Financial Analysis

Note 2: Acquisition On November 7, 2023, we completed a cash and stock transaction to acquire Hostess Brands. The total purchase consideration in connection with the acquisition was $5.4 billion, which reflects an exchange offer of all outstanding shares of Hostess Brands common stock at a price of $34.25 per share, consisting of $30.00 in cash and 0.03002 shares of our common shares, based on the closing stock price on September 8, 2023, that were exchanged for each share of Hostess Brands common stock as of the transaction date. The purchase price included the issuance of approximately 4.0 million of our common shares to Hostess Brands shareholders, valued at $450.2, as discussed in Note 17: Common Shares. In addition, we paid $3.9 billion in cash, net of cash acquired, and assumed $991.0 of debt from Hostess Brands and $67.8 of an other debt-like item, reflecting consideration transferred for the cash payment of Hostess Brands employee equity awards. New debt of $5.0 billion was borrowed, consisting of $3.5 billion in Senior Notes, an $800.0 senior unsecured delayed-draw Term Loan Credit Agreement (Term Loan), and $700.0 of short-term borrowings under our commercial paper program to partially fund the transaction and pay off the debt assumed as part of the acquisition. For additional information on the financing associated with this transaction, refer to Note 8: Debt and Financing Arrangements. Hostess Brands is a manufacturer and marketer of sweet baked goods brands, incl …

BusinessCombinationDisclosureTextBlock · excerpt; the full note is in the filing

Note 8: Debt and Financing Arrangements The following table summarizes the components of our long-term debt. April 30, 2026 April 30, 2025 Principal Outstanding Carrying Amount (A) Principal Outstanding Carrying Amount (A) 3.38% Senior Notes due December 15, 2027 $ 500.0 $ 499.3 $ 500.0 $ 498.9 5.90% Senior Notes due November 15, 2028 750.0 746.9 750.0 745.7 2.38% Senior Notes due March 15, 2030 500.0 498.1 500.0 497.7 2.13% Senior Notes due March 15, 2032 364.5 361.8 364.5 361.3 6.20% Senior Notes due November 15, 2033 1,000.0 993.3 1,000.0 992.4 4.25% Senior Notes due March 15, 2035 650.0 646.3 650.0 645.9 2.75% Senior Notes due September 15, 2041 177.5 176.2 177.5 176.1 6.50% Senior Notes due November 15, 2043 750.0 737.9 750.0 737.2 4.38% Senior Notes due March 15, 2045 600.0 589.8 600.0 589.2 3.55% Senior Notes due March 15, 2050 161.2 159.4 161.2 159.3 6.50% Senior Notes due November 15, 2053 1,000.0 983.8 1,000.0 983.2 Term Loan Credit Agreement due March 5, 2027 150.0 150.0 650.0 649.9 Total long-term debt $ 6,603.2 $ 6,542.8 $ 7,103.2 $ 7,036.8 Current portion of long-term debt 150.0 150.0 Total long-term debt, less current portion $ 6,453.2 $ 6,392.8 $ 7,103.2 $ 7,036.8 (A) Represents the carrying amount included in the Consolidated Balance Sheets, which includes the impact of capitalized debt issuance costs, offering discounts, and terminated interest rate contracts. In March 2025, we entered into a Term Loan for an unsecured $650.0 term facility. Borrowings under …

DebtDisclosureTextBlock · excerpt; the full note is in the filing

Note 13: Share-Based Payments We provide for equity-based incentives to be awarded to key employees and non-employee directors. Currently, these incentives consist of restricted shares, restricted stock units (which may also be referred to as deferred stock units), and performance units. During 2026, 2025, and 2024, these awards were administered through the 2020 Equity and Incentive Compensation Plan (the 2020 Plan), which was approved by our shareholders in August 2020. Awards under the 2020 Plan may be in the form of stock options, stock appreciation rights, restricted shares, restricted stock units, performance shares, performance units, incentive awards, and other share-based awards, and they may be granted to our non-employee directors, consultants, officers, and other employees. Deferred stock units granted to non-employee directors vest immediately and, along with dividends credited on those deferred stock units, are paid out in the form of common shares upon termination of service as a non-employee director. At April 30, 2026, there were 3,095,104 shares available for future issuance under the 2020 Plan. Under the 2020 Plan, we have the option to settle share-based awards by issuing common shares from treasury, issuing new Company common shares, or issuing a combination of common shares from treasury and new Company common shares. Stock Options: Under the 2020 Plan, we granted 84,568 stock options during 2024. No stock options were granted in 2026 and 2025. Stock opt …

