for identical instruments in active markets. Level 2 commodity, foreign currency exchange, and equity forward derivatives are valued using quoted prices for similar assets or liabilities in active markets. The unrealized pre-tax gain on the equity forward derivative was included in other income (expense) – net in the Condensed Statement of Consolidated Income. In addition, all 5.4 million shares of Post common stock were hedged as of October 31, 2023. On November 15, 2023, we settled the equity forward contract for $466.3.For additional information, see Note 10: Derivative Financial Instruments.

(C)The market approach is utilized to measure the fair value of equity securities. The investment in equity securities represents our equity interest in Post of approximately 9 percent as of October 31, 2023, which is valued using the trading value of Post common stock. During the six months ended October 31, 2023, we recognized an unrealized pre-tax loss of $55.1 on the investment, which was included in other income (expense) – net in the Condensed Statement of Consolidated Income. On November 15, 2023, we sold all 5.4 million shares of Post common stock, and they settled for $466.3. For additional information, see Note 4: Divestitures.

(D)Long-term debt is composed of public Senior Notes, which are traded in an active secondary market and valued using quoted prices. For additional information, see Note 8: Debt and Financing Arrangements.

We lease certain warehouses, manufacturing facilities, office space, equipment, and vehicles, primarily through operating lease agreements. We have elected to not recognize leases with a term of 12 months or less in the Condensed Consolidated Balance Sheets. Instead, we recognize the related lease expense on a straight-line basis over the lease term.

Although the majority of our right-of-use asset and lease liability balances consist of leases with renewal options, these optional periods do not typically impact the lease term as we are not reasonably certain to exercise them. Certain leases also include termination provisions or options to purchase the leased property. Since we are not reasonably certain to exercise these types of options, minimum lease payments do not include any amounts related to these termination or purchase options. Our lease agreements generally do not contain residual value guarantees or restrictive covenants that are material.

We determine if an agreement is or contains a lease at inception by evaluating whether an identified asset exists that we control over the term of the arrangement. A lease commences when the lessor makes the identified asset available for our use. We generally account for lease and non-lease components as a single lease component. Minimum lease payments do not include variable lease payments other than those that depend on an index or rate.

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Because the interest rate implicit in the lease cannot be readily determined for the majority of our leases, we utilize our incremental borrowing rate to present value lease payments using information available at the lease commencement date. We consider our credit rating and the current economic environment in determining this collateralized rate. As of October 31, 2023, we have entered into operating lease commitments related to one distribution center and one commercial property for which the leases have not yet commenced as of that date. The leases will begin during the third quarter of 2024, and upon commencement, we expect to recognize aggregate right-of-use assets and lease liabilities of approximately $12.0 in the Condensed Consolidated Balance Sheet.

In addition, as of October 31, 2023, we have entered into a financing lease commitment related to equipment for which the lease has not yet commenced as of that date. The lease will begin during the third quarter of 2024, and upon commencement, we expect to recognize a right-of-use asset and lease liability of approximately $1.1 in the Condensed Consolidated Balance Sheet.

The following table sets forth the right-of-use assets and lease liabilities recognized in the Condensed Consolidated Balance Sheets.

			October 31, 2023						April 30, 2023
Operating lease right-of-use assets			$	158.4					$	103.0
Operating lease liabilities:
Current operating lease liabilities			$	33.2					$	33.2
Noncurrent operating lease liabilities			132.9						77.2
Total operating lease liabilities			$	166.1					$	110.4
Finance lease right-of-use assets:
Machinery and equipment			$	14.5					$	7.7
Accumulated depreciation			(6.5)						(4.4)
Total property, plant, and equipment			$	8.0					$	3.3
Finance lease liabilities:
Other current liabilities			$	2.2					$	1.2
Other noncurrent liabilities			6.0						2.2
Total finance lease liabilities			$	8.2					$	3.4

The following table summarizes the components of lease expense.

			Three Months Ended October 31,												Six Months Ended October 31,
			2023						2022						2023						2022
Operating lease cost			$	11.2					$	10.3					$	23.9					$	20.8
Finance lease cost:
Amortization of right-of-use assets			1.7						0.4						2.0						0.8
Interest on lease liabilities			0.2						—						0.3						—
Variable lease cost			5.1						5.6						11.2						11.7
Short-term lease cost			11.2						10.8						20.6						22.6
Total lease cost (A)			$	29.4					$	27.1					$	58.0					$	55.9

(A)Total lease cost does not include sublease income which is immaterial for all years presented.

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The following table sets forth cash flow and noncash information related to leases.

			Six Months Ended October 31,
			2023						2022
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases			$	22.9					$	21.6
Operating cash flows from finance leases			0.3						—
Financing cash flows from finance leases			1.9						1.0
Right-of-use assets obtained in exchange for new lease liabilities:
Operating leases			$	75.2					$	1.6
Finance leases			6.5						1.3

The following table summarizes the maturity of our lease liabilities by fiscal year.

			October 31, 2023
			Operating Leases						Finance Leases
2024 (remainder of the year)			$	20.6					$	1.3
2025			35.8						2.4
2026			32.8						2.0
2027			18.8						1.7
2028			14.3						1.4
2029 and beyond			72.4						0.3
Total undiscounted minimum lease payments			$	194.7					$	9.1
Less: Imputed interest			28.6						0.9
Lease liabilities			$	166.1					$	8.2

The following table sets forth the weighted average remaining lease term and discount rate.

			October 31, 2023						April 30, 2023
Weighted average remaining lease term (in years):
Operating leases			4.0						4.8
Finance leases			6.8						3.1
Weighted average discount rate:
Operating leases			4.1		%				3.3		%
Finance leases			4.5		%				2.4		%

The effective income tax rates for the three months ended October 31, 2023 and 2022, were 21.9 and 24.4 percent, respectively, and for the six months ended October 31, 2023 and 2022, were 22.4 and 23.6 percent, respectively. During the three and six months ended October 31, 2023, the effective income tax rates varied from the U.S. statutory income tax rate of 21.0 percent primarily due to state income taxes, partially offset by the recognition of a deductible outside basis difference related to the divestiture of the Sahale Snacks brand, which was classified as held for sale as of October 31, 2023, as discussed in Note 4: Divestitures. During the three and six months ended October 31, 2022, the effective income tax rate varied from the U.S. statutory income tax rate of 21.0 percent primarily due to state income taxes.

Within the next 12 months, it is reasonably possible that we could decrease our unrecognized tax benefits by an estimated $2.1, primarily as a result of the expiration of statute of limitation periods.

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The components of accumulated other comprehensive income (loss), including the reclassification adjustments for items that are reclassified from accumulated other comprehensive income (loss) to net income, are shown below.

			Foreign Currency Translation Adjustment						Net Gains (Losses) on Cash Flow Hedging Derivatives (A)						Pension and Other Postretirement Liabilities (B)						Unrealized  Gain (Loss) on Available- for-Sale Securities						Accumulated Other Comprehensive Income (Loss)
Balance at May 1, 2023			$	(34.3)					$	(153.6)					$	(52.7)					$	1.4					$	(239.2)
Reclassification adjustments			—						6.8						3.9						—						10.7
Current period credit (charge)			(6.6)						—						(3.2)						(0.5)						(10.3)
Income tax benefit (expense)			—						(1.6)						(0.2)						0.1						(1.7)
Balance at October 31, 2023			$	(40.9)					$	(148.4)					$	(52.2)					$	1.0					$	(240.5)

			Foreign Currency Translation Adjustment						Net Gains (Losses) on Cash Flow Hedging Derivatives (A)						Pension and Other Postretirement Liabilities (B)						Unrealized Gain (Loss) on Available- for-Sale Securities						Accumulated Other Comprehensive Income (Loss)
Balance at May 1, 2022			$	(21.1)					$	(163.9)					$	(54.2)					$	1.8					$	(237.4)
Reclassification adjustments			—						6.8						3.1						—						9.9
Current period credit (charge)			(15.0)						—						(1.8)						(1.3)						(18.1)
Income tax benefit (expense)			—						(1.7)						(0.4)						0.4						(1.7)
Balance at October 31, 2022			$	(36.1)					$	(158.8)					$	(53.3)					$	0.9					$	(247.3)

(A)The reclassification from accumulated other comprehensive income (loss) is composed of deferred gains (losses) related to terminated interest rate contracts which were reclassified to interest expense – net. For additional information, see Note 10: Derivative Financial Instruments.

(B)The reclassification from accumulated other comprehensive income (loss) to other income (expense) – net is composed of settlement charges and amortization of net losses and prior service costs. For additional information, see Note 9: Pensions and Other Postretirement Benefits.

We, like other food manufacturers, are from time to time subject to various administrative, regulatory, and other legal proceedings arising in the ordinary course of business. We are currently a defendant in a variety of such legal proceedings, and while we cannot predict with certainty the ultimate results of these proceedings or potential settlements associated with these or other matters, we have accrued losses for certain contingent liabilities that we have determined are probable and reasonably estimable at October 31, 2023. Based on the information known to date, with the exception of the matters discussed below, we do not believe the final outcome of these proceedings will have a material adverse effect on our financial position, results of operations, or cash flows.

We are defendants in a series of putative class action lawsuits that were transferred to the U.S. District Court for the Western District of Missouri for coordinated pre-trial proceedings. The plaintiffs assert claims arising under various state laws for false advertising, consumer protection, deceptive and unfair trade practices, and similar statutes. Their claims are premised on allegations that we have misrepresented the number of servings that can be made from various canisters of Folgers coffee on the packaging for those products.

The outcome and the financial impact of these cases, if any, cannot be predicted at this time. Accordingly, no loss contingency has been recorded for these matters as of October 31, 2023, and the likelihood of loss is not considered probable or estimable. However, if we are required to pay significant damages, our business and financial results could be adversely impacted, and sales of those products could suffer not only in these locations but elsewhere.

Product Recall: In May 2022, we initiated a voluntary recall of select Jif peanut butter products produced at our Lexington, Kentucky facility and sold primarily in the U.S., due to potential salmonella contamination. At that time, we also suspended the manufacturing of Jif peanut butter products at the Lexington facility and temporarily paused shipments from our Memphis, Tennessee facility. No other products produced at our other facilities were affected by the recall. In June 2022, we resumed manufacturing at our Lexington facility, as well as shipping from our Memphis facility. We partnered with retailers to restock

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Jif peanut butter products during the first quarter of 2023 and returned to normal levels at the end of 2023. We recognized total direct costs associated with the recall of approximately $120.0, net of insurance recoveries, related to customer returns, fees, unsaleable inventory, and other product recall-related costs, primarily within our U.S. Retail Consumer Foods segment. Approximately $25.0 and $90.0 of direct costs were recognized during the three and six months ended October 31, 2022, and no significant direct costs were recognized during the three and six months ended October 31, 2023.

Further, the U.S. Food and Drug Administration (the “FDA”) issued a Warning Letter on January 24, 2023, following an inspection of our Lexington facility completed in June 2022 in connection with the Jif voluntary recall, identifying concerns regarding certain practices and controls at the facility. We have responded to the Warning Letter with a detailed explanation of our food safety plan and extensive verification activities to prevent contamination in Jif peanut butter products. In addition, we have worked diligently to further strengthen our already stringent quality processes, including doubling our finished product testing and tripling our environmental testing to verify the efficacy of our actions. The FDA or other agencies may nonetheless conclude that certain practices or controls were not in compliance with the Federal Food, Drug, and Cosmetic Act or other laws. Any potential regulatory action based on such an agency conclusion could result in the imposition of injunctive terms and monetary payments that could have a material adverse effect on our business, reputation, brand, results of operations, and financial performance, as well as affect ongoing consumer litigation associated with the voluntary recall of Jif peanut butter products. The outcome and financial impact of the ongoing consumer litigation or any potential regulatory action associated with the Jif voluntary recall cannot be predicted at this time. Accordingly, no loss contingency has been recorded for these matters as of October 31, 2023, and the likelihood of loss is not considered probable or estimable.

The following table sets forth common share information.

			October 31, 2023						April 30, 2023
Common shares authorized			300.0						300.0
Common shares outstanding			102.2						104.4
Treasury shares			44.3						42.1

Repurchase Program: On March 2, 2023, we entered into a share repurchase plan (the “10b5-1 Plan”) established in accordance with Rule 10b5-1 of the Exchange Act in connection with the remaining common shares authorized for repurchase by the Board, which was approximately 3.5 million common shares as of April 30, 2023. In accordance with the 10b5-1 Plan, our designated broker had the authority to repurchase approximately 2.4 million common shares, which commenced upon the sale of certain pet food brands on April 28, 2023, and expired 45 calendar days after the closure of the transaction. During the six months ended October 31, 2023, we repurchased approximately 2.4 million common shares for $362.8 under the 10b5-1 Plan, and approximately 1.1 million common shares remain available for repurchase. In accordance with The Inflation Reduction Act of 2022, H.R. 5376 (the “Inflation Reduction Act”), a one percent excise tax was applied to share repurchases after December 31, 2022. As a result, an excise tax of $3.6 was accrued on the repurchased shares during the first quarter of 2024, and included within additional capital in our Condensed Consolidated Balance Sheet.

During the six months ended October 31, 2022, we did not repurchase any common shares under a repurchase plan authorized by the Board. All other share repurchases during the six months ended October 31, 2023 and 2022, consisted of shares repurchased from stock plan recipients in lieu of cash payments.

On November 7, 2023, we acquired Hostess Brands, and as a result, we issued approximately 4.0 million common shares valued at $450.2 in exchange for the outstanding shares of Hostess Brands common stock. The shares issued were based on each outstanding share of Hostess Brands common stock receiving $30.00 per share in cash and 0.03002 shares of our common shares, which represents a value of $4.25 based on the closing stock price of our common shares on September 8, 2023, the last trading day preceding September 11, 2023, the date on which the execution of the Hostess Brands merger agreement was publicly announced. For additional information on the acquisition of Hostess Brands, see Note 3: Acquisition.

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Item 5. Other Information.

(c) Trading Plans

During the first six months of 2024, no director or Section 16 officer adopted, modified, or terminated any Rule 10b5-1 trading arrangements or non-Rule 10b5-1 trading arrangements.

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v3.23.3

Document and Entity Information - shares	6 Months Ended
	Oct. 31, 2023	Nov. 28, 2023
Entity Listings [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Oct. 31, 2023
Document Transition Report	false
Entity File Number	1-5111
Entity Registrant Name	The J. M. Smucker Company
Entity Incorporation, State or Country Code	OH
Entity Tax Identification Number	34-0538550
Entity Address, Address Line One	One Strawberry Lane
Entity Address, City or Town	Orrville,
Entity Address, State or Province	OH
Entity Address, Postal Zip Code	44667-0280
City Area Code	(330)
Local Phone Number	682-3000
Title of 12(b) Security	Common shares, no par value
Trading Symbol	SJM
Security Exchange Name	NYSE
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Central Index Key	0000091419
Amendment Flag	false
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q2
Current Fiscal Year End Date	--04-30
Entity Common Stock, Shares Outstanding		106,143,808

v3.23.3

Condensed Statements of Consolidated Income (Unaudited) - USD ($) $ in Millions		3 Months Ended		6 Months Ended
		Oct. 31, 2023	Oct. 31, 2022	Oct. 31, 2023	Oct. 31, 2022
Income Statement [Abstract]
Net sales		$ 1,938.6	$ 2,205.1	$ 3,743.8	$ 4,078.1
Cost of products sold	[1]	1,214.4	1,504.0	2,364.8	2,824.5
Gross Profit		724.2	701.1	1,379.0	1,253.6
Selling, distribution, and administrative expenses		333.5	354.3	647.1	698.1
Amortization		39.6	55.6	79.4	111.2
Other special project costs	[1],[2]	6.8	0.7	6.8	2.1
Other operating expense (income) – net		45.4	(2.9)	43.3	(30.9)
Operating Income		298.9	293.4	602.4	473.1
Interest expense – net		(35.1)	(39.7)	(67.2)	(78.8)
Other debt costs	[1],[2]	(19.5)	0.0	(19.5)	0.0
Other income (expense) – net	[1],[2]	5.1	(0.8)	(27.9)	(0.3)
Income Before Income Taxes		249.4	252.9	487.8	394.0
Income tax expense		54.5	61.8	109.3	93.1
Net Income		$ 194.9	$ 191.1	$ 378.5	$ 300.9
Earnings per common share:
Net Income (in dollars per share)		$ 1.91	$ 1.79	$ 3.70	$ 2.82
Net Income - Assuming Dilution (in dollars per share)		$ 1.90	$ 1.79	$ 3.69	$ 2.82
[1] Includes certain divestiture, acquisition, integration, and restructuring costs (“special project costs”). For more information, see Note 5: Special Project Costs, Note 6: Reportable Segments, and Note 8: Debt and Financing Arrangements. [2] Includes certain divestiture, acquisition, integration, and restructuring costs. For more information, see Note 5: Special Project Costs and Note 8: Debt and Financing Arrangements.

v3.23.3

Condensed Statements of Consolidated Comprehensive Income (Unaudited) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Oct. 31, 2023	Oct. 31, 2022	Oct. 31, 2023	Oct. 31, 2022
Statement of Comprehensive Income [Abstract]
Net income	$ 194.9	$ 191.1	$ 378.5	$ 300.9
Other comprehensive income (loss):
Foreign currency translation adjustments	(14.0)	(16.4)	(6.6)	(15.0)
Cash flow hedging derivative activity, net of tax	2.6	2.6	5.2	5.1
Pension and other postretirement benefit plans activity, net of tax	0.1	0.5	0.5	0.9
Available-for-sale securities activity, net of tax	(0.2)	(0.6)	(0.4)	(0.9)
Total Other Comprehensive Income (Loss)	(11.5)	(13.9)	(1.3)	(9.9)
Comprehensive Income	$ 183.4	$ 177.2	$ 377.2	$ 291.0

v3.23.3

Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Millions	Oct. 31, 2023	Apr. 30, 2023
Current Assets
Cash and cash equivalents	$ 3,623.9	$ 655.8
Trade receivables – net	587.9	597.6
Inventories:
Finished products	696.4	657.6
Raw materials	388.5	352.2
Total Inventory	1,084.9	1,009.8
Investment in equity securities	432.7	487.8
Other current assets	134.7	107.7
Total Current Assets	5,864.1	2,858.7
Property, Plant, and Equipment
Land and land improvements	131.0	131.0
Buildings and fixtures	993.9	956.1
Machinery and equipment	2,508.0	2,443.5
Construction in progress	746.6	629.4
Gross Property, Plant, and Equipment	4,379.5	4,160.0
Accumulated depreciation	(1,990.2)	(1,920.5)
Total Property, Plant, and Equipment	2,389.3	2,239.5
Other Noncurrent Assets
Operating lease right-of-use assets	158.4	103.0
Goodwill	5,213.2	5,216.9
Other intangible assets – net	4,349.3	4,429.3
Other noncurrent assets	149.4	144.0
Total Other Noncurrent Assets	9,870.3	9,893.2
Total Assets	18,123.7	14,991.4
Current Liabilities
Accounts payable	1,250.3	1,392.6
Accrued trade marketing and merchandising	185.5	187.7
Current operating lease liabilities	33.2	33.2
Other current liabilities	365.4	373.2
Total Current Liabilities	1,834.4	1,986.7
Noncurrent Liabilities
Long-term debt	7,771.7	4,314.2
Deferred income taxes	1,123.6	1,138.9
Noncurrent operating lease liabilities	132.9	77.2
Other noncurrent liabilities	172.2	183.6
Total Noncurrent Liabilities	9,200.4	5,713.9
Total Liabilities	11,034.8	7,700.6
Shareholders’ Equity
Common shares	25.5	26.1
Additional capital	5,252.8	5,371.8
Retained income	2,051.1	2,132.1
Accumulated other comprehensive income (loss)	(240.5)	(239.2)
Total Shareholders’ Equity	7,088.9	7,290.8
Total Liabilities and Shareholders’ Equity	$ 18,123.7	$ 14,991.4

