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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
___________________________________________________ 
FORM 10-Q
___________________________________________________ 
QUARTERLY REPORT PURSUANT TO SECTIONS 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended: January 31, 2022
or
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from                      to                     
Commission file number: 1-5111
 ___________________________________________________
The J. M. Smucker Company
(Exact name of registrant as specified in its charter)
___________________________________________________ 
Ohio34-0538550
(State or other jurisdiction of
incorporation or organization)
(I.R.S. Employer
Identification No.)
One Strawberry Lane
Orrville,Ohio44667-0280
(Address of principal executive offices)(Zip code)
                                                                           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)
       Securities registered pursuant to Section 12(b) of the Act:
                             Title of each class
Trading symbolName of each exchange on which registered
Common shares, no par valueSJMNew York Stock Exchange
 ___________________________________________________
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.  Yes  ý    No  o
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).  Yes  ý    No  o
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large accelerated filerýAccelerated filer
Non-accelerated filerSmaller reporting company
Emerging growth company

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. o
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).  Yes      No  ý
The Company had 108,458,394 common shares outstanding on February 22, 2022.

TABLE OF CONTENTS

1


PART I. FINANCIAL INFORMATION
Item 1. Financial Statements.
THE J. M. SMUCKER COMPANY
CONDENSED STATEMENTS OF CONSOLIDATED INCOME
(Unaudited)
Three Months Ended January 31,Nine Months Ended January 31,
Dollars in millions, except per share data2022202120222021
Net sales$2,057.1 $2,076.7 $5,965.1 $6,082.5 
Cost of products sold (A)
1,374.0 1,267.3 3,931.1 3,679.5 
Gross Profit683.1 809.4 2,034.0 2,403.0 
Selling, distribution, and administrative expenses336.0 371.7 1,007.7 1,112.0 
Amortization55.3 57.0 166.1 176.1 
Other intangible assets impairment charge150.4  150.4  
Other special project costs (A)
2.0 1.7 5.1 1.7 
Other operating expense (income) – net(11.2)(27.2)(17.1)(34.9)
Operating Income150.6 406.2 721.8 1,148.1 
Interest expense – net(39.5)(43.5)(122.9)(134.7)
Other income (expense) – net(1.5)(1.2)(15.3)(34.8)
Income Before Income Taxes109.6 361.5 583.6 978.6 
Income tax expense39.9 100.0 154.0 249.3 
Net Income$69.7 $261.5 $429.6 $729.3 
Earnings per common share:
Net Income$0.64 $2.32 $3.96 $6.42 
Net Income – Assuming Dilution$0.64 $2.32 $3.96 $6.42 
(A) Special project costs include certain divestiture, acquisition, integration, and restructuring costs, which are recognized in cost of products sold and other special project costs. For more information, see Note 3: Integration and Restructuring Costs and Note 5: Reportable Segments.
See notes to unaudited condensed consolidated financial statements.


THE J. M. SMUCKER COMPANY
CONDENSED STATEMENTS OF CONSOLIDATED COMPREHENSIVE INCOME
(Unaudited)
 Three Months Ended January 31,Nine Months Ended January 31,
Dollars in millions2022202120222021
Net income$69.7 $261.5 $429.6 $729.3 
Other comprehensive income (loss):
Foreign currency translation adjustments(7.0)14.2 (9.0)29.4 
Cash flow hedging derivative activity, net of tax3.4 2.9 8.4 8.2 
Pension and other postretirement benefit plans activity, net of tax4.7 6.3 8.6 36.7 
Available-for-sale securities activity, net of tax0.1 0.6 0.1 1.2 
Total Other Comprehensive Income (Loss) 1.2 24.0 8.1 75.5 
Comprehensive Income $70.9 $285.5 $437.7 $804.8 
See notes to unaudited condensed consolidated financial statements.
2


