(Exact Name of Registrant as Specified in Charter) |
(State or Other Jurisdiction | (Commission | (IRS Employer | ||||||||||||
of Incorporation) | File Number) | Identification No.) |
(Address of Principal Executive Offices) | (Zip Code) |
Not Applicable | ||
(Former Name or Former Address, if Changed Since Last Report) |
Title of each class | Trading symbol | Name of each exchange on which registered | ||||||||||||
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) | |||||
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) | |||||
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) | |||||
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Exhibit Number | Exhibit Description | ||||
104 | The cover page of this Current Report on Form 8-K, formatted in Inline XBRL |
THE J. M. SMUCKER COMPANY | ||||||||
By: | /s/ Tucker H. Marshall | |||||||
Tucker H. Marshall | ||||||||
Chief Financial Officer |
Three Months Ended January 31, | |||||||||||||||||
2022 | 2021 | % Increase (Decrease) | |||||||||||||||
(Dollars and shares in millions, except per share data) | |||||||||||||||||
Net sales | $2,057.1 | $2,076.7 | (1) | % | |||||||||||||
Operating income | $150.6 | $406.2 | (63) | % | |||||||||||||
Adjusted operating income | 377.9 | 403.9 | (6) | % | |||||||||||||
Net income per common share – assuming dilution | $0.64 | $2.32 | (72) | % | |||||||||||||
Adjusted earnings per share – assuming dilution | 2.33 | 2.45 | (5) | % | |||||||||||||
Weighted-average shares outstanding – assuming dilution | 108.5 | 112.6 | (4) | % |
Current | Previous | |||||||||||||
Net sales increase vs prior year | (1.5)% - (0.5)% | (1.0)% - 0.0% | ||||||||||||
Adjusted earnings per share | $8.35 - $8.65 | $8.35 - $8.75 | ||||||||||||
Free cash flow (in millions) | $700 | $700 | ||||||||||||
Capital expenditures (in millions) | $400 | $400 | ||||||||||||
Adjusted effective income tax rate | 24.0 | % | 24.0 | % |
Net Sales | Segment Profit | Segment Profit Margin | ||||||||||||||||||
FY22 Q3 Results | $696.6 | $95.7 | 13.7% | |||||||||||||||||
Increase (decrease) vs prior year | (9)% | (29)% | -390bps |
Net Sales | Segment Profit | Segment Profit Margin | ||||||||||||||||||
FY22 Q3 Results | $661.8 | $213.4 | 32.2% | |||||||||||||||||
Increase (decrease) vs prior year | 6% | 1% | -150bps |
Net Sales | Segment Profit | Segment Profit Margin | ||||||||||||||||||
FY22 Q3 Results | $433.1 | $99.5 | 23.0% | |||||||||||||||||
Increase (decrease) vs prior year | (3)% | (10)% | -180bps |
Net Sales | Segment Profit | Segment Profit Margin | ||||||||||||||||||
FY22 Q3 Results | $265.6 | $34.2 | 12.9% | |||||||||||||||||
Increase (decrease) vs prior year | 13% | 40% | 250bps |
The J.M. Smucker Co. Unaudited Condensed Consolidated Statements of Income | |||||||||||||||||||||||||||||||||||
Three Months Ended January 31, | Nine Months Ended January 31, | ||||||||||||||||||||||||||||||||||
2022 | 2021 | % Increase (Decrease) | 2022 | 2021 | % Increase (Decrease) | ||||||||||||||||||||||||||||||
(Dollars and shares in millions, except per share data) | |||||||||||||||||||||||||||||||||||
Net sales | $2,057.1 | $2,076.7 | (1) | % | $5,965.1 | $6,082.5 | (2) | % | |||||||||||||||||||||||||||
Cost of products sold | 1,374.0 | 1,267.3 | 8 | % | 3,931.1 | 3,679.5 | 7 | % | |||||||||||||||||||||||||||
Gross Profit | 683.1 | 809.4 | (16) | % | 2,034.0 | 2,403.0 | (15) | % | |||||||||||||||||||||||||||
Gross margin | 33.2 | % | 39.0 | % | 34.1 | % | 39.5 | % | |||||||||||||||||||||||||||
Selling, distribution, and administrative expenses | 336.0 | 371.7 | (10) | % | 1,007.7 | 1,112.0 | (9) | % | |||||||||||||||||||||||||||
Amortization | 55.3 | 57.0 | (3) | % | 166.1 | 176.1 | (6) | % | |||||||||||||||||||||||||||
