v3.26.1
Other Financial Instruments and Fair Value Measurements
 12 Months Ended
Apr. 30, 2026
Fair Value Disclosures [Abstract]  
Other Financial Instruments and Fair Value Measurements
Note 11: 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, short-term borrowings, 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 Consolidated Balance Sheets.
The following table provides information on the carrying amounts and fair values of our financial instruments.
  April 30, 2026April 30, 2025
  Carrying
Amount
Fair Value		Carrying
Amount
Fair Value
Marketable securities and other investments$18.5 $18.5 $20.0 $20.0 
Derivative financial instruments – net20.8 20.8 62.1 62.1 
Total long-term debt(6,542.8)(6,401.9)(7,036.8)(7,242.0)
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 
April 30, 2026
Marketable securities and other investments: (A)
Equity mutual funds$4.5 $— $— $4.5 
Municipal obligations— 14.0 — 14.0 
Money market funds— — — — 
Derivative financial instruments: (B)
Commodity contracts – net20.8 0.2 — 21.0 
Foreign currency exchange contracts – net— (0.2)— (0.2)
Total long-term debt (C)
(6,245.4)(156.5)— (6,401.9)
Total financial instruments measured at fair value$(6,220.1)$(142.5)$— $(6,362.6)
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, 2025
Marketable securities and other investments: (A)
Equity mutual funds$4.0 $— $— $4.0 
Municipal obligations— 15.8 — 15.8 
Money market funds0.2 — — 0.2 
Derivative financial instruments: (B)
Commodity contracts – net62.8 — — 62.8 
Foreign currency exchange contracts – net— (0.7)— (0.7)
Total long-term debt (C)
(6,532.5)(709.5)— (7,242.0)
Total financial instruments measured at fair value$(6,465.5)$(694.4)$— $(7,159.9)
(A)Marketable securities and other investments consist 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 April 30, 2026, our municipal obligations are scheduled to mature as follows: $4.0 in 2027, $0.4 in 2028, $2.0 in 2029, $0.6 in 2030, $1.1 in 2031, and the remaining $5.9 in 2032 and beyond. For additional information, see Marketable Securities and Other Investments in Note 1: Accounting Policies.
(B)Level 1 commodity and foreign currency exchange derivatives are valued using quoted market prices for identical instruments in active markets. Level 2 commodity and foreign currency exchange derivatives are valued using quoted prices for similar assets or liabilities in active markets. For additional information, see Note 10: Derivative Financial Instruments.
(C)Long-term debt is composed of public Senior Notes classified as Level 1 and the Term Loan classified as Level 2. The public Senior Notes are traded in an active secondary market and valued using quoted prices. The fair value of the Term Loan is based on the net present value of each interest and principal payment calculated utilizing an interest rate derived from an estimated yield curve obtained from independent pricing sources for similar types of term loan borrowing arrangements. For additional information, see Note 8: Debt and Financing Arrangements.
We utilized Level 3 inputs based on management’s best estimates and assumptions to estimate the fair value of the Sweet Baked Snacks reporting unit and the Hostess brand indefinite-lived trademark as of the date of each impairment test performed during 2026 and 2025. For additional information, see Note 7: Goodwill and Other Intangible Assets.
During 2025, we recognized losses in our Statement of Consolidated Income (Loss) related to the divested Voortman business and certain Sweet Baked Snacks value brands. The pre-tax losses for the divested Voortman business and certain Sweet Baked Snacks value brands included the impact of an allocation of $251.1 and $26.6 of goodwill, respectively, from the Sweet Baked Snacks reportable segment, which were determined based on relative fair value analyses. The noncash impact of the goodwill disposed was included in the pre-tax loss on the divestitures in our Statement of Consolidated Income (Loss). For additional information, see Note 3: Divestitures.