v3.23.3

Condensed Statements of Consolidated Cash Flows (Unaudited) - USD ($) $ in Millions	6 Months Ended
	Oct. 31, 2023	Oct. 31, 2022
Operating Activities
Net income	$ 378.5	$ 300.9
Adjustments to reconcile net income to net cash provided by (used for) operations:
Depreciation	103.2	112.2
Amortization	79.4	111.2
Pension settlement loss (gain)	3.2	1.7
Unrealized loss (gain) on investment in equity securities – net	21.5	0.0
Share-based compensation expense	13.7	5.3
Loss (gain) on divestitures – net	12.6	(1.6)
Deferred income tax expense (benefit)	(16.3)	0.0
Other noncash adjustments – net	10.2	12.3
Defined benefit pension contributions	(1.8)	(71.8)
Changes in assets and liabilities, net of effect from divestitures:
Trade receivables	8.7	(87.1)
Inventories	(76.5)	(273.8)
Other current assets	2.0	19.1
Accounts payable	(92.9)	77.5
Accrued liabilities	34.7	20.8
Income and other taxes	(64.0)	(56.3)
Other – net	(21.4)	(4.4)
Net Cash Provided by (Used for) Operating Activities	394.8	166.0
Investing Activities
Additions to property, plant, and equipment	(299.0)	(190.4)
Other – net	5.3	(18.9)
Net Cash Provided by (Used for) Investing Activities	(293.7)	(209.3)
Financing Activities
Short-term borrowings (repayments) – net	0.0	118.2
Proceeds from long-term debt	3,485.0	0.0
Capitalized debt issuance costs	(28.9)	0.0
Quarterly dividends paid	(213.2)	(213.5)
Purchase of treasury shares	(372.4)	(7.9)
Proceeds from stock option exercises	1.2	6.1
Other – net	(4.0)	(1.7)
Net Cash Provided by (Used for) Financing Activities	2,867.7	(98.8)
Effect of exchange rate changes on cash	(0.7)	(0.7)
Net increase (decrease) in cash and cash equivalents	2,968.1	(142.8)
Cash and cash equivalents at beginning of period	655.8	169.9
Cash and Cash Equivalents at End of Period	$ 3,623.9	$ 27.1

v3.23.3

Condensed Statements of Consolidated Shareholders' Equity (Unaudited) - USD ($) $ in Millions	Total	Common Shares	Additional Capital	Retained Income	Accumulated Other Comprehensive Income (Loss)
Balance at Apr. 30, 2022	$ 8,140.1	$ 26.6	$ 5,457.9	$ 2,893.0	$ (237.4)
Balance, shares at Apr. 30, 2022		106,458,317
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	109.8			109.8
Other comprehensive income (loss)	4.0				4.0
Comprehensive Income	113.8
Purchase of treasury shares	(7.8)	$ 0.0	(6.7)	(1.1)
Purchase of treasury shares, shares		(61,693)
Stock plans	6.5	$ 0.0	6.5	0.0
Stock plans, shares		162,735
Cash dividends declared	(108.3)			(108.3)
Balance at Jul. 31, 2022	8,144.3	$ 26.6	5,457.7	2,893.4	(233.4)
Balance, shares at Jul. 31, 2022		106,559,359
Balance at Apr. 30, 2022	8,140.1	$ 26.6	5,457.9	2,893.0	(237.4)
Balance, shares at Apr. 30, 2022		106,458,317
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	300.9
Other comprehensive income (loss)	(9.9)
Comprehensive Income	291.0
Balance at Oct. 31, 2022	8,217.3	$ 26.6	5,462.0	2,976.0	(247.3)
Balance, shares at Oct. 31, 2022		106,626,536
Balance at Jul. 31, 2022	8,144.3	$ 26.6	5,457.7	2,893.4	(233.4)
Balance, shares at Jul. 31, 2022		106,559,359
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	191.1			191.1
Other comprehensive income (loss)	(13.9)				(13.9)
Comprehensive Income	177.2
Purchase of treasury shares	(0.1)	$ 0.0	(0.1)	0.0
Purchase of treasury shares, shares		(580)
Stock plans	4.4	$ 0.0	4.4
Stock plans, shares		67,757
Cash dividends declared	(108.5)			(108.5)
Balance at Oct. 31, 2022	8,217.3	$ 26.6	5,462.0	2,976.0	(247.3)
Balance, shares at Oct. 31, 2022		106,626,536
Balance at Apr. 30, 2023	$ 7,290.8	$ 26.1	5,371.8	2,132.1	(239.2)
Balance, shares at Apr. 30, 2023	104,400,000	104,398,618
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	$ 183.6			183.6
Other comprehensive income (loss)	10.2				10.2
Comprehensive Income	193.8
Purchase of treasury shares	(375.6)	$ (0.6)	(132.1)	(242.9)
Purchase of treasury shares, shares		(2,410,863)
Stock plans	1.3	$ 0.0	2.4	(1.1)
Stock plans, shares		144,918
Cash dividends declared	(106.9)			(106.9)
Balance at Jul. 31, 2023	7,003.4	$ 25.5	5,242.1	1,964.8	(229.0)
Balance, shares at Jul. 31, 2023		102,132,673
Balance at Apr. 30, 2023	$ 7,290.8	$ 26.1	5,371.8	2,132.1	(239.2)
Balance, shares at Apr. 30, 2023	104,400,000	104,398,618
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	$ 378.5
Other comprehensive income (loss)	(1.3)
Comprehensive Income	377.2
Balance at Oct. 31, 2023	$ 7,088.9	$ 25.5	5,252.8	2,051.1	(240.5)
Balance, shares at Oct. 31, 2023	102,200,000	102,154,601
Balance at Jul. 31, 2023	$ 7,003.4	$ 25.5	5,242.1	1,964.8	(229.0)
Balance, shares at Jul. 31, 2023		102,132,673
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	194.9			194.9
Other comprehensive income (loss)	(11.5)				(11.5)
Comprehensive Income	183.4
Purchase of treasury shares	(0.4)	$ 0.0	(0.4)	0.0
Purchase of treasury shares, shares		(3,139)
Stock plans	11.1	$ 0.0	11.1
Stock plans, shares		25,067
Cash dividends declared	(108.6)			(108.6)
Balance at Oct. 31, 2023	$ 7,088.9	$ 25.5	$ 5,252.8	$ 2,051.1	$ (240.5)
Balance, shares at Oct. 31, 2023	102,200,000	102,154,601

v3.23.3

Condensed Statements of Consolidated Shareholders' Equity (Unaudited) (Parentheticals) - $ / shares	3 Months Ended
	Oct. 31, 2023	Jul. 31, 2023	Oct. 31, 2022	Jul. 31, 2022
Statement of Stockholders' Equity [Abstract]
Cash dividends declared, per common share	$ 1.06	$ 1.06	$ 1.02	$ 1.02

v3.23.3

Basis of Presentation	6 Months Ended
	Oct. 31, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Presentation	The unaudited interim condensed consolidated financial statements of The J.M. Smucker Company (“Company,” “we,” “us,” or “our”) have been prepared in accordance with United States (“U.S.”) generally accepted accounting principles (“GAAP”) for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all the information and notes required by U.S. GAAP for complete financial statements. In the opinion of management, all adjustments of a normal recurring nature considered necessary for a fair presentation have been included. Operating results for the six months ended October 31, 2023, are not necessarily indicative of the results that may be expected for the year ending April 30, 2024. For further information, reference is made to the consolidated financial statements and notes included in our Annual Report on Form 10-K for the year ended April 30, 2023.

v3.23.3

Recently Issued Accounting Standards	6 Months Ended
	Oct. 31, 2023
Accounting Changes and Error Corrections [Abstract]
Recently Issued Accounting Standards	In November 2023, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2023-07, Segment Reporting (Topic 280) Improvements to Reportable Segment Disclosures. ASU 2023-07 will improve reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses on an interim and annual basis. It will be effective for us on May 1, 2024, with the option to early adopt at any time prior to the effective date and will require adoption on a retrospective basis. We are currently evaluating the impacts of the standard on our financial statements and disclosures. In July 2023, the U.S. Securities and Exchange Commission (the “SEC”) adopted the final rule under SEC Release No. 33-11216, Cybersecurity Risk Management, Strategy, Governance, and Incident Disclosure, requiring current reporting about material cybersecurity incidents and annual disclosures on management’s processes for assessing, identifying, and managing material cybersecurity risks, the material impacts of cybersecurity threats and previous cybersecurity incidents, the Board of Directors’ (the “Board”) oversight of cybersecurity risks, and management’s role and expertise in assessing and managing material cybersecurity risks. SEC Release No. 33-11216 will be effective for us during the third quarter of 2024. We do not anticipate that the adoption of these amendments will have a material impact on our financial statements and disclosures. In May 2023, the SEC adopted the final rule under SEC Release No. 34-97424, Share Repurchase Disclosure Modernization, requiring disclosures related to issuers’ share repurchases pursuant to authorizations by the Board, inclusive of 10b5-1 plans established in accordance with Rule 10b5-1 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), that will provide investors with enhanced information to assess the purposes and effects of the repurchases. SEC Release No. 34-97424 would have been effective for us during the third quarter of 2024, but the SEC recently issued an order postponing the effective date. We do not anticipate that the adoption of these amendments will have a material impact on our financial statements and disclosures. In December 2022, the SEC adopted the final rule under SEC Release No. 33-11138, Insider Trading Arrangements and Related Disclosures, which requires new disclosures regarding insider trading policies and procedures, the use of Rule 10b5-1 plans by directors and officers, and stock option grants issued in close proximity to the release of material nonpublic information. SEC Release No. 33-11138 was effective for us on May 1, 2023, and did not have a material impact on our financial statements and disclosures. In March 2022, the SEC issued the proposed rule under SEC Release No. 33-11042, The Enhancement and Standardization of Climate-Related Disclosures for Investors, to enhance and standardize the climate-related disclosures provided by public companies. This update will require the disclosure of greenhouse gas emissions, including Scope 1 and Scope 2 emissions, which will be subject to third-party assurance, as well as climate-related targets and goals, and how the Board and management oversee climate-related risks. As of October 31, 2023, these amendments were not adopted by the SEC; however, we anticipate that the adoption of these amendments will have a material impact on our financial statements and disclosures.

v3.23.3

Acquisition	3 Months Ended
	Oct. 31, 2023
Business Combination and Asset Acquisition [Abstract]
Acquisition	During the second quarter of 2024, we announced a definitive agreement to acquire Hostess Brands, Inc. (“Hostess Brands”). On November 7, 2023, we completed the cash and stock transaction, valued at approximately $5.5 billion. The transaction was funded with new debt, inclusive of $3.5 billion of Senior Notes, a senior unsecured delayed-draw Term Loan Credit Agreement (“Term Loan”) of $800.0, and $700.0 of short-term borrowings under our commercial paper program, as well as the issuance of approximately 4.0 million of our common shares valued at $450.2. For additional information on the financing associated with this transaction, refer to Note 8: Debt and Financing Arrangements and Note 16: Common Shares. Hostess Brands is a manufacturer and marketer of sweet baked goods brands including Hostess® Donettes®, Twinkies®, CupCakes, DingDongs®, Zingers®, CoffeeCakes, HoHos®, Mini Muffins, and Fruit Pies, and the Voortman® cookie brand. In addition to its headquarters in Lenexa, Kansas, the transaction included six manufacturing facilities located in Emporia, Kansas; Burlington, Ontario; Chicago, Illinois; Columbus, Georgia; Indianapolis, Indiana; and Arkadelphia, Arkansas, a distribution facility in Edgerton, Kansas, and a commercial center of excellence in Chicago, Illinois. Approximately 3,000 employees transitioned with the business at close of the transaction. The purchase price will be allocated to the underlying assets acquired and liabilities assumed based upon their estimated fair values at the date of acquisition and is subject to change as we complete our analysis of their fair values during the measurement period not to exceed one year as permitted under FASB Accounting Standards Codification (“ASC”) 805, Business Combinations. Due to the transaction closing subsequent to the second quarter of 2024, we will complete and disclose the preliminary purchase price allocation during the third quarter of 2024. However, we anticipate the majority of the purchase price will be allocated to goodwill and other intangible assets – net.

v3.23.3

Divestitures	6 Months Ended
	Oct. 31, 2023
Discontinued Operations and Disposal Groups [Abstract]
Divestitures	On October 17, 2023, we entered into a definitive agreement to sell our Canada condiment business to TreeHouse Foods, Inc. (“TreeHouse Foods”). We expect the transaction to close during the third quarter of 2024, subject to customary closing conditions. The transaction includes Bick’s® pickles, Habitant® pickled beets, Woodman’s® horseradish, and McLarens® pickled onions brands, inclusive of certain trademarks. Under our ownership, these brands generated net sales of approximately $60.0 in 2023, which were included in the International operating segment. The transaction is valued at approximately $20.0, subject to a working capital adjustment. In accordance with FASB ASC 805, Business Combinations, the transaction does not meet the definition of a business and will be accounted for as a sale of assets, resulting in no allocation of goodwill. Further, as of October 31, 2023, the disposal group met the criteria to be classified as held for sale, and as a result, a valuation allowance was established to reflect the fair value less costs to sell of the disposal group, which was based on the expected proceeds and the estimated carrying value of the net assets to be disposed. The valuation allowance was included within other current assets in the Condensed Consolidated Balance Sheet and the estimated pre-tax loss on the disposal group was included within other operating expense (income) – net in the Condensed Statement of Consolidated Income and within loss (gain) on divestitures – net in the Condensed Statement of Consolidated Cash Flows. On September 27, 2023, we entered into a definitive agreement to sell the Sahale Snacks® business to Second Nature Brands (“Second Nature”), which closed on November 1, 2023. The transaction included products sold under our Sahale Snacks brand, inclusive of certain trademarks and licensing agreements, a leased manufacturing facility in Seattle, Washington, and approximately 100 employees who supported the brand. Under our ownership, the Sahale Snacks brand generated net sales of approximately $48.0 in 2023, primarily included in the U.S. Retail Consumer Foods segment. The transaction is valued at approximately $34.0, subject to a working capital adjustment. As of October 31, 2023, the disposal group met the criteria to be classified as held for sale, and as a result, a valuation allowance was established to reflect the fair value less costs to sell of the disposal group, which was based on the expected proceeds and the estimated carrying value of the net assets to be disposed. The valuation allowance was included within other current assets in the Condensed Consolidated Balance Sheet and the estimated pre-tax loss on the disposal group was included within other operating expense (income) – net in the Condensed Statement of Consolidated Income and within loss (gain) on divestitures – net in the Condensed Statement of Consolidated Cash Flows. The following table summarizes the net assets held for sale at October 31, 2023, inclusive of a valuation allowance, reflecting fair value less costs to sell. October 31, 2023 Sahale Snacks Condiments Assets held for sale: Inventories $ 9.9  $ 27.6  Property, plant, and equipment – net 6.0  —  Operating lease right-of-use assets 1.9  —  Goodwill 11.5  —  Other intangible assets – net 14.7  6.9  Other noncurrent assets 0.3  —  Total assets held for sale $ 44.3  $ 34.5  Liabilities held for sale: Other current liabilities $ 0.8  $ —  Deferred income taxes 4.1  —  Other noncurrent liabilities 1.1  —  Total liabilities held for sale 6.0  —  Valuation allowance (6.8) (5.2) Net assets held for sale $ 31.5  $ 29.3  On April 28, 2023, we sold certain pet food brands to Post Holdings, Inc. (“Post”). The transaction included the Rachael Ray® Nutrish®, 9Lives®, Kibbles ’n Bits®, Nature’s Recipe®, and Gravy Train® brands, as well as our private label pet food business, inclusive of certain trademarks and licensing agreements, manufacturing and distribution facilities in Bloomsburg, Pennsylvania, manufacturing facilities in Meadville, Pennsylvania and Lawrence, Kansas, and approximately 1,100 employees who supported these pet food brands. Under our ownership, these brands generated net sales of $1.5 billion in 2023, primarily included in the U.S. Retail Pet Foods segment. Final net proceeds from the divestiture were $1.2 billion, consisting of $683.9 in cash, net of a working capital adjustment and cash transaction costs, and approximately 5.4 million shares of Post common stock, valued at $491.6 at the close of the transaction. We recognized a pre-tax loss of $1.0 billion upon completion of this transaction during the fourth quarter of 2023, within other operating expense (income) – net in the Statement of Consolidated Income, net of a working capital adjustment and cash transaction costs. During 2024, we finalized the working capital adjustment and transaction costs, which resulted in an immaterial adjustment to the pre-tax loss. Furthermore, during the first quarter of 2024, we began entering into equity forward derivative transactions under an agreement with an unrelated third party to facilitate the forward sale of the Post common stock. All 5.4 million shares of Post common stock were hedged as of October 31, 2023, and were subsequently settled for $466.3 on November 15, 2023. For additional information, see Note 10: Derivative Financial Instruments. On January 31, 2022, we sold the natural beverage and grains businesses to Nexus Capital Management LP (“Nexus”). The transaction included products sold under the R.W. Knudsen® and TruRoots® brands, inclusive of certain trademarks, a licensing agreement for Santa Cruz Organic® beverages, dedicated manufacturing and distribution facilities in Chico, California and Havre de Grace, Maryland, and approximately 150 employees who supported the natural beverage and grains businesses. The transaction did not include Santa Cruz Organic nut butters, fruit spreads, syrups, or applesauce. Final net proceeds from the divestiture were $98.7, net of a working capital adjustment and cash transaction costs. We recognized a pre-tax gain of $28.3 related to the natural beverage and grains businesses, of which $1.6 was recognized during the first quarter of 2023, within other operating expense (income) – net in the Condensed Statement of Consolidated Income, upon finalization of the working capital adjustment.

v3.23.3

Special Project Costs	6 Months Ended
	Oct. 31, 2023
Restructuring and Related Activities [Abstract]
Special Project Costs	Special project costs primarily consist 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 and 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, other debt costs, and other income (expense) – net in the Condensed Statements of Consolidated Income 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: We incurred $0.5 of employee-related costs during the three months ended October 31, 2023, related to the recently announced divestitures of our Sahale Snacks and Canada condiment businesses. We expect to incur approximately $4.6 primarily in employee-related costs associated with these divestitures, all of which are expected to be cash charges and will be primarily recognized in 2024. The obligation related to severance and retention bonuses was $0.5 at October 31, 2023. For additional information, see Note 4: Divestitures. Integration Costs: Total integration costs related to the acquisition of Hostess Brands are anticipated to be approximately $210.0 and include transaction costs, employee-related costs, and other transition and termination charges. Of the total anticipated integration costs, approximately half reflect transaction costs, with the remainder split between employee-related costs and other transition and termination charges, the majority of which are expected to be cash charges. All integration costs are expected to be incurred by the end of 2026, with over half of the costs expected to be recognized in 2024. We have incurred $26.2 of total integration costs during the three months ended October 31, 2023, all of which were cash charges and primarily related to transaction costs incurred related to a 364-day senior unsecured Bridge Term Loan Credit Facility (“Bridge Loan”) that provided committed financing for the acquisition. For additional information, see Note 3: Acquisition. Restructuring Costs: A restructuring program was approved by the Board during 2021, associated with opportunities identified to reduce our overall cost structure, optimize our organizational design, and support our portfolio reshape and was further expanded in 2022 to include the costs associated with the divestitures of the private label dry pet food and natural beverage and grains businesses as well as the closure of certain production facilities. The restructuring activities were considered complete as of April 30, 2023. The costs incurred associated with these restructuring activities included other transition and termination costs related to our cost reduction and margin management initiatives, inclusive of accelerated depreciation, as well as employee-related costs. The following table summarizes our restructuring costs incurred related to the restructuring program. Three Months Ended October 31, 2022 Six Months Ended October 31, 2022 Total Costs Incurred to Date at April 30, 2023 Employee-related costs $ 0.7  $ 1.8  $ 27.1  Other transition and termination costs 2.8  4.2  36.6  Total restructuring costs $ 3.5  $ 6.0  $ 63.7  The obligation related to severance costs and retention bonuses was $1.6 at April 30, 2023, and was fully satisfied during the first quarter of 2024. Cumulative noncash charges incurred through April 30, 2023, were $33.2, and included $2.2 and $7.0 incurred during the three and six months ended October 31, 2022, respectively, which primarily consisted of accelerated depreciation.

