v3.26.1
Income Taxes (Tables)
 12 Months Ended
Apr. 30, 2026
Income Tax Disclosure [Abstract]  
Income (loss) before income taxes
The following table sets forth our income (loss) before income taxes.
Year Ended April 30,
  202620252024
Domestic$(95.8)$(1,087.6)$975.8 
Foreign33.4 40.8 20.6 
Income (loss) before income taxes$(62.4)$(1,046.8)$996.4 
Components of the provision for income taxes
The following table summarizes the components of the provision for income taxes.
  Year Ended April 30,
  202620252024
Current:
Federal$135.1 $228.0 $234.1 
Foreign6.0 11.7 10.1 
State and local38.5 52.3 48.7 
Deferred:
Federal(93.2)(45.4)(35.7)
Foreign0.4 (0.5)(2.3)
State and local(10.5)(62.1)(2.5)
Total income tax expense$76.3 $184.0 $252.4 
Reconciliation of the statutory federal income tax rate and the effective income tax rate
The following table sets forth a reconciliation of the statutory federal income tax rate and the effective income tax rate. The Company adopted ASU 2023-09 related to income tax disclosures on a retrospective basis.
  Year Ended April 30,
202620252024
AmountPercentAmountPercentAmountPercent
Statutory federal income tax rate$(13.1)21.0 %$(219.8)21.0 %$209.2 21.0 %
State and local income taxes, net of federal tax effect (A)
22.7 (36.4)(7.7)0.8 36.5 3.7 
Foreign tax effects3.6 (5.8)3.9 (0.4)3.1 0.3 
Effect of cross border tax laws (B)
(0.7)1.2 23.2 (2.2)(0.6)(0.1)
Tax credits(3.6)5.8 (3.4)0.3 (3.5)(0.4)
Changes in valuation allowances(2.0)3.2 7.6 (0.7)— — 
Nontaxable or nondeductible items:
Goodwill impairment charges65.3 (104.7)348.9 (33.3)— — 
Sale of Voortman business
— — 21.5 (2.1)— — 
Other2.6 (4.2)5.9 (0.6)15.4 1.6 
Changes in unrecognized tax benefits(1.0)1.6 (1.2)0.1 (1.9)(0.2)
Other adjustments2.5 (4.0)5.1 (0.5)(5.8)(0.6)
Effective income tax rate$76.3 (122.3)%$184.0 (17.6)%$252.4 25.3 %
(A)State taxes in Kansas, Pennsylvania, New Jersey, Georgia, Illinois, Texas, Louisiana, and Minnesota make up the majority (greater than 50%) of tax effect in this category in 2026. State taxes in Kansas and California make up the majority (greater than 50%) of tax effect in this category in 2025. State taxes in Kansas, California, Illinois, and Pennsylvania make up the majority (greater than 50%) of tax effect in this category in 2024.
(B)The effect of cross border tax laws in 2025 primarily related to the GILTI inclusion on the sale of the Voortman business.
Cash flow information related to Income Taxes Paid
The following table sets forth the income taxes paid, net of refunds received, by material jurisdiction.
Year Ended April 30,
202620252024
Federal$2.3 $268.6 $266.6 
Foreign13.3 10.9 2.3 
State and local26.5 52.6 47.6 
Income taxes paid$42.1 $332.1 $316.5 
Deferred tax assets and liabilities The following table summarizes significant components of our deferred tax assets and liabilities.
  April 30,
  20262025
Deferred tax liabilities:
Intangible assets$1,323.8 $1,454.4 
Property, plant, and equipment296.6 275.5 
Leases31.0 24.3 
Other27.1 25.9 
Total deferred tax liabilities$1,678.5 $1,780.1 
Deferred tax assets:
Post-employment and other employee benefits$53.5 $62.1 
Tax credit and loss carryforwards35.2 35.5 
Intangible assets61.6 34.4 
Hedging transactions20.2 11.6 
Leases32.9 26.0 
Other48.0 95.5 
Total deferred tax assets$251.4 $265.1 
Valuation allowance(32.5)(33.6)
Total deferred tax assets, less allowance$218.9 $231.5 
Net deferred tax liability$1,459.6 $1,548.6 
Schedule of Unrecognized Tax Benefits Roll Forward
The following table sets forth a reconciliation of our unrecognized tax benefits.
202620252024
Balance at May 1, $2.5 $4.6 $5.3 
Increases:
Acquired business— — 1.3 
Decreases:
Expiration of statute of limitations periods1.0 1.3 2.0 
Disposed business— 0.8 — 
Balance at April 30,$1.5 $2.5 $4.6