DisclosureOfCompensationRelatedCostsShareBasedPaymentsTextBlock · excerpt; the full note is in the filing

Note 11: Other Financial Instruments and Fair Value Measurements Financial instruments, other than derivatives, that potentially subject us to significant concentrations of credit risk consist principally of cash investments, short-term borrowings, and trade receivables. The carrying value of these financial instruments approximates fair value. Our remaining financial instruments, with the exception of long-term debt, are recognized at estimated fair value in the Consolidated Balance Sheets. The following table provides information on the carrying amounts and fair values of our financial instruments. April 30, 2026 April 30, 2025 Carrying Amount Fair Value Carrying Amount Fair Value Marketable securities and other investments $ 18.5 $ 18.5 $ 20.0 $ 20.0 Derivative financial instruments net 20.8 20.8 62.1 62.1 Total long-term debt (6,542.8) (6,401.9) (7,036.8) (7,242.0) Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Valuation techniques are based on observable and unobservable inputs. Observable inputs reflect readily obtainable data from independent sources, while unobservable inputs reflect our market assumptions. 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 …

FairValueDisclosuresTextBlock · excerpt; the full note is in the filing

Note 7: Goodwill and Other Intangible Assets The following table summarizes the changes in our goodwill. U.S. Retail Coffee U.S. Retail Frozen Handheld and Spreads U.S. Retail Pet Foods Sweet Baked Snacks Away From Home Other Total Balance at May 1, 2024 $ 2,090.9 $ 1,139.9 $ 1,580.2 $ 2,447.2 $ 251.7 $ 140.0 $ 7,649.9 Impairment charges (A) (1,661.6) (1,661.6) Divestiture (277.7) (277.7) Other (B) (0.4) (0.2) (0.6) Balance at April 30, 2025 $ 2,090.9 $ 1,139.9 $ 1,580.2 $ 507.5 $ 251.7 $ 139.8 $ 5,710.0 Impairment charges (A) (507.5) (507.5) Other (B) 2.5 2.5 Balance at April 30, 2026 $ 2,090.9 $ 1,139.9 $ 1,580.2 $ $ 251.7 $ 142.3 $ 5,205.0 (A) Accumulated goodwill impairment charges of $2,412.0 have been recognized as of April 30, 2026. (B) The amounts classified as other primarily represent foreign currency translation adjustments and includes purchase price adjustments in 2025 related to the acquisition of Hostess Brands within the Sweet Baked Snacks reportable segment. The following table summarizes our other intangible assets and related accumulated amortization and impairment charges, including foreign currency translation adjustments. April 30, 2026 April 30, 2025 Acquisition Cost Accumulated Amortization/ Impairment Charges/ Foreign Currency Translation Net Acquisition Cost Accumulated Amortization/ Impairment Charges/ Foreign Currency Translation Net Finite-lived intangible assets subject to amortization: Customer and contractual relationships $ 4,596.5 $ 2,294.0 $ …

GoodwillAndIntangibleAssetsDisclosureTextBlock · excerpt; the full note is in the filing

Note 14: Income Taxes The following table sets forth our income (loss) before income taxes. Year Ended April 30, 2026 2025 2024 Domestic $ (95.8) $ (1,087.6) $ 975.8 Foreign 33.4 40.8 20.6 Income (loss) before income taxes $ (62.4) $ (1,046.8) $ 996.4 The following table summarizes the components of the provision for income taxes. Year Ended April 30, 2026 2025 2024 Current: Federal $ 135.1 $ 228.0 $ 234.1 Foreign 6.0 11.7 10.1 State and local 38.5 52.3 48.7 Deferred: Federal (93.2) (45.4) (35.7) Foreign 0.4 (0.5) (2.3) State and local (10.5) (62.1) (2.5) Total income tax expense $ 76.3 $ 184.0 $ 252.4 The income tax expense of $76.3 for 2026 includes the unfavorable permanent impact associated with the goodwill impairment charge for the Sweet Baked Snacks reporting unit. The income tax expense of $184.0 for 2025 includes unfavorable permanent impacts associated with the goodwill impairment charges for the Sweet Baked Snacks reporting unit and the sale of the Voortman business, partially offset by the favorable noncash deferred tax benefits associated with the integration of Hostess Brands into our Company and certain state legislative changes enacted during the year. The income tax expense of $252.4 for 2024 includes unfavorable permanent and deferred tax impacts associated with the acquisition of Hostess Brands. 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 …

