Company Quick10K Filing
JM Smucker
Price109.15 EPS5
Shares114 P/E22
MCap12,454 P/FCF17
Net Debt5,335 EBIT951
TEV17,789 TEV/EBIT19
TTM 2019-10-31, in MM, except price, ratios
10-Q 2021-01-31 Filed 2021-02-25
10-Q 2020-10-31 Filed 2020-11-24
10-Q 2020-07-31 Filed 2020-08-25
10-K 2020-04-30 Filed 2020-06-19
10-Q 2020-01-31 Filed 2020-02-27
10-Q 2019-10-31 Filed 2019-11-22
10-Q 2019-07-31 Filed 2019-08-27
10-K 2019-04-30 Filed 2019-06-17
10-Q 2019-01-31 Filed 2019-02-26
10-Q 2018-10-31 Filed 2018-11-28
10-Q 2018-07-31 Filed 2018-08-27
10-K 2018-04-30 Filed 2018-06-18
10-Q 2018-01-31 Filed 2018-02-23
10-Q 2017-10-31 Filed 2017-11-22
10-Q 2017-07-31 Filed 2017-08-31
10-K 2017-04-30 Filed 2017-06-19
10-Q 2017-01-31 Filed 2017-02-24
10-Q 2016-10-31 Filed 2016-11-22
10-Q 2016-07-31 Filed 2016-08-30
10-K 2016-04-30 Filed 2016-06-21
10-Q 2016-01-31 Filed 2016-03-03
10-Q 2015-10-31 Filed 2015-12-04
10-Q 2015-07-31 Filed 2015-09-02
10-K 2015-04-30 Filed 2015-06-25
10-Q 2015-01-31 Filed 2015-02-27
10-Q 2014-10-31 Filed 2014-11-26
10-Q 2014-07-31 Filed 2014-08-27
10-K 2014-04-30 Filed 2014-06-23
10-Q 2014-01-31 Filed 2014-02-27
10-Q 2013-10-31 Filed 2013-11-27
10-K 2013-04-30 Filed 2013-06-21
10-Q 2013-01-31 Filed 2013-03-01
10-Q 2012-10-31 Filed 2012-12-04
10-Q 2012-07-31 Filed 2012-09-06
10-K 2012-04-30 Filed 2012-06-25
10-Q 2012-01-31 Filed 2012-03-09
10-Q 2011-10-31 Filed 2011-12-09
10-Q 2011-07-31 Filed 2011-09-08
10-K 2011-04-30 Filed 2011-06-28
10-Q 2011-01-31 Filed 2011-03-11
10-Q 2010-10-31 Filed 2010-12-10
10-Q 2010-07-31 Filed 2010-09-09
10-K 2010-04-30 Filed 2010-06-24
10-Q 2010-01-31 Filed 2010-03-11
8-K 2020-11-24
8-K 2020-10-26
8-K 2020-08-25
8-K 2020-08-19
8-K 2020-07-13
8-K 2020-06-17
8-K 2020-06-04
8-K 2020-04-20
8-K 2020-03-19
8-K 2020-03-09
8-K 2020-03-09
8-K 2020-03-04
8-K 2020-02-26
8-K 2020-01-17
8-K 2020-01-10
8-K 2019-11-22
8-K 2019-11-14
8-K 2019-11-08
8-K 2019-08-27
8-K 2019-08-14
8-K 2019-06-26
8-K 2019-06-06
8-K 2019-02-26
8-K 2018-11-28
8-K 2018-08-21
8-K 2018-08-15
8-K 2018-06-25
8-K 2018-06-07
8-K 2018-05-14
8-K 2018-04-26
8-K 2018-04-04
8-K 2018-03-02
8-K 2018-02-16
8-K 2018-01-19

