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Reportable Segments
 3 Months Ended
Jul. 31, 2024
Segment Reporting [Abstract]  
Reportable Segments
We operate in one industry: the manufacturing and marketing of food and beverage products. We have four reportable segments: U.S. Retail Coffee, U.S. Retail Frozen Handheld and Spreads, U.S. Retail Pet Foods, and Sweet Baked Snacks. 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 Coffee segment primarily includes the domestic sales of Folgers®, Dunkin’®, and Café Bustelo® branded coffee; the U.S. Retail Frozen Handheld and Spreads segment primarily includes the domestic sales of Uncrustables®, Smucker’s®, and Jif® branded products; 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; and the Sweet Baked Snacks segment primarily includes all domestic and foreign sales of Hostess and Voortman branded products in all channels. With the exception of Sweet Baked Snacks products, International and Away From Home includes the sale of all products that are distributed in foreign countries through retail channels, as well as domestically and in foreign countries through foodservice distributors and operators (e.g., healthcare operators, restaurants, educational institutions, offices, lodging and gaming establishments, and convenience stores).
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, the net change in cumulative unallocated gains and losses on commodity and foreign currency exchange derivative activities (“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.
 Three Months Ended July 31,
 20242023
Net sales:
U.S. Retail Coffee$623.4 $625.1 
U.S. Retail Frozen Handheld and Spreads496.8 464.0 
U.S. Retail Pet Foods399.7 441.0 
Sweet Baked Snacks333.7 — 
International and Away From Home271.5 275.1 
Total net sales$2,125.1 $1,805.2 
Segment profit:
U.S. Retail Coffee$172.6 $170.1 
U.S. Retail Frozen Handheld and Spreads119.0 105.7 
U.S. Retail Pet Foods115.3 81.3 
Sweet Baked Snacks74.4 — 
International and Away From Home48.6 36.4 
Total segment profit$529.9 $393.5 
Amortization(56.0)(39.8)
Gain (loss) on divestitures – net— 1.2 
Interest expense – net(100.4)(32.1)
Change in net cumulative unallocated derivative gains and losses(30.0)10.4 
Cost of products sold – special project costs (A)
(5.3)— 
Other special project costs (A)
(7.1)— 
Corporate administrative expenses(82.0)(61.8)
Other income (expense) – net(3.1)(33.0)
Income before income taxes$246.0 $238.4 
(A)Includes special project costs related to certain divestiture, acquisition, integration, and restructuring activities. For more information, see Note 5: Special Project Costs.
The following table presents certain geographical information.
Three Months Ended July 31,
20242023
Net sales:
United States$2,015.4 $1,676.4 
International:
Canada$81.4 $102.3 
All other international28.3 26.5 
Total international$109.7 $128.8 
Total net sales$2,125.1 $1,805.2 
The following table presents product category information.
Three Months Ended July 31,
20242023
Primary Reportable Segment (A)
Coffee$711.9 $709.1 U.S. Retail Coffee
Sweet baked goods296.6 — Sweet Baked Snacks
Pet snacks226.8 243.4 U.S. Retail Pet Foods
Frozen handheld222.6 179.4 U.S. Retail Frozen Handheld and Spreads
Peanut butter218.6 212.0 U.S. Retail Frozen Handheld and Spreads
Cat food183.1 191.1 U.S. Retail Pet Foods
Fruit spreads106.5 106.6 U.S. Retail Frozen Handheld and Spreads
Portion control54.1 48.6 
Other (B)
Cookies37.1 — Sweet Baked Snacks
Toppings and syrups28.3 24.8 U.S. Retail Frozen Handheld and Spreads
Baking mixes and ingredients14.2 14.8 
Other (B)
Dog food6.2 26.8 U.S. Retail Pet Foods
Other19.1 48.6 
Other (B)
Total net sales$2,125.1 $1,805.2 
(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.