IncomeTaxDisclosureTextBlock · excerpt; the full note is in the filing

Recently Adopted Accounting Standards: In December 2023, the FASB issued Accounting Standards Update (ASU) 2023-09, Income Taxes (Topic 740) Improvements to Income Tax Disclosures . ASU 2023-09 will improve the transparency and decision usefulness of income tax disclosures to better assess how operations and related tax risks affect tax rates and future cash flows on an interim and annual basis. During 2026, we adopted the annual disclosure requirements on a retrospective basis, which are presented in Note 14: Income Taxes. The adoption of this standard did not have a material impact on our consolidated financial statements. In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280) Improvements to Reportable Segment Disclosures . ASU 2023-07 will improve reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses on an interim and annual basis. This ASU requires entities to provide significant segment expenses that are regularly provided to the chief operating decision maker (CODM), other segment expenses included in each reported measure of segment profitability, and disclosure of the title and position of the CODM. We adopted the interim and annual disclosure requirements on a retrospective basis during 2026 and 2025, respectively. The additional disclosures required are presented in Note 5: Reportable Segments. The adoption of this standard did not have a material impact on our consolidated financ …

NewAccountingPronouncementsPolicyPolicyTextBlock · excerpt; the full note is in the filing

Note 9: Pensions and Other Postretirement Benefits We have defined benefit pension plans covering certain U.S. and Canadian employees. Pension benefits are based on the employees years of service and compensation levels. Our plans are funded in conformity with the funding requirements of applicable government regulations. In addition to providing pension benefits, we sponsor several unfunded postretirement plans that provide health care and life insurance benefits to certain retired U.S. and Canadian employees. These plans are contributory, with retiree contributions adjusted periodically, and contain other cost-sharing features, such as deductibles and coinsurance. Covered employees generally are eligible for these benefits when they reach age 55 and have attained 10 years of credited service. To determine the ultimate obligation under our defined benefit pension and other postretirement benefit plans, we must estimate the future cost of benefits and attribute that cost to the time period during which each covered employee works. Various actuarial assumptions must be made in order to predict and measure costs and obligations many years prior to the settlement date, the most significant being the interest rates used to discount the obligations of the plans, the long-term rates of return on the plans assets, and mortality assumptions. We, along with third-party actuaries and investment managers, review all of these assumptions on an ongoing basis to ensure that the most reason …

PensionAndOtherPostretirementBenefitsDisclosureTextBlock · excerpt; the full note is in the filing

Note 4: Special Project Costs Special project costs consist primarily of employee-related costs and other transition and termination costs related to certain divestiture, acquisition, integration, and restructuring activities. Employee-related costs include severance, retention bonuses, and relocation costs. Severance costs are generally recognized when deemed probable and estimable, retention bonuses are recognized over the estimated future service period of the impacted employees, and relocation costs are expensed as incurred. Other transition and termination costs include fixed asset-related charges, contract and lease termination costs, professional fees, and other miscellaneous expenditures associated with divestiture, acquisition, integration, and restructuring activities. With the exception of accelerated depreciation, these costs are expensed as incurred. These special project costs are reported in cost of products sold, other special project costs, other debt gains (charges) net, and other income (expense) net in the Statements of Consolidated Income (Loss) and are not allocated to segment profit. The obligation related to employee separation costs is included in other current liabilities in the Consolidated Balance Sheets. Divestiture Costs: Total divestiture costs incurred to date related to the divested Sahale Snacks and Canada condiment businesses that were divested in 2024 were $6.4, which included $4.3 and $2.1 of employee-related and other transition and termi …

RestructuringAndRelatedActivitiesDisclosureTextBlock · excerpt; the full note is in the filing