SJM 10Q Quarterly Report

Part I. Financial Information
Item 1. Financial Statements.
Note 1: Basis of Presentation
Note 2: Recently Issued Accounting Standards
Note 3: Integration and Restructuring Costs
Note 4: Divestitures
Note 5: Reportable Segments
Note 6: Earnings per Share
Note 7: Goodwill and Other Intangible Assets
Note 8: Debt and Financing Arrangements
Note 9: Pensions and Other Postretirement Benefits
Note 10: Derivative Financial Instruments
Note 11: Other Financial Instruments and Fair Value Measurements
Note 12: Leases
Note 13: Income Taxes
Note 14: Accumulated Other Comprehensive Income (Loss)
Note 15: Contingencies
Note 16: Common Shares
Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations.
Item 3. Quantitative and Qualitative Disclosures About Market Risk.
Item 4. Controls and Procedures.
Part II. Other Information
Item 1. Legal Proceedings.
Item 1A. Risk Factors.
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds.
Item 6. Exhibits.
EX-10.1 sjm20210131-10qex101.htm
EX-31.1 sjm20210131-10qex311.htm
EX-31.2 sjm20210131-10qex312.htm
EX-32 sjm20210131-10qex32.htm

JM Smucker Earnings 2021-01-31

Balance SheetIncome StatementCash Flow
2016128402012201420172020
Assets, Equity
2.81.91.00.2-0.7-1.62012201420172020
Rev, G Profit, Net Income
1.81.00.2-0.5-1.3-2.12012201420172020
Ops, Inv, Fin

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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, 2021
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 filer ýAccelerated filer 
Non-accelerated filer Smaller 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 109,585,620 common shares outstanding on February 18, 2021.

Table of Contents
TABLE OF CONTENTS
 
  Page No.
Item 1.
Item 2.
Item 3.
Item 4.
Item 1.
Item 1A.
Item 2.
Item 6.

1


Table of Contents
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 data2021202020212020
Net sales$2,076.7 $1,972.3 $6,082.5 $5,709.0 
Cost of products sold1,267.3 1,212.3 3,679.5 3,495.4 
Gross Profit809.4 760.0 2,403.0 2,213.6 
Selling, distribution, and administrative expenses371.7 358.9 1,112.0 1,100.9 
Amortization57.0 58.8 176.1 176.4 
Other intangible assets impairment charge 52.4  52.4 
Other special project costs (A)
1.7 3.3 1.7 9.9 
Other operating expense (income) – net(27.2)(2.4)(34.9)(2.4)
Operating Income406.2 289.0 1,148.1 876.4 
Interest expense – net(43.5)(45.1)(134.7)(143.6)
Other income (expense) – net(1.2)(1.4)(34.8)(4.5)
Income Before Income Taxes361.5 242.5 978.6 728.3 
Income tax expense100.0 55.1 249.3 175.1 
Net Income$261.5 $187.4 $729.3 $553.2 
Earnings per common share:
Net Income$2.32 $1.64 $6.42 $4.85 
Net Income – Assuming Dilution$2.32 $1.64 $6.42 $4.85 
(A) Other special project costs includes integration and restructuring costs. For more information, see Note 3: Integration and Restructuring Costs.
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 millions2021202020212020
Net income$261.5 $187.4 $729.3 $553.2 
Other comprehensive income (loss):
Foreign currency translation adjustments14.2 (2.5)29.4 2.6 
Cash flow hedging derivative activity, net of tax2.9 (17.4)8.2 (92.0)
Pension and other postretirement benefit plans activity, net of tax6.3 1.5 36.7 4.0 
Available-for-sale securities activity, net of tax0.6 0.5 1.2 0.9 
Total Other Comprehensive Income (Loss) 24.0 (17.9)75.5 (84.5)
Comprehensive Income $285.5 $169.5 $804.8 $468.7 
See notes to unaudited condensed consolidated financial statements.
2


