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 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 2020-08-25 Earnings, Exhibits
8-K 2020-08-19 Shareholder Vote, Exhibits
8-K 2020-07-13 Officers, Exhibits
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: Reportable Segments
Note 5: Earnings per Share
Note 6: Debt and Financing Arrangements
Note 7: Pensions and Other Postretirement Benefits
Note 8: Derivative Financial Instruments
Note 9: Other Financial Instruments and Fair Value Measurements
Note 10: Leases
Note 11: Income Taxes
Note 12: Accumulated Other Comprehensive Income (Loss)
Note 13: Contingencies
Note 14: 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-31.1 sjm20200731-10qex311.htm
EX-31.2 sjm20200731-10qex312.htm
EX-32 sjm20200731-10qex32.htm

JM Smucker Earnings 2020-07-31

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: July 31, 2020
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 114,073,840 common shares outstanding on August 18, 2020.

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 July 31,
Dollars in millions, except per share data20202019
Net sales$1,971.8 $1,778.9 
Cost of products sold1,196.4 1,079.3 
Gross Profit775.4 699.6 
Selling, distribution, and administrative expenses357.5 380.5 
Amortization59.6 58.8 
Other special project costs (A)
 3.3 
Other operating expense (income) – net(2.8)(0.6)
Operating Income361.1 257.6 
Interest expense – net(46.1)(49.4)
Other income (expense) – net(1.4)(1.5)
Income Before Income Taxes313.6 206.7 
Income tax expense76.6 52.1 
Net Income$237.0 $154.6 
Earnings per common share:
Net Income$2.08 $1.36 
Net Income – Assuming Dilution$2.08 $1.36 
(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 July 31,
Dollars in millions20202019
Net income$237.0 $154.6 
Other comprehensive income (loss):
Foreign currency translation adjustments12.9 4.5 
Cash flow hedging derivative activity, net of tax2.6 (40.8)
Pension and other postretirement benefit plans activity, net of tax1.7 1.1 
Available-for-sale securities activity, net of tax0.9 0.3 
Total Other Comprehensive Income (Loss) 18.1 (34.9)
Comprehensive Income $255.1 $119.7 
See notes to unaudited condensed consolidated financial statements.
2


Table of Contents
THE J. M. SMUCKER COMPANY
CONDENSED CONSOLIDATED BALANCE SHEETS
(Unaudited)
Dollars in millionsJuly 31, 2020April 30, 2020
ASSETS
Current Assets
Cash and cash equivalents$396.6 $391.1 
Trade receivables – net497.6 551.4 
Inventories:
Finished products615.8 563.5 
Raw materials379.2 331.8 
Total Inventory995.0 895.3 
Other current assets95.6 134.9 
Total Current Assets1,984.8 1,972.7 
Property, Plant, and Equipment
Land and land improvements130.9 129.5 
Buildings and fixtures986.4 977.9 
Machinery and equipment2,434.6 2,398.3 
Construction in progress217.5 232.6 
Gross Property, Plant, and Equipment3,769.4 3,738.3 
Accumulated depreciation(1,820.8)(1,768.9)
Total Property, Plant, and Equipment1,948.6 1,969.4 
Other Noncurrent Assets
Operating lease right-of-use assets138.3 148.4 
Goodwill6,310.7 6,304.5 
Other intangible assets – net6,371.6 6,429.0 
Other noncurrent assets148.3 146.4 
Total Other Noncurrent Assets12,968.9 13,028.3 
Total Assets$16,902.3 $16,970.4 
LIABILITIES AND SHAREHOLDERS’ EQUITY
Current Liabilities
Accounts payable$780.6 $782.0 
Accrued trade marketing and merchandising188.3 167.5 
Current portion of long-term debt399.8  
Short-term borrowings296.0 248.0 
Current operating lease liabilities35.9 36.5 
Other current liabilities372.5 353.1 
Total Current Liabilities2,073.1 1,587.1 
Noncurrent Liabilities
Long-term debt, less current portion4,672.8 5,373.3 
Deferred income taxes1,353.9 1,351.6 
Noncurrent operating lease liabilities112.5 120.0 
Other noncurrent liabilities344.8 347.5 
Total Noncurrent Liabilities6,484.0 7,192.4 
Total Liabilities8,557.1 8,779.5 
Shareholders’ Equity
Common shares28.5 29.0 
Additional capital5,795.3 5,794.1 
Retained income2,882.3 2,746.8 
Accumulated other comprehensive income (loss)(360.9)(379.0)
Total Shareholders’ Equity8,345.2 8,190.9 
Total Liabilities and Shareholders’ Equity$16,902.3 $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)
 Three Months Ended July 31,
Dollars in millions20202019
Operating Activities
Net income$237.0 $154.6 
Adjustments to reconcile net income to net cash provided by (used for) operations:
Depreciation54.1 50.8 
Amortization59.6 58.8 
Share-based compensation expense5.9 6.2 
Other noncash adjustments – net3.8 0.2 
Changes in assets and liabilities:
Trade receivables55.1 30.4 
Inventories(98.5)(102.1)
Other current assets0.3 6.4 
Accounts payable41.1 (61.0)
Accrued liabilities7.1 63.6 
Income and other taxes43.4 21.8 
Other – net0.1 (8.2)
Net Cash Provided by (Used for) Operating Activities409.0 221.5 
Investing Activities
Additions to property, plant, and equipment(76.6)(73.0)
Other – net27.4 20.9 
Net Cash Provided by (Used for) Investing Activities(49.2)(52.1)
Financing Activities
Short-term borrowings (repayments) – net47.8 (130.0)
Repayments of long-term debt(300.0) 
Quarterly dividends paid(100.1)(96.5)
Purchase of treasury shares(4.6)(2.9)
Proceeds from stock option exercises 7.0 
Other – net(0.4)(0.2)
Net Cash Provided by (Used for) Financing Activities(357.3)(222.6)
Effect of exchange rate changes on cash3.0 0.7 
Net increase (decrease) in cash and cash equivalents5.5 (52.5)
Cash and cash equivalents at beginning of period391.1 101.3 
Cash and Cash Equivalents at End of Period$396.6 $48.8 
( ) 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)
Three months ended July 31, 2020
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 

