XML 93 R40.htm IDEA: XBRL DOCUMENT v3.7.0.1
Guarantor and Non-Guarantor Financial Information (Tables)
 12 Months Ended
Apr. 30, 2017
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Summary of the condensed consolidating statements of comprehensive income
CONDENSED CONSOLIDATING STATEMENTS OF
COMPREHENSIVE INCOME
 
Year Ended April 30, 2017
 
 
  
The J. M. Smucker 
Company (Parent)
 
Subsidiary
Guarantors
 
Non-Guarantor
Subsidiaries
 
Eliminations
 
Consolidated    
 
Net sales
 
$
2,968.6

 
$
1,177.6

 
$
9,379.9

 
$
(6,133.8
)
 
$
7,392.3

Cost of products sold
 
2,393.1

 
1,070.0

 
7,223.7

 
(6,129.8
)
 
4,557.0

Gross Profit
 
575.5

 
107.6

 
2,156.2

 
(4.0
)
 
2,835.3

Selling, distribution, and administrative expenses and other special project costs
 
318.8

 
40.0

 
1,108.8

 
—

 
1,467.6

Amortization
 
10.5

 
—

 
196.8

 
—

 
207.3

Impairment charges
 
—

 
—

 
133.2

 
—

 
133.2

Other operating expense (income) – net
 
1.2

 
1.0

 
(6.5
)
 
—

 
(4.3
)
Operating Income
 
245.0

 
66.6

 
723.9

 
(4.0
)
 
1,031.5

Interest (expense) income – net
 
(164.1
)
 
1.2

 
(0.2
)
 
—

 
(163.1
)
Other income (expense) – net
 
11.6

 
2.8

 
(4.4
)
 
—

 
10.0

Equity in net earnings of subsidiaries
 
492.2

 
147.0

 
69.4

 
(708.6
)
 
—

Income Before Income Taxes
 
584.7

 
217.6

 
788.7

 
(712.6
)
 
878.4

Income taxes
 
(7.6
)
 
0.4

 
293.3

 
—

 
286.1

Net Income
 
$
592.3

 
$
217.2

 
$
495.4

 
$
(712.6
)
 
$
592.3

Other comprehensive income (loss), net of tax
5.0

 
2.1

 
(31.1
)
 
29.0

 
5.0

Comprehensive Income
 
$
597.3

 
$
219.3

 
$
464.3

 
$
(683.6
)
 
$
597.3

 
CONDENSED CONSOLIDATING STATEMENTS OF
COMPREHENSIVE INCOME
 
Year Ended April 30, 2016
 
 
  
The J. M. Smucker 
Company (Parent)
 
Subsidiary
Guarantors
 
Non-Guarantor
Subsidiaries
 
Eliminations
 
Consolidated    
 
Net sales
 
$
3,155.3

 
$
1,184.5

 
$
8,724.9

 
$
(5,253.5
)
 
$
7,811.2

Cost of products sold
 
2,468.0

 
1,083.3

 
6,549.6

 
(5,257.5
)
 
4,843.4

Gross Profit
 
687.3

 
101.2

 
2,175.3

 
4.0

 
2,967.8

Selling, distribution, and administrative expenses and other special project costs
 
290.9

 
40.5

 
1,314.8

 
—

 
1,646.2

Amortization
 
4.2

 
—

 
204.2

 
—

 
208.4

Other operating (income) expense – net
 
(25.2
)
 
1.1

 
(8.0
)
 
—

 
(32.1
)
Operating Income
 
417.4

 
59.6

 
664.3

 
4.0

 
1,145.3

Interest (expense) income – net
 
(172.0
)
 
1.2

 
(0.3
)
 
—

 
(171.1
)
Other income (expense) – net
 
9.6

 
1.2

 
(70.5
)
 
63.4

 
3.7

Equity in net earnings of subsidiaries
 
513.1

 
138.3

 
60.8

 
(712.2
)
 
—

Income Before Income Taxes
 
768.1

 
200.3

 
654.3

 
(644.8
)
 
977.9

Income taxes
 
79.4

 
0.4

 
209.4

 
—

 
289.2

Net Income
 
$
688.7

 
$
199.9

 
$
444.9

 
$
(644.8
)
 
$
688.7

Other comprehensive loss, net of tax
 
(38.6
)
 
(1.7
)
 
(20.7
)
 
22.4

 
(38.6
)
Comprehensive Income
 
$
650.1

 
$
198.2

 
$
424.2

 
$
(622.4
)
 