Other intangible assets impairment charge | 150.4 | — | n/a | 150.4 | — | n/a | |||||||||||||||||||||||||||||
Other special project costs | 2.0 | 1.7 | 18 | % | 5.1 | 1.7 | n/m | ||||||||||||||||||||||||||||
Other operating expense (income) – net | (11.2) | (27.2) | (59) | % | (17.1) | (34.9) | (51) | % | |||||||||||||||||||||||||||
Operating Income | 150.6 | 406.2 | (63) | % | 721.8 | 1,148.1 | (37) | % | |||||||||||||||||||||||||||
Operating margin | 7.3 | % | 19.6 | % | 12.1 | % | 18.9 | % | |||||||||||||||||||||||||||
Interest expense – net | (39.5) | (43.5) | (9) | % | (122.9) | (134.7) | (9) | % | |||||||||||||||||||||||||||
Other income (expense) – net | (1.5) | (1.2) | 25 | % | (15.3) | (34.8) | (56) | % | |||||||||||||||||||||||||||
Income Before Income Taxes | 109.6 | 361.5 | (70) | % | 583.6 | 978.6 | (40) | % | |||||||||||||||||||||||||||
Income tax expense | 39.9 | 100.0 | (60) | % | 154.0 | 249.3 | (38) | % | |||||||||||||||||||||||||||
Net Income | $69.7 | $261.5 | (73) | % | $429.6 | $729.3 | (41) | % | |||||||||||||||||||||||||||
Net income per common share | $0.64 | $2.32 | (72) | % | $3.96 | $6.42 | (38) | % | |||||||||||||||||||||||||||
Net income per common share – assuming dilution | $0.64 | $2.32 | (72) | % | $3.96 | $6.42 | (38) | % | |||||||||||||||||||||||||||
Dividends declared per common share | $0.99 | $0.90 | 10 | % | $2.97 | $2.70 | 10 | % | |||||||||||||||||||||||||||
Weighted-average shares outstanding | 108.4 | 112.6 | (4) | % | 108.4 | 113.6 | (5) | % | |||||||||||||||||||||||||||
Weighted-average shares outstanding – assuming dilution | 108.5 | 112.6 | (4) | % | 108.4 | 113.6 | (5) | % |
The J.M. Smucker Co. Unaudited Condensed Consolidated Balance Sheets | |||||||||||
January 31, 2022 | April 30, 2021 | ||||||||||
(Dollars in millions) | |||||||||||
Assets | |||||||||||
Current Assets | |||||||||||
Cash and cash equivalents | $284.3 | $334.3 | |||||||||
Trade receivables – net | 563.2 | 533.7 | |||||||||
Inventories | 1,042.1 | 959.9 | |||||||||
Other current assets | 98.6 | 113.8 | |||||||||
Total Current Assets | 1,988.2 | 1,941.7 | |||||||||
Property, Plant, and Equipment – Net | 1,995.5 | 2,001.5 | |||||||||
Other Noncurrent Assets | |||||||||||
Goodwill | 6,017.8 | 6,023.6 | |||||||||
Other intangible assets – net | 5,710.0 | 6,041.2 | |||||||||
Other noncurrent assets | 254.9 | 276.2 | |||||||||
Total Other Noncurrent Assets | 11,982.7 | 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 | |||||||||
Current portion of long-term debt | — | 1,152.9 | |||||||||
Short-term borrowings | 94.0 | 82.0 | |||||||||
Other current liabilities | 563.8 | 598.5 | |||||||||
Total Current Liabilities | 1,664.6 | 2,867.5 | |||||||||
Noncurrent Liabilities | |||||||||||
Long-term debt, less current portion | 4,309.7 | 3,516.8 | |||||||||
Other noncurrent liabilities | 1,725.2 | 1,775.1 | |||||||||
Total Noncurrent Liabilities | 6,034.9 | 5,291.9 | |||||||||
Total Shareholders’ Equity | 8,266.9 | 8,124.8 | |||||||||
Total Liabilities and Shareholders’ Equity | $15,966.4 | $16,284.2 |
The J.M. Smucker Co. Unaudited Condensed Consolidated Statements of Cash Flow | |||||||||||||||||||||||
Three Months Ended January 31, | Nine Months Ended January 31, | ||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||
(Dollars in millions) | |||||||||||||||||||||||
Operating Activities | |||||||||||||||||||||||
Net income | $69.7 | $261.5 | $429.6 | $729.3 | |||||||||||||||||||
Adjustments to reconcile net income to net cash provided by (used for) operations: | |||||||||||||||||||||||
Depreciation | 59.9 | 53.5 | 178.9 | 161.7 | |||||||||||||||||||
Amortization | 55.3 | 57.0 | 166.1 | 176.1 | |||||||||||||||||||
Other intangible assets impairment charge | 150.4 | — | 150.4 | — | |||||||||||||||||||