v3.23.3

Reportable Segments	6 Months Ended
	Oct. 31, 2023
Segment Reporting [Abstract]
Reportable Segments	We operate in one industry: the manufacturing and marketing of food and beverage products. We have three reportable segments: U.S. Retail Coffee, U.S. Retail Consumer Foods, and U.S. Retail Pet Foods. The presentation of International and Away From Home represents a combination of all other operating segments that are not individually reportable. The U.S. Retail Coffee segment primarily includes the domestic sales of Folgers®, Dunkin’®, and Café Bustelo® branded coffee; the U.S. Retail Consumer Foods segment primarily includes the domestic sales of Smucker’s® and Jif® branded products; and the U.S. Retail Pet Foods segment primarily includes the domestic sales of Meow Mix®, Milk-Bone®, Pup-Peroni®, and Canine Carry Outs® branded products. International and Away From Home includes the sale of products distributed domestically and in foreign countries through retail channels and foodservice distributors and operators (e.g., health care operators, restaurants, lodging, hospitality, offices, K-12, colleges and universities, and convenience stores). Segment profit represents net sales, less direct and allocable operating expenses, and is consistent with the way in which we manage our segments. However, we do not represent that the segments, if operated independently, would report operating profit equal to the segment profit set forth below, as segment profit excludes certain expenses such as amortization expense and impairment charges related to intangible assets, gains and losses on divestitures, the net change in cumulative unallocated gains and losses on commodity and foreign currency exchange derivative activities (“change in net cumulative unallocated derivative gains and losses”), special project costs, as well as corporate administrative expenses. Commodity and foreign currency exchange derivative gains and losses are reported in unallocated derivative gains and losses outside of segment operating results until the related inventory is sold. At that time, we reclassify the hedge gains and losses from unallocated derivative gains and losses to segment profit, allowing our segments to realize the economic effect of the hedge without experiencing any mark-to-market volatility. We would expect that any gain or loss in the estimated fair value of the derivatives would generally be offset by a change in the estimated fair value of the underlying exposures. Subsequent to the second quarter of 2024, we acquired Hostess Brands in a cash and stock transaction on November 7, 2023, as discussed in Note 3: Acquisition. As a result, beginning with the third quarter of 2024, we will present a new reportable segment, Sweet Baked Snacks, and the U.S. Retail Consumer Foods reportable segment will be renamed U.S. Retail Frozen Handheld and Spreads. With the exception of renaming the current U.S. Retail Consumer Foods reportable segment, we do not anticipate any other changes to the internal or external reporting of our reportable segments. The following table reconciles segment profit to income before income taxes.   Three Months Ended October 31, Six Months Ended October 31,   2023 2022 2023 2022 Net sales: U.S. Retail Coffee $ 685.7  $ 709.8  $ 1,310.8  $ 1,307.7  U.S. Retail Consumer Foods 464.3  432.2  928.3  743.3  U.S. Retail Pet Foods (A) 464.0  765.2  905.0  1,494.2  International and Away From Home 324.6  297.9  599.7  532.9  Total net sales $ 1,938.6  $ 2,205.1  $ 3,743.8  $ 4,078.1  Segment profit: U.S. Retail Coffee $ 171.0  $ 187.7  $ 341.1  $ 333.6  U.S. Retail Consumer Foods 128.5  100.3  234.2  155.1  U.S. Retail Pet Foods (A) 97.2  120.1  178.5  240.4  International and Away From Home 60.2  41.5  96.6  58.1  Total segment profit $ 456.9  $ 449.6  $ 850.4  $ 787.2  Amortization (39.6) (55.6) (79.4) (111.2) Gain (loss) on divestitures – net (13.8) —  (12.6) 1.6  Interest expense – net (35.1) (39.7) (67.2) (78.8) Change in net cumulative unallocated derivative gains and losses (26.3) (27.1) (15.9) (60.9) Cost of products sold – special project costs (B) —  (2.8) —  (3.9) Other special project costs (B) (6.8) (0.7) (6.8) (2.1) Other debt costs (B) (19.5) —  (19.5) —  Corporate administrative expenses (71.5) (70.0) (133.3) (137.6) Other income (expense) – net (B) 5.1  (0.8) (27.9) (0.3) Income before income taxes $ 249.4  $ 252.9  $ 487.8  $ 394.0  (A)On April 28, 2023, we sold certain pet food brands to Post, and the divested net sales were primarily included in the U.S. Retail Pet Foods segment. For more information, see Note 4: Divestitures. (B)Includes certain divestiture, acquisition, integration, and restructuring costs. For more information, see Note 5: Special Project Costs and Note 8: Debt and Financing Arrangements. The following table presents certain geographical information. Three Months Ended October 31, Six Months Ended October 31, 2023 2022 2023 2022 Net sales: United States $ 1,796.3  $ 2,062.1  $ 3,472.7  $ 3,822.0  International: Canada $ 118.9  $ 119.2  $ 221.2  $ 213.0  All other international 23.4  23.8  49.9  43.1  Total international $ 142.3  $ 143.0  $ 271.1  $ 256.1  Total net sales $ 1,938.6  $ 2,205.1  $ 3,743.8  $ 4,078.1  The following table presents product category information. Three Months Ended October 31, Six Months Ended October 31, 2023 2022 2023 2022 Primary Reportable Segment (A) Coffee $ 778.4  $ 799.6  $ 1,487.5  $ 1,479.5  U.S. Retail Coffee Pet snacks 255.9  260.2  499.3  504.4  U.S. Retail Pet Foods (C) Peanut butter 200.6  192.9  412.6  253.5  U.S. Retail Consumer Foods Cat food 204.6  284.7  395.7  550.1  U.S. Retail Pet Foods (C) Frozen handheld 211.8  168.3  391.2  328.8  U.S. Retail Consumer Foods Fruit spreads 106.9  103.7  213.5  203.8  U.S. Retail Consumer Foods Portion control 53.0  43.5  101.6  71.3  Other (D) Dog food 20.3  246.3  47.1  488.0  U.S. Retail Pet Foods (B) (C) Toppings and syrups 21.9  21.7  46.7  46.1  U.S. Retail Consumer Foods Baking mixes and ingredients 30.1  28.8  44.9  45.1  Other (D) Other 55.1  55.4  103.7  107.5  Other (D) Total net sales $ 1,938.6  $ 2,205.1  $ 3,743.8  $ 4,078.1  (A)The primary reportable segment generally represents at least 75 percent of total net sales for each respective product category. (B)During the three and six months ended October 31, 2022, the net sales within this product category were primarily related to the divested pet food brands, primarily included in the U.S. Retail Pet Foods segment. For more information, see Note 4: Divestitures. (C)During the three and six months ended October 31, 2023, a portion of the net sales within this product category relates to sales associated with a contract manufacturing agreement resulting from the divestiture of certain pet food brands, primarily included in the U.S. Retail Pet Foods segment. This agreement will continue through the remainder of 2024 and into 2025. (D)Primarily represents the International and Away From Home operating segments, which are combined for segment reporting purposes.

v3.23.3

Earnings per Share	6 Months Ended
	Oct. 31, 2023
Earnings Per Share [Abstract]
Earnings per Share	We computed net income per common share (“basic earnings per share”) under the two-class method for the three and six months ended October 31, 2023 and 2022, due to certain unvested common shares that contained non-forfeitable rights to dividends (i.e., participating securities) during these periods. For the three and six months ended October 31, 2023 and 2022, the computation of net income per common share – assuming dilution (“diluted earnings per share”) was more dilutive under the treasury stock method, as compared to the two-class method. Therefore, the treasury stock method was used in accordance with FASB ASC 260, Earnings Per Share. The following table sets forth the computation of basic and diluted earnings per share under the two-class method.   Three Months Ended October 31, Six Months Ended October 31,   2023 2022 2023 2022 Net income $ 194.9  $ 191.1  $ 378.5  $ 300.9  Less: Net income allocated to participating securities 0.1  0.3  0.2  0.5  Net income allocated to common stockholders $ 194.8  $ 190.8  $ 378.3  $ 300.4  Weighted-average common shares outstanding 102.1  106.5  102.3  106.4  Add: Dilutive effect of stock options 0.1  —  0.1  0.1  Weighted-average common shares outstanding – assuming dilution 102.2  106.5  102.4  106.5  Net income per common share $ 1.91  $ 1.79  $ 3.70  $ 2.82  Net income per common share – assuming dilution $ 1.91  $ 1.79  $ 3.70  $ 2.82  The following table sets forth the computation of diluted earnings per share under the treasury stock method. Three Months Ended October 31, Six Months Ended October 31, 2023 2022 2023 2022 Net income $ 194.9  $ 191.1  $ 378.5  $ 300.9  Weighted-average common shares outstanding – assuming dilution: Weighted-average common shares outstanding 102.1  106.5  102.3  106.4  Add: Dilutive effect of stock options 0.1  —  0.1  0.1  Add: Dilutive effect of restricted shares, restricted stock units, and performance units 0.2  0.4  0.2  0.3  Weighted-average common shares outstanding – assuming dilution 102.4  106.9  102.6  106.8  Net income per common share – assuming dilution $ 1.90  $ 1.79  $ 3.69  $ 2.82

v3.23.3

Debt and Financing Arrangements	6 Months Ended
	Oct. 31, 2023
Debt Disclosure [Abstract]
Debt and Financing Arrangements	The following table summarizes the components of our long-term debt.   October 31, 2023 April 30, 2023   Principal Outstanding Carrying Amount (A) Principal Outstanding Carrying Amount (A) 3.50% Senior Notes due March 15, 2025 $ 1,000.0  $ 998.8  $ 1,000.0  $ 998.4  3.38% Senior Notes due December 15, 2027 500.0  498.2  500.0  498.0  5.90% Senior Notes due November 15, 2028 750.0  744.4  —  —  2.38% Senior Notes due March 15, 2030 500.0  496.9  500.0  496.7  2.13% Senior Notes due March 15, 2032 500.0  494.8  500.0  494.4  6.20% Senior Notes due November 15, 2033 1,000.0  991.7  —  —  4.25% Senior Notes due March 15, 2035 650.0  645.3  650.0  645.1  2.75% Senior Notes due September 15, 2041 300.0  297.4  300.0  297.3  6.50% Senior Notes due November 15, 2043 750.0  736.6  —  —  4.38% Senior Notes due March 15, 2045 600.0  588.4  600.0  588.2  3.55% Senior Notes due March 15, 2050 300.0  296.2  300.0  296.1  6.50% Senior Notes due November 15, 2053 1,000.0  983.0  —  —  Total long-term debt $ 7,850.0  $ 7,771.7  $ 4,350.0  $ 4,314.2  (A) Represents the carrying amount included in the Condensed Consolidated Balance Sheets, which includes the impact of capitalized debt issuance costs, offering discounts, and terminated interest rate contracts. In September 2023, we entered into a Term Loan with a group of banks for an unsecured $800.0 term facility. Borrowings under the Term Loan bear interest on the prevailing Secured Overnight Financing Rate (“SOFR”) and are payable at the end of the borrowing term. The Term Loan matures on November 7, 2026, and does not require scheduled amortization payments. Voluntary prepayments are permitted without premium or penalty. As of October 31, 2023, no balance was drawn on the Term Loan. On November 7, 2023, the full amount was drawn on the Term Loan at an interest rate of 6.67 percent, to partially finance the acquisition of Hostess Brands, as discussed in Note 3: Acquisition. Capitalized debt issuance costs associated with the Term Loan will be amortized to interest expense – net on the Condensed Statements of Consolidated Income over the time period for which the debt is outstanding. In September 2023, we entered into a commitment letter for a $5.2 billion Bridge Loan that provided committed financing for the acquisition of Hostess Brands, as disclosed in Note 3: Acquisition. No balances were drawn against this facility, as the commitment letter was terminated after completion of the Senior Notes offering and drawing on the Term Loan. Included in other debt costs on the Condensed Statement of Consolidated Income at October 31, 2023, was $19.5 related to financing fees associated with the Bridge Loan. In October 2023, we completed an offering of $3.5 billion in Senior Notes due November 15, 2028, November 15, 2033, November 15, 2043, and November 15, 2053. The Senior Notes included $29.5 of capitalized debt issuance costs and $15.0 of offering discounts to be amortized to interest expense – net on the Condensed Statements of Consolidated Income over the time period for which the debt is outstanding. The net proceeds from the offering were used to partially finance the acquisition of Hostess Brands. All of our Senior Notes outstanding at October 31, 2023, are unsecured and interest is paid semiannually, with no required scheduled principal payments until maturity. We may prepay all or part of the Senior Notes at 100 percent of the principal amount thereof, together with the accrued and unpaid interest, and any applicable make-whole amount. We have available a $2.0 billion unsecured revolving credit facility with a group of 11 banks that matures in August 2026. Borrowings under the revolving credit facility bear interest on the prevailing U.S. Prime Rate, SOFR, Euro Interbank Offered Rate, or Canadian Dealer Offered Rate, based on our election. Interest is payable either on a quarterly basis or at the end of the borrowing term. We did not have a balance outstanding under the revolving credit facility at October 31, 2023, or April 30, 2023. We participate in a commercial paper program under which we can issue short-term, unsecured commercial paper not to exceed $2.0 billion at any time. The commercial paper program is backed by our revolving credit facility and reduces what we can borrow under the revolving credit facility by the amount of commercial paper outstanding. Commercial paper is used as a continuing source of short-term financing for general corporate purposes. As of October 31, 2023 and April 30, 2023, we did not have a balance outstanding under the commercial paper program. However, on November 7, 2023, we issued $700.0 of short-term borrowings under our commercial paper program at a weighted-average interest rate of 5.47 percent, to partially finance the acquisition of Hostess Brands. Further, we sold all 5.4 million shares of our investment in Post common stock on November 15, 2023 for $466.3, and as a result, these funds were used to partially pay down the commercial paper balance outstanding. Interest paid totaled $65.2 and $67.9 for the three months ended October 31, 2023 and 2022, respectively, and $73.6 and $77.3 for the six months ended October 31, 2023 and 2022, respectively. This differs from interest expense due to capitalized interest, the effect of interest rate contracts, the timing of interest payments, amortization of debt issuance costs and discounts, and the payment of other debt fees. Our debt instruments contain covenant restrictions, including an interest coverage ratio. As of October 31, 2023, we are in compliance with all covenants.

v3.23.3

Pensions and Other Postretirement Benefits	6 Months Ended
	Oct. 31, 2023
Retirement Benefits [Abstract]
Pensions and Other Postretirement Benefits	The components of our net periodic benefit cost for defined benefit pension and other postretirement benefit plans are shown below. Three Months Ended October 31,   Defined Benefit Pension Plans Other Postretirement Benefits   2023 2022 2023 2022 Service cost $ 0.3  $ 0.3  $ 0.2  $ 0.3  Interest cost 4.7  4.4  0.7  0.6  Expected return on plan assets (4.1) (4.1) —  —  Amortization of net actuarial loss (gain) 0.8  1.0  (0.4) (0.3) Amortization of prior service cost (credit) —  0.3  (0.2) (0.3) Settlement loss (gain) —  1.7  —  —  Net periodic benefit cost $ 1.7  $ 3.6  $ 0.3  $ 0.3  Six Months Ended October 31,   Defined Benefit Pension Plans Other Postretirement Benefits   2023 2022 2023 2022 Service cost $ 0.5  $ 0.6  $ 0.4  $ 0.5  Interest cost 9.3  8.8  1.3  1.2  Expected return on plan assets (8.2) (8.1) —  —  Amortization of net actuarial loss (gain) 1.7  2.0  (0.8) (0.6) Amortization of prior service cost (credit) 0.1  0.4  (0.3) (0.4) Settlement loss (gain) 3.2  1.7  —  —  Net periodic benefit cost $ 6.6  $ 5.4  $ 0.6  $ 0.7  In 2021, we transferred obligations of our Canadian defined benefit pension plan to an insurance company through the purchase of an irrevocable group annuity contract (the “Canadian buy-out contract”). The group annuity contract was purchased using assets from the pension trust. During the first quarter of 2024, we received Board Resolution to proceed with distribution of the surplus that remains within the Canadian defined benefit pension plan. As a result, we recognized a noncash pre-tax settlement charge of $3.2 related to the acceleration of prior service cost for the portion of the plan surplus to be allocated to plan members, which is subject to regulatory approval before a payout can be made. The settlement charge was included within other income (expense) – net in the Condensed Statement of Consolidated Income. We did not recognize any charges related to the Canadian buy-out contract during the six months ended October 31, 2022. During the first six months of 2023, we made contributions of $70.0 to increase funding for our U.S. qualified defined benefit pension plans. Additionally, we made direct benefit payments of $1.8 for both the six months ended October 31, 2023 and 2022.

v3.23.3

Derivative Financial Instruments	6 Months Ended
	Oct. 31, 2023
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Derivative Financial Instruments	We are exposed to market risks, such as changes in commodity prices, foreign currency exchange rates, and interest rates. To manage the volatility related to these exposures, we enter into various derivative transactions. We have policies in place that define acceptable instrument types we may enter into and establish controls to limit our market risk exposure. Commodity Derivatives: We enter into commodity derivatives to manage the price volatility and reduce the variability of future cash flows related to anticipated inventory purchases of key raw materials, notably green coffee, soybean meal, corn, edible oils, and wheat. We also enter into commodity derivatives to manage price risk for energy input costs, including diesel fuel and natural gas. Our derivative instruments generally have maturities of less than one year. We do not qualify commodity derivatives for hedge accounting treatment, and as a result, the derivative gains and losses are immediately recognized in earnings. Although we do not perform the assessments required to achieve hedge accounting for derivative positions, we believe all of our commodity derivatives are economic hedges of our risk exposure. The commodities hedged have a high inverse correlation to price changes of the derivative instrument. Thus, we would expect that over time any gain or loss in the estimated fair value of its derivatives would generally be offset by an increase or decrease in the estimated fair value of the underlying exposures. Foreign Currency Exchange Derivatives: We utilize foreign currency derivatives to manage the effect of foreign currency exchange fluctuations on future cash payments primarily related to purchases of certain raw materials and finished goods. The contracts generally have maturities of less than one year. We do not qualify instruments used to manage foreign currency exchange exposures for hedge accounting treatment. Interest Rate Derivatives: From time to time, we utilize derivative instruments to manage interest rate risk associated with anticipated debt transactions, as well as to manage changes in the fair value of our long-term debt. At the inception of an interest rate contract, the instrument is evaluated and documented for qualifying hedge accounting treatment. If the contract is designated as a cash flow hedge, the mark-to-market gains or losses on the contract are deferred and included as a component of accumulated other comprehensive income (loss) and generally reclassified to interest expense in the period during which the hedged transaction affects earnings. If the contract is designated as a fair value hedge, the contract is recognized at fair value on the balance sheet and changes in the fair value are recognized in interest expense. Generally, changes in the fair value of the contract are equal to changes in the fair value of the underlying debt and have no net impact on earnings. Equity Forward Derivative: During the first quarter of 2024, we began entering into equity forward derivative transactions under an agreement with an unrelated third party to facilitate the forward sale of the Post common stock. We do not qualify the forward sale derivative contract for hedge accounting treatment, and as a result, derivative gains and losses associated with the economic hedge are immediately recognized in earnings within other income (expense) – net in the Condensed Statement of Consolidated Income, netting with the change in fair value of the underlying shares. All 5.4 million shares of Post common stock were hedged as of October 31, 2023. During the three and six months ended October 31, 2023, we recognized an unrealized gain on the transaction of $33.0 and $33.6, respectively. On November 15, 2023, we settled the equity forward contract for $466.3. For additional information, see Note 4: Divestitures. The following table presents the gross notional value of outstanding derivative contracts. October 31, 2023 April 30, 2023 Commodity contracts $ 328.8  $ 448.1  Foreign currency exchange contracts 107.6  98.1  Equity forward contract 432.7  —  The following tables set forth the gross fair value amounts of derivative instruments recognized in the Condensed Consolidated Balance Sheets.   October 31, 2023   Other Current Assets Other Current Liabilities Other Noncurrent Assets Other Noncurrent Liabilities Derivatives not designated as hedging instruments: Commodity contracts $ 7.5  $ 8.4  $ —  $ —  Foreign currency exchange contracts 3.2  —  —  —  Equity forward contract 33.6  —  —  —  Total derivative instruments $ 44.3  $ 8.4  $ —  $ —    April 30, 2023   Other Current Assets Other Current Liabilities Other Noncurrent Assets Other Noncurrent Liabilities Derivatives not designated as hedging instruments: Commodity contracts $ 18.1  $ 14.7  $ —  $ —  Foreign currency exchange contracts 1.4  0.1  —  —  Total derivative instruments $ 19.5  $ 14.8  $ —  $ —  We have elected to not offset fair value amounts recognized for our exchange-traded derivative instruments and our cash margin accounts executed with the same counterparty that are generally subject to enforceable netting agreements. We are required to maintain cash margin accounts in connection with funding the settlement of our open positions. Our cash margin accounts represented collateral pledged of $11.5 and $17.0 at October 31, 2023, and April 30, 2023, respectively, and are included in other current assets in the Condensed Consolidated Balance Sheets. The change in the cash margin accounts is included in other – net, investing activities in the Condensed Statements of Consolidated Cash Flows. In the event of default and immediate net settlement of all of our open positions with individual counterparties, all of our derivative liabilities would be fully offset by either our derivative asset positions or margin accounts based on the net asset or liability position with our individual counterparties. Cash flows associated with the settlement of derivative instruments are classified in the same line item as the cash flows of the related hedged item, which is within operating activities in the Condensed Statements of Consolidated Cash Flows. Economic Hedges The following table presents the net gains and losses recognized in cost of products sold in the Condensed Statements of Consolidated Income on derivatives not designated as hedging instruments.   Three Months Ended October 31, Six Months Ended October 31,   2023 2022 2023 2022 Derivative gains (losses) on commodity contracts $ (5.0) $ (19.3) $ 2.8  $ (28.2) Derivative gains (losses) on foreign currency exchange contracts 4.8  4.8  2.6  4.6  Total derivative gains (losses) recognized in cost of products sold $ (0.2) $ (14.5) $ 5.4  $ (23.6) Commodity and foreign currency exchange derivative gains and losses are reported in unallocated derivative gains and losses outside of segment operating results until the related inventory is sold. At that time, we reclassify the hedge gains and losses from unallocated derivative gains and losses to segment profit, allowing our segments to realize the economic effect of the hedge without experiencing any mark-to-market volatility. The following table presents the net change in cumulative unallocated derivative gains and losses.   Three Months Ended October 31, Six Months Ended October 31, 2023 2022 2023 2022 Net derivative gains (losses) recognized and classified as unallocated $ (0.2) $ (14.5) $ 5.4  $ (23.6) Less: Net derivative gains (losses) reclassified to segment operating profit 26.1  12.6  21.3  37.3  Change in net cumulative unallocated derivative gains and losses $ (26.3) $ (27.1) $ (15.9) $ (60.9) Net cumulative unallocated derivative gains and losses net to zero at October 31, 2023 and were $15.9 at April 30, 2023. Cash Flow Hedges In 2020, we terminated all outstanding interest rate contracts concurrent with the pricing of the Senior Notes due March 15, 2030, and March 15, 2050. The contracts were designated as cash flow hedges and were used to manage our exposure to interest rate volatility associated with the anticipated debt financing. The termination resulted in a pre-tax loss of $239.8, which was deferred and included as a component of accumulated other comprehensive income (loss) and is being amortized as interest expense over the life of the debt. The following table presents information on the pre-tax gains and losses recognized on all contracts previously designated as cash flow hedges. Three Months Ended October 31, Six Months Ended October 31, 2023 2022 2023 2022 Gains (losses) recognized in other comprehensive income (loss) $ —  $ —  $ —  $ —  Less: Gains (losses) reclassified from accumulated other comprehensive income (loss) to interest expense – net (A) (3.4) (3.5) (6.8) (6.8) Change in accumulated other comprehensive income (loss) $ 3.4  $ 3.5  $ 6.8  $ 6.8  (A)Interest expense – net, as presented in the Condensed Statements of Consolidated Income was $35.1 and $39.7 for the three months ended October 31, 2023 and 2022, respectively, and $67.2 and $78.8 for the six months ended October 31, 2023 and 2022, respectively. The reclassification includes terminated contracts which were designated as cash flow hedges. Included as a component of accumulated other comprehensive income (loss) at October 31, 2023, and April 30, 2023, were deferred net pre-tax losses of $193.9 and $200.7, respectively, related to the terminated interest rate contracts. The related net tax benefit recognized in accumulated other comprehensive income (loss) at October 31, 2023, and April 30, 2023, was $45.5 and $47.1, respectively. Approximately $13.6 of the net pre-tax loss will be recognized over the next 12 months related to the terminated interest rate contracts.