$
650.1

CONDENSED CONSOLIDATING STATEMENTS OF
COMPREHENSIVE INCOME
 
Year Ended April 30, 2015
 
 
  
The J. M. Smucker 
Company (Parent)
 
Subsidiary
Guarantors
 
Non-Guarantor
Subsidiaries
 
Eliminations
 
Consolidated    
 
Net sales
 
$
2,998.0

 
$
1,184.0

 
$
6,622.4

 
$
(5,111.7
)
 
$
5,692.7

Cost of products sold
 
2,457.8

 
1,080.0

 
5,301.6

 
(5,115.4
)
 
3,724.0

Gross Profit
 
540.2

 
104.0

 
1,320.8

 
3.7

 
1,968.7

Selling, distribution, and administrative expenses and other special project costs
 
234.9

 
53.8

 
799.2

 
—

 
1,087.9

Amortization
 
4.2

 
—

 
105.5

 
—

 
109.7

Impairment charges
 
—

 
—

 
1.2

 
—

 
1.2

Other operating expense (income) – net
 
0.3

 
(2.4
)
 
—

 
—

 
(2.1
)
Operating Income
 
300.8

 
52.6

 
414.9

 
3.7

 
772.0

Interest (expense) income – net
 
(80.7
)
 
1.2

 
(0.4
)
 
—

 
(79.9
)
Other debt costs
 
(173.3
)
 
—

 
—

 
—

 
(173.3
)
Other income – net
 
0.6

 
0.1

 
3.5

 
—

 
4.2

Equity in net earnings of subsidiaries
 
312.6

 
131.4

 
52.7

 
(496.7
)
 
—

Income Before Income Taxes
 
360.0

 
185.3

 
470.7

 
(493.0
)
 
523.0

Income taxes
 
15.1

 
0.4

 
162.6

 
—

 
178.1

Net Income
 
$
344.9

 
$
184.9

 
$
308.1

 
$
(493.0
)
 
$
344.9

Other comprehensive loss, net of tax
 
(58.2
)
 
(18.5
)
 
(43.3
)
 
61.8

 
(58.2
)
Comprehensive Income
 
$
286.7

 
$
166.4

 
$
264.8

 
$
(431.2
)
 
$
286.7
Summary of the condensed consolidating balance sheets
CONDENSED CONSOLIDATING BALANCE SHEETS
 
April 30, 2017
 
  
  
The J. M. Smucker Company (Parent)
 
Subsidiary
Guarantors
 
Non-Guarantor  
Subsidiaries  
 
Eliminations
 
Consolidated    
 
ASSETS
 
 
 
 
 
 
 
 
 
 
Current Assets
 
 
 
 
 
 
 
 
 
 
Cash and cash equivalents
 
$
8.5

 
$
—

 
$
158.3

 
$
—

 
$
166.8

Inventories
 
—

 
136.6

 
773.1

 
(4.0
)
 
905.7

Other current assets
 
490.5

 
8.1

 
71.6

 
(0.9
)
 
569.3

Total Current Assets
 
499.0

 
144.7

 
1,003.0

 
(4.9
)
 
1,641.8

Property, Plant, and Equipment – Net
294.1

 
574.8

 
748.6

 
—

 
1,617.5

Investments in Subsidiaries
 
15,573.2

 
4,464.9

 
403.1

 
(20,441.2
)
 
—

Intercompany Receivable
 
—

 
510.4

 
2,083.2

 
(2,593.6
)
 
—

Other Noncurrent Assets
 
 
 
 
 
 
 
 
 
 
Goodwill
 
1,494.8

 
—

 
4,582.3

 
—

 
6,077.1

Other intangible assets – net
 
417.7

 
—

 
5,732.2

 
—

 
6,149.9

Other noncurrent assets
 
59.2

 
10.6

 
83.6

 
—

 
153.4

Total Other Noncurrent Assets
 
1,971.7

 
10.6

 
10,398.1

 
—

 
12,380.4

Total Assets
 
$
18,338.0

 
$
5,705.4

 
$
14,636.0

 
$
(23,039.7
)
 
$
15,639.7

LIABILITIES AND SHAREHOLDERS’ EQUITY
 
 
 
 
 
 
 
 
Current Liabilities
 
$
1,381.7

 
$
98.8

 
$
353.0

 
$
(0.9
)
 
$
1,832.6

Noncurrent Liabilities
 
 
 
 
 
 
 
 
 