Pension settlement loss (gain) | 1.3 | 0.2 | 7.5 | 30.8 | |||||||||||||||||||
Share-based compensation expense | 4.6 | 7.5 | 15.2 | 20.9 | |||||||||||||||||||
Gain on divestitures – net | (9.6) | (27.2) | (9.6) | (27.2) | |||||||||||||||||||
Other noncash adjustments – net | 5.8 | 4.3 | 12.3 | 11.6 | |||||||||||||||||||
Make-whole payments included in financing activities | — | — | 7.0 | — | |||||||||||||||||||
Changes in assets and liabilities, net of effect from divestitures: | |||||||||||||||||||||||
Trade receivables | 94.9 | (26.2) | (30.7) | (50.4) | |||||||||||||||||||
Inventories | 9.8 | 46.6 | (131.0) | (50.9) | |||||||||||||||||||
Other current assets | (15.7) | (7.6) | 22.5 | 0.9 | |||||||||||||||||||
Accounts payable | (7.0) | 35.2 | (15.2) | 142.7 | |||||||||||||||||||
Accrued liabilities | 17.5 | 22.9 | (35.8) | 88.7 | |||||||||||||||||||
Income and other taxes | 3.1 | 44.2 | (14.9) | 20.1 | |||||||||||||||||||
Other – net | (0.3) | 14.4 | (9.7) | 19.7 | |||||||||||||||||||
Net Cash Provided by (Used for) Operating Activities | 439.7 | 486.3 | 742.6 | 1,274.0 | |||||||||||||||||||
Investing Activities | |||||||||||||||||||||||
Additions to property, plant, and equipment | (117.3) | (69.7) | (244.5) | (198.7) | |||||||||||||||||||
Proceeds from divestitures – net | 130.2 | 569.3 | 130.2 | 569.3 | |||||||||||||||||||
Other – net | (1.8) | 20.4 | (17.6) | 48.5 | |||||||||||||||||||
Net Cash Provided by (Used for) Investing Activities | 11.1 | 520.0 | (131.9) | 419.1 | |||||||||||||||||||
Financing Activities | |||||||||||||||||||||||
Short-term borrowings (repayments) – net | (226.1) | (114.1) | 11.7 | (82.4) | |||||||||||||||||||
Proceeds from long-term debt | — | — | 797.6 | — | |||||||||||||||||||
Repayments of long-term debt, including make-whole payments | — | (200.0) | (1,157.0) | (700.0) | |||||||||||||||||||
Capitalized debt issuance costs | (0.2) | — | (10.4) | — | |||||||||||||||||||
Quarterly dividends paid | (107.0) | (102.4) | (311.1) | (304.8) | |||||||||||||||||||
Purchase of treasury shares | (0.2) | (497.9) | (7.7) | (504.1) | |||||||||||||||||||
Proceeds from stock option exercises | 12.2 | — | 16.2 | 0.7 | |||||||||||||||||||
Other – net | (0.3) | (0.4) | 0.3 | — | |||||||||||||||||||
Net Cash Provided by (Used for) Financing Activities | (321.6) | (914.8) | (660.4) | (1,590.6) | |||||||||||||||||||
Effect of exchange rate changes on cash | (0.2) | 4.4 | (0.3) | 7.9 | |||||||||||||||||||
Net increase (decrease) in cash and cash equivalents | 129.0 | 95.9 | (50.0) | 110.4 | |||||||||||||||||||
Cash and cash equivalents at beginning of period | 155.3 | 405.6 | 334.3 | 391.1 | |||||||||||||||||||
Cash and Cash Equivalents at End of Period | $284.3 | $501.5 | $284.3 | $501.5 |
The J.M. Smucker Co. Unaudited Supplemental Schedule | |||||||||||||||||||||||||||||||||||||||||||||||
Three Months Ended January 31, | Nine Months Ended January 31, | ||||||||||||||||||||||||||||||||||||||||||||||
2022 | % of Net Sales | 2021 | % of Net Sales | 2022 | % of Net Sales | 2021 | % of Net Sales | ||||||||||||||||||||||||||||||||||||||||
(Dollars in millions) | |||||||||||||||||||||||||||||||||||||||||||||||
Net sales | $2,057.1 | $2,076.7 | $5,965.1 | $6,082.5 | |||||||||||||||||||||||||||||||||||||||||||
Selling, distribution, and administrative expenses: | |||||||||||||||||||||||||||||||||||||||||||||||
Marketing | 110.4 | 5.4 | % | 128.1 | 6.2 | % | 330.3 | 5.5 | % | 375.1 | 6.2 | % | |||||||||||||||||||||||||||||||||||
Selling | 54.9 | 2.7 | % | 59.9 | 2.9 | % | 171.0 | 2.9 | % | 184.0 | 3.0 | % | |||||||||||||||||||||||||||||||||||
Distribution | 72.1 | 3.5 | % | 67.2 | 3.2 | % | 211.2 | 3.5 | % | 207.4 | 3.4 | % | |||||||||||||||||||||||||||||||||||