v3.23.3

Other Financial Instruments and Fair Value Measurements	6 Months Ended
	Oct. 31, 2023
Fair Value Disclosures [Abstract]
Other Financial Instruments and Fair Value Measurements	Financial instruments, other than derivatives, that potentially subject us to significant concentrations of credit risk consist principally of cash investments and trade receivables. The carrying value of these financial instruments approximates fair value. Our remaining financial instruments, with the exception of long-term debt, are recognized at estimated fair value in the Condensed Consolidated Balance Sheets. The following table provides information on the carrying amounts and fair values of our financial instruments.   October 31, 2023 April 30, 2023   Carrying Amount Fair Value Carrying Amount Fair Value Marketable securities and other investments $ 22.4  $ 22.4  $ 24.0  $ 24.0  Derivative financial instruments – net 35.9  35.9  4.7  4.7  Investment in equity securities 432.7  432.7  487.8  487.8  Total long-term debt (7,771.7) (7,156.5) (4,314.2) (3,879.1) Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Valuation techniques are based on observable and unobservable inputs. Observable inputs reflect readily obtainable data from independent sources, while unobservable inputs reflect our market assumptions. The following tables summarize the fair values and the levels within the fair value hierarchy in which the fair value measurements fall for our financial instruments. Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Fair Value at October 31, 2023 Marketable securities and other investments: (A) Equity mutual funds $ 5.0  $ —  $ —  $ 5.0  Municipal obligations —  17.1  —  17.1  Money market funds 0.3  —  —  0.3  Derivative financial instruments: (B) Commodity contracts – net (1.4) 0.5  —  (0.9) Foreign currency exchange contracts – net 0.9  2.3  —  3.2  Equity forward contract – net —  33.6  —  33.6  Investment in equity securities (C) 432.7  —  —  432.7  Total long-term debt (D) (7,156.5) —  —  (7,156.5) Total financial instruments measured at fair value $ (6,719.0) $ 53.5  $ —  $ (6,665.5)   Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Fair Value at April 30, 2023 Marketable securities and other investments: (A) Equity mutual funds $ 5.0  $ —  $ —  $ 5.0  Municipal obligations —  18.6  —  18.6  Money market funds 0.4  —  —  0.4  Derivative financial instruments: (B) Commodity contracts – net 2.7  0.7  —  3.4  Foreign currency exchange contracts – net 0.2  1.1  —  1.3  Investment in equity securities (C) 487.8  —  —  487.8  Total long-term debt (D) (3,879.1) —  —  (3,879.1) Total financial instruments measured at fair value $ (3,383.0) $ 20.4  $ —  $ (3,362.6) (A)Marketable securities and other investments consists of funds maintained for the payment of benefits associated with nonqualified retirement plans. The funds include equity securities listed in active markets, municipal obligations valued by a third-party using valuation techniques that utilize inputs that are derived principally from or corroborated by observable market data, and money market funds with maturities of three months or less. Based on the short-term nature of these money market funds, carrying value approximates fair value. As of October 31, 2023, our municipal obligations are scheduled to mature as follows: $0.7 in 2024, $1.3 in 2025, $0.8 in 2026, $4.4 in 2027, $0.4 in 2028, and the remaining $9.5 in 2029 and beyond. (B)Level 1 commodity and foreign currency exchange derivatives are valued using quoted market prices for identical instruments in active markets. Level 2 commodity, foreign currency exchange, and equity forward derivatives are valued using quoted prices for similar assets or liabilities in active markets. The unrealized pre-tax gain on the equity forward derivative was included in other income (expense) – net in the Condensed Statement of Consolidated Income. In addition, all 5.4 million shares of Post common stock were hedged as of October 31, 2023. On November 15, 2023, we settled the equity forward contract for $466.3.For additional information, see Note 10: Derivative Financial Instruments. (C)The market approach is utilized to measure the fair value of equity securities. The investment in equity securities represents our equity interest in Post of approximately 9 percent as of October 31, 2023, which is valued using the trading value of Post common stock. During the six months ended October 31, 2023, we recognized an unrealized pre-tax loss of $55.1 on the investment, which was included in other income (expense) – net in the Condensed Statement of Consolidated Income. On November 15, 2023, we sold all 5.4 million shares of Post common stock, and they settled for $466.3. For additional information, see Note 4: Divestitures. (D)Long-term debt is composed of public Senior Notes, which are traded in an active secondary market and valued using quoted prices. For additional information, see Note 8: Debt and Financing Arrangements. As of October 31, 2023, the Sahale Snacks and Canada condiment business disposal groups met the criteria to be classified as held for sale, and as a result, a valuation allowance of $6.8 and $5.2, respectively, were established to reflect the fair value less costs to sell of the disposal groups, which was based on the expected proceeds and the estimated carrying value of the net assets to be disposed. The estimated pre-tax loss on the disposal groups were included within other operating expense (income) – net in the Condensed Statement of Consolidated Income. We utilized Level 3 inputs based on management’s best estimates and assumptions to estimate the fair value of the disposal groups. For additional information, see Note 4: Divestitures.

v3.23.3

Leases	6 Months Ended
	Oct. 31, 2023
Leases [Abstract]
Leases	We lease certain warehouses, manufacturing facilities, office space, equipment, and vehicles, primarily through operating lease agreements. We have elected to not recognize leases with a term of 12 months or less in the Condensed Consolidated Balance Sheets. Instead, we recognize the related lease expense on a straight-line basis over the lease term. Although the majority of our right-of-use asset and lease liability balances consist of leases with renewal options, these optional periods do not typically impact the lease term as we are not reasonably certain to exercise them. Certain leases also include termination provisions or options to purchase the leased property. Since we are not reasonably certain to exercise these types of options, minimum lease payments do not include any amounts related to these termination or purchase options. Our lease agreements generally do not contain residual value guarantees or restrictive covenants that are material. We determine if an agreement is or contains a lease at inception by evaluating whether an identified asset exists that we control over the term of the arrangement. A lease commences when the lessor makes the identified asset available for our use. We generally account for lease and non-lease components as a single lease component. Minimum lease payments do not include variable lease payments other than those that depend on an index or rate. Because the interest rate implicit in the lease cannot be readily determined for the majority of our leases, we utilize our incremental borrowing rate to present value lease payments using information available at the lease commencement date. We consider our credit rating and the current economic environment in determining this collateralized rate. As of October 31, 2023, we have entered into operating lease commitments related to one distribution center and one commercial property for which the leases have not yet commenced as of that date. The leases will begin during the third quarter of 2024, and upon commencement, we expect to recognize aggregate right-of-use assets and lease liabilities of approximately $12.0 in the Condensed Consolidated Balance Sheet. In addition, as of October 31, 2023, we have entered into a financing lease commitment related to equipment for which the lease has not yet commenced as of that date. The lease will begin during the third quarter of 2024, and upon commencement, we expect to recognize a right-of-use asset and lease liability of approximately $1.1 in the Condensed Consolidated Balance Sheet. The following table sets forth the right-of-use assets and lease liabilities recognized in the Condensed Consolidated Balance Sheets. October 31, 2023 April 30, 2023 Operating lease right-of-use assets $ 158.4  $ 103.0  Operating lease liabilities: Current operating lease liabilities $ 33.2  $ 33.2  Noncurrent operating lease liabilities 132.9  77.2  Total operating lease liabilities $ 166.1  $ 110.4  Finance lease right-of-use assets: Machinery and equipment $ 14.5  $ 7.7  Accumulated depreciation (6.5) (4.4) Total property, plant, and equipment $ 8.0  $ 3.3  Finance lease liabilities: Other current liabilities $ 2.2  $ 1.2  Other noncurrent liabilities 6.0  2.2  Total finance lease liabilities $ 8.2  $ 3.4  The following table summarizes the components of lease expense. Three Months Ended October 31, Six Months Ended October 31, 2023 2022 2023 2022 Operating lease cost $ 11.2  $ 10.3  $ 23.9  $ 20.8  Finance lease cost: Amortization of right-of-use assets 1.7  0.4  2.0  0.8  Interest on lease liabilities 0.2  —  0.3  —  Variable lease cost 5.1  5.6  11.2  11.7  Short-term lease cost 11.2  10.8  20.6  22.6  Total lease cost (A) $ 29.4  $ 27.1  $ 58.0  $ 55.9  (A)Total lease cost does not include sublease income which is immaterial for all years presented. The following table sets forth cash flow and noncash information related to leases. Six Months Ended October 31, 2023 2022 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 22.9  $ 21.6  Operating cash flows from finance leases 0.3  —  Financing cash flows from finance leases 1.9  1.0  Right-of-use assets obtained in exchange for new lease liabilities: Operating leases $ 75.2  $ 1.6  Finance leases 6.5  1.3  The following table summarizes the maturity of our lease liabilities by fiscal year. October 31, 2023 Operating Leases Finance Leases 2024 (remainder of the year) $ 20.6  $ 1.3  2025 35.8  2.4  2026 32.8  2.0  2027 18.8  1.7  2028 14.3  1.4  2029 and beyond 72.4  0.3  Total undiscounted minimum lease payments $ 194.7  $ 9.1  Less: Imputed interest 28.6  0.9  Lease liabilities $ 166.1  $ 8.2  The following table sets forth the weighted average remaining lease term and discount rate. October 31, 2023 April 30, 2023 Weighted average remaining lease term (in years): Operating leases 4.0 4.8 Finance leases 6.8 3.1 Weighted average discount rate: Operating leases 4.1  % 3.3  % Finance leases 4.5  % 2.4  %

v3.23.3

Income Taxes	6 Months Ended
	Oct. 31, 2023
Income Tax Disclosure [Abstract]
Income Taxes	The effective income tax rates for the three months ended October 31, 2023 and 2022, were 21.9 and 24.4 percent, respectively, and for the six months ended October 31, 2023 and 2022, were 22.4 and 23.6 percent, respectively. During the three and six months ended October 31, 2023, the effective income tax rates varied from the U.S. statutory income tax rate of 21.0 percent primarily due to state income taxes, partially offset by the recognition of a deductible outside basis difference related to the divestiture of the Sahale Snacks brand, which was classified as held for sale as of October 31, 2023, as discussed in Note 4: Divestitures. During the three and six months ended October 31, 2022, the effective income tax rate varied from the U.S. statutory income tax rate of 21.0 percent primarily due to state income taxes. Within the next 12 months, it is reasonably possible that we could decrease our unrecognized tax benefits by an estimated $2.1, primarily as a result of the expiration of statute of limitation periods.

v3.23.3

Accumulated Other Comprehensive Income (Loss)	6 Months Ended
	Oct. 31, 2023
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract]
Accumulated Other Comprehensive Income (Loss)	The components of accumulated other comprehensive income (loss), including the reclassification adjustments for items that are reclassified from accumulated other comprehensive income (loss) to net income, are shown below. Foreign Currency Translation Adjustment Net Gains (Losses) on Cash Flow Hedging Derivatives (A) Pension and Other Postretirement Liabilities (B) Unrealized  Gain (Loss) on Available- for-Sale Securities Accumulated Other Comprehensive Income (Loss) Balance at May 1, 2023 $ (34.3) $ (153.6) $ (52.7) $ 1.4  $ (239.2) Reclassification adjustments —  6.8  3.9  —  10.7  Current period credit (charge) (6.6) —  (3.2) (0.5) (10.3) Income tax benefit (expense) —  (1.6) (0.2) 0.1  (1.7) Balance at October 31, 2023 $ (40.9) $ (148.4) $ (52.2) $ 1.0  $ (240.5)   Foreign Currency Translation Adjustment Net Gains (Losses) on Cash Flow Hedging Derivatives (A) Pension and Other Postretirement Liabilities (B) Unrealized Gain (Loss) on Available- for-Sale Securities Accumulated Other Comprehensive Income (Loss) Balance at May 1, 2022 $ (21.1) $ (163.9) $ (54.2) $ 1.8  $ (237.4) Reclassification adjustments —  6.8  3.1  —  9.9  Current period credit (charge) (15.0) —  (1.8) (1.3) (18.1) Income tax benefit (expense) —  (1.7) (0.4) 0.4  (1.7) Balance at October 31, 2022 $ (36.1) $ (158.8) $ (53.3) $ 0.9  $ (247.3) (A)The reclassification from accumulated other comprehensive income (loss) is composed of deferred gains (losses) related to terminated interest rate contracts which were reclassified to interest expense – net. For additional information, see Note 10: Derivative Financial Instruments. (B)The reclassification from accumulated other comprehensive income (loss) to other income (expense) – net is composed of settlement charges and amortization of net losses and prior service costs. For additional information, see Note 9: Pensions and Other Postretirement Benefits.

v3.23.3

Contingencies	6 Months Ended
	Oct. 31, 2023
Contingency [Abstract]
Contingencies	We, like other food manufacturers, are from time to time subject to various administrative, regulatory, and other legal proceedings arising in the ordinary course of business. We are currently a defendant in a variety of such legal proceedings, and while we cannot predict with certainty the ultimate results of these proceedings or potential settlements associated with these or other matters, we have accrued losses for certain contingent liabilities that we have determined are probable and reasonably estimable at October 31, 2023. Based on the information known to date, with the exception of the matters discussed below, we do not believe the final outcome of these proceedings will have a material adverse effect on our financial position, results of operations, or cash flows. We are defendants in a series of putative class action lawsuits that were transferred to the U.S. District Court for the Western District of Missouri for coordinated pre-trial proceedings. The plaintiffs assert claims arising under various state laws for false advertising, consumer protection, deceptive and unfair trade practices, and similar statutes. Their claims are premised on allegations that we have misrepresented the number of servings that can be made from various canisters of Folgers coffee on the packaging for those products. The outcome and the financial impact of these cases, if any, cannot be predicted at this time. Accordingly, no loss contingency has been recorded for these matters as of October 31, 2023, and the likelihood of loss is not considered probable or estimable. However, if we are required to pay significant damages, our business and financial results could be adversely impacted, and sales of those products could suffer not only in these locations but elsewhere. Product Recall: In May 2022, we initiated a voluntary recall of select Jif peanut butter products produced at our Lexington, Kentucky facility and sold primarily in the U.S., due to potential salmonella contamination. At that time, we also suspended the manufacturing of Jif peanut butter products at the Lexington facility and temporarily paused shipments from our Memphis, Tennessee facility. No other products produced at our other facilities were affected by the recall. In June 2022, we resumed manufacturing at our Lexington facility, as well as shipping from our Memphis facility. We partnered with retailers to restock Jif peanut butter products during the first quarter of 2023 and returned to normal levels at the end of 2023. We recognized total direct costs associated with the recall of approximately $120.0, net of insurance recoveries, related to customer returns, fees, unsaleable inventory, and other product recall-related costs, primarily within our U.S. Retail Consumer Foods segment. Approximately $25.0 and $90.0 of direct costs were recognized during the three and six months ended October 31, 2022, and no significant direct costs were recognized during the three and six months ended October 31, 2023. Further, the U.S. Food and Drug Administration (the “FDA”) issued a Warning Letter on January 24, 2023, following an inspection of our Lexington facility completed in June 2022 in connection with the Jif voluntary recall, identifying concerns regarding certain practices and controls at the facility. We have responded to the Warning Letter with a detailed explanation of our food safety plan and extensive verification activities to prevent contamination in Jif peanut butter products. In addition, we have worked diligently to further strengthen our already stringent quality processes, including doubling our finished product testing and tripling our environmental testing to verify the efficacy of our actions. The FDA or other agencies may nonetheless conclude that certain practices or controls were not in compliance with the Federal Food, Drug, and Cosmetic Act or other laws. Any potential regulatory action based on such an agency conclusion could result in the imposition of injunctive terms and monetary payments that could have a material adverse effect on our business, reputation, brand, results of operations, and financial performance, as well as affect ongoing consumer litigation associated with the voluntary recall of Jif peanut butter products. The outcome and financial impact of the ongoing consumer litigation or any potential regulatory action associated with the Jif voluntary recall cannot be predicted at this time. Accordingly, no loss contingency has been recorded for these matters as of October 31, 2023, and the likelihood of loss is not considered probable or estimable.

v3.23.3

Common Shares	6 Months Ended
	Oct. 31, 2023
Stockholders' Equity Note [Abstract]
Common Shares	The following table sets forth common share information. October 31, 2023 April 30, 2023 Common shares authorized 300.0  300.0  Common shares outstanding 102.2  104.4  Treasury shares 44.3  42.1  Repurchase Program: On March 2, 2023, we entered into a share repurchase plan (the “10b5-1 Plan”) established in accordance with Rule 10b5-1 of the Exchange Act in connection with the remaining common shares authorized for repurchase by the Board, which was approximately 3.5 million common shares as of April 30, 2023. In accordance with the 10b5-1 Plan, our designated broker had the authority to repurchase approximately 2.4 million common shares, which commenced upon the sale of certain pet food brands on April 28, 2023, and expired 45 calendar days after the closure of the transaction. During the six months ended October 31, 2023, we repurchased approximately 2.4 million common shares for $362.8 under the 10b5-1 Plan, and approximately 1.1 million common shares remain available for repurchase. In accordance with The Inflation Reduction Act of 2022, H.R. 5376 (the “Inflation Reduction Act”), a one percent excise tax was applied to share repurchases after December 31, 2022. As a result, an excise tax of $3.6 was accrued on the repurchased shares during the first quarter of 2024, and included within additional capital in our Condensed Consolidated Balance Sheet. During the six months ended October 31, 2022, we did not repurchase any common shares under a repurchase plan authorized by the Board. All other share repurchases during the six months ended October 31, 2023 and 2022, consisted of shares repurchased from stock plan recipients in lieu of cash payments. On November 7, 2023, we acquired Hostess Brands, and as a result, we issued approximately 4.0 million common shares valued at $450.2 in exchange for the outstanding shares of Hostess Brands common stock. The shares issued were based on each outstanding share of Hostess Brands common stock receiving $30.00 per share in cash and 0.03002 shares of our common shares, which represents a value of $4.25 based on the closing stock price of our common shares on September 8, 2023, the last trading day preceding September 11, 2023, the date on which the execution of the Hostess Brands merger agreement was publicly announced. For additional information on the acquisition of Hostess Brands, see Note 3: Acquisition.