THE J. M. SMUCKER COMPANY
CONDENSED CONSOLIDATED BALANCE SHEETS
(Unaudited)
Dollars in millionsJanuary 31, 2022April 30, 2021
ASSETS
Current Assets
Cash and cash equivalents$284.3 $334.3 
Trade receivables – net563.2 533.7 
Inventories:
Finished products635.3 607.6 
Raw materials406.8 352.3 
Total Inventory1,042.1 959.9 
Other current assets98.6 113.8 
Total Current Assets1,988.2 1,941.7 
Property, Plant, and Equipment
Land and land improvements118.4 124.3 
Buildings and fixtures944.4 967.0 
Machinery and equipment2,466.3 2,469.7 
Construction in progress406.3 282.3 
Gross Property, Plant, and Equipment3,935.4 3,843.3 
Accumulated depreciation(1,939.9)(1,841.8)
Total Property, Plant, and Equipment1,995.5 2,001.5 
Other Noncurrent Assets
Operating lease right-of-use assets113.4 142.0 
Goodwill6,017.8 6,023.6 
Other intangible assets – net5,710.0 6,041.2 
Other noncurrent assets141.5 134.2 
Total Other Noncurrent Assets11,982.7 12,341.0 
Total Assets$15,966.4 $16,284.2 
LIABILITIES AND SHAREHOLDERS’ EQUITY
Current Liabilities
Accounts payable$1,006.8 $1,034.1 
Accrued trade marketing and merchandising208.3 200.6 
Current portion of long-term debt 1,152.9 
Short-term borrowings94.0 82.0 
Current operating lease liabilities39.7 41.1 
Other current liabilities315.8 356.8 
Total Current Liabilities1,664.6 2,867.5 
Noncurrent Liabilities
Long-term debt, less current portion4,309.7 3,516.8 
Deferred income taxes1,334.5 1,349.3 
Noncurrent operating lease liabilities84.0 112.8 
Other noncurrent liabilities306.7 313.0 
Total Noncurrent Liabilities6,034.9 5,291.9 
Total Liabilities7,699.5 8,159.4 
Shareholders’ Equity
Common shares27.1 27.1 
Additional capital5,553.6 5,527.6 
Retained income2,955.5 2,847.5 
Accumulated other comprehensive income (loss)(269.3)(277.4)
Total Shareholders’ Equity8,266.9 8,124.8 
Total Liabilities and Shareholders’ Equity$15,966.4 $16,284.2 
See notes to unaudited condensed consolidated financial statements.
3


THE J. M. SMUCKER COMPANY
CONDENSED STATEMENTS OF CONSOLIDATED CASH FLOWS
(Unaudited)
 Nine Months Ended January 31,
Dollars in millions20222021
Operating Activities
Net income$429.6 $729.3 
Adjustments to reconcile net income to net cash provided by (used for) operations:
Depreciation178.9 161.7 
Amortization166.1 176.1 
Other intangible assets impairment charge150.4  
Pension settlement loss (gain)7.5 30.8 
Share-based compensation expense15.2 20.9 
Gain on divestitures – net(9.6)(27.2)
Other noncash adjustments – net12.3 11.6 
Make-whole payments included in financing activities7.0  
Changes in assets and liabilities, net of effect from divestitures:
Trade receivables(30.7)(50.4)
Inventories(131.0)(50.9)
Other current assets22.5 0.9 
Accounts payable(15.2)142.7 
Accrued liabilities(35.8)88.7 
Income and other taxes(14.9)20.1 
Other – net(9.7)19.7 
Net Cash Provided by (Used for) Operating Activities742.6 1,274.0 
Investing Activities
Additions to property, plant, and equipment(244.5)(198.7)
Proceeds from divestitures – net130.2 569.3 
Other – net(17.6)48.5 
Net Cash Provided by (Used for) Investing Activities(131.9)419.1 
Financing Activities
Short-term borrowings (repayments) – net11.7 (82.4)
Proceeds from long-term debt797.6  
Repayments of long-term debt, including make-whole payments(1,157.0)(700.0)
Capitalized debt issuance costs(10.4) 
Quarterly dividends paid(311.1)(304.8)
Purchase of treasury shares(7.7)(504.1)
Proceeds from stock option exercises16.2 0.7 
Other – net0.3  
Net Cash Provided by (Used for) Financing Activities(660.4)(1,590.6)
Effect of exchange rate changes on cash(0.3)7.9 
Net increase (decrease) in cash and cash equivalents(50.0)110.4 
Cash and cash equivalents at beginning of period334.3 391.1 
Cash and Cash Equivalents at End of Period$284.3 $501.5 
( ) Denotes use of cash
See notes to unaudited condensed consolidated financial statements.
4