Note 5: Reportable Segments We operate in one industry: the manufacturing and marketing of food and beverage products. We have five reportable segments: U.S. Retail Coffee, U.S. Retail Frozen Handheld and Spreads, U.S. Retail Pet Foods, Sweet Baked Snacks, and Away From Home. The presentation of Other represents the International operating segment, which does not meet the criteria to be presented as a reportable segment under FASB ASC 280. In accordance with FASB ASC 280, we completed our annual evaluation of operating segments to determine which segments meet the quantitative thresholds to be presented as a reportable segment. As a result of this evaluation, the Away From Home operating segment met the reportable segment criteria and is presented as such beginning in the fourth quarter of 2026. Previously, the Away From Home operating segment was presented as a combination of all other operating segments that were not individually reportable. Segment information for 2025 and 2024 has been recast to reflect this change. The U.S. Retail Coffee reportable segment primarily inclu des the domestic sales of Folgers , Dunkin , and Cafe Bustelo branded coffee; the U.S. Retail Frozen Handheld and Spreads reportable segment primarily includes the domestic sales of Uncrustables , Jif , and Smuckers branded products; the U.S. Retail Pet Foods reportable segment primarily includes the domestic sales of Meow Mix , Milk-Bone , Pup-Peroni , and Canine Carry Outs branded products; and the Sw …

SegmentReportingDisclosureTextBlock · excerpt; the full note is in the filing

Note 17: Common Shares Voting: The Amended Articles of Incorporation provide that each holder of a common share outstanding is entitled to one vote on each matter submitted to a vote of the shareholders. Repurchase Program: We did not repurchase any common shares under a repurchase plan authorized by the Board during 2026 and 2025. The shares repurchased during 2026 and 2025 consisted of shares repurchased from stock plan recipients in lieu of cash payments. As of April 30, 2026, approximately 1.1 million common shares remain available for repurchase pursuant to the Boards authorizations. Shares Issued: On November 7, 2023, we acquired Hostess Brands, and as a result, we issued approximately 4.0 million common shares valued at $450.2 in exchange for the outstanding shares of Hostess Brands common stock to partially fund the acquisition. The shares issued were based on each outstanding share of Hostess Brands common stock receiving $30.00 per share in cash and 0.03002 shares of our common shares, which represented a value of $4.25 based on the closing stock price of our common shares on September 8, 2023, the last trading day preceding September 11, 2023, the date on which the execution of the Hostess Brands merger agreement was publicly announced. For additional information on the acquisition of Hostess Brands, see Note 2: Acquisition. …

StockholdersEquityNoteDisclosureTextBlock · excerpt; the full note is in the filing

The following table summarizes the components of our long-term debt. January 31, 2026 April 30, 2025 Principal Outstanding Carrying Amount (A) Principal Outstanding Carrying Amount (A) 3.38% Senior Notes due December 15, 2027 $ 500.0 $ 499.2 $ 500.0 $ 498.9 5.90% Senior Notes due November 15, 2028 750.0 746.6 750.0 745.7 2.38% Senior Notes due March 15, 2030 500.0 498.0 500.0 497.7 2.13% Senior Notes due March 15, 2032 364.5 361.7 364.5 361.3 6.20% Senior Notes due November 15, 2033 1,000.0 993.1 1,000.0 992.4 4.25% Senior Notes due March 15, 2035 650.0 646.3 650.0 645.9 2.75% Senior Notes due September 15, 2041 177.5 176.1 177.5 176.1 6.50% Senior Notes due November 15, 2043 750.0 737.7 750.0 737.2 4.38% Senior Notes due March 15, 2045 600.0 589.6 600.0 589.2 3.55% Senior Notes due March 15, 2050 161.2 159.3 161.2 159.3 6.50% Senior Notes due November 15, 2053 1,000.0 983.7 1,000.0 983.2 Term Loan Credit Agreement due March 5, 2027 450.0 450.0 650.0 649.9 Total long-term debt $ 6,903.2 $ 6,841.3 $ 7,103.2 $ 7,036.8 (A) Represents the carrying amount included in the Condensed Consolidated Balance Sheets, which includes the impact of capitalized debt issuance costs, offering discounts, and terminated interest rate contracts. In March 2025, we entered into a $650.0 senior unsecured delayed-draw Term Loan Credit Agreement (Term Loan). Borrowings under the Term Loan bear interest on the prevailing Secured Overnight Financing Rate (SOFR) and are payable at the end of the borrowing …