General and administrative | 98.6 | 4.8 | % | 116.5 | 5.6 | % | 295.2 | 4.9 | % | 345.5 | 5.7 | % | |||||||||||||||||||||||||||||||||||
Total selling, distribution, and administrative expenses | $336.0 | 16.3 | % | $371.7 | 17.9 | % | $1,007.7 | 16.9 | % | $1,112.0 | 18.3 | % | |||||||||||||||||||||||||||||||||||
Amounts may not add due to rounding. |
The J.M. Smucker Co. Unaudited Reportable Segments | |||||||||||||||||||||||
Three Months Ended January 31, | Nine Months Ended January 31, | ||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||
(Dollars in millions) | |||||||||||||||||||||||
Net sales: | |||||||||||||||||||||||
U.S. Retail Pet Foods | $696.6 | $768.6 | $2,046.2 | $2,169.9 | |||||||||||||||||||
U.S. Retail Coffee | 661.8 | 625.9 | 1,850.1 | 1,791.5 | |||||||||||||||||||
U.S. Retail Consumer Foods | 433.1 | 447.6 | 1,309.9 | 1,415.9 | |||||||||||||||||||
International and Away From Home | 265.6 | 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 Coffee | 213.4 | 210.7 | 572.5 | 595.4 | |||||||||||||||||||
U.S. Retail Consumer Foods | 99.5 | 110.9 | 329.2 | 377.7 | |||||||||||||||||||
International and Away From Home | 34.2 | 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 – net | 9.6 | 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 | (6.8) | — | (17.5) | — | |||||||||||||||||||
Other special project costs | (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 | |||||||||||||||||||
Segment profit margin: | |||||||||||||||||||||||
U.S. Retail Pet Foods | 13.7 | % | 17.6 | % | 13.4 | % | 17.8 | % | |||||||||||||||
U.S. Retail Coffee | 32.2 | % | 33.7 | % | 30.9 | % | 33.2 | % | |||||||||||||||
U.S. Retail Consumer Foods | 23.0 | % | 24.8 | % | 25.1 | % | 26.7 | % | |||||||||||||||
International and Away From Home | 12.9 | % | 10.4 | % | 14.2 | % | 13.5 | % |
The J.M. Smucker Co. Unaudited Non-GAAP Financial Measures | |||||||||||||||||||||||||||||||||||||||||||||||
Three Months Ended January 31, | Nine Months Ended January 31, | ||||||||||||||||||||||||||||||||||||||||||||||
2022 | 2021 | Increase (Decrease) | % | 2022 | 2021 | Increase (Decrease) | % | ||||||||||||||||||||||||||||||||||||||||
(Dollars in millions) | |||||||||||||||||||||||||||||||||||||||||||||||
Net sales reconciliation: | |||||||||||||||||||||||||||||||||||||||||||||||
Net sales | $2,057.1 | $2,076.7 | ($19.6) | (1) | % | $5,965.1 | $6,082.5 | ($117.4) | (2) | % | |||||||||||||||||||||||||||||||||||||
Crisco® divestiture | — | (34.5) | 34.5 | 2 | — | (198.9) | 198.9 | 3 | |||||||||||||||||||||||||||||||||||||||
Natural Balance® divestiture | — | (49.9) | 49.9 | 2 | — | (156.7) | 156.7 | 3 | |||||||||||||||||||||||||||||||||||||||
Private label dry pet food divestiture | — | (16.3) | 16.3 | 1 | — | (16.3) | 16.3 | — | |||||||||||||||||||||||||||||||||||||||
Foreign currency exchange | (1.8) | — | (1.8) | — | (17.8) | — | (17.8) | — | |||||||||||||||||||||||||||||||||||||||
Net sales excluding divestitures and foreign currency exchange | $2,055.3 | $1,976.0 | $79.3 | 4 | % | $5,947.3 | $5,710.6 | $236.7 | 4 | % | |||||||||||||||||||||||||||||||||||||
Amounts may not add due to rounding. |
The J.M. Smucker Co. Unaudited Non-GAAP Financial Measures | |||||||||||||||||||||||
Three Months Ended January 31, | Nine Months Ended January 31, | ||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||
(Dollars in millions, except per share data) | |||||||||||||||||||||||
Gross profit reconciliation: | |||||||||||||||||||||||
Gross profit | $683.1 | $809.4 | $2,034.0 | $2,403.0 | |||||||||||||||||||
Change in net cumulative unallocated derivative gains and losses | 22.4 | (33.8) | 37.9 | (81.5) | |||||||||||||||||||
Cost of products sold – special project costs | 6.8 | — | 17.5 | — | |||||||||||||||||||
