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Share Name | Share Symbol | Market | Type |
---|---|---|---|
JM Smucker Company | NYSE:SJM | NYSE | Common Stock |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
0.26 | 0.23% | 113.11 | 113.88 | 112.31 | 112.85 | 1,031,317 | 01:00:00 |
ý
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QUARTERLY REPORT PURSUANT TO SECTIONS 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
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o
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TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
|
Ohio
|
34-0538550
|
(State or other jurisdiction of
incorporation or organization)
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(I.R.S. Employer
Identification No.)
|
|
|
One Strawberry Lane
|
|
Orrville, Ohio
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44667-0280
|
(Address of principal executive offices)
|
(Zip code)
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|
|
Registrant’s telephone number, including area code: (330) 682-3000
|
|
|
|
N/A
|
|
(Former name, former address and former fiscal year, if changed since last report)
|
Large accelerated filer
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ý
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Accelerated filer
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o
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|
||
Non-accelerated filer
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|
o
(Do not check if a smaller reporting company)
|
Smaller Reporting Company
|
|
o
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Page No.
|
|
||
|
|
|
Item 1.
|
|
|
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||
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||
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||
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||
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Item 2.
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||
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Item 3.
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||
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Item 4.
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||
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Item 1A.
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||
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Item 2.
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||
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Item 6.
|
||
|
|
|
|
|
|
|
Three Months Ended January 31,
|
|
Nine Months Ended January 31,
|
||||||||||||
Dollars in millions, except per share data
|
2017
|
|
2016
|
|
2017
|
|
2016
|
||||||||
Net sales
|
$
|
1,878.8
|
|
|
$
|
1,973.9
|
|
|
$
|
5,608.5
|
|
|
$
|
6,003.6
|
|
Cost of products sold
|
1,155.9
|
|
|
1,210.1
|
|
|
3,420.0
|
|
|
3,723.8
|
|
||||
Gross Profit
|
722.9
|
|
|
763.8
|
|
|
2,188.5
|
|
|
2,279.8
|
|
||||
Selling, distribution, and administrative expenses
|
337.2
|
|
|
381.1
|
|
|
1,056.3
|
|
|
1,158.5
|
|
||||
Amortization
|
51.7
|
|
|
52.2
|
|
|
155.2
|
|
|
158.2
|
|
||||
Impairment charges
|
75.7
|
|
|
—
|
|
|
75.7
|
|
|
—
|
|
||||
Other special project costs
(A)
|
18.0
|
|
|
41.4
|
|
|
66.8
|
|
|
94.9
|
|
||||
Other operating expense (income) – net
|
2.6
|
|
|
(29.2
|
)
|
|
(0.3
|
)
|
|
(31.0
|
)
|
||||
Operating Income
|
237.7
|
|
|
318.3
|
|
|
834.8
|
|
|
899.2
|
|
||||
Interest expense – net
|
(40.3
|
)
|
|
(43.6
|
)
|
|
(122.8
|
)
|
|
(130.6
|
)
|
||||
Other income (expense) – net
|
0.2
|
|
|
0.6
|
|
|
4.5
|
|
|
(0.9
|
)
|
||||
Income Before Income Taxes
|
197.6
|
|
|
275.3
|
|
|
716.5
|
|
|
767.7
|
|
||||
Income taxes
|
63.0
|
|
|
90.0
|
|
|
234.6
|
|
|
270.0
|
|
||||
Net Income
|
$
|
134.6
|
|
|
$
|
185.3
|
|
|
$
|
481.9
|
|
|
$
|
497.7
|
|
Earnings per common share:
|
|
|
|
|
|
|
|
||||||||
Net Income
|
$
|
1.16
|
|
|
$
|
1.55
|
|
|
$
|
4.14
|
|
|
$
|
4.16
|
|
Net Income – Assuming Dilution
|
$
|
1.16
|
|
|
$
|
1.55
|
|
|
$
|
4.14
|
|
|
$
|
4.16
|
|
Dividends Declared per Common Share
|
$
|
0.75
|
|
|
$
|
0.67
|
|
|
$
|
2.25
|
|
|
$
|
2.01
|
|
(A)
|
Other special project costs include merger and integration and restructuring costs. For more information, see Note 4: Integration and Restructuring Costs.
|
|
Three Months Ended January 31,
|
|
Nine Months Ended January 31,
|
||||||||||||
Dollars in millions
|
2017
|
|
2016
|
|
2017
|
|
2016
|
||||||||
Net income
|
$
|
134.6
|
|
|
$
|
185.3
|
|
|
$
|
481.9
|
|
|
$
|
497.7
|
|
Other comprehensive income (loss):
|
|
|
|
|
|
|
|
||||||||
Foreign currency translation adjustments
|
9.0
|
|
|
(21.5
|
)
|
|
(17.2
|
)
|
|
(44.4
|
)
|
||||
Cash flow hedging derivative activity, net of tax
|
0.1
|
|
|
0.1
|
|
|
0.3
|
|
|
0.3
|
|
||||
Pension and other postretirement benefit plans activity, net of tax
|
1.3
|
|
|
3.0
|
|
|
19.3
|
|
|
7.1
|
|
||||
Available-for-sale securities activity, net of tax
|
(0.7
|
)
|
|
0.4
|
|
|
(0.4
|
)
|
|
—
|
|
||||
Total Other Comprehensive Income (Loss)
|
9.7
|
|
|
(18.0
|
)
|
|
2.0
|
|
|
(37.0
|
)
|
||||
Comprehensive Income
|
$
|
144.3
|
|
|
$
|
167.3
|
|
|
$
|
483.9
|
|
|
$
|
460.7
|
|
|
January 31, 2017
|
|
April 30, 2016
|
||||
Dollars in millions
|
|
|
|
||||
ASSETS
|
|||||||
Current Assets
|
|
|
|
||||
Cash and cash equivalents
|
$
|
139.6
|
|
|
$
|
109.8
|
|
Trade receivables, less allowance for doubtful accounts
|
421.4
|
|
|
450.1
|
|
||
Inventories:
|
|
|
|
||||
Finished products
|
641.9
|
|
|
560.0
|
|
||
Raw materials
|
353.7
|
|
|
339.4
|
|
||
Total Inventory
|
995.6
|
|
|
899.4
|
|
||
Other current assets
|
134.3
|
|
|
114.1
|
|
||
Total Current Assets
|
1,690.9
|
|
|
1,573.4
|
|
||
Property, Plant, and Equipment
|
|
|
|
||||
Land and land improvements
|
115.1
|
|
|
114.6
|
|
||
Buildings and fixtures
|
757.2
|
|
|
727.7
|
|
||
Machinery and equipment
|
1,961.6
|
|
|
1,870.7
|
|
||
Construction in progress
|
66.6
|
|
|
91.3
|
|
||
Gross Property, Plant, and Equipment
|
2,900.5
|
|
|
2,804.3
|
|
||
Accumulated depreciation
|
(1,326.2
|
)
|
|
(1,176.6
|
)
|
||
Total Property, Plant, and Equipment
|
1,574.3
|
|
|
1,627.7
|
|
||
Other Noncurrent Assets
|
|
|
|
||||
Goodwill
|
6,084.7
|
|
|
6,091.1
|
|
||
Other intangible assets – net
|
6,262.0
|
|
|
6,494.4
|
|
||
Other noncurrent assets
|
199.8
|
|
|
197.5
|
|
||
Total Other Noncurrent Assets
|
12,546.5
|
|
|
12,783.0
|
|
||
Total Assets
|
$
|
15,811.7
|
|
|
$
|
15,984.1
|
|
|
|
|
|
||||
LIABILITIES AND SHAREHOLDERS’ EQUITY
|
|||||||
Current Liabilities
|
|
|
|
||||
Accounts payable
|
$
|
428.5
|
|
|
$
|
459.4
|
|
Accrued trade marketing and merchandising
|
147.6
|
|
|
112.3
|
|
||
Short-term borrowings
|
142.0
|
|
|
284.0
|
|
||
Other current liabilities
|
279.1
|
|
|
357.3
|
|
||
Total Current Liabilities
|
997.2
|
|
|
1,213.0
|
|
||
Noncurrent Liabilities
|
|
|
|
||||
Long-term debt
|
4,945.0
|
|
|
5,146.0
|
|
||
Deferred income taxes
|
2,246.3
|
|
|
2,230.3
|
|
||
Other noncurrent liabilities
|
381.3
|
|
|
386.3
|
|
||
Total Noncurrent Liabilities
|
7,572.6
|
|
|
7,762.6
|
|
||
Total Liabilities
|
8,569.8
|
|
|
8,975.6
|
|
||
Shareholders’ Equity
|
|
|
|
||||
Common shares
|
29.1
|
|
|
29.1
|
|
||
Additional capital
|
5,878.5
|
|
|
5,860.1
|
|
||
Retained income
|
1,480.7
|
|
|
1,267.7
|
|
||
Accumulated other comprehensive loss
|
(146.4
|
)
|
|
(148.4
|
)
|
||
Total Shareholders’ Equity
|
7,241.9
|
|
|
7,008.5
|
|
||