DebtDisclosureTextBlock · excerpt; the full note is in the filing

Financial instruments, other than derivatives, that potentially subject us to significant concentrations of credit risk consist principally of cash investments, short-term borrowings, and trade receivables. The carrying value of these financial instruments approximates fair value. Our remaining financial instruments, with the exception of long-term debt, are recognized at estimated fair value in the Condensed Consolidated Balance Sheets. The following table provides information on the carrying amounts and fair values of our financial instruments. January 31, 2026 April 30, 2025 Carrying Amount Fair Value Carrying Amount Fair Value Marketable securities and other investments $ 19.3 $ 19.3 $ 20.0 $ 20.0 Derivative financial instruments net 4.6 4.6 62.1 62.1 Total long-term debt (6,841.3) (6,845.7) (7,036.8) (7,242.0) Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Valuation techniques are based on observable and unobservable inputs. Observable inputs reflect readily obtainable data from independent sources, while unobservable inputs reflect our market assumptions. 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 U …

FairValueDisclosuresTextBlock · excerpt; the full note is in the filing

Note 7: Goodwill and Other Intangible Assets The following table summarizes the changes in our goodwill. U.S. Retail Coffee U.S. Retail Frozen Handheld and Spreads U.S. Retail Pet Foods Sweet Baked Snacks International and Away From Home Total Balance at April 30, 2025 $ 2,090.9 $ 1,139.9 $ 1,580.2 $ 507.5 $ 391.5 $ 5,710.0 Impairment charge (A) (507.5) (507.5) Other (B) 2.1 2.1 Balance at January 31, 2026 $ 2,090.9 $ 1,139.9 $ 1,580.2 $ $ 393.6 $ 5,204.6 (A) We have recognized accumulated goodwill impairment charges of $2,412.0 as of January 31, 2026. (B) The amount classified as other in International and Away From Home represents foreign currency translation adjustments. The following table summarizes our other intangible assets and related accumulated amortization and impairment charges including foreign currency exchange adjustments. January 31, 2026 April 30, 2025 Acquisition Cost Accumulated Amortization/Impairment Charges/Foreign Currency Exchange Net Acquisition Cost Accumulated Amortization/Impairment Charges/Foreign Currency Exchange Net Finite-lived intangible assets subject to amortization: Customer and contractual relationships $ 4,596.5 $ 2,245.3 $ 2,351.2 $ 4,596.5 $ 2,099.0 $ 2,497.5 Patents and technology 163.0 161.2 1.8 163.0 161.0 2.0 Trademarks 1,687.9 894.7 793.2 136.4 116.5 19.9 Total intangible assets subject to amortization $ 6,447.4 $ 3,301.2 $ 3,146.2 $ 4,895.9 $ 2,376.5 $ 2,519.4 Indefinite-lived intangible assets not subject to amortization: Trade …

GoodwillAndIntangibleAssetsDisclosureTextBlock · excerpt; the full note is in the filing

Income tax expense (benefit) for the three months ended January 31, 2026 and 2025, was $72.3 and $(0.2), respectively. The effective income tax rate for the third quarter of 2026 varied from the U.S. statutory income tax rate of 21.0 percent primarily due to state income taxes and an unfavorable permanent impact associated with the goodwill impairment charge for the Sweet Baked Snacks reporting unit. The effective income tax rate for the third quarter of 2025 varied from the U.S. statutory income tax rate of 21.0 percent primarily due to state income taxes and an unfavorable permanent impact associated with the goodwill impairment charge for the Sweet Baked Snacks reporting unit, partially offset by the reversal of a deferred tax liability upon completion of the sale of the Voortman Cookies Limited entity, and a favorable noncash deferred tax benefit associated with the integration of Hostess Brands into our Company. Income tax expense (benefit) for the nine months ended January 31, 2026 and 2025, was $136.8 and $152.1, respectively. The effective income tax rate for the first nine months of 2026 varied from the U.S. statutory income tax rate of 21.0 percent primarily due to state income taxes and an unfavorable permanent impact associated with the goodwill impairment charge for the Sweet Baked Snacks reporting unit. The effective income tax rate for the first nine months of 2025 varied from the U.S. statutory income tax rate of 21.0 percent primarily due to state income taxe …