Adjusted gross profit | $712.3 | $775.6 | $2,089.4 | $2,321.5 | |||||||||||||||||||
% of net sales | 34.6 | % | 37.3 | % | 35.0 | % | 38.2 | % | |||||||||||||||
Operating income reconciliation: | |||||||||||||||||||||||
Operating income | $150.6 | $406.2 | $721.8 | $1,148.1 | |||||||||||||||||||
Amortization | 55.3 | 57.0 | 166.1 | 176.1 | |||||||||||||||||||
Other intangible assets impairment charge | 150.4 | — | 150.4 | — | |||||||||||||||||||
Gain on divestitures – net | (9.6) | (27.2) | (9.6) | (27.2) | |||||||||||||||||||
Change in net cumulative unallocated derivative gains and losses | 22.4 | (33.8) | 37.9 | (81.5) | |||||||||||||||||||
Cost of products sold – special project costs | 6.8 | — | 17.5 | — | |||||||||||||||||||
Other special project costs | 2.0 | 1.7 | 5.1 | 1.7 | |||||||||||||||||||
Adjusted operating income | $377.9 | $403.9 | $1,089.2 | $1,217.2 | |||||||||||||||||||
% of net sales | 18.4 | % | 19.4 | % | 18.3 | % | 20.0 | % | |||||||||||||||
Net income reconciliation: | |||||||||||||||||||||||
Net income | $69.7 | $261.5 | $429.6 | $729.3 | |||||||||||||||||||
Income tax expense | 39.9 | 100.0 | 154.0 | 249.3 | |||||||||||||||||||
Amortization | 55.3 | 57.0 | 166.1 | 176.1 | |||||||||||||||||||
Other intangible assets impairment charge | 150.4 | — | 150.4 | — | |||||||||||||||||||
Gain on divestitures – net | (9.6) | (27.2) | (9.6) | (27.2) | |||||||||||||||||||
Change in net cumulative unallocated derivative gains and losses | 22.4 | (33.8) | 37.9 | (81.5) | |||||||||||||||||||
Cost of products sold – special project costs | 6.8 | — | 17.5 | — | |||||||||||||||||||
Other special project costs | 2.0 | 1.7 | 5.1 | 1.7 | |||||||||||||||||||
Other one-time items: | |||||||||||||||||||||||
Pension plan termination settlement charge (A) | — | — | — | 27.9 | |||||||||||||||||||
Adjusted income before income taxes | $336.9 | $359.2 | $951.0 | $1,075.6 | |||||||||||||||||||
Income taxes, as adjusted | 84.4 | 82.9 | 228.9 | 256.1 | |||||||||||||||||||
Adjusted income | $252.5 | $276.3 | $722.1 | $819.5 | |||||||||||||||||||
Weighted-average common shares outstanding | 108.1 | 112.1 | 108.1 | 113.1 | |||||||||||||||||||
Weighted-average participating shares outstanding | 0.3 | 0.5 | 0.3 | 0.5 | |||||||||||||||||||
Total weighted-average shares outstanding | 108.4 | 112.6 | 108.4 | 113.6 | |||||||||||||||||||
Dilutive effect of stock options | 0.1 | — | — | — | |||||||||||||||||||
Total weighted-average shares outstanding – assuming dilution | 108.5 | 112.6 | 108.4 | 113.6 | |||||||||||||||||||
Adjusted earnings per share – assuming dilution | $2.33 | $2.45 | $6.66 | $7.21 | |||||||||||||||||||
(A) Represents the nonrecurring pre-tax settlement charge related to the purchase of a group annuity contract to transfer the obligations of the Company's Canadian defined benefit pension plan to an insurance company. |
The J.M. Smucker Co. Unaudited Non-GAAP Financial Measures | |||||||||||||||||||||||
Three Months Ended January 31, | Nine Months Ended January 31, | ||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||
(Dollars in millions) | |||||||||||||||||||||||
EBITDA (as adjusted) reconciliation: | |||||||||||||||||||||||
Net income | $69.7 | $261.5 | $429.6 | $729.3 | |||||||||||||||||||
Income tax expense | 39.9 | 100.0 | 154.0 | 249.3 | |||||||||||||||||||
Interest expense – net | 39.5 | 43.5 | 122.9 | 134.7 | |||||||||||||||||||
Depreciation | 59.9 | 53.5 | 178.9 | 161.7 | |||||||||||||||||||
Amortization | 55.3 | 57.0 | 166.1 | 176.1 | |||||||||||||||||||
Other intangible assets impairment charge | 150.4 | — | 150.4 | — | |||||||||||||||||||
EBITDA (as adjusted) | $414.7 | $515.5 | $1,201.9 | $1,451.1 | |||||||||||||||||||
% of net sales | 20.2 | % | 24.8 | % | 20.1 | % | 23.9 | % | |||||||||||||||