THE J. M. SMUCKER COMPANY
CONDENSED STATEMENTS OF CONSOLIDATED SHAREHOLDERS’ EQUITY
(Unaudited)
Nine Months Ended January 31, 2022
Dollars in millionsCommon
Shares
Outstanding
Common SharesAdditional CapitalRetained IncomeAccumulated Other Comprehensive Income (Loss)Total Shareholders’ Equity
Balance at May 1, 2021108,339,057 $27.1 $5,527.6 $2,847.5 $(277.4)$8,124.8 
Net income153.9 153.9 
Other comprehensive income (loss)(4.2)(4.2)
Comprehensive income149.7 
Purchase of treasury shares(50,203) (6.1)(0.7)(6.8)
Stock plans71,140  9.5 9.5 
Cash dividends declared, $0.99 per common share
(106.9)(106.9)
Balance at July 31, 2021108,359,994 $27.1 $5,531.0 $2,893.8 $(281.6)$8,170.3 
Net income206.0 206.0 
Other comprehensive income (loss)11.1 11.1 
Comprehensive income217.1 
Purchase of treasury shares(5,676) (0.6)(0.1)(0.7)
Stock plans8,521  6.6 6.6 
Cash dividends declared, $0.99 per common share
(106.9)(106.9)
Balance at October 31, 2021108,362,839 $27.1 $5,537.0 $2,992.8 $(270.5)$8,286.4 
Net income69.7 69.7 
Other comprehensive income (loss)1.2 1.2 
Comprehensive income70.9 
Purchase of treasury shares(1,505) (0.2) (0.2)
Stock plans100,996  16.8 16.8 
Cash dividends declared, $0.99 per common share
(107.0)(107.0)
Balance at January 31, 2022108,462,330 $27.1 $5,553.6 $2,955.5 $(269.3)$8,266.9 

5


Nine Months Ended January 31, 2021
Dollars in millionsCommon
Shares
Outstanding
Common SharesAdditional CapitalRetained IncomeAccumulated Other Comprehensive Income (Loss)Total Shareholders’ Equity
Balance at May 1, 2020114,072,726 $29.0 $5,794.1 $2,746.8 $(379.0)$8,190.9 
Net income237.0 237.0 
Other comprehensive income (loss)18.1 18.1 
Comprehensive income255.1 
Purchase of treasury shares(42,194) (5.5)0.9 (4.6)
Stock plans56,910  6.2 6.2 
Cash dividends declared, $0.90 per common share
(102.4)(102.4)
Other(0.5)0.5   
Balance at July 31, 2020114,087,442 $28.5 $5,795.3 $2,882.3 $(360.9)$8,345.2 
Net income230.8 230.8 
Other comprehensive income (loss)33.4 33.4 
Comprehensive income264.2 
Purchase of treasury shares(14,769) (1.7)0.1 (1.6)
Stock plans24,588  9.5 9.5 
Cash dividends declared, $0.90 per common share
(102.3)(102.3)
Balance at October 31, 2020114,097,261 $28.5 $5,803.1 $3,010.9 $(327.5)$8,515.0 
Net income261.5 261.5 
Other comprehensive income (loss)24.0 24.0 
Comprehensive income285.5 
Purchase of treasury shares(4,301,631)(1.1)(219.0)(277.8)(497.9)
Stock plans(6,480) 7.5 7.5 
Cash dividends declared, $0.90 per common share
(98.5)(98.5)
Balance at January 31, 2021109,789,150 $27.4 $5,591.6 $2,896.1 $(303.5)$8,211.6 
See notes to unaudited condensed consolidated financial statements.
6