IncomeTaxDisclosureTextBlock · excerpt; the full note is in the filing

Recently Adopted Accounting Standard: In November 2023, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2023-07, Segment Reporting (Topic 280) Improvements to Reportable Segment Disclosures . ASU 2023-07 improves reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses on an interim and annual basis. This ASU requires entities to provide significant segment expenses that are regularly provided to the chief operating decision maker (CODM), other segment expenses included in each reported measure of segment profitability, and disclosure of the title and position of the CODM. We adopted the interim disclosure requirements on a retrospective basis during the first quarter of 2026, which are presented in Note 5: Reportable Segments. The annual disclosure requirements were adopted during 2025. The adoption of this standard did not have a material impact on our consolidated financial statements. Recently Issued Accounting Standards Not Yet Adopted: In September 2025, the FASB issued ASU 2025-06, IntangiblesGoodwill and OtherInternal-Use Software (Subtopic 350-40): Targeted Improvements to the Accounting for Internal-Use Software . ASU 2025-06 will modernize the accounting guidance for the costs to develop software for internal use by removing all references to software development project stages so that the guidance is neutral to different software development methods. The ASU requi …

NewAccountingPronouncementsPolicyPolicyTextBlock · excerpt; the full note is in the filing

The following table summarizes our net periodic benefit cost for defined benefit pension and other postretirement benefit plans. Three Months Ended January 31, Defined Benefit Pension Plans Other Postretirement Benefits 2026 2025 2026 2025 Service cost $ 0.2 $ 0.1 $ 0.2 $ 0.2 Interest cost 3.8 4.5 0.6 0.7 Expected return on plan assets (3.3) (3.1) Amortization of net actuarial loss (gain) 0.9 1.1 (0.5) (0.5) Amortization of prior service cost (credit) (0.2) (0.2) Settlement loss (gain) 7.8 Net periodic benefit cost $ 9.4 $ 2.6 $ 0.1 $ 0.2 Nine Months Ended January 31, Defined Benefit Pension Plans Other Postretirement Benefits 2026 2025 2026 2025 Service cost $ 0.5 $ 0.5 $ 0.5 $ 0.5 Interest cost 11.4 13.3 1.8 2.0 Expected return on plan assets (10.0) (9.3) Amortization of net actuarial loss (gain) 2.9 3.3 (1.4) (1.5) Amortization of prior service cost (credit) 0.1 0.1 (0.5) (0.5) Settlement loss (gain) 7.8 Net periodic benefit cost $ 12.7 $ 7.9 $ 0.4 $ 0.5 In October 2023, we approved an amendment to terminate one of our U.S. qualified defined benefit plans, effective as of December 31, 2023. We provided notice to participants of the intent to terminate the plan and applied for a determination letter from the Internal Revenue Service. Pension obligations will be distributed through a combination of lump sum payments to eligible plan participants and through the purchase of a group annuity contract. During the plan year ended December 31, 2023, the asset allocation for the pl …

PensionAndOtherPostretirementBenefitsDisclosureTextBlock · excerpt; the full note is in the filing

Special project costs consist primarily of employee-related costs and other transition and termination costs related to certain divestiture, acquisition, integration, and restructuring activities. Employee-related costs include severance, retention bonuses, and relocation costs. Severance costs are generally recognized when deemed probable and reasonably estimable, retention bonuses are recognized over the estimated future service period of the impacted employees, and relocation costs are expensed as incurred. Other transition and termination costs include fixed asset-related charges, contract and lease termination costs, professional fees, and other miscellaneous expenditures associated with divestiture, acquisition, integration, and restructuring activities. With the exception of accelerated depreciation, these costs are expensed as incurred. These special project costs are reported in cost of products sold, other special project costs, and other income (expense) net in the Condensed Statements of Consolidated Income (Loss) and are not allocated to segment profit. The obligation related to employee separation costs is included in other current liabilities in the Condensed Consolidated Balance Sheets. Divestiture Costs: Total divestiture costs incurred to date related to the Sahale Snacks and Canada condiment businesses that were divested in 2024 were $6.4, which included $4.3 and $2.1 of employee-related and other transition and termination costs, respectively, all of which …

RestructuringAndRelatedActivitiesDisclosureTextBlock · excerpt; the full note is in the filing

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. Subsequent to the third quarter of 2026, we announced several senior leadership updates in support of continued advancement of our long-term growth strategy and enhancement of our profitability and earnings. As a result, we are evaluating the impact of these changes to the way in which we present our reportable segments during the fourth quarter of 2026. The U.S. Retail Coffee segment prim arily inclu des the domestic sales of Folgers , Dunkin , and Cafe Bustelo branded coffee; the U.S. Retail Frozen Handheld and Spreads segment primarily includes the domestic sales of Uncrustables , Jif , and Smuckers 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 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 a …

SegmentReportingDisclosureTextBlock · excerpt; the full note is in the filing