Free cash flow reconciliation: | |||||||||||||||||||||||
Net cash provided by (used for) operating activities | $439.7 | $486.3 | $742.6 | $1,274.0 | |||||||||||||||||||
Additions to property, plant, and equipment | (117.3) | (69.7) | (244.5) | (198.7) | |||||||||||||||||||
Free cash flow | $322.4 | $416.6 | $498.1 | $1,075.3 |
Year Ending April 30, 2022 | ||||||||||||||
Low | High | |||||||||||||
Net income per common share – assuming dilution reconciliation: | ||||||||||||||
Net income per common share – assuming dilution | $5.14 | $5.44 | ||||||||||||
Change in net cumulative unallocated derivative gains and losses (A) | 0.36 | 0.36 | ||||||||||||
Amortization | 1.54 | 1.54 | ||||||||||||
Other intangible assets impairment charge | 1.03 | 1.03 | ||||||||||||
Special project costs | 0.18 | 0.18 | ||||||||||||
Gain on divestitures – net | (0.07) | (0.07) | ||||||||||||
Adjusted effective income tax rate impact | 0.17 | 0.17 | ||||||||||||
Adjusted earnings per share | $8.35 | $8.65 | ||||||||||||
(A) We are unable to project derivative gains and losses on a forward-looking basis as these will vary each quarter based on market conditions and derivative positions taken. The change in unallocated derivative gains and losses in the table above reflects the net impact of the gains and losses that have been recognized in our GAAP results and excluded from non-GAAP results as of January 31, 2022, adjusted for the gains and losses expected to be allocated to non-GAAP results for the year ended April 30, 2022. | ||||||||||||||
Year Ending April 30, 2022 | ||||||||||||||
(Dollars in millions) | ||||||||||||||
Free cash flow reconciliation: | ||||||||||||||
Net cash provided by operating activities | $1,100 | |||||||||||||
Additions to property, plant, and equipment | (400) | |||||||||||||
Free cash flow | $700 |
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end
Cover Page |
Mar. 01, 2022 |
---|---|
Cover [Abstract] | |
Document Type | 8-K |
Document Period End Date | Mar. 01, 2022 |
Entity Registrant Name | The J. M. Smucker Company |
Entity Incorporation, State or Country Code | OH |
Entity File Number | 001-05111 |
Entity Tax Identification Number | 34-0538550 |
Entity Address, Address Line One | One Strawberry Lane |
Entity Address, City or Town | Orrville, |
Entity Address, State or Province | OH |
Entity Address, Postal Zip Code | 44667-0280 |
City Area Code | 330 |
Local Phone Number | 682-3000 |
Title of 12(b) Security | Common shares, no par value |
Trading Symbol | SJM |
Security Exchange Name | NYSE |
Written Communications | false |
Soliciting Material | false |
Pre-commencement Tender Offer | false |
Pre-commencement Issuer Tender Offer | false |
Entity Emerging Growth Company | false |
Entity Central Index Key | 0000091419 |
Amendment Flag | false |
TW3,Q\@:?.A M#PB2\PUX)&TU:9B!55J)K&NM42:CIIC/>&M6?/K,_0*S!K!'CX$*B%H Z^:) MZ33V+5P!,XPP^_)=0+L2E^J?V*4#[)P$6W:9_-K \>6">YE!5O*BYV0BJQ4>+V?7;]X7<5]M&ZO?O' MQA?!KH5?=]%] 5!+ P04 " '.F%4F5R<(Q & "<)P $P 'AL+W1H M96UE+W1H96UE,2YX;6SM6EMSVC@4?N^OT'AG]FT+QC:!MK03 621A'^_1S80RY8-[9)-NIL\!"SI^\Y%1^?H.'GS[BYBZ(:(E/)X M8-DOV]:[MR_>X% #BVR]*+ M41B1%G\@M MNN01.+5)#3(3/PB=AIAJ4!P"I DQEJ&&^+3&K!'@$WVWO@C(WXV(]ZMOFCU7 MH5A)VH3X$$8:XIQSYG/1;/L'I4;1]E6\W*.76!4!EQC?-*HU+,76>)7 \:V< M/!T3$LV4"P9!AI @S M&L%&KQMUAVC2/'K^!?F<-0H ACA*FNVB<5@$_9Y>PTG!Z(++9OVX?H;5,VPLCO='U!=*Y \FIS_I,C0' MHYI9";V$5FJ?JH ,@H%\;D>/N5Z> HWEL:\4*Z">P'_T=HWPJOX@L Y M?RY]SZ7ON?0]H=*W-R-]9\'3BUO>1FY;Q/NN,=K7-"XH8U=RS TS0LS0[=R2^JVE+ZU)CA* M]+',<$X>RPP[9SR2';9WH!TU^_9==N0CI3!3ET.X&D*^ VVZG=PZ.)Z8D;D* MTU*0;\/YZ<5X&N(YV02Y?9A7;>?8T='[Y\%1L*/O/)8=QXCRHB'NH8:8S\-# MAWE[7YAGE<90-!1M;*PD+$:W8+C7\2P4X&1@+: '@Z]1 O)256 Q6\8#*Y"B M?