THE J. M. SMUCKER COMPANY
NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Dollars and shares in millions, unless otherwise noted, except per share data)
Note 1: Basis of Presentation
The unaudited interim condensed consolidated financial statements of The J. M. Smucker Company (“Company,” “we,” “us,” or “our”) have been prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all the information and notes required by U.S. GAAP for complete financial statements. In the opinion of management, all adjustments of a normal recurring nature considered necessary for a fair presentation have been included.
Operating results for the nine months ended January 31, 2022, are not necessarily indicative of the results that may be expected for the year ending April 30, 2022. For further information, reference is made to the consolidated financial statements and notes included in our Annual Report on Form 10-K for the year ended April 30, 2021.
Note 2: Recently Issued Accounting Standards
In November 2020, the U.S. Securities and Exchange Commission (the “SEC”) adopted the final rule under SEC Release No. 33-10890, Management’s Discussion and Analysis, Selected Financial Data, and Supplementary Financial Information, to modernize and simplify Management’s Discussion and Analysis and certain financial disclosure requirements. These updates are part of the SEC’s broader disclosure effectiveness initiative and reflect a principles-based, registrant-specific approach to disclosures, intended to improve the content and simplify compliance for registrants. During 2021, we early adopted certain updates to section 301, Selected Financial Data, and 302, Supplementary Financial Information. As required, we will complete the adoption of the remaining amendments during 2022 and do not anticipate that the adoption of these amendments will have a material impact on our financial statements and disclosures.
In December 2019, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2019-12, Income Taxes (Topic 740) Simplifying the Accounting for Income Taxes, which removes certain exceptions for investments, intraperiod allocations and interim calculations, and adds guidance to reduce complexity in accounting for income taxes. ASU 2019-12 was effective for us on May 1, 2021. The accounting guidance for franchise taxes and foreign investments was adopted on a modified retrospective basis and all other applicable provisions were adopted on a prospective basis, as required by ASU 2019-12. The adoption of this ASU did not have a material impact on our financial statements and disclosures.
Note 3: Integration and Restructuring Costs
Integration and restructuring costs primarily consist of employee-related costs and other transition and termination costs related to certain divestiture, acquisition, integration, or restructuring activities. Employee-related costs include severance, retention bonuses, and relocation costs. Severance costs and 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 the integration or restructuring activities. With the exception of accelerated depreciation, these costs are expensed as incurred. These integration and restructuring costs are reported in cost of products sold and other special project costs in the Condensed Statements of Consolidated Income 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.
Restructuring Costs: A restructuring program was approved by the Board of Directors (the “Board”) during 2021, associated with opportunities identified to reduce our overall cost structure and optimize our organizational design, inclusive of stranded overhead associated with the divestitures of the Crisco® and Natural Balance® businesses. During 2021, we substantially completed an organizational redesign related to our corporate headquarters and announced plans to close our Suffolk, Virginia, facility as a result of a new strategic partnership for the production of our Away From Home liquid coffee products. During the third quarter of 2022, we completed the transition of production to JDE Peet's, as anticipated. Furthermore, the restructuring program was expanded during the third quarter of 2022 to include certain costs associated with the divestitures of the private label dry pet food and natural beverage and grains businesses, as well as the recently announced plans to close our Ripon, Wisconsin, production facility by the end of calendar year 2022 to further optimize operations for our Consumer Foods business. For additional information related to the divestitures, see Note 4: Divestitures. We expect to incur costs of approximately $110.0 associated with the restructuring activities approved to date. Approximately half of these costs are
7