 
Long-term debt, less current portion
 
4,445.5

 
—

 
—

 
—

 
4,445.5

Deferred income taxes
 
44.7

 
—

 
2,122.3

 
—

 
2,167.0

Intercompany payable
 
5,311.9

 
—

 
—

 
(5,311.9
)
 
—

Other noncurrent liabilities
 
304.0

 
15.1

 
25.3

 
—

 
344.4

Total Noncurrent Liabilities
 
10,106.1

 
15.1

 
2,147.6

 
(5,311.9
)
 
6,956.9

Total Liabilities
 
11,487.8

 
113.9

 
2,500.6

 
(5,312.8
)
 
8,789.5

Total Shareholders’ Equity
 
6,850.2

 
5,591.5

 
12,135.4

 
(17,726.9
)
 
6,850.2

Total Liabilities and Shareholders’ Equity
$
18,338.0

 
$
5,705.4

 
$
14,636.0

 
$
(23,039.7
)
 
$
15,639.7

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
Summary of the condensed consolidating statements of cash flows
CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS
Year Ended April 30, 2017
 
 
  
  
The J. M. Smucker Company (Parent)
 
Subsidiary 
Guarantors 
 
Non-Guarantor     
Subsidiaries     
 
Eliminations 
 
Consolidated     
 
Net Cash Provided by Operating Activities
 
$
172.7

 
$
154.8

 
$
731.5

 
$
—

 
$
1,059.0

Investing Activities
 
 
 
 
 
 
 
 
 
 
Additions to property, plant, and equipment
 
(32.1
)
 
(47.2
)
 
(113.1
)
 
—

 
(192.4
)
Proceeds from sale of investment
 
—

 
—

 
40.6

 
—

 
40.6

Proceeds from disposal of property, plant, and equipment
 
0.1

 
—

 
0.4

 
—

 
0.5

(Disbursements of) repayments from intercompany loans
 
—

 
(105.8
)
 
(561.3
)
 
667.1

 
—

Other – net
 
(0.2
)
 
(1.8
)
 
(36.4
)
 
—

 
(38.4
)
Net Cash (Used for) Provided by Investing Activities
 
(32.2
)
 
(154.8
)
 
(669.8
)
 
667.1

 
(189.7
)
Financing Activities
 
 
 
 
 
 
 
 
 
 
Short-term borrowings – net
 
170.0

 
—

 
—

 
—

 
170.0

Repayments of long-term debt
 
(200.0
)
 
—

 
—

 
—

 
(200.0
)
Quarterly dividends paid
 
(339.3
)
 
—

 
—

 
—

 
(339.3
)
Purchase of treasury shares
 
(437.6
)
 
—

 
—

 
—

 
(437.6
)
Intercompany payable
 
667.1

 
—

 
—

 
(667.1
)
 
—

Other – net
 
0.8

 
—

 
—

 
—

 
0.8

Net Cash Used for Financing Activities
 
(139.0
)
 
—

 
—

 
(667.1
)
 
(806.1
)
Effect of exchange rate changes on cash
 
—

 
—

 
(6.2
)
 
—

 
(6.2
)
Net increase in cash and cash equivalents
 
1.5

 
—

 
55.5

 
—

 
57.0

Cash and cash equivalents at beginning of year
 
7.0

 
—

 
102.8

 
—

 
109.8

Cash and Cash Equivalents at End of Year
 
$
8.5

 
$
—

 
$
158.3

 
$
—

 
$
166.8

(  )
Denotes use of cash
CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS
Year Ended April 30, 2016
  
 
  
  
The J. M. Smucker Company (Parent)
 
Subsidiary 
Guarantors 
 
Non-Guarantor     
Subsidiaries     
 
Eliminations 
 
Consolidated     
 
Net Cash (Used for) Provided by Operating Activities
 
$
(190.1
)
 
$
151.4

 
$
1,499.7

 
$
—

 
$
1,461.0

Investing Activities
 
 
 
 
 
 
 
 
 
 
Businesses acquired, net of cash acquired
 
—

 
—

 
7.9

 
—

 
7.9

Equity investment in affiliate
 
—

 
—

 
(16.0
)
 
—

 
(16.0
)
Additions to property, plant, and equipment
 
(71.8
)
 
(53.7
)
 
(75.9
)
 
—

 
(201.4
)
Proceeds from divestiture
 
193.7

 
—

 
—

 
—

 
193.7

Proceeds from disposal of property, plant, and equipment
 
3.7

 
0.1

 
0.2

 
—

 
4.0

(Disbursements of) repayments from intercompany loans
 
—

 
(99.4
)
 