Table of Contents
THE J. M. SMUCKER COMPANY
CONDENSED CONSOLIDATED BALANCE SHEETS
(Unaudited)
Dollars in millionsJanuary 31, 2021April 30, 2020
ASSETS
Current Assets
Cash and cash equivalents$501.5 $391.1 
Trade receivables – net604.9 551.4 
Inventories:
Finished products563.5 563.5 
Raw materials334.4 331.8 
Total Inventory897.9 895.3 
Other current assets74.4 134.9 
Total Current Assets2,078.7 1,972.7 
Property, Plant, and Equipment
Land and land improvements124.0 129.5 
Buildings and fixtures956.1 977.9 
Machinery and equipment2,414.5 2,398.3 
Construction in progress252.7 232.6 
Gross Property, Plant, and Equipment3,747.3 3,738.3 
Accumulated depreciation(1,809.5)(1,768.9)
Total Property, Plant, and Equipment1,937.8 1,969.4 
Other Noncurrent Assets
Operating lease right-of-use assets147.9 148.4 
Goodwill6,016.9 6,304.5 
Other intangible assets – net6,099.4 6,429.0 
Other noncurrent assets148.7 146.4 
Total Other Noncurrent Assets12,412.9 13,028.3 
Total Assets$16,429.4 $16,970.4 
LIABILITIES AND SHAREHOLDERS’ EQUITY
Current Liabilities
Accounts payable$896.7 $782.0 
Accrued trade marketing and merchandising246.4 167.5 
Current portion of long-term debt755.4  
Short-term borrowings166.0 248.0 
Current operating lease liabilities39.2 36.5 
Other current liabilities428.7 353.1 
Total Current Liabilities2,532.4 1,587.1 
Noncurrent Liabilities
Long-term debt, less current portion3,915.3 5,373.3 
Deferred income taxes1,302.9 1,351.6 
Noncurrent operating lease liabilities120.2 120.0 
Other noncurrent liabilities347.0 347.5 
Total Noncurrent Liabilities5,685.4 7,192.4 
Total Liabilities8,217.8 8,779.5 
Shareholders’ Equity
Common shares27.4 29.0 
Additional capital5,591.6 5,794.1 
Retained income2,896.1 2,746.8 
Accumulated other comprehensive income (loss)(303.5)(379.0)
Total Shareholders’ Equity8,211.6 8,190.9 
Total Liabilities and Shareholders’ Equity$16,429.4 $16,970.4 
See notes to unaudited condensed consolidated financial statements.
3


Table of Contents
THE J. M. SMUCKER COMPANY
CONDENSED STATEMENTS OF CONSOLIDATED CASH FLOWS
(Unaudited)
 Nine Months Ended January 31,
Dollars in millions20212020
Operating Activities
Net income$729.3 $553.2 
Adjustments to reconcile net income to net cash provided by (used for) operations:
Depreciation161.7 156.7 
Amortization176.1 176.4 
Other intangible assets impairment charge 52.4 
Pension settlement loss (gain)30.8  
Share-based compensation expense20.9 19.8 
Gain on divestitures – net(27.2) 
Other noncash adjustments – net11.6 15.9 
Changes in assets and liabilities, net of effect from divestitures:
Trade receivables(50.4)26.7 
Inventories(50.9)(48.0)
Other current assets0.9 7.0 
Accounts payable142.7 12.3 
Accrued liabilities88.7 44.6 
Income and other taxes20.1 (40.9)
Other – net19.7 (9.0)
Net Cash Provided by (Used for) Operating Activities1,274.0 967.1 
Investing Activities
Additions to property, plant, and equipment(198.7)(192.9)
Proceeds from divestitures – net569.3  
Other – net48.5 15.3 
Net Cash Provided by (Used for) Investing Activities419.1 (177.6)
Financing Activities
Short-term borrowings (repayments) – net(82.4)(122.6)
Repayments of long-term debt(700.0)(400.0)
Quarterly dividends paid(304.8)(296.7)
Purchase of treasury shares(504.1)(4.3)
Proceeds from stock option exercises0.7 7.0 
Other – net 0.5 
Net Cash Provided by (Used for) Financing Activities(1,590.6)(816.1)
Effect of exchange rate changes on cash7.9 (0.3)
Net increase (decrease) in cash and cash equivalents110.4 (26.9)
Cash and cash equivalents at beginning of period391.1 101.3 
Cash and Cash Equivalents at End of Period$501.5 $74.4 
( ) Denotes use of cash
See notes to unaudited condensed consolidated financial statements.
4


Table of Contents
THE J. M. SMUCKER COMPANY
CONDENSED STATEMENTS OF CONSOLIDATED SHAREHOLDERS’ EQUITY
(Unaudited)
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.