expected to be other transition and termination costs associated with our cost reduction and margin management initiatives, inclusive of accelerated depreciation, while the remainder represents employee-related costs. We anticipate the activities associated with this restructuring program will be completed by the end of 2023, with the majority of the costs expected to be incurred by the end of calendar year 2022.
The following table summarizes our restructuring costs incurred related to the restructuring program.
Three Months Ended January 31,Nine Months Ended January 31,Total Costs Incurred to Date at January 31, 2022
2022202120222021
Employee-related costs$1.4 $1.7 $3.8 $1.7 $21.1 
Other transition and termination costs7.4  18.8  25.6 
Total restructuring costs$8.8 $1.7 $22.6 $1.7 $46.7 
The obligation related to severance costs and retention bonuses was $3.7 and $14.6 at January 31, 2022 and April 30, 2021, respectively. As of January 31, 2022, cumulative noncash charges incurred to date were $20.3, including $6.7 and $15.9 incurred during the three and nine months ended January 31, 2022, respectively, and primarily consisted of accelerated depreciation.
Note 4: Divestitures
On January 31, 2022, we sold the natural beverage and grains businesses to Nexus Capital Management LP (“Nexus”). The transaction included products sold under the R.W. Knudsen® and TruRoots® brands, inclusive of certain trademarks, a licensing agreement for Santa Cruz Organic® beverages, dedicated manufacturing and distribution facilities in Chico, California, and Havre de Grace, Maryland, and approximately 150 employees who supported the natural beverage and grains businesses. The transaction did not include Santa Cruz Organic nut butters, fruit spreads, syrups, or applesauce. Under our ownership, the businesses generated net sales of $143.4 in 2021, primarily included in the U.S. Retail Consumer Foods segment. Net proceeds from the divestiture were $97.3, which were inclusive of a preliminary working capital adjustment and cash transaction costs, and will be finalized during the fourth quarter of 2022.
On December 1, 2021, we sold the private label dry pet food business to Diamond Pet Foods, Inc. (“Diamond Pet Foods”). The transaction included dry pet food products sold under private label brands, a dedicated manufacturing facility located in Frontenac, Kansas, and approximately 220 employees who supported the private label dry pet food business. The transaction did not include any branded products or our private label wet pet food business. Under our ownership, the business generated net sales of $94.0 in 2021, included in the U.S. Retail Pet Foods segment. Final net proceeds from the divestiture were $32.9, which were net of cash transaction costs.
Upon completion of these transactions during the third quarter of 2022, we recognized a pre-tax gain of $26.7 related to the natural beverage and grains businesses and a pre-tax loss of $17.1 related to the private label dry pet food business, which were included in other operating expense (income) – net within the Condensed Statement of Consolidated Income.
8