$R,1>APYY=<7^/1DN/;IF6U;J\I=QEM(E(YPFF8$V>KRMYEL<%5'<]56_*P MOFH]M!5.S_Y9KF4Q9Z;RWRT,"2Q;B%D2XDU=[=7GFYRN>B)V^I=W MP6#R_7#)1P_E.^=?]%U#KG[VW>/Z;I,[2$R<><41 71% B.5' 86%S+D4.Z2 MD 83 >LX=SFWJXPD6L_UC6'ODRWSEPVSK> U[F M$RQ#I'[!?8J*@!&K8KZZKT_Y)9P[M'OQ@2";_-;;I/;=X Q\U*M:I60K$3]+ M!WP?D@9CC%OT-%^/%&*MIK&MQMHQ#'F 6/,,H68XWX=%FAHSU8NL.8T*;T'5 M0.4_V]0-:/8--!R1!5XQF;8VH^1."CS<_N\-L,+$CN'MB[\!4$L#!!0 ( M &PO=V]R:W-H965T &UL ME9A=<^(V%(:OM[]"PU4[ [%E/D)V"#,)FW2SFP\FT.ZTG5X(6V!-;,F5Y!#^ M?8\,V.RN.2:YB"W;Y_6C 7K2OZ\3KH MN8#BB3\%7YN#<^*ZLE#JQ37NHLN6[XAXPD/K)!@<7OF$)XE3 H[_=J*M\ITN M\/!\KWY;=!XZLV"&3U3R340VOFP-6R3B2Y8G]EFM/_-=A_I.+U2)*?Z3]?;9 M7J]%PMQ8E>Z"@2 5 'P??A'F"4+$')$A1Z793EGZN%L1JJ]2\BV2TENX5D[XCD)Q7F,(8LF6^R MVA[BX&E/=+M#XJ>".M ML!ORS%?")1T8'UE:"X;KS&-.OIR1AS,R2_/P! U$NK=[ ,:H%Q\6?/B.$YR7A^2F$MR+AY#%/%US7@> : MOD\[?I]2BO ,2Y[A*3QS]D;N(AAX8BG"(FT(':[8[0%<=]CO^PC>18EW<0K> M511I;DQ[?T+NX3GR)&NKB"M"$ P(S=;0.1@*]^Q'D>\XJ5^9H_\NTHEKP9B; MJ[6L]4M<[DGK5Y$DO(W!'3@W?1=<.2.F6KT*&=8[.JZ)3@=:&3D-WH4V5<:R MA/PMLJ/3M$&QUQL,SCM^,,0&(*V6!8H;>U'(*_B,. ]5 M"(F9QDIBUM$@,A@&G:[OHT35BD ;K%Q8L#&U)#3X=?$;F?$PUY"M6BQ<"9: M%#S'Q Q&09M(13*FR2M+ CQK]D-1E0M !3WZV^ 8[ETJW":RYW[FUHB7&C) M$H-6JS)]BGOT3"4B%-85[ &,2@M67S) ;U*N5ZZ>OX." MC>L_^79HN& C6F7L >[+.[0)I$V#L=Y!QM[(5UX/A4OY[N^"]N@%1E8Y?8"; M]!64,BK*>9NP52T/+G T2=[!]L]MI6&7 &4Q).%+$/+/SL&F]79WNFU8E14[ MPH6RL+\L3F/8T7/M'H#[2Z7LON$VF>5O!./_ 5!+ P04 " '.F%4GZ ; M\+$" #B# #0 'AL+W-T>6QE O%DN7/ZZZ>S;"=I=67=A['-H N6/O.-%Q[I#)6,>=56R=M8SDK6W!2,EG>W&2) M8D+38JT[=:=<2PZFTVY#;VA2K"NCSY:4!H-?RA0GCTQNZ)9)L;=B6,N4D*=@ M7H+A8*2QQ'DJ?$,78&F? KP(&K XU7=>&18/QA<0&>7=J?$,:\M.B^4M/3L,/S[)WMB2VSG-@DZF8BUY M!72LJ(_PZTR3 .B<45XH!:N-9@.'R6,4?-@#E_(!6OBMNHK=5R3TXE,);2"P MU4GTA$8QA D*Q+^,%F)?A+W]K;"D$8_&?>S\;O2@?^^,X_>65Z(?]+Z:\V/1 M%WATUC3R]$&*6BL>]O[+"8LUF_S(T5CQY+/!I!R\@5M*'KEUXG!I^6%9L^.] MFZ:IKW#.RW^0\Y^M<\TUMTQ>DO:C_S=7^2V,D_'T7!S1JP,Z6PEY7 M>>9 ]IV03NA1.XJRY/K%.?7A'=O["_PJOE]?\HIUTNUF<$//\A=>BD[E\ZI[ MJ,NXZBQ_AOMHD \%G'!QR>(W?#$T %^@2O&+(=/EB>N$_NG_A.\SQ-LPRK MZ'8;9;#%ZI9E\!>/AG$##RP/9'I;K?%NXQ/R^AQ@/7UM0K"=XI.([12O-2#Q MNH%'GL>[C>4!#ZP+V.Q _G@>F*FX3YI"5S%NV G&D3S'$)C%^(QF&5*=##[Q M_F"G)$WS/(X %F>0IA@"IQ%', ; 4/2='@//GL?)=-[*CG_5U/\!%!+ P04 M " '.F%4EXJ[', 3 @ "P %]R96QS+RYR96QSG9*Y;L,P#$!_ MQ=">, ?0(8@S9?$6!/D!5J(/V!(%BD6=OZ_:I7&0"QEY/3P2W!YI0.TXI+:+ MJ1C]$%)I6M6X 4BV)8]ISI%"KM0L'C6'TD!$VV-#L%HL/D N&6:WO606IW.D M5XA -/E_G;@ M2=&A(E@6FD7)TZ(=I7\=Q_:0T^FO8R*T>EOH^7%H5 J.W&,EC'%BM/XU@LD/ M['X 4$L#!!0 ( &PO=V]R:V)O;VLN M>&ULC5'1;L(P#/R5*A^P%K0A#5%>0-N0I@V-B??0NM0BB2O'A8VOG]NJ&M)> M]I3 1=B;FJ19IZFL:C!VWA'#02=5,3>BD(^IK%AL&6L M <2[=)IEL]1;#&:Y&+6VG-X"$B@$*2C9$7N$2_R==S Y8\0#.I3OW/1W!R;Q M&-#C% B/%*0:S;%4S.Y68R#/; @L4?>M>9_+2'V#-B#Q]6C>1F MEJE@A1REW^CUK7H\@RX/J!5Z0B? :ROPS-0V&(Z=C*9(;V+T/8SG4.*<_U,C M5146L*:B]1!DZ)'!=09#K+&))@G60VY6= 9.MO8(72A]95,. 46=W=3%<]0! M;\K!XVBLA H#E&^J%977DHHM)]W1ZTSO'R:/6D;KW$JY]_!*MAQSCG^T_ %0 M2P,$% @ !SIA5"0>FZ*M ^ $ !H !X;"]? +7_OR4Z?:!1W;J"V\R1&:P;*9,OL[P"D6[2*+L[C,$]J%ZSB688& MO-*]:A"2*+I!V#-DGNZ9HIP\_D-T==UI?#C]LCCP#S"\7>BI160I2A4:Y$S" M:+8VP5+BRTR6HJ@R&8HJEG!:(.+)(&UI5GVP3TZTYWD7-_=%KLWC":[?#'!X M=/X!4$L#!!0 ( -Z\SYZ7K-Z/$;#HG?78E!U1?!0"50=.8ATB>*ZT(3E)_)JV(DJU MDUL0]\OE@U#!$WBJ*'N4Z]4SM')OJ7CI>1M-\$V9P&)9/(W"S&I*&:,U2A+7 MQ<'K'Y3J1*BY<]!@9R(N6%"*JX1<^1UPZGL[0$I&0[&1B5ZE8Y7HK4 Z6L!Z MVN+*&4/;&@4ZJ+WCEAIC JFQ R!GZ]%T,4TFGC",S[O9_,%F"LC*30H1.;$$ M?\>=(\G=560C2&2FKW@ALO7L^T%.6X.^D &PO=&AE;64O=&AE;64Q+GAM;%!+ 0(4 Q0 ( &PO &PO7W)E;',O=V]R:V)O;VLN>&UL+G)E;'-02P$"% ,4 " ' M.F%499!YDAD! #/ P $P @ %X$@ 6T-O;G1E;G1?5'EP =97-=+GAM;%!+!08 "0 ) #X" #"$P ! end
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
RBKE7[
M-CG.2?!([,QV"OWWLPT9EY9U2'N8%!'GG.\[]V,N+M=-C9Y *B;XU(O\T$/
MJ2@8KZ;>_=T-GGB7L\'@XAW&CQ]NY^A:T*X!KM&5!**A0"NF%^BA +5$I10-
M>A!RR9X(QC-'NA+MLV350J,XC.-CK O7.DVMV3*W7FYJ^M9K3[U6US6S\[S7/GVM;=)BS4X[TVM?