Total Liabilities and Shareholders’ Equity
|
$
|
15,811.7
|
|
|
$
|
15,984.1
|
|
|
Nine Months Ended January 31,
|
||||||
Dollars in millions
|
2017
|
|
2016
|
||||
Operating Activities
|
|
|
|
||||
Net income
|
$
|
481.9
|
|
|
$
|
497.7
|
|
Adjustments to reconcile net income to net cash provided by operations:
|
|
|
|
||||
Depreciation
|
159.6
|
|
|
165.5
|
|
||
Amortization
|
155.2
|
|
|
158.2
|
|
||
Impairment charges
|
75.7
|
|
|
—
|
|
||
Share-based compensation expense
|
22.0
|
|
|
26.9
|
|
||
Gain on divestiture
|
—
|
|
|
(25.3
|
)
|
||
Loss on disposal of assets – net
|
3.9
|
|
|
3.8
|
|
||
Other noncash adjustments
|
0.4
|
|
|
(1.5
|
)
|
||
Defined benefit pension contributions
|
(6.5
|
)
|
|
(2.4
|
)
|
||
Changes in assets and liabilities, net of effect from businesses acquired:
|
|
|
|
||||
Trade receivables
|
27.0
|
|
|
(79.0
|
)
|
||
Inventories
|
(98.6
|
)
|
|
192.1
|
|
||
Other current assets
|
26.9
|
|
|
27.7
|
|
||
Accounts payable
|
(3.4
|
)
|
|
(14.8
|
)
|
||
Accrued liabilities
|
(13.5
|
)
|
|
108.1
|
|
||
Income and other taxes
|
(57.1
|
)
|
|
68.7
|
|
||
Other – net
|
21.3
|
|
|
(0.9
|
)
|
||
Net Cash Provided by Operating Activities
|
794.8
|
|
|
1,124.8
|
|
||
Investing Activities
|
|
|
|
||||
Business acquired, net of cash acquired
|
—
|
|
|
7.9
|
|
||
Equity investment in affiliate
|
—
|
|
|
(16.0
|
)
|
||
Additions to property, plant, and equipment
|
(136.6
|
)
|
|
(160.8
|
)
|
||
Proceeds from divestiture
|
—
|
|
|
193.7
|
|
||
Proceeds from disposal of property, plant, and equipment
|
0.4
|
|
|
0.2
|
|
||
Other – net
|
(11.9
|
)
|
|
5.7
|
|
||
Net Cash (Used for) Provided by Investing Activities
|
(148.1
|
)
|
|
30.7
|
|
||
Financing Activities
|
|
|
|
||||
Short-term repayments – net
|
(142.0
|
)
|
|
(88.0
|
)
|
||
Repayments of long-term debt
|
(200.0
|
)
|
|
(800.0
|
)
|
||
Quarterly dividends paid
|
(252.1
|
)
|
|
(236.5
|
)
|
||
Purchase of treasury shares
|
(19.0
|
)
|
|
(7.8
|
)
|
||
Other – net
|
0.7
|
|
|
0.6
|
|
||
Net Cash Used for Financing Activities
|
(612.4
|
)
|
|
(1,131.7
|
)
|
||
Effect of exchange rate changes on cash
|
(4.5
|
)
|
|
(8.9
|
)
|
||
Net increase in cash and cash equivalents
|
29.8
|
|
|
14.9
|
|
||
Cash and cash equivalents at beginning of period
|
109.8
|
|
|
125.6
|
|
||
Cash and Cash Equivalents at End of Period
|
$
|
139.6
|
|
|
$
|
140.5
|
|
|
Three Months Ended January 31,
|
|
Nine Months Ended January 31,
|
||||||||||||
|
2017
|
|
2016
|
|
2017
|
|
2016
|
||||||||
Net sales:
|
|
|
|
|
|
|
|
||||||||
U.S. Retail Coffee
|
$
|
537.6
|
|
|
$
|
575.5
|
|
|
$
|
1,602.7
|
|
|
$
|
1,726.6
|
|
U.S. Retail Consumer Foods
|
517.3
|
|
|
569.8
|
|
|
1,611.6
|
|
|
1,796.0
|
|
||||
U.S. Retail Pet Foods
|
550.9
|
|
|
570.9
|
|
|
1,601.4
|
|
|
1,687.5
|
|
||||
International and Foodservice
|
273.0
|
|
|
257.7
|
|
|
792.8
|
|
|
793.5
|
|
||||
Total net sales
|
$
|
1,878.8
|
|
|
$
|
1,973.9
|
|
|
$
|
5,608.5
|
|
|
$
|
6,003.6
|
|
Segment profit:
|
|
|
|
|
|
|
|
||||||||
U.S. Retail Coffee
|
$
|
172.2
|
|
|
$
|
194.6
|
|
|
$
|
532.5
|
|
|
$
|
548.8
|
|
U.S. Retail Consumer Foods
|
119.2
|
|
|
129.1
|
|
|
349.5
|
|
|
375.8
|
|
||||
U.S. Retail Pet Foods
|
126.3
|
|
|
124.0
|
|
|
363.0
|
|
|
355.8
|
|
||||
International and Foodservice
|
45.5
|
|
|
48.9
|
|
|
136.7
|
|
|
140.6
|
|
||||
Total segment profit
|
$
|
463.2
|
|
|
$
|
496.6
|
|
|
$
|
1,381.7
|
|
|
$
|
1,421.0
|
|
Amortization
|
(51.7
|
)
|
|
(52.2
|
)
|
|
(155.2
|
)
|
|
(158.2
|
)
|
||||
Impairment charges
|
(75.7
|
)
|
|
—
|
|
|
(75.7
|
)
|
|
—
|
|
||||
Interest expense – net
|
(40.3
|
)
|
|
(43.6
|
)
|
|
(122.8
|
)
|
|
(130.6
|
)
|
||||
Unallocated derivative gains (losses)
|
0.8
|
|
|
6.7
|
|
|
(5.7
|
)
|
|
2.7
|
|
||||
Cost of products sold – special project costs
(A)
|
(0.5
|
)
|
|
(3.1
|
)
|
|
(4.8
|
)
|
|
(9.2
|
)
|
||||
Other special project costs
(A)
|
(18.0
|
)
|
|
(41.4
|
)
|
|
(66.8
|
)
|
|
(94.9
|
)
|
||||
Corporate administrative expenses
|
(80.4
|
)
|
|
(88.3
|
)
|
|
(238.7
|
)
|
|
(262.2
|
)
|
||||
Other income (expense) – net
|
0.2
|
|
|
0.6
|
|
|
4.5
|
|
|
(0.9
|
)
|
||||
Income before income taxes
|
$
|
197.6
|
|
|
$
|
275.3
|
|
|
$
|
716.5
|
|
|
$
|
767.7
|
|
(A)
|
Special project costs include merger and integration and restructuring costs. For more information, see Note 4: Integration and Restructuring Costs.
|
|
Three Months Ended January 31,
|
|
Nine Months Ended January 31,
|
||||||||||||
|
2017
|
|
2016
|
|
2017
|
|
2016
|
||||||||
Net income
|
$
|
134.6
|
|
|
$
|
185.3
|
|
|
$
|
481.9
|
|
|
$
|
497.7
|
|
Less: Net income allocated to participating securities
|
0.6
|
|
|
0.8
|
|
|
2.2
|
|
|
2.2
|
|
||||
Net income allocated to common stockholders
|
$
|
134.0
|
|
|
$
|
184.5
|
|
|
$
|
479.7
|
|
|
$
|
495.5
|
|
Weighted-average common shares outstanding
|
115,888,341
|
|
|
119,167,720
|
|
|
115,859,621
|
|
|
119,138,552
|
|
||||
Add: Dilutive effect of stock options
|
73,356
|
|
|
52,585
|
|
|
112,673
|
|
|
25,356
|
|
||||
Weighted-average common shares outstanding –
assuming dilution
|
115,961,697
|
|
|
119,220,305
|
|
|
115,972,294
|
|
|
119,163,908
|
|
||||
Net income per common share
|
$
|
1.16
|
|
|
$
|
1.55
|
|
|
$
|
4.14
|
|
|
$
|
4.16
|
|
Net income per common share – assuming dilution
|
$
|
1.16
|
|
|
$
|
1.55
|
|
|
$
|
4.14
|
|
|
$
|
4.16
|
|
|
|
January 31, 2017
|
|
April 30, 2016
|
||||||||||||||||||||
|
|
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
|
|
$
|
3,520.1
|
|
|
$
|
760.7
|
|
|
$
|
2,759.4
|
|
|
$
|
3,520.1
|
|
|
$
|
639.9
|
|
|
$
|
2,880.2
|
|
Patents and technology
|
|
168.5
|
|
|
98.2
|
|
|
70.3
|
|
|
168.5
|
|
|
88.4
|
|
|
80.1
|
|
||||||
Trademarks
|
|
525.4
|
|
|
103.9
|
|
|
421.5
|
|
|
525.4
|
|
|
78.7
|
|
|
446.7
|
|
||||||
Total intangible assets subject to
amortization
|
|
$
|
4,214.0
|
|
|
$
|
962.8
|
|
|
$
|
3,251.2
|
|
|
$
|
4,214.0
|
|
|
$
|
807.0
|
|
|
$
|
3,407.0
|
|
Indefinite-lived intangible assets not
subject to amortization:
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Trademarks
|
|
$
|
3,109.1
|
|
|
$
|
98.3
|
|
|
$
|
3,010.8
|
|
|
$
|
3,109.1
|
|
|
$
|
21.7
|
|
|
$
|
3,087.4
|
|
Total other intangible assets
|
|
$
|
7,323.1
|
|
|
$
|
1,061.1
|
|
|
$
|
6,262.0
|
|
|
$
|
7,323.1
|
|
|
$
|
828.7
|
|
|
$
|
6,494.4
|
|
|
January 31, 2017
|
|
April 30, 2016
|
||||||||||||
|
Principal
Outstanding
|
|
Carrying
Amount
(A)
|
|
Principal
Outstanding
|
|
Carrying
Amount
(A)
|
||||||||
1.75% Senior Notes due March 15, 2018
|
$
|
500.0
|
|
|
$
|
498.8
|
|
|
$
|
500.0
|
|
|
$
|
498.0
|
|
2.50% Senior Notes due March 15, 2020
|
500.0
|
|
|
496.3
|
|
|
500.0
|
|
|
495.5
|
|
||||
3.50% Senior Notes due October 15, 2021
|
750.0
|
|
|
784.3
|
|
|
750.0
|
|
|
789.4
|
|
||||
3.00% Senior Notes due March 15, 2022
|
400.0
|
|
|
396.4
|
|
|
400.0
|
|
|
395.9
|
|
||||
3.50% Senior Notes due March 15, 2025
|
1,000.0
|
|
|
993.3
|
|
|
1,000.0
|
|
|
992.7
|
|
||||
4.25% Senior Notes due March 15, 2035
|
650.0
|
|
|
642.6
|
|
|
650.0
|
|
|
642.2
|
|
||||
4.38% Senior Notes due March 15, 2045
|
600.0
|
|
|
584.8
|
|
|
600.0
|
|
|
584.4
|
|
||||
Term Loan Credit Agreement due March 23, 2020
|
550.0
|
|
|
548.5
|
|
|
750.0
|
|
|
747.9
|
|
||||
Total long-term debt
|
$
|
4,950.0
|
|
|
$
|
4,945.0
|
|
|
$
|
5,150.0
|
|
|
$
|
5,146.0
|
|
(A)
|
Represents the carrying amount included in the Condensed Consolidated Balance Sheets, which includes the impact of interest rate swaps, offering discounts, and capitalized debt issuance costs.