v3.23.3

Insider Trading Arrangements	6 Months Ended
	Oct. 31, 2023
Insider Trading Arrangements [Abstract]
Insider Trading Arrangements	Item 5. Other Information. (c) Trading Plans During the first six months of 2024, no director or Section 16 officer adopted, modified, or terminated any Rule 10b5-1 trading arrangements or non-Rule 10b5-1 trading arrangements.

v3.23.3

Recently Issued Accounting Standards (Policies)	6 Months Ended
	Oct. 31, 2023
Accounting Changes and Error Corrections [Abstract]
Recently Issued Accounting Standards	In November 2023, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2023-07, Segment Reporting (Topic 280) Improvements to Reportable Segment Disclosures. ASU 2023-07 will improve reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses on an interim and annual basis. It will be effective for us on May 1, 2024, with the option to early adopt at any time prior to the effective date and will require adoption on a retrospective basis. We are currently evaluating the impacts of the standard on our financial statements and disclosures. In July 2023, the U.S. Securities and Exchange Commission (the “SEC”) adopted the final rule under SEC Release No. 33-11216, Cybersecurity Risk Management, Strategy, Governance, and Incident Disclosure, requiring current reporting about material cybersecurity incidents and annual disclosures on management’s processes for assessing, identifying, and managing material cybersecurity risks, the material impacts of cybersecurity threats and previous cybersecurity incidents, the Board of Directors’ (the “Board”) oversight of cybersecurity risks, and management’s role and expertise in assessing and managing material cybersecurity risks. SEC Release No. 33-11216 will be effective for us during the third quarter of 2024. We do not anticipate that the adoption of these amendments will have a material impact on our financial statements and disclosures. In May 2023, the SEC adopted the final rule under SEC Release No. 34-97424, Share Repurchase Disclosure Modernization, requiring disclosures related to issuers’ share repurchases pursuant to authorizations by the Board, inclusive of 10b5-1 plans established in accordance with Rule 10b5-1 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), that will provide investors with enhanced information to assess the purposes and effects of the repurchases. SEC Release No. 34-97424 would have been effective for us during the third quarter of 2024, but the SEC recently issued an order postponing the effective date. We do not anticipate that the adoption of these amendments will have a material impact on our financial statements and disclosures. In December 2022, the SEC adopted the final rule under SEC Release No. 33-11138, Insider Trading Arrangements and Related Disclosures, which requires new disclosures regarding insider trading policies and procedures, the use of Rule 10b5-1 plans by directors and officers, and stock option grants issued in close proximity to the release of material nonpublic information. SEC Release No. 33-11138 was effective for us on May 1, 2023, and did not have a material impact on our financial statements and disclosures. In March 2022, the SEC issued the proposed rule under SEC Release No. 33-11042, The Enhancement and Standardization of Climate-Related Disclosures for Investors, to enhance and standardize the climate-related disclosures provided by public companies. This update will require the disclosure of greenhouse gas emissions, including Scope 1 and Scope 2 emissions, which will be subject to third-party assurance, as well as climate-related targets and goals, and how the Board and management oversee climate-related risks. As of October 31, 2023, these amendments were not adopted by the SEC; however, we anticipate that the adoption of these amendments will have a material impact on our financial statements and disclosures.

v3.23.3

Divestitures (Tables)	6 Months Ended
	Oct. 31, 2023
Discontinued Operations and Disposal Groups [Abstract]
Assets and liabilities held for sale	The following table summarizes the net assets held for sale at October 31, 2023, inclusive of a valuation allowance, reflecting fair value less costs to sell. October 31, 2023 Sahale Snacks Condiments Assets held for sale: Inventories $ 9.9  $ 27.6  Property, plant, and equipment – net 6.0  —  Operating lease right-of-use assets 1.9  —  Goodwill 11.5  —  Other intangible assets – net 14.7  6.9  Other noncurrent assets 0.3  —  Total assets held for sale $ 44.3  $ 34.5  Liabilities held for sale: Other current liabilities $ 0.8  $ —  Deferred income taxes 4.1  —  Other noncurrent liabilities 1.1  —  Total liabilities held for sale 6.0  —  Valuation allowance (6.8) (5.2) Net assets held for sale $ 31.5  $ 29.3

v3.23.3

Special Project Costs (Tables)	6 Months Ended
	Oct. 31, 2023
Restructuring and Related Activities [Abstract]
Restructuring costs	The following table summarizes our restructuring costs incurred related to the restructuring program. Three Months Ended October 31, 2022 Six Months Ended October 31, 2022 Total Costs Incurred to Date at April 30, 2023 Employee-related costs $ 0.7  $ 1.8  $ 27.1  Other transition and termination costs 2.8  4.2  36.6  Total restructuring costs $ 3.5  $ 6.0  $ 63.7

v3.23.3

Reportable Segments (Tables)	6 Months Ended
	Oct. 31, 2023
Segment Reporting [Abstract]
Income by segment	The following table reconciles segment profit to income before income taxes.   Three Months Ended October 31, Six Months Ended October 31,   2023 2022 2023 2022 Net sales: U.S. Retail Coffee $ 685.7  $ 709.8  $ 1,310.8  $ 1,307.7  U.S. Retail Consumer Foods 464.3  432.2  928.3  743.3  U.S. Retail Pet Foods (A) 464.0  765.2  905.0  1,494.2  International and Away From Home 324.6  297.9  599.7  532.9  Total net sales $ 1,938.6  $ 2,205.1  $ 3,743.8  $ 4,078.1  Segment profit: U.S. Retail Coffee $ 171.0  $ 187.7  $ 341.1  $ 333.6  U.S. Retail Consumer Foods 128.5  100.3  234.2  155.1  U.S. Retail Pet Foods (A) 97.2  120.1  178.5  240.4  International and Away From Home 60.2  41.5  96.6  58.1  Total segment profit $ 456.9  $ 449.6  $ 850.4  $ 787.2  Amortization (39.6) (55.6) (79.4) (111.2) Gain (loss) on divestitures – net (13.8) —  (12.6) 1.6  Interest expense – net (35.1) (39.7) (67.2) (78.8) Change in net cumulative unallocated derivative gains and losses (26.3) (27.1) (15.9) (60.9) Cost of products sold – special project costs (B) —  (2.8) —  (3.9) Other special project costs (B) (6.8) (0.7) (6.8) (2.1) Other debt costs (B) (19.5) —  (19.5) —  Corporate administrative expenses (71.5) (70.0) (133.3) (137.6) Other income (expense) – net (B) 5.1  (0.8) (27.9) (0.3) Income before income taxes $ 249.4  $ 252.9  $ 487.8  $ 394.0  (A)On April 28, 2023, we sold certain pet food brands to Post, and the divested net sales were primarily included in the U.S. Retail Pet Foods segment. For more information, see Note 4: Divestitures. (B)Includes certain divestiture, acquisition, integration, and restructuring costs. For more information, see Note 5: Special Project Costs and Note 8: Debt and Financing Arrangements.
Geographical information	The following table presents certain geographical information. Three Months Ended October 31, Six Months Ended October 31, 2023 2022 2023 2022 Net sales: United States $ 1,796.3  $ 2,062.1  $ 3,472.7  $ 3,822.0  International: Canada $ 118.9  $ 119.2  $ 221.2  $ 213.0  All other international 23.4  23.8  49.9  43.1  Total international $ 142.3  $ 143.0  $ 271.1  $ 256.1  Total net sales $ 1,938.6  $ 2,205.1  $ 3,743.8  $ 4,078.1
Product category information	The following table presents product category information. Three Months Ended October 31, Six Months Ended October 31, 2023 2022 2023 2022 Primary Reportable Segment (A) Coffee $ 778.4  $ 799.6  $ 1,487.5  $ 1,479.5  U.S. Retail Coffee Pet snacks 255.9  260.2  499.3  504.4  U.S. Retail Pet Foods (C) Peanut butter 200.6  192.9  412.6  253.5  U.S. Retail Consumer Foods Cat food 204.6  284.7  395.7  550.1  U.S. Retail Pet Foods (C) Frozen handheld 211.8  168.3  391.2  328.8  U.S. Retail Consumer Foods Fruit spreads 106.9  103.7  213.5  203.8  U.S. Retail Consumer Foods Portion control 53.0  43.5  101.6  71.3  Other (D) Dog food 20.3  246.3  47.1  488.0  U.S. Retail Pet Foods (B) (C) Toppings and syrups 21.9  21.7  46.7  46.1  U.S. Retail Consumer Foods Baking mixes and ingredients 30.1  28.8  44.9  45.1  Other (D) Other 55.1  55.4  103.7  107.5  Other (D) Total net sales $ 1,938.6  $ 2,205.1  $ 3,743.8  $ 4,078.1  (A)The primary reportable segment generally represents at least 75 percent of total net sales for each respective product category. (B)During the three and six months ended October 31, 2022, the net sales within this product category were primarily related to the divested pet food brands, primarily included in the U.S. Retail Pet Foods segment. For more information, see Note 4: Divestitures. (C)During the three and six months ended October 31, 2023, a portion of the net sales within this product category relates to sales associated with a contract manufacturing agreement resulting from the divestiture of certain pet food brands, primarily included in the U.S. Retail Pet Foods segment. This agreement will continue through the remainder of 2024 and into 2025. (D)Primarily represents the International and Away From Home operating segments, which are combined for segment reporting purposes.

v3.23.3

Earnings per Share (Tables)	6 Months Ended
	Oct. 31, 2023
Earnings Per Share [Abstract]
Computation of basic earnings per common share under two-class method	The following table sets forth the computation of basic and diluted earnings per share under the two-class method.   Three Months Ended October 31, Six Months Ended October 31,   2023 2022 2023 2022 Net income $ 194.9  $ 191.1  $ 378.5  $ 300.9  Less: Net income allocated to participating securities 0.1  0.3  0.2  0.5  Net income allocated to common stockholders $ 194.8  $ 190.8  $ 378.3  $ 300.4  Weighted-average common shares outstanding 102.1  106.5  102.3  106.4  Add: Dilutive effect of stock options 0.1  —  0.1  0.1  Weighted-average common shares outstanding – assuming dilution 102.2  106.5  102.4  106.5  Net income per common share $ 1.91  $ 1.79  $ 3.70  $ 2.82  Net income per common share – assuming dilution $ 1.91  $ 1.79  $ 3.70  $ 2.82
Computation of diluted earnings per common share under two-class method	The following table sets forth the computation of basic and diluted earnings per share under the two-class method.   Three Months Ended October 31, Six Months Ended October 31,   2023 2022 2023 2022 Net income $ 194.9  $ 191.1  $ 378.5  $ 300.9  Less: Net income allocated to participating securities 0.1  0.3  0.2  0.5  Net income allocated to common stockholders $ 194.8  $ 190.8  $ 378.3  $ 300.4  Weighted-average common shares outstanding 102.1  106.5  102.3  106.4  Add: Dilutive effect of stock options 0.1  —  0.1  0.1  Weighted-average common shares outstanding – assuming dilution 102.2  106.5  102.4  106.5  Net income per common share $ 1.91  $ 1.79  $ 3.70  $ 2.82  Net income per common share – assuming dilution $ 1.91  $ 1.79  $ 3.70  $ 2.82
Computation of diluted earnings per common share under treasury stock method	The following table sets forth the computation of diluted earnings per share under the treasury stock method. Three Months Ended October 31, Six Months Ended October 31, 2023 2022 2023 2022 Net income $ 194.9  $ 191.1  $ 378.5  $ 300.9  Weighted-average common shares outstanding – assuming dilution: Weighted-average common shares outstanding 102.1  106.5  102.3  106.4  Add: Dilutive effect of stock options 0.1  —  0.1  0.1  Add: Dilutive effect of restricted shares, restricted stock units, and performance units 0.2  0.4  0.2  0.3  Weighted-average common shares outstanding – assuming dilution 102.4  106.9  102.6  106.8  Net income per common share – assuming dilution $ 1.90  $ 1.79  $ 3.69  $ 2.82

v3.23.3

Debt and Financing Arrangements (Tables)	6 Months Ended
	Oct. 31, 2023
Debt Disclosure [Abstract]
Long-term debt	The following table summarizes the components of our long-term debt.   October 31, 2023 April 30, 2023   Principal Outstanding Carrying Amount (A) Principal Outstanding Carrying Amount (A) 3.50% Senior Notes due March 15, 2025 $ 1,000.0  $ 998.8  $ 1,000.0  $ 998.4  3.38% Senior Notes due December 15, 2027 500.0  498.2  500.0  498.0  5.90% Senior Notes due November 15, 2028 750.0  744.4  —  —  2.38% Senior Notes due March 15, 2030 500.0  496.9  500.0  496.7  2.13% Senior Notes due March 15, 2032 500.0  494.8  500.0  494.4  6.20% Senior Notes due November 15, 2033 1,000.0  991.7  —  —  4.25% Senior Notes due March 15, 2035 650.0  645.3  650.0  645.1  2.75% Senior Notes due September 15, 2041 300.0  297.4  300.0  297.3  6.50% Senior Notes due November 15, 2043 750.0  736.6  —  —  4.38% Senior Notes due March 15, 2045 600.0  588.4  600.0  588.2  3.55% Senior Notes due March 15, 2050 300.0  296.2  300.0  296.1  6.50% Senior Notes due November 15, 2053 1,000.0  983.0  —  —  Total long-term debt $ 7,850.0  $ 7,771.7  $ 4,350.0  $ 4,314.2  (A) Represents the carrying amount included in the Condensed Consolidated Balance Sheets, which includes the impact of capitalized debt issuance costs, offering discounts, and terminated interest rate contracts.

v3.23.3

Pensions and Other Postretirement Benefits (Tables)	6 Months Ended
	Oct. 31, 2023
Retirement Benefits [Abstract]
Net periodic benefit cost	The components of our net periodic benefit cost for defined benefit pension and other postretirement benefit plans are shown below. Three Months Ended October 31,   Defined Benefit Pension Plans Other Postretirement Benefits   2023 2022 2023 2022 Service cost $ 0.3  $ 0.3  $ 0.2  $ 0.3  Interest cost 4.7  4.4  0.7  0.6  Expected return on plan assets (4.1) (4.1) —  —  Amortization of net actuarial loss (gain) 0.8  1.0  (0.4) (0.3) Amortization of prior service cost (credit) —  0.3  (0.2) (0.3) Settlement loss (gain) —  1.7  —  —  Net periodic benefit cost $ 1.7  $ 3.6  $ 0.3  $ 0.3  Six Months Ended October 31,   Defined Benefit Pension Plans Other Postretirement Benefits   2023 2022 2023 2022 Service cost $ 0.5  $ 0.6  $ 0.4  $ 0.5  Interest cost 9.3  8.8  1.3  1.2  Expected return on plan assets (8.2) (8.1) —  —  Amortization of net actuarial loss (gain) 1.7  2.0  (0.8) (0.6) Amortization of prior service cost (credit) 0.1  0.4  (0.3) (0.4) Settlement loss (gain) 3.2  1.7  —  —  Net periodic benefit cost $ 6.6  $ 5.4  $ 0.6  $ 0.7

v3.23.3

Derivative Financial Instruments (Tables)	6 Months Ended
	Oct. 31, 2023
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Outstanding derivative contracts	The following table presents the gross notional value of outstanding derivative contracts. October 31, 2023 April 30, 2023 Commodity contracts $ 328.8  $ 448.1  Foreign currency exchange contracts 107.6  98.1  Equity forward contract 432.7  —
Fair value of derivative instruments	The following tables set forth the gross fair value amounts of derivative instruments recognized in the Condensed Consolidated Balance Sheets.   October 31, 2023   Other Current Assets Other Current Liabilities Other Noncurrent Assets Other Noncurrent Liabilities Derivatives not designated as hedging instruments: Commodity contracts $ 7.5  $ 8.4  $ —  $ —  Foreign currency exchange contracts 3.2  —  —  —  Equity forward contract 33.6  —  —  —  Total derivative instruments $ 44.3  $ 8.4  $ —  $ —    April 30, 2023   Other Current Assets Other Current Liabilities Other Noncurrent Assets Other Noncurrent Liabilities Derivatives not designated as hedging instruments: Commodity contracts $ 18.1  $ 14.7  $ —  $ —  Foreign currency exchange contracts 1.4  0.1  —  —  Total derivative instruments $ 19.5  $ 14.8  $ —  $ —
Net gains and losses recognized in costs of products sold on derivatives not designated as hedging instruments	The following table presents the net gains and losses recognized in cost of products sold in the Condensed Statements of Consolidated Income on derivatives not designated as hedging instruments.   Three Months Ended October 31, Six Months Ended October 31,   2023 2022 2023 2022 Derivative gains (losses) on commodity contracts $ (5.0) $ (19.3) $ 2.8  $ (28.2) Derivative gains (losses) on foreign currency exchange contracts 4.8  4.8  2.6  4.6  Total derivative gains (losses) recognized in cost of products sold $ (0.2) $ (14.5) $ 5.4  $ (23.6)
Net cumulative unallocated derivative gains (losses)	The following table presents the net change in cumulative unallocated derivative gains and losses.   Three Months Ended October 31, Six Months Ended October 31, 2023 2022 2023 2022 Net derivative gains (losses) recognized and classified as unallocated $ (0.2) $ (14.5) $ 5.4  $ (23.6) Less: Net derivative gains (losses) reclassified to segment operating profit 26.1  12.6  21.3  37.3  Change in net cumulative unallocated derivative gains and losses $ (26.3) $ (27.1) $ (15.9) $ (60.9)
Pre-tax gains and losses recognized on all contracts previously designated as cash flow hedges	The following table presents information on the pre-tax gains and losses recognized on all contracts previously designated as cash flow hedges. Three Months Ended October 31, Six Months Ended October 31, 2023 2022 2023 2022 Gains (losses) recognized in other comprehensive income (loss) $ —  $ —  $ —  $ —  Less: Gains (losses) reclassified from accumulated other comprehensive income (loss) to interest expense – net (A) (3.4) (3.5) (6.8) (6.8) Change in accumulated other comprehensive income (loss) $ 3.4  $ 3.5  $ 6.8  $ 6.8  (A)Interest expense – net, as presented in the Condensed Statements of Consolidated Income was $35.1 and $39.7 for the three months ended October 31, 2023 and 2022, respectively, and $67.2 and $78.8 for the six months ended October 31, 2023 and 2022, respectively. The reclassification includes terminated contracts which were designated as cash flow hedges.

v3.23.3

Other Financial Instruments and Fair Value Measurements (Tables)	6 Months Ended
	Oct. 31, 2023
Fair Value Disclosures [Abstract]
Carrying amount and fair value of financial instruments	The following table provides information on the carrying amounts and fair values of our financial instruments.   October 31, 2023 April 30, 2023   Carrying Amount Fair Value Carrying Amount Fair Value Marketable securities and other investments $ 22.4  $ 22.4  $ 24.0  $ 24.0  Derivative financial instruments – net 35.9  35.9  4.7  4.7  Investment in equity securities 432.7  432.7  487.8  487.8  Total long-term debt (7,771.7) (7,156.5) (4,314.2) (3,879.1)
Financial assets (liabilities) measured at fair value on a recurring basis	The following tables summarize the fair values and the levels within the fair value hierarchy in which the fair value measurements fall for our financial instruments. Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Fair Value at October 31, 2023 Marketable securities and other investments: (A) Equity mutual funds $ 5.0  $ —  $ —  $ 5.0  Municipal obligations —  17.1  —  17.1  Money market funds 0.3  —  —  0.3  Derivative financial instruments: (B) Commodity contracts – net (1.4) 0.5  —  (0.9) Foreign currency exchange contracts – net 0.9  2.3  —  3.2  Equity forward contract – net —  33.6  —  33.6  Investment in equity securities (C) 432.7  —  —  432.7  Total long-term debt (D) (7,156.5) —  —  (7,156.5) Total financial instruments measured at fair value $ (6,719.0) $ 53.5  $ —  $ (6,665.5)   Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Fair Value at April 30, 2023 Marketable securities and other investments: (A) Equity mutual funds $ 5.0  $ —  $ —  $ 5.0  Municipal obligations —  18.6  —  18.6  Money market funds 0.4  —  —  0.4  Derivative financial instruments: (B) Commodity contracts – net 2.7  0.7  —  3.4  Foreign currency exchange contracts – net 0.2  1.1  —  1.3  Investment in equity securities (C) 487.8  —  —  487.8  Total long-term debt (D) (3,879.1) —  —  (3,879.1) Total financial instruments measured at fair value $ (3,383.0) $ 20.4  $ —  $ (3,362.6) (A)Marketable securities and other investments consists of funds maintained for the payment of benefits associated with nonqualified retirement plans. The funds include equity securities listed in active markets, municipal obligations valued by a third-party using valuation techniques that utilize inputs that are derived principally from or corroborated by observable market data, and money market funds with maturities of three months or less. Based on the short-term nature of these money market funds, carrying value approximates fair value. As of October 31, 2023, our municipal obligations are scheduled to mature as follows: $0.7 in 2024, $1.3 in 2025, $0.8 in 2026, $4.4 in 2027, $0.4 in 2028, and the remaining $9.5 in 2029 and beyond. (B)Level 1 commodity and foreign currency exchange derivatives are valued using quoted market prices for identical instruments in active markets. Level 2 commodity, foreign currency exchange, and equity forward derivatives are valued using quoted prices for similar assets or liabilities in active markets. The unrealized pre-tax gain on the equity forward derivative was included in other income (expense) – net in the Condensed Statement of Consolidated Income. In addition, all 5.4 million shares of Post common stock were hedged as of October 31, 2023. On November 15, 2023, we settled the equity forward contract for $466.3.For additional information, see Note 10: Derivative Financial Instruments. (C)The market approach is utilized to measure the fair value of equity securities. The investment in equity securities represents our equity interest in Post of approximately 9 percent as of October 31, 2023, which is valued using the trading value of Post common stock. During the six months ended October 31, 2023, we recognized an unrealized pre-tax loss of $55.1 on the investment, which was included in other income (expense) – net in the Condensed Statement of Consolidated Income. On November 15, 2023, we sold all 5.4 million shares of Post common stock, and they settled for $466.3. For additional information, see Note 4: Divestitures. (D)Long-term debt is composed of public Senior Notes, which are traded in an active secondary market and valued using quoted prices. For additional information, see Note 8: Debt and Financing Arrangements.

