Other Financial Instruments and Fair Value Measurements (Tables)

12 Months Ended

Apr. 30, 2024

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.

	April 30, 2024				April 30, 2023
	Carrying Amount		Fair Value		Carrying Amount		Fair Value
Marketable securities and other investments	$	22.1	$	22.1	$	24.0	$	24.0
Derivative financial instruments – net	28.2		28.2		4.7		4.7
Investment in equity securities	—		—		487.8		487.8
Total long-term debt	(7,773.0)		(7,652.9)		(4,314.2)		(3,879.1)

Financial assets 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  April 30, 2024
Marketable securities and other investments: (A)
Equity mutual funds	$	4.5	$	—	$	—	$	4.5
Municipal obligations	—		17.2		—		17.2
Money market funds	0.4		—		—		0.4
Derivative financial instruments: (B)
Commodity contracts – net	26.7		(0.3)		—		26.4
Foreign currency exchange contracts – net	0.5		1.3		—		1.8
Total long-term debt (D)	(7,652.9)		—		—		(7,652.9)
Total financial instruments measured at fair value	$	(7,620.8)	$	18.2	$	—	$	(7,602.6)

	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, 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 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, 2024, our municipal obligations are scheduled to mature as follows: $1.5 in 2025, $0.8 in 2026, $3.8 in 2027, $0.4 in 2028, $3.4 in 2029, and the remaining $7.3 in 2030 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)The market approach is utilized to measure the fair value of equity securities. The investment in equity securities represented our equity interest in Post of approximately 8 percent as of April 30, 2023, which was valued using the trading value of Post common stock. The investment in equity securities was valued at $460.9 on the settlement date. As a result, we recognized a realized pre-tax loss of $30.7 on the investment, of which $26.9 and $3.8 was recognized during 2024 and 2023, respectively, and was included in other income (expense) – net in the Statements of Consolidated Income. For additional information, see Investment in Equity Securities in Note 1: Accounting Policies and Note 3: 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.