|
|
Three Months Ended January 31,
|
||||||||||||||
|
Defined Benefit Pension Plans
|
|
Other Postretirement Benefits
|
||||||||||||
|
2017
|
|
2016
|
|
2017
|
|
2016
|
||||||||
Service cost
|
$
|
3.0
|
|
|
$
|
4.4
|
|
|
$
|
0.5
|
|
|
$
|
0.6
|
|
Interest cost
|
6.2
|
|
|
6.9
|
|
|
0.7
|
|
|
0.8
|
|
||||
Expected return on plan assets
|
(7.3
|
)
|
|
(8.1
|
)
|
|
—
|
|
|
—
|
|
||||
Recognized net actuarial loss (gain)
|
3.3
|
|
|
2.8
|
|
|
—
|
|
|
(0.1
|
)
|
||||
Prior service cost (credit)
|
0.3
|
|
|
0.1
|
|
|
(0.4
|
)
|
|
(0.4
|
)
|
||||
Curtailment gain
|
—
|
|
|
(1.4
|
)
|
|
—
|
|
|
—
|
|
||||
Net periodic benefit cost
|
$
|
5.5
|
|
|
$
|
4.7
|
|
|
$
|
0.8
|
|
|
$
|
0.9
|
|
|
Nine Months Ended January 31,
|
||||||||||||||
|
Defined Benefit Pension Plans
|
|
Other Postretirement Benefits
|
||||||||||||
|
2017
|
|
2016
|
|
2017
|
|
2016
|
||||||||
Service cost
|
$
|
10.7
|
|
|
$
|
13.5
|
|
|
$
|
1.7
|
|
|
$
|
1.7
|
|
Interest cost
|
19.1
|
|
|
20.8
|
|
|
2.0
|
|
|
2.2
|
|
||||
Expected return on plan assets
|
(21.9
|
)
|
|
(24.8
|
)
|
|
—
|
|
|
—
|
|
||||
Recognized net actuarial loss (gain)
|
10.4
|
|
|
8.2
|
|
|
(0.1
|
)
|
|
(0.2
|
)
|
||||
Prior service cost (credit)
|
0.9
|
|
|
0.5
|
|
|
(1.1
|
)
|
|
(0.9
|
)
|
||||
Curtailment gain
|
—
|
|
|
(5.9
|
)
|
|
—
|
|
|
(0.1
|
)
|
||||
Settlement loss
|
0.1
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||
Net periodic benefit cost
|
$
|
19.3
|
|
|
$
|
12.3
|
|
|
$
|
2.5
|
|
|
$
|
2.7
|
|
|
January 31, 2017
|
||||||||||||||
|
Other
Current
Assets
|
|
Other
Current
Liabilities
|
|
Other
Noncurrent
Assets
|
|
Other
Noncurrent
Liabilities
|
||||||||
Derivatives not designated as hedging instruments:
|
|
|
|
|
|
|
|
||||||||
Commodity contracts
|
$
|
12.0
|
|
|
$
|
10.5
|
|
|
$
|
—
|
|
|
$
|
—
|
|
Foreign currency exchange contracts
|
1.1
|
|
|
2.5
|
|
|
—
|
|
|
0.5
|
|
||||
Total derivative instruments
|
$
|
13.1
|
|
|
$
|
13.0
|
|
|
$
|
—
|
|
|
$
|
0.5
|
|
|
April 30, 2016
|
||||||||||||||
|
Other
Current
Assets
|
|
Other
Current
Liabilities
|
|
Other
Noncurrent
Assets
|
|
Other
Noncurrent
Liabilities
|
||||||||
Derivatives not designated as hedging instruments:
|
|
|
|
|
|
|
|
||||||||
Commodity contracts
|
$
|
20.3
|
|
|
$
|
14.1
|
|
|
$
|
2.0
|
|
|
$
|
1.2
|
|
Foreign currency exchange contracts
|
0.2
|
|
|
8.9
|
|
|
0.3
|
|
|
0.4
|
|
||||
Total derivative instruments
|
$
|
20.5
|
|
|
$
|
23.0
|
|
|
$
|
2.3
|
|
|
$
|
1.6
|
|
|
Three Months Ended
January 31, |
|
Nine Months Ended
January 31, |
||||||||||||
|
2017
|
|
2016
|
|
2017
|
|
2016
|
||||||||
Gains (losses) on commodity contracts
|
$
|
6.4
|
|
|
$
|
(23.3
|
)
|
|
$
|
(14.3
|
)
|
|
$
|
(50.2
|
)
|
(Losses) gains on foreign currency exchange contracts
|
(3.8
|
)
|
|
10.4
|
|
|
4.7
|
|
|
19.0
|
|
||||
Total gains (losses) recognized in cost of products sold
|
$
|
2.6
|
|
|
$
|
(12.9
|
)
|
|
$
|
(9.6
|
)
|
|
$
|
(31.2
|
)
|
|
Three Months Ended
January 31, |
|
Nine Months Ended
January 31, |
||||||||||||
|
2017
|
|
2016
|
|
2017
|
|
2016
|
||||||||
Net gains (losses) on mark-to-market valuation of unallocated
derivative positions
|
$
|
2.6
|
|
|
$
|
(12.9
|
)
|
|
$
|
(9.6
|
)
|
|
$
|
(31.2
|
)
|
Net (gains) losses on derivative positions reclassified to segment
operating profit
|
(1.8
|
)
|
|
19.6
|
|
|
3.9
|
|
|
33.9
|
|
||||
Unallocated derivative gains (losses)
|
$
|
0.8
|
|
|
$
|
6.7
|
|
|
$
|
(5.7
|
)
|
|
$
|
2.7
|
|
|
January 31, 2017
|
|
April 30, 2016
|
||||
Commodity contracts
|
$
|
617.2
|
|
|
$
|
545.7
|
|
Foreign currency exchange contracts
|
301.3
|
|
|
212.5
|
|
|
January 31, 2017
|
|
April 30, 2016
|
||||||||||||
|
Carrying
Amount
|
|
Fair Value
|
|
Carrying
Amount
|
|
Fair Value
|
||||||||
Marketable securities and other investments
|
$
|
46.3
|
|
|
$
|
46.3
|
|
|
$
|
48.8
|
|
|
$
|
48.8
|
|
Derivative financial instruments – net
|
(0.4
|
)
|
|
(0.4
|
)
|
|
(1.8
|
)
|
|
(1.8
|
)
|
||||
Long-term debt
|
(4,945.0
|
)
|
|
(4,986.0
|
)
|
|
(5,146.0
|
)
|
|
(5,319.9
|
)
|
|
Quoted Prices in
Active Markets for
Identical Assets
(Level 1)
|
|
Significant
Observable
Inputs
(Level 2)
|
|
Significant
Unobservable
Inputs
(Level 3)
|
|
Fair Value at
January 31, 2017
|
||||||||
Marketable securities and other investments:
(A)
|
|
|
|
|
|
|
|
||||||||
Equity mutual funds
|
$
|
10.7
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
10.7
|
|
Municipal obligations
|
—
|
|
|
34.4
|
|
|
—
|
|
|
34.4
|
|
||||
Money market funds
|
1.2
|
|
|
—
|
|
|
—
|
|
|
1.2
|
|
||||
Derivative financial instruments:
(B)
|
|
|
|
|
|
|
|
||||||||
Commodity contracts – net
|
2.8
|
|
|
(1.3
|
)
|
|
—
|
|
|
1.5
|
|
||||
Foreign currency exchange contracts – net
|
(0.2
|
)
|
|
(1.7
|
)
|
|
—
|
|
|
(1.9
|
)
|
||||
Long-term debt
(C)
|
(4,435.3
|
)
|
|
(550.7
|
)
|
|
—
|
|
|
(4,986.0
|
)
|
||||
Total financial instruments measured at fair value
|
$
|
(4,420.8
|
)
|
|
$
|
(519.3
|
)
|
|
$
|
—
|
|
|
$
|
(4,940.1
|
)
|
|
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, 2016
|
||||||||
Marketable securities and other investments:
(A)
|
|
|
|
|
|
|
|
||||||||
Equity mutual funds
|
$
|
9.8
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
9.8
|
|
Municipal obligations
|
—
|
|
|
37.6
|
|
|
—
|
|
|
37.6
|
|
||||
Money market funds
|
1.4
|
|
|
—
|
|
|
—
|
|
|
1.4
|
|
||||
Derivative financial instruments:
(B)
|
|
|
|
|
|
|
|
||||||||
Commodity contracts – net
|
15.0
|
|
|
(8.0
|
)
|
|
—
|
|
|
7.0
|
|
||||
Foreign currency exchange contracts – net
|
(1.7
|
)
|
|
(7.1
|
)
|
|
—
|
|
|
(8.8
|
)
|
||||
Long-term debt
(C)
|
(4,569.0
|
)
|
|
(750.9
|
)
|
|
—
|
|
|
(5,319.9
|
)
|
||||
Total financial instruments measured at fair value
|
$
|
(4,544.5
|
)
|
|
$
|
(728.4
|
)
|
|
$
|
—
|
|
|
$
|
(5,272.9
|
)
|
(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
January 31, 2017
, our municipal obligations are scheduled to mature as follows:
$0.4
in 2017,
$1.0
in 2018,
$2.3
in 2019,
$2.2
in 2020, and the remaining
$28.5
in 2021 and beyond.
|
(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.
|
(C)
|
Long-term debt is comprised of public Senior Notes classified as Level 1 and the Term Loan classified as Level 2. The public Senior Notes are traded in an active secondary market and valued using quoted prices. The value of the Term Loan is based on the net present value of each interest and principal payment calculated, utilizing an interest rate derived from an estimated yield curve obtained from independent pricing sources for similar types of term loan borrowing arrangements. For additional information, see Note 9: Debt and Financing Arrangements.
