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Reportable Segments
 12 Months Ended
Apr. 30, 2023
Segment Reporting [Abstract]  
Reportable Segments
Note 4: Reportable Segments
We operate in one industry: the manufacturing and marketing of food and beverage products. We have three reportable segments: U.S. Retail Pet Foods, U.S. Retail Coffee, and U.S. Retail Consumer 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 Pet Foods segment primarily includes the domestic sales of Meow Mix, Milk-Bone, Pup-Peroni, and Canine Carry Outs branded products; the U.S. Retail Coffee segment primarily includes the domestic sales of Folgers, Dunkin’, and Café Bustelo branded coffee; and the U.S. Retail Consumer Foods segment primarily includes the domestic sales of Smucker’s and Jif 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). Under our ownership, the divested Rachael Ray Nutrish, 9Lives, Kibbles ’n Bits, Nature’s Recipe, and Gravy Train brands generated net sales of $1.5 billion in 2023, and $1.4 billion in both 2022 and 2021, primarily included in the U.S. Retail Pet Foods segment.
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, 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.
The following table reconciles segment profit to income before income taxes and presents total assets; total depreciation, amortization, and impairment charges; and total additions to property, plant, and equipment by segment.
  Year Ended April 30,
  202320222021
Net sales:
U.S. Retail Pet Foods (A)
$3,038.1 $2,764.3 $2,844.5 
U.S. Retail Coffee2,735.3 2,497.3 2,374.6 
U.S. Retail Consumer Foods1,630.9 1,707.2 1,835.7 
International and Away From Home1,124.9 1,030.1 947.9 
Total net sales$8,529.2 $7,998.9 $8,002.7 
Segment profit:
U.S. Retail Pet Foods (A)
$494.9 $395.9 $487.0 
U.S. Retail Coffee737.7 736.7 769.1 
U.S. Retail Consumer Foods352.6 424.2 472.5 
International and Away From Home143.3 142.0 124.1 
Total segment profit$1,728.5 $1,698.8 $1,852.7 
Amortization(206.9)(223.6)(233.0)
Other intangible assets impairment charges— (150.4)(3.8)
Gain (loss) on divestitures – net(1,018.5)9.6 25.3 
Interest expense – net(152.0)(160.9)(177.1)
Change in net cumulative unallocated derivative gains and losses(21.4)(23.4)93.6 
Cost of products sold – special project costs (B)
(6.4)(20.5)(3.4)
Other special project costs (B)
(4.7)(8.0)(20.7)
Corporate administrative expenses(313.1)(258.7)(323.9)
Other income (expense) – net(14.7)(19.1)(37.8)
Income (loss) before income taxes$(9.2)$843.8 $1,171.9 
Assets:
U.S. Retail Pet Foods (A)
$4,994.3 $7,167.4 $7,480.8 
U.S. Retail Coffee4,808.9 4,891.8 4,793.9 
U.S. Retail Consumer Foods2,972.7 2,692.1 2,553.4 
International and Away From Home978.3 973.9 1,013.8 
Unallocated (C)
1,237.2 329.8 442.3 
Total assets$14,991.4 $16,055.0 $16,284.2 
Depreciation, amortization, and impairment charges:
U.S. Retail Pet Foods (A)
$178.7 $342.8 $194.8 
U.S. Retail Coffee101.6 100.2 96.7 
U.S. Retail Consumer Foods76.3 64.6 75.4 
International and Away From Home31.7 46.2 50.2 
Unallocated (D)
42.7 55.7 39.2 
Total depreciation, amortization, and impairment charges$431.0 $609.5 $456.3 
Additions to property, plant, and equipment:
U.S. Retail Pet Foods (A)
$64.3 $74.0 $72.4 
U.S. Retail Coffee49.0 49.8 42.5 
U.S. Retail Consumer Foods341.6 274.8 167.4 
International and Away From Home22.5 18.9 24.4 
Total additions to property, plant, and equipment$477.4 $417.5 $306.7 
(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. In addition, the net assets disposed of during 2023 were primarily included in the U.S. Retail Pet Foods segment. For more information, see Note 3: Divestitures.
(B)Special project costs include certain restructuring costs, which are recognized in cost of products sold and other special project costs in the Statements of Consolidated Income. For more information, see Note 2: Special Project Costs.
(C)Primarily represents unallocated cash and cash equivalents and corporate-held investments.
(D)Primarily represents unallocated corporate administrative expenses, mainly consisting of depreciation and software amortization.
The following table presents certain geographical information.
Year Ended April 30,
  202320222021
Net sales:
United States$8,001.4 $7,469.6 $7,448.3 
International:
Canada$433.2 $439.6 $443.6 
All other international94.6 89.7 110.8 
Total international$527.8 $529.3 $554.4 
Total net sales$8,529.2 $7,998.9 $8,002.7 
Assets:
United States$14,577.5 $15,653.5 $15,879.7 
International:
Canada$412.5 $399.8 $402.7 
All other international1.4 1.7 1.8 
Total international$413.9 $401.5 $404.5 
Total assets$14,991.4 $16,055.0 $16,284.2 
Long-lived assets (excluding goodwill and other intangible assets):
United States$2,421.9 $2,331.2 $2,220.6 
International:
Canada$64.6 $45.7 $57.1 
All other international— — — 
Total international$64.6 $45.7 $57.1 
Total long-lived assets (excluding goodwill and other intangible assets)$2,486.5 $2,376.9 $2,277.7 
The following table presents product category information.
Year Ended April 30,
  202320222021
Primary Reportable Segment (A)
Coffee$3,088.8 $2,804.7 $2,639.7 U.S. Retail Coffee
Cat food1,101.1 969.9 918.4 U.S. Retail Pet Foods
Pet snacks1,052.4 944.9 907.3 U.S. Retail Pet Foods
Dog food 980.0 926.5 1,090.8 U.S. Retail Pet Foods
Frozen handheld686.4 510.7 430.3 U.S. Retail Consumer Foods
Peanut butter635.6 801.1 796.1 U.S. Retail Consumer Foods
Fruit spreads426.2 386.5 385.9 U.S. Retail Consumer Foods
Portion control163.7 158.2 120.5 
Other (B)
Baking mixes and ingredients94.3 85.5 93.5 
Other (B)
Juices and beverages3.2 106.3 139.0 
Other (B)(C)
Shortening and oils— — 193.9 
U.S. Retail Consumer Foods (D)
Other297.5 304.6 287.3 
Other (B)
Total net sales$8,529.2 $7,998.9 $8,002.7 
(A)The primary reportable segment generally represents at least 75 percent of total net sales for each respective product category.
(B)Represents the combined International and Away From Home operating segments.
(C)During 2022 and 2021, the net sales within this category were primarily related to the divested natural beverage business included in the U.S. Retail Consumer Foods segment. For more information, see Note 3: Divestitures.
(D)During 2021, the net sales within this category were related to the divested Crisco business. For more information, see Note 3: Divestitures.
 
Sales to Walmart Inc. and subsidiaries amounted to 34 percent of net sales in both 2023 and 2022 and 32 percent of net sales in 2021. These sales are primarily included in our U.S. retail market segments. No other customer exceeded 10 percent of net sales for any year. Trade receivables – net at April 30, 2023 and 2022, included amounts due from Walmart Inc. and subsidiaries of $211.5 and $179.9, respectively.