5


Table of Contents
THE J. M. SMUCKER COMPANY
CONDENSED STATEMENTS OF CONSOLIDATED SHAREHOLDERS’ EQUITY
(Unaudited)
Nine Months Ended January 31, 2020
Dollars in millionsCommon
Shares
Outstanding
Common SharesAdditional CapitalRetained IncomeAccumulated Other Comprehensive Income (Loss)Total Shareholders’ Equity
Balance at May 1, 2019113,742,296 $28.9 $5,755.8 $2,367.6 $(181.8)$7,970.5 
Net income154.6 154.6 
Other comprehensive income (loss)(34.9)(34.9)
Comprehensive income119.7 
Purchase of treasury shares(22,793) (2.7)(0.2)(2.9)
Stock plans330,289 0.1 20.4 20.5 
Cash dividends declared, $0.88 per common share
(100.1)(100.1)
Other  
Balance at July 31, 2019114,049,792 $29.0 $5,773.5 $2,421.9 $(216.7)$8,007.7 
Net income211.2 211.2 
Other comprehensive income (loss)(31.7)(31.7)
Comprehensive income179.5 
Purchase of treasury shares(4,930) (0.6) (0.6)
Stock plans14,882  8.8 8.8 
Cash dividends declared, $0.88 per common share
(100.1)(100.1)
Other  
Balance at October 31, 2019114,059,744 $29.0 $5,781.7 $2,533.0 $(248.4)$8,095.3 
Net income187.4 187.4 
Other comprehensive income (loss)(17.9)(17.9)
Comprehensive income169.5 
Purchase of treasury shares(7,180) (1.0)0.2 (0.8)
Stock plans(11,251) 6.5 6.5 
Cash dividends declared, $0.88 per common share
(100.1)(100.1)
Other  
Balance at January 31, 2020114,041,313 $29.0 $5,787.2 $2,620.5 $(266.3)$8,170.4 
See notes to unaudited condensed consolidated financial statements.
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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 of 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, 2021, are not necessarily indicative of the results that may be expected for the year ending April 30, 2021. 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, 2020.
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 reflect a continued principles-based disclosure approach, similar to the standards released earlier in the year. We will be required to apply these amendments for 2022, with early adoption permitted. We do not anticipate that the adoption of these amendments will have a material impact on our disclosures.
In August 2020, the SEC adopted the final rule under SEC Release No. 33-10825, Modernization of Regulation S-K Items 101, 103, and 105, to modernize certain disclosure requirements for the description of business, legal proceedings, and risk factors. These updates are part of the SEC’s broader disclosure effectiveness initiative and reflect a principles-based, registrant-specific approach to disclosure, intended to improve the content and simplify compliance for registrants. The amendments were effective on November 9, 2020. While there was no impact to our interim disclosures, our annual disclosures will be updated accordingly to comply with these amendments.
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 will be effective for us on May 1, 2021, with the option to early adopt at any time prior to the effective date. Accounting for franchise taxes will require adoption on a retrospective or modified retrospective basis through a cumulative-effect adjustment to retained earnings as of the beginning of the fiscal year of adoption. All other applicable provisions will require adoption on a retrospective, modified retrospective, or prospective basis, as required by ASU 2019-12. We do not anticipate that the adoption of this ASU will have a material impact on our financial statements and disclosures.