|
|
Foreign
Currency
Translation
Adjustment
|
|
Unrealized Loss
on Cash Flow
Hedging
Derivatives
(A)
|
|
Pension and
Other
Postretirement
Liabilities
(B)
|
|
Unrealized Gain
on Available-
for-Sale
Securities
|
|
Accumulated
Other
Comprehensive
Loss
|
||||||||||
Balance at May 1, 2016
|
$
|
(13.1
|
)
|
|
$
|
(4.8
|
)
|
|
$
|
(134.1
|
)
|
|
$
|
3.6
|
|
|
$
|
(148.4
|
)
|
Reclassification adjustments
|
—
|
|
|
0.4
|
|
|
11.3
|
|
|
—
|
|
|
11.7
|
|
|||||
Current period (charge) credit
|
(17.2
|
)
|
|
—
|
|
|
18.8
|
|
|
(0.6
|
)
|
|
1.0
|
|
|||||
Income tax (expense) benefit
|
—
|
|
|
(0.1
|
)
|
|
(10.8
|
)
|
|
0.2
|
|
|
(10.7
|
)
|
|||||
Balance at January 31, 2017
|
$
|
(30.3
|
)
|
|
$
|
(4.5
|
)
|
|
$
|
(114.8
|
)
|
|
$
|
3.2
|
|
|
$
|
(146.4
|
)
|
|
Foreign
Currency
Translation
Adjustment
|
|
Unrealized Loss
on Cash Flow
Hedging
Derivatives
(A)
|
|
Pension and
Other
Postretirement
Liabilities
(B)
|
|
Unrealized Gain
on Available-
for-Sale
Securities
|
|
Accumulated
Other
Comprehensive
Loss
|
||||||||||
Balance at May 1, 2015
|
$
|
(2.3
|
)
|
|
$
|
(5.2
|
)
|
|
$
|
(105.6
|
)
|
|
$
|
3.3
|
|
|
$
|
(109.8
|
)
|
Reclassification adjustments
|
—
|
|
|
0.4
|
|
|
10.5
|
|
|
—
|
|
|
10.9
|
|
|||||
Current period (charge) credit
|
(44.4
|
)
|
|
—
|
|
|
1.3
|
|
|
—
|
|
|
(43.1
|
)
|
|||||
Income tax expense
|
—
|
|
|
(0.1
|
)
|
|
(4.7
|
)
|
|
—
|
|
|
(4.8
|
)
|
|||||
Balance at January 31, 2016
|
$
|
(46.7
|
)
|
|
$
|
(4.9
|
)
|
|
$
|
(98.5
|
)
|
|
$
|
3.3
|
|
|
$
|
(146.8
|
)
|
(A)
|
The reclassification from accumulated other comprehensive loss to interest expense was related to the termination of prior interest rate swaps.
|
(B)
|
Amortization of net losses was reclassified from accumulated other comprehensive loss to selling, distribution, and administrative expenses.
|
|
January 31, 2017
|
|
April 30, 2016
|
||
Common shares authorized
|
300,000,000
|
|
|
300,000,000
|
|
Common shares outstanding
|
116,443,204
|
|
|
116,306,894
|
|
Treasury shares
|
30,054,526
|
|
|
30,190,836
|
|
CONDENSED CONSOLIDATING STATEMENTS OF COMPREHENSIVE INCOME
|
Three Months Ended January 31, 2017
|
||||||||||||||||||
|
The J.M. Smucker
Company (Parent)
|
|
Subsidiary
Guarantors
|
|
Non-Guarantor
Subsidiaries
|
|
Eliminations
|
|
Consolidated
|
||||||||||
Net sales
|
$
|
694.7
|
|
|
$
|
291.5
|
|
|
$
|
2,685.4
|
|
|
$
|
(1,792.8
|
)
|
|
$
|
1,878.8
|
|
Cost of products sold
|
539.3
|
|
|
261.8
|
|
|
2,146.0
|
|
|
(1,791.2
|
)
|
|
1,155.9
|
|
|||||
Gross Profit
|
155.4
|
|
|
29.7
|
|
|
539.4
|
|
|
(1.6
|
)
|
|
722.9
|
|
|||||
Selling, distribution, and administrative expenses and
other special project costs
|
75.2
|
|
|
10.5
|
|
|
269.5
|
|
|
—
|
|
|
355.2
|
|
|||||
Amortization
|
2.5
|
|
|
—
|
|
|
49.2
|
|
|
—
|
|
|
51.7
|
|
|||||
Impairment charges
|
—
|
|
|
—
|
|
|
75.7
|
|
|
—
|
|
|
75.7
|
|
|||||
Other operating expense (income) – net
|
0.1
|
|
|
2.7
|
|
|
(0.2
|
)
|
|
—
|
|
|
2.6
|
|
|||||
Operating Income
|
77.6
|
|
|
16.5
|
|
|
145.2
|
|
|
(1.6
|
)
|
|
237.7
|
|
|||||
Interest (expense) income – net
|
(40.5
|
)
|
|
0.3
|
|
|
(0.1
|
)
|
|
—
|
|
|
(40.3
|
)
|
|||||
Other income (expense) – net
|
3.3
|
|
|
0.1
|
|
|
(3.2
|
)
|
|
—
|
|
|
0.2
|
|
|||||
Equity in net earnings of subsidiaries
|
104.0
|
|
|
38.4
|
|
|
16.6
|
|
|
(159.0
|
)
|
|
—
|
|
|||||
Income Before Income Taxes
|
144.4
|
|
|
55.3
|
|
|
158.5
|
|
|
(160.6
|
)
|
|
197.6
|
|
|||||
Income taxes
|
9.8
|
|
|
0.1
|
|
|
53.1
|
|
|
—
|
|
|
63.0
|
|
|||||
Net Income
|
$
|
134.6
|
|
|
$
|
55.2
|
|
|
$
|
105.4
|
|
|
$
|
(160.6
|
)
|
|
$
|
134.6
|
|
Other comprehensive income (loss), net of tax
|
9.7
|
|
|
0.2
|
|
|
8.8
|
|
|
(9.0
|
)
|
|
9.7
|
|
|||||
Comprehensive Income
|
$
|
144.3
|
|
|
$
|
55.4
|
|
|
$
|
114.2
|
|
|
$
|
(169.6
|
)
|
|
$
|
144.3
|
|
CONDENSED CONSOLIDATING STATEMENTS OF COMPREHENSIVE INCOME
|
Three Months Ended January 31, 2016
|
||||||||||||||||||
|
The J.M. Smucker
Company (Parent)
|
|
Subsidiary
Guarantors
|
|
Non-Guarantor
Subsidiaries
|
|
Eliminations
|
|
Consolidated
|
||||||||||
Net sales
|
$
|
784.7
|
|
|
$
|
289.6
|
|
|
$
|
2,190.5
|
|
|
$
|
(1,290.9
|
)
|
|
$
|
1,973.9
|
|
Cost of products sold
|
591.4
|
|
|
264.3
|
|
|
1,651.9
|
|
|
(1,297.5
|
)
|
|
1,210.1
|
|
|||||
Gross Profit
|
193.3
|
|
|
25.3
|
|
|
538.6
|
|
|
6.6
|
|
|
763.8
|
|
|||||
Selling, distribution, and administrative expenses and
other special project costs
|
72.9
|
|
|
9.6
|
|
|
340.0
|
|
|
—
|
|
|
422.5
|
|
|||||
Amortization
|
0.3
|
|
|
—
|
|
|
51.9
|
|
|
—
|
|
|
52.2
|
|
|||||
Other operating income – net
|
(24.6
|
)
|
|
—
|
|
|
(4.6
|
)
|
|
—
|
|
|
(29.2
|
)
|
|||||
Operating Income
|
144.7
|
|
|
15.7
|
|
|
151.3
|
|
|
6.6
|
|
|
318.3
|
|
|||||
Interest (expense) income – net
|
(43.8
|
)
|
|
0.3
|
|
|
(0.1
|
)
|
|
—
|
|
|
(43.6
|
)
|
|||||
Other (expense) income – net
|
(1.7
|
)
|
|
0.1
|
|
|
2.2
|
|
|
—
|
|
|
0.6
|
|
|||||
Equity in net earnings of subsidiaries
|
119.2
|
|
|
36.5
|
|
|
15.8
|
|
|
(171.5
|
)
|
|
—
|
|
|||||
Income Before Income Taxes
|
218.4
|
|
|
52.6
|
|
|
169.2
|
|
|
(164.9
|
)
|
|
275.3
|
|
|||||
Income taxes
|
33.1
|
|
|
0.1
|
|
|
56.8
|
|
|
—
|
|
|
90.0
|
|
|||||
Net Income
|
$
|
185.3
|
|
|
$
|
52.5
|
|
|
$
|
112.4
|
|
|
$
|
(164.9
|
)
|
|
$
|
185.3
|
|
Other comprehensive (loss) income, net of tax
|
(18.0
|
)
|
|
0.2
|
|
|
(19.8
|
)
|
|
19.6
|
|
|
(18.0
|
)
|
|||||
Comprehensive Income
|
$
|
167.3
|
|
|
$
|
52.7
|
|
|
$
|
92.6
|
|
|
$
|
(145.3
|
)
|
|
$
|
167.3
|
|
CONDENSED CONSOLIDATING STATEMENTS OF COMPREHENSIVE INCOME
|
Nine Months Ended January 31, 2017
|
||||||||||||||||||
|
The J.M. Smucker
Company (Parent)
|
|
Subsidiary
Guarantors
|
|
Non-Guarantor
Subsidiaries
|
|
Eliminations
|
|
Consolidated
|
||||||||||
Net sales
|
$
|
2,198.6
|
|
|
$
|
930.8
|
|
|
$
|
7,999.6
|
|
|
$
|
(5,520.5
|
)
|
|
$
|
5,608.5
|
|
Cost of products sold
|
1,726.7
|
|
|
844.4
|
|
|
6,366.5
|
|
|
(5,517.6
|
)
|
|
3,420.0
|
|
|||||
Gross Profit
|
471.9
|
|
|
86.4
|
|
|
1,633.1
|
|
|
(2.9
|
)
|
|
2,188.5
|
|
|||||
Selling, distribution, and administrative expenses and
other special project costs
|
246.6
|
|
|
31.4
|
|
|
845.1
|
|
|
—
|
|
|
1,123.1
|
|
|||||
Amortization
|
7.6
|
|