M26)0! $D%X(M_-_?F=\M.5J:S5=-IDLVFK]O<:O>7KO7F'[#NZ_7&'@M+"S)
M,Q_F[.W2G4UU&(>>V'NX;QRR-^E3(HS%+H1*'H!9WIIPMA1&4]BG[X+E-]]@
M!8"&SL\*: [89G9P):)M_54U *=.X,P-G#^P=TD F5V\3N(O+W/EY)2(JSJP
M+EZC51$HUU6:Q2%:Y$FD":QL=!EA8\NPHLTCOA& ,FND$;[Z$7?9PV.]\#R?B%MWH\"//?LR6?-0_G==BR@'6H4[AL@<
MO/_368OU1AWX5CM.X EU)44=<5UE40>^6UFYKD8:_+7CQK(WBA@.L0#2'\)G
M?>N.^5.L)JA3+623*LXH@YT 2@ E=^Y0=V[1186'83S!'VRI1WSO7!)JT+(L
M\M#ZR$'^"B-BMW=&B"B)KT6(*(GG1 [2_@FC@@<>+#ID4^P;@RHQ+RU8X1/6
M%X9F%CK[^+A9=-7&1"NS04*8*'1Y, CX*!F:RI[\Y)]%E-P\847A2P:"^;Y
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MG?[6RTU-WWKMJ=?J<-%L/>NU3U]KF]L_2HLMY6*S4=R!8=!
M,O^FO=?8ETELW8'TOO4U%!-_>#RV'50#'WSO\M>;FT_LK>.!(,:^JN\%#W$2
MS[HH7K.)-0_;&LP'AOW$O
MYL&,F7HCC\:)E0+'!_@E&S0.I9*-QNG.N%T9868T#2,#H63:9G9P)<;&^JMJ
M $X]WX:E9P Q(L ""?!046?HM9%U%Z_1$0I"G$X%[W31P7WY'&!5X9#DS2_O
MOKZ^81>IADHO62# Z;<5O6UB>3L@GB0SZ!VNU>-J
M;K9$]0UV;WV+=/9/?T(UM)1S4[VU4GX0Y0=1?A#E!U%^T,'UHITV=>%[!!.S
MI1D$DI4"0T/K4WY0#?1#UJ:+YY !\7_[N
M^W)@,1! I(8;GVIP4[)6!]U%M"_ ')*J!I62'+$PK
M@3-EY7]LP)G*F^3KWVH2.U*>&E'G+?T ONDW]>K&7HS6+[;IX7.-O=75XL
M@7.O8;OM(S![305_39-=^GWBL#P''#3I1"['GN!&GSKDYPC.[JY>DB3_SS//
MQ6P1G^7H!;1(I^:H4YM= F>.!E_!R)'
MI.PD=-%N:^;+W:2S8XLGLSGK@H6NUB0LG!H+>J>CZ82&DZ.A>U(TU$:A?8S&
M(F".%W%OY""4>!B**&3.9,J=0#ISUI@'HSJ%\2[T=E-K;2.>4G!I54#YX_<]
M0S>N*>Y$M%DZ4!Z+-FNC"W[ECL=\C]G.O0@C)XH#$3()1?T:Z]=JI +Z5&";
MXT%.EX[%B#1+"
6LOS_=VH(#NI#N+O+-.CM[;;0U^
M:^3;7>A:C]1J610! 90HLYR42;Y=BC"[1)GEH4P"*)%F24GSV)E:QP?3AX-F
M'+$,AG3FEC-EGA0G*\_;.^(N^S37R49KBXWFP[OU0(7>Z'<[.V:8$RJ.@HIN
MO[8L41DD/#U!-MO^]H?^T;:7