In August 2018, the FASB issued ASU 2018-14, Compensation – Retirement Benefits – Defined Benefit Plans – General (Subtopic 715-20) Disclosure Framework – Changes to the Disclosure Requirements for Defined Benefit Plans, which modifies the disclosure requirements for employers that sponsor defined benefit pension or other postretirement benefit plans. The guidance removes disclosures that are no longer considered cost beneficial and adds new, as well as clarifies certain other, disclosure requirements. ASU 2018-14 was effective for us on May 1, 2020. It did not impact our interim disclosures, and we do not anticipate a material impact on our annual 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, 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 affected 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, which are expensed as incurred. These integration and restructuring costs are not allocated to segment profit and are reported in other special project costs in the Condensed Statements of Consolidated Income. The
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obligation related to employee separation costs is included in other current liabilities in the Condensed Consolidated Balance Sheets.
Integration Costs: As of April 30, 2020, the integration of the Ainsworth Pet Nutrition, LLC (“Ainsworth”) acquisition was considered complete. We incurred total integration costs of $48.6 related to the acquisition, of which $4.7 were noncash charges, primarily consisting of accelerated depreciation. While we did not incur any costs during 2021, we incurred integration costs of $3.3 and $9.9 during the three and nine months ended January 31, 2020, respectively, primarily consisting of other transition and termination costs. The obligation related to severance costs and retention bonuses was fully satisfied as of January 31, 2021, and was $0.5 at April 30, 2020.
Restructuring Costs: A restructuring program was approved by the Board of Directors (the “Board”) during the third quarter of 2021. Under this program, we have identified opportunities to reduce our overall cost structure and optimize our organizational design, inclusive of stranded overhead associated with recent divestitures of the Crisco® and Natural Balance® businesses. For additional information, see Note 4: Divestitures. While the entire scope of the program cannot be quantified at this time, we expect to incur approximately $60.0 in costs associated with the restructuring activities approved to date. Over half of these costs are expected to be employee-related costs, while the remainder represent other transition and termination costs associated with our cost reduction and margin management initiatives. We anticipate the activities and costs associated with this restructuring program will be completed by the end of 2023, with the majority of the costs expected to be incurred in 2022.
During the three and nine months ended January 31, 2021, we incurred $1.7 of employee-related costs, all of which were cash charges. The obligation related to severance costs and retention bonuses was $1.4 at January 31, 2021.
Note 4: Divestitures

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. The business generated net sales of approximately $270.0 in 2020, included primarily in the U.S. Retail Consumer Foods segment. Net proceeds from the divestiture were $533.4, inclusive of a preliminary working capital adjustment and transaction costs paid to date, which will be finalized during the fourth quarter of 2021.

On January 29, 2021, we sold the Natural Balance premium pet food business to Nexus Capital Management LP (“Nexus”). The transaction encompassed pet food products sold under the Natural Balance brand, certain trademarks and licensing agreements, and select employees who supported the Natural Balance business. The business generated net sales of approximately $220.0 in 2020, included in the U.S. Retail Pet Foods segment. Net proceeds from the divestiture were $35.9, inclusive of a preliminary working capital adjustment and transaction costs paid to date, which will be finalized during the fourth quarter of 2021.
Upon completion of these transactions during the third quarter of 2021, we recognized a pre-tax gain of $114.9 related to the Crisco business and a pre-tax loss of $87.7 related to the Natural Balance business, which were included in other operating expense (income) – net within the Condensed Statement of Consolidated Income.
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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, 2021
CriscoNatural Balance
Assets disposed:
Inventories$32.9 $18.2 
Property, plant, and equipment – net37.2  
Operating lease right-of-use assets1.6 0.1 
Goodwill227.6 74.1 
Other intangible assets – net117.5 41.3 
Other noncurrent assets0.2  
Total assets disposed$417.0 $133.7 
Liabilities disposed:
Current operating lease liabilities$0.6 $ 
Noncurrent operating lease liabilities1.0  
Deferred income taxes 10.1 
Other noncurrent liabilities 0.3 
Total liabilities disposed1.6 10.4 
Net assets disposed$415.4 $123.3 

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. Effective during the first quarter of 2021, the presentation of International and Away From Home represents a combination of all other operating segments that are not individually reportable. As a result of leadership changes, these operating segments are being managed and reported separately and no longer represent a reportable segment for segment reporting purposes. Prior year segment results have not been modified, as the combination of these operating segments represents the previously reported International and Away From Home reportable segment.
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’TM, 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 corporate administrative expenses, gains and losses related to the sale of a business, unallocated gains and losses on commodity and foreign currency exchange derivative activities (“unallocated derivative gains and losses”), as well as amortization expense and impairment charges related to intangible assets.
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.
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