Income Taxes (Tables)

12 Months Ended

Apr. 30, 2023

Income Tax Disclosure [Abstract]

Income (loss) before income taxes

The following table sets forth our income (loss) before income taxes.

	Year Ended April 30,
	2023		2022		2021
Domestic	$	(23.6)	$	806.0	$	1,176.6
Foreign	14.4		37.8		(4.7)
Income (loss) before income taxes	$	(9.2)	$	843.8	$	1,171.9

Components of the provision for income taxes

The following table summarizes the components of the provision for income taxes.

	Year Ended April 30,
	2023		2022		2021
Current:
Federal	$	217.9	$	201.8	$	251.3
Foreign	5.4		9.2		11.7
State and local	49.5		39.0		46.7
Deferred:
Federal	(158.5)		(48.1)		(3.3)
Foreign	(1.0)		0.3		(7.9)
State and local	(31.2)		9.9		(2.9)
Total income tax expense	$	82.1	$	212.1	$	295.6

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.

	Year Ended April 30,
(Percent of pre-tax income)	2023			2022			2021
Statutory federal income tax rate	21.0		%	21.0		%	21.0		%
Sale of certain pet food brands	(776.4)			—			—
Sale of the Crisco business	—			—			4.5
Sale of the Natural Balance business	—			—			(3.0)
State and local income taxes	(157.7)			2.6			2.9
Deferred tax expense from internal restructuring	—			2.0			—
Other items – net	20.7			(0.5)			(0.2)
Effective income tax rate	(892.4)		%	25.1		%	25.2		%
Income taxes paid	$	254.8		$	233.0		$	333.2

Deferred tax assets and liabilities

The following table summarizes significant components of our deferred tax assets and liabilities.

	April 30,
	2023		2022
Deferred tax liabilities:
Intangible assets	$	1,119.9	$	1,303.5
Property, plant, and equipment	192.0		174.7
Leases	15.6		21.8
Other	8.2		19.2
Total deferred tax liabilities	$	1,335.7	$	1,519.2
Deferred tax assets:
Post-employment and other employee benefits	$	75.1	$	66.2
Tax credit and loss carryforwards	26.1		27.8
Intangible assets	19.0		15.9
Hedging transactions	46.9		47.6
Leases	17.5		23.5
Other	38.2		42.3
Total deferred tax assets	$	222.8	$	223.3
Valuation allowance	(26.0)		(29.9)
Total deferred tax assets, less allowance	$	196.8	$	193.4
Net deferred tax liability	$	1,138.9	$	1,325.8

Reconciliation of unrecognized tax benefits

The following table sets forth a reconciliation of our unrecognized tax benefits.

	2023		2022		2021
Balance at May 1,	$	6.5	$	10.2	$	13.1
Increases:
Current year tax positions	—		0.1		0.7
Prior year tax positions	—		0.2		—
Decreases:
Expiration of statute of limitations periods	1.2		4.0		2.6
Prior year tax positions	—		—		1.0
Balance at April 30,	$	5.3	$	6.5	$	10.2