|
—
|
|
|
147.6
|
|
|
—
|
|
|
155.2
|
|
|||||
Impairment charges
|
—
|
|
|
—
|
|
|
75.7
|
|
|
—
|
|
|
75.7
|
|
|||||
Other operating expense (income) – net
|
0.4
|
|
|
2.4
|
|
|
(3.1
|
)
|
|
—
|
|
|
(0.3
|
)
|
|||||
Operating Income
|
217.3
|
|
|
52.6
|
|
|
567.8
|
|
|
(2.9
|
)
|
|
834.8
|
|
|||||
Interest (expense) income – net
|
(123.5
|
)
|
|
0.9
|
|
|
(0.2
|
)
|
|
—
|
|
|
(122.8
|
)
|
|||||
Other income (expense) – net
|
4.4
|
|
|
2.8
|
|
|
(2.7
|
)
|
|
—
|
|
|
4.5
|
|
|||||
Equity in net earnings of subsidiaries
|
410.0
|
|
|
111.2
|
|
|
55.4
|
|
|
(576.6
|
)
|
|
—
|
|
|||||
Income Before Income Taxes
|
508.2
|
|
|
167.5
|
|
|
620.3
|
|
|
(579.5
|
)
|
|
716.5
|
|
|||||
Income taxes
|
26.3
|
|
|
0.3
|
|
|
208.0
|
|
|
—
|
|
|
234.6
|
|
|||||
Net Income
|
$
|
481.9
|
|
|
$
|
167.2
|
|
|
$
|
412.3
|
|
|
$
|
(579.5
|
)
|
|
$
|
481.9
|
|
Other comprehensive income (loss), net of tax
|
2.0
|
|
|
0.8
|
|
|
(14.8
|
)
|
|
14.0
|
|
|
2.0
|
|
|||||
Comprehensive Income
|
$
|
483.9
|
|
|
$
|
168.0
|
|
|
$
|
397.5
|
|
|
$
|
(565.5
|
)
|
|
$
|
483.9
|
|
CONDENSED CONSOLIDATING STATEMENTS OF COMPREHENSIVE INCOME
|
Nine Months Ended January 31, 2016
|
||||||||||||||||||
|
The J.M. Smucker
Company (Parent)
|
|
Subsidiary
Guarantors
|
|
Non-Guarantor
Subsidiaries
|
|
Eliminations
|
|
Consolidated
|
||||||||||
Net sales
|
$
|
2,372.7
|
|
|
$
|
929.5
|
|
|
$
|
6,740.6
|
|
|
$
|
(4,039.2
|
)
|
|
$
|
6,003.6
|
|
Cost of products sold
|
1,831.1
|
|
|
850.8
|
|
|
5,088.8
|
|
|
(4,046.9
|
)
|
|
3,723.8
|
|
|||||
Gross Profit
|
541.6
|
|
|
78.7
|
|
|
1,651.8
|
|
|
7.7
|
|
|
2,279.8
|
|
|||||
Selling, distribution, and administrative expenses and
other special project costs
|
197.8
|
|
|
30.4
|
|
|
1,025.2
|
|
|
—
|
|
|
1,253.4
|
|
|||||
Amortization
|
2.4
|
|
|
—
|
|
|
155.8
|
|
|
—
|
|
|
158.2
|
|
|||||
Other operating (income) expense – net
|
(24.7
|
)
|
|
0.4
|
|
|
(6.7
|
)
|
|
—
|
|
|
(31.0
|
)
|
|||||
Operating Income
|
366.1
|
|
|
47.9
|
|
|
477.5
|
|
|
7.7
|
|
|
899.2
|
|
|||||
Interest (expense) income – net
|
(131.2
|
)
|
|
0.9
|
|
|
(0.3
|
)
|
|
—
|
|
|
(130.6
|
)
|
|||||
Other income (expense) – net
|
1.8
|
|
|
0.2
|
|
|
(2.9
|
)
|
|
—
|
|
|
(0.9
|
)
|
|||||
Equity in net earnings of subsidiaries
|
342.4
|
|
|
101.7
|
|
|
48.1
|
|
|
(492.2
|
)
|
|
—
|
|
|||||
Income Before Income Taxes
|
579.1
|
|
|
150.7
|
|
|
522.4
|
|
|
(484.5
|
)
|
|
767.7
|
|
|||||
Income taxes
|
81.4
|
|
|
0.3
|
|
|
188.3
|
|
|
—
|
|
|
270.0
|
|
|||||
Net Income
|
$
|
497.7
|
|
|
$
|
150.4
|
|
|
$
|
334.1
|
|
|
$
|
(484.5
|
)
|
|
$
|
497.7
|
|
Other comprehensive (loss) income, net of tax
|
(37.0
|
)
|
|
0.7
|
|
|
(43.0
|
)
|
|
42.3
|
|
|
(37.0
|
)
|
|||||
Comprehensive Income
|
$
|
460.7
|
|
|
$
|
151.1
|
|
|
$
|
291.1
|
|
|
$
|
(442.2
|
)
|
|
$
|
460.7
|
|
CONDENSED CONSOLIDATING BALANCE SHEETS
|
January 31, 2017
|
||||||||||||||||||
|
The J.M. Smucker
Company (Parent)
|
|
Subsidiary
Guarantors
|
|
Non-Guarantor
Subsidiaries
|
|
Eliminations
|
|
Consolidated
|
||||||||||
ASSETS
|
|
|
|
|
|
|
|
|
|
||||||||||
Current Assets
|
|
|
|
|
|
|
|
|
|
||||||||||
Cash and cash equivalents
|
$
|
8.8
|
|
|
$
|
—
|
|
|
$
|
130.8
|
|
|
$
|
—
|
|
|
$
|
139.6
|
|
Inventories
|
—
|
|
|
137.9
|
|
|
860.7
|
|
|
(3.0
|
)
|
|
995.6
|
|
|||||
Other current assets
|
505.4
|
|
|
3.9
|
|
|
61.0
|
|
|
(14.6
|
)
|
|
555.7
|
|
|||||
Total Current Assets
|
514.2
|
|
|
141.8
|
|
|
1,052.5
|
|
|
(17.6
|
)
|
|
1,690.9
|
|
|||||
Property, Plant, and Equipment – Net
|
290.9
|
|
|
563.6
|
|
|
719.8
|
|
|
—
|
|
|
1,574.3
|
|
|||||
Investments in Subsidiaries
|
15,491.5
|
|
|
4,429.2
|
|
|
387.8
|
|
|
(20,308.5
|
)
|
|
—
|
|
|||||
Intercompany Receivable
|
—
|
|
|
499.0
|
|
|
1,922.9
|
|
|
(2,421.9
|
)
|
|
—
|
|
|||||
Other Noncurrent Assets
|
|
|
|
|
|
|
|
|
|
||||||||||
Goodwill
|
1,494.8
|
|
|
—
|
|
|
4,589.9
|
|
|
—
|
|
|
6,084.7
|
|
|||||
Other intangible assets – net
|
420.6
|
|
|
—
|
|
|
5,841.4
|
|
|
—
|
|
|
6,262.0
|
|
|||||
Other noncurrent assets
|
59.4
|
|
|
11.9
|
|
|
128.5
|
|
|
—
|
|
|
199.8
|
|
|||||
Total Other Noncurrent Assets
|
1,974.8
|
|
|
11.9
|
|
|
10,559.8
|
|
|
—
|
|
|
12,546.5
|
|
|||||
Total Assets
|
$
|
18,271.4
|
|
|
$
|
5,645.5
|
|
|
$
|
14,642.8
|
|
|
$
|
(22,748.0
|
)
|
|
$
|
15,811.7
|
|
LIABILITIES AND SHAREHOLDERS’ EQUITY
|
|
|
|
|
|
|
|
|
|
||||||||||
Current Liabilities
|
$
|
550.7
|
|
|
$
|
87.3
|
|
|
$
|
373.9
|
|
|
$
|
(14.7
|
)
|
|
$
|
997.2
|
|
Noncurrent Liabilities
|
|
|
|
|
|
|
|
|
|
||||||||||
Long-term debt
|
4,945.0
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
4,945.0
|
|
|||||
Deferred income taxes
|
70.6
|
|
|
—
|
|
|
2,175.7
|
|
|
—
|
|
|
2,246.3
|
|
|||||
Intercompany payable
|
5,125.0
|
|
|
—
|
|
|
—
|
|
|
(5,125.0
|
)
|
|
—
|
|
|||||
Other noncurrent liabilities
|
338.2
|
|
|
17.9
|
|
|
25.2
|
|
|
—
|
|
|
381.3
|
|
|||||
Total Noncurrent Liabilities
|
10,478.8
|
|
|
17.9
|
|
|
2,200.9
|
|
|
(5,125.0
|
)
|
|
7,572.6
|
|
|||||
Total Liabilities
|
11,029.5
|
|
|
105.2
|
|
|
2,574.8
|
|
|
(5,139.7
|
)
|
|
8,569.8
|
|
|||||
Total Shareholders’ Equity
|
7,241.9
|
|
|
5,540.3
|
|
|
12,068.0
|
|
|
(17,608.3
|
)
|
|
7,241.9
|
|
|||||
Total Liabilities and Shareholders’ Equity
|
$
|
18,271.4
|
|
|
$
|
5,645.5
|
|
|
$
|
14,642.8
|
|
|
$
|
(22,748.0
|
)
|
|
$
|
15,811.7
|
|
CONDENSED CONSOLIDATING BALANCE SHEETS
|
April 30, 2016
|
||||||||||||||||||
|
The J.M. Smucker
Company (Parent)
|
|
Subsidiary
Guarantors
|
|
Non-Guarantor
Subsidiaries
|
|
Eliminations
|
|
Consolidated
|
||||||||||
ASSETS
|
|
|
|
|
|
|
|
|
|
||||||||||
Current Assets
|
|
|
|
|
|
|
|
|
|
||||||||||
Cash and cash equivalents
|
$
|
7.0
|
|
|
$
|
—
|
|
|
$
|
102.8
|
|
|
$
|
—
|
|
|
$
|
109.8
|
|
Inventories
|
—
|
|
|
143.2
|
|
|
752.0
|
|
|
4.2
|
|
|
899.4
|
|
|||||
Other current assets
|
497.3
|
|
|
5.9
|
|
|
71.9
|
|
|
(10.9
|
)
|
|
564.2
|
|
|||||
Total Current Assets
|
504.3
|
|
|
149.1
|
|
|
926.7
|
|
|
(6.7
|
)
|
|
1,573.4
|
|
|||||
Property, Plant, and Equipment – Net
|
296.3
|
|
|
587.0
|
|
|
744.4
|
|
|
—
|
|
|
1,627.7
|
|
|||||
Investments in Subsidiaries
|
15,092.2
|
|
|
4,317.9
|
|
|
331.6
|
|
|
(19,741.7
|
)
|
|
—
|
|
|||||
Intercompany Receivable
|
—
|
|
|