(1,465.1
)
 
1,564.5

 
—

Other – net
 
(1.2
)
 
1.6

 
33.1

 
—

 
33.5

Net Cash Provided by (Used for) Investing Activities
 
124.4

 
(151.4
)
 
(1,515.8
)
 
1,564.5

 
21.7

Financing Activities
 
 
 
 
 
 
 
 
 
 
Short-term borrowings – net
 
58.0

 
—

 
—

 
—

 
58.0

Repayments of long-term debt
 
(800.0
)
 
—

 
—

 
—

 
(800.0
)
Quarterly dividends paid
 
(316.6
)
 
—

 
—

 
—

 
(316.6
)
Purchase of treasury shares
 
(441.1
)
 
—

 
—

 
—

 
(441.1
)
Intercompany payable
 
1,564.5

 
—

 
—

 
(1,564.5
)
 
—

Other – net
 
0.8

 
—

 
—

 
—

 
0.8

Net Cash Provided by (Used for) Financing Activities
 
65.6

 
—

 
—

 
(1,564.5
)
 
(1,498.9
)
Effect of exchange rate changes on cash
 
—

 
—

 
0.4

 
—

 
0.4

Net decrease in cash and cash equivalents
 
(0.1
)
 
—

 
(15.7
)
 
—

 
(15.8
)
Cash and cash equivalents at beginning of year
 
7.1

 
—

 
118.5

 
—

 
125.6

Cash and Cash Equivalents at End of Year
 
$
7.0

 
$
—

 
$
102.8

 
$
—

 
$
109.8

(  )
Denotes use of cash
CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS
Year Ended April 30, 2015
  
 
  
  
The J. M. Smucker Company (Parent)
 
Subsidiary 
Guarantors 
 
Non-Guarantor     
Subsidiaries     
 
Eliminations 
 
Consolidated     
 
Net Cash Provided by Operating Activities
 
$
245.1

 
$
87.8

 
$
406.2

 
$
—

 
$
739.1

Investing Activities
 
 
 
 
 
 
 
 
 
 
Businesses acquired, net of cash acquired
 
(1,240.0
)
 
—

 
(80.5
)
 
—

 
(1,320.5
)
Additions to property, plant, and equipment
 
(56.3
)
 
(93.3
)
 
(98.1
)
 
—

 
(247.7
)
Proceeds from disposal of property, plant, and equipment
 
—

 
1.1

 
1.5

 
—

 
2.6

Equity investments in subsidiaries
 
(2,715.3
)
 
—

 
—

 
2,715.3

 
—

Repayments from (disbursements of) intercompany loans
 
—

 
10.2

 
(297.5
)
 
287.3

 
—

Other – net
 
—

 
(5.8
)
 
(24.3
)
 
—

 
(30.1
)
Net Cash (Used for) Provided by Investing Activities
 
(4,011.6
)
 
(87.8
)
 
(498.9
)
 
3,002.6

 
(1,595.7
)
Financing Activities
 
 
 
 
 
 
 
 
 
 
Short-term repayments – net
 
(5.3
)
 
—

 
(17.1
)
 
—

 
(22.4
)
Proceeds from long-term debt
5,382.5

 
—

 
—

 
—

 
5,382.5

Repayments of long-term debt, including make-whole payments
(1,580.8
)
 
—

 
(2,613.1
)
 
—

 
(4,193.9
)
Quarterly dividends paid
 
(254.0
)
 
—

 
—

 
—

 
(254.0
)
Purchase of treasury shares
 
(24.3
)
 
—

 
—

 
—

 
(24.3
)
Investments in subsidiaries
 
—

 
—

 
2,715.3

 
(2,715.3
)
 
—

Intercompany payable
 
287.3

 
—

 
—

 
(287.3
)
 
—

Other – net
 
(38.6
)
 
—

 
8.0

 
—

 
(30.6
)
Net Cash Provided by (Used for) Financing Activities
 
3,766.8

 
—

 
93.1

 
(3,002.6
)
 
857.3

Effect of exchange rate changes on cash
 
—

 
—

 
(28.6
)
 
—

 
(28.6
)
Net increase (decrease) in cash and cash equivalents
 
0.3

 
—

 
(28.2
)
 
—

 
(27.9
)
Cash and cash equivalents at beginning of year
 
6.8

 
—

 
146.7

 
—

 
153.5

Cash and Cash Equivalents at End of Year
 
$
7.1

 
$
—

 
$
118.5

 
$
—

 
$
125.6

(  )
Denotes use of cash