The following table summarizes the net assets and liabilities disposed, which were measured at the lower of carrying amount or fair value less costs to sell.
January 31, 2022
Natural Beverage and GrainsPrivate Label Dry
Pet Food
Assets disposed:
Inventories$28.3 $19.0 
Other current assets0.5  
Property, plant, and equipment – net28.1 31.1 
Operating lease right-of-use assets0.4 0.1 
Other intangible assets – net13.6  
Total assets disposed$70.9 $50.2 
Liabilities disposed:
Current operating lease liabilities$0.3 $0.1 
Noncurrent operating lease liabilities0.1  
Other noncurrent liabilities0.1  
Total liabilities disposed0.5 0.1 
Net assets disposed$70.4 $50.1 
On January 29, 2021, we sold the Natural Balance premium pet food business to Nexus. The transaction included pet food products sold under the Natural Balance brand, certain trademarks and licensing agreements, and select employees who supported the Natural Balance business. Under our ownership, the business generated net sales of $156.7 in 2021, included in the U.S. Retail Pet Foods segment. Final net proceeds from the divestiture were $33.8, which were net of cash transaction costs and a working capital adjustment. Upon completion of this transaction, we recognized a pre-tax loss of $89.5, of which $87.7 was recognized during the third quarter of 2021 and was included in other operating expense (income) – net within the Condensed Statement of Consolidated Income.
On December 1, 2020, we sold the Crisco oils and shortening business to B&G Foods, Inc. (“B&G Foods”). The transaction included oils and shortening products sold under the Crisco brand, primarily in the U.S. and Canada, certain trademarks and licensing agreements, dedicated manufacturing and warehouse facilities located in Cincinnati, Ohio, and approximately 160 employees who supported the Crisco business. Under our ownership, the business generated net sales of $198.9 in 2021, primarily included in the U.S. Retail Consumer Foods segment. Final net proceeds from the divestiture were $530.2, which were net of cash transaction costs and a working capital adjustment. Upon completion of this transaction, we recognized a pre-tax gain of $114.8, of which $114.9 was recognized during the third quarter of 2021 and was included in other operating expense (income) – net within the Condensed Statement of Consolidated Income.
Note 5: Reportable Segments
We operate in one industry: the manufacturing and marketing of food and beverage products. We have three reportable segments: U.S. Retail Pet Foods, U.S. Retail Coffee, and U.S. Retail Consumer Foods. 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 Pet Foods segment primarily includes the domestic sales of Rachael Ray® Nutrish®, Meow Mix®, Milk-Bone®, 9Lives®, Kibbles ’n Bits®, Pup-Peroni®, and Nature’s Recipe® branded products; the U.S. Retail Coffee segment primarily includes the domestic sales of Folgers®, Dunkin’®, and Café Bustelo® branded coffee; and the U.S. Retail Consumer Foods segment primarily includes the domestic sales of Smucker’s® and Jif® branded products. International and Away From Home includes the sale of products distributed domestically and in foreign countries through retail channels and foodservice distributors and operators (e.g., health care operators, restaurants, lodging, hospitality, offices, K-12, colleges and universities, 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
9


gains and losses”), certain divestiture, acquisition, integration, and restructuring costs (“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 January 31,Nine Months Ended January 31,
 2022202120222021
Net sales:
U.S. Retail Pet Foods$696.6 $768.6 $2,046.2 $2,169.9 
U.S. Retail Coffee661.8 625.9 1,850.1 1,791.5 
U.S. Retail Consumer Foods433.1 447.6 1,309.9 1,415.9 
International and Away From Home265.6 234.6 758.9 705.2 
Total net sales$2,057.1 $2,076.7 $5,965.1 $6,082.5 
Segment profit:
U.S. Retail Pet Foods$95.7 $135.1 $275.2 $385.3 
U.S. Retail Coffee213.4 210.7 572.5 595.4 
U.S. Retail Consumer Foods99.5 110.9 329.2 377.7 
International and Away From Home34.2 24.5 107.5 94.9 
Total segment profit$442.8 $481.2 $1,284.4 $1,453.3 
Amortization(55.3)(57.0)(166.1)(176.1)
Other intangible assets impairment charge(150.4) (150.4) 
Gain on divestitures – net9.6 27.2 9.6 27.2 
Interest expense – net(39.5)(43.5)(122.9)(134.7)
Change in net cumulative unallocated derivative gains and losses(22.4)33.8 (37.9)81.5 
Cost of products sold – special project costs (A)
(6.8) (17.5) 
Other special project costs (A)
(2.0)(1.7)(5.1)(1.7)
Corporate administrative expenses(64.9)(77.3)(195.2)(236.1)
Other income (expense) – net(1.5)(1.2)(15.3)(34.8)
Income before income taxes$109.6 $361.5 $583.6 $978.6 
(A)Special project costs include certain divestiture, acquisition, integration, and restructuring costs, which are recognized in cost of products sold and other special project costs in the Condensed Statements of Consolidated Income. For more information, see Note 3: Integration and Restructuring Costs.
The following table presents certain geographical information.
Three Months Ended January 31,Nine Months Ended January 31,
2022202120222021
Net sales:
United States$