404.7
|
|
|
1,543.9
|
|
|
(1,948.6
|
)
|
|
—
|
|
|||||
Other Noncurrent Assets
|
|
|
|
|
|
|
|
|
|
||||||||||
Goodwill
|
1,494.8
|
|
|
—
|
|
|
4,596.3
|
|
|
—
|
|
|
6,091.1
|
|
|||||
Other intangible assets – net
|
428.3
|
|
|
—
|
|
|
6,066.1
|
|
|
—
|
|
|
6,494.4
|
|
|||||
Other noncurrent assets
|
57.4
|
|
|
10.4
|
|
|
129.7
|
|
|
—
|
|
|
197.5
|
|
|||||
Total Other Noncurrent Assets
|
1,980.5
|
|
|
10.4
|
|
|
10,792.1
|
|
|
—
|
|
|
12,783.0
|
|
|||||
Total Assets
|
$
|
17,873.3
|
|
|
$
|
5,469.1
|
|
|
$
|
14,338.7
|
|
|
$
|
(21,697.0
|
)
|
|
$
|
15,984.1
|
|
LIABILITIES AND SHAREHOLDERS’ EQUITY
|
|
|
|
|
|
|
|
|
|
||||||||||
Current Liabilities
|
$
|
723.3
|
|
|
$
|
78.9
|
|
|
$
|
421.6
|
|
|
$
|
(10.8
|
)
|
|
$
|
1,213.0
|
|
Noncurrent Liabilities
|
|
|
|
|
|
|
|
|
|
||||||||||
Long-term debt
|
5,146.0
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
5,146.0
|
|
|||||
Deferred income taxes
|
60.7
|
|
|
—
|
|
|
2,169.6
|
|
|
—
|
|
|
2,230.3
|
|
|||||
Intercompany payable
|
4,644.7
|
|
|
—
|
|
|
—
|
|
|
(4,644.7
|
)
|
|
—
|
|
|||||
Other noncurrent liabilities
|
290.1
|
|
|
17.9
|
|
|
78.3
|
|
|
—
|
|
|
386.3
|
|
|||||
Total Noncurrent Liabilities
|
10,141.5
|
|
|
17.9
|
|
|
2,247.9
|
|
|
(4,644.7
|
)
|
|
7,762.6
|
|
|||||
Total Liabilities
|
10,864.8
|
|
|
96.8
|
|
|
2,669.5
|
|
|
(4,655.5
|
)
|
|
8,975.6
|
|
|||||
Total Shareholders’ Equity
|
7,008.5
|
|
|
5,372.3
|
|
|
11,669.2
|
|
|
(17,041.5
|
)
|
|
7,008.5
|
|
|||||
Total Liabilities and Shareholders’ Equity
|
$
|
17,873.3
|
|
|
$
|
5,469.1
|
|
|
$
|
14,338.7
|
|
|
$
|
(21,697.0
|
)
|
|
$
|
15,984.1
|
|
CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS
|
Nine Months Ended January 31, 2017
|
||||||||||||||||||
|
The J.M. Smucker
Company (Parent)
|
|
Subsidiary
Guarantors
|
|
Non-Guarantor
Subsidiaries
|
|
Eliminations
|
|
Consolidated
|
||||||||||
Net Cash Provided by Operating Activities
|
$
|
158.0
|
|
|
$
|
124.0
|
|
|
$
|
512.8
|
|
|
$
|
—
|
|
|
$
|
794.8
|
|
Investing Activities
|
|
|
|
|
|
|
|
|
|
||||||||||
Additions to property, plant, and equipment
|
(23.8
|
)
|
|
(30.1
|
)
|
|
(82.7
|
)
|
|
—
|
|
|
(136.6
|
)
|
|||||
Proceeds from disposal of property, plant, and equipment
|
—
|
|
|
—
|
|
|
0.4
|
|
|
—
|
|
|
0.4
|
|
|||||
(Disbursements of) repayments from intercompany loans
|
—
|
|
|
(94.4
|
)
|
|
(385.8
|
)
|
|
480.2
|
|
|
—
|
|
|||||
Other – net
|
(0.2
|
)
|
|
0.5
|
|
|
(12.2
|
)
|
|
—
|
|
|
(11.9
|
)
|
|||||
Net Cash (Used for) Provided by Investing Activities
|
(24.0
|
)
|
|
(124.0
|
)
|
|
(480.3
|
)
|
|
480.2
|
|
|
(148.1
|
)
|
|||||
Financing Activities
|
|
|
|
|
|
|
|
|
|
||||||||||
Short-term repayments – net
|
(142.0
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(142.0
|
)
|
|||||
Repayments of long-term debt
|
(200.0
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(200.0
|
)
|
|||||
Quarterly dividends paid
|
(252.1
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(252.1
|
)
|
|||||
Purchase of treasury shares
|
(19.0
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(19.0
|
)
|
|||||
Intercompany payable
|
480.2
|
|
|
—
|
|
|
—
|
|
|
(480.2
|
)
|
|
—
|
|
|||||
Other – net
|
0.7
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
0.7
|
|
|||||
Net Cash Used for Financing Activities
|
(132.2
|
)
|
|
—
|
|
|
—
|
|
|
(480.2
|
)
|
|
(612.4
|
)
|
|||||
Effect of exchange rate changes on cash
|
—
|
|
|
—
|
|
|
(4.5
|
)
|
|
—
|
|
|
(4.5
|
)
|
|||||
Net increase in cash and cash equivalents
|
1.8
|
|
|
—
|
|
|
28.0
|
|
|
—
|
|
|
29.8
|
|
|||||
Cash and cash equivalents at beginning of period
|
7.0
|
|
|
—
|
|
|
102.8
|
|
|
—
|
|
|
109.8
|
|
|||||
Cash and Cash Equivalents at End of Period
|
$
|
8.8
|
|
|
$
|
—
|
|
|
$
|
130.8
|
|
|
$
|
—
|
|
|
$
|
139.6
|
|
CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS
|
Nine Months Ended January 31, 2016
|
||||||||||||||||||
|
The J.M. Smucker
Company (Parent)
|
|
Subsidiary
Guarantors
|
|
Non-Guarantor
Subsidiaries
|
|
Eliminations
|
|
Consolidated
|
||||||||||
Net Cash Provided by Operating Activities
|
$
|
247.8
|
|
|
$
|
119.2
|
|
|
$
|
757.8
|
|
|
$
|
—
|
|
|
$
|
1,124.8
|
|
Investing Activities
|
|
|
|
|
|
|
|
|
|
||||||||||
Business acquired, net of cash acquired
|
—
|
|
|
—
|
|
|
7.9
|
|
|
—
|
|
|
7.9
|
|
|||||
Equity investment in affiliate
|
—
|
|
|
—
|
|
|
(16.0
|
)
|
|
—
|
|
|
(16.0
|
)
|
|||||
Additions to property, plant, and equipment
|
(70.8
|
)
|
|
(32.7
|
)
|
|
(57.3
|
)
|
|
—
|
|
|
(160.8
|
)
|
|||||
Proceeds from divestiture
|
193.7
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
193.7
|
|
|||||
Proceeds from disposal of property, plant, and equipment
|
—
|
|
|
0.1
|
|
|
0.1
|
|
|
—
|
|
|
0.2
|
|
|||||
(Disbursements of) repayments from intercompany loans
|
—
|
|
|
(85.6
|
)
|
|
(672.2
|
)
|
|
757.8
|
|
|
—
|
|
|||||
Other – net
|
—
|
|
|
(1.0
|
)
|
|
6.7
|
|
|
—
|
|
|
5.7
|
|
|||||
Net Cash Provided by (Used for) Investing Activities
|
122.9
|
|
|
(119.2
|
)
|
|
(730.8
|
)
|
|
757.8
|
|
|
30.7
|
|
|||||
Financing Activities
|
|
|
|
|
|
|
|
|
|
||||||||||
Short-term repayments – net
|
(88.0
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(88.0
|
)
|
|||||
Repayments of long-term debt
|
(800.0
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(800.0
|
)
|
|||||
Quarterly dividends paid
|
(236.5
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(236.5
|
)
|
|||||
Purchase of treasury shares
|
(7.8
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(7.8
|
)
|
|||||
Intercompany payable
|
757.8
|
|
|
—
|
|
|
—
|
|
|
(757.8
|
)
|
|
—
|
|
|||||
Other – net
|
0.6
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
0.6
|
|
|||||
Net Cash Used for Financing Activities
|
(373.9
|
)
|
|
—
|
|
|
—
|
|
|
(757.8
|
)
|
|
(1,131.7
|
)
|
|||||
Effect of exchange rate changes on cash
|
—
|
|
|
—
|
|
|
(8.9
|
)
|
|
—
|
|
|
(8.9
|
)
|
|||||
Net (decrease) increase in cash and cash equivalents
|
(3.2
|
)
|
|
—
|
|
|
18.1
|
|
|
—
|
|
|
14.9
|
|
|||||
Cash and cash equivalents at beginning of period
|
7.1
|
|
|
—
|
|
|
118.5
|
|
|
—
|
|
|
125.6
|
|
|||||
Cash and Cash Equivalents at End of Period
|
$
|
3.9
|
|
|
$
|
—
|
|
|
$
|
136.6
|
|
|
$
|
—
|
|
|
$