v3.23.3

Leases (Tables)	6 Months Ended
	Oct. 31, 2023
Leases [Abstract]
Right-of-use assets and lease liabilities recognized in the Condensed Consolidated Balance Sheets	The following table sets forth the right-of-use assets and lease liabilities recognized in the Condensed Consolidated Balance Sheets. October 31, 2023 April 30, 2023 Operating lease right-of-use assets $ 158.4  $ 103.0  Operating lease liabilities: Current operating lease liabilities $ 33.2  $ 33.2  Noncurrent operating lease liabilities 132.9  77.2  Total operating lease liabilities $ 166.1  $ 110.4  Finance lease right-of-use assets: Machinery and equipment $ 14.5  $ 7.7  Accumulated depreciation (6.5) (4.4) Total property, plant, and equipment $ 8.0  $ 3.3  Finance lease liabilities: Other current liabilities $ 2.2  $ 1.2  Other noncurrent liabilities 6.0  2.2  Total finance lease liabilities $ 8.2  $ 3.4
Components of lease expense	The following table summarizes the components of lease expense. Three Months Ended October 31, Six Months Ended October 31, 2023 2022 2023 2022 Operating lease cost $ 11.2  $ 10.3  $ 23.9  $ 20.8  Finance lease cost: Amortization of right-of-use assets 1.7  0.4  2.0  0.8  Interest on lease liabilities 0.2  —  0.3  —  Variable lease cost 5.1  5.6  11.2  11.7  Short-term lease cost 11.2  10.8  20.6  22.6  Total lease cost (A) $ 29.4  $ 27.1  $ 58.0  $ 55.9  (A)Total lease cost does not include sublease income which is immaterial for all years presented.
Cash flow and noncash information related to leases	The following table sets forth cash flow and noncash information related to leases. Six Months Ended October 31, 2023 2022 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 22.9  $ 21.6  Operating cash flows from finance leases 0.3  —  Financing cash flows from finance leases 1.9  1.0  Right-of-use assets obtained in exchange for new lease liabilities: Operating leases $ 75.2  $ 1.6  Finance leases 6.5  1.3
Maturity of operating lease liabilities by fiscal year	The following table summarizes the maturity of our lease liabilities by fiscal year. October 31, 2023 Operating Leases Finance Leases 2024 (remainder of the year) $ 20.6  $ 1.3  2025 35.8  2.4  2026 32.8  2.0  2027 18.8  1.7  2028 14.3  1.4  2029 and beyond 72.4  0.3  Total undiscounted minimum lease payments $ 194.7  $ 9.1  Less: Imputed interest 28.6  0.9  Lease liabilities $ 166.1  $ 8.2
Maturity of finance lease liabilities by fiscal year	The following table summarizes the maturity of our lease liabilities by fiscal year. October 31, 2023 Operating Leases Finance Leases 2024 (remainder of the year) $ 20.6  $ 1.3  2025 35.8  2.4  2026 32.8  2.0  2027 18.8  1.7  2028 14.3  1.4  2029 and beyond 72.4  0.3  Total undiscounted minimum lease payments $ 194.7  $ 9.1  Less: Imputed interest 28.6  0.9  Lease liabilities $ 166.1  $ 8.2
Weighted average remaining lease term and discount rate	The following table sets forth the weighted average remaining lease term and discount rate. October 31, 2023 April 30, 2023 Weighted average remaining lease term (in years): Operating leases 4.0 4.8 Finance leases 6.8 3.1 Weighted average discount rate: Operating leases 4.1  % 3.3  % Finance leases 4.5  % 2.4  %

v3.23.3

Accumulated Other Comprehensive Income (Loss) (Tables)	6 Months Ended
	Oct. 31, 2023
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract]
Components of accumulated other comprehensive income (loss)	The components of accumulated other comprehensive income (loss), including the reclassification adjustments for items that are reclassified from accumulated other comprehensive income (loss) to net income, are shown below. Foreign Currency Translation Adjustment Net Gains (Losses) on Cash Flow Hedging Derivatives (A) Pension and Other Postretirement Liabilities (B) Unrealized  Gain (Loss) on Available- for-Sale Securities Accumulated Other Comprehensive Income (Loss) Balance at May 1, 2023 $ (34.3) $ (153.6) $ (52.7) $ 1.4  $ (239.2) Reclassification adjustments —  6.8  3.9  —  10.7  Current period credit (charge) (6.6) —  (3.2) (0.5) (10.3) Income tax benefit (expense) —  (1.6) (0.2) 0.1  (1.7) Balance at October 31, 2023 $ (40.9) $ (148.4) $ (52.2) $ 1.0  $ (240.5)   Foreign Currency Translation Adjustment Net Gains (Losses) on Cash Flow Hedging Derivatives (A) Pension and Other Postretirement Liabilities (B) Unrealized Gain (Loss) on Available- for-Sale Securities Accumulated Other Comprehensive Income (Loss) Balance at May 1, 2022 $ (21.1) $ (163.9) $ (54.2) $ 1.8  $ (237.4) Reclassification adjustments —  6.8  3.1  —  9.9  Current period credit (charge) (15.0) —  (1.8) (1.3) (18.1) Income tax benefit (expense) —  (1.7) (0.4) 0.4  (1.7) Balance at October 31, 2022 $ (36.1) $ (158.8) $ (53.3) $ 0.9  $ (247.3) (A)The reclassification from accumulated other comprehensive income (loss) is composed of deferred gains (losses) related to terminated interest rate contracts which were reclassified to interest expense – net. For additional information, see Note 10: Derivative Financial Instruments. (B)The reclassification from accumulated other comprehensive income (loss) to other income (expense) – net is composed of settlement charges and amortization of net losses and prior service costs. For additional information, see Note 9: Pensions and Other Postretirement Benefits.

v3.23.3

Common Shares (Tables)	6 Months Ended
	Oct. 31, 2023
Stockholders' Equity Note [Abstract]
Common shares information	The following table sets forth common share information. October 31, 2023 April 30, 2023 Common shares authorized 300.0  300.0  Common shares outstanding 102.2  104.4  Treasury shares 44.3  42.1

v3.23.3

Acquisition (Details Textual) shares in Millions, $ in Millions	Nov. 07, 2023 USD ($) numberOfEmployees shares	Oct. 31, 2023 USD ($)	Apr. 30, 2023 USD ($)
Acquisition [Line Items]
Debt instrument face amount		$ 7,850.0	$ 4,350.0
Hostess Brands | Subsequent Event
Acquisition [Line Items]
Business acquisition consideration given	$ 5,500.0
Shares issued to shareholders of acquiree | shares	4.0
Value of shares issued to shareholders of acquiree	$ 450.2
Number of employees acquired | numberOfEmployees	3,000
Commercial Paper [Member]
Acquisition [Line Items]
Short-term borrowings		0.0	$ 0.0
Commercial Paper [Member] | Hostess Brands | Subsequent Event
Acquisition [Line Items]
Short-term borrowings	$ 700.0
Senior Notes | Hostess Brands
Acquisition [Line Items]
Debt instrument face amount		3,500.0
Term Loan Credit Agreement | Hostess Brands
Acquisition [Line Items]
Debt instrument face amount		$ 0.0
Term Loan Credit Agreement | Hostess Brands | Subsequent Event
Acquisition [Line Items]
Debt instrument face amount	$ 800.0

v3.23.3

Divestitures (Detail) $ in Millions	Oct. 31, 2023 USD ($)
Sahale Snacks [Member]
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Inventories	$ 9.9
Property, plant, and equipment - net	6.0
Operating lease right-of-use assets	1.9
Goodwill	11.5
Other intangible assets - net	14.7
Other noncurrent assets	0.3
Total assets held for sale	44.3
Other current liabilities	0.8
Deferred income taxes	4.1
Other noncurrent liabilities	1.1
Total liabilities held for sale	6.0
Valuation allowance	(6.8)
Net assets held for sale	31.5
Condiments [Member]
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Inventories	27.6
Property, plant, and equipment - net	0.0
Operating lease right-of-use assets	0.0
Goodwill	0.0
Other intangible assets - net	6.9
Other noncurrent assets	0.0
Total assets held for sale	34.5
Other current liabilities	0.0
Deferred income taxes	0.0
Other noncurrent liabilities	0.0
Total liabilities held for sale	0.0
Valuation allowance	(5.2)
Net assets held for sale	$ 29.3

v3.23.3

Divestitures (Details Textual) shares in Millions, $ in Millions					3 Months Ended			6 Months Ended		12 Months Ended	15 Months Ended	18 Months Ended
	Nov. 15, 2023 USD ($) shares	Nov. 01, 2023 USD ($) numberOfEmployees	Oct. 17, 2023 USD ($)	Apr. 28, 2023 USD ($) numberOfEmployees shares	Oct. 31, 2023 USD ($)	Oct. 31, 2022 USD ($)	Jul. 31, 2022 USD ($)	Oct. 31, 2023 USD ($) shares	Oct. 31, 2022 USD ($)	Apr. 30, 2023 USD ($)	Jul. 31, 2022 USD ($)	Oct. 31, 2023 USD ($)	Jan. 31, 2022 numberOfEmployees
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Investment in equity securities					$ 432.7			$ 432.7		$ 487.8		$ 432.7
Loss (gain) on divestitures – net					13.8	$ 0.0		12.6	$ (1.6)
Condiments [Member]
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Proceeds from divestitures – net			$ 20.0
Disposal Group, Not Discontinued Operation, Loss (Gain) on Write-down					5.2			5.2				5.2
Condiments [Member] | International and Away From Home
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Annual net sales										60.0
Sahale Snacks [Member]
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Disposal Group, Not Discontinued Operation, Loss (Gain) on Write-down					$ 6.8			$ 6.8				6.8
Sahale Snacks [Member] | Subsequent Event
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Disposal Group, Not Discontinued Operation, Number of Employees | numberOfEmployees		100
Proceeds from divestitures – net		$ 34.0
Sahale Snacks [Member] | U.S. Retail Consumer Foods [Member]
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Annual net sales										48.0
Pet Food Brands [Member]
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Disposal Group, Not Discontinued Operation, Number of Employees | numberOfEmployees				1,100
Total proceeds from divestitures - cash and equity												1,200.0
Proceeds from divestitures – net												683.9
Loss (gain) on divestitures – net												$ 1,000.0
Pet Food Brands [Member] | Post Holdings Inc.
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Proceeds from divestitures - equity | shares				5.4
Investment in equity securities				$ 491.6
Pet Food Brands [Member] | Post Holdings Inc. | Forward Contracts
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Proceeds from divestitures - equity | shares								5.4
Pet Food Brands [Member] | Post Holdings Inc. | Subsequent Event
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Proceeds from divestitures - equity | shares	5.4
Pet Food Brands [Member] | Post Holdings Inc. | Subsequent Event | Forward Contracts
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Payments for (proceeds from) short-term investments	$ (466.3)
Pet Food Brands [Member] | U.S. Retail Pet Foods [Member]
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Annual net sales										$ 1,500.0
Natural Beverage and Grains Businesses [Member]
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Disposal Group, Not Discontinued Operation, Number of Employees | numberOfEmployees													150
Proceeds from divestitures – net											$ 98.7
Loss (gain) on divestitures – net							$ (1.6)				$ (28.3)

v3.23.3

Special Project Costs (Details) - USD ($) $ in Millions	3 Months Ended	6 Months Ended
	Oct. 31, 2022	Oct. 31, 2022	Apr. 30, 2023
Restructuring Cost and Reserve [Line Items]
Restructuring, Incurred Cost, Statement of Income or Comprehensive Income [Extensible Enumeration]	Cost of Goods and Services Sold, Restructuring Charges	Cost of Goods and Services Sold, Restructuring Charges
2021 Restructuring Program
Restructuring Cost and Reserve [Line Items]
Restructuring and Related Cost, Cost Incurred to Date at April 30, 2023			$ 63.7
Restructuring and Related Cost, Incurred Cost	$ 3.5	$ 6.0
2021 Restructuring Program | Employee-related costs [Member]
Restructuring Cost and Reserve [Line Items]
Restructuring and Related Cost, Cost Incurred to Date at April 30, 2023			27.1
Restructuring and Related Cost, Incurred Cost	0.7	1.8
2021 Restructuring Program | Other transition and termination costs
Restructuring Cost and Reserve [Line Items]
Restructuring and Related Cost, Cost Incurred to Date at April 30, 2023			$ 36.6
Restructuring and Related Cost, Incurred Cost	$ 2.8	$ 4.2

v3.23.3

Special Project Costs (Details Textual) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Oct. 31, 2023	Oct. 31, 2022	Oct. 31, 2022	Apr. 30, 2023
2021 Restructuring Program
Restructuring Cost and Reserve [Line Items]
Restructuring and Related Cost, Incurred Cost		$ 3.5	$ 6.0
Restructuring and Related Cost, Noncash Charge Incurred to Date				$ 33.2
Restructuring and Related Cost, Incurred Noncash Charge		2.2	7.0
2021 Restructuring Program | Employee-related costs [Member]
Restructuring Cost and Reserve [Line Items]
Restructuring and Related Cost, Incurred Cost		$ 0.7	$ 1.8
Restructuring Reserve				$ 1.6
Hostess Brands
Restructuring Cost and Reserve [Line Items]
Restructuring and Related Cost, Incurred Cost	$ 26.2
Restructuring and Related Cost, Expected Cost	210.0
Sahale Snacks and Condiments Divestitures
Restructuring Cost and Reserve [Line Items]
Restructuring and Related Cost, Expected Cost	4.6
Sahale Snacks and Condiments Divestitures | Employee-related costs [Member]
Restructuring Cost and Reserve [Line Items]
Restructuring and Related Cost, Incurred Cost	0.5
Restructuring Reserve	$ 0.5

v3.23.3

Reportable Segments (Details) - USD ($) $ in Millions		3 Months Ended		6 Months Ended
		Oct. 31, 2023	Oct. 31, 2022	Oct. 31, 2023	Oct. 31, 2022
Segment Reporting Information [Line Items]
Net sales		$ 1,938.6	$ 2,205.1	$ 3,743.8	$ 4,078.1
Segment profit		456.9	449.6	850.4	787.2
Amortization		(39.6)	(55.6)	(79.4)	(111.2)
Gain (loss) on divestitures – net		(13.8)	0.0	(12.6)	1.6
Interest expense – net		(35.1)	(39.7)	(67.2)	(78.8)
Change in net cumulative unallocated derivative gains and losses		(26.3)	(27.1)	(15.9)	(60.9)
Costs of products sold – special project costs	[1]	0.0	(2.8)	0.0	(3.9)
Other special project costs	[1],[2]	(6.8)	(0.7)	(6.8)	(2.1)
Other debt costs	[1],[2]	(19.5)	0.0	(19.5)	0.0
Corporate administrative expenses		(71.5)	(70.0)	(133.3)	(137.6)
Other income (expense) – net	[1],[2]	5.1	(0.8)	(27.9)	(0.3)
Income Before Income Taxes		249.4	252.9	487.8	394.0
U.S. Retail Coffee [Member]
Segment Reporting Information [Line Items]
Net sales		685.7	709.8	1,310.8	1,307.7
Segment profit		171.0	187.7	341.1	333.6
U.S. Retail Consumer Foods [Member]
Segment Reporting Information [Line Items]
Net sales		464.3	432.2	928.3	743.3
Segment profit		128.5	100.3	234.2	155.1
U.S. Retail Pet Foods [Member]
Segment Reporting Information [Line Items]
Net sales	[3]	464.0	765.2	905.0	1,494.2
Segment profit	[3]	97.2	120.1	178.5	240.4
International and Away From Home
Segment Reporting Information [Line Items]
Net sales		324.6	297.9	599.7	532.9
Segment profit		$ 60.2	$ 41.5	$ 96.6	$ 58.1
[1] Includes certain divestiture, acquisition, integration, and restructuring costs. For more information, see Note 5: Special Project Costs and Note 8: Debt and Financing Arrangements. [2] Includes certain divestiture, acquisition, integration, and restructuring costs (“special project costs”). For more information, see Note 5: Special Project Costs, Note 6: Reportable Segments, and Note 8: Debt and Financing Arrangements. [3] On April 28, 2023, we sold certain pet food brands to Post, and the divested net sales were primarily included in the U.S. Retail Pet Foods segment. For more information, see Note 4: Divestitures.

v3.23.3

Reportable Segments (Details 1) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Oct. 31, 2023	Oct. 31, 2022	Oct. 31, 2023	Oct. 31, 2022
Geographical information [Line Items]
Net sales	$ 1,938.6	$ 2,205.1	$ 3,743.8	$ 4,078.1
United States
Geographical information [Line Items]
Net sales	1,796.3	2,062.1	3,472.7	3,822.0
Total international
Geographical information [Line Items]
Net sales	142.3	143.0	271.1	256.1
Canada
Geographical information [Line Items]
Net sales	118.9	119.2	221.2	213.0
All other international
Geographical information [Line Items]
Net sales	$ 23.4	$ 23.8	$ 49.9	$ 43.1

v3.23.3

Reportable Segments (Details 2) - USD ($) $ in Millions		3 Months Ended			6 Months Ended
		Oct. 31, 2023	Oct. 31, 2022		Oct. 31, 2023	Oct. 31, 2022
Product category information [Line Items]
Net sales		$ 1,938.6	$ 2,205.1		$ 3,743.8	$ 4,078.1
Percent of product sales attributable to primary reportable segment					75.00%	75.00%
U.S. Retail Coffee [Member]
Product category information [Line Items]
Net sales		685.7	709.8		$ 1,310.8	$ 1,307.7
U.S. Retail Coffee [Member] | Coffee [Member]
Product category information [Line Items]
Net sales	[1]	778.4	799.6		1,487.5	1,479.5
U.S. Retail Consumer Foods [Member]
Product category information [Line Items]
Net sales		464.3	432.2		928.3	743.3
U.S. Retail Consumer Foods [Member] | Peanut butter [Member]
Product category information [Line Items]
Net sales	[1]	200.6	192.9		412.6	253.5
U.S. Retail Consumer Foods [Member] | Frozen handheld [Member]
Product category information [Line Items]
Net sales	[1]	211.8	168.3		391.2	328.8
U.S. Retail Consumer Foods [Member] | Fruit spreads [Member]
Product category information [Line Items]
Net sales	[1]	106.9	103.7		213.5	203.8
U.S. Retail Consumer Foods [Member] | Toppings and Syrup
Product category information [Line Items]
Net sales	[1]	21.9	21.7		46.7	46.1
U.S. Retail Pet Foods [Member]
Product category information [Line Items]
Net sales	[2]	464.0	765.2		905.0	1,494.2
U.S. Retail Pet Foods [Member] | Pet snacks [Member]
Product category information [Line Items]
Net sales	[1],[3]	255.9	260.2		499.3	504.4
U.S. Retail Pet Foods [Member] | Cat food [Member]
Product category information [Line Items]
Net sales	[1],[3]	204.6	284.7		395.7	550.1
U.S. Retail Pet Foods [Member] | Dog food [Member]
Product category information [Line Items]
Net sales	[1],[3]	20.3	246.3	[4]	47.1	488.0	[4]
Other
Product category information [Line Items]
Net sales		324.6	297.9		599.7	532.9
Other | Portion control [Member]
Product category information [Line Items]
Net sales	[1],[5]	53.0	43.5		101.6	71.3
Other | Baking mixes and ingredients [Member]
Product category information [Line Items]
Net sales	[1],[5]	30.1	28.8		44.9	45.1
Other | Other [Member]
Product category information [Line Items]
Net sales	[1],[5]	$ 55.1	$ 55.4		$ 103.7	$ 107.5
[1] The primary reportable segment generally represents at least 75 percent of total net sales for each respective product category. [2] On April 28, 2023, we sold certain pet food brands to Post, and the divested net sales were primarily included in the U.S. Retail Pet Foods segment. For more information, see Note 4: Divestitures. [3] During the three and six months ended October 31, 2023, a portion of the net sales within this product category relates to sales associated with a contract manufacturing agreement resulting from the divestiture of certain pet food brands, primarily included in the U.S. Retail Pet Foods segment. This agreement will continue through the remainder of 2024 and into 2025. [4] During the three and six months ended October 31, 2022, the net sales within this product category were primarily related to the divested pet food brands, primarily included in the U.S. Retail Pet Foods segment. For more information, see Note 4: Divestitures. [5] Primarily represents the International and Away From Home operating segments, which are combined for segment reporting purposes.