Three months ended July 31, 2019
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 
See notes to unaudited condensed consolidated financial statements.
5


Table of Contents
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 three months ended July 31, 2020, 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 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 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 Statement of Consolidated Income. The 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, 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. Noncash charges primarily consisted of accelerated depreciation. While we did not incur any costs during the three months ended July 31, 2020, we incurred integration costs of $3.3 during the three months ended July 31, 2019, primarily consisting of other transition and termination costs. The obligation related to severance costs and retention bonuses was $0.4 and $0.5 at July 31, 2020, and April 30, 2020, respectively.
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Note 4: 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 recent leadership changes, these operating segments are now 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®, Natural Balance®, Pup-Peroni®, and Nature’s Recipe® branded products; the U.S. Retail Coffee segment primarily includes the domestic sales of Folgers®, Dunkin’ Donuts®, and Café Bustelo® branded coffee; and the U.S. Retail Consumer Foods segment primarily includes the domestic sales of Smucker’s®, Jif®, and Crisco® 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, unallocated gains and losses on commodity and foreign currency exchange derivative activities, 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.
 Three Months Ended July 31,
 20202019
Net sales:
U.S. Retail Pet Foods$692.6 $669.9 
U.S. Retail Coffee570.9 465.7 
U.S. Retail Consumer Foods489.2 402.2 
International and Away From Home219.1 241.1 
Total net sales$1,971.8 $1,778.9 
Segment profit:
U.S. Retail Pet Foods$125.3 $120.1 
U.S. Retail Coffee182.6 128.9 
U.S. Retail Consumer Foods131.5 81.0 
International and Away From Home30.9 32.3 
Total segment profit$470.3 $362.3 
Amortization(59.6)(58.8)
Interest expense – net(46.1)(49.4)
Unallocated derivative gains (losses) 16.2 29.0 
Other special project costs (A)
 (3.3)
Corporate administrative expenses(65.8)(71.6)
Other income (expense) – net(1.4)(1.5)
Income before income taxes$313.6 $206.7 
(A)Other special project costs includes integration and restructuring costs. For more information, see Note 3: Integration and Restructuring Costs.
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The following table presents certain geographical information.
Three Months Ended July 31,
20202019
Net sales:
United States$1,829.7 $1,657.6 
International:
Canada$108.2 $96.8 
All other international33.9 24.5 
Total international$142.1 $121.3 
Total net sales$1,971.8 $1,778.9 

The following table presents product category information.
Three Months Ended July 31,
20202019
Primary Reportable Segment (A)
Coffee$635.7 $546.7 U.S. Retail Coffee
Dog food277.7 295.6 U.S. Retail Pet Foods
Cat food220.0 195.9 U.S. Retail Pet Foods
Pet snacks212.8 193.2 U.S. Retail Pet Foods
Peanut butter199.9 177.9 U.S. Retail Consumer Foods
Fruit spreads104.3 89.2 U.S. Retail Consumer Foods
Frozen handheld95.5 71.5 U.S. Retail Consumer Foods
Shortening and oils77.3 51.5 U.S. Retail Consumer Foods
Juices and beverages33.6 31.2 U.S. Retail Consumer Foods
Portion control24.0 39.4 
Other (B)
Baking mixes and ingredients23.2 13.7 
Other (B)
Other67.8 73.1 
Other (B)
Total net sales$1,971.8 $1,778.9 
(A)The identified primary reportable segment generally represents at least 75 percent of total net sales for each respective product category.
(B)Represents the combined International and Away From Home operating segments.
Note 5: Earnings per Share
The following table sets forth the computation of net income per common share and net income per common share – assuming dilution under the two-class method.
 Three Months Ended July 31,
 20202019
Net income$237.0 $154.6 
Less: Net income allocated to participating securities1.1 0.8 
Net income allocated to common stockholders$235.9 $153.8 
Weighted-average common shares outstanding113.5 113.2 
Add: Dilutive effect of stock options 0.1 
Weighted-average common shares outstanding – assuming dilution113.5 113.3 
Net income per common share$2.08 $1.36 
Net income per common share – assuming dilution$2.08 $1.36 

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Note 6: Debt and Financing Arrangements
The following table summarizes the components of our long-term debt.
 July 31, 2020April 30, 2020
 Principal
Outstanding
Carrying
Amount (A)
Principal
Outstanding
Carrying
Amount (A)
3.50% Senior Notes due October 15, 2021$750.0 $759.2 $750.0 $761.1 
3.00% Senior Notes due March 15, 2022400.0 398.9