|
140.5
|
|
|
Three Months Ended January 31,
|
|
Nine Months Ended January 31,
|
||||||||||||||||||
|
2017
|
|
2016
|
|
% Increase (Decrease)
|
|
2017
|
|
2016
|
|
% Increase (Decrease)
|
||||||||||
Net sales
|
$
|
1,878.8
|
|
|
$
|
1,973.9
|
|
|
(5
|
)%
|
|
$
|
5,608.5
|
|
|
$
|
6,003.6
|
|
|
(7
|
)%
|
Gross profit
|
$
|
722.9
|
|
|
$
|
763.8
|
|
|
(5
|
)%
|
|
$
|
2,188.5
|
|
|
$
|
2,279.8
|
|
|
(4
|
)%
|
% of net sales
|
38.5
|
%
|
|
38.7
|
%
|
|
|
|
|
39.0
|
%
|
|
38.0
|
%
|
|
|
|||||
Operating income
|
$
|
237.7
|
|
|
$
|
318.3
|
|
|
(25
|
)%
|
|
$
|
834.8
|
|
|
$
|
899.2
|
|
|
(7
|
)%
|
% of net sales
|
12.7
|
%
|
|
16.1
|
%
|
|
|
|
14.9
|
%
|
|
15.0
|
%
|
|
|
||||||
Net income:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Net income
|
$
|
134.6
|
|
|
$
|
185.3
|
|
|
(27
|
)%
|
|
$
|
481.9
|
|
|
$
|
497.7
|
|
|
(3
|
)%
|
Net income per common share –
assuming dilution
|
$
|
1.16
|
|
|
$
|
1.55
|
|
|
(25
|
)%
|
|
$
|
4.14
|
|
|
$
|
4.16
|
|
|
—
|
%
|
Adjusted gross profit
(A)
|
$
|
722.6
|
|
|
$
|
760.2
|
|
|
(5
|
)%
|
|
$
|
2,199.0
|
|
|
$
|
2,286.3
|
|
|
(4
|
)%
|
% of net sales
|
38.5
|
%
|
|
38.5
|
%
|
|
|
|
39.2
|
%
|
|
38.1
|
%
|
|
|
||||||
Adjusted operating income
(A)
|
$
|
382.8
|
|
|
$
|
408.3
|
|
|
(6
|
)%
|
|
$
|
1,143.0
|
|
|
$
|
1,158.8
|
|
|
(1
|
)%
|
% of net sales
|
20.4
|
%
|
|
20.7
|
%
|
|
|
|
20.4
|
%
|
|
19.3
|
%
|
|
|
||||||
Adjusted income:
(A)
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Income
|
$
|
232.8
|
|
|
$
|
246.0
|
|
|
(5
|
)%
|
|
$
|
689.2
|
|
|
$
|
666.0
|
|
|
3
|
%
|
Earnings per share – assuming dilution
|
$
|
2.00
|
|
|
$
|
2.05
|
|
|
(2
|
)%
|
|
$
|
5.92
|
|
|
$
|
5.56
|
|
|
6
|
%
|
(A)
|
We use non-GAAP financial measures to evaluate our performance. Refer to “Non-GAAP Financial Measures” in this discussion and analysis for a reconciliation to the comparable GAAP financial measure.
|
|
Three Months Ended January 31,
|
|
Nine Months Ended January 31,
|
||||||||||||||||||||||||||
|
2017
|
|
2016
|
|
Increase
(Decrease)
|
|
%
|
|
2017
|
|
2016
|
|
Increase
(Decrease)
|
|
%
|
||||||||||||||
Net sales
|
$
|
1,878.8
|
|
|
$
|
1,973.9
|
|
|
$
|
(95.1
|
)
|
|
(5
|
)%
|
|
$
|
5,608.5
|
|
|
$
|
6,003.6
|
|
|
$
|
(395.1
|
)
|
|
(7
|
)%
|
Milk divestiture
|
—
|
|
|
(46.3
|
)
|
|
46.3
|
|
|
2
|
|
|
—
|
|
|
(153.5
|
)
|
|
153.5
|
|
|
3
|
|
||||||
Foreign currency exchange
|
(1.7
|
)
|
|
—
|
|
|
(1.7
|
)
|
|
—
|
|
|
2.8
|
|
|
—
|
|
|
2.8
|
|
|
—
|
|
||||||
Net sales excluding divestiture and foreign currency exchange
(A)
|
$
|
1,877.1
|
|
|
$
|
1,927.6
|
|
|
$
|
(50.5
|
)
|
|
(3
|
)%
|
|
$
|
5,611.3
|
|
|
$
|
5,850.1
|
|
|
$
|
(238.8
|
)
|
|
(4
|
)%
|
(A)
|
Net sales excluding divestiture and foreign currency exchange is a non-GAAP measure used to evaluate performance internally. This measure provides useful information to investors because it enables comparison of results on a year-over-year basis.
|
|
Three Months Ended January 31,
|
|
Nine Months Ended January 31,
|
||||||||
|
2017
|
|
2016
|
|
2017
|
|
2016
|
||||
Gross profit
|
38.5
|
%
|
|
38.7
|
%
|
|
39.0
|
%
|
|
38.0
|
%
|
Selling, distribution, and administrative expenses:
|
|
|
|
|
|
|
|
||||
Marketing
|
5.2
|
%
|
|
6.1
|
%
|
|
5.8
|
%
|
|
6.0
|
%
|
Selling
|
3.2
|
|
|
3.7
|
|
|
3.4
|
|
|
4.1
|
|
Distribution
|
3.3
|
|
|
3.1
|
|
|
3.3
|
|
|
3.1
|
|
General and administrative
|
6.2
|
|
|
6.3
|
|
|
6.3
|
|
|
6.2
|
|
Total selling, distribution, and administrative expenses
|
17.9
|
%
|
|
19.3
|
%
|
|
18.8
|
%
|
|
19.3
|
%
|
|
|
|
|
|
|
|
|
||||
Amortization
|
2.8
|
|
|
2.6
|
|
|
2.8
|
|
|
2.6
|
|
Impairment charges
|
4.0
|
|
|
—
|
|
|
1.3
|
|
|
—
|
|
Other special project costs
|
1.0
|
|
|
2.1
|
|
|
1.2
|
|
|
1.6
|
|
Other operating expense (income) – net
|
0.1
|
|
|
(1.5
|
)
|
|
—
|
|
|
(0.5
|
)
|
Operating income
|
12.7
|
%
|
|
16.1
|
%
|
|
14.9
|
%
|
|
15.0
|
%
|
|
Three Months Ended January 31,
|
|
Nine Months Ended January 31,
|
||||||||||||||||||
|
2017
|
|
2016
|
|
% Increase
(Decrease)
|
|
2017
|
|
2016
|
|
% Increase
(Decrease)
|
||||||||||
Net sales:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
U.S. Retail Coffee
|
$
|
537.6
|
|
|
$
|
575.5
|
|
|
(7
|
)%
|
|
$
|
1,602.7
|
|
|
$
|
1,726.6
|
|
|
(7
|
)%
|
U.S. Retail Consumer Foods
|
517.3
|
|
|
569.8
|
|
|
(9
|
)
|
|
1,611.6
|
|
|
1,796.0
|
|
|
(10
|
)
|
||||
U.S. Retail Pet Foods
|
550.9
|
|
|
570.9
|
|
|
(4
|
)
|
|
1,601.4
|
|
|
1,687.5
|
|
|
(5
|
)
|
||||
International and Foodservice
|
273.0
|
|
|
257.7
|
|
|
6
|
|
|
792.8
|
|
|
793.5
|
|
|
—
|
|
||||
Segment profit:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
U.S. Retail Coffee
|
$
|
172.2
|
|
|
$
|
194.6
|
|
|
(12
|
)%
|
|
$
|
532.5
|
|
|
$
|
548.8
|
|
|
(3
|
)%
|
U.S. Retail Consumer Foods
|
119.2
|
|
|
129.1
|
|
|
(8
|
)
|
|
349.5
|
|
|
375.8
|
|
|
(7
|
)
|
||||
U.S. Retail Pet Foods
|
126.3
|
|
|
124.0
|
|
|
2
|
|
|
363.0
|
|
|
355.8
|
|
|
2
|
|
||||
International and Foodservice
|
45.5
|
|
|
48.9
|
|
|
(7
|
)
|
|
136.7
|
|
|
140.6
|
|
|
(3
|
)
|
||||
Segment profit margin:
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
U.S. Retail Coffee
|
32.0
|
%
|
|
33.8
|
%
|
|
|
|
|
33.2
|
%
|
|
31.8
|
%
|
|
|
|||||
U.S. Retail Consumer Foods
|
23.0
|
|
|
22.7
|
|
|
|
|
|
21.7
|
|
|
20.9
|
|
|
|
|||||
U.S. Retail Pet Foods
|
22.9
|
|
|
21.7
|
|
|
|
|
|
22.7
|
|
|
21.1
|
|
|
|
|||||
International and Foodservice
|
16.7
|
|
|
19.0
|
|
|
|
|
|
17.2
|
|
|
17.7
|
|
|
|
|
Nine Months Ended January 31,
|
||||||
|
2017
|
|
2016
|
||||
Net cash provided by operating activities
|
$
|
794.8
|
|
|
$
|
1,124.8
|
|
Net cash (used for) provided by investing activities
|
(148.1
|
)
|
|
30.7
|
|
||
Net cash used for financing activities
|
(612.4
|
)
|
|
(1,131.7
|
)
|
||
|
|
|
|
||||
Net cash provided by operating activities
|
$
|
794.8
|
|
|
$
|
1,124.8
|
|
Additions to property, plant, and equipment
|
(136.6
|
)
|
|
(160.8
|
)
|
||
Free cash flow
(A)
|
$
|
658.2
|
|
|
$
|
964.0
|
|
(A)
|
Free cash flow is a non-GAAP measure used by management to evaluate the amount of cash available for debt repayment, dividend distribution, acquisition opportunities, share repurchases, and other corporate purposes.
|
|
January 31, 2017
|
|
April 30, 2016
|
||||
Short-term borrowings
|
$
|
142.0
|
|
|
$
|
284.0
|
|
Long-term debt
|
4,945.0
|
|
|
5,146.0
|
|
||
Total debt
|
$
|
5,087.0
|
|
|
$
|
5,430.0
|
|
Shareholders’ equity
|
7,241.9
|
|
|
7,008.5
|
|
||
Total capital
|
$
|
12,328.9
|
|
|
$
|
12,438.5
|
|
|
Three Months Ended January 31,
|
|
Nine Months Ended January 31,
|
||||||||||||
|
2017
|
|
2016
|
|
2017
|
|
2016
|
||||||||
Gross profit reconciliation:
|
|
|
|
|
|
|
|
||||||||
Gross profit
|
$
|
722.9
|
|
|
$
|
763.8
|
|
|
$
|
2,188.5
|
|
|
$
|
2,279.8
|
|
Unallocated derivative (gains) losses
|
(0.8
|
)
|
|
(6.7
|
)
|
|
5.7
|
|
|
(2.7
|
)
|
||||
Cost of products sold – special project costs
|
0.5
|
|
|
3.1
|
|
|
4.8
|
|
|
9.2
|
|
||||
Adjusted gross profit
|
$
|
722.6
|
|
|
$
|
760.2
|
|
|
$
|
2,199.0
|
|
|
$
|
2,286.3
|
|
Operating income reconciliation:
|
|
|
|
|
|
|
|
||||||||
Operating income
|
$
|
237.7
|
|
|
$
|
318.3
|
|
|
$
|
834.8
|
|
|
$
|
899.2
|
|
Amortization
|
51.7
|
|
|
52.2
|
|
|
155.2
|
|
|
158.2
|
|
||||
Impairment charges
|
75.7
|
|
|
—
|
|
|
75.7
|
|
|
—
|
|
||||
Unallocated derivative (gains) losses
|
(0.8
|
)
|
|
(6.7
|
)
|
|
5.7
|
|
|
(2.7
|
)
|
||||
Cost of products sold – special project costs
|
0.5
|
|
|
3.1
|
|
|
4.8
|
|
|
9.2
|
|
||||
Other special project costs
|
18.0
|
|
|
41.4
|
|
|
66.8
|
|
|
94.9
|
|
||||
Adjusted operating income
|
$
|
382.8
|
|
|
$
|
408.3
|
|
|
$
|
1,143.0
|
|
|
$
|
1,158.8
|
|
Net income reconciliation:
|
|
|
|
|
|
|
|
||||||||
Net income
|
$
|
134.6
|
|
|
$
|
185.3
|
|
|
$
|
481.9
|
|
|
$
|
497.7
|
|
Income taxes
|
63.0
|
|
|
90.0
|
|
|
234.6
|
|
|
270.0
|
|
||||
Amortization
|
51.7
|
|
|
52.2
|
|
|
155.2
|
|
|
158.2
|
|
||||
Impairment charges
|
75.7
|
|
|
—
|
|
|
75.7
|
|
|
—
|
|
||||
Unallocated derivative (gains) losses
|
(0.8
|
)
|
|
(6.7
|
)
|
|
5.7
|
|
|
(2.7
|
)
|
||||
Cost of products sold – special project costs
|
0.5
|
|
|
3.1
|
|
|
4.8
|
|
|
9.2
|
|
||||
Other special project costs
|
18.0
|
|
|
41.4
|
|
|
66.8
|
|
|
94.9
|
|
||||
Adjusted income before income taxes
|
$
|
342.7
|
|
|
$
|
365.3
|
|
|
$
|
1,024.7
|
|
|
$
|
1,027.3
|
|
Income taxes, as adjusted
(A)
|
109.9
|
|
|
119.3
|
|
|
335.5
|
|
|
361.3
|
|
||||
Adjusted income
|
$
|
232.8
|
|
|
$
|
246.0
|
|
|
$
|
689.2
|
|
|
$
|
666.0
|
|
Weighted-average shares – assuming dilution
|
116,508,644
|
|
|
119,734,947
|
|
|
116,512,460
|
|
|
119,683,493
|
|
||||
Adjusted earnings per share
|
$
|
2.00
|
|
|
$
|
2.05
|
|
|
$
|
5.92
|
|
|
$
|
5.56
|
|
(A)
|
Income taxes, as adjusted is based upon our GAAP effective tax rate and reflects the impact of items excluded from GAAP net income to derive adjusted income.
|
|
January 31, 2017
|
|
April 30, 2016
|
||||
High
|
$
|
38.1
|
|
|
$
|
40.0
|
|
Low
|
12.5
|
|
|
16.5
|
|
||
Average
|
23.1
|
|
|
32.9
|
|
•
|
our ability to achieve synergies and cost savings related to the Big Heart acquisition in the amounts and within the time frames currently anticipated and to effectively manage the related integration costs;
|
•
|
our ability to generate sufficient cash flow to meet our deleveraging objectives;
|
•
|
volatility of commodity, energy, and other input costs;
|
•
|
risks associated with derivative and purchasing strategies we employ to manage commodity pricing risks;
|
•
|
the availability of reliable transportation on acceptable terms;
|
•
|
our ability to implement and realize the full benefit of price changes, and the impact of the timing of the price changes to profits and cash flow in a particular period;
|
•
|
the success and cost of marketing and sales programs and strategies intended to promote growth in our businesses, including the introduction of new products;
|
•
|
general competitive activity in the market, including competitors’ pricing practices and promotional spending levels;
|
•
|
the impact of food security concerns involving either our products or our competitors’ products;
|
•
|
the impact of accidents, extreme weather, and natural disasters;
|
•
|
the concentration of certain of our businesses with key customers and suppliers, including single-source suppliers of certain key raw materials and finished goods, and our ability to manage and maintain key relationships;
|
•
|
the timing and amount of capital expenditures and share repurchases;
|
•
|
impairments in the carrying value of goodwill, other intangible assets, or other long-lived assets or changes in useful lives of other intangible assets;
|
•
|
the impact of new or changes to existing governmental laws and regulations and their application;
|
•
|
the outcome of tax examinations, changes in tax laws, and other tax matters;
|
•
|
foreign currency and interest rate fluctuations; and
|
•
|
risks related to other factors described under “Risk Factors” in other reports and statements we have filed with the Securities and Exchange Commission.
|
•
|
A material impairment in the carrying value of acquired goodwill or other intangible assets could negatively affect our consolidated operating results and net worth.
|
|
|
(a)
|
|
(b)
|
|
(c)
|
|
(d)
|
|||||
Period
|
|
Total Number of
Shares
Purchased
|
|
Average Price
Paid Per Share
|
|
Total Number of
Shares Purchased
as Part of Publicly
Announced Plans
or Programs
|
|
Maximum Number (or
Approximate Dollar
Value) of Shares That
May Yet Be Purchased
Under the Plans or
Programs
|
|||||
November 1, 2016 - November 30, 2016
|
|
292
|
|
|
$
|
131.44
|
|
|
—
|
|
|
6,586,598
|
|
December 1, 2016 - December 31, 2016
|
|
1,169
|
|
|
129.65
|
|
|
—
|
|
|
6,586,598
|
|
|
January 1, 2017 - January 31, 2017
|
|
577
|
|
|
132.82
|
|
|
—
|
|
|
6,586,598
|
|
|
Total
|
|
2,038
|
|
|
$
|
130.80
|
|
|
—
|
|
|
6,586,598
|
|
(a)
|
Shares in this column include shares repurchased from stock plan recipients in lieu of cash payments.
|
February 24, 2017
|
THE J. M. SMUCKER COMPANY
|
|
|
|
/s/ Mark T. Smucker
|
|
By: MARK T. SMUCKER
|
|
President and Chief Executive Officer
|
|
|
|
/s/ Mark R. Belgya
|
|
By: MARK R. BELGYA
|
|
Vice Chair and Chief Financial Officer
|
Exhibit
Number
|
Exhibit Description
|
Filed
Herewith
|
Incorporated by Reference
from Form
|
Exhibit
|
Filing Date
|
10.1
|
Amendment No. 2 to The J. M. Smucker Company Restoration Plan, dated as of December 31, 2016
*
|
X
|
|
|
|
10.2
|
Amendment No. 1 to The J. M. Smucker Company Defined Contribution Supplemental Executive Retirement Plan, dated as of December 31, 2016
*
|
X
|
|
|
|
10.3
|
The J. M. Smucker Company Top Management Supplemental Retirement Benefit Plan, restated as of January 1, 2018
*
|
X
|
|
|
|
12.1
|
Computation of Ratio of Earnings to Fixed Charges
|
X
|
|
|
|
31.1
|
Certifications of Mark T. Smucker pursuant to Rule 13a-14(a) and Rule 15d-14(a) of the Securities Exchange Act, as amended
|
X
|
|
|
|
31.2
|
Certifications of Mark R. Belgya pursuant to Rule 13a-14(a) and Rule 15d-14(a) of the Securities Exchange Act, as amended
|
X
|
|
|
|
32
|
Certification pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of The Sarbanes-Oxley Act of 2002
|
X
|
|
|
|
101.INS
|
XBRL Instance Document
|
X
|
|
|
|
101.SCH
|
XBRL Taxonomy Extension Schema Document
|
X
|
|
|
|
101.PRE
|
XBRL Taxonomy Extension Presentation Linkbase Document
|
X
|
|
|
|
101.DEF
|
XBRL Taxonomy Extension Definition Linkbase Document
|
X
|
|
|
|
101.CAL
|
XBRL Taxonomy Extension Calculation Linkbase Document
|
X
|
|
|
|
101.LAB
|
XBRL Taxonomy Extension Label Linkbase Document
|
X
|
|
|
|
1 Year JM Smucker Chart |
1 Month JM Smucker Chart |
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