v3.23.3

Reportable Segments (Details Textual)	6 Months Ended
	Oct. 31, 2023 Segment Industry
Segment Reporting [Abstract]
Number of industries in which Company operates | Industry	1
Number of reportable segments | Segment	3

v3.23.3

Earnings per Share (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	3 Months Ended				6 Months Ended
	Oct. 31, 2023	Jul. 31, 2023	Oct. 31, 2022	Jul. 31, 2022	Oct. 31, 2023	Oct. 31, 2022
Schedule of Earnings Per Share, Two Class Method [Line Items]
Net income	$ 194.9	$ 183.6	$ 191.1	$ 109.8	$ 378.5	$ 300.9
Net income per common share (in dollars per share)	$ 1.91		$ 1.79		$ 3.70	$ 2.82
Net income per common share – assuming dilution	$ 1.90		$ 1.79		$ 3.69	$ 2.82
Two-class method
Schedule of Earnings Per Share, Two Class Method [Line Items]
Net income	$ 194.9		$ 191.1		$ 378.5	$ 300.9
Less: Net income allocated to participating securities	0.1		0.3		0.2	0.5
Net income allocated to common stockholders	$ 194.8		$ 190.8		$ 378.3	$ 300.4
Weighted-average common shares outstanding	102.1		106.5		102.3	106.4
Add: Dilutive effect of stock options (in shares)	0.1		0.0		0.1	0.1
Weighted-average common shares outstanding – assuming dilution (in shares)	102.2		106.5		102.4	106.5
Net income per common share (in dollars per share)	$ 1.91		$ 1.79		$ 3.70	$ 2.82
Net income per common share – assuming dilution	$ 1.91		$ 1.79		$ 3.70	$ 2.82

v3.23.3

Earnings Per Share (Details 1) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	3 Months Ended				6 Months Ended
	Oct. 31, 2023	Jul. 31, 2023	Oct. 31, 2022	Jul. 31, 2022	Oct. 31, 2023	Oct. 31, 2022
Earnings Per Share [Abstract]
Net income	$ 194.9	$ 183.6	$ 191.1	$ 109.8	$ 378.5	$ 300.9
Net income per common share – assuming dilution	$ 1.90		$ 1.79		$ 3.69	$ 2.82
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Net income	$ 194.9	$ 183.6	$ 191.1	$ 109.8	$ 378.5	$ 300.9
Net income per common share – assuming dilution	$ 1.90		$ 1.79		$ 3.69	$ 2.82
Treasury Stock Method [Member]
Earnings Per Share [Abstract]
Net income	$ 194.9		$ 191.1		$ 378.5	$ 300.9
Weighted-average common shares outstanding	102.1		106.5		102.3	106.4
Weighted-average common shares outstanding – assuming dilution (in shares)	102.4		106.9		102.6	106.8
Net income per common share – assuming dilution	$ 1.90		$ 1.79		$ 3.69	$ 2.82
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Net income	$ 194.9		$ 191.1		$ 378.5	$ 300.9
Weighted-average common shares outstanding	102.1		106.5		102.3	106.4
Weighted-average common shares outstanding – assuming dilution (in shares)	102.4		106.9		102.6	106.8
Net income per common share – assuming dilution	$ 1.90		$ 1.79		$ 3.69	$ 2.82
Employee stock options | Treasury Stock Method [Member]
Earnings Per Share [Abstract]
Dilutive effect (in shares)	0.1		0.0		0.1	0.1
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Dilutive effect (in shares)	0.1		0.0		0.1	0.1
Restricted shares, restricted stock units, and performance units | Treasury Stock Method [Member]
Earnings Per Share [Abstract]
Dilutive effect (in shares)	0.2		0.4		0.2	0.3
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Dilutive effect (in shares)	0.2		0.4		0.2	0.3

v3.23.3

Debt and Financing Arrangements (Details) - USD ($) $ in Millions		Oct. 31, 2023	Apr. 30, 2023
Long-term debt
Debt instrument face amount		$ 7,850.0	$ 4,350.0
Total long-term debt	[1]	$ 7,771.7	$ 4,314.2
3.50% Senior Notes due March 15, 2025
Long-term debt
Interest rate on notes		3.50%	3.50%
Debt instrument face amount		$ 1,000.0	$ 1,000.0
Senior Notes	[1]	$ 998.8	$ 998.4
3.38% Senior Notes due December 15, 2027
Long-term debt
Interest rate on notes		3.38%	3.38%
Debt instrument face amount		$ 500.0	$ 500.0
Senior Notes	[1]	$ 498.2	$ 498.0
5.90% Senior Notes due November 15, 2028
Long-term debt
Interest rate on notes		5.90%	5.90%
Debt instrument face amount		$ 750.0	$ 0.0
Senior Notes	[1]	$ 744.4	$ 0.0
2.38 % Senior Notes due March 15, 2030
Long-term debt
Interest rate on notes		2.38%	2.38%
Debt instrument face amount		$ 500.0	$ 500.0
Senior Notes	[1]	$ 496.9	$ 496.7
2.13% Senior Notes due March 15, 2032
Long-term debt
Interest rate on notes		2.13%	2.13%
Debt instrument face amount		$ 500.0	$ 500.0
Senior Notes	[1]	$ 494.8	$ 494.4
6.20% Senior Notes due November 15, 2033
Long-term debt
Interest rate on notes		6.20%	6.20%
Debt instrument face amount		$ 1,000.0	$ 0.0
Senior Notes	[1]	$ 991.7	$ 0.0
4.25% Senior Notes due March 15, 2035
Long-term debt
Interest rate on notes		4.25%	4.25%
Debt instrument face amount		$ 650.0	$ 650.0
Senior Notes	[1]	$ 645.3	$ 645.1
2.75% Senior Notes due September 15, 2041
Long-term debt
Interest rate on notes		2.75%	2.75%
Debt instrument face amount		$ 300.0	$ 300.0
Senior Notes	[1]	$ 297.4	$ 297.3
6.50% Senior Notes due November 15, 2043
Long-term debt
Interest rate on notes		6.50%	6.50%
Debt instrument face amount		$ 750.0	$ 0.0
Senior Notes	[1]	$ 736.6	$ 0.0
4.38% Senior Notes due March 15, 2045
Long-term debt
Interest rate on notes		4.38%	4.38%
Debt instrument face amount		$ 600.0	$ 600.0
Senior Notes	[1]	$ 588.4	$ 588.2
3.55% Senior Notes due March 15, 2050
Long-term debt
Interest rate on notes		3.55%	3.55%
Debt instrument face amount		$ 300.0	$ 300.0
Senior Notes	[1]	$ 296.2	$ 296.1
6.50% Senior Notes due November 15, 2053
Long-term debt
Interest rate on notes		6.50%	6.50%
Debt instrument face amount		$ 1,000.0	$ 0.0
Senior Notes	[1]	$ 983.0	$ 0.0
[1] Represents the carrying amount included in the Condensed Consolidated Balance Sheets, which includes the impact of capitalized debt issuance costs, offering discounts, and terminated interest rate contracts.

v3.23.3

Debt and Financing Arrangements (Details Textual) shares in Millions, $ in Millions				3 Months Ended		6 Months Ended
		Nov. 15, 2023 USD ($) shares	Apr. 28, 2023 shares	Oct. 31, 2023 USD ($) Bank	Oct. 31, 2022 USD ($)	Oct. 31, 2023 USD ($) Bank shares	Oct. 31, 2022 USD ($)	Nov. 07, 2023 USD ($)	Apr. 30, 2023 USD ($)
Debt and Financing Arrangements (Textual) [Abstract]
Debt instrument face amount				$ 7,850.0		$ 7,850.0			$ 4,350.0
Other debt costs	[1],[2]			$ (19.5)	$ 0.0	(19.5)	$ 0.0
Capitalized debt issuance costs						$ 28.9	0.0
Percentage of the principal amount thereof at which company can prepay				100.00%		100.00%
Interest paid				$ 65.2	$ 67.9	$ 73.6	$ 77.3
Post Holdings Inc. | Pet Food Brands [Member]
Debt and Financing Arrangements (Textual) [Abstract]
Proceeds from divestitures - equity | shares			5.4
Post Holdings Inc. | Pet Food Brands [Member] | Subsequent Event
Debt and Financing Arrangements (Textual) [Abstract]
Proceeds from divestitures - equity | shares		5.4
Post Holdings Inc. | Forward Contracts | Pet Food Brands [Member]
Debt and Financing Arrangements (Textual) [Abstract]
Proceeds from divestitures - equity | shares						5.4
Post Holdings Inc. | Forward Contracts | Pet Food Brands [Member] | Subsequent Event
Debt and Financing Arrangements (Textual) [Abstract]
Payments for (Proceeds from) Short-Term Investments		$ (466.3)
Commercial Paper [Member]
Debt and Financing Arrangements (Textual) [Abstract]
Commercial paper, borrowing capacity				2,000.0		$ 2,000.0
Short-term borrowings				0.0		0.0			0.0
Commercial Paper [Member] | Hostess Brands | Subsequent Event
Debt and Financing Arrangements (Textual) [Abstract]
Short-term borrowings								$ 700.0
Short-term Debt, Weighted Average Interest Rate, at Point in Time								5.47%
Term Loan Credit Agreement | Hostess Brands
Debt and Financing Arrangements (Textual) [Abstract]
Maximum borrowing capacity				800.0		800.0
Debt instrument face amount				0.0		0.0
Term Loan Credit Agreement | Hostess Brands | Subsequent Event
Debt and Financing Arrangements (Textual) [Abstract]
Debt instrument face amount								$ 800.0
Long-term Debt, Weighted Average Interest Rate, at Point in Time								6.67%
Bridge Loan | Hostess Brands
Debt and Financing Arrangements (Textual) [Abstract]
Maximum borrowing capacity				5,200.0		5,200.0
Bridge Loan				0.0		0.0
Bridge Loan | Hostess Brands | Subsequent Event
Debt and Financing Arrangements (Textual) [Abstract]
Bridge Loan								$ 0.0
Senior Notes
Debt and Financing Arrangements (Textual) [Abstract]
Capitalized debt issuance costs				29.5
Debt Instrument, Unamortized Discount				15.0		15.0
Senior Notes | Hostess Brands
Debt and Financing Arrangements (Textual) [Abstract]
Debt instrument face amount				3,500.0		3,500.0
Revolving Credit Facility
Debt and Financing Arrangements (Textual) [Abstract]
Revolving credit facility maximum borrowing capacity				$ 2,000.0		$ 2,000.0
Number of banks | Bank				11		11
Outstanding balance under revolving credit facility				$ 0.0		$ 0.0			$ 0.0
[1] Includes certain divestiture, acquisition, integration, and restructuring costs (“special project costs”). For more information, see Note 5: Special Project Costs, Note 6: Reportable Segments, and Note 8: Debt and Financing Arrangements. [2] Includes certain divestiture, acquisition, integration, and restructuring costs. For more information, see Note 5: Special Project Costs and Note 8: Debt and Financing Arrangements.

v3.23.3

Pensions and Other Postretirement Benefits (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Oct. 31, 2023	Oct. 31, 2022	Oct. 31, 2023	Oct. 31, 2022
Components of net periodic benefit cost
Pension settlement loss (gain)			$ 3.2	$ 1.7
Defined Benefit Plan, Plan Assets, Contributions by Employer				70.0
Defined Benefit Plan, Plan Assets, Benefits Paid			1.8	1.8
Defined Benefit Pension Plans
Components of net periodic benefit cost
Service cost	$ 0.3	$ 0.3	0.5	0.6
Interest cost	4.7	4.4	9.3	8.8
Expected return on plan assets	(4.1)	(4.1)	(8.2)	(8.1)
Amortization of net actuarial loss (gain)	0.8	1.0	1.7	2.0
Amortization of prior service cost (credit)	0.0	0.3	0.1	0.4
Pension settlement loss (gain)	0.0	1.7	3.2	1.7
Net periodic benefit cost	1.7	3.6	6.6	5.4
Defined Benefit Pension Plans | Foreign Plan [Member]
Components of net periodic benefit cost
Pension settlement loss (gain)				0.0
Other Postretirement Benefits
Components of net periodic benefit cost
Service cost	0.2	0.3	0.4	0.5
Interest cost	0.7	0.6	1.3	1.2
Expected return on plan assets	0.0	0.0	0.0	0.0
Amortization of net actuarial loss (gain)	(0.4)	(0.3)	(0.8)	(0.6)
Amortization of prior service cost (credit)	(0.2)	(0.3)	(0.3)	(0.4)
Pension settlement loss (gain)	0.0	0.0	0.0	0.0
Net periodic benefit cost	$ 0.3	$ 0.3	$ 0.6	$ 0.7

v3.23.3

Derivative Financial Instruments (Details) - USD ($) $ in Millions	Oct. 31, 2023	Apr. 30, 2023
Commodity contracts
Outstanding derivative contracts
Derivative, Nonmonetary Notional Amount	328.8	448.1
Foreign currency exchange contracts
Outstanding derivative contracts
Derivative, Nonmonetary Notional Amount	107.6	98.1
Forward Contracts
Outstanding derivative contracts
Derivative, Nonmonetary Notional Amount	432.7	0.0

v3.23.3

Derivative Financial Instruments (Details 1) - USD ($) $ in Millions	Oct. 31, 2023	Apr. 30, 2023
Other Current Assets [Member]
Fair value of derivative instruments [Line Items]
Derivatives Instruments, Assets	$ 44.3	$ 19.5
Other Current Liabilities [Member]
Fair value of derivative instruments [Line Items]
Derivatives Instruments, Liabilities	8.4	14.8
Other Noncurrent Assets [Member]
Fair value of derivative instruments [Line Items]
Derivatives Instruments, Assets	0.0	0.0
Other Noncurrent Liabilities [Member]
Fair value of derivative instruments [Line Items]
Derivatives Instruments, Liabilities	0.0	0.0
Commodity contracts | Other Current Assets [Member] | Not designated as hedging instruments [Member]
Fair value of derivative instruments [Line Items]
Derivatives Instruments, Assets	7.5	18.1
Commodity contracts | Other Current Liabilities [Member] | Not designated as hedging instruments [Member]
Fair value of derivative instruments [Line Items]
Derivatives Instruments, Liabilities	8.4	14.7
Commodity contracts | Other Noncurrent Assets [Member] | Not designated as hedging instruments [Member]
Fair value of derivative instruments [Line Items]
Derivatives Instruments, Assets	0.0	0.0
Commodity contracts | Other Noncurrent Liabilities [Member] | Not designated as hedging instruments [Member]
Fair value of derivative instruments [Line Items]
Derivatives Instruments, Liabilities	0.0	0.0
Foreign currency exchange contracts | Other Current Assets [Member] | Not designated as hedging instruments [Member]
Fair value of derivative instruments [Line Items]
Derivatives Instruments, Assets	3.2	1.4
Foreign currency exchange contracts | Other Current Liabilities [Member] | Not designated as hedging instruments [Member]
Fair value of derivative instruments [Line Items]
Derivatives Instruments, Liabilities	0.0	0.1
Foreign currency exchange contracts | Other Noncurrent Assets [Member] | Not designated as hedging instruments [Member]
Fair value of derivative instruments [Line Items]
Derivatives Instruments, Assets	0.0	0.0
Foreign currency exchange contracts | Other Noncurrent Liabilities [Member] | Not designated as hedging instruments [Member]
Fair value of derivative instruments [Line Items]
Derivatives Instruments, Liabilities	0.0	$ 0.0
Forward Contracts | Other Current Assets [Member] | Not designated as hedging instruments [Member]
Fair value of derivative instruments [Line Items]
Derivatives Instruments, Assets	33.6
Forward Contracts | Other Current Liabilities [Member] | Not designated as hedging instruments [Member]
Fair value of derivative instruments [Line Items]
Derivatives Instruments, Liabilities	0.0
Forward Contracts | Other Noncurrent Assets [Member] | Not designated as hedging instruments [Member]
Fair value of derivative instruments [Line Items]
Derivatives Instruments, Assets	0.0
Forward Contracts | Other Noncurrent Liabilities [Member] | Not designated as hedging instruments [Member]
Fair value of derivative instruments [Line Items]
Derivatives Instruments, Liabilities	$ 0.0

v3.23.3

Derivative Financial Instruments (Details 2) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Oct. 31, 2023	Oct. 31, 2022	Oct. 31, 2023	Oct. 31, 2022
Gains and losses recognized in cost of products sold on derivatives not designated as qualified hedging instruments
Total derivative gains (losses) recognized in costs of products sold	$ (0.2)	$ (14.5)	$ 5.4	$ (23.6)
Commodity contracts
Gains and losses recognized in cost of products sold on derivatives not designated as qualified hedging instruments
Total derivative gains (losses) recognized in costs of products sold	(5.0)	(19.3)	2.8	(28.2)
Foreign currency exchange contracts
Gains and losses recognized in cost of products sold on derivatives not designated as qualified hedging instruments
Total derivative gains (losses) recognized in costs of products sold	$ 4.8	$ 4.8	$ 2.6	$ 4.6

v3.23.3

Derivative Financial Instruments (Details 3) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Oct. 31, 2023	Oct. 31, 2022	Oct. 31, 2023	Oct. 31, 2022
Price Risk Derivatives [Abstract]
Net derivative gains (losses) recognized and classified as unallocated	$ (0.2)	$ (14.5)	$ 5.4	$ (23.6)
Less: Net derivatives gains (losses) reclassified to segment operating profit	26.1	12.6	21.3	37.3
Change in net cumulative unallocated derivative gains and losses	$ (26.3)	$ (27.1)	$ (15.9)	$ (60.9)

v3.23.3

Derivative Financial Instruments (Details 4) - Cash Flow Hedging [Member] - USD ($) $ in Millions		3 Months Ended		6 Months Ended
		Oct. 31, 2023	Oct. 31, 2022	Oct. 31, 2023	Oct. 31, 2022
Derivative Instruments, Gain (Loss) [Line Items]
Gains (losses) recognized in other comprehensive income (loss)		$ 0.0	$ 0.0	$ 0.0	$ 0.0
Change in accumulated other comprehensive income (loss)		3.4	3.5	6.8	6.8
Interest Expense [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Gains (losses) reclassified from accumulated other comprehensive income (loss)	[1]	$ (3.4)	$ (3.5)	$ (6.8)	$ (6.8)
[1] Interest expense – net, as presented in the Condensed Statements of Consolidated Income was $35.1 and $39.7 for the three months ended October 31, 2023 and 2022, respectively, and $67.2 and $78.8 for the six months ended October 31, 2023 and 2022, respectively. The reclassification includes terminated contracts which were designated as cash flow hedges.

v3.23.3

Derivative Financial Instruments (Details Textual) - USD ($) shares in Millions, $ in Millions			3 Months Ended		6 Months Ended		12 Months Ended
	Nov. 15, 2023	Apr. 28, 2023	Oct. 31, 2023	Oct. 31, 2022	Oct. 31, 2023	Oct. 31, 2022	Apr. 30, 2023	Apr. 30, 2020
Derivative Financial Instruments (Textual) [Abstract]
Collateral pledged			$ 11.5		$ 11.5		$ 17.0
Cumulative net mark-to-market valuation of certain derivative positions recognized in unallocated derivative gains (losses)					0.0		15.9
Interest expense – net			(35.1)	$ (39.7)	$ (67.2)	$ (78.8)
Post Holdings Inc. | Pet Food Brands [Member]
Derivative Financial Instruments (Textual) [Abstract]
Proceeds from divestitures - equity		5.4
Post Holdings Inc. | Subsequent Event | Pet Food Brands [Member]
Derivative Financial Instruments (Textual) [Abstract]
Proceeds from divestitures - equity	5.4
Commodity contracts
Derivative Financial Instruments (Textual) [Abstract]
Derivative instrument maturity					1 year
Foreign currency exchange contracts
Derivative Financial Instruments (Textual) [Abstract]
Derivative instrument maturity					1 year
Forward Contracts | Post Holdings Inc. | Pet Food Brands [Member]
Derivative Financial Instruments (Textual) [Abstract]
Proceeds from divestitures - equity					5.4
Unrealized Gain (Loss) on Derivatives			33.0		$ 33.6
Forward Contracts | Post Holdings Inc. | Subsequent Event | Pet Food Brands [Member]
Derivative Financial Instruments (Textual) [Abstract]
Payments for (proceeds from) short-term investments	$ (466.3)
Interest rate contracts
Derivative Financial Instruments (Textual) [Abstract]
Deferred pre-tax net gain (loss) included in accumulated other comprehensive loss								$ (239.8)
Deferred Gain (Loss) on Cash Flow Hedges Included in Accumulated Other Comprehensive Income or Loss			(193.9)		(193.9)		(200.7)
Tax impact related to deferred losses and gains on cash flow hedges included in accumulated other comprehensive loss			$ 45.5		45.5		$ 47.1
Effective portion of the hedge loss reclassified to interest expense over the next twelve months					$ (13.6)

v3.23.3

Other Financial Instruments and Fair Value Measurements (Details) - USD ($) $ in Millions		Oct. 31, 2023	Apr. 30, 2023
Carrying amount and fair value of financial instruments
Investment in equity securities		$ 432.7	$ 487.8
Total long-term debt	[1]	(7,771.7)	(4,314.2)
Carrying Amount [Member]
Carrying amount and fair value of financial instruments
Marketable securities and other investments		22.4	24.0
Derivative financial instruments – net		35.9	4.7
Investment in equity securities		432.7	487.8
Total long-term debt		(7,771.7)	(4,314.2)
Fair Value [Member]
Carrying amount and fair value of financial instruments
Marketable securities and other investments		22.4	24.0
Derivative financial instruments – net		35.9	4.7
Investment in equity securities		432.7	487.8
Total long-term debt		$ (7,156.5)	$ (3,879.1)
[1] Represents the carrying amount included in the Condensed Consolidated Balance Sheets, which includes the impact of capitalized debt issuance costs, offering discounts, and terminated interest rate contracts.

v3.23.3

Other Financial Instruments and Fair Value Measurements (Details 1) - Fair value measurements recurring [Member] - USD ($) $ in Millions		Oct. 31, 2023	Apr. 30, 2023
Financial assets (liabilities) measured at fair value on a recurring basis
Investment in equity securities	[1]	$ 432.7	$ 487.8
Total long-term debt	[2]	(7,156.5)	(3,879.1)
Total financial instruments measured at fair value		(6,665.5)	(3,362.6)
Equity mutual funds
Financial assets (liabilities) measured at fair value on a recurring basis
Marketable securities and other investments	[3]	5.0	5.0
Municipal obligations
Financial assets (liabilities) measured at fair value on a recurring basis
Marketable securities and other investments	[3]	17.1	18.6
Money market funds
Financial assets (liabilities) measured at fair value on a recurring basis
Marketable securities and other investments	[3]	0.3	0.4
Commodity contracts - net
Financial assets (liabilities) measured at fair value on a recurring basis
Derivative financial instruments	[4]	(0.9)	3.4
Foreign currency exchange contracts - net
Financial assets (liabilities) measured at fair value on a recurring basis
Derivative financial instruments	[4]	3.2	1.3
Forward Contracts
Financial assets (liabilities) measured at fair value on a recurring basis
Derivative financial instruments	[4]	33.6
Fair Value, Inputs, Level 1 [Member]
Financial assets (liabilities) measured at fair value on a recurring basis
Investment in equity securities	[1]	432.7	487.8
Total long-term debt	[2]	(7,156.5)	(3,879.1)
Total financial instruments measured at fair value		(6,719.0)	(3,383.0)
Fair Value, Inputs, Level 1 [Member] | Equity mutual funds
Financial assets (liabilities) measured at fair value on a recurring basis
Marketable securities and other investments	[3]	5.0	5.0
Fair Value, Inputs, Level 1 [Member] | Municipal obligations
Financial assets (liabilities) measured at fair value on a recurring basis
Marketable securities and other investments	[3]	0.0	0.0
Fair Value, Inputs, Level 1 [Member] | Money market funds
Financial assets (liabilities) measured at fair value on a recurring basis
Marketable securities and other investments	[3]	0.3	0.4
Fair Value, Inputs, Level 1 [Member] | Commodity contracts - net
Financial assets (liabilities) measured at fair value on a recurring basis
Derivative financial instruments	[4]	(1.4)	2.7
Fair Value, Inputs, Level 1 [Member] | Foreign currency exchange contracts - net
Financial assets (liabilities) measured at fair value on a recurring basis
Derivative financial instruments	[4]	0.9	0.2
Fair Value, Inputs, Level 1 [Member] | Forward Contracts
Financial assets (liabilities) measured at fair value on a recurring basis
Derivative financial instruments	[4]	0.0
Fair Value, Inputs, Level 2 [Member]
Financial assets (liabilities) measured at fair value on a recurring basis
Investment in equity securities	[1]	0.0	0.0
Total long-term debt	[2]	0.0	0.0
Total financial instruments measured at fair value		53.5	20.4
Fair Value, Inputs, Level 2 [Member] | Equity mutual funds
Financial assets (liabilities) measured at fair value on a recurring basis
Marketable securities and other investments	[3]	0.0	0.0
Fair Value, Inputs, Level 2 [Member] | Municipal obligations
Financial assets (liabilities) measured at fair value on a recurring basis
Marketable securities and other investments	[3]	17.1	18.6
Fair Value, Inputs, Level 2 [Member] | Money market funds
Financial assets (liabilities) measured at fair value on a recurring basis
Marketable securities and other investments	[3]	0.0	0.0
Fair Value, Inputs, Level 2 [Member] | Commodity contracts - net
Financial assets (liabilities) measured at fair value on a recurring basis
Derivative financial instruments	[4]	0.5	0.7
Fair Value, Inputs, Level 2 [Member] | Foreign currency exchange contracts - net
Financial assets (liabilities) measured at fair value on a recurring basis
Derivative financial instruments	[4]	2.3	1.1
Fair Value, Inputs, Level 2 [Member] | Forward Contracts
Financial assets (liabilities) measured at fair value on a recurring basis
Derivative financial instruments	[4]	33.6
Fair Value, Inputs, Level 3 [Member]
Financial assets (liabilities) measured at fair value on a recurring basis
Investment in equity securities	[1]	0.0	0.0
Total long-term debt	[2]	0.0	0.0
Total financial instruments measured at fair value		0.0	0.0
Fair Value, Inputs, Level 3 [Member] | Equity mutual funds
Financial assets (liabilities) measured at fair value on a recurring basis
Marketable securities and other investments	[3]	0.0	0.0
Fair Value, Inputs, Level 3 [Member] | Municipal obligations
Financial assets (liabilities) measured at fair value on a recurring basis
Marketable securities and other investments	[3]	0.0	0.0
Fair Value, Inputs, Level 3 [Member] | Money market funds
Financial assets (liabilities) measured at fair value on a recurring basis
Marketable securities and other investments	[3]	0.0	0.0
Fair Value, Inputs, Level 3 [Member] | Commodity contracts - net
Financial assets (liabilities) measured at fair value on a recurring basis
Derivative financial instruments	[4]	0.0	0.0
Fair Value, Inputs, Level 3 [Member] | Foreign currency exchange contracts - net
Financial assets (liabilities) measured at fair value on a recurring basis
Derivative financial instruments	[4]	0.0	$ 0.0
Fair Value, Inputs, Level 3 [Member] | Forward Contracts
Financial assets (liabilities) measured at fair value on a recurring basis
Derivative financial instruments	[4]	$ 0.0
[1] The market approach is utilized to measure the fair value of equity securities. The investment in equity securities represents our equity interest in Post of approximately 9 percent as of October 31, 2023, which is valued using the trading value of Post common stock. During the six months ended October 31, 2023, we recognized an unrealized pre-tax loss of $55.1 on the investment, which was included in other income (expense) – net in the Condensed Statement of Consolidated Income. On November 15, 2023, we sold all 5.4 million shares of Post common stock, and they settled for $466.3. For additional information, see Note 4: Divestitures. [2] Long-term debt is composed of public Senior Notes, which are traded in an active secondary market and valued using quoted prices. For additional information, see Note 8: Debt and Financing Arrangements. [3] Marketable securities and other investments consists of funds maintained for the payment of benefits associated with nonqualified retirement plans. The funds include equity securities listed in active markets, municipal obligations valued by a third-party using valuation techniques that utilize inputs that are derived principally from or corroborated by observable market data, and money market funds with maturities of three months or less. Based on the short-term nature of these money market funds, carrying value approximates fair value. As of October 31, 2023, our municipal obligations are scheduled to mature as follows: $0.7 in 2024, $1.3 in 2025, $0.8 in 2026, $4.4 in 2027, $0.4 in 2028, and the remaining $9.5 in 2029 and beyond. [4] Level 1 commodity and foreign currency exchange derivatives are valued using quoted market prices for identical instruments in active markets. Level 2 commodity, foreign currency exchange, and equity forward derivatives are valued using quoted prices for similar assets or liabilities in active markets. The unrealized pre-tax gain on the equity forward derivative was included in other income (expense) – net in the Condensed Statement of Consolidated Income. In addition, all 5.4 million shares of Post common stock were hedged as of October 31, 2023. On November 15, 2023, we settled the equity forward contract for $466.3.For additional information, see Note 10: Derivative Financial Instruments.

v3.23.3

Other Financial Instruments and Fair Value Measurements (Details Textual) - USD ($) shares in Millions, $ in Millions			6 Months Ended
	Nov. 15, 2023	Apr. 28, 2023	Oct. 31, 2023
Other Financial Instruments and Fair Value Measurements (Textual) [Abstract]
Company's Municipal bond mature in 2024			$ 0.7
Company's Municipal bond mature in 2025			1.3
Company's Municipal bond mature in 2026			0.8
Company's Municipal bond mature in 2027			4.4
Company's Municipal bond mature in 2028			0.4
Company's Municipal bond mature in 2029 and beyond			9.5
Sahale Snacks [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Valuation allowance			(6.8)
Condiments [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Valuation allowance			$ (5.2)
Post Holdings Inc.
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investment in equity securities, current, ownership percentage			9.00%
Unrealized Gain (Loss) on Investments			$ 55.1
Post Holdings Inc. | Pet Food Brands [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Proceeds from divestitures - equity		5.4
Post Holdings Inc. | Pet Food Brands [Member] | Subsequent Event
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Proceeds from divestitures - equity	5.4
Post Holdings Inc. | Pet Food Brands [Member] | Forward Contracts
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Proceeds from divestitures - equity			5.4
Post Holdings Inc. | Pet Food Brands [Member] | Forward Contracts | Subsequent Event
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Payments for (Proceeds from) Short-Term Investments	$ (466.3)

v3.23.3

Leases (Details) - USD ($) $ in Millions	Oct. 31, 2023	Apr. 30, 2023
Leases [Abstract]
Operating lease right-of-use assets	$ 158.4	$ 103.0
Current operating lease liabilities	33.2	33.2
Noncurrent operating lease liabilities	132.9	77.2
Total operating lease liabilities	166.1	110.4
Machinery and equipment	14.5	7.7
Accumulated depreciation	(6.5)	(4.4)
Total property, plant, and equipment	$ 8.0	$ 3.3
Finance lease right-of-use assets balance sheet location	Accumulated Depreciation, Depletion and Amortization, Property, Plant, and Equipment, Machinery and Equipment, Gross, Property, Plant and Equipment, Net	Accumulated Depreciation, Depletion and Amortization, Property, Plant, and Equipment, Machinery and Equipment, Gross, Property, Plant and Equipment, Net
Other current liabilities	$ 2.2	$ 1.2
Finance lease current liabilities balance sheet location	Other Liabilities, Current	Other Liabilities, Current
Other noncurrent liabilities	$ 6.0	$ 2.2
Finance lease noncurrent liabilities balance sheet location	Other Liabilities, Noncurrent	Other Liabilities, Noncurrent
Total finance lease liabilities	$ 8.2	$ 3.4
Total finance lease liabilities balance sheet location	Liabilities	Liabilities

v3.23.3

Leases (Details 1) - USD ($) $ in Millions		3 Months Ended		6 Months Ended
		Oct. 31, 2023	Oct. 31, 2022	Oct. 31, 2023	Oct. 31, 2022
Leases [Abstract]
Operating lease cost		$ 11.2	$ 10.3	$ 23.9	$ 20.8
Finance lease cost:
Amortization of right-of-use assets		1.7	0.4	2.0	0.8
Interest on lease liabilities		0.2	0.0	0.3	0.0
Variable lease cost		5.1	5.6	11.2	11.7
Short-term lease cost		11.2	10.8	20.6	22.6
Net lease cost	[1]	$ 29.4	$ 27.1	$ 58.0	$ 55.9
[1] Total lease cost does not include sublease income which is immaterial for all years presented.

v3.23.3

Leases (Details 2) - USD ($) $ in Millions	6 Months Ended
	Oct. 31, 2023	Oct. 31, 2022
Leases [Abstract]
Operating cash flows from operating leases	$ 22.9	$ 21.6
Operating cash flows from finance leases	0.3	0.0
Financing cash flows from finance leases	1.9	1.0
Right-of-use asset obtained in exchange for operating lease liabilities	75.2	1.6
Right-of-use asset obtained in exchange for finance lease liabilities	$ 6.5	$ 1.3

v3.23.3

Leases (Details 3) - USD ($) $ in Millions	Oct. 31, 2023	Apr. 30, 2023
Operating Lease Liabilities, Payments Due [Abstract]
2024 (remainder of the year)	$ 20.6
2025	35.8
2026	32.8
2027	18.8
2028	14.3
2029 and beyond	72.4
Total undiscounted minimum lease payments	194.7
Less: Imputed interest	28.6
Total operating lease liabilities	166.1	$ 110.4
Finance Lease Liabilities, Payments, Due [Abstract]
2024 (remainder of the year)	1.3
2025	2.4
2026	2.0
2027	1.7
2028	1.4
2029 and beyond	0.3
Total undiscounted minimum lease payments	9.1
Less: Imputed interest	0.9
Total finance lease liabilities	$ 8.2	$ 3.4

v3.23.3

Leases (Details 4)	Oct. 31, 2023	Apr. 30, 2023
Leases [Abstract]
Operating leases, Weighted average remaining lease term	4 years	4 years 9 months 18 days
Finance leases, Weighted average remaining lease term	6 years 9 months 18 days	3 years 1 month 6 days
Operating leases, Weighted average discount rate	4.10%	3.30%
Finance leases, Weighted average discount rate	4.50%	2.40%

v3.23.3

Leases (Details Textual) $ in Millions	Oct. 31, 2023 USD ($)
Leases [Abstract]
Operating leases not yet commenced to begin in the third quarter of 2024	$ 12.0
Finance leases not yet commenced to begin in the third quarter of 2024	$ 1.1

v3.23.3

Income Taxes (Details Textual) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Oct. 31, 2023	Oct. 31, 2022	Oct. 31, 2023	Oct. 31, 2022
Income Tax Disclosure [Abstract]
Effective Income Tax Rate Reconciliation, Percent	21.90%	24.40%	22.40%	23.60%
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent	21.00%	21.00%	21.00%	21.00%
Income Taxes (Textual) [Abstract]
Time Period Over Which it is Reasonably Possible That Company Could Increase or Decrease its Unrecognized Tax Benefits			12 months
Amount unrecognized tax benefit could decrease in the next 12 months	$ 2.1		$ 2.1

v3.23.3

Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Millions		6 Months Ended
		Oct. 31, 2023	Oct. 31, 2022
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Accumulated Other Comprehensive Income (Loss), Beginning Balance		$ (239.2)
Accumulated Other Comprehensive Income (Loss), Ending Balance		(240.5)
Foreign Currency Translation Adjustment [Member]
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Accumulated Other Comprehensive Income (Loss), Beginning Balance		(34.3)	$ (21.1)
Reclassification adjustments		0.0	0.0
Current period credit (charge)		(6.6)	(15.0)
Income tax benefit (expense)		0.0	0.0
Accumulated Other Comprehensive Income (Loss), Ending Balance		(40.9)	(36.1)
Net Gains (Losses) on Cash Flow Hedging Derivatives [Member]
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Accumulated Other Comprehensive Income (Loss), Beginning Balance	[1]	(153.6)	(163.9)
Reclassification adjustments	[1]	6.8	6.8
Current period credit (charge)	[1]	0.0	0.0
Income tax benefit (expense)	[1]	(1.6)	(1.7)
Accumulated Other Comprehensive Income (Loss), Ending Balance	[1]	(148.4)	(158.8)
Pension and Other Postretirement Liabilities [Member]
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Accumulated Other Comprehensive Income (Loss), Beginning Balance	[2]	(52.7)	(54.2)
Reclassification adjustments	[2]	3.9	3.1
Current period credit (charge)	[2]	(3.2)	(1.8)
Income tax benefit (expense)	[2]	(0.2)	(0.4)
Accumulated Other Comprehensive Income (Loss), Ending Balance	[2]	(52.2)	(53.3)
Unrealized Gain (Loss) on Available-for-Sale Securities [Member]
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Accumulated Other Comprehensive Income (Loss), Beginning Balance		1.4	1.8
Reclassification adjustments		0.0	0.0
Current period credit (charge)		(0.5)	(1.3)
Income tax benefit (expense)		0.1	0.4
Accumulated Other Comprehensive Income (Loss), Ending Balance		1.0	0.9
AOCI Attributable to Parent [Member]
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Accumulated Other Comprehensive Income (Loss), Beginning Balance		(239.2)	(237.4)
Reclassification adjustments		10.7	9.9
Current period credit (charge)		(10.3)	(18.1)
Income tax benefit (expense)		(1.7)	(1.7)
Accumulated Other Comprehensive Income (Loss), Ending Balance		$ (240.5)	$ (247.3)
[1] The reclassification from accumulated other comprehensive income (loss) is composed of deferred gains (losses) related to terminated interest rate contracts which were reclassified to interest expense – net. For additional information, see Note 10: Derivative Financial Instruments. [2] The reclassification from accumulated other comprehensive income (loss) to other income (expense) – net is composed of settlement charges and amortization of net losses and prior service costs. For additional information, see Note 9: Pensions and Other Postretirement Benefits.

v3.23.3

Contingencies (Details Textual) - USD ($) $ in Millions	3 Months Ended		6 Months Ended		13 Months Ended
	Oct. 31, 2023	Oct. 31, 2022	Oct. 31, 2023	Oct. 31, 2022	Apr. 30, 2023
Jif Peanut Butter Recall
Loss Contingencies [Line Items]
Loss Contingency, Loss in Period	$ 0.0	$ 25.0	$ 0.0	$ 90.0	$ 120.0

v3.23.3

Common Shares (Details) - shares shares in Millions	Oct. 31, 2023	Apr. 30, 2023
Common Shares Information
Common shares authorized	300.0	300.0
Common shares outstanding	102.2	104.4
Treasury Stock, Common, Shares	44.3	42.1

v3.23.3

Common Shares (Details Textual) - USD ($) $ / shares in Units, $ in Millions		6 Months Ended
	Nov. 07, 2023	Oct. 31, 2023	Oct. 31, 2022	Sep. 08, 2023	Apr. 30, 2023	Mar. 02, 2023
Equity, Class of Treasury Stock [Line Items]
Payments to repurchase shares		$ 372.4	$ 7.9
Sales and Excise Tax Payable		$ 3.6
Hostess Brands
Acquisition [Line Items]
Business Acquisition, Equity Interest Issued or Issuable, Value of Price Per Share Paid				$ 4.25
Subsequent Event | Hostess Brands
Acquisition [Line Items]
Business Acquisition, Equity Interest Issued or Issuable, Number of Shares	4,000,000.0
Business Acquisition, Equity Interest Issued or Issuable, Value Assigned	$ 450.2
Business Acquisition, Equity Interest Issued or Issuable, Price Per Share Paid	$ 30.00
Business Acquisition, Equity Interest Issued or Issuable, Fraction of Common Shares Issued	0.03002
Board Authorized Repurchased Plan
Equity, Class of Treasury Stock [Line Items]
Stock Repurchase Program, Remaining Number of Shares Authorized to be Repurchased		1,100,000			3,500,000
Shares authorized to be repurchased under stock repurchase program						2,400,000
Shares repurchased		2,400,000	0
Payments to repurchase shares		$ 362.8

v3.23.3

Insider Trading Arrangements (Details)	6 Months Ended
	Oct. 31, 2023
Insider Trading Arrangements [Abstract]
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Modified	false
Non-Rule 10b5-1 Arrangement Modified	false
Non-Rule 10b5-1 Arrangement Terminated	false
Rule 10b5-1 